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The July 31, 2015 credit agreement, along with subsequent amendments to the Credit Agreement dated December 31, 2015 and February 29, 2016, are collectively referred to as the &#8220;Credit Agreement.&#8221;&#160; As of December 31, 2015 and prior to the effectiveness of a second amendment to the Credit Agreement on February 29, 2016 (the &#8220;Second Amendment&#8221;), the Term Loan consisted of a $30 million term loan (the &#8220;Term Loan A&#8221;) from HPF Holdco, LLC, Rushing Creek 4, LLC and Tiger Capital Group, 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 (the &#8220;Term Loan B&#8221;) from Alostar secured by a $15.3 million cash collateral account. 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In the event of any sale or other disposition of a school or real property by the Company permitted under the Term Loan, the net proceeds of such sale or disposition must be used to prepay the Loan in an amount determined pursuant to the Credit Agreement, subject to the applicable prepayment premium; provided, however, that no prepayment premium will be due with respect to up to $15 million of aggregate repayments of the Term Loan made during the first year that the Term Loan is outstanding.&#160; A portion of the net cash proceeds of any disposition of a school in an amount determined pursuant to the terms of the Term Loan, must be deposited and held as cash collateral in a deposit account controlled by the Agent until the conditions for release set forth in the Term Loan are satisfied.&#160; In connection with the assets which are currently classified as held for sale and are expected to be sold within one year, the Company is required to classify $10 million as short term debt due to the Term Loan prepayment minimum required with respect to any such disposition.</div><div style="font-size: 10pt; 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During the first quarter of 2016, in connection with the effectiveness of the Second Amendment, the Company paid loan modification fees of $0.5 million.&#160; These deferred finance fees are netted against the Term Loan on the condensed consolidated balance sheet and amortized to interest expense on the condensed consolidated statement of operations.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: left;">As of June 30, 2016 and December 31, 2015, the Company had $44.3 million and $44.7 million outstanding under the Term Loan; offset by $2.7 million and $2.5 million of deferred finance fees, respectively.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: left;">(b) The Company completed a sale and a leaseback of several facilities on December 28, 2001. The Company retained a continuing involvement in the lease and, as a result, it is prohibited from utilizing sale-leaseback accounting. 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text-align: left; width: 1%; background-color: #cceeff;">&#160;</td><td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #cceeff;">&#160;</td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;">&#160;</td><td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #cceeff;">&#160;</td><td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;">&#160;</td><td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #cceeff;">&#160;</td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; text-align: left; margin-left: 7.2pt; 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width: 1%; background-color: #ffffff;">&#160;</td><td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #ffffff;">&#160;</td><td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #ffffff;">&#160;</td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #ffffff;">&#160;</td><td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #ffffff;">&#160;</td><td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #ffffff;">&#160;</td><td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #ffffff;">&#160;</td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #ffffff;">&#160;</td><td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #ffffff;">&#160;</td><td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #ffffff;">&#160;</td><td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #ffffff;">&#160;</td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #ffffff;">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: left; margin-left: 7.2pt; text-indent: -7.2pt;">Accrued expenses</div></td><td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #cceeff;">&#160;</td><td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">$</div></td><td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">10,142</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; 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text-align: right; width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">10,142</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;">&#160;</td><td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #cceeff;">&#160;</td><td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">$</div></td><td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">-</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;">&#160;</td><td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #cceeff;">&#160;</td><td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">$</div></td><td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">10,142</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #cceeff;">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: left; margin-left: 7.2pt; text-indent: -7.2pt;">Other short term liabilities</div></td><td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #ffffff;">&#160;</td><td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #ffffff;">&#160;</td><td valign="bottom" style="vertical-align: bottom; text-align: right; 