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however, if such operations have been replaced by other City operations in respect of which data <br />is not included in the Disclosure Information and the City determines that certain specified data <br />regarding such replacement operations would be a Material Fact (as defined in paragraph (2) <br />hereof), then, from and after such determination, the Disclosure Information shall include such <br />additional specified data regarding the replacement operations. If the Disclosure Information is <br />changed or this section is amended as permitted by this paragraph (b)(1) or subsection (d), then <br />the City shall include in the next Disclosure Information to be delivered hereunder, to the extent <br />necessary, an 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) Ina timely manner, not in excess of 10 business days, to the MSRB through EMMA, <br />notice of the occurrence of any of the following events (each a "Material Fact," as <br />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 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 Bonds, or other material events affecting the <br />tax status of the Bonds; <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 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 paying agent or the change of <br />name of a paying agent, 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 />similar terms of a financial obligation of the obligated person, any of which <br />affect security holders, if material; and <br />(P) 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 />12 <br />