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60 <br /> If the Disclosure Information is changed or this <br /> Section 7 is amended as permitted by this paragraph(b)(1)or <br /> subsection(d),then the City shall include in the next Disclosure <br /> Information to be delivered hereunder,to the extent necessary, an <br /> explanation of the reasons for the amendment and the effect of any <br /> change in the type of financial information or operating data <br /> provided. <br /> (2) In a timely manner, notice of the occurrence of any of the <br /> following events which is a Material Fact (as hereinafter defined): <br /> (A) Principal and interest payment delinquencies; <br /> (B) Non-payment related defaults; <br /> (C) Unscheduled draws on debt service reserves reflecting financial <br /> difficulties; <br /> (D) Unscheduled draws on credit enhancements reflecting financial <br /> difficulties; <br /> (E) Substitution of credit or liquidity providers,or their failure to perform; <br /> (F) Adverse tax opinions or events affecting the tax-exempt status of the <br /> security; <br /> (G) Modifications to rights of security holders; <br /> (H) Bond calls; <br /> (I) Defeasances; <br /> (J) Release, substitution, or sale of property securing repayment of the <br /> securities; and <br /> (K) Rating changes. <br /> As used herein, a"Material Fact"is a fact as to which a substantial likelihood exists that <br /> a reasonably prudent investor would attach importance thereto in deciding to buy,hold or sell a <br /> Bond or, if not disclosed, would significantly alter the total information otherwise available to an <br /> investor from the Official Statement, information disclosed hereunder or information generally <br /> available to the public. Notwithstanding the foregoing sentence,a"Material Fact"is also an <br /> event that would be deemed"material" for purposes of the purchase,holding or sale of a Bond <br /> within the meaning of applicable federal securities laws, as interpreted at the time of discovery of <br /> the occurrence of the event. <br /> (3) In a timely manner, notice of the occurrence of any of the following events or <br /> conditions: <br /> (A) the failure of the City to provide the Disclosure Information required <br /> under paragraph(b)(1) at the time specified thereunder; <br /> (B) the amendment or supplementing of this Section 7 pursuant to <br /> subsection(d), together with a copy of such amendment or supplement and any <br /> explanation provided by the City under subsection(d)(2); <br /> -20- <br />