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<br />otherwise would be required to provide financial information and operating data pursuant to this <br />Section. The financial information and operating data to be provided pursuant to this Section may <br />be set forth in full in one or more documents or may be included by specific reference to any <br />document (including an official statement or other offering document, if it is available from the <br />MSRB) that theretofore has been provided to each NRMSIR and any SID or filed with the SEC. <br /> <br />(b) Material Event Notices. The Issuer shall notify any SID and either each NRMSIR or <br />the MSRB, in a timely manner, of any of the following events with respect to the Certificates of <br />Obligation, if such event is material within the meaning of the federal securities laws: <br /> <br />I. Principal and interest payment delinquencies; <br />2. Non-payment related defaults; <br />3. Unscheduled draws on debt service reserves reflecting financial difficulties; <br />4. Unscheduled draws on credit enhancements reflecting financial difficulties; <br />5. Substitution of credit or liquidity providers, or their failure to perform; <br />6. Adverse tax opinions or events affecting the tax-exempt status of the Certificates of <br />Obligation; <br />7. Modifications to rights of holders of the Certificates of Obligation; <br />8. Certificate of Obligation calls; <br />9. Defeasances; <br />10. Release, substitution, or sale of property securing repayment of the Certificates of <br />Obligation; and <br />11. Rating changes. <br /> <br />The Issuer shall notify any SID and either each NRMSIR or the MSRB, in a timely manner, of any <br />failure by the Issuer to provide financial information or operating data in accordance with subsection <br />(a) of this Section by the time required by such subsection. <br /> <br />(c) Limitations. Disclaimers. and Amendments. (i) The Issuer shall be obligated to observe <br />and perform the covenants specified in this Section for so long as, but only for so long as, the Issuer <br />remains an "obligated person" with respect to the Certificates of Obligation within the meaning of <br />the Rule, except that the Issuer in any event will give notice of any deposit made in accordance with <br />this Ordinance or applicable law that causes Certificates of Obligation no longer to be outstanding. <br /> <br />(ii) The provisions of this Section are for the sole benefit of the holders and beneficial <br />owners of the Certificates of Obligation, and nothing in this Section, express or implied, shall give <br />any benefit or any legal or equitable right, remedy, or claim hereunder to any other person. The <br />Issuer undertakes to provide only the financial information, operating data, financial statements, and <br />notices which it has expressly agreed to provide pursuant to this Section and does not hereby <br />undertake to provide any other information that may be relevant or material to a complete <br />presentation of the Issuer's financial results, condition, or prospects or hereby undertake to update <br />any information provided in accordance with this Section or otherwise, except as expressly provided <br /> <br />29 <br />