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Under the existing guidance, an entity is required to separately disclose extraordinary items, net of tax, in the income statement after income from continuing operations if an event or transaction is of unusual nature and occurs infrequently. This separate, net-of-tax presentation (and corresponding earnings per share impact) will no longer be allowed. The existing requirement to separately present items that are of unusual nature or occur infrequently on a pre-tax basis within income from continuing operations has been retained. The new guidance also requires similar separate presentation of items that are both unusual and infrequent. 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According to the new standard, substantial doubt about an entity&#8217;s ability to continue as a going concern exists if it is probable that the entity will be unable to meet its obligations as they become due within one year after the date the entity&#8217;s financial statements are issued. In order to determine the specific disclosures, if any, that would be required, management will need to assess if substantial doubt exists, and, if so, whether its plans will alleviate such substantial doubt. The new standard requires assessment each annual and interim period and will be effective for the Company on December 31, 2016 with earlier application permitted.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">In May 2014, the Financial Accounting Standards Board (&#8220;FASB&#8221;) issued a new standard related to revenue recognition, which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The new standard will replace most of the existing revenue recognition standards in GAAP.&#160; In July 2015, the FASB voted to defer the effective date by one year to December 15, 2017 for annual reporting periods beginning after that date.&#160; Early adoption is not permitted. The new standard can be applied retrospectively to each prior reporting period presented or retrospectively with the cumulative effect of the change recognized at the date of the initial application. The Company is assessing the potential impact of the new standard on financial reporting and has not yet selected a transition method.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">In April 2014, FASB issued amended guidance on the use and presentation of discontinued operations in an entity's consolidated financial statements. The new guidance restricts the presentation of discontinued operations to business circumstances when the disposal of business operations represents a strategic shift that has or will have a major effect on an entity's operations and financial results. The guidance became effective on January 1, 2015. Adoption is on a prospective basis.&#160; The Company adopted the new guidance as of December 31, 2014 and based on the guidance did not present the schools that are held for sale as discontinued operations in the consolidated financial statements.&#160; As discussed in Note 4, the Company did include the five training sites from Florida in discontinued operations in the consolidated financial statements for the year ended December 31, 2014 as they qualify under the amended guidance.</div></div> 15 31 3 1402000 2958000 -9364000 -6211000 -11647000 -17977000 -639000 -1430000 -1010000 -7402000 886000 7752000 -17218000 -2293000 -6417000 -1237000 -517000 -2047000 -2553000 -15609000 -555000 2770000 3223000 -2972000 <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; width: 100%;"><tr style="vertical-align: top;"><td style="vertical-align: top; width: 27pt; align: right;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; text-align: left; margin-left: 36pt; text-indent: -36pt;">1.</div></td><td style="vertical-align: top; width: auto; align: left;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; text-align: left; margin-left: 36pt; text-indent: -36pt;">SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</div></td></tr></table></div><div style="text-align: left;"><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">Business Activities</font> &#8211; Lincoln Educational Services Corporation and its subsidiaries (collectively, the &#8220;Company&#8221;) is a provider of diversified career-oriented post-secondary education. The Company reorganized its operations in the first quarter of 2015 into three reportable segments:&#160; a) Transportation and Skilled Trades, b) Healthcare and Other Professions, and c) Transitional.&#160; The Company offers recent high school graduates and working adults career-oriented programs in these segments.&#160; The Company currently has 31 campuses in 15 states across the United States.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">Liquidity</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8212;</font>For the last several years, the Company and the proprietary school sector have faced deteriorating earnings. Government regulations have negatively impacted earnings by making it more difficult for potential students to obtain loans, which, when coupled with the overall economic environment, have hindered potential students from enrolling in its post-secondary schools. In light of these factors, the Company has incurred significant operating losses as a result of lower student population. The Company also recorded a pre-tax goodwill impairment charge of $39.0 million for the year ended December 31, 2014 as a result of a significant decline in market capitalization. Despite these events, the Company believes that its likely sources of cash should be sufficient to fund operations for the next twelve months.