Common use of Reporting of Material Events Clause in Contracts

Reporting of Material Events. Not later than 10 Business Days after the occurrence of any of the following events, the City shall give, or cause to be given to the MSRB, through EMMA, notice of the occurrence of any of the following events with respect to the 2020 Certificates (“Material Events”): (1) principal and interest payment delinquencies; (2) non-payment related defaults, if material; (3) unscheduled draws on debt service reserves reflecting financial difficulties; (4) unscheduled draws on credit enhancements reflecting financial difficulties; (5) substitution of credit or liquidity providers, or their failure to perform; (6) adverse tax opinions, the issuance by the Internal Revenue Service of proposed or final determinations of taxability, Notices of Proposed Issue (IRS Form 5701-TEB) or other material notices or determinations with respect to the tax status of the 2020 Certificates, or other material events affecting the tax status of the 2020 Certificates; (7) modifications to rights of certificate holders, if material; (8) certificate calls, if material, and tender offers; (9) defeasances; (10) release, substitution or sale of property securing repayment of the 2020 Certificates, if material; (11) rating changes; (12) bankruptcy, insolvency, receivership or similar event of the obligated person; (13) the consummation of a merger, consolidation, or acquisition involving the obligated person or the sale of all or substantially all of the assets of the obligated person, other than in the ordinary course of business, the entry into a definitive agreement to undertake such an action or the termination of a definitive agreement relating to any such actions, other than pursuant to its terms, if material; (14) appointment of a successor or additional trustee or the change of name of the trustee, if material; (15) incurrence of a Financial Obligation of the obligated person, if material, or agreement to covenants, events of default, remedies, priority rights, or other similar terms of a Financial Obligation of the obligated person, any of which affect security holders, if material; and (16) default, event of acceleration, termination event, modification of terms, or other similar events under the terms of a Financial Obligation of the obligated person, any of which reflect financial difficulties. If the City has not submitted the Annual Report to the MSRB by the date required in Section 2(a), the City shall send a notice to the MSRB of the failure of the City to file on a timely basis the Annual Report, which notice shall be given by the City in accordance with this Section 3.

Reporting of Material Events. Not (a) No later than 10 Business Days business days after the occurrence of any of the following events, the City shall give, or cause to be given to the MSRB, through EMMA, notice of the occurrence of any of the following events with respect to the 2020 Certificates (“Material Events”): (1) principal and interest payment delinquencies; (2) non-payment related defaults, if material; (3) unscheduled draws on debt service reserves reflecting financial difficulties; (4) unscheduled draws on credit enhancements reflecting financial difficulties; (5) substitution of credit or liquidity providers, or their failure to perform; (6) adverse tax opinions, the issuance by the Internal Revenue Service of proposed or final determinations of taxability, Notices of Proposed Issue (IRS Form 5701-5701- TEB) or other material notices or determinations with respect to the tax status of the 2020 Certificates, or other material events affecting the tax status of the 2020 Certificates; (7) modifications to rights of certificate holdersCertificateholders, if material; (8) certificate Certificate calls, if material, and tender offers; (9) defeasances; (10) release, substitution or sale of property securing repayment of the 2020 Certificates, if material; (11) rating changes; (12) bankruptcy, insolvency, receivership or similar event of the obligated personCity; (13) the consummation of a merger, consolidation, or acquisition involving the obligated person City or the sale of all or substantially all of the assets of the obligated personCity, other than in the ordinary course of business, the entry into a definitive agreement to undertake such an action or the termination of a definitive agreement relating to any such actions, other than pursuant to its terms, if material;; and (14) appointment of a successor or additional trustee or the change of name of the trustee, if material;. (15b) incurrence of a Financial Obligation The Dissemination Agent shall, promptly after obtaining actual knowledge of the obligated personoccurrence of any event that it believes may constitute a Material Event, if materialcontact the Treasurer or his or her designee, or agreement such other person as the City will designate in writing to covenantsthe Dissemination Agent from time to time, events of default, remedies, priority rights, or other similar terms of a Financial Obligation inform such person of the obligated person, any of which affect security holders, if material; and (16) default, event of acceleration, termination event, modification of terms, and request that the City promptly notify the Dissemination Agent in writing whether or other similar events under not to report the terms of a Financial Obligation of the obligated person, any of which reflect financial difficultiesevent pursuant to subsection (d). If the City