FORM OF COMPLIANCE CERTIFICATE The undersigned duly authorized officer of LifeBridge Health, Inc. (the “institution”), the Obligated Group Representative under and as defined in the Master Loan Agreement dated as of January 1 2008 ( the “Loan Agreement”) among Maryland Health and Higher Educational Facilities Authority (the “Authority”), the Institution, Sinai Hospital of Baltimore, Inc., Northwest Hospital Center, Inc., Levindale Hebrew Geriatric Center and Hospital at Sinai Foundation, Inc. (collectively, the “Obligated Group”), hereby certifies as follows to demonstrate compliance with the Loan Agreement: Fiscal Year ended June 30, 2010 (the “Fiscal Year”) (Unless otherwise indicated, all calculations (1) relate to the Obligated Group as a whole and (2) shall be determined in accordance with accounting principals generally accepted in the United States of America.) (a) Coverage Ratio Coverage Ratio as of the last day of Fiscal Year: Excess of revenues over expenses……………. 36,566,000 Add: Depreciation and amortization……... 50,672,000 Interest expense 14,727,000 Add(Deduct): Unrealized (gains) and losses on investments… (9,074,000) Unrealized (gains) and losses on Hedging Transactions -0- (Gains) and losses on sale or disposition of assets (other than investments) or extinguishment Of debt _ -0-__ Net Income Available for Debt Service (A)…… 92,891,000 Maximum Annual Debt Service on Outstanding Long-Term Indebtedness (B) _ 20,041,000_ Cover Ratio (A/B) ___ 4.64
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FORM OF COMPLIANCE CERTIFICATE OF COMPLIANCE CERTIFICATE The undersigned duly authorized officer of LifeBridge Health, Inc. ... or extinguishment Of debt _ -0-__ Net Income ...
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FORM OF COMPLIANCE CERTIFICATE
The undersigned duly authorized officer of LifeBridge Health, Inc. (the “institution”), the Obligated Group Representative under and as defined in the Master Loan Agreement dated as of January 1 2008 ( the “Loan Agreement”) among Maryland Health and Higher Educational Facilities Authority (the “Authority”), the Institution, Sinai Hospital of Baltimore, Inc., Northwest Hospital Center, Inc., Levindale Hebrew Geriatric Center and Hospital at Sinai Foundation, Inc. (collectively, the “Obligated Group”), hereby certifies as follows to demonstrate compliance with the Loan Agreement: Fiscal Year ended June 30, 2010 (the “Fiscal Year”) (Unless otherwise indicated, all calculations (1) relate to the Obligated Group as a whole and (2) shall
be determined in accordance with accounting principals generally accepted in the United States of
America.)
(a) Coverage Ratio Coverage Ratio as of the last day of Fiscal Year: Excess of revenues over expenses……………. 36,566,000 Add: Depreciation and amortization……... 50,672,000 Interest expense 14,727,000 Add(Deduct): Unrealized (gains) and losses on investments… (9,074,000) Unrealized (gains) and losses on Hedging Transactions -0- (Gains) and losses on sale or disposition of assets (other than investments) or extinguishment Of debt _ -0-__ Net Income Available for Debt Service (A)…… 92,891,000 Maximum Annual Debt Service on Outstanding Long-Term Indebtedness (B) _ 20,041,000_ Cover Ratio (A/B) ___ 4.64
(b) Dispositions of Assets Total Book Value of property disposed of during the Fiscal Year, other than property disposed of at fair market value or in the ordinary course of business (subject to limitations in Section 8.15) $__- 0-___ (c) Indebtedness
Outstanding principal amount of: Short- Term Indebtedness (may not exceed 15% of Total Operating Revenues
Or unrestricted cash and investments, whichever is less) $_ - 0 -___
Non-Recourse Indebtedness __- 0 -___ Other non-Bond debt (limited under Section 8.12) __- 0 -___ Guaranteed debt (limited under Section 8.12) __- 0 -____
(d) Liens and Encumbrances Have the Obligated Group Members granted liens: On accounts receivable (limited to 25% of net A/R) ____(Y) _X_ (N) Value of A/R subject to liens: Securing Hedging Transaction ____(Y) _X (N) Secure non-Bond debt ____(Y) _X__(N) Describe: Total Book Value of property subject to liens, other than liens securing Parity Debt (may not exceed 15% of the unrestricted net assets): $____- 0 -_____
(e) Days of Cash on Hand Days of Cash on Hand as of last day of Fiscal Year (must be at least 65):
Unrestricted cash and marketable securities……………… 334,976,000 Deduct: Short-term debt………………………………... Cash collateral securing hedges…………………. Termination payment becoming due under Hedging transactions within one year………. (subject to further limitations if ratings fall below BBB/Baa) ___________
Total expenses for Fiscal Year…………………………… 902,632,000 Less: Depreciation and amortization…………… (50,672,000) Total Operating Expenses (B)…………………………… __ 851,960,000__ Days Cash on Hand (A/B/365)…………………... _ 144____ (f) Debt to Capitalization Ratio Debt to Capitalization Ratio as of last day of Fiscal Year (may not exceed 65% as of
each June 30):
Total principal amount of outstanding Indebtedness (A).. 330,763,000 Add: Total unrestricted net assets and equity accounts 361,274,000 Total capitalization (B) 692,037,000 Debt to Capitalization (A/B)……………………………… 0.48 (g) Hedge Agreements Has the Obligated Group entered into any Hedge Agreements During the Fiscal Year ___(Y) __X__(N) Notional amount of outstanding Hedge Agreements: $__- 0 -____ Market value of outstanding Hedge Agreements: $__- 0 -_____ (h) Gifts, Grants and Fundraising The Obligated Group currently has on hand funds restricted to the payment of the Project or to the payment of debt service on any Bonds in the amount of: $_9,394,000___ (i) Notices and Reports The Obligated Group has provided to the Authority: Notice of all Indebtedness incurred during the Fiscal Year _X__(Y) _____(N) Report of the Insurance Consultant/self-insurance plan _X___(Y) _____(N)
Notice of major repairs and dispositions (repairs and Dispositions costing more than 2 % of Total Operating Revenues) __X__(Y) _____(N) All notices and other items provided to the Bond Insurer or other credit facility providers __X__(Y) _____(N) (j) Continuing Disclosure The Obligated Group has filed the Continuing Disclosure with the NRMSIRs, the Authority and the Trustee __X _(Y) _____(N) (k) Financing Statements The Obligated Group has filed or caused to be filed all financing statements and renewals thereof in the places required to perfect the security interests granted by the Obligated Group in the Loan Agreement __X___(Y) _____(N) Terms used herein and not otherwise defied shall have the meanings assigned to them in the Loan Agreement. IN WITNESS WHEREOF, I have hereunto set my and, this 11th day of November, 2010.
For the Twelve Months Ended June 30, 2010
LifeBridge Health Inc.
Obligated Group
Consolidating Financial Statements
MHHEFA Revenue Bonds
LifeBridge Health Issue - Series 2008
Obligated Group
Balance Sheet
June 30, 2010
Audited
LifeBridge Health Northwest
Sinai Hospital
& Foundations * Levindale Elims Combined
Assets
Current Assets
Cash and Cash Equivalents 6,171,000$ 36,045,000 52,899,000 10,786,000 105,901,000$
(1) Blue Cross 115,272,152 14.93% Blue Cross 123,687,744 14.64% Blue Cross 133,373,337 14.93% Blue Cross 138,047,085 14.77% Blue Cross 138,551,777 14.95%