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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33 The mandatory tender of the Bonds or Beneficial Ownership Interests upon the failure of the Bank or the Confirming Bank to so reinstate the Letter of Credit or the Confirming Letter of Credit or upon a Reimbursement Agreement Default on a Mandatory Bond Purchase Date may not be waived by the Holders or Beneficial Owners thereof. The Trustee shall notify all Holders by overnight courier service (and electronically, if the Bonds are held by a Depositary) 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 2.08 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. Section 2.09. Delivery of the Project Bonds.Upon the execution and delivery of this Indenture, the Issuer shall execute replacement Project Bonds in the form of Exhibit A-1 hereto and deliver them to the Trustee. Thereupon, the Trustee shall authenticate such replacement Project Bonds and deliver them to the Initial BSBY Rate Bond Purchaser, as directed by the Issuer in accordance with this Section 2.09. Before the Trustee delivers such replacement Project Bonds to the Initial BSBY Rate Bond Purchaser, the Trustee shall have received a request and authorization to the Trustee on behalf of the Issuer, signed by the Mayor and City Clerk of the Issuer, to authenticate and deli ver such replacement Project Bonds to the Initial BSBY Rate Bond Purchaser. Section 2.10. Issuance and Delivery of Additional Bonds. At the request of the Borrower, but subject to the written consent of the Bank, the Issuer may issue Additional Bonds from time to time for any purpose permitted by the Act. Such Additional Bonds shall have a separate series designation for identification purposes. Any Additional Bonds shall be on a parity with the Project Bonds (except with respect to any moneys drawn by the Trustee on the Letter of Credit or the Confirming Letter of Credit, if any) and any Additional Bonds theretofore or thereafter issued and outstanding as to the assignment to the Trustee of the Issuer’s right, title and interest in the Revenues, the Agreement and the Project Fund, the Bond Fund (except as to any provision made by or pursuant to Sections 4.05, 5.06 or 5.07 hereof) and the moneys and investments therein to provide for payment of Bond Service Charges on the Bonds; provided, that nothing herein shall prevent payment of Bond Service Charges on any series of Additional Bonds from (a) being otherwise secured and protected from sources or by property or instruments not applicable to the Project Bonds and any one or more series of Additional Bonds, or (b) not being secured or protected from sources or by property or instruments applicable to the Project Bonds or one or more series of Additional Bonds. Notwithstanding the foregoing, moneys drawn on the Letter of Credit and the Confirming Letter of Credit, if any, securing the Project Bonds will not be used to pay Bond Service Charges on any Additional Bonds.