Document:

<PAGE>

                                                                    EXHIBIT 10.5

                                 AMENDMENT TO
                     DEBTOR-IN-POSSESSION CREDIT AGREEMENT
                          TO EXTEND PLAN FILING DATE

                                 July 11, 2000

          Reference is made to that certain Debtor-In-Possession Credit
Agreement dated as of September 13, 1999 (as heretofore amended, supplemented or
otherwise modified, the "DIP Credit Agreement"), by and among Vencor, Inc., a
Delaware corporation ("Vencor"), and Vencor Operating, Inc., a Delaware
corporation ("Vencor Opco"), each as debtor and debtor-in-possession, and each
of Vencor's subsidiaries listed on the signature pages thereof, each as debtor
and debtor-in-possession (each such subsidiary, Vencor and Vencor Opco
individually referred to herein as a "Borrower" and, collectively, on a joint
and several basis, as the "Borrowers"); the Lenders listed on the signature
pages thereof; and Morgan Guaranty Trust Company of New York, as arranger,
collateral agent and administrative agent (in such capacity, "Administrative
Agent") for the Lenders, and as an issuing bank for Letters of Credit
thereunder. Capitalized terms used herein without definition herein shall have
the meanings assigned to such terms in the DIP Credit Agreement.

          The Borrowers have requested that Lenders extend the deadline for
filing a plan of reorganization acceptable to the Required Lenders in the
Chapter 11 Cases. Accordingly, Borrowers and the undersigned Lenders hereby
agree that Section 5.10 of the DIP Credit Agreement is hereby amended by
deleting the reference to "July 18, 2000" contained therein and substituting
therefor "August 17, 2000".

          On and after the Amendment Effective Date (as defined below), each
reference in the DIP Credit Agreement to "this Agreement", "hereunder",
"hereof", "herein" or words of like import referring to the DIP Credit
Agreement, and each reference in the other Financing Documents to the "DIP
Credit Agreement", "thereunder", "thereof" or words of like import referring to
the DIP Credit Agreement, shall mean and be a reference to the DIP Credit
Agreement as amended by this Amendment to Debtor-In-Possession Credit Agreement
to Extend Plan Filing Date (this "Amendment"; the DIP Credit Agreement, as so
amended, being the "Amended Agreement").

          Without limiting the generality of the provisions of Section 11.05 of
the DIP Credit Agreement, the amendment set forth in the paragraph above shall
be limited precisely as written, and nothing in this Amendment shall be deemed
to prejudice any right or remedy that the Administrative Agent or any Lender may
now have or may have in the future under or in connection with the DIP Credit
Agreement or any of such other Financing Documents. Except as specifically
amended by this Amendment, the DIP Credit Agreement and such other Financing
Documents shall remain in full force and effect and are hereby ratified and
confirmed.

          In order to induce Lenders to enter into this Amendment, each
Borrower, by its execution of a counterpart of this Amendment, represents and
warrants that (a) such Borrower
<PAGE>

has the corporate or other power and authority and all material Governmental
Approvals required to enter into this Amendment and to carry out the
transactions contemplated by, and perform its obligations under, the Amended
Agreement, (b) the execution and delivery of this Amendment and the performance
of the Amended Agreement have been duly authorized by all necessary corporate or
other action on the part of such Borrower, (c) the execution and delivery by
such Borrower of this Amendment and the performance by such Borrower of the
Amended Agreement do not and will not contravene, or constitute a default under,
any Applicable Laws (including an applicable order of the Court) or any
provision of its Organizational Documents, or of any agreement or other
instrument binding upon it or result in or require the imposition of any Liens
(other than the Liens created by the Collateral Documents) on any of its assets,
(d) the execution and delivery by such Borrower of this Amendment and the
performance by such Borrower of the Amended Agreement do not and will not
require any action by or in respect of, or filing with, any governmental body,
agency or official, (e) this Amendment and the Amended Agreement have been duly
executed and delivered by such Borrower and constitute the valid and binding
obligations of such Borrower, enforceable in accordance with their respective
terms, except as may be limited by general principles of equity, (f) for
purposes of the Borrowing Order (i) this Amendment constitutes a non-material
modification of the DIP Credit Agreement and the Financing Documents, and (ii)
notice of this Amendment has been given to and received by counsel to the
Committee (as defined in the Borrowing Order), and (g) after giving effect to
this Amendment, no event has occurred and is continuing or will result from the
consummation of the transactions contemplated by this Amendment that would
constitute a Default.

          This Amendment may be executed in any number of counterparts and by
different parties hereto in separate counterparts, each of which when so
executed and delivered shall be deemed an original, but all such counterparts
together shall constitute but one and the same instrument. This Amendment shall
become effective (the date of such effectiveness being the "Amendment Effective
Date") upon the earliest date on or prior to July 17, 2000 that (a) the
Borrowers and Required Lenders shall have executed counterparts of this
Amendment and the Borrowers and the Administrative Agent shall have received
written or telephonic notification of such execution and authorization of
delivery thereof; (b) the Administrative Agent shall have received evidence
satisfactory to it that all outstanding statements of O'Melveny & Myers LLP,
Davis Polk & Wardwell and Policano & Manzo that are received by Vencor prior to
12:00 Noon (New York City time) on July 14, 2000 have been paid in full; and (c)
no objections to this Amendment have been served on the Administrative Agent by
the Committee.

          Pursuant to paragraph 3 of the Borrowing Order, this Amendment shall
become effective upon the Amendment Effective Date without the need for any
further order of the Court and upon compliance with the notice requirement of
paragraph 3 of the Borrowing Order and the Committee having submitted no
objection thereto.

          THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER
SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH,
THE INTERNAL LAWS OF THE STATE OF NEW YORK (INCLUDING WITHOUT LIMITATION SECTION
5-1401 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK), WITHOUT REGARD
TO CONFLICTS OF LAWS PRINCIPLES.

                                       2
<PAGE>

BORROWERS:

                        Advanced Infusion Systems, Inc.
                        American X-Rays, Inc.
                        C.P.C. of Louisiana, Inc.
                        Community Behavioral HEALTH SYSTEM, Inc.
                        Community Psychiatric Centers of Arkansas, Inc.
                        Community Psychiatric Centers OF California
                        Community Psychiatric Centers OF Florida, Inc.
                        Community Psychiatric Centers OF Idaho, Inc.
                        Community Psychiatric Centers OF Indiana, Inc.
                        Community Psychiatric Centers OF Kansas, Inc.
                        Community Psychiatric Centers OF Mississippi, Inc.
                        Community Psychiatric Centers OF Missouri, Inc.
                        Community Psychiatric Centers OF North Carolina, Inc.
                        Community Psychiatric Centers OF Oklahoma, Inc.
                        Community Psychiatric Centers OF Utah, Inc.
                        Community Psychiatric Centers Properties Incorporated
                        Community Psychiatric Centers Properties Of Oklahoma,
                          Inc.
                        Community Psychiatric Centers Properties of Texas, Inc.
                        Community Psychiatric Centers Properties Of Utah, Inc.
                        Courtland Gardens Health Center, Inc.
                        CPC Investment Corp.
                        CPC Managed Care Health Services, Inc.
                        CPC of Georgia, Inc.
                        CPC Properties of Arkansas, Inc.
                        CPC Properties of Illinois, Inc.
                        CPC Properties of Indiana, Inc.
                        CPC Properties of Kansas, Inc.
                        CPC Properties of Louisiana, Inc.
                        CPC Properties of Mississippi, Inc.
                        CPC Properties of Missouri, Inc.
                        CPC Properties of North Carolina, Inc.
                        First Rehab, Inc.
                        Florida Hospital Properties, Inc.
                        Health Care Holdings, Inc.
                        Health Care Technology, Inc.
                        Helian Asc Of Northridge, Inc.
                        Helian Health Group, Inc.
                        Helian Recovery Corporation
                        Homestead Health Center, Inc.
                        Horizon Healthcare Services, Inc.

