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The following events must be filed regardless of materiality: <br />a. principal and interest payment delinquencies <br />b. unscheduled draws on debt service reserves reflecting financial difficulties <br />C. unscheduled draws on credit enhancements reflecting financial difficulties <br />d. substitution of credit or liquidity providers, or their failure to perform <br />e. defeasances <br />f. rating changes <br />g. adverse tax opinions or other material events affecting the tax-exempt status of the bonds; <br />the issuance by the IRS of proposed or final determinations of taxability, Notices of <br />Proposed Issue (IRS Form 5701-TEB) or other material events, notices or determinations <br />with respect to the tax status of the securities <br />h. tender offers <br />i. bankruptcy, insolvency, receivership or similar event of the obligated person <br />Article III. FIVE-YEAR COMPLIANCE CHECK <br />A. At the time any debt obligations subject to the Rule is issued, the Client must disclose in its <br />official statement any instances in the past five years it failed to comply, in all material respects, <br />with any previous undertakings for bonds which were subject to the Rule. <br />The Firm will: <br />• Review reporting requirements for any bonds that were outstanding during the five-year period; <br />• Examine the filings made on EMMA in conjunction with each applicable bond issue; <br />• Research whether any bonds with an assigned rating changed during the period prior to the <br />review, including rating changes for insured bonds; and <br />• Determine whether all required notices related to events and filings were made to comply with <br />the CDUs. <br />B. Remedying Deficiencies for Outstanding Bonds <br />If a deficiency is found and the Bonds remain outstanding at the time of the Firm's compliance check, the <br />Firm will prepare any necessary reporting or notices to meet the CDU obligations. The Client will review <br />and approve the prepared reporting or notices. Once approved by the Client, the Firm will file the <br />documentation on the EMMA system. The Firm will provide the Client with documentation that the <br />EMMA filing has occurred. <br />C. Updating Compliance. <br />At the time that Firm conducts services annually under Article I, the Firm will update the compliance <br />check completed under Article III A and B. <br />