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37 <br />If the Disclosure Information is changed or this Section 8 is amended as <br />permitted by this paragraph (b)(1) or subsection (d), then the City shall include in <br />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 <br />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 <br />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 likelihood <br />exists that a reasonably prudent investor would attach importance thereto in deciding to <br />buy, hold or sell a Bond or, if not disclosed, would significantly alter the total <br />information otherwise available to an investor from the Official Statement, information <br />disclosed hereunder or information generally available to the public. Notwithstanding the <br />foregoing sentence, a "Material Fact' is also an event that would be deemed "material' <br />for purposes of the purchase, holding or sale of a Bond within the meaning of applicable <br />federal securities laws, as interpreted at the time of discovery of the occurrence of the <br />event. <br />(3) In a timely manner, notice of the occurrence of any of the following events <br />or conditions: <br />(A) the failure of the City to provide the Disclosure Information <br />required under paragraph (b)(1) at the time specified thereunder; <br />(B) the amendment or supplementing of this Section 8 pursuant to <br />subsection (d), together with a copy of such amendment or supplement and any <br />explanation provided by the City under subsection (d)(2); <br />-22- <br />