                                      S-1
<PAGE>

                        Interamericana Health Care Group
                        J.b. Thomas Hospital, Inc.
                        Lafayette Health Care Center, Inc.
                        Medequities, Inc.
                        Medisave Of Tennessee, Inc.
                        Medisave Pharmacies, Inc.
                        Old Orchard Hospital, Inc.
                        Palo Alto Surgecenter Corporation
                        Peachtree-Parkwood Hospital, Inc.
                        Personacare, Inc.
                        Personacare Living Center Of Clearwater, Inc.
                        Personacare of Bradenton, Inc.
                        Personacare of Clearwater, Inc.
                        Personacare of Connecticut, Inc.
                        Personacare of Georgia, Inc.
                        Personacare of Huntsville, Inc.
                        Personacare of Little Rock, Inc.
                        Personacare of Ohio, Inc.
                        Personacare of Owensboro, Inc.
                        Personacare of Pennsylvania, Inc.
                        Personacare of Pompano East, Inc.
                        Personacare of Pompano West, Inc.
                        Personacare of Reading, Inc.
                        Personacare of San Antonio, Inc.
                        Personacare of San Pedro, Inc.
                        Personacare of Shreveport, Inc.
                        Personacare of St. Petersburg, Inc.
                        Personacare of Warner Robbins, Inc.
                        Personacare of Wisconsin, Inc.
                        Personacare Properties, Inc.
                        Prodata Systems, Inc.
                        Recovery Inns Of America, Inc.
                        Respiratory Care Services, Inc.
                        Stamford Health Facilities, Inc.
                        Thc-chicago, Inc.
                        Thc-hollywood, Inc.
                        Thc-houston, Inc.
                        Thc-minneapolis, Inc.
                        Thc-north Shore, Inc.
                        Thc-orange County, Inc.
                        Thc-san Diego, Inc.
                        Thc-seattle, Inc.
                        TheraTx Healthcare Management, Inc.
                        TheraTx Health Services, Inc.
                        TheraTx Management Services, Inc.
                        TheraTx Medical Supplies, Inc.

                                      S-2
<PAGE>

                        TheraTx Rehabilitation Services, Inc.
                        TheraTx Staffing, Inc.
                        Transitional Hospitals Corporation, a Delaware
                          Corporation
                        Transitional Hospitals Corporation, a Nevada Corporation
                        Transitional Hospitals Corporation of Indiana, Inc.
                        Transitional Hospitals Corporation of Louisiana, Inc.
                        Transitional Hospitals Corporation of Michigan, Inc.
                        Transitional Hospitals Corporation of Nevada, Inc.
                        Transitional Hospitals Corporation of New Mexico, Inc.
                        Transitional Hospitals Corporation of Tampa, Inc.
                        Transitional Hospitals Corporation of Texas, Inc.
                        Transitional Hospitals Corporation of Wisconsin, Inc.
                        Tucker Nursing Center, Inc.
                        Tunstall Enterprises, Inc.
                        Vc-oia, Inc.
                        Vc-tohc, Inc.
                        Vc-wm, Inc.
                        Vencare, Inc.
                        Vencare Rehab Services, Inc.
                        Vencor Facility Service, Inc.
                        Vencor Holdings, L.L.C.
                        Vencor Home Care Services, Inc.
                        Vencor Hospice, Inc.
                        Vencor Hospitals East, L.L.C.
                        Vencor Hospitals West, L.L.C.
                        Vencor, Inc.
                        Vencor Insurance Holdings, Inc.
                        Vencor Investment Company
                        Vencor Nevada, L.L.C.
                        Vencor Nursing Centers East, L.L.C.
                        Vencor Nursing Centers Central L.L.C.
                        Vencor Nursing Centers North, L.L.C.
                        Vencor Nursing Centers South, L.L.C.
                        Vencor Nursing Centers West, L.L.C.
                        Vencor Operating, Inc.
                        Vencor Pediatric Care, Inc.

                                      S-3
<PAGE>

                        Vencor Provider Network, Inc.
                        Ventech Systems, Inc.

                        BY:   Vencor Operating, Inc., as agent and attorney-in-
                               fact for each of the foregoing entities

                              By: __________________________________________
                                  Name:
                                  Title:

                        Stamford Health Associates, L.P.

                        BY:   Stamford Health Facilities, Inc., Its General
                              Partner

                              By: __________________________________________
                                  Name:
                                  Title:

                        Vencor Home Care and Hospice Indiana Partnership

                        BY:   Vencor Home Care Services, Inc., Its General
                              Partner

                              By: __________________________________________
                                  Name:
                                  Title:

                        BY:   Vencor Hospice, Inc., Its General Partner

                              By: __________________________________________
                                  Name:
                                  Title:

                                      S-4
<PAGE>

                        Vencor Hospitals Limited Partnership

                        BY:   Vencor Operating, Inc., Its General Partner

                              By: __________________________________________
                                  Name:
                                  Title:

                        BY:   Vencor Nursing Centers Limited Partnership,
                              Its General Partner

                              BY: Vencor Operating, Inc., Its General
                                  Partner

                                  By: ______________________________________
                                      Name:
                                      Title:

                        Vencor Nursing Centers Central Limited Partnership

                        BY:   Vencor Operating, Inc., Its General Partner

                              By: __________________________________________
                                  Name:
                                  Title:

                        BY:   Vencor Nursing Centers Limited Partnership,
                              Its General Partner

                              BY: Vencor Operating, Inc., Its General
                                  Partner

                                  By: ______________________________________
                                      Name:
                                      Title:

                                      S-5
<PAGE>

                        Vencor Nursing Centers Limited Partnership

                        BY:   Vencor Operating, Inc., Its General Partner

                              By: __________________________________________
                                  Name:
                                  Title:

                        BY:   Vencor Hospitals Limited Partnership,
                              Its General Partner

                              BY: Vencor Operating, Inc., Its General
                                  Partner

                                  By: _____________________________________
                                      Name:
                                      Title:

                                      S-6
<PAGE>

AGENTS AND LENDERS:

                           MORGAN GUARANTY TRUST COMPANY OF NEW
                           YORK, as Arranger, Collateral Agent
                           and  Administrative  Agent  and as a
                           Lender

                           By: __________________________________
                               Name:
                               Title:

                                      S-7
<PAGE>

                        ABLECO FINANCE LLC, as a Lender

                        By: ___________________________________
                            Name:
                            Title:
<PAGE>

                                   APPALOOSA INVESTMENT LIMITED
                                   PARTNERSHIP I, as a Lender

                                   By:
                                        ------------------------------
                                        Name:
                                        Title:

                                      S-9
<PAGE>

                                   BANKERS TRUST COMPANY, as a Lender

                                   By:
                                        ---------------------------------------
                                        Name:
                                        Title:

                                     S-10
<PAGE>

                                  CHASE SECURITIES INC, AS AGENT FOR THE
                                  CHASE MANHATTAN BANK, as a Lender

                                  By:
                                        ------------------------------------
                                        Name:
                                        Title:

                                     S-11
<PAGE>

                                   GOLDMAN SACHS CREDIT PARTNERS L.P., as a
                                   Lender

                                   By:
                                        ---------------------------------------
                                        Name:
                                        Title:

                                     S-12
<PAGE>

                                   VAN KAMPEN PRIME RATE INCOME TRUST, as a
                                   Lender

                                   By:   VAN KAMPEN INVESTMENT ADVISORY
                                         CORP.

