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J. Release, substitution, or sale of property securing repayment of the Certificates, if <br />material within the meaning of the federal securities laws; <br />K. Rating changes; <br />L. Bankruptcy, insolvency, receivership or similar event of the City; <br />M. The consummation of a merger, consolidation, or acquisition involving the City or the <br />sale of all or substantially all of the assets of the City, other than in the ordinary course <br />of business, the entry into a definitive agreement to undertake such an action or the <br />termination of a definitive agreement relating to any such actions, other than pursuant <br />to its terms, if material within the meaning of the federal securities laws; and <br />N. Appointment of a successor or additional trustee or the change of name of a trustee, if <br />material within the meaning of the federal securities laws. <br />O. 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; and <br />P. Default, event of acceleration, termination event, modification of terms, or other <br />similar events under the tern -is of a Financial Obligation ofhle City, any of which <br />reflect financial difficulties. <br />"Financial Obligation" means a (a) debt obligation; (b) derivative instrument entered into in <br />connection with, or pledged as security or a source of payment for, an existing or planned debt <br />obligation; or (c) guarantee of a debt obligation or any such derivative instrument; provided that <br />"financial obligation" shall not include municipal securities as to which a final official statement (as <br />defined in the Rule) has been provided to the MSRB consistent with the Rule. <br />The City shall notify the MSRB, in an electronic format as prescribed by the MSRB, in a <br />timely manner, of any failure by the City to provide financial information or operating data in <br />accordance with subsection (a) of this Section by the time required by such subsection. All documents <br />provided to the MSRB pursuant to this Section shall be accompanied by identifying information as <br />prescribed by the MSRB. <br />12.03. Limitations Disclaimers and Amendments. <br />The City shall be obligated to observe and perform the covenants specified in this Section for so long <br />as, but only for so long as, the City remains an "obligated person" with respect to the Certificates <br />within the meaning of the Rule, except that the City in any event will give notice of any deposit made <br />in accordance with Section 12.02 of this Ordinance that causes the Certificates no longer to be <br />outstanding. <br />34 <br />San Marcos CIRCO 2019: Ordinance <br />