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text-align: right; width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">208</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #ffffff;">&#160;</td><td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #ffffff;">&#160;</td><td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #ffffff;">&#160;</td><td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">-</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #ffffff;">&#160;</td><td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #ffffff;">&#160;</td><td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; 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The Company </font>currently operates 30 schools in 15 states and&#160; offers programs in automotive technology, skilled trades (which include HVAC, welding and computerized numerical control and electronic systems technology, among other programs), healthcare services (which include nursing, dental assistant, medical administrative assistant and pharmacy technician, among other programs), hospitality services (which include culinary, therapeutic massage, cosmetology and aesthetics) and business and information technology (which includes information technology and criminal justice programs).&#160; The schools operate under the Lincoln Technical Institute, Lincoln College of Technology, Lincoln College of New England, Lincoln Culinary Institute, and Euphoria Institute of Beauty Arts and Sciences brand names.&#160; Most of the campuses serve major metropolitan markets and each typically offers courses in multiple areas of study.&#160; Five of the campuses are destination schools, which attract students from across the United States and, in some cases, from abroad. The Company&#8217;s other campuses primarily attract students from their local communities and surrounding areas.&#160; All of the campuses are nationally or regionally accredited and are eligible to participate in federal financial aid programs by the U.S. Department of Education (the &#8220;DOE&#8221;) and applicable state education agencies and accrediting commissions which allow students to apply for and access federal student loans as well as other forms of financial aid.</div><div style="text-align: left;"><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">In the first quarter of 2015, the Company reorganized its operations into three reportable business segments: (a) Transportation and Skilled Trades, (b) Healthcare and Other Professions, and (c) Transitional which refers to businesses that are currently being phased out.&#160; I</font>n November, 2015, the Company&#8217;s Board of Directors approved a plan for the Company to divest 17 of the 18 schools included in its Healthcare and Other Professions business segment and, then, in December, 2015, the Board of Directors approved a plan to cease operations of the remaining school in this segment located in Hartford, Connecticut. The Hartford school is scheduled to close in the fourth quarter of 2016.&#160; Divestiture of the Healthcare and Other Professions business segment marks a shift in the Company&#8217;s business strategy intended to enable the Company to focus its energy and resources predominantly on Transportation and Skilled Trades though some other programs will continue to be available at some campuses.&#160; The <font style="font-size: 10pt; font-family: 'Times New Roman';">results of operations of the 17 campuses included in the Healthcare and Other Professions segment that are being divested are reflected as discontinued operations in the condensed consolidated financial statements.&#160; </font></div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Liquidity</font><font style="font-size: 10pt; font-family: 'Times New Roman';">&#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 discouraged potential students from enrolling in post-secondary schools. In light of these factors, the Company has incurred significant operating losses as a result of lower student population.&#160; 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, 2016, the Company&#8217;s sources of cash primarily included cash from operations, and cash and cash equivalents of $37.8 million (of which $26.8 million is restricted). The Company is also continuing to take actions to improve cash flow by aligning its cost structure to its student population.</div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: left;">&#160;</div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: left;">In addition to the current sources of capital that will provide short term liquidity, the Company plans to sell approximately $31.3 million in assets net of liabilities, which are currently classified as held for sale and are expected to be sold within one year from the date of classification of which up to $10 million will be required to pay down debt. Please refer to Note 11 Subsequent Events.</div><div style="text-align: left;"><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman'; 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, 2015 consolidated financial statements and related disclosures of the Company included in the Annual Report on Form 10-K filed with the SEC on March 10, 2016, 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, 2016 are not necessarily indicative of the results that may be expected for the full fiscal year ending December 31, 2016.</div><div style="text-align: left;"><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; 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><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman'; 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, impairments, fixed assets, income taxes, benefit plans and certain accruals.&#160; Actual results could materially differ from those estimates.