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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56 the tendering Holder or Beneficial Owner. The Trustee shall draw on the Letter of Credit or the Confirming Letter of Credit to pay the purchase price of Project Bonds or Beneficial Ownership Interests tendered for purchase on a Bond Purchase Date only to the extent that moneys in the Remarketing Reimbursement Fund are insufficient to purchase the Project Bonds or Beneficial Ownership Interests so tendered. In calculating the amount, if any, to be drawn on the Letter of Credit or the Confirming Letter of Credit for the purchase of Project Bonds or Beneficial Ownership Interests on a Bond Purchase Date, the Trustee shall take into account funds received from the purchasers of tendered Project Bonds or Beneficial Ownership Interests or from the Remarketing Agent by 11:45 a.m., New York City time, on the Business Day prior to such Bo nd Purchase Date with respect to the remarketing of such Project Bonds or Beneficial Ownership Interests or otherwise, and by noon, New York City time, on the Business Day prior to applicable Bond Purchase Date shall draw on the Letter of Credit only such amounts as may be necessary to purchase such Project Bonds or Beneficial Ownership Interests on a Bond Purchase Date after taking into account all funds received by 11:45 a.m., New York City time, on the Business Day prior to such Date which are attributable to the remarketing of such Project Bonds or Beneficial Ownership Interests. Upon receipt of such moneys from the Bank, or the Confirming Bank, the Trustee shall deposit the amount representing a draw on the Letter of Credit or the Confirming Letter of Credit for the payment of principal of and interest on the Project Bonds in a separate account in the Bond Fund (it being understood that amounts representing draws on the Confirming Letter of Credit will be deposited into a separate subaccount) and apply the same only to the payment of such principal and interest when due on the Project Bonds, shall deposit the amount representing a draw on the Letter of Credit or the Confirming Letter of Credit for the purchase of Project Bonds or Beneficial Ownership Interests on a Bond Purchase Date in the Remarketing Reimbursement Fund (it being understood that amounts representing draws on the Confirming Letter of Credit will be deposited into a separate subaccount) and disburse said amount only to the tendering Holders or Beneficial Owners of Project Bonds or Beneficial Ownership Interests being purchased and, so long as there does not exist an Event of Default described in Section 7.01(g) or (j) herein, and subject to the prior satisfaction of all Bond Service Charges and purchase price payments then due or on account of which funds shall have been paid to the Trustee by the Borrower or shall have been obtained by the Trustee by a drawing or drawings on the Letter of Credit or the Confirming Letter of Credit, by wire transfer shall pay, on behalf of the Borrower, but only from and to the extent of Loan Payments or any other moneys available in the Project Fund, the Bond Fund or the Remarketing Reimbursement Fund any amounts due and payable to the Bank or the Confirming Bank under the Reimbursement Agreement for any drawing made on the Letter of Credit or the Confirming Bank, as the case may be. The provisions of this Section are subject to the provisions of Section 9.02 hereof. (c) Letter of Credit Matters When No Confirming Letter of Credit is in Effect. During any period in which no Confirming Letter of Credit is in effect, the provisions of this Section 5.03(C) shall apply, and the provisions of Section 5.03(B) shall not apply.