&#160;At June 30, 2015, the Company&#8217;s available sources of cash primarily included cash from operations, cash and cash equivalents on hand of $4.9 million and the ability to draw up to $20 million (less letters of credit of $7.0 million) under its revolving line of credit that was due to mature on April 5, 2016. On July 31, 2015, the Company repaid in full and terminated the revolving line of credit with the proceeds of a new $45 million term loan; refer to Note 11 for a description of the term loan, and certain restrictions on the use of cash.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">To fund the Company&#8217;s business plans, including any anticipated future losses, purchase commitments, capital expenditures, principal and interest payments on borrowings and to satisfy the Department of Education (the &#8220;DOE&#8221;) financial responsibility standards, the Company has the ability to leverage its owned real estate that is not classified as held for sale. The Company is also continuing to take actions to improve cash flow by aligning its cost structure to its student population.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">In addition to the current sources of capital discussed above that provide short term liquidity, the Company plans to sell approximately $52.4 million in assets which are currently classified as held for sale and are expected to be sold within one year from the date of classification.&#160; We also are currently exploring various other alternatives including strategic partnerships.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">Basis of Presentation</font> &#8211; The accompanying unaudited condensed consolidated financial statements have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (&#8220;SEC&#8221;) and in accordance with accounting principles generally accepted in the United States of America (&#8220;GAAP&#8221;) for interim financial statements.&#160; Certain information and footnote disclosures normally included in annual financial statements have been omitted or condensed pursuant to such regulations.&#160; These statements, which should be read in conjunction with the December 31, 2014 consolidated financial statements and related disclosures of the Company included in the Annual Report on Form 10-K filed with the SEC on March 16, 2015, reflect all adjustments, consisting of normal recurring adjustments and impairments necessary to present fairly the consolidated financial position, results of operations and cash flows for such periods.&#160; The results of operations for the three and six months ended June 30, 2015 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2015.</div><div style="text-align: left;"><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">The unaudited condensed consolidated financial statements include the accounts of the Company and its subsidiaries.&#160; All significant intercompany accounts and transactions have been eliminated.</div><div style="text-align: left;"><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">Use of Estimates in the Preparation of Financial Statements</font> &#8211; The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the period.&#160; On an ongoing basis, the Company evaluates the estimates and assumptions including those related to revenue recognition, bad debts, fixed assets, goodwill and other intangible assets, stock-based compensation, income taxes, benefit plans and certain accruals and contingencies.&#160; Actual results could differ from those estimates.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">New Accounting Pronouncements </font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8211;</font> In January 2015, the Financial Accounting Standards Board (&#8220;FASB&#8221;) issued Accounting Standards Update (&#8220;ASU&#8221;) No. 2015-01, <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Income Statement &#8211; Extraordinary and Unusual Items. </font>ASU 2015-01 simplifies income statement classification by removing the concept of extraordinary items from U.S. GAAP. Under the existing guidance, an entity is required to separately disclose extraordinary items, net of tax, in the income statement after income from continuing operations if an event or transaction is of unusual nature and occurs infrequently. This separate, net-of-tax presentation (and corresponding earnings per share impact) will no longer be allowed. The existing requirement to separately present items that are of unusual nature or occur infrequently on a pre-tax basis within income from continuing operations has been retained. The new guidance also requires similar separate presentation of items that are both unusual and infrequent. The guidance, effective for the Company on January 1, 2016, with earlier application permitted as of the beginning of the fiscal year of adoption, is not expected to have a material impact on our consolidated financial statements.</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">&#160;</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">In August 2014, the FASB issued a new standard &#8211; ASU No. 2014-15, <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Disclosure of Uncertainties about an Entity&#8217;s Ability to Continue as a Going Concern </font>- that will explicitly require management to evaluate whether there is substantial doubt about an entity&#8217;s ability to continue as a going concern and to provide related footnote disclosures in certain circumstances. According to the new standard, substantial doubt about an entity&#8217;s ability to continue as a going concern exists if it is probable that the entity will be unable to meet its obligations as they become due within one year after the date the entity&#8217;s financial statements are issued. In order to determine the specific disclosures, if any, that would be required, management will need to assess if substantial doubt exists, and, if so, whether its plans will alleviate such substantial doubt. The new standard requires assessment each annual and interim period and will be effective for the Company on December 31, 2016 with earlier application permitted.