</div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: left;">&#160;</div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">New Accounting Pronouncements </font>&#8211; In March 2016, the Financial Accounting Standard Board (&#8220;FASB&#8221;) issued Accounting Standards Update (&#8220;ASU&#8221;) No. 2016-09, <font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">Improvements to Employee Share-Based Payment Accounting. </font>ASU No. 2016-09 simplifies several aspects of the accounting for share-based payment transactions, including the income tax consequences. Under the new guidance, all excess tax benefits and tax deficiencies should be recognized as income tax expense or benefit in the income statement. Further, tax benefits should be recognized regardless of whether the benefits reduce taxes payable in the current period.&#160; Under the previous U.S. GAAP, excess tax benefits are recognized in additional paid-in capital; tax deficiencies are recognized either as an offset to accumulated excess tax benefits, if any, or in the income statement. Also, under the previous U.S. GAAP, excess tax benefits are not recognized until the deduction reduces taxes payable. The new guidance is effective for the Company on January 1, 2017, with earlier application permitted in any interim or annual period. 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The July 31, 2015 credit agreement, along with subsequent amendments to the Credit Agreement dated December 31, 2015 and February 29, 2016, are collectively referred to as the &#8220;Credit Agreement.&#8221;&#160; As of December 31, 2015 and prior to the effectiveness of a second amendment to the Credit Agreement on February 29, 2016 (the &#8220;Second Amendment&#8221;), the Term Loan consisted of a $30 million term loan (the &#8220;Term Loan A&#8221;) from HPF Holdco, LLC, Rushing Creek 4, LLC and Tiger Capital Group, 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 (the &#8220;Term Loan B&#8221;) from Alostar secured by a $15.3 million cash collateral account. Pursuant to the Second Amendment, the Company received an additional $5 million term loan from Alostar with which the Company repaid $5 million of the principal amount of the Term Loan A.&#160; Accordingly, upon the effectiveness of the Second Amendment, the aggregate term loans outstanding under the Credit Agreement remained at approximately $45 million, consisting of an approximate $25 million Term Loan A and a $20 million Term Loan B.&#160; In addition, pursuant to the Second Amendment, the amount of cash collateral securing the Term Loan B was increased to $20.3 million.&#160; At the Company&#8217;s request, a percentage of the cash collateral may be released to the Company at the Agent&#8217;s sole discretion and with the consent of Alostar upon the satisfaction of certain criteria as outlined in the Credit Agreement.&#160; The Term Loan, which matures on July 31, 2019, replaced a previously existing $20 million revolving credit facility with Bank of America, N.A. and other lenders, which was due to expire on April 5, 2016.&#160; The previously existing revolving credit facility was terminated concurrently with the effective date of the Credit Agreement on July 31, 2015 (the &#8220;Closing Date&#8221;).</div><div style="text-align: justify;"><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: left;">A portion of the proceeds of the Term Loan was used by the Company to (i) repay approximately $6.3 million in outstanding principal, accrued interest and fees due under the previously existing revolving credit facility, (ii) fund the $20.3 million cash collateral account securing the portion of the Term Loan provided by Alostar, (iii) fund approximately $7.4 million in a cash collateral account securing the letters of credit issued under the previously existing revolving credit facility that remain outstanding after the termination of that facility and (iv) pay transaction expenses in connection with the Term Loan and the termination of the previously existing revolving credit facility.&#160; The remaining proceeds of the Term Loan of approximately $11 million may be used by the Company to finance capital expenditures and for general corporate purposes consistent with the terms of the Credit Agreement.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: left;">Interest will accrue on the Term Loan at a per annum rate equal to the greater of (i) 11% or (ii) 90-day LIBOR plus 9%&#160; determined monthly by the Agent and will be payable monthly in arrears.&#160; The principal balance of the Term Loan will be repaid in equal monthly installments, commencing on August 1, 2017, determined as the quotient of (i) 10% of the outstanding principal balance of the Term Loan as of July 2, 2017 divided by (ii) 12.&#160; A final installment of principal and all accrued and unpaid interest will be due on the maturity date of the Term Loan.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: left;">The Term Loan may be prepaid, in whole or in part, at any time, subject to the payment of a prepayment premium equal to (i) 5% of the principal amount prepaid at any time up to but not including the second anniversary of the Closing Date and (ii) 3% of the principal amount prepaid at any time commencing on the second anniversary of the Closing Date up to but not including the third anniversary of the Closing Date.&#160; In the event of any sale or other disposition of a school or real property by the Company permitted under the Term Loan, the net proceeds of such sale or disposition must be used to prepay the Loan in an amount determined pursuant to the Credit Agreement, subject to the applicable prepayment premium; provided, however, that no prepayment premium will be due with respect to up to $15 million of aggregate repayments of the Term Loan made during the first year that the Term Loan is outstanding.