                                         By:
                                              ___________________________
                                              Name:
                                              Title:

                                   VAN KAMPEN SENIOR FLOATING RATE FUND, as a
                                   Lender

                                   By:   VAN KAMPEN INVESTMENT ADVISORY
                                         CORP.

                                         By:
                                              ___________________________
                                              Name:
                                              Title:

                                   VAN KAMPEN SENIOR INCOME TRUST, as a Lender

                                   By:   VAN KAMPEN INVESTMENT ADVISORY
                                         CORP.

                                         By:
                                              ___________________________
                                              Name:
                                              Title:

                                     S-13
<PAGE>

                                   FRANKLIN MUTUAL ADVISERS LLC, as a Lender

                                   By:
                                        ---------------------------------------
                                        Name:
                                        Title:

                                     S-14
<PAGE>

                                   FRANKLIN FLOATING RATE TRUST, as a Lender

                                   By:
                                        ---------------------------------------
                                        Name:
                                        Title:

                                     S-15
<PAGE>

                                   FOOTHILL CAPITAL CORPORATION, as a Lender

                                   By:
                                        ---------------------------------------
                                        Name:
                                        Title:

                                     S-16
<PAGE>

                              FOOTHILL INCOME TRUST II, L.P., as a Lender

                              By:      FIT II GP, LLC, its general partner

                                       By:
                                            -----------------------------------
                                            Name:
                                            Title:

                                     S-17
<PAGE>

              ACKNOWLEDGEMENT AND CONSENT OF SUBSIDIARY GUARANTOR

               By its execution of a counterpart of this Amendment, the
undersigned, as a Subsidiary Guarantor under that certain Guaranty Agreement
dated as of September 13, 1999 (the "Guaranty") for the benefit of Lenders, and
as an Original Lien Grantor under that certain Security Agreement dated as of
September 13, 1999 (the "Security Agreement") between the undersigned, the
Borrowers and Collateral Agent, as Secured Party, hereby acknowledges that it
has read this Amendment and consents to the terms thereof and further hereby
confirms and agrees that, notwithstanding the effectiveness of this Amendment,
the obligations of the undersigned under the Guaranty and the Security Agreement
shall not be impaired or affected and each of the Guaranty and the Security
Agreement is, and shall continue to be, in full force and effect and is hereby
confirmed and ratified in all respects.

                                   CARIBBEAN BEHAVIORAL HEALTH
                                   SYSTEMS, INC.

                                   By:
                                       _________________________
                                       Name:
                                       Title:

                                     S-18<PAGE>

                                                                  EXHIBIT 10.6

                         UNITED STATES BANKRUPTCY COURT
                              DISTRICT OF DELAWARE

---------------------------------x

                                         :
In re:                                               Chapter 11
                                         :
VENCOR, INC., et al.,                                Case No. 99 3199(MFW)
              -- --
                                         :            through 99-3327(MFW)

         Debtors.                        :           (Jointly Administered)

                                         :
---------------------------------x

                             STIPULATION AND ORDER
                             ---------------------

          This stipulation and order (the "Stipulation and Order") is entered
into as of the date set forth below by and among the above-captioned debtors and
debtors-in-possession (collectively, the "Debtors"), and Ventas, Inc., on behalf
of itself and each of Ventas Realty, Limited Partnership and Ventas LP Realty,
L.L.C. (collectively, "Ventas," and, together with the Debtors, the "Parties").

          WHEREAS, on May 1, 1998, Ventas, Inc. effected a corporate
reorganization (the "1998 Spin Off") pursuant to which Ventas, Inc. (then known
as Vencor, Inc.) was separated into two publicly held corporations. A new
corporation, subsequently renamed Vencor, Inc., was formed to operate the
hospital, nursing center and ancillary services businesses. The continuing
corporation, now known as Ventas, Inc., continued to hold title to substantially
all of the real property; and

          WHEREAS, the 1998 Spin Off was effected through an Agreement and Plan
of Reorganization by and between Vencor, Inc. (now Ventas, Inc.) and Vencor
Healthcare, Inc. (now Vencor, Inc.) dated as of April 30, 1998 and related
agreements (the "Reorganization Agreements"); and
<PAGE>

          WHEREAS, the Debtors, Ventas, Inc. and Ventas Realty, Limited
Partnership are parties to a stipulation, dated September 13, 1999 (the "Rent
and Reorganization Stip"), governing, among other things, the payment of rent
and performance under the Reorganization Agreements by the Debtors during the
pendency of the chapter 11 cases and the period in which the Rent and
Reorganization Stip is in force and effect; and

          WHEREAS, the Rent and Reorganization Stip remains in full force and
effect; and

          WHEREAS, on September 15, 1999, Ventas, Inc. filed its 1998
consolidated federal income tax return (the "Consolidated Return"); and

          WHEREAS, pursuant to the Consolidated Return, on February 3, 2000,
Ventas received a tax refund in the total amount of $26,609,865.60 (comprised of
$25,349,528.00 in tax and $1,260,337.60 in interest) (the "Federal Refund
Proceeds"); and

          WHEREAS, the Tax Refunds/1/ received by Ventas prior to the date
hereof are listed on Exhibit A hereto (such Tax Refunds listed on Exhibit A
(which includes the Federal Refund Proceeds) and any Tax Refunds received by
Ventas on or after the date hereof, together with the Interest Amount/2/
thereon, are collectively referred to herein as the "Ventas Refund Proceeds");
and

____________________

/1/  For purposes of this Stipulation and Order, "Tax Refunds" shall mean all
     refunds received (including those endorsed over by one Party to the other
     Party in which case such refund shall be deemed received by the Party to
     which the refund was endorsed over) on or after September 13, 1999, in
     respect of federal, state or local property, franchise, income, excise,
     sales and use, and similar business taxes previously paid for tax years
     ending prior to or including April 30, 1998; provided, however, that Tax
     Refunds shall not include the refund of over payments or estimated taxes to
     the extent such over payments or estimated taxes were paid by a Party after
     April 30, 1998 and subsequently refunded by the applicable tax authority.

/2/  For purposes of this Stipulation and Order, "Interest Amount" shall mean,
     with respect to a Tax Refund, interest on the Tax Refund computed at the
     lesser of (a) the actual interest

                                      -2-
<PAGE>

          WHEREAS, simultaneously with the execution hereof, Ventas has
delivered to the Debtors a list of the Pre-Spin Refunds/3/ received by Ventas;
and

          WHEREAS, the Tax Refunds received by the Debtors prior to the date
hereof are listed on Exhibit B hereof (such Tax Refunds listed on Exhibit B and
the Tax Refunds received by the Debtors on or after the date hereof, together
with the Interest Amount thereon, are collectively referred to herein as the
"Vencor Refund Proceeds" and together with the Ventas Refund Proceeds, are
referred to as the "Refund Proceeds"); and

          WHEREAS, simultaneously with the execution hereof, the Debtors have
delivered to Ventas a list of the Pre-Spin Refunds received by the Debtors; and

          WHEREAS, Ventas asserts that it is entitled to the Refund Proceeds on
various legal grounds, including, without limitation, pursuant to the express
terms of the Reorganization Agreements and, alternatively, that any claim of the
Debtors to the Refund Proceeds is subject to, without limitation, recoupment,
setoff and other defenses and claims of or by Ventas under the Reorganization
Agreements and the Rent and Reorganization Stip; and

          WHEREAS, the Debtors assert that they are entitled to the Refund
Proceeds on various legal grounds; and

________________

     earned, and (b) 3% annual interest, for the period during which such Tax
     Refund is deposited in a Ventas Account or Vencor Account (as such terms
     are defined below) as the case may be.

