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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49 principal amount redeemed plus interest accrued to the redemption date, on each January 1, April 1, July 1 or October 1, commencing on the January 1, April 1, July 1, or October 1 immediately succeeding the conversion to the Fixed Interest Rate, in the principal amounts (if any) set forth in the Reimbursement Agreement. The mandatory sinking fund redemption requirements shall apply for the remaining term for which the Bonds would be outstanding if the Bonds bear interest at the Fixed Interest Rate. The aggregate of the Loan Payments specified in Section 4.01 of the Agreement, which are to be deposited in the Bond Fund on each Loan Payment Date, as defined in the Agreement, shall include amounts sufficient to redeem the principal amount of Bonds subject to mandatory redemption pursuant to mandatory sinking fund requirements (less the amount of any credit as provided below). The Issuer, or the Borrower on behalf of the Issuer, shall have the option to deliver to the Trustee for cancellation Bonds in any aggregate principal amount and to receive a credit against the then current mandatory sinking fund requirement (and corresponding mandatory redemption obligation) of the Issuer. That option shall be exercised by the Issuer, or the Borrower on behalf of the Issuer, on or before the 45th day preceding the applicable mandatory sinking fund redemption date, by furnishing the Trustee a certificate, executed by the Issuer, or the Borrower on behalf of the Issuer, setting forth the extent of the credit to be applied with respect to the then current mandatory sinking fund requirements, and the Bonds to be so credited. If the certificate and the Bonds to be credited are not timely furnished to the Trustee, the mandatory sinking fund requirement (and corresponding mandatory redemption obligation) shall not be reduced. With the prior written consent of the Bank and the Confirming Bank, if any, credit against the then current mandatory sinking fund requirement (and corresponding mandatory redemption obligation) also shall be received by the Issuer for any Bonds which prior thereto have been redeemed (other than through the operation of the mandatory sinking fund requirements) or purchased for cancellation and canceled by the Trustee, to the extent not applied theretofore as a credit against any redemption obligation. Except as otherwise provided in the preceding paragraph, each Bond previously redeemed or purchased and canceled, shall be credited by the Trustee at 100% of the principal amount thereof against the mandatory sinking fund requirements (and corresponding mandatory redemption obligations) in inverse order of the maturity of the mandatory sinking fund requirements. Use of Certain Funds to Redeem Project Bonds. Except as provided in Section 9.02 hereof, the Trustee shall pay the redemption price on all Project Bonds redeemed under this Section 4.01 in the same manner and from the same sources as provided in Section 5.03 hereof for the payment of Bond Service Charges. Section 4.02. Partial Redemption. If fewer than all of the outstanding Bonds of a series that are stated to mature on different dates are called for redemption at one time, those Bonds which are called shall be called in inverse order of the maturities of the Bonds of that series to be redeemed. If fewer than all of the Bonds of a single maturity are to be redeemed, the selection of Bonds to be redeemed, or portions thereof, in amounts equal to $5,000 or any integral multiple thereof shall be made by lot by the Trustee in any manner which the Trustee may determine; provided that (1) the Trustee shall select Project Bonds for redemption so as to assure that after