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• (b) If, during any f scal. year of the Authority, the outstanding <br /> obligations of the Issuer under the terms of the Bond shall cause the Issuer to be <br /> deemed an Obligated Person, and unless in the opinion of bond counsel for the <br /> ADFA Bonds an exemption from Rule 15c2-12 is then available, the Issuer shall, <br /> upon notice from the Authority, within 120 days after the close of each fiscal year <br /> of the Authority, furnish to the Authority (i) a copy of the latest financial <br /> statements of the Issuer prepared in accordance with generally accepted <br /> government accounting standards and audited by its independent auditors (or, if <br /> not available as of such date,the latest unaudited financial statements of the Issuer <br /> and, as soon thereafter as available, the audited financial statements) and (ii) such <br /> financial information and operating data relating to the Issuer as agreed to by the <br /> Issuer and the Authority. <br /> (c) The Issuer shall provide to the Authority, promptly upon the <br /> occurrence thereof, notice of any of the following events with respect to the Bond, <br /> if material: <br /> (1) any principal or interest payment delinquency with <br /> respect to the Bond; <br /> (2) any non-payment related default under the Bond <br /> Ordinance,the Bond or this Agreement; <br /> • (3) any event that would cause 'the Bond to be a <br /> "private activity bond" under the Internal Revenue Code of 1986, <br /> as amended; <br /> (4) any defeasance of the Bond, in whole or in part; and <br /> (5) any release, substitution or sale of property securing <br /> repayment of the Bond. <br /> (d) The Issuer's obligations under this paragraph 11 shall terminate . <br /> upon the defeasance,prior redemption or payment in full of the Bond. <br /> (e) Nothing in this paragraph 11 shall be deemed to prevent the Issuer <br /> from disseminating any other information, or including any other information in <br /> any notice or report made hereunder, in addition to that which is specifically <br /> required by this paragraph 11. If the Issuer chooses to include any information in <br /> any report or notice made hereunder in addition to that which is specifically <br /> required by this paragraph 11, the Issuer shall have no obligation hereunder to <br /> update such information or include it in any future report or notice. <br /> (f) The reporting requirements set forth in this Agreement are in <br /> addition to any financial reporting requirements set forth in the Bond Ordinance. <br /> • 7 <br />