has not submitted the Annual Report in response to the MSRB by the date required in Section 2(aa request under this subsection (b), the City determines that the event does not constitute a material event, the City shall send so notify the Dissemination Agent in writing and instruct the Dissemination Agent whether or not to report the occurrence pursuant to subsection (d). (c) Whenever the City obtains knowledge of the occurrence of a Material Event, because of a notice from the Dissemination Agent pursuant to subsection (b) or otherwise, the MSRB of City shall promptly notify and instruct the failure of Dissemination Agent in writing to report the occurrence pursuant to subsection (d). (d) If the Dissemination Agent receives written instructions from the City to report the occurrence of a Material Event, the Dissemination Agent shall promptly file on a timely basis notice of such occurrence to the Annual ReportMSRB, which with a copy to the City. Notwithstanding the foregoing, notice shall of Material Events described in subsections (a)(8) and (9) need not be given by under this subsection any earlier than the City in accordance with this Section 3notice (if any) of the underlying event is given to the registered owners of affected Certificates pursuant to the [Resolution].

Reporting of Material Events. Not (a) No later than 10 Business Days days after the occurrence of any of the following events, the City Issuer shall give, or cause to be given to the MSRB, through EMMAXXXX, notice of the occurrence of any of the following events with respect to the 2020 Certificates Bonds (“Material Events”): (1) principal and interest payment delinquencies; (2) non-payment related defaults, if material; (3) unscheduled draws on debt service reserves reflecting financial difficulties; (4) unscheduled draws on credit enhancements reflecting financial difficulties; (5) substitution of credit or liquidity providers, or their failure to perform; (6) adverse tax opinions, ; the issuance by the Internal Revenue Service of proposed or final determinations of taxability, Notices of Proposed Issue (IRS Form 5701-5701- TEB) or other material notices or determinations with respect to the tax status of the 2020 CertificatesBond, or other material events affecting the tax status of the 2020 CertificatesBonds; (7) modifications to rights of certificate holdersbondholders, if material; (8) certificate bond calls, if material, and tender offers; (9) defeasances; (10) release, substitution or sale of property securing repayment of the 2020 CertificatesBonds, if material; (11) rating changes; (12) bankruptcy, insolvency, receivership or similar event of the obligated personIssuer; (13) the consummation of a merger, consolidation, or acquisition involving the obligated person Issuer or the sale of all or substantially all of the assets of the obligated personIssuer, other than in the ordinary course of business, the entry into a definitive agreement to undertake such an action or the termination of a definitive agreement relating to any such actions, other than pursuant to its terms, if material;; and (14) appointment of a successor or additional trustee or the change of name of the trustee, if material;. DRAFT (15b) incurrence of a Financial Obligation The Dissemination Agent shall, promptly after obtaining actual knowledge of the obligated personoccurrence of any event that it believes may constitute a Material Event, if materialcontact the Superintendent of Schools of the Issuer or his or her designee, or agreement such other person as the Issuer shall designate in writing to covenantsthe Dissemination Agent from time to time, events of default, remedies, priority rights, or other similar terms of a Financial Obligation inform such person of the obligated person, any of which affect security holders, if material; and (16) default, event of acceleration, termination event, modification of terms, and request that the Issuer promptly notify the Dissemination Agent in writing whether or other similar events under not to report the terms of a Financial Obligation of the obligated person, any of which reflect financial difficultiesevent pursuant to subsection (d). If the City has not submitted the Annual Report in response to the MSRB by the date required in Section 2(aa request under this subsection (b), the City Issuer determines that the event does not constitute a Material Event, the Issuer shall send so notify the Dissemination Agent in writing and instruct the Dissemination Agent whether or not to report the occurrence pursuant to subsection (d). (c) Whenever the Issuer obtains knowledge of the occurrence of a Material Event, because of a notice from the Dissemination Agent pursuant to subsection (b) or otherwise, the Issuer shall promptly notify and instruct the Dissemination Agent in writing to report the occurrence pursuant to subsection (d). (d) If the Dissemination Agent receives written instructions from the Issuer to report the occurrence of a Material Event, the Dissemination Agent shall promptly file a notice of such occurrence to the MSRB MSRB, with a copy to the Issuer. Notwithstanding the foregoing, notice of Material Events described in subsections (a)(8) and (9) need not be given under this subsection any earlier than the notice (if any) of the failure underlying event is given to the registered owners of affected Bonds pursuant to the City to file on a timely basis the Annual Report, which notice shall be given by the City in accordance with this Section 3Bond Resolutions.

