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Appendix F <br />Page 3 <br />Section 5. Reporting of Listed Events. <br /> <br />(a) Reportable Events. The City shall, or shall cause the Dissemination Agent (if not the City) to, <br />give notice of the occurrence of any of the following events with respect to the Bonds: <br /> <br />(1) Principal and interest payment delinquencies. <br /> <br />(2) Unscheduled draws on debt service reserves reflecting financial difficulties. <br /> <br />(3) Unscheduled draws on credit enhancements reflecting financial difficulties. <br /> <br />(4) Substitution of credit or liquidity providers, or their failure to perform. <br /> <br />(5) Defeasances. <br /> <br />(6) Rating changes. <br /> <br />(7) Tender offers. <br /> <br />(8) Bankruptcy, insolvency, receivership or similar event of the obligated person. <br /> <br />(9) Adverse tax opinions, the issuance by the Internal Revenue Service of proposed <br />or final determinations of taxability, Notices of Proposed Issue (IRS Form 5701- <br />TEB) or other material notices or determinations with respect to the tax status of <br />the security, or other material events affecting the tax status of the security. <br /> <br />Note: For the purposes of the event identified in subparagraph (8), the event is considered to occur <br />when any of the following occur: the appointment of a receiver, fiscal agent or similar officer for an <br />obligated person in a proceeding under the U.S. Bankruptcy Code or in any other proceeding <br />under state or federal law in which a court or governmental authority has assumed jurisdiction <br />over substantially all of the assets or business of the obligated person, or if such jurisdiction has <br />been assumed by leaving the existing governmental body and officials or officers in possession but <br />subject to the supervision and orders of a court or governmental authority, or the entry of an order <br />confirming a plan of reorganization, arrangement or liquidation by a court or governmental <br />authority having supervision or jurisdiction over substantially all of the assets or business of the <br />obligated person. <br /> <br />(b) Material Reportable Events. The City shall give, or cause to be given, notice of the occurrence of <br />any of the following events with respect to the Bonds, if material: <br /> <br />(1) Non-payment related defaults. <br /> <br />(2) Modifications to rights of security holders. <br /> <br />(3) Bond calls. <br /> <br />(4) The release, substitution, or sale of property securing repayment of the securities. <br /> <br />(5) The consummation of a merger, consolidation, or acquisition involving an <br />obligated person or the sale of all or substantially all of the assets of the obligated <br />person, other 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. <br /> <br />(6) Appointment of a successor or additional trustee, or the change of name of a <br />trustee. <br /> <br />(c) Time to Disclose. The City shall, or shall cause the Dissemination Agent (if not the City) to, file a <br />notice of such occurrence with EMMA, in an electronic format as prescribed by the MSRB, in a timely <br />manner not in excess of 10 business days after the occurrence of Any Listed Event. Notwithstanding the <br />8.C. - Page 96