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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 statement to such effect; provided, however, if such operations have been replaced by other City 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) hereof),then, from and after such determination,the Disclosure <br /> Information shall include such additional specified data regarding the replacement operations. <br /> If the Disclosure Information is changed or this Section 7 is amended as permitted by this <br /> paragraph(b)(1)or subsection(d),then the City shall include in the next Disclosure Information <br /> to be delivered hereunder, to the extent necessary, an explanation of the reasons for the <br /> amendment and the effect of any 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 following events which is a <br /> 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; 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 /> -17- <br />