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the time the Annual Report is required to be filed, the Annual Report will contain unaudited financial
statements, and the audited financial statements will be filed in the same manner as the Annual Report when
they become available.
Any or all of the items listed above may be incorporated by reference from other documents,
including official statements of debt issues with respect to which the Borrower is an “Obligated Person”
(as defined by the Rule), which have been filed with the MSRB. The Borrower will clearly identify each
such other document so incorporated by reference.
Section 5. Reporting of Material Events. (a) This Section 5 shall govern the giving of notices
of the occurrence of any of the following events (each, a “Material Event”):
(i) Principal and interest payment delinquencies;
(ii) Non-payment related defaults, if material;
(iii) Unscheduled draws on debt service reserves reflecting financial difficulty;
(iv) Unscheduled draws on credit enhancements reflecting financial difficulty;
(v) Substitution of credit or liquidity providers, or their failure to perform;
(vi) 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 Bonds, or other material
events affecting the tax status of the Bonds;
(vii) Modifications to rights of Holders, if material;
(viii) Bond calls, if material, and tender offers;
(ix) Defeasances;
(x) Release, substitution or sale of property securing repayment of the Bonds, if
material;
(xi) Rating changes;
(xii) Bankruptcy, insolvency, receivership or similar event of the Borrower. For
purposes of this clause (xii), any such event shall be considered to have occurred when any of the
following occur: the appointment of a receiver, fiscal agent or similar officer for the Borrower in a
proceeding under the U.S. Bankruptcy Code or in any other proceeding under state or federal law
in which a court or governmental authority has assumed jurisdiction over substantially all of the
assets or business of the Borrower, or if such jurisdiction has been assumed by leaving the existing
governing body and officials or officers in possession but subject to the supervision and orders of
a court or governmental authority, or the entry of an order confirming a plan of reorganization,
arrangement or liquidation by a court or governmental authority having supervision or jurisdiction
over substantially all of the assets or business of the Borrower;
(xiii) The consummation of a merger, consolidation, or acquisition involving the
Borrower or the sale of all or substantially all of the assets of the Borrower, other than in the
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