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14 <br />(8) Bond calls; <br />(9) defeasances; <br />(10) release, substitution or sale of any property securing repayment of the <br />Bonds; and <br />(11) rating changes; and <br />(d) in a timely manner, to each NRMSIR ar to the MSRB, and to the SID, if <br />any, notice of a failure of the County to provide required annual financial information <br />described in (a) or (b) above on or before the date specified. <br />If the County fails to comply with the undertaking described above, any beneficial <br />owner of the Bonds may take action to protect and enforce the rights of all beneficial <br />owners with respect to such undertaking, including an action for specific performance; <br />provided, however, that failure to comply with such undertaking will not be an event of <br />default and will not result in any acceleration of payment of the Bonds. A11 actions will <br />be instituted, had and maintained in the manner provided in this paragraph for the benefit <br />of all beneficial owners of the Bonds. <br />The County reserves the right to modify from time to time the information to bE <br />provided to the extent necessary or appropriate in the County's judgment, provided that: <br />(a) any such modification may only be made in connection with a change in <br />circumstances that arises from a change in legal requirements, change in law, or change <br />in the identity, nature, or status of the County; <br />(b) the information to be provided, as modified, would have complied with the <br />requirements of Rule 15c2-12 as of the date of the final Official Statement, after taking <br />into account any amendments or interpretations of Rule 15c2-12, as well as any changes <br />in circumstances; and <br />(c) any such modification does not materially impair the interests of the <br />beneficial owners, as determined either by parties unaffiliated with the County or by the <br />approving vote of the registered owners of a majority in principal amount of the Bonds <br />pursuant to the terms of the bond resolution, as it may be amended from time to time, at <br />the time of the amendment. <br />Any annual financial information containing modified operating data or financial <br />information will explain, in narrative form, the reasons for the modification and the <br />impact of the change in the type of operating data or financial information being <br />provided. <br />