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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32 Credit on a Mandatory Bond Purchase Date may not be waived by the Holders or Beneficial Owners thereof. At least 30 days, but not more than 45 days, prior to such Mandatory Bond Purchase Date pursuant to this Section 2.07, the Trustee shall notify all Holders by first-class mail of the Mandatory Bond Purchase Date and advise the Holders that all Bonds and Beneficial Ownership Interests shall be subject to mandatory tender for purchase on such Mandatory Bond Purchase Date and that such mandatory tender may not be waived. Bonds or Beneficial Ownership Interests not tendered for purchase as required by this Section 2.07 shall be deemed to have been tendered without further action by the Holders or Beneficial Owners thereof, subject to the right of the Holders or Beneficial Owners of such Bonds or Beneficial Ownership Interests to receive the purchase price of such Bonds or Beneficial Ownership Interests and interest accrued thereon to the Mandatory Bond Purchase Date. Not less than 90 days prior to any Letter of Credit Termination Date, the Trustee shall provide written notice to the Borrower, the Bank, the Confirming Bank, if any, and the Remarketing Agent of the Letter of Credit Termination Date. Section 2.08. Mandatory Tender Upon Failure to Reinstate the Letter of Credit or the Confirming Letter of Credit, If Any or Upon a Reimbursement Agreement Default. The Bonds and Beneficial Ownership Interests are subject to mandatory tender for purchase in whole on the date (the “Mandatory Bond Purchase Date”) which is two (2) Business Days after the date of receipt by the Trustee of a written notice from the Bank, delivered to the Trustee within five (5) calendar days (or, if such five (5th) day is not a Business Day, by the immediately preceding Business Day) following the honoring of an interest drawing on the Letter of Credit which notice (i) provides that the amount available to be drawn by the Trustee under the Letter of Credit has not been reinstated to an amount not less than 100% of the outstanding principal of, plus 105 days ’ interest on the Project Bonds (or 200 days’ interest on the Project Bonds if the Interest Rate Mode on the Project Bonds is the Fixed Interest Rate) computed at the Maximum Rate; and (ii) directs the Trustee to effect a mandatory tender of the Bonds. The Bonds and Beneficial Ownership Interests are also subject to mandatory tender for purchase in whole on the date (the “Mandatory Bond Purchase Date”) which is two (2) Business Days after the date of receipt by the Trustee of a written notice from the Confirming Bank, delivered to the Trustee within ten (10) calendar days following the honoring of an interest drawing on the Confirming Letter of Credit which notice (i) provides that the amount available to be drawn by the Trustee under the Confirming Letter of Credit has not been reinstated to an amount not less than 100% of the outstanding principal of, plus 110 days’ interest on the Project Bonds computed at the Maximum Rate; and (ii) directs the Trustee to effect a mandatory tender of the Bonds. The Bonds and Beneficial Ownership Interests are also subject to mandatory tender for purchase in whole on the date (the “Mandatory Bond Purchase Date”) which is two (2) Business Days after the date of receipt by the Trustee of a written notice from the Bank, delivered to the Trustee (i) informing the Trustee that an Event of Default as defined in the Reimbursement Agreement (a “Reimbursement Agreement Default”) has occurred and is continuing, and (ii) directing the Trustee to cause mandatory tender of the Bonds.