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ENFORCEABII,ITY OF REMEDIES • The remedies available to the Trustee and the owners of Bonds upon a default are in many respects dependent upon regulatory and judicial actions which are often subject to discretion and delay. Under existing constitutional and statutory law and judicial decisions, including specifically Title 11 of the United States Code (the United States Bankruptcy Code), the remedies provided under the Indenture may not be readily available or may be limited. The various legal opinions to be delivered concurrently with the. delivery of the Bonds will be qualified as to the enforceability of the various legal instruments by limitations imposed by bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting creditors' rights and by the exercise of judicial discretion in appropriate cases. RATINGS Standard & Poor's Ratings Group, a division of McGraw Hill ("S&P") has given the Bonds the rating of " ". The rating reflects such rating agency's current assessment of the creditworthiness of the Initial Credit Facility Issuer. An explanation of the rating by S&P may be obtained from such agency at 25 Broadway, New York, New York 10004. Any such rating reflects only the view of such rating agency and is not a recommendation to buy, sell or hold any of the Bonds. There is no assurance that any rating will continue for any given period of time or that any rating will not be revised downward or withdrawn entirely if, in the judgment of the rating agency, circumstances so warrant. Any such downward revision or withdrawal of any rating may have an adverse effect on the market price or marketability of the Bonds. UNDERWRITING • Under a bond urchase agreement with the Authority, the Underwriters listed on the cover page of this P Official Statement have agreed to purchase the Bonds subject to condirions at an aggregate purchase price of $ (net of an underwriters' discount of $ ~• The Underwriters have agreed to make a bona fide public offering of all of the Bonds. The price and other terms respecting the offering and sale of the Bonds may be changed from time to time by the Underwriters after such Bonds are released for sale, and the Bonds may be offered and sold at prices lower than such initial offering prices, including sales to dealers who may sell the Bonds into investment accounts. The Authority has agreed to indemnify the Underwriters against certain civil liabilities, including certain liabilities arising out of or based upon any untrue statement or alleged untrue statement or omission of material facts contained in this Official Statement. MISCELLANEOUS This Official Statement speaks only as of its date, and the information contained herein is subject to change. The references, excerpts and summaries of all documents referred to herein do not purport to be complete statements of the provisions of such documents, and reference is made to all such documents for full and complete statements of all matters relating to the Bonds, the security for the payment of the Bonds and the rights of the owners thereof. Copies of the Indenture, the Lease and the Reimbursement Agreement will be available for inspection during regular business hours at the office of the Authority, 1200 County-City Building, South Bend, Indiana 46601, (219) 235-9371, and following delivery of the Bonds will be on file at the principal corporate trust • office of the Trustee. -21-