04-24-2024 Council Packet - Laserfiche WebLink

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132435584v2 A-1 EXHIBIT A FORM OF COMPLIANCE CERTIFICATE The undersigned, certifies as follows to Bremer Bank, National Association (the “Lender”), with reference to that certain Loan Agreement dated as of __________ __, 2024 (the “Loan Agreement”) between Saint Paul Academy and Summit School (the “Borrower”) and the City of Little Canada, Minnesota (the “Issuer”) (any capitalized terms used herein and not defined shall have its respective meaning as set forth in the Loan Agreement): 1. The undersigned has made a review of all activities of the Borrower during the preceding fiscal year ended June 30, 20__, for the purpose of determining whether or not the Borrower has complied with all of the terms, provisions and conditions of the Loan Agreement. 2. To the best of the undersigned’s knowledge, the Borrower has kept, observed, performed and fulfilled each and every covenant, provision and condition in the Loan Agreement (including, without limitation, those financial covenants set forth in Article IV of the Loan Agreement as calculated below) on their part to be performed and no Event of Default or Default has occurred. 3. Calculation of Financial Covenants: (a) Debt Service Coverage Ratio Calculation: Sum of: (a) Change in Unrestricted Net Assets (b) Plus depreciation expense (c) Plus amortization expense (d) Plus interest expense (e) Plus unrealized losses (f) Less unrealized gains Total Divided by the sum of: (x) Prior year current maturities of long-term debt (y) Plus current year interest expense Total Debt Service Coverage Ratio: to 1.00 Covenant Requirement: 1.25 to 1.00 Compliance? (circle one): YES NO All amounts and calculations set forth in this Certificate are accurate and complete in all material respects and are made in accordance with the Loan Agreement.