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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29 hereof. Any Beneficial Owners who have elected to tender Beneficial Ownership Interests shall be obligated to transfer such Beneficial Ownership Interests on the records of the Depository in accordance with instructions of the Trustee. (a) Upon the giving of the notice pursuant to this Section 2.04 hereof with respect to Project Bonds or Beneficial Ownership Interests or portions of either, the Holder’s tender of such Project Bonds or portions thereof or the Beneficial Owner’s tender of Beneficial Ownership Interests or portions thereof shall be irrevocable. If less than all of a Project Bond so delivered or deemed tendered is to be purchased, the Trustee shall, pursuant to this Indenture, authenticate one or more Project Bonds in exchange therefor, registered in the name of such Holder, having the aggregate principal amount being retained by such Holder, and shall deliver such authenticated Project Bond or Project Bonds to such Holder. (b) While tendered Project Bonds are in the custody of the Trustee pending purchase pursuant hereto, the tendering Holders thereof shall be deemed the owners thereof for all purposes, and interest accruing on tendered Project Bonds through the day preceding the applicable Bond Purchase Date is to be paid from the Bond Fund as if such Project Bonds had not been tendered for purchase. (c) Notwithstanding anything herein to the contrary, any Project Bond or Beneficial Ownership Interest or portion thereof tendered under Sections 2.04, 2.05, 2.06, and 2.07 hereof will not be purchased if such Project Bond or portion thereof matures or is redeemed on or prior to the applicable Bond Purchase Date. Section 2.05. Mandatory Tender Upon Conversion to the Fixed Interest Rate.If at any time the interest rate or rates on the Project Bonds shall be converted to the Fixed Interest Rate in accordance with the provisions of Section 2.03 hereof, on the Interest Period Reset Date upon which such conversion is effective, all Project Bonds and Beneficial Ownership Interests shall be subject to mandatory tender by the Holders or Beneficial Owners thereof for purchase on the Interest Period Reset Date (a “Bond Purchase Date”) at a price of 100% of the principal amount thereof plus accrued interest to such Bond Purchase Date. The mandatory tender upon conversion to the Fixed Interest Rate of Bonds or Beneficial Ownership Interests may not be waived by the Holders or Beneficial Owners thereof. Project Bonds or Beneficial Ownership Interests shall be deemed to have been tendered for purposes of this Section 2.05 whether or not the Holders or Beneficial Owners shall have delivered such Project Bonds or Beneficial Ownership Interests to the Trustee and without further action by the Beneficial Owners with regard to Beneficial Ownership Interests. Subject to the ri ght of the Holders or Beneficial Owners of such Project Bonds or Beneficial Ownership Interests to receive the purchase price of such Project Bonds or Beneficial Ownership Interests and interest accrued thereon to the Interest Period Reset Date (and subject to the conditions set forth in Section 3.07 hereof), such Project Bonds or Beneficial Ownership Interests shall be null and void and the Trustee shall authenticate and deliver new Project Bonds in replacement thereof or new Beneficial Ownership Interests shall be recorded on the records of the Depository pursuant to the remarketing of such Project Bonds or Beneficial Ownership Interests or the pledge of such Project Bonds or