21 ATTACHMENT 3 - Laserfiche WebLink

E-14 (10) Release, substitution, or sale of property securing repayment of the securities, if material. (11) Rating changes. (12) Bankruptcy, insolvency, receivership or similar event of the obligated person. (13) The consummation of a merger, consolidation, or acquisition involving an obligated person or the sale of all or substantially all of the assets of the obligated person, other than in the ordinary course of business, the entry into a definitive agreement to undertake such an action or the termination of a definitive agreement relating to any such actions, other than pursuant to its terms, if material. (14) Appointment of a successor or additional trustee or the change of name of a trustee, if material. (15) Incurrence of a financial obligation of the Member, if material, or agreement to covenants, events of default, remedies, priority rights, or other similar terms of a financial obligation of the Member, any of which affect security holders, if material. (16) Default, event of acceleration, termination event, modification of terms, or other similar events under the terms of a financial obligation of the Member, any of which reflect financial difficulties. (b) Whenever the Member obtains knowledge of the occurrence of a Listed Event, the Member shall, or shall cause the Dissemination Agent (if not the Member) to, file a notice of such occurrence with the MSRB, in an electronic format as prescribed by the MSRB, in a timely manner not in excess of 10 business days after the occurrence of the Listed Event. Notwithstanding the foregoing, notice of Listed Events described in subsection (a)(8) above need not be given under this subsection any earlier than the notice (if any) of the underlying event is given to holders of affected Bonds under the related Indenture. (c) The Member acknowledges that the events described in subparagraphs (a)(2), (a)(7), (a)(8) (if the event is a bond call), (a)(10), (a)(13), and (a)(14) of this Section 5 contain the qualifier “if material” and that subparagraphs (a)(6) and (a)(15) also contains the qualifier "material" with respect to certain notices, determinations or other events affecting the Bonds. The Member shall cause a notice to be filed as set forth in paragraph (b) above with respect to any such event only to the extent that it determines the event’s occurrence is material for purposes of U.S. federal securities law. Whenever the Member obtains knowledge of the occurrence of any of these Listed Events, the Member will as soon as possible determine if such event would be material under applicable federal securities law. If such event is determined to be material, the Member will cause a notice to be filed as set forth in paragraph (b) above. (d) For purposes of this Disclosure Certificate, any event described in paragraph (a)(12) above is considered to occur when any of the following occur: the appointment of a receiver, fiscal agent, or similar officer for the Member in a proceeding under the United States Bankruptcy Code or in any other proceeding under state or federal law in which a court or