Agenda - Council - 08/13/2013 - Laserfiche WebLink

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(6) Adverse tax opinions, the issuance by the Internal Revenue Service of proposed or final determinations of taxability, Notices of Proposed Issue (IRS Form 5701-TEB) or other material notices or determinations with respect to the tax-exempt status of the Series 2013 Bonds, or other material events affecting the tax-exempt status of the Series 2013 Bonds; (7) Modification to rights of the holders of the Securities; (8) Securities calls (other than pursuant to mandatory sinking fund redemption), if material, and tender offers; (9) Defeasances; (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 Borrower; (13) The consummation of a merger, consolidation, or acquisition involving the Borrower or the sale of all or substantially all of the assets of the Borrower, 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, ifmatcrial; (14) Appointment of a successor or additional trustee or the change of name of a trustee, if material; and (15) Changes or delays in the schedule of funding to charter schools from the State of Minnesota. (b) The Trustee shall, within one (1) business day of obtaining actual knowledge of the occurrence of any of the Listed Events, contact the Disclosure Representative, inform such person of the event, and request that the Borrower or the School promptly notify the Trustee in writing whether or not to report the event pursuant to subsection (f). For purposes of this Disclosure Agreement, "actual knowledge" of such Listed Events shall mean knowledge by an officer of the Trustee at its Corporate Trust Office with the responsibility for matters related to the Indenture. (c) Whenever the Borrower or the School obtains actual knowledge of the occurrence of a Listed Event, because of a notice from the Trustee pursuant to subsection (b) or otherwise, the Borrower or the School shall as soon as possible determine if such event is required to be reported. -5-