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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48 Within five Business Days after receipt by the Trustee of written notice of a Determination of Taxability, the Trustee shall give written notice thereof to the Holders of all Project Bonds to be redeemed, as shown by the Register, and shall also give written notice to the Borrower, the Issuer, the Bank, and the Confirming Bank, if any. (b) Optional Redemption. Any Project Bonds in the BSBY Rate Mode are subject to optional redemption in whole or in part (and if in part in denominations of $100,000 or any integral multiple of $5,000 in excess thereof) on any Interest Payment Date, at the written direction of the Borrower, at a Redemption Price equal to the aggregate principal amount of the Project Bonds to be redeemed plus accrued interest thereon to the redemption date, without premium, to the extent of optional prepayments of the Loan in accordance with the Agreement. In addition, unless previously redeemed, the Project Bonds are subject to redemption at the option of the Issuer, with the consent of the Bank, upon the direction of the Borrower (subject to compliance with Section 4.03 hereof), (i) if the Project Bonds do not bear interest at the Fixed Interest Rate, in part (in integral multiples of $5,000, provided that the unredeemed portion of any Bond redeemed in part shall be $100,000 or more) on any Interest Payment Date or in whole at any time at the redemption price of 100% of the principal amount redeemed plus accrued interest thereon to the redemption date, and (ii) after the Fixed Interest Rate Commencement Date and on or after the First Optional Redemption Date, in whole or in part (in integral multiples of $5,000, provided that the unredeemed portion of any Bond redeemed in part shall be $100,000 or more) at any time at a redemption price equal to the following percentages of the principal amount redeemed, plus in each case accrued interest to the date fixed for redemption. Redemption Date Optional Redemption Price First Optional Redemption Date, through the following last day of June 103% First Anniversary of the First Optional Redemption Date, through the following last day of June 102% Second Anniversary of the First Optional Redemption Date, through the following last day of June 101% Third Anniversary of the First Optional Redemption Date and thereafter 100% (c) Extraordinary Optional Redemption. The Project Bonds are also subject to redemption by the Issuer in the event of the exercise by the Borrower of its option (subject to compliance with Section 4.03 hereof) to direct that redemption upon occurrence of any of the events described in Section 6.2 of the Agreement, (a) at any time in whole, or (b) at any time in part upon the occurrence of the events permitting such partial redemption, as provided in Section 6.2 of the Agreement, in each case at a redemption price of 100% of the principal amount redeemed, plus interest accrued to the redemption date. (d) Mandatory Sinking Fund Redemption. In the event the Bonds bear interest at the Fixed Interest Rate, the Bonds shall be subject to mandatory redemption pursuant to mandatory sinking fund requirements, at a redemption price of 100% of the