On March 31, at a special virtual Meeting of the Executive Committee of the Penn Trustees, they approved a Resolution to Authorize a $150 Million Line of Credit for the University of Pennsylvania Health System to deal with the pandemic caused by the COVID-19 virus. The resolution read, in part, “In preparing to meet the challenges of the COVID-19 pandemic, the Health System has taken substantial efforts to create inpatient capacity and protect the Health System’s limited provider capacity by preserving and acquiring Personal Protective Equipment. These efforts include the deferral of all elective procedures and non-essential physician office visits while allocating significant resources to convert office visits to telemedicine, support the Health System’s physicians and staff and prepare the Health System’s facilities. These efforts and the Health System’s continuing response to this crisis of unknown duration will have a negative impact on the Health System’s financial position and liquidity. To bolster the Health System’s liquidity, Management of the Health System (‘Management’) is recommending that the Health System enter into an additional $150,000,000 line of credit (the ‘Line of Credit’) with one or more commercial banks or other financial institutions (collectively, the ‘Bank’) in order to provide financing for the working capital needs of the Health System. The Line of Credit will be evidenced by a line of credit letter agreement or similar loan agreement and a line of credit note (the ‘Line of Credit Documents’).”