Laserfiche WebLink
respect to the tax-exempt status of the Bonds, or other events affecting the <br />tax-exempt status of the Bonds; <br />6. tender offers; <br />7. Defeasances; <br />8. Rating changes; <br />9. Bankruptcy, insolvency, receivership or similar event of an obligated person <br />(which is considered to occur when any of the following occur: the <br />appointment of a receiver, fiscal agent, or similar officer for the Issuer in a <br />proceeding under the United States Bankruptcy Code or in any other <br />proceeding under state or federal law in which a court or governmental <br />authority has assumed jurisdiction over substantially all of the assets or <br />business of the Issuer, or if such jurisdiction has been assumed by leaving the <br />existing governing body and officials or officers in possession but subject to <br />the supervision and orders of a court or governmental authority, or the entry <br />of an order confrming a plan of reorganization, arrangement, or liquidation <br />by a court or governmental authority having supervision or jurisdiction over <br />substantially all of the assets or business of the Issuer). <br />The Issuer shall notify the MSRB, in a timely manner, of any failure by the Issuer to provide <br />financial information or operating data in accordance with subsection (a) of this Section by the time <br />required by such subsection. <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 the notice required by Subsection (b) hereof of any Bond calls and <br />defeasance that cause the Issuer to no longer be such an "obligated person". <br />(ii) The provisions of this Section are for the sole benefit of the registered owners and <br />beneficial owners of the Bonds, and nothing in this Section, express or implied, shall give any <br />benefit or any legal or equitable right, remedy, or claim hereunder to any other person. The Issuer <br />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 />herein. The Issuer does not make any representation or warranty concerning such information or <br />its usefulness to a decision to invest in or sell Bonds at any future date. <br />(iii) UNDER NO CIRCUMSTANCES SHALL THE 1SSUER BE LIABLE TO THE <br />REGISTERED OWNER OR BENEFICIAL OWNER OF ANY BOND OR ANY OTHER <br />PERSON, IN CONTRACT OR TORT, FOR DAMAGES RESULTING IN WHOLE OR IN PART <br />FROM ANY BREACH BY THE ISSUER, WHETHERNEGLIGENT OR WITHOUT FAULT ON <br />ITS PART. OF ANY COVENANT SPECIFIED IN THIS SECTION, BUT EVERY RIGHT AND <br />f►�l <br />