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">In May 2014, the Financial Accounting Standards Board (&#8220;FASB&#8221;) issued a new standard related to revenue recognition, which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The new standard will replace most of the existing revenue recognition standards in GAAP.&#160; In July 2015, the FASB voted to defer the effective date by one year to December 15, 2017 for annual reporting periods beginning after that date.&#160; Early adoption is not permitted. The new standard can be applied retrospectively to each prior reporting period presented or retrospectively with the cumulative effect of the change recognized at the date of the initial application. The Company is assessing the potential impact of the new standard on financial reporting and has not yet selected a transition method.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">In April 2014, FASB issued amended guidance on the use and presentation of discontinued operations in an entity's consolidated financial statements. The new guidance restricts the presentation of discontinued operations to business circumstances when the disposal of business operations represents a strategic shift that has or will have a major effect on an entity's operations and financial results. The guidance became effective on January 1, 2015. Adoption is on a prospective basis.&#160; The Company adopted the new guidance as of December 31, 2014 and based on the guidance did not present the schools that are held for sale as discontinued operations in the consolidated financial statements.&#160; As discussed in Note 4, the Company did include the five training sites from Florida in discontinued operations in the consolidated financial statements for the year ended December 31, 2014 as they qualify under the amended guidance.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">Stock-Based Compensation</font> &#8211; The Company measures the value of stock options on the grant date at fair value, using the Black-Scholes option valuation model.&#160; The Company amortizes the fair value of stock options, net of estimated forfeitures, utilizing straight-line amortization of compensation expense over the requisite service period of the grant. </div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">The Company measures the value of service and performance-based restricted stock on the fair value of a share of common stock on the date of the grant. 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In accordance with ASC 740, the Company&#8217;s assessment considers whether there has been sufficient income in recent years and whether sufficient income is expected in future years in order to utilize the deferred tax asset. In evaluating the realizability of deferred income tax assets, the Company considered, among other things, historical levels of income, expected future income, the expected timing of the reversals of existing temporary reporting differences, and the expected impact of tax planning strategies that may be implemented to prevent the potential loss of future income tax benefits. Significant judgment is required in determining the future tax consequences of events that have been recognized in the Company&#8217;s consolidated financial statements and/or tax returns.&#160; Differences between anticipated and actual outcomes of these future tax consequences could have a material impact on the Company&#8217;s consolidated financial position or results of operations.&#160; Changes in, among other things, income tax legislation, statutory income tax rates, or future income levels could materially impact the Company&#8217;s valuation of income tax assets and liabilities and could cause the Company&#8217;s income tax provision to vary significantly among financial reporting periods.</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">&#160;</div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">The Company recognizes accrued interest and penalties related to unrecognized tax benefits in income tax expense.&#160; During the three and six months ended June 30, 2015 and 2014, the Company did not have any interest and penalties expense associated with uncertain tax positions.</div></div> 0 462000 0 0 462000 0 2303000 2658000 780000 780000 219000 357000 371000 0 0 593000 -113000 -231000 -462000 -225000 104000 112000 0 3358000 2611000 1298000 0 250000 <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; width: 100%;"><tr style="vertical-align: top;"><td style="vertical-align: top; width: 27pt; align: right;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; text-align: left; margin-left: 36pt; text-indent: -36pt;">9.</div></td><td style="vertical-align: top; width: auto; align: left;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; text-align: left; margin-left: 36pt; text-indent: -36pt;">PENSION PLAN</div></td></tr></table></div><div style="text-align: left;"><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">The Company sponsors a noncontributory defined benefit pension plan covering some of the Company&#8217;s employees who were employed by the Company prior to 1995.&#160; Benefits are provided based on employees&#8217; years of service and earnings.&#160; This plan was frozen on December 31, 1994.&#160; The Company did not make any contributions to the pension plan for the three and six months ended June 30, 2015, and paid $0.1 million for the six months ended June 30, 2014.&#160; The net periodic benefit cost/benefit was less than $0.1 million for the three and six months ended June 30, 2015 and 2014.