&#160; A portion of the net cash proceeds of any disposition of a school in an amount determined pursuant to the terms of the Term Loan, must be deposited and held as cash collateral in a deposit account controlled by the Agent until the conditions for release set forth in the Term Loan are satisfied.&#160; In connection with the assets which are currently classified as held for sale and are expected to be sold within one year, the Company is required to classify $10 million as short term debt due to the Term Loan prepayment minimum required with respect to any such disposition.</div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: left;">&#160;</div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: left;">The Term Loan contains customary representations, warranties and covenants such as minimum financial responsibility composite score, cohort default rate, and other financial covenants, including minimum liquidity, maximum capital expenditures, maximum 90/10 ratio and minimum EBITDA (as defined in the Term Loan), as well as affirmative and negative covenants and events of default customary for facilities of this type.&#160; The Company was in compliance with all covenants as of June 30, 2016.&#160; Subsequent to the 2015 fiscal year end, pursuant to the Second Amendment, the financial covenants were adjusted and, at the Company&#8217;s election, will be adjusted for fiscal year 2017 and for each subsequent fiscal year until the maturity of the Term Loan at either the levels applicable to fiscal year 2016 (and each fiscal quarter thereof) contained in the Credit Agreement as of the Closing Date or the levels applicable to fiscal year 2016 (and each fiscal quarter thereof) contained in the Second Amendment.&#160; In the event that the Company elects to re-set the financial covenants at the 2016 covenant levels contained in the Second Amendment, the Company will be required to prepay on or before January 15, 2017, without prepayment penalty, amounts outstanding under the Term Loan up to $4 million.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: left;">The Credit Agreement contains events of default, the occurrence and continuation of which provide the Company&#8217;s lenders with the right to exercise remedies against the Company and the collateral securing the Term Loan, including the Company&#8217;s cash. 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During the first quarter of 2016, in connection with the effectiveness of the Second Amendment, the Company paid loan modification fees of $0.5 million.&#160; These deferred finance fees are netted against the Term Loan on the condensed consolidated balance sheet and amortized to interest expense on the condensed consolidated statement of operations.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: left;">As of June 30, 2016 and December 31, 2015, the Company had $44.3 million and $44.7 million outstanding under the Term Loan; offset by $2.7 million and $2.5 million of deferred finance fees, respectively.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: left;">(b) The Company completed a sale and a leaseback of several facilities on December 28, 2001. The Company retained a continuing involvement in the lease and, as a result, it is prohibited from utilizing sale-leaseback accounting. 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In January 2016, the lease was amended to cure certain provisions related to continuing involvement and, as a consequence, achieved sales treatment.&#160; In the first quarter of 2016, the lease was converted to an operating lease and rent payments are included in educational, services and facilities expense in the condensed consolidated statement of operations.&#160; In addition, the finance obligation, net of land and buildings, is being amortized straight-line through December 31, 2016.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(c) In 2009, the Company assumed a real estate capital lease for a property located in Fern Park, Florida having a term continuing through October 31, 2032.&#160; </font>On February 27, 2015, the Company&#8217;s Board of Directors <font style="font-size: 10pt; font-family: 'Times New Roman';">approved a plan to cease operations of its school located at the </font>Fern Park, Florida property, which school closed in the first quarter of 2016.&#160; <font style="font-size: 10pt; font-family: 'Times New Roman';">In connection with the closure of the Fern Park, Florida school, on February 12, 2016, the Company paid a $2.8 million lease termination fee to the landlord of the Fern Park, Florida property in connection with the amendment and early termination of the 2009 lease agreement.&#160; The amended lease agreement subsequently expired on April 10, 2016.</font></div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: left;">(d)&#160; On April 12, 2016, the Company entered into a credit agreement (the &#8220;L/C Agreement&#8221;) with Sterling National Bank (&#8220;Sterling&#8221; under which Sterling has agreed to issue letters of credit from time to time at 100% margin against available funds in a cash collateral account maintained by the Company at Sterling.&#160; The maximum availability under the L/C Agreement is $9.5 million.&#160; The Company will pay Sterling a letter of credit fee equal to 1.75% on the daily amount available to be drawn under each outstanding letter of credit, which fee is payable in quarterly installments in arrears.&#160; The L/C Agreement matures on April 1, 2017 and replaces a letter of credit facility with a prior lender.&#160; The L/C Agreement contains representations, warranties, affirmative and negative covenants and events of default customary for facilities of this type. 