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can no longer be generated because the operations of the City have materially changed or been <br />discontinued, such Disclosure Information need no longer be provided if the City includes in the <br />Disclosure Information a statement to such effect; provided, however, if such operations have been <br />replaced by other City operations in respect of which data is not included in the Disclosure <br />Information and the City determines that certain specified data regarding such replacement <br />operations would be a Material Fact (as defined in paragraph (2) hereof), then, from and after such <br />determination, the Disclosure Information shall include such additional specified data regarding <br />the replacement operations. If the Disclosure Information is changed or this section is amended <br />as permitted by this paragraph (b)(1) or subsection (d), then the City shall include in the next <br />Disclosure Information to be delivered hereunder, to the extent necessary, an explanation of the <br />reasons for the amendment and the effect of any change in the type of financial information or <br />operating data provided. <br />2) In a timely manner not in excess of ten business days after the occurrence of the <br />event, notice of the occurrence of any of the following events (each a "Material <br />Fact"): <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 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, the issuance by the Internal Revenue Service of <br />proposed or final determinations of taxability, Notices of Proposed Issue <br />IRS Form 5701-TEB) or other material notices or determinations with <br />respect to the tax status of the security, or other material events affecting <br />the tax status of the security; <br />G) Modifications to rights of security holders, if material; <br />H) Bond calls, if material, and tender offers; <br />I) Defeasances; <br />J) Release, substitution, or sale of property securing repayment of the <br />securities, if material; <br />K) Rating changes; <br />L) Bankruptcy, insolvency, receivership or similar event of the obligated <br />person; <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 />0) incurrence of a financial obligation of the obligated person, if material, or <br />agreement to covenants, events of default, remedies, priority rights, or other <br />14 <br />4837-9618-8312\5