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financial statements in the format required for the audited financial statements as part of the <br /> tDisclosure Information and, within 10 days after the receipt thereof, the City shall provide the <br /> audited financial statements. <br /> Any or all of the Disclosure Information may be incorporated by reference, if it is <br /> updated as required hereby, from other documents, including official statements, which have <br /> been submitted to each of the repositories hereinafter referred to under subsection (b) or the SEC. <br /> If the document incorporated by reference is a final official statement, it must be available from <br /> the Municipal Securities Rulemaking Board. The City shall clearly identify in the Disclosure <br /> Information each document so incorporated by reference. <br /> If any part of the Disclosure Information can no longer be generated because the <br /> operations of the City have materially changed or been discontinued, such Disclosure <br /> Information need no longer be provided if the City includes in the Disclosure Information a <br /> statement to such effect; provided,however, if such operations have been replaced by other City <br /> operations in respect of which data is not included in the Disclosure Information and the City <br /> determines that certain specified data regarding such replacement operations would be a Material <br /> Fact (as defined in paragraph (2) of this subsection (b)),then, from and after such determination, <br /> the Disclosure Information shall include such additional specified data regarding the replacement <br /> operations. <br /> If the Disclosure Information is changed or this Section 7 is amended as permitted by this <br /> paragraph(1) or subsection(d), then the City shall include in the next Disclosure Information to <br /> • be delivered hereunder, to the extent necessary, an explanation of the reasons for the amendment <br /> and the effect of any change in the type of financial information or operating data provided. <br /> (2) In a timely manner, notice of the occurrence of any of the following events which is <br /> 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 difficulties; <br /> (D) Unscheduled draws on credit enhancements reflecting financial 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 security; <br /> (G) Modifications to rights of security holders; <br /> (H) Bond calls; <br /> (1) Defeasances; <br /> (J) Release, substitution, or sale of property securing repayment of the securities; <br /> 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 /> 14 <br />