Reporting of Material Events. Not (a) No later than 10 Business Days after the occurrence of any of the following events, the City shall give, or cause to be given to the MSRB, through EMMA, notice of the occurrence of any of the following events with respect to the 2020 Certificates Bonds (“Material Events”): (1) principal and interest payment delinquencies; (2) non-payment related defaults, if material; (3) unscheduled draws on debt service reserves reflecting financial difficulties; (4) unscheduled draws on credit enhancements reflecting financial difficulties; (5) substitution of credit or liquidity providers, or their failure to perform; (6) adverse tax opinions, ; the issuance by the Internal Revenue Service of proposed or final determinations of taxability, Notices of Proposed Issue (IRS Form 5701-5701- TEB) or other material notices or determinations with respect to the tax status of the 2020 CertificatesBonds, or other material events affecting the tax status of the 2020 CertificatesBonds; (7) modifications to rights of certificate holdersbondholders, if material; (8) certificate bond calls, if material, and tender offers; (9) defeasances; (10) release, substitution or sale of property securing repayment of the 2020 CertificatesBonds, if material; (11) rating changes; (12) bankruptcy, insolvency, receivership or similar event of the obligated personCity; (13) the consummation of a merger, consolidation, or acquisition involving the obligated person City or the sale of all or substantially all of the assets of the obligated personCity, other than in the ordinary course of business, the entry into a definitive agreement to undertake such an action or the termination of a definitive agreement relating to any such actions, other than pursuant to its terms, if material;; and (14) appointment of a successor or additional trustee or the change of name of the trustee, if material;. (15b) incurrence of a Financial Obligation The Dissemination Agent shall, promptly after obtaining actual knowledge of the obligated personoccurrence of any event that it believes may constitute a Material Event, if materialcontact the City Manager of the City or his or her designee, or agreement such other person as the City shall designate in writing to covenantsthe Dissemination Agent from time to time, events of default, remedies, priority rights, or other similar terms of a Financial Obligation inform such person of the obligated person, any of which affect security holders, if material; and (16) default, event of acceleration, termination event, modification of terms, and request that the City promptly notify the Dissemination Agent in writing whether or other similar events under not to report the terms of a Financial Obligation of the obligated person, any of which reflect financial difficultiesevent pursuant to subsection (d). If the City has not submitted the Annual Report in response to the MSRB by the date required in Section 2(aa request under this subsection (b), the City determines that the event does not constitute a Material Event, the City shall send so notify the Dissemination Agent in writing and instruct the Dissemination Agent whether or not to report the occurrence pursuant to subsection (d). (c) Whenever the City obtains knowledge of the occurrence of a Material Event, because of a notice from the Dissemination Agent pursuant to subsection (b) or otherwise, the MSRB of City shall promptly notify and instruct the failure of Dissemination Agent in writing to report the occurrence pursuant to subsection (d). (d) If the Dissemination Agent receives written instructions from the City to report the occurrence of a Material Event, the Dissemination Agent shall promptly file on a timely basis notice of such occurrence to the Annual ReportMSRB, which with a copy to the City. Notwithstanding the foregoing, notice shall of Material Events described in subsections (a)(8) and (9) need not be given by under this subsection any earlier than the City in accordance with this Section 3notice (if any) of the underlying event is given to the registered owners of affected Bonds pursuant to the Indenture.

