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P) <br />similar terms of a financial obligation of the obligated person, any of which <br />affect security holders, if material; and <br />default, event of acceleration, termination event, modification of terms, or <br />other similar events under the terms of a financial obligation of the obligated <br />person, any of which reflect financial difficulties. <br />For purposes of the events identified in paragraphs (0) and (P) above, the term "financial <br />obligation" means (i) a debt obligation; (ii) a derivative instrument entered into in connection with, <br />or pledged as security or a source of payment for, an existing or planned debt obligation; or (iii) a <br />guarantee of (i) or (ii). The term "financial obligation" shall not include municipal securities as to <br />which a final official statement has been provided to the MSRB consistent with the Rule. <br />As used herein, for those events that must be reported if material, an event is "material" if it is an <br />event as to which a substantial likelihood exists that a reasonably prudent investor would attach <br />importance thereto in deciding to buy, hold or sell a Bond or, if not disclosed, would significantly <br />alter the total information otherwise available to an investor from the Official Statement, <br />information disclosed hereunder or information generally available to the public. Notwithstanding <br />the foregoing sentence, an event is also "material" if it is an event that would be deemed material <br />for purposes of the purchase, holding or sale of a Bond within the meaning of applicable federal <br />securities laws, as interpreted at the time of discovery of the occurrence of the event. <br />For the purposes of the event identified in (L) hereinabove, the event is considered to occur when <br />any of the following occur: the appointment of a receiver, fiscal agent or similar officer for an <br />obligated person in a proceeding under the U.S. Bankruptcy Code or in any other proceeding under <br />state or federal law in which a court or governmental authority has assumed jurisdiction over <br />substantially all of the assets or business of the obligated person, or if such jurisdiction has been <br />assumed by leaving the existing governing body and officials or officers in possession but subject <br />to the supervision and orders of a court or governmental authority, or the entry of an order <br />confirming a plan of reorganization, arrangement or liquidation by a court or governmental <br />authority having supervision or jurisdiction over substantially all of the assets or business of the <br />obligated person. <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 under <br />paragraph (b)(1) at the time specified thereunder; <br />B) the amendment or supplementing of this section pursuant to subsection (d), <br />together with a copy of such amendment or supplement and any explanation <br />provided by the City under subsection (d)(2); <br />C) the termination of the obligations of the City under this section pursuant to <br />subsection (d); <br />D) any change in the accounting principles pursuant to which the financial <br />statements constituting a portion of the Disclosure Information are <br />prepared; and <br />E) any change in the fiscal year of the City. <br />15 <br />4837-9618-8312\5