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r <br /> operations have been replaced by other City operations in respect of which data is <br /> • not included in the Disclosure Information and the City determines that certain <br /> specified data regarding such replacement operations would be a Material Fact (as <br /> defined in paragraph(2)hereof), then, from and after such determination, the <br /> Disclosure Information shall include such additional specified data regarding the <br /> replacement operations. <br /> If the Disclosure Information is changed or this Section 7 is amended as <br /> permitted by this paragraph(b)(1) or subsection(d), then the City shall <br /> include in the next Disclosure Information to be delivered hereunder, to <br /> the extent necessary, an explanation of the reasons for the amendment and <br /> the effect of any change in the type of financial information or operating <br /> data provided. <br /> (2) In a timely manner, notice of the occurrence of any of the following events <br /> 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 /> (1) 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 /> • <br /> -19- <br />