Reporting of Material Events. (a) Not later than 10 Business Days after the occurrence of any of the following events, the City shall give, or cause to be given to the MSRB, through EMMA, notice of the occurrence of any of the following events with respect to the 2020 Certificates Bonds (“Material Events”): (1) principal and interest payment delinquencies; (2) non-payment related defaults, if material; (3) unscheduled draws on debt service reserves reflecting financial difficulties; (4) unscheduled draws on credit enhancements reflecting financial difficulties; (5) substitution of credit or liquidity providers, or their failure to perform; (6) adverse tax opinions, the issuance by the Internal Revenue Service of proposed or final determinations of taxability, Notices of Proposed Issue (IRS Form 5701-TEB) or other material notices or determinations with respect to the tax status of the 2020 CertificatesBonds, or other material events affecting the tax status of the 2020 CertificatesBonds; (7) modifications to rights of certificate holdersbondholders, if material; (8) certificate bond calls, if material, and tender offers; (9) defeasances; (10) release, substitution or sale of property securing repayment of the 2020 CertificatesBonds, if material; (11) rating changes; (12) bankruptcy, insolvency, receivership or similar event of the obligated person; (13) the consummation of a merger, consolidation, or acquisition involving the obligated person or the sale of all or substantially all of the assets of the obligated person, other than in the ordinary course of business, the entry into a definitive agreement to undertake such an action or the termination of a definitive agreement relating to any such actions, other than pursuant to its terms, if material; (14) appointment of a successor or additional trustee paying agent or the change of name of the trusteepaying agent, if material; (15) incurrence of a Financial Obligation of the obligated person, if material, or agreement to covenants, events of default, remedies, priority rights, or other similar terms of a Financial Obligation of the obligated person, any of which affect security holders, if material; and (16) default, event of acceleration, termination event, modification of terms, or other similar events under the terms of a Financial Obligation of the obligated person, any of which reflect financial difficulties. (b) The Dissemination Agent shall, promptly after obtaining actual knowledge of the occurrence of any event that it believes may constitute a Material Event, contact the Finance Director of the City or his or her designee, or such other person as the City shall designate in writing to the Dissemination Agent from time to time, inform such person of the event, and request that the City promptly notify the Dissemination Agent in writing whether or not to report the event pursuant to subsection (d). If the City has not submitted the Annual Report in response to the MSRB by the date required in Section 2(aa request under this subsection (b), the City determines that the event does not constitute a Material Event, the City shall send so notify the Dissemination Agent in writing and instruct the Dissemination Agent not to report the occurrence pursuant to subsection (d). (c) Whenever the City obtains knowledge of the occurrence of a Material Event, because of a notice from the Dissemination Agent pursuant to subsection (b) or otherwise, the MSRB of City shall promptly notify and instruct the failure of Dissemination Agent in writing to report the occurrence pursuant to subsection (d). (d) If the Dissemination Agent receives written instructions from the City to report the occurrence of a Material Event, the Dissemination Agent shall promptly file on a timely basis notice of such occurrence to the Annual ReportMSRB, which notice shall be given by with a copy to the City in accordance with this Section 3City.

Reporting of Material Events. Not (a) No later than 10 Business Days after the occurrence of any of the following events, the City Issuer shall give, or cause to be given given, to the MSRB, through EMMAXXXX, notice of the occurrence of any of the following events with respect to the 2020 Certificates Bonds (“Material Events”): (1) principal and interest payment delinquencies; (2) non-payment related defaults, if material; (3) unscheduled draws on debt service reserves reflecting financial difficulties; (4) unscheduled draws on credit enhancements reflecting financial difficulties; (5) substitution of credit or liquidity providers, or their failure to perform; (6) adverse tax opinions, the issuance by the Internal Revenue Service of proposed or final determinations of taxability, Notices of Proposed Issue (IRS Form 5701-5701- TEB) or other material notices or determinations with respect to the tax status of the 2020 CertificatesBonds, or other material events affecting the tax status of the 2020 CertificatesBonds; (7) modifications to rights of certificate holdersbondholders, if material; (8) certificate bond calls, if material, and tender offers; (9) defeasances; (10) release, substitution or sale of property securing repayment of the 2020 CertificatesBonds, if material; (11) rating changes; (12) bankruptcy, insolvency, receivership or similar event of the obligated personIssuer; (which shall be deemed to occur as provided in the Rule); (13) the consummation of a merger, consolidation, or acquisition involving the obligated person Issuer or the sale of all or substantially all of the assets of the obligated personIssuer, other than in the ordinary course of business, the entry into a definitive agreement to undertake such an action or the termination of a definitive agreement relating to any such actions, other than pursuant to its terms, if material;; and (14) appointment of a successor or additional trustee or the change of name of the trustee, if material; (15) incurrence of a Financial Obligation of the obligated person, if material, or agreement to covenants, events of default, remedies, priority rights, or other similar terms of a Financial Obligation of the obligated person, any of which affect security holders, if material; and (16) default, event of acceleration, termination event, modification of terms, or other similar events under the terms of a Financial Obligation of the obligated person, any of which reflect financial difficulties. If the City Issuer has not submitted the Annual Report to the MSRB by the date required in Section 2(a)) hereof, the City Issuer shall send a notice to the MSRB of the failure of the City Issuer to file on a timely basis the Annual Report, which notice shall be given by the City Issuer in accordance with this Section 3Section.