/3/  For purposes of this Stipulation and Order, "Pre-Spin Refunds" shall mean
     all refunds received (including those endorsed over by one Party to the
     other Party in which case such refund shall be deemed received by the Party
     to which the refund was endorsed over) on or after January 1, 1999, but
     prior to September 13, 1999, in respect of federal, state or local
     property, franchise, income, excise, sales and use, and similar business
     taxes previously paid for tax years ending prior to or including April 30,
     1998; provided, however, that Pre-Spin Refunds shall not include the refund
     of over payments or estimated taxes to the extent such over payments or
     estimated taxes were paid by a Party after April 30, 1998 and subsequently
     refunded by the applicable tax authority.

                                      -3-
<PAGE>

          WHEREAS, each Party seeks to protect the Refund Proceeds pending
resolution of the rights of the Parties.

          NOW, THEREFORE, IT IS STIPULATED AND AGREED by and between the Parties
that:

          1.   In the event that the Bankruptcy Court fails to approve this
Stipulation and Order on or before May 31, 2000, or such approval is
subsequently modified, rescinded or stayed, this Stipulation and Order shall
automatically terminate and be of no force and effect. Pending approval of the
Bankruptcy Court as referenced in the preceding sentence, either Party may
terminate this Stipulation and Order by providing one business day's notice
(which may be by facsimile transmission) to the other Party.

          2.   The Ventas Refund Proceeds shall be deposited in one or
more segregated interest-bearing accounts at a federally insured depository
institution in the name of Ventas, Inc. or Ventas Realty, Limited Partnership;
provided, however, that all or a portion of the Ventas Refund Proceeds may be
invested in a commercially reasonable manner so long as any investment of the
Ventas Refund Proceeds remains segregated from the other investments of Ventas,
Inc. and Ventas Realty, Limited Partnership (any such depository or investment
account or other investment of Ventas Refund Proceeds, a "Ventas Account").
Ventas shall provide the Debtors with notice within two business days after (a)
the opening of a Ventas Account (which notice shall specify the location of the
Ventas Account, including the account number); and/or (b) the receipt of a Tax
Refund (which notice shall specify the amount of the Tax Refund, the Ventas
Account into which such Ventas Refund Proceeds have been deposited and the facts
and circumstances giving rise to the Tax Refund and include a copy of the refund
claim). Upon request of the Debtors, Ventas shall promptly (which in no case
shall exceed two business days) provide the Debtors with the monthly written
account statements received by Ventas for each of

                                      -4-
<PAGE>

the Ventas Accounts, it being understood that Ventas may redact any information
that is unrelated to the Ventas Accounts. If all or any portion of the Ventas
Refund Proceeds are transferred between Ventas Accounts, Ventas shall promptly
provide written notice (which in no case shall exceed two business days) to the
Debtors of the Ventas Account into which the Ventas Refund Proceeds (or portion
thereof) have been transferred. This Stipulation and Order and the terms and
conditions hereof, including the establishment and maintenance of a Ventas
Account, shall not be (a) deemed an admission by any Party in respect of any
matter whatsoever; (b) probative of the Parties' respective rights, if any, to
the Refund Proceeds or any portion thereof, including any principal or interest
component thereof; or (c) otherwise affect or impair any rights of the Parties.

          3.   The Vencor Refund Proceeds shall be deposited in one or
more segregated interest-bearing accounts at a federally insured depository
institution in the name of Vencor, Inc.; provided, however, that all or a
portion of the Vencor Refund Proceeds may be invested in a commercially
reasonable manner so long as investment of the Vencor Refund Proceeds remains
segregated from other investments of Vencor, Inc. and any of the other Debtors
(any such depository or investment account or other investment of Vencor Refund
Proceeds, a "Vencor Account"). The Debtors shall provide Ventas with notice
within two business days after (a) the opening of a Vencor Account (which notice
shall specify the location of the Vencor Account, including the account number);
and (b) the receipt of a Tax Refund (which notice shall specify the amount of
the Tax Refund, the Vencor Account into which such Vencor Refund Proceeds have
been deposited and the facts and circumstances giving rise to the Tax Refund and
include a copy of the refund claim). Upon request of Ventas, the Debtors shall
promptly (which in no case shall exceed two business days) provide Ventas with
the monthly written account statements received by the Debtors for each of the
Vencor Accounts, it being understood that the Debtors

                                      -5-
<PAGE>

may redact any information that is unrelated to the Vencor Accounts. If all or
any portion of the Vencor Refund Proceeds are transferred between Vencor
Accounts, the Debtors shall promptly provide written notice (which in no case
shall exceed two business days) to Ventas of the Vencor Account into which the
Vencor Refund Proceeds (or portion thereof) have been transferred. This
Stipulation and Order and the terms and conditions hereof, including the
establishment and maintenance of a Vencor Account, shall not be (a) deemed an
admission by any Party in respect of any matter whatsoever; (b) probative of the
Parties' respective rights, if any, to the Refund Proceeds or any portion
thereof, including any principal or interest component thereof; or (c) otherwise
affect or impair any rights of the Parties.

          4.   Ventas or the Debtors, as the case may be, shall provide
notice (a "Notice") to the parties listed on Exhibit C by facsimile (receipt
confirmed) and overnight mail at least five (5) business days prior to
withdrawing the Refund Proceeds or any portion thereof (the "Waiting Period")
from a Ventas Account (in the case of Ventas) or a Vencor Account (in the case
of the Debtors); provided, however, that the foregoing shall not apply to the
extent that the Refund Proceeds are being transferred from one Ventas Account to
another Ventas Account or from one Vencor Account to another Vencor Account, in
which case paragraphs 2 and 3 hereof respectively shall govern; provided,
further, that the foregoing shall apply as modified below in the case of a Tax
Payment Withdrawal. A "Tax Payment Withdrawal" is a withdrawal by Ventas from a
Ventas Account or by the Debtors from a Vencor Account if such withdrawal is
made for the sole purpose of applying such amounts in payment of federal, state
or local property, franchise, income, excise, sales and use, withholding, or
similar tax liability, including interest and penalties, if any, for tax years
ending prior to or including April 30, 1998, up to the amount of the Refund
Proceeds then contained in the applicable Ventas or Vencor Account. Ventas shall
be permitted to make Tax Payment Withdrawals from Ventas Accounts and the
Debtors shall be

                                      -6-
<PAGE>

permitted to make Tax Payment Withdrawals from Vencor Accounts upon such
withdrawing Party's delivery of Notice regarding any such withdrawal, which
shall include a copy of any applicable notice or other related documents and any
return or other form filed with the taxing authority in respect of the payment
made using the Tax Payment Withdrawal. Upon the expiry of any applicable Waiting
Period, the Party providing the Notice shall have no further obligations
pursuant to this Stipulation and Order respecting the use, maintenance, deposit
or investment of any portion of the Refund Proceeds that is the subject of such
Notice.