</div></div> 0 0 0 0 10000000 10000000 0 0 0 0 879000 849000 3614000 3937000 13800000 54500000 30000000 15000000 8500000 67000 80000 69740000 63919000 -51000 -9000 7491000 7449000 214000 231000 54500000 32500000 30000000 6300000 30000000 0 -8878000 5610000 72393000 66097000 87803000 32235000 997000 42447000 0 43271000 1691000 0 410000 29536000 149113000 87290000 883000 155591000 0 76389000 0 60826000 <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">Liquidity</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8212;</font>For the last several years, the Company and the proprietary school sector have faced deteriorating earnings. Government regulations have negatively impacted earnings by making it more difficult for potential students to obtain loans, which, when coupled with the overall economic environment, have hindered potential students from enrolling in its post-secondary schools. In light of these factors, the Company has incurred significant operating losses as a result of lower student population. The Company also recorded a pre-tax goodwill impairment charge of $39.0 million for the year ended December 31, 2014 as a result of a significant decline in market capitalization. Despite these events, the Company believes that its likely sources of cash should be sufficient to fund operations for the next twelve months.&#160;At June 30, 2015, the Company&#8217;s available sources of cash primarily included cash from operations, cash and cash equivalents on hand of $4.9 million and the ability to draw up to $20 million (less letters of credit of $7.0 million) under its revolving line of credit that was due to mature on April 5, 2016. 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font-family: 'Times New Roman', Times, serif; font-weight: bold; text-align: left; margin-left: 36pt; text-indent: -36pt;">STOCKHOLDERS&#8217; EQUITY</div></td></tr></table></div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic; text-align: left;">Restricted Stock</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">The Company has two stock incentive plans:&#160; a Long-Term Incentive Plan (the &#8220;LTIP&#8221;) and a Non-Employee Directors Restricted Stock Plan <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(the &#8220;Non-Employee Directors Plan&#8221;).</font></div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">Under the LTIP, certain employees received awards of restricted shares of common stock based on service and performance.&#160; The number of shares granted to each employee is based on the fair market value of a share of common stock on the date of grant.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">On June 2, 2014 and December 18, 2014, performance-based shares were granted which vest over three years based upon the attainment of (i) a specified operating income margin during any one or more of the fiscal years in the period beginning January 1, 2015 and ending December 31, 2017 and (ii) the attainment of earnings before interest, taxes, depreciation and amortization targets during each of the fiscal years ended December 31, 2015 through 2017.&#160; There is no vesting period on the right to vote or the right to receive dividends on any of the restricted shares.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">On April 29, 2013, performance-based shares were granted which vest over four years based upon the attainment of (i) a specified operating income margin during any one or more of the fiscal years in the period beginning January 1, 2013 and ending December 31, 2016 and (ii) the attainment of earnings before interest, taxes, depreciation and amortization targets during each of the fiscal years ended December 31, 2013 through 2016.&#160; 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font-family: 'Times New Roman', Times, serif; text-align: left;">On July 31, 2015, the Company entered into a credit agreement (the &#8220;New Credit Agreement&#8221;) with three lenders, Alostar Bank of Commerce (&#8220;Alostar&#8221;), HPF Holdco, LLC and Rushing Creek 4, LLC, led by HPF Service, LLC, as administrative agent and collateral agent (the &#8220;Agent&#8221;), for an aggregate principal amount of $45 million (the &#8220;Loan&#8221;).&#160; The Loan consists of a $30 million term loan from HPF Holdco, LLC and Rushing Creek 4, LLC secured by a first priority lien in favor of the Agent on substantially all of the real and personal property owned by the Company, and a $15 million term loan from Alostar secured by a $15.3 million cash collateral account controlled by Alostar. 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padding-bottom: 2px; width: 68%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left;">Thereafter</div></td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%; background-color: #ffffff;">&#160;</td><td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; width: 1%; background-color: #ffffff;">&#160;</td><td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">21,565</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left; width: 1%; background-color: #ffffff;">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 4px; width: 68%; background-color: #cceeff;">&#160;</td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 4px; width: 1%; background-color: #cceeff;">&#160;</td><td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 4px double; text-align: left; width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</div></td><td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 4px double; text-align: right; width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">40,950</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 4px; text-align: left; width: 1%; background-color: #cceeff;">&#160;</td></tr></table></div> 0.05 3 0.03 15000000 In 2009, the Company assumed real estate capital leases in Fern Park, Florida and Hartford, Connecticut. These leases bear interest at 8% and expire in 2032 and 2031, respectively. The Company