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border-bottom: #000000 2px solid;"><div style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; text-align: center;">% of </div><div style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; text-align: center;">Total</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;">&#160;</td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left;">&#160;</td><td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right;"><div style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; text-align: center;">2015</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;">&#160;</td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid;"><div style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; text-align: center;">% of </div><div style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; text-align: center;">Total</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;">&#160;</td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left;">&#160;</td><td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right;"><div style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; text-align: center;">2016</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;">&#160;</td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td valign="bottom" style="vertical-align: bottom; 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padding-bottom: 2px; width: 1%; background-color: #cceeff;">&#160;</td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left; width: 1%; background-color: #cceeff;">&#160;</td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: right; width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">0.0</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left; width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">%</div></td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%; background-color: #cceeff;">&#160;</td><td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; width: 1%; background-color: #cceeff;">&#160;</td><td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; 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border-bottom: #000000 4px double; text-align: right; width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">92,413</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 4px; text-align: left; width: 1%; background-color: #ffffff;">&#160;</td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 4px; width: 1%; background-color: #ffffff;">&#160;</td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 4px; text-align: left; width: 1%; background-color: #ffffff;">&#160;</td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 4px; text-align: right; width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">100.0</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 4px; text-align: left; width: 1%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">%</div></td><td valign="bottom" style="vertical-align: bottom; 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font-family: 'Times New Roman';">$</div></td><td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 4px double; text-align: right; width: 9%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">(9,211</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 4px; text-align: left; width: 1%; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">)</div></td></tr></table><div><br /></div><table border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman'; width: 70%;"><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 46%;">&#160;</td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;">&#160;</td><td colspan="6" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid;"><div style="font-size: 10pt; font-family: 'Times New Roman'; 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padding-bottom: 2px; text-align: left; width: 1%; background-color: #ffffff;">&#160;</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';">45,911</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: 46%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: left; margin-left: 16.2pt; text-indent: -7.2pt;">Total</div></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';">$</div></td><td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 4px double; text-align: right; width: 9%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">178,998</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 4px; text-align: left; width: 1%; background-color: #cceeff;">&#160;</td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 4px; width: 1%; background-color: #cceeff;">&#160;</td><td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 4px double; text-align: left; width: 1%; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">$</div></td><td valign="bottom" style="vertical-align: bottom; 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text-align: left; width: 1%; background-color: #ffffff;">&#160;</td><td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #ffffff;">&#160;</td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #ffffff;">&#160;</td><td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #ffffff;">&#160;</td><td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #ffffff;">&#160;</td><td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #ffffff;">&#160;</td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #ffffff;">&#160;</td><td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #ffffff;">&#160;</td><td valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #ffffff;">&#160;</td><td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #ffffff;">&#160;</td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: left; width: 1%; background-color: #ffffff;">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 4px; text-align: left; width: 1%; background-color: #cceeff;">&#160;</td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 4px; text-align: right; width: 9%; background-color: #cceeff;">&#160;</td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 4px; text-align: left; width: 1%; 