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<br />MSRB) that theretofore has been provided to the MSRB or filed with the SEC, or may be <br />provided in any other manner consistent with the Rule. <br /> <br />B. Material Event Notices. The Authority shall notify the MSRB, in a timely <br />manner, of any of the following events with respect to the Bonds, if such event is material within <br />the meaning of the federal securities laws: <br /> <br />(1) Principal and interest payment delinquencies; <br /> <br />(2) Non-payment related defaults; <br /> <br />(3) Unscheduled draws on debt servIce reserves reflecting financial <br />difficulties; <br /> <br />(4) Unscheduled draws on credit enhancements reflecting financial <br />difficulties; <br /> <br />(5) Substitution of credit or liquidity providers, or their failure to perform; <br /> <br />(6) Adverse tax opinions or events affecting the tax-exempt status of the <br />Bonds; <br /> <br />(7) Modifications to rights of holders of the Bonds; <br /> <br />(8) Bond calls; <br /> <br />(9) Defeasances; <br /> <br />(10) Release, substitution, or sale of property securing repayment ofthe Bonds; <br /> <br />and <br /> <br />(11) Rating changes. <br /> <br />The Authority shall notify the MSRB, in a timely manner, of any failure by the Authority <br />to provide financial information or operating data in accordance with this Section by the time <br />required by such Section. <br /> <br />C. Limitations Disclaimers and Amendments. The Authority shall be obligated to <br />observe and perform the covenants specified in this Section for so long as, but only for so long <br />as, the Authority remains an "obligated person" with respect to the Bonds within the meaning of <br />the Rule, except that the Authority in any event will give the notice required by this Section of <br />any Bond calls and defeasance that cause the Authority to be no longer such an "obligated <br />person." <br /> <br />The provisions of this Section are for the sole benefit of the registered Holders of the <br />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 Authority undertakes to <br />provide only the financial information, operating data, financial statements, and notices which it <br /> <br />35 <br /> <br />HOU:3003369.1 <br />