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accepted accounting principles (and modified as may be required by the Washington State Auditor <br /> pursuant to RCW 43.09.200 (or any successor statute)), when and if available, to each then <br /> existing NRMSIR and the SID, if any. <br /> C. Material Events. The City agrees to provide or cause to be provided, in a timely <br /> manner, to the SID, if any, and to each NRMSIR or to the MSRB notice of the occurrence of any <br /> of the following events with respect to the Bonds, if material: <br /> 1. Principal and interest payment delinquencies; <br /> 2. Nonpayment related defaults; <br /> 3. Unscheduled draws on debt service reserves reflecting financial difficulties; <br /> 4. Unscheduled draws on credit enhancements reflecting financial difficulties; <br /> 5. Substitution of credit or liquidity providers, or their failure to perform; <br /> 6. Adverse tax opinions or events affecting the tax-exempt status of the <br /> Bonds; <br /> 7. Modifications to the rights of Bond owners; <br /> 8. Optional, contingent or unscheduled calls of any Bonds other than <br /> scheduled sinking fund redemptions for which notice is given pursuant to <br /> Exchange Act Release 34-23856 <br /> 9. Defeasances; <br /> 10. Release, substitution or sale of property securing repayment of the Bonds; <br /> and <br /> 11. Rating changes. <br /> Solely for purposes of disclosure, and not intending to modify this undertaking, the City <br /> advises with reference to items 4 and 10 above that the only credit enhancement for the Bonds at <br /> this time is a policy of municipal bond insurance provided by the Bond Insurer and that no <br /> property secures repayment of the Bonds. The applicable debt service reserve is the 1997 <br /> Reserve Account. <br /> -39- FWWOBU DOC 97/03/04 <br />