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• If the Disclosure Information is changed or this Section 7 is amended as <br /> permitted by this paragraph (1) or subsection (d), then the City shall include in the <br /> next Disclosure Information to be delivered hereunder, to the extent necessary, an <br /> explanation of the reasons for the amendment and the effect of any change in the <br /> type of financial information or operating data provided. <br /> (2) In a timely manner, notice of the occurrence of any of the following <br /> 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 <br /> perform; <br /> (F) Adverse tax opinions or events affecting the tax-exempt status of <br /> the 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 <br /> likelihood exists that a reasonably prudent investor would attach importance <br /> thereto in deciding to buy, hold or sell a Bond or, if not disclosed, would <br /> significantly alter the total information otherwise available to an investor from the <br /> Official Statement, information disclosed hereunder or information generally <br /> available to the public. Notwithstanding the foregoing sentence, a "Material Fact" is <br /> also an event that would be deemed "material" for purposes of the purchase, <br /> holding or sale of a Bond within the meaning of applicable federal securities laws, as <br /> interpreted at the time of discovery of the occurrence of the event. <br /> (3) In a timely manner, notice of the occurrence of any of the following <br /> events or conditions: <br /> (A) the failure of the City to provide the Disclosure <br /> Information required under paragraph (1) of this subsection (b) at <br /> the time specified thereunder; <br /> • <br /> -19- <br />