Bill No. 20-22 Amending Bond Ordinance_City of South Bend, Indiana Variable Rate Economic Development Revenue Bonds, Series 2007 (PEI_Genesis Project)

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10 shall be maintained by and the responsibility of the Depository and shall not be maintained by or the responsibility of the Issuer or the Trustee. The book-entry system is the record that identifies, and records the transfer of the interests of, the Beneficial Owners. “Borrower” means Tuliptree Associates LLC, a Pennsylvania limited liability company, and its respective successors and assigns. “BSBY” means the Dollar wholesale funding rate known as BSBY (the Bloomberg Short- Term Bank Yield Index) and provided by Bloomberg as administrator of the benchmark. “BSBY Bond(s)” means a Bond that bears interest at a rate based on the BSBY Rate. “BSBY Final Step Event” means, for any Available Tenor, either (i) the twentieth (20th) consecutive Government Securities Business Day or (ii) the thirtieth (30th) Government Securities Business Day within a rolling ninety (90)-day period on which BSBY is calculated in accordance with “Level 6” (or any successor final step) of the Alternative Calculation Waterfall defined or set forth in BSBY’s index methodology and rulebook, as published on the BSBY Website. “BSBY Long-Term Spread Adjustment” means the most recently dated “BSBY SOFR 5Y Spread Adjustment” published on the BSBY Website. “BSBY Rate” means, for any Interest Period, a per annum rate of interest equal to (I) the rate per annum equal to the greater of (a) the product obtained by multiplying (i) the BSBY Screen Rate determined as of the first day of such Interest Period with a term equivalent to such Interest Period by (ii) the Statutory Reserve Rate, and (b) the Floor, plus (II) the BSBY Rate Margin, multiplied by, (III) the T/E Factor. “BSBY Rate Calculation Agent” means (i) during the Initial BSBY Rate Mode, the Initial BSBY Rate Bond Purchaser, and (ii) otherwise, a bank, financial institution, investment bank, or other similar expert, appointed for such purpose by the Borrower in connection with the Conversion of the Bonds to the BSBY Mode (who may also be the Remarketing Agent). “BSBY Rate Margin” means (a) during the Initial BSBY Period, 1.75% per annum, and (b) with respect to any subsequent BSBY Rate Period, the amount, expressed as a percentage or number of basis points (and which in each case may be a positive or negative number), determined by the Remarketing Agent, in its sole professional judgment, which, when incorporated into the BSBY Rate, would produce the lowest rate which will permit the Bonds to be sold at par on the first day of the applicable BSBY Rate Period. “BSBY Rate Mode” means the Interest Rate Mode in which the Bonds bear interest at the BSBY Rate. “BSBY Rate Period” means (i) the Initial BSBY Rate Period, and (ii) thereafter while the Bonds are in the BSBY Rate Mode, a period of two or more consecutive Semiannual Periods 1equal to the applicable Nominal BSBY Rate Period determined pursuant to Section 2.13 1 NTD – period to be confirmed