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;">&#160;</td><td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 4px double; 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border-bottom: #000000 2px solid;"><div style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; text-align: center;">% of </div><div style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; text-align: center;">Total</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;">&#160;</td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left;">&#160;</td><td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right;"><div style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; text-align: center;">2015</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;">&#160;</td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid;"><div style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; text-align: center;">% of </div><div style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; text-align: center;">Total</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;">&#160;</td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left;">&#160;</td><td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right;"><div style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; text-align: center;">2016</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; text-align: left;">&#160;</td><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td valign="bottom" style="vertical-align: bottom; 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font-size: 10pt;"><div style="text-align: left;"><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-size: 10pt; font-family: 'Times New Roman'; width: 100%;"><tr><td style="font-size: 10pt; font-family: 'Times New Roman'; vertical-align: top; font-weight: bold; width: 36pt; align: right;">11.</td><td style="font-size: 10pt; font-family: 'Times New Roman'; vertical-align: top; font-weight: bold; text-align: left; width: auto;">SUBSEQUENT EVENTS</td></tr></table></div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">On July 1, 2016, New England Institute of Technology at Palm Beach, Inc. (&#8220;NEIT&#8221;), a wholly-owned subsidiary of the Company, entered into a purchase and sale agreement (the &#8220;WPB Sale Agreement&#8221;) with School Property Development Metrocentre, LLC (&#8220;SPD&#8221;), pursuant to which NEIT has agreed to sell to SPD the real property owned by NEIT located at 2400 and 2410 Metrocentre Boulevard East, West Palm Beach, Florida, including the improvements and other personal property located thereon&#160; (the &#8220;WPB Property&#8221;)&#160; for a cash purchase price of approximately $15.9 million.&#160; The WPB Sale Agreement contains customary representations, warranties, covenants and conditions to closing for agreements of this type.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">Concurrently with the closing of the sale of the WPB Property and pursuant to the WPB Sale Agreement, NEIT will enter into a short-term lease agreement (the &#8220;WPB Lease&#8221;) with SPD under which NEIT will lease back the WPB Property for continued use as a school in order to allow the teach-out of currently enrolled students.&#160; The monthly rental obligation under the WPB Lease is $100,000 plus the direct payment by NEIT of all real estate and other taxes and utility charges assessed against the WPB Property.&#160; The term of the WPB Lease will run from the closing date through March 31, 2017, subject to extension at the option of NEIT for three additional months through June 30, 2017.&#160; Upon the closing, as required by the Company&#8217;s credit agreement with its lender, the Company will repay, from the net cash proceeds of the sale, $10 million of the principal amount of its term loan, plus a $.5 million prepayment premium and accrued interest on the amount repaid. The Company expects that, assuming all conditions to closing are met, it will close on the sale in the third quarter of 2016.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: left;">The foregoing description does not purport to be complete and is qualified in its entirety by reference to the full text of the WPB Sale Agreement filed as Exhibit 10.1 to this Quarterly Report on Form 10-Q, which is incorporated herein by reference.</div></div> 5910541 5910541 82860000 82860000 <div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman'; 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, impairments, fixed assets, income taxes, benefit plans and certain accruals.&#160; Actual results could materially differ from those estimates.</div></div> 23448224 23094040 23131856 23399708 23399708 23094040 23131856 23448224 -380000 -271000 0 5023000 1000000 0.05 0.03 0.1 4000000 3 44267000 5000000 1 3355000 0 0 9672000 <div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Business Activities</font><font style="font-size: 10pt; font-family: 'Times New Roman';"> &#8211; Lincoln Educational Services Corporation and its subsidiaries (collectively, the &#8220;Company&#8221;) provide diversified career-oriented post-secondary education to recent high school graduates and working adults. The Company </font>currently operates 30 schools in 15 states and&#160; offers programs in automotive technology, skilled trades (which include HVAC, welding and computerized numerical control and electronic systems technology, among other programs), healthcare services (which include nursing, dental assistant, medical administrative assistant and pharmacy technician, among other programs), hospitality services (which include culinary, therapeutic massage, cosmetology and aesthetics) and business and information technology (which includes information technology and criminal justice programs).&#160; The schools operate under the Lincoln Technical Institute, Lincoln College of Technology, Lincoln College of New England, Lincoln Culinary Institute, and Euphoria Institute of Beauty Arts and Sciences brand names.