Reporting of Material Events. Not (a) No later than 10 Business Days after the occurrence of any of the following events, the City shall give, or cause to be given to the MSRB, through EMMA, notice of the occurrence of any of the following events with respect to the 2020 Certificates (“Material Events”): (1) principal and interest payment delinquencies; (2) non-payment related defaults, if material; (3) unscheduled draws on debt service reserves reflecting financial difficulties; (4) unscheduled draws on credit enhancements reflecting financial difficulties; (5) substitution of credit or liquidity providers, or their failure to perform; (6) adverse tax opinions, the issuance by the Internal Revenue Service of proposed or final determinations of taxability, Notices of Proposed Issue (IRS Form 5701-5701- TEB) or other material notices or determinations with respect to the tax status of the 2020 Certificates, or other material events affecting the tax status of the 2020 Certificates; (7) modifications to rights of certificate Certificate holders, if material; (8) certificate Certificate calls, if material, and tender offers; (9) defeasances; (10) release, substitution or sale of property securing repayment of the 2020 Certificates, if material; (11) rating changes; (12) bankruptcy, insolvency, receivership or similar event of the obligated personCity; (13) the consummation of a merger, consolidation, or acquisition involving the obligated person City or the sale of all or substantially all of the assets of the obligated personCity, other than in the ordinary course of business, the entry into a definitive agreement to undertake such an action or the termination of a definitive agreement relating to any such actions, other than pursuant to its terms, if material;; and (14) appointment of a successor or additional trustee or the change of name of the trustee, if material;. (15b) incurrence of a Financial Obligation The Dissemination Agent shall, promptly after obtaining actual knowledge of the obligated personoccurrence of any event that it believes may constitute a Material Event, if materialcontact the Authorized Representative of the City or his or her designee, or agreement such other person as the City will designate in writing to covenantsthe Dissemination Agent from time to time, events of default, remedies, priority rights, or other similar terms of a Financial Obligation inform such person of the obligated person, any of which affect security holders, if material; and (16) default, event of acceleration, termination event, modification of terms, and request that the City promptly notify the Dissemination Agent in writing whether or other similar events under not to report the terms of a Financial Obligation of the obligated person, any of which reflect financial difficultiesevent pursuant to subsection (d). If the City has not submitted the Annual Report in response to the MSRB by the date required in Section 2(aa request under this subsection (b), the City determines that the event does not constitute a material event, the City shall send so notify the Dissemination Agent in writing and instruct the Dissemination Agent whether or not to report the occurrence pursuant to subsection (d). (c) Whenever the City obtains knowledge of the occurrence of a Material Event, because of a notice from the Dissemination Agent pursuant to subsection (b) or otherwise, the MSRB of City shall promptly notify and instruct the failure of Dissemination Agent in writing to report the occurrence pursuant to subsection (d). (d) If the Dissemination Agent receives written instructions from the City to report the occurrence of a Material Event, the Dissemination Agent shall promptly file on a timely basis notice of such occurrence to the Annual ReportMSRB, which notice shall be given by with a copy to the City in accordance with this Section 3City.