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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54 Agreement) and the moneys and Eligible Investments therein shall be used solely and exclusively for the payment of Bond Service Charges as they fall due at stated maturity, by redemption, pursuant to any mandatory sinking fund requirements or upon acceleration, all as provided herein and in the Agreement. The Trustee shall establish separate accounts within the Bond Fund for each separate series of Bonds. The Trustee shall establish separate subaccounts within each separate series account in the Bond Fund for each source of deposit (including any investment income thereon) made into the Bond Fund so that the Trustee may at all times ascertain the date of deposit, the amounts and the source of the funds in each subaccount. Moneys received from drawings on the Letter of Credit or the Confirming Letter of Credit, if any, shall be deposited in a separate subaccount (the “Letter of Credit Account”) and shall never be commingled with moneys from any other source, except as otherwise provided herein. Neither the Issuer nor the Borrower shall have any interest in the Bond Fund, and any moneys deposited therein (including draws under the Letter of Credit or the Confirming Letter of Credit, if any) shall be in the custody of and held by the Trustee in trust for the sole benefit of the Bondholders and the Beneficial Owners. Moneys in the Bond Fund shall be used to pay Bond Service Charges with respect to the Project Bonds and for the redemption of Project Bonds prior to maturity and as otherwise provided in this Indenture only in the following order: FIRST: Amounts drawn by the Trustee under the Letter of Credit or the Confirming Letter of Credit, if any, and deposited into a separate account in the Bond Fund; SECOND: Any Eligible Funds on deposit in the Bond Fund; THIRD: Any other amounts available in the Bond Fund. (b) Letter of Credit Matters While a Confirming Letter of Credit is in Effect. During any period in which a Confirming Letter of Credit is in effect, the provisions of this Section 5.03(B) shall apply, and the provisions of Section 5.03(C) shall not apply. The Issuer hereby authorizes and directs the Trustee to draw on the Letter of Credit and on the Confirming Letter of Credit pursuant to their respective terms, in the amounts and at the times necessary to pay Bond Service Charges on the Project Bonds (excluding any premium) pursuant to this Section 5.03(B). The Trustee shall draw upon the Letter of Credit in accordance with the terms thereof under the following circumstances: (a) On or before noon, New York City time, on the Business Day prior to (i) any Mandatory Bond Purchase Date, (ii) any Interest Payment Date (or the maturity date or any date set for a redemption of Project Bonds which is not an Interest Payment Date) or (iii) each Bond Purchase Date, the Trustee shall determine the amount necessary to make all required payments of principal of and interest on the Project Bonds or purchase price payments on the next succeeding Mandatory Bond Purchase Date, Interest Payment Date, maturity date or other redemption date or such Bond Purchase Date, and shall present