&#160; Most of the campuses serve major metropolitan markets and each typically offers courses in multiple areas of study.&#160; Five of the campuses are destination schools, which attract students from across the United States and, in some cases, from abroad. The Company&#8217;s other campuses primarily attract students from their local communities and surrounding areas.&#160; All of the campuses are nationally or regionally accredited and are eligible to participate in federal financial aid programs by the U.S. Department of Education (the &#8220;DOE&#8221;) and applicable state education agencies and accrediting commissions which allow students to apply for and access federal student loans as well as other forms of financial aid.</div><div style="text-align: left;"><br /></div><div><font style="font-size: 10pt; font-family: 'Times New Roman';">In the first quarter of 2015, the Company reorganized its operations into three reportable business segments: (a) Transportation and Skilled Trades, (b) Healthcare and Other Professions, and (c) Transitional which refers to businesses that are currently being phased out.&#160; I</font>n November, 2015, the Company&#8217;s Board of Directors approved a plan for the Company to divest 17 of the 18 schools included in its Healthcare and Other Professions business segment and, then, in December, 2015, the Board of Directors approved a plan to cease operations of the remaining school in this segment located in Hartford, Connecticut. The Hartford school is scheduled to close in the fourth quarter of 2016.&#160; Divestiture of the Healthcare and Other Professions business segment marks a shift in the Company&#8217;s business strategy intended to enable the Company to focus its energy and resources predominantly on Transportation and Skilled Trades though some other programs will continue to be available at some campuses.&#160; The results of operations of the 17 campuses included in the Healthcare and Other Professions segment that are being divested are reflected as discontinued operations in the condensed consolidated financial statements.</div></div> 10000000 30 18 18 5 17 17 37800000 0 0 0 0 100000 100000 100000 100000 2 P1Y P1Y 0 2630000 2630000 0 2630000 20273000 0 20273000 20273000 0 0 0 6555000 6555000 6555000 208000 0 0 208000 208000 10 1 0.024 0 0.021 0 0.051 1 1 0.976 0.945 0.949 0.979 0 0 0.055 1 P3M 500000 In 2009, the Company assumed a real estate capital lease for a property located in Fern Park, Florida having a term continuing through October 31, 2032. On February 27, 2015, the Company's Board of Directors approved a plan to cease operations of its school located at the Fern Park, Florida property, which school closed in the first quarter of 2016. In connection with the closure of the Fern Park, Florida school, on February 12, 2016, the Company paid a $2.8 million lease termination fee to the landlord of the Fern Park, Florida property in connection with the amendment and early termination of the 2009 lease agreement. The amended lease agreement subsequently expired on April 10, 2016. The Company completed a sale and a leaseback of several facilities on December 28, 2001. The Company retained a continuing involvement in the lease and, as a result, it is prohibited from utilizing sale-leaseback accounting. Accordingly, the Company had treated this transaction as a finance lease. In January 2016, the lease was amended to cure certain provisions related to continuing involvement and, as a consequence, achieved sales treatment. In the first quarter of 2016, the lease was converted to an operating lease and rent payments are included in educational, services and facilities expense in the condensed consolidated statement of operations. In addition, the finance obligation, net of land and buildings, is being amortized straight-line through December 31, 2016. On July 31, 2015, the Company entered into a credit agreement with three lenders, Alostar Bank of Commerce ("Alostar"), HPF Holdco, LLC and Rushing Creek 4, LLC, led by HPF Service, LLC, as administrative agent and collateral agent (the "Agent"), for an aggregate principal amount of $45 million (the "Term Loan"). The July 31, 2015 credit agreement, along with subsequent amendments to the Credit Agreement dated December 31, 2015 and February 29, 2016, are collectively referred to as the "Credit Agreement." As of December 31, 2015 and prior to the effectiveness of a second amendment to the Credit Agreement on February 29, 2016 (the "Second Amendment"), the Term Loan consisted of a $30 million term loan (the "Term Loan A") from HPF Holdco, LLC, Rushing Creek 4, LLC and Tiger Capital Group, 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 (the "Term Loan B") from Alostar secured by a $15.3 million cash collateral account. Pursuant to the Second Amendment, the Company received an additional $5 million term loan from Alostar with which the Company repaid $5 million of the principal amount of the Term Loan A. Accordingly, upon the effectiveness of the Second Amendment, the aggregate term loans outstanding under the Credit Agreement remained at approximately $45 million, consisting of an approximate $25 million Term Loan A and a $20 million Term Loan B. In addition, pursuant to the Second Amendment, the amount of cash collateral securing the Term Loan B was increased to $20.3 million. At the Company's request, a percentage of the cash collateral may be released to the Company at the Agent's sole discretion and with the consent of Alostar upon the satisfaction of certain criteria as outlined in the Credit Agreement. The Term Loan, which matures on July 31, 2019, replaced a previously existing $20 million revolving credit facility with Bank of America, N.A. and other lenders, which was due to expire on April 5, 2016. The