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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13 “Daily BSBY Rate” means, for any day, a rate per annum equal to the BSBY Rate in effect on such day for a one-month Interest Period (subject to the Floor set forth in the definition of “BSBY Rate”). “Daily Simple SOFR” means, for any day, SOFR, with the conventions for this rate (which will include a lookback) being established by BSBY Rate Calculation Agent in accordance with the conventions for this rate selected or recommended by the Relevant Governmental Body for determining “Daily Simple SOFR” for business loans; provided, that if BSBY Rate Calculation Agent decides that any such convention is not administratively feasible for BSBY Rate Calculation Agent , then BSBY Rate Calculation Agent may establish another convention in its reasonable discretion. “Default Rate” means, with respect to Bonds in the BSBY Rate Mode, the “Default Rate” specified in the Bond Purchase and Covenant Agreement. “Depository” means any securities depository that is a clearing agency under federal law, operating and maintaining, with its participants or otherwise, a book -entry system to record ownership of book-entry interests in Bonds, and to effect transfers of book-entry interests in Bonds in book-entry form, and includes and means initially The Depository Trust Company (a limited purpose trust company), New York, New York. “Determination of Taxability” means and shall occur when, (a) the Trustee receives written notice from the Borrower, supported by an opinion of Bond Counsel, that interest on the Project Bonds is includable in the gross income of Holders of such Project Bonds for federal income tax purposes or (b) the Internal Revenue Service shall claim in writing that interest on the Project Bonds is includable in the gross income of Holders of such Project Bonds for federal income tax purposes; provided, that such a claim shall not be deemed a Determination of Taxability unless the Borrower is afforded reasonable opportunity (at the Borrower’s sole expense and for a period not to exceed 2 years) to pursue any judicial or administrative remedy available to the Borrower with respect to such claim. “Direct Participant” means a Participant as defined in the Letter of Representations. “Dollar(s)” or “$” refers to the lawful money of the United States. “Eligible Funds” means amounts on deposit in a segregated account of the Bond Fund for a continuous period of 123 consecutive days (other than funds derived from a draw on the Letter of Credit or the Confirming Letter of Credit, if any, which are not required to be on deposit for a period of 123 consecutive days in order to constitute Eligible Funds) during which there shall not have occurred the filing of a voluntary or involuntary petition under the United States Bankruptcy Code, 11 U.S.C. § 101 et. seq. (as it may be amended from time to time), or the commencement of a proceeding under any other applicable law concerning insolvency, reorganization or bankruptcy, by or against the Borrower or the Issuer, unless such petition or proceeding shall have been dismissed and such dismissal shall be final and not subject to appeal. “Eligible Investments” means any of the following: (a) Government Obligations;