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(b) Event Notices. The City shall notify the MSRB, in an electronic format as <br /> prescribed by the MSRB, in a timely manner not in excess of ten business days <br /> after the occurrence of the event, of any of the following events with respect to <br /> the Certificates: <br /> A. Principal and interest payment delinquencies; <br /> B. Non-payment related defaults, if material within the meaning of the <br /> federal securities laws; <br /> C. Unscheduled draws on debt service reserves reflecting financial <br /> difficulties; <br /> D. Unscheduled draws on credit enhancements reflecting financial <br /> difficulties; <br /> E. Substitution of credit or liquidity providers, or their failure to perform; <br /> F. Adverse tax opinions, the issuance by the Internal Revenue Service of <br /> proposed or final determinations of taxability, Notices of Proposed Issue <br /> (IRS Form 5701—TEB) or other material notices or determinations with <br /> respect to the tax status of the Certificates, or other events affecting the tax <br /> status of the Certificates <br /> G. Modifications to rights of holders of the Certificates, if material within the <br /> meaning of the federal securities laws; <br /> H. Certificate calls, if material within the meaning of the federal securities <br /> laws; <br /> I. Defeasances; <br /> J. Release, substitution, or sale of property securing repayment of the <br /> Certificates, if 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 <br /> City or the sale of all or substantially all of the assets of the City, other <br /> than in the ordinary course of business, the entry into a definitive <br /> agreement to undertake such an action or the termination of a definitive <br /> agreement relating to any such actions, other than pursuant to its terms, if <br /> 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 <br /> SANMARCOSCIRCO2023 Ordinance <br />