previously existing revolving credit facility was terminated concurrently with the effective date of the Credit Agreement on July 31, 2015 (the "Closing Date"). A portion of the proceeds of the Term Loan was used by the Company to (i) repay approximately $6.3 million in outstanding principal, accrued interest and fees due under the previously existing revolving credit facility, (ii) fund the $20.3 million cash collateral account securing the portion of the Term Loan provided by Alostar, (iii) fund approximately $7.4 million in a cash collateral account securing the letters of credit issued under the previously existing revolving credit facility that remain outstanding after the termination of that facility and (iv) pay transaction expenses in connection with the Term Loan and the termination of the previously existing revolving credit facility. The remaining proceeds of the Term Loan of approximately $11 million may be used by the Company to finance capital expenditures and for general corporate purposes consistent with the terms of the Credit Agreement. Interest will accrue on the Term Loan at a per annum rate equal to the greater of (i) 11% or (ii) 90-day LIBOR plus 9% determined monthly by the Agent and will be payable monthly in arrears. The principal balance of the Term Loan will be repaid in equal monthly installments, commencing on August 1, 2017, determined as the quotient of (i) 10% of the outstanding principal balance of the Term Loan as of July 2, 2017 divided by (ii) 12. A final installment of principal and all accrued and unpaid interest will be due on the maturity date of the Term Loan. The Term Loan may be prepaid, in whole or in part, at any time, subject to the payment of a prepayment premium equal to (i) 5% of the principal amount prepaid at any time up to but not including the second anniversary of the Closing Date and (ii) 3% of the principal amount prepaid at any time commencing on the second anniversary of the Closing Date up to but not including the third anniversary of the Closing Date. In the event of any sale or other disposition of a school or real property by the Company permitted under the Term Loan, the net proceeds of such sale or disposition must be used to prepay the Loan in an amount determined pursuant to the Credit Agreement, subject to the applicable prepayment premium; provided, however, that no prepayment premium will be due with respect to up to $15 million of aggregate repayments of the Term Loan made during the first year that the Term Loan is outstanding. A portion of the net cash proceeds of any disposition of a school in an amount determined pursuant to the terms of the Term Loan, must be deposited and held as cash collateral in a deposit account controlled by the Agent until the conditions for release set forth in the Term Loan are satisfied. In connection with the assets which are currently classified as held for sale and are expected to be sold within one year, the Company is required to classify $10 million as short term debt due to the Term Loan prepayment minimum required with respect to any such disposition. The Term Loan contains customary representations, warranties and covenants such as minimum financial responsibility composite score, cohort default rate, and other financial covenants, including minimum liquidity, maximum capital expenditures, maximum 90/10 ratio and minimum EBITDA (as defined in the Term Loan), as well as affirmative and negative covenants and events of default customary for facilities of this type. The Company was in compliance with all covenants as of June 30, 2016. Subsequent to the 2015 fiscal year end, pursuant to the Second Amendment, the financial covenants were adjusted and, at the Company's election, will be adjusted for fiscal year 2017 and for each subsequent fiscal year until the maturity of the Term Loan at either the levels applicable to fiscal year 2016 (and each fiscal quarter thereof) contained in the Credit Agreement as of the Closing Date or the levels applicable to fiscal year 2016 (and each fiscal quarter thereof) contained in the Second Amendment. In the event that the Company elects to re-set the financial covenants at the 2016 covenant levels contained in the Second Amendment, the Company will be required to prepay on or before January 15, 2017, without prepayment penalty, amounts outstanding under the Term Loan up to $4 million. The Credit Agreement contains events of default, the occurrence and continuation of which provide the Company's lenders with the right to exercise remedies against the Company and the collateral securing the Term Loan, including the Company's cash. These events of default include, among other things, the Company's failure to pay any amounts due under the Term Loan, a breach of covenants under the Credit Agreement, the Company's insolvency and the insolvency of its subsidiaries, the occurrence of a material adverse event, the occurrence of any default under certain other indebtedness, and a final judgment against the Company in an amount greater than $1 million. Also, in connection with the Term Loan, the Company paid to the Agent a commitment fee of $1 million on the Closing Date and is required to pay to the Agent other customary fees for facilities of this type. Total fees for the Term Loan were $2.8 million during fiscal year 2015. During the first quarter of 2016, in connection with the effectiveness of the Second Amendment, the Company paid loan modification fees of $0.5 million. These deferred finance fees are netted against the Term Loan on the condensed consolidated balance sheet and amortized to interest expense on the condensed consolidated statement of operations. As of June 30, 2016 and December 31, 2015, the Company had $44.3 million and $44.7 million outstanding under the Term Loan; offset by $2.7 million and $2.5 million of deferred finance fees, respectively.