completed a sale and a leaseback of several facilities on December 28, 2001. The Company retains a continuing involvement in the lease and, as a result, it is prohibited from utilizing sale-leaseback accounting. Accordingly, the Company has treated this transaction as a finance lease. The lease expires on December 31, 2016. On April 5, 2012, the Company, as borrower, and certain of its wholly-owned subsidiaries, as guarantors, entered into a secured revolving credit agreement with a syndicate of four lenders led by Bank of America, N.A., as administrative agent and letter of credit issuer (the "Credit Facility"). The April 5, 2012 agreement, along with subsequent amendments dated June 18, 2013, December 20, 2013, December 29, 2014 and March 4, 2015, are collectively referred to as the "Credit Agreement." As of December 31, 2013, the aggregate principal amount available under the Credit Facility was $60 million. Effective January 16, 2014, this amount was reduced to $40 million. Effective January 15, 2015, this amount was further reduced to $20 million. The revolving commitments available for use other than for the issuance of letters of credit under the Credit Facility have been reduced to $12 million. During the period commencing on December 1, 2015 running through January 15, 2016, the Company is required to reduce the outstanding revolving loans, other than letters of credit obligations, to $0. The Credit Facility may be used to finance capital expenditures and permitted acquisitions, to pay transaction expenses, for the issuance of letters of credit and for general corporate purposes. The Credit Agreement includes a $25 million letter of credit sublimit which was reduced to $20 million effective January 15, 2015. Borrowings under the Credit Facility are secured by a first priority lien on substantially all of the tangible and intangible assets of the Company including real estate. All net proceeds of future sales of real property by the Company and its subsidiaries must be used to prepay revolving loans and permanently reduce the principal amount of revolving loans available under the Credit Facility. The term of the Credit Facility was 36 months, maturing on April 5, 2015 but was extended for an additional 12 months with a new expiration date of April 5, 2016. Amounts borrowed under the Credit Facility bear interest, at the Company's option, at either (i) an interest rate based on LIBOR (or the rate of 1.00%, if greater) and adjusted for any reserve percentage obligations under Federal Reserve Bank regulations (the "Eurodollar Rate") for specified interest periods or (ii) the Base Rate (as defined under the Credit Facility), in each case, plus an applicable margin rate as determined under the Credit Agreement. The "Base Rate", as defined under the Credit Facility, is the highest of (a) the rate of interest announced from time to time by Bank of America, N.A. as its prime rate, (b) the Federal Funds rate plus 0.5% and (c) a daily rate equal to the one-month LIBOR rate plus 1.0%. The Fourth Amendment re-sets the margin interest rate for (a) Base Rate loans as (i) 11.0% from March 4, 2015 through April 15, 2015, (ii) 14.0% from April 16, 2015 through May 31, 2015 and (iii) 17.0% from June 1, 2015 and thereafter and (b) Eurodollar Rate loans as (i) 12.0% from March 4, 2015 through April 15, 2015, (ii) 15.0% from April 16, 2015 through May 31, 2015 and (iii) 18.0% from June 1, 2015 and thereafter. The Company is required to pay on a quarterly basis a commitment fee equal to the amount of the then unused availability under the Credit Facility multiplied by (i) 5.0%, from March 4, 2015 through April 15, 2015, (ii) 6.0%, from April 16, 2015 through May 31, 2015 and (iii) 7.0% from June 1, 2015 and thereafter. Letters of credit require a fee equal to the applicable margin rate multiplied by the daily amount available to be drawn under each issued letter of credit plus an agreed upon fronting fee and customary issuance, presentation, amendment and other processing fees associated with letters of credit. The Credit Agreement contains customary representations, warranties and covenants including consolidated adjusted net worth, consolidated leverage ratio, consolidated fixed charge coverage ratio, minimum financial responsibility composite score, cohort default rate and other financial covenants, certain restrictions on capital expenditures as well as affirmative and negative covenants and events of default customary for facilities of this type. In addition, the Company is paying fees to the lenders that are customary for facilities of this type. As of June 30, 2015, the Company is in compliance with all financial covenants. The Company paid amendment fees of $0.2 million and $0.4 million for the three and six months ended June 30, 2015 respectively, and had the Credit Facility remained outstanding, the Company would have been required to pay additional amendment fees of varying amounts on each of September 30, 2015 and December 31, 2015. At June 30, 2015, the Company had outstanding letters of credit aggregating approximately $7.0 million, which was primarily comprised of letters of credit for the DOE matters and real estate leases. During the six months ended June 30, 2015, the Company had net repayments of $30.0 million under the Credit Facility. The Company had $6.0 million outstanding under the Credit Facility as of June 30, 2015. The interest rates on borrowings ranged from 17.25% to 20.25%. The Company had $30.0 million outstanding under the Credit Agreement as of December 31, 2014 which was repaid on January 3, 2015. The interest rate on this borrowing was 7.25%. On July 31, 2015, the Company repaid in full and terminated the Credit Facility and the revolving line of credit with the proceeds of a new $45 million term loan; refer to Note 11 for a description of the term loan.