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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55 to the Bank the required documents under the Letter of Credit so as to permit the timely transfer of funds in such amount from the Bank to the Trustee for payment of interest on the Bonds on each Interest Payment Date, for payment of the principal of and interest on the Project Bonds when due, whether at maturity or upon prior redemption, or the payment of the purchase price of Project Bonds or Beneficial Ownership Interests when due on the applicable Bond Purchase Date or Mandatory Bond Purchase Date. In the event the Trustee has not received the proceeds of such drawing on the Letter of Credit from the Bank by 10:30 a.m., New York City time, on such Mandatory Bond Purchase Date, 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 Bond Purchase Date, or the Letter of Credit has been repudiated, the Trustee shall take all action necessary to draw on the Confirming Letter of Credit, by 11:00 a.m., New York City time, on such date, an amount equal to the amount drawn on the Letter of Credit in order for the Trustee to receive the amounts drawn by 2:30 p.m., New York City time, on such date. (b) Upon acceleration of the Project Bonds upon the occurrence of an Event of Default under Section 7.01 hereof, the Trustee shall present to the Bank the required documents under the Letter of Credit for payment of the entire amount due pursuant to Section 7.03 hereof with respect to the Project Bonds. In the event the Trustee has not received the proceeds of such drawing on the Letter of Credit from the Bank within the time period required under the Letter of Credit, or in the event that the Letter of Credit has been repudiated, the Trustee shall take all action necessary to immediately draw on the Confirming Letter of Credit an amount equal to the amount drawn on the Letter of Credit. Under no circumstances shall the Trustee use moneys drawn on the Letter of Credit or the Confirming Letter of Credit to pay Bond Service Charges or the purchase price on any Additional Bonds, Pledged Bonds or Bonds held by the Borrower or the Issuer, or to pay premium, if any, on the Project Bonds. The Trustee shall promptly notify the Borrower by oral or telephonic communication confirmed in writing if the Bank has not transferred funds in accordance with the Letter of Credit or if the Confirming Bank has not transferred funds in accordance with the Confirming Letter of Credit upon the presentment of any such draft. In calculating the amount to be drawn on the Letter of Credit or the Confirming Letter of Credit for the payment of the purchase price of Project Bonds or Beneficial Ownership Interests on a Mandatory Bond Purchase Date or for the payment of principal of and interest on the Project Bonds, whether on an Interest Payment Date, at maturity or upon redemption or acceleration, the Trustee shall not take into account the receipt or potential receipt of funds from the Borrower under the Agreement, or the existence of any other moneys in the Remarketing Reimbursement Fund, the Project Fund or Bond Fund (other than accrued interest, if any received at the time of the issuance and delivery of the Project Bonds), but shall draw on the Letter of Credit or the Confirming Letter of Credit for the full amount of such purchase price or the full amount of the principal and interest coming due on the Project Bonds. If sufficient moneys are available in the Remarketing Reimbursement Fund to pay the purchase price of the Project Bonds or Beneficial Ownership Interests tendered for purchase on a Bond Purchase Date, the Trustee shall not draw on the Letter of Credit or the Confirming Letter of Credit but shall forward such amounts directly to