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,*~ .........~ ~-..)..o,t ..... u:, h,,.v.tnc a life u::(:Yc.T, nc::~ e~ti]:~atr:d ~o b~,J i~ <br /> o1' l'*;';c ,*t · ,-,* ., . *. <br /> , · rojc:~ ~,ed ,'mnual nuc:uir¢.i.ir.nts anq i o~ <br /> <br /> thu D(:bC ...... , ........ , ,, .... , <br /> <br /> "Annual huqu2rcments' as used in this section, shall mcan <br /> h~If of thc (,?¢.-r¢. .... i. ......... 4 <br /> .......... ........... ~.,~u:~ ~..ou.]~ reeuired, to be paid ~nto thc Debt <br /> Servicu Fund in the two co:::plt~te fiscal years of the operator of th~ <br /> Faci3. itic:~ i:~z:cdiate3.y precedin~ the date of %he issuance of the Parity <br /> Oslzu,..~_o.,.~ for the phys.:est of princips1 of (whether at maturity or by ..~an- <br /> datory sin]:~n,U fund r "~'~ <br /> , . etlr .....mt) and any p:remimm or interest on the Bonds <br /> inc!udJ~ng a~y ' ~hen outstandin~~ ''aI,-'z~-~ Obligations . <br /> <br /> [[~ · <br /> roocctcd Annual Re "~ - +-" <br /> -quz_e,,en~ shall mean the aggregate <br /> ~mount required to be paid into the Debt Service Fund in any fiscal year <br />of the then operator of the Hospital Facilities following the projected date <br />for the issuance of the proposed P~ity Obligations for the D .... <br />of (wn~tt_~ at m~:~urzcy or by mandatory sznk~ng fund retirement) and any <br /> · n ..... % on the Bonds inc!uaing any then ,~ <br /> ouuo~ana:ng Parity <br />Oblidations and tlm Parity Obligations proposed to be issued. <br /> <br /> "Debt Service Coverase" shall mean that Net Annur~ Income is <br />of Amm~ Requirements and Pro~ected ~nual Income is 13~]~ of Pro~ec~ed <br />Annu~ Requirements. <br /> <br /> Before the Trustee shall authenticate ~uy Parity Obligations or <br />execute any supplemental indenture securing Parity Obligations, it shall have <br />received from the Issuer and without cost to the Trustee the following: <br /> <br /> (a) A written financial feasibility study of an independent certified <br />public ~ccount~nt or firm of accountants, e×nerienced in hospital finance, <br />acceptable to the Trustee, evidencing that' D~bt Service Coverage has been <br />and is projected to be met. <br /> <br /> (b) The certificate of an independent architect or architectural <br />firm having ~ reputation for skill and experience in the design and constructing <br />of hospitals and related appurtenant facilities, acceptable to the Trustee, <br />stating (i) that the facilities proposed to be financed with the proceeds <br />derived from the sale of the Parity Obligations with respect to which such <br />certificate is made are estimated to have a life usefmlness in excess of <br />five years and will be useful in the operation of the Hospital~ (ii) the <br />estimated of the actual cost of such facilities; and (iii) that such cost <br />will represent the reasonable value of such facilities. <br /> <br /> (c) An executed countm~art of a supplemental indenture, duly <br />executed by the Issuer, providing bhe terms, conditions and limitations <br />the Parity Obligations proposed to be issued including the pledgee of revenues <br />sufficient to pay the principal therepf and ~y prcmi~ and in:crest thereon, <br />any additional premiums on insurance and fidelity bonds required for thc <br />])ropo:;ed nc'l facilitia.:; and any additional pursonnel to o];t:ratc sac}, <br />facilities; paymunt into tho Debt Service Reserve Fund Jn each month ~'olJowin/~ <br />comp/et/on of thc acquisition or construction to be f/nancud from the ]'arity <br />Obli~ations of m:~ount:: sufficient to make the ~::ount on del:esi: in thc ])cbt <br /> <br />-9- <br /> <br /> <br />