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statement to such effect; provided, however, if such operations have been replaced by other City 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 a <br /> Material Fact (as hereinafter defined): <br /> (A) Principal and interest payment delinquencies; <br /> (B) Non-payment related defaults, if material; <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; <br /> (K) Rating changes; <br /> (L) Bankruptcy, insolvency, receivership or a similar event with respect to the <br /> City; <br /> (M) The consummation of a merger, consolidation, or acquisition involving an <br /> obligated person or the sale of all or substantially all of the assets of the <br /> obligated person, other than in the ordinary course of business, the entry <br /> into a definitive agreement to undertake such an action or the termination <br /> of a definitive agreement relating to any such actions, other than pursuant <br /> to its terms, if material; and <br /> (N) Appointment of a successor or additional trustee or the change of name of <br /> a trustee, if material. <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 /> -18- <br />