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(14) Appointment of a successor or additional paying agent/registrar or the change <br />of name of a paying agent/registrar, if material; <br />(15) Incurrence of a Financial Obligation of the City, if material, or agreement to <br />covenants, events of default, remedies, priority rights, or other similar terms of a <br />Financial Obligation of the City, any of which affect security holders, if material; <br />and <br />(16) Default, event of acceleration, termination event, modification of terms, or <br />other similar events under the terms of a Financial Obligation of the City, any of <br />which reflect financial difficulties. <br />For these purposes, (a) any event described in the immediately preceding paragraph <br />(12) is considered to occur when any of the following occur: the appointment of a receiver, <br />fiscal agent, or similar officer for the City in a proceeding under the United States <br />Bankruptcy Code or in any other proceeding under state or federal law in which a court or <br />governmental authority has assumed jurisdiction over substantially all of the assets or <br />business of the City, or if such jurisdiction has been assumed by leaving the existing <br />governing body and officials or officers of the City in possession but subject to the <br />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 <br />of the City, and (b) the City intends the words used in the immediately preceding <br />paragraphs (15) and (16) and the definition of Financial Obligation in this Section to have <br />the same meanings as when they are used in the Rule, as evidenced by SEC Release No. <br />34-83885, dated August 20, 2018. <br />In addition, the City shall notify the MSRB, in a timely manner, of any failure by <br />the City to provide financial information or operating data in accordance with subsection <br />(b) of this Section by the time required by subsection (b). <br />(d) Limitations, Disclaimers, and Amendments. <br />(i) The City shall be obligated to observe and perform the covenants specified <br />in this Section for so long as, but only for so long as, the City remains an "obligated person" with <br />respect to the Certificates within the meaning of the Rule, except that the City in any event will <br />give notice of any deposit made in accordance with this Ordinance or applicable law that causes <br />Certificates no longer to be outstanding. <br />(ii) The provisions of this Section are for the sole benefit of the registered <br />owners and beneficial owners of the Certificates, and nothing in this Section, express or implied, <br />shall give any benefit or any legal or equitable right, remedy, or claim hereunder to any other <br />person. The City undertakes to provide only the financial information, operating data, financial <br />statements, and notices which it has expressly agreed to provide pursuant to this Section and does <br />not hereby undertake to provide any other information that may be relevant or material to a <br />complete presentation of the City's financial results, condition, or prospects or hereby undertake <br />to update any information provided in accordance with this Section or otherwise, except as <br />expressly provided herein. The City does not make any representation or warranty concerning <br />such information or its usefulness to a decision to invest in or sell Certificates at any future date. <br />16 <br />