          5.   The Parties reserve all rights with respect to their claims,
defenses and contentions regarding the Refund Proceeds except as expressly
provided in paragraph 6 hereof.

          6.   Nothing in this Stipulation and Order shall constitute admissions
by any of the Parties or shall be used in any subsequent litigation by the
Parties or any other person or entity other than for the purpose of enforcement
of this Stipulation and Order.

          7.   Without limiting the provisions of paragraph 4 hereof, any
notices to be sent in accordance with this Stipulation and Order will not be
effective unless sent to the following:

To Ventas:

                         General Counsel
                         Ventas, Inc.
                         4360 Brownsboro Road, Suite 115
                         Louisville, KY 40207-1642
                         Fax (502) 357-9029

                         David Peress, Esq.
                         Young Conaway Stargatt & Taylor
                         Rodney Square North, 11th Floor
                         Wilmington, DE 19899-0391
                         Fax (302) 571-1253

                         Myron Trepper, Esq. and
                         Michael J. Kelly, Esq.
                         Willkie Farr & Gallagher
                         787 Seventh Avenue

                                      -7-
<PAGE>

                         New York, New York  10019
                         Fax (212) 728-8111

To the Debtors:

                         M. Suzanne Riedman, Esq., General Counsel
                         Vencor, Inc.
                         680 South Fourth Street
                         Louisville, KY 40202
                         Fax (502) 596-4075

                         William H. Sudell, Jr., Esq.
                         Morris, Nichols, Arscht & Tunnell
                         1201 North Market Street
                         P.O. Box 1347
                         Wilmington, Delaware 19899
                         Fax (302) 658-9200

                         Thomas J. Moloney, Esq. and
                         Lindsee P. Granfield, Esq.
                         Cleary, Gottlieb, Steen & Hamilton
                         One Liberty Plaza
                         New York, New York 10006
                         Fax (212) 225-3999

               8.   This Stipulation and Order shall be automatically
terminated, without further order of the Bankruptcy Court, on the earlier of the
dates on which: (a) the Rent and Reorganization Stip is terminated; and (b) the
Debtors provide notice pursuant to Paragraph 4(b) of the Rent and Reorganization
Stip.

                                      -8-
<PAGE>

Dated:  New York, New York
     May __, 2000

                                   CLEARY, GOTTLIEB, STEEN & HAMILTON
                                   One Liberty Plaza
                                   New York, New York  10006
                                   (212) 225-2000

                                   By:__________________________

                                   Attorneys for Debtors
                                   and Debtors in Possession

                                   WILLKIE FARR & GALLAGHER
                                   787 Seventh Avenue
                                   New York, New York 10019
                                   (212) 728-8000

                                   By:__________________________

                                   Attorneys for Ventas, Inc.

SO ORDERED this ____ day of May 2000:

______________________________
UNITED STATES BANKRUPTCY JUDGE

                                      -9-
<PAGE>

                                   EXHIBIT A

<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------------------------------------
Date              From                                                             Regarding                         Federal ID
--------------------------------------------------------------------------------------------------------------------------------
<S>               <C>                                                              <C>                               <C>
27-Sep-99         Marietta, Ohio                                                   Nationwide Care, Inc.             35-1871185
--------------------------------------------------------------------------------------------------------------------------------
18-Oct-99         Bowling Green, KY                                                Vencor Kentucky, Inc.             61-1258030
--------------------------------------------------------------------------------------------------------------------------------
20-Oct-99         McCracken County, KY                                             Vencor Kentucky, Inc.             61-1258030
--------------------------------------------------------------------------------------------------------------------------------
20-Oct-99         McCracken County, KY                                             First Healthcare Corporation      04-2432780
--------------------------------------------------------------------------------------------------------------------------------
21-Oct-99         Ashland, KY                                                      Vencor Kentucky, Inc.             61-1258030
--------------------------------------------------------------------------------------------------------------------------------
21-Oct-99         Elizabethtown, KY                                                First Healthcare Corporation
--------------------------------------------------------------------------------------------------------------------------------
22-Oct-99         Chillicothe, OH                                                  First Healthcare Corporation      04-2432780
--------------------------------------------------------------------------------------------------------------------------------
 2-Nov-99         Madisonville, KY                                                 Vencor Kentucky, Inc.             61-1258030
--------------------------------------------------------------------------------------------------------------------------------
 3-Nov-99         Village of Whitehouse                                            First Healthcare Corporation      04-2432780
--------------------------------------------------------------------------------------------------------------------------------
 3-Nov-99         Hancock County, Kentucky                                         Vencor Kentucky, Inc.
--------------------------------------------------------------------------------------------------------------------------------
 5-Nov-99         Cambridge, OH                                                    Ventas, Inc.                      61-1055020
--------------------------------------------------------------------------------------------------------------------------------
 8-Nov-99         Akron, Ohio                                                      First Healthcare Corporation      04-2432780
--------------------------------------------------------------------------------------------------------------------------------
 8-Nov-99         Cambridge, OH                                                    Nationwide Care, Inc.             35-1871185
--------------------------------------------------------------------------------------------------------------------------------
 9-Nov-99         Mercer County, KY                                                Vencor Kentucky, Inc.
--------------------------------------------------------------------------------------------------------------------------------
10-Nov-99         Logan, Ohio                                                      First Healthcare Corporation      04-2432780
--------------------------------------------------------------------------------------------------------------------------------
10-Nov-99         Logan, Ohio                                                      Ventas, Inc. (fka Vencor, Inc.)   61-1055020
--------------------------------------------------------------------------------------------------------------------------------
11-Nov-99         Bowling Green, KY                                                First Healthcare Corporation      04-2432780
--------------------------------------------------------------------------------------------------------------------------------
12-Nov-99         Owensboro, KY                                                    First Healthcare Corporation      04-2432780
--------------------------------------------------------------------------------------------------------------------------------
12-Nov-99         Elizabethtown, KY                                                Vencor Kentucky, Inc.
--------------------------------------------------------------------------------------------------------------------------------
15-Nov-99         Coshocton                                                        Ventas, Inc.                      61-1055020
--------------------------------------------------------------------------------------------------------------------------------
18-Nov-99         Morgantown                                                       Vencor Kentucky, Inc.
--------------------------------------------------------------------------------------------------------------------------------
22-Nov-99         Marion, OH                                                       First Healthcare Corporation      04-2432780
--------------------------------------------------------------------------------------------------------------------------------
22-Nov-99         Springfield, OH                                                  Ventas, Inc.                      61-1055020
--------------------------------------------------------------------------------------------------------------------------------
22-Nov-99         Marion, OH                                                       Ventas, Inc. (fka Vencor, Inc.)   2100009359
--------------------------------------------------------------------------------------------------------------------------------
23-Nov-99         Summitt County Facility - Property Tax Refund From Protest
--------------------------------------------------------------------------------------------------------------------------------
 1-Dec-99           Less fee for Property Tax Protest to Ambassador Research
--------------------------------------------------------------------------------------------------------------------------------
24-Nov-99         Toledo, OH                                                        First Healthcare Corporation      42-43-2780
--------------------------------------------------------------------------------------------------------------------------------
26-Nov-99         Connecticut                                                       Ventas, Inc. (FKA Vencor, Inc.)   61-1055020
--------------------------------------------------------------------------------------------------------------------------------
 2-Dec-99         Maryland                                                          Vencor Hospitals East, Inc.       61-1251013
--------------------------------------------------------------------------------------------------------------------------------
 6-Dec-99         Lansing, MI                                                       First Healthcare Corporation      04-2432780
--------------------------------------------------------------------------------------------------------------------------------
13-Dec-99         Lexington-Fayette Board of Ed.                                    Vencor Kentucky, Inc.             61-1258030
--------------------------------------------------------------------------------------------------------------------------------
15-Dec-99         Dayton, OH                                                        Ventas, Inc.                      61-1055020
--------------------------------------------------------------------------------------------------------------------------------
15-Dec-99         Coshocton                                                         Nationwide Care, Inc.             35-1871185
--------------------------------------------------------------------------------------------------------------------------------
20-Dec-99         Louisiana                                                         First Healthcare Corporation      04-2432780
--------------------------------------------------------------------------------------------------------------------------------
20-Dec-99         Cincinnati, OH                                                    Ventas, Inc. (fka Vencor, Inc.)   61-1055020
--------------------------------------------------------------------------------------------------------------------------------
23-Dec-99         Wisconsin                                                         First Healthcare Corporation      04-2432780
--------------------------------------------------------------------------------------------------------------------------------
27-Dec-99         Utah                                                              Vencor Inc. & Subsidiaries        61-1055020
--------------------------------------------------------------------------------------------------------------------------------
27-Dec-99         Utah                                                              Ventas Inc. & Subsidiaries        61-1055020
--------------------------------------------------------------------------------------------------------------------------------
27-Dec-99         West Virginia                                                     Vencor Kentucky, Inc.             61-1258030
--------------------------------------------------------------------------------------------------------------------------------
29-Dec-99         Michigan                                                          First Healthcare Corporation      04-2432780
--------------------------------------------------------------------------------------------------------------------------------
 5-Jan-00         Newark, OH                                                        First Healthcare Corporation      04-2432780
--------------------------------------------------------------------------------------------------------------------------------
10-Jan-00         Iowa                                                              First Healthcare Corporation      04-2432780
--------------------------------------------------------------------------------------------------------------------------------
11-Jan-00         Louisiana                                                         Vencor Properties, Inc.           51-0352067
--------------------------------------------------------------------------------------------------------------------------------
21-Jan-00         Indiana                                                           Nationwide Care, Inc.
--------------------------------------------------------------------------------------------------------------------------------
21-Jan-00         Columbus/Canal Winchester, Ohio                                   First Healthcare Corporation      04-2432780
--------------------------------------------------------------------------------------------------------------------------------
21-Jan-00         Columbus, Ohio                                                    Vencor Hospital East, Inc.        61-1251013
--------------------------------------------------------------------------------------------------------------------------------
 4-Feb-00         Alabama                                                           First Healthcare Corporation      04-2432780
--------------------------------------------------------------------------------------------------------------------------------
16-Feb-00         Missouri                                                          First Healthcare Corporation      04-2432780
--------------------------------------------------------------------------------------------------------------------------------

