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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; <br />and <br />P. Default, event of acceleration, termination event, modification of terms, or other <br />similar events under the terms of a Financial Obligation of the 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 <br />documents provided to the MSRB pursuant to this Section shall be accompanied by identifying <br />information as 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 <br />long as, but only for so long as, the City remains an "obligated person" with respect to the <br />Certificates within the meaning of the Rule, except that the City in any event will give notice of any <br />deposit made in accordance with Section 12.02 of this Ordinance that causes the Certificates no <br />longer to be outstanding. <br />The provisions of this Section are for the sole benefit of the holders and beneficial owners of <br />the Certificates, and nothing in this Section, express or implied, shall give any benefit or any legal <br />or equitable right, remedy, or claim hereunder to any other person. The City undertakes to provide <br />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 City'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 City does not <br />make any representation or warranty concerning such information or its usefulness to a decision to <br />invest in or sell Certificates at any future date. <br />UNDER NO CIRCUMSTANCES SHALL THE CITY BE LIABLE TO THE HOLDER <br />OR BENEFICIAL OWNER OF ANY CERTIFICATE OR ANY OTHER PERSON, IN <br />CONTRACT OR TORT, FOR DAMAGES RESULTING IN WHOLE OR IN PART FROM ANY <br />BREACH BY THE CITY, WHETHER NEGLIGENT OR WITHOUT FAULT ON ITS PART, OF <br />ANY COVENANT SPECIFIED IN THIS SECTION, BUT EVERY RIGHT AND REMEDY OF <br />ANY SUCH PERSON, IN CONTRACT OR TORT, FOR OR ON ACCOUNT OF ANY SUCH <br />40 <br />San Marcos CTRCO 2021A: Ordinance <br /> <br />