1995-083 - Laserfiche WebLink

Home Browse Search

B. The Issuer agrees to provide or cause to be provided, in a timely manner, to each NRMSIR or to the Municipal Securities Rulemaking Board ("MSRB"), and the SID, notice of the occurrence of any of the following events with respect to the Bonds, if material: (1) principal and interest payment delinquencies; (2) non-payment related defaults; (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 or events affecting the tax- exempt status of the security; (7) modifications to rights of security holders; (8) bond calls; (9) defeasance; (10) release, substitution, or sale of property securing repayment of the securities; and (11) rating changes C. The Issuer agrees to provide or cause to be provided, in a timely manner, to (i) each NRMSIR or to the MSRB and (ii) the SID, notice of its failure to provide the Annual Information with respect to itself on or prior to the date set forth in paragraph A above. D. The obligations of the Issuer hereunder shall remain in effect only so long as the Bonds are outstanding. The Issuer reserves the right to terminate its obligation to provide the Annual Information and notices of material events, as set forth above, if and when the Issuer no longer remains an obligated person with respect to the Bonds, within the meaning of the Rule. E. The Issuer agrees that its undertaking pursuant to the Rule set forth in this Section is intended to be for the benefit of the owners of the Bonds, and shall be enforceable by such owners; provided, that solely in the event the Issuer fails to timely file the Annual Information in accordance with paragraph A above, any owner of the Bonds shall have the right to enforce, on behalf of all owners of the Bonds, the Issuer's undertaking to make such 11