<CAPTION>
----------------------------------------------------------------------------------------------------------------
Date               Type                                                                          AMOUNT
----------------------------------------------------------------------------------------------------------------
<S>                <C>                                                                           <C>
27-Sep-99          Marietta Income Tax Return                                                         1,508.00
----------------------------------------------------------------------------------------------------------------
18-Oct-99          City Net Profit License Fee Return                                                   737.00
----------------------------------------------------------------------------------------------------------------
20-Oct-99          Annual License Fee Return                                                            851.00
----------------------------------------------------------------------------------------------------------------
20-Oct-99          Annual License Fee Return                                                            475.00
----------------------------------------------------------------------------------------------------------------
21-Oct-99          Net Profit License Fee Return                                                      2,073.00
----------------------------------------------------------------------------------------------------------------
21-Oct-99          Net Profits License Fee Return                                                       301.00
----------------------------------------------------------------------------------------------------------------
22-Oct-99          Income Tax Return                                                                    859.00
----------------------------------------------------------------------------------------------------------------
 2-Nov-99          Net Profit License Fee Return                                                        478.00
----------------------------------------------------------------------------------------------------------------
 3-Nov-99          Income Tax Return                                                                    600.00
----------------------------------------------------------------------------------------------------------------
 3-Nov-99          Net Profit License Fee Return                                                         25.00
----------------------------------------------------------------------------------------------------------------
 5-Nov-99          Income Tax Return                                                                     45.00
----------------------------------------------------------------------------------------------------------------
 8-Nov-99          Income Tax Return                                                                  1,600.00
----------------------------------------------------------------------------------------------------------------
 8-Nov-99          Income Tax Return                                                                  1,000.00
----------------------------------------------------------------------------------------------------------------
 9-Nov-99          Net Profits License Fee Return                                                       157.19
----------------------------------------------------------------------------------------------------------------
10-Nov-99          Income Tax Return                                                                  1,113.00
----------------------------------------------------------------------------------------------------------------
10-Nov-99          Income Tax Return                                                                    111.00
----------------------------------------------------------------------------------------------------------------
11-Nov-99          City Net Profit License Fee Return                                                   620.00
----------------------------------------------------------------------------------------------------------------
12-Nov-99          Net Profit License Fee Return                                                        506.00
----------------------------------------------------------------------------------------------------------------
12-Nov-99          Net Profits License Fee Return                                                        69.00
----------------------------------------------------------------------------------------------------------------
15-Nov-99          Income Tax Return                                                                     85.00
----------------------------------------------------------------------------------------------------------------
18-Nov-99          License Fee Division                                                                 727.00
----------------------------------------------------------------------------------------------------------------
22-Nov-99          Income Tax Return                                                                  1,074.00
----------------------------------------------------------------------------------------------------------------
22-Nov-99          Business Income Tax Return                                                           396.00
----------------------------------------------------------------------------------------------------------------
22-Nov-99          Income Tax Return                                                                    200.00
----------------------------------------------------------------------------------------------------------------
23-Nov-99          Property Taxes                                                                    73,816.04
----------------------------------------------------------------------------------------------------------------
 1-Dec-99          Fee paid consultant for lowering taxes related to above facility                 (36,854.10)
----------------------------------------------------------------------------------------------------------------
24-Nov-99          Income Tax Return                                                                  1,000.00
----------------------------------------------------------------------------------------------------------------
26-Nov-99          Combined Corporation Business Tax Return                                          18,331.00
----------------------------------------------------------------------------------------------------------------
 2-Dec-99          Corporation Income Tax Return                                                      1,151.00
----------------------------------------------------------------------------------------------------------------
 6-Dec-99          Income Tax-1998 Corporation Return                                                   403.00
----------------------------------------------------------------------------------------------------------------
13-Dec-99          Net Profits License Fee Return                                                       478.00
----------------------------------------------------------------------------------------------------------------
15-Dec-99          City Income Tax Return                                                               185.00
----------------------------------------------------------------------------------------------------------------
15-Dec-99          Income Tax Return                                                                  1,600.17
----------------------------------------------------------------------------------------------------------------
20-Dec-99          Corporation Income Tax Return                                                      1,925.00
----------------------------------------------------------------------------------------------------------------
20-Dec-99          Income Tax Return                                                                     16.00
----------------------------------------------------------------------------------------------------------------
23-Dec-99          Corporation Franchise or Income Tax Return                                        82,617.00
----------------------------------------------------------------------------------------------------------------
27-Dec-99          06-95 to 05-96 Corporate Franchise Tax Resulting From Automatic NOL Carryback     33,829.00
----------------------------------------------------------------------------------------------------------------
27-Dec-99          06-96 to 12-96 Corporate Franchise Tax Resulting From Automatic NOL Carryback     15,306.00
----------------------------------------------------------------------------------------------------------------
27-Dec-99          Business Franchise Tax Return                                                         11.00
----------------------------------------------------------------------------------------------------------------
29-Dec-99          Single Business Tax Annual Return                                                 43,644.91
----------------------------------------------------------------------------------------------------------------
 5-Jan-00          Business Tax Return                                                                1,947.00
----------------------------------------------------------------------------------------------------------------
10-Jan-00          Iowa Corporate Income Tax Return                                                     152.40
----------------------------------------------------------------------------------------------------------------
11-Jan-00          Louisiana Corporation Income Tax Return                                              626.00
----------------------------------------------------------------------------------------------------------------
21-Jan-00          Sales Tax Audit                                                                   15,638.64
----------------------------------------------------------------------------------------------------------------
21-Jan-00          City Income Tax Return / Business Return                                           1,921.00
----------------------------------------------------------------------------------------------------------------
21-Jan-00          City Income Tax Return / Business Return                                           3,500.00
----------------------------------------------------------------------------------------------------------------
 4-Feb-00          Corporation Income Tax Return                                                     18,693.15
----------------------------------------------------------------------------------------------------------------
16-Feb-00          Corporation Income Tax Return                                                      9,350.25
----------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>

