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theretofore has been provided to each NRMSIR and any SID or filed with the SEC. <br />(b) Material Event Notices. The City shall notify any SID and either each NRMSIR or the <br />MSRB, in a timely manner, of any of the following events with respect to the Bonds, if such event <br />is material within the meaning of the federal securities laws: <br />A. Principal and interest payment delinquencies; <br />B. Non-payment related defaults; <br />C. Unscheduled draws on debt service reserves reflecting financial difficulties; <br />D. Unscheduled draws on credit enhancements reflecting financial difficulties; <br />E. Substitution of credit or liquidity providers, or their failure to perform; <br />F. Adverse tax opinions or events affecting the tax-exempt status of the Bonds; <br />G. Modifications to rights of holders of the Bonds; <br />H. Bond calls; <br />L Defeasances; <br />Release, substitution, or sale of property securing repayment of the Bonds; <br />and <br />K. Rating changes. <br />The City shall notify any SID and either each NRMSIR or the MSRB, in a timely manner, <br />of any failure by the City to provide financial information or operating data in accordance with <br />Section 7.09(a) of this First Supplement by the time required by such Section. <br />(c) Limitations. Disclaimers, and Amendments. The City 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 City <br />remains an "obligated person" with respect to the Bonds within the meaning of the Rule, except that <br />the City in any event will give notice of any deposit made in accordance with Section 7.03 of this <br />First Supplement that causes the Bonds no longer to be outstanding. <br />The provisions of this Section are for the sole benefit of the Owners and beneficial owners <br />of the Bonds, and nothing in this Section, express or implied, shall give any benefit or any legal or <br />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 maybe 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 />SAN MARCOS 2008: FirstSupplementalOrdinance 22 <br />