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accounting principles as the Issuer may be required to employ from time to time pursuant to state law <br />or regulation, and (2) audited, if the Issuer commissions an audit of such statements and the audit is <br />completed within the period during which they must be provided. If the audit of such financial <br />statements is not complete within such period, then the Issuer shall provide unaudited financial <br />statements by the required time and will provide audited financial statements for the applicable fiscal <br />year to the MSRB, when and if the audit report on such statements become available. Such <br />information shall be transmitted electronically to the MSRB, in such format and accompanied by such <br />identifying information as prescribed by the MSRB. <br />(ii) If the Issuer changes its fiscal year, it will notify the MSRB of the change (and of the date <br />of the new fiscal year end) prior to the next date by which the Issuer otherwise would be required to <br />provide financial information and operating data pursuant to this Section. The financial information <br />and operating data to be provided pursuant to this Section may be set forth in full in one or more <br />documents or may be included by specific reference to any document (including an official statement <br />or other offering document, if it is available from the MSRB) that theretofore has been provided to <br />the MSRB or filed with the SEC. <br />(b) Material Event Notices. The Issuer shall notify the MSRB, in a timely manner, of any of <br />the following events with respect to the Certificates, if such event is material within the meaning of <br />the federal securities laws: <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 dii�culties; <br />5. Substitution of credit or liquidity providers, or theu failure to perform; <br />6. Adverse tax opinions or events affecting the tax-exempt status of the Certificates; <br />7. Modifications to rights of holders of the Certificates; <br />8. Bond calls; <br />9. Defeasances; <br />10. Release, substitution, or sale ofproperty securing repayment ofthe Certificates; and <br />11. Rating changes. <br />The Issuer shall notify the MSRB, in a timely manner, of any failure by the Issuer to provide financial <br />information or operating data in accordance with subsection (a) of this Section by the time required <br />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 Certificates within the meaning of the Rule, except <br />that the Issuer in any event will give the notice required by Subsection (b) hereof of any Bond calls <br />and defeasance that cause the Issuer to no longer be such an"obligated person". <br />20 <br />