                                   EXHIBIT A

<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------
Date       From                                 Regarding                        Federal ID
-----------------------------------------------------------------------------------------------------------
<S>        <C>                                  <C>                              <C>
8-Mar-00   Georgia                              Ventas, Inc. (FKA Vencor, Inc.)  61-1055020
-----------------------------------------------------------------------------------------------------------
13-Mar-00  Lexington-Fayette Urban Co. Govt     Vencor Kentucky, Inc.            61-1258030
-----------------------------------------------------------------------------------------------------------
30-Mar-00  Vermont                              Ventas, Inc. & Affiliates        61-1055020
-----------------------------------------------------------------------------------------------------------
3-Apr-00   Village of West Lafayette            First Healthcare Corporation     04-2432780
-----------------------------------------------------------------------------------------------------------
3-Apr-00   North Carolina                       Ventas, Inc.
-----------------------------------------------------------------------------------------------------------
3-Apr-00   Maryland                             Vencor Hospital East, Inc.       61-1251013
-----------------------------------------------------------------------------------------------------------
3-Apr-00   Board of Commissioners - Pasco Co.   Ventas Realty                      99014053
-----------------------------------------------------------------------------------------------------------
17-Apr-00  North Carolina                       First Healthcare Corporation     04-2432780
-----------------------------------------------------------------------------------------------------------

-----------------------------------------------------------------------------------------------------------
           SUBTOTAL
-----------------------------------------------------------------------------------------------------------

-----------------------------------------------------------------------------------------------------------
3-Feb-00   Federal Tax Refund
-----------------------------------------------------------------------------------------------------------

-----------------------------------------------------------------------------------------------------------
           TOTAL
===========================================================================================================

<CAPTION>
-----------------------------------------------------------------------------------------------------------
Date         Type                                                                        AMOUNT
-----------------------------------------------------------------------------------------------------------
<S>          <C>                                                                         <C>
8-Mar-00     Corporation Tax Returns                                                          9,770.00
-----------------------------------------------------------------------------------------------------------
13-Mar-00    Net Profits License Fee Return                                                   1,625.00
-----------------------------------------------------------------------------------------------------------
30-Mar-00                                                                                    57,662.00
-----------------------------------------------------------------------------------------------------------
3-Apr-00     Corporation, Partnership or Fiduciary Income Tax Return                            400.00
-----------------------------------------------------------------------------------------------------------
3-Apr-00     1998 Corporate Income Tax Refund                                                   141.34
-----------------------------------------------------------------------------------------------------------
3-Apr-00     1998 Withholding                                                                    70.52
-----------------------------------------------------------------------------------------------------------
3-Apr-00     Refund of Solid Waste Refund for 1999 (Pasco County, Dade City, Florida)            53.26
-----------------------------------------------------------------------------------------------------------
17-Apr-00    Corporate Franchise and Income Tax Return                                      129,460.22
-----------------------------------------------------------------------------------------------------------

-----------------------------------------------------------------------------------------------------------
                                                                                            504,079.99
-----------------------------------------------------------------------------------------------------------

-----------------------------------------------------------------------------------------------------------
3-Feb-00                                                                                 26,609,865.60
-----------------------------------------------------------------------------------------------------------

-----------------------------------------------------------------------------------------------------------
                                                                                         27,113,945.59
===========================================================================================================
</TABLE>
<PAGE>

<TABLE>
<CAPTION>
REFUND ANALYSIS                                                                        EXHIBIT B
Refunds from Tax Return Periods 5/1/98 and Prior
September 13, 1999 through May 22, 2000

                                                           REFUNDS       REFUNDS         REFUNDS       REFUNDS        REFUNDS
                                                           RECEIVED      RECEIVED        RECEIVED      RECEIVED       RECEIVED
DESCRIPTION                                            @ 9/13 - 9/30/99  @ 10/31/99      @ 11/30/99    @ 12/31/99     @ 01/31/00
--------------------------------------------------------------------------------------------------------------------------------
<S>                                                    <C>               <C>             <C>           <C>            <C>
INCOME/FRANCHISE TAX REFUNDS:

  IRS - Hillhaven Corp                                             33              0                0            0             0
  IRS - Transitional Hospitals Corporation                    143,067              0                0            0             0
  IRS - TheraTx, Inc.                                               0              0                0            0             0
  HAWAII - Theratx, Inc.                                            0              0                0          825             0
  HAWAII - Vencare, Inc.                                            0              0                0          300             0
  INDIANA - Vencor Home Hospice                                     0              0                0       15,281             0
  INDIANA - Vencor Insurance Company                                0              0            1,346            0             0
  INDIANA - Ventech Systems, Inc.                                 451              0                0            0             0
  IOWA - Vencare, Inc.                                              0              0                0       49,848             0
  LOUISIANA - CPC of Louisisana, Inc.                           4,888              0                0            0             0
  LOUISIANA - Medisave Pharmacies, Inc.                             0              0                0            0        39,970

  ARIZONA - American X-Rays, Inc. Refund                          178              0                0            0             0
  INDIANA - Ventech Systems, Inc. Interest                         31              0                0            0             0
  LOUISIANA - CPC of La., Inc. - Interest                          10              0                0            0             0
  LOUISIANA - CPC of La., Inc. - Refund                       223,935              0                0            0             0
  TEXAS - Respiratory Care Services, Inc. - Refund                  0            489                0            0             0
  LOUISIANA - CPC of La., Inc. - Refund                             0          1,289                0            0             0
  TEXAS - Medisave Pharmacy, Inc. - Refund                          0              0               31            0             0
  MISSISSIPPI - CPC Properties of Ms., Inc. - Refund                0              0            4,584            0             0
  HAWAII - Vencare, Inc. - Interest                                 0              0                0            2             0
  HAWAII - Theratx, Inc. - Interest                                 0              0                0            6             0
  INDIANA - Vencor Hospice, Inc. - Interest                         0              0                0        2,670             0
  IOWA - Vencare, Inc. - Interest                                   0              0                0        5,184             0
  LOUISIANA - Medisave Pharmacy, Inc. - Interest                    0              0                0            0           951
  SOUTH CAROLINA - Vencare, Inc. - Interest                         0              0                0            0             0

