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WHEREAS, Indiana Code, Title 36, Article 7, Chapter 14 provides that a redevelopment <br /> commission of a city may pledge certain incremental property taxes to pay, in whole or in part, <br /> amounts due on the Series 2017 Bonds; and <br /> WHEREAS, the Redevelopment Commission has by resolution irrevocably pledged TIF <br /> Revenues (as hereinafter defined) to the Issuer, to the payment of principal on the Series 2017 <br /> Bonds; and <br /> WHEREAS, the Issuer seeks to induce the Developer to complete the redevelopment and <br /> renovation of the Bond Project as contemplated in the Plan by making the payment on the <br /> principal on the Bonds from TIF Revenues pledged by the Redevelopment Commission for such <br /> purpose in the aggregate amount of $3,500,000 which pledge is to be considered as a non- <br /> shareholder contribution to the Developer under Internal Revenue Code ("Code") Section 118; <br /> and <br /> WHEREAS, pursuant to the Financing Agreement and this Indenture, principal on the <br /> Series 2017 Bonds are payable solely and only out of: (i) TIF Revenues; and (ii) Bond proceeds <br /> and proceeds of insurance; and <br /> WHEREAS, the Series 2017 Bonds and the Trustee's certificate of authentication to be <br /> endorsed thereon are all to be in substantially the following forms, and any Additional Bonds and <br /> Trustee's certificate of authentication are also to be in substantially the following forms (except <br /> as to redemption, sinking fund and other provisions peculiar to such Additional Bonds), with <br /> necessary and appropriate variations, omissions and insertions as permitted or required by this <br /> Indenture,to-wit: <br /> (Form of Series 2017 Bond) <br /> No. R-_ <br /> UNITED STATES OF AMERICA <br /> STATE OF INDIANA COUNTY OF ST. JOSEPH <br /> CITY OF SOUTH BEND, INDIANA <br /> TAXABLE ECONOMIC DEVELOPMENT REVENUE BOND, SERIES 2017 <br /> (STUDEBAKER PROJECT) <br /> INTEREST [MATURITY ORIGINAL AUTHENTICATION <br /> RATE DATE] DATE DATE <br /> REGISTERED OWNER: REGIONAL DEVELOPMENT AUTHORITY OF NORTHERN <br /> INDIANA <br /> PRINCIPAL AMOUNT: THREE MILLION FIVE HUNDRED THOUSAND DOLLARS <br /> ($3,500,000) <br /> - 2 - <br /> I\11860514.2 <br />