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414 <br /> <br /> <br /> (b) Material Event Notices. The Issuer shall notify any SID or the MSRB, in a timely <br /> manner, of any of the following events with respect to the Bonds, if such event is material within <br /> the meaning of the federal securities laws: <br /> <br /> 1. 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 Bonds. <br /> 7. Modifications to rights of holders of the Bonds; <br /> 8. Bond calls; <br /> 9. Defeasances; <br /> 10. Release, substitution, or sale of property securing repayment of the Bonds <br /> and <br /> 11. Rating changes. <br /> <br /> The Issuer shall notify any SID or the MSRB, in a timely manner, of any failure by the Issuer to <br /> provide financial information or operating data in accordance with subsection (a) of this Section by <br /> 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 Bonds within the meaning of the Rule, except that <br /> the Issuer in any event will give notice of any deposit made in accordance with this Ordinance or <br /> applicable law that causes Bonds 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 Bonds, and nothing in this Section, express or implied, shall give any benefit or any <br /> legal or equitable right, remedy, or claim hereunder to any other person. The Issuer undertakes to <br /> provide only the financial information, operating data, financial statements, and notices which it has <br /> expressly agreed to provide pursuant to this Section and does not hereby undertake to provide any <br /> other information that may be relevant or material to a complete presentation of the Issuer's financial <br /> results, condition, or prospects or hereby undertake to update any information provided in <br /> accordance with this Section or otherwise, except as expressly provided herein. The Issuer does not <br /> make any representation or warranty concerning such information or its usefulness to a decision to <br /> invest in or sell Bonds at any future date. <br /> <br /> (iii) UNDER NO CIRCUMSTANCES SHALL THE ISSUER BE LIABLE TO THE <br /> HOLDER OR BENEFICIAL OWNER OF ANY BOND OR ANY OTHER PERSON, IN <br /> CONTRACT OR TORT, FOR DAMAGES RESULTING IN WHOLE OR IN PART FROM ANY <br /> BREACH BY THE ISSUER, WHETHER NEGLIGENT OR WITHOUT FAULT ON ITS PART, <br /> OF ANY COVENANT SPECIFIED IN THIS .SECTION, BUT EVERY RIGHT AND REMEDY <br /> <br /> 25 <br /> <br /> <br />