--------------------------------------------------------------------------------------------------------------------------------
  Total Income/Franchise Tax Refunds Rec.                     372,593          1,778            5,961       74,116        40,921
--------------------------------------------------------------------------------------------------------------------------------

SALES /USE TAX REFUNDS:

  Indiana - Ventas                                                            19,548

--------------------------------------------------------------------------------------------------------------------------------

  Total Sales/Use Tax Refunds Received                              0         19,548                0            0             0
--------------------------------------------------------------------------------------------------------------------------------

PROPERTY TAX REFUNDS:

  Kentucky - TheraTx, Inc.
  Illinois - Vencor Hospitals Illinois, Inc.
  Massachusetts
  Texas                                                            15
  Colorado                                                         82
  Colorado                                                      1,704
  Colorado                                                                       273
  Colorado                                                                     4,430
  Washington - First Healthcare Corporation                    29,947
  Washington - First Healthcare Corporation                    31,687
  Washington - First Healthcare Corporation                    10,581
  Washington - First Healthcare Corporation                    37,909
  Washington - First Healthcare Corporation                     3,009
  Washington - First Healthcare Corporation                    10,074
  Tennessee
  Tennessee                                                                                                                  240
--------------------------------------------------------------------------------------------------------------------------------
  Total Property Tax Refunds Received                         125,008          4,703                0            0           240
--------------------------------------------------------------------------------------------------------------------------------

Total Tax Refunds Received                                    497,601         26,029            5,961       74,116        41,161
================================================================================================================================

<CAPTION>
                                                         REFUNDS     REFUNDS     REFUNDS           REFUNDS         Total Refunds
                                                         RECEIVED    RECEIVED    RECEIVED          RECEIVED       Rec'd 9/13/99 to
DESCRIPTION                                              @ 02/28/00  @ 03/31/00  @ 04/30/00   @ 05/01 - 05/22/00      05/22/00
----------------------------------------------------------------------------------------------------------------  ----------------
<S>                                                      <C>         <C>         <C>          <C>                 <C>
INCOME/FRANCHISE TAX REFUNDS:

  IRS - Hillhaven Corp                                            0           0            0                   0                33
  IRS - Transitional Hospitals Corporation                        0           0      213,255              97,165           453,487
  IRS - TheraTx, Inc.                                     1,330,682           0            0                   0         1,330,682
  HAWAII - Theratx, Inc.                                          0           0            0                   0               825
  HAWAII - Vencare, Inc.                                          0           0            0                   0               300
  INDIANA - Vencor Home Hospice                                   0           0            0                   0            15,281
  INDIANA - Vencor Insurance Company                              0           0            0                   0             1,346
  INDIANA - Ventech Systems, Inc.                                 0           0            0                   0               451
  IOWA - Vencare, Inc.                                            0           0            0                   0            49,848
  LOUISIANA - CPC of Louisisana, Inc.                             0           0            0                   0             4,888
  LOUISIANA - Medisave Pharmacies, Inc.                           0           0            0                   0            39,970

  ARIZONA - American X-Rays, Inc. Refund                          0           0            0                   0               178
  INDIANA - Ventech Systems, Inc. Interest                        0           0            0                   0                31
  LOUISIANA - CPC of La., Inc. - Interest                         0           0            0                   0                10
  LOUISIANA - CPC of La., Inc. - Refund                           0           0            0                   0           223,935
  TEXAS - Respiratory Care Services, Inc. - Refund                0           0            0                   0               489
  LOUISIANA - CPC of La., Inc. - Refund                           0           0            0                   0             1,289
  TEXAS - Medisave Pharmacy, Inc. - Refund                        0           0            0                   0                31
  MISSISSIPPI - CPC Properties of Ms., Inc. - Refund              0           0            0                   0             4,584
  HAWAII - Vencare, Inc. - Interest                               0           0            0                   0                 2
  HAWAII - Theratx, Inc.  - Interest                              0           0            0                   0                 6
  INDIANA - Vencor Hospice, Inc. - Interest                       0           0            0                   0             2,670
  IOWA - Vencare, Inc. - Interest                                 0           0            0                   0             5,184
  LOUISIANA - Medisave Pharmacy, Inc. - Interest                  0           0            0                   0               951
  SOUTH CAROLINA - Vencare, Inc. - Interest                       0           0        1,343                   0             1,343

----------------------------------------------------------------------------------------------------------------  ----------------
  Total Income/Franchise Tax Refunds Rec.                 1,330,682           0      214,598              97,165         2,137,814
----------------------------------------------------------------------------------------------------------------  ----------------

SALES /USE TAX REFUNDS:

  Indiana - Ventas                                                                                                          19,548

----------------------------------------------------------------------------------------------------------------  ----------------
  Total Sales/Use Tax Refunds Received                            0           0            0                   0            19,548
----------------------------------------------------------------------------------------------------------------  ----------------

PROPERTY TAX REFUNDS:

  Kentucky - TheraTx, Inc.
  Illinois - Vencor Hospitals Illinois, Inc.                 11,127                                                         11,127
  Massachusetts                                               5,083                                                          5,083
  Texas                                                                                                                         15
  Colorado                                                                                                                      82
  Colorado                                                                                                                   1,704
  Colorado                                                                                                                     273
  Colorado                                                                                                                   4,430
  Washington - First Healthcare Corporation                                                                                 29,947
  Washington - First Healthcare Corporation                                                                                 31,687
  Washington - First Healthcare Corporation                                                                                 10,581
  Washington - First Healthcare Corporation                                                                                 37,909
  Washington - First Healthcare Corporation                                                                                  3,009
  Washington - First Healthcare Corporation                                                                                 10,074
  Tennessee                                                                           16,390                                16,390
  Tennessee                                                                           16,843                                17,083
----------------------------------------------------------------------------------------------------------------  ----------------
  Total Property Tax Refunds Received                        16,210           0       33,233                   0           179,394
----------------------------------------------------------------------------------------------------------------  ----------------

Total Tax Refunds Received                                1,346,892           0      247,831              97,165         2,336,756
================================================================================================================  ================
</TABLE>
<PAGE>

                                   Exhibit C
                                   ---------

Vencor Bank Group
-----------------

Mr. Houston Stebbins
Morgan Guaranty Trust Company
DIP Agent
60 Wall Street, 23/rd/ floor
New York, New York 10260

Karen Wagner, Esq.
Davis, Polk & Wardwell
450 Lexington Avenue
New York, New York 10017

Joel B. Zweibel, Esq.
O'Melveny & Myers, LLP
Citicorp Center
153 E. 53/rd/ Street
New York, New York 10022

Official Committee of Unsecured Creditors
-----------------------------------------

Chaim J. Fortgang, Esq.
Wachtell, Lipton, Rosen & Katz
51 West 52/nd/ Street
New York, New York 10019

The Office of the United States Trustee
---------------------------------------

John D. McLaughlin, Jr., Esq.
Office of the U.S. Trustee
601 Walnut Street
The Curtis Center
Suite 950 West
Philadelphia, PA 19106

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