Document:

EX-10.1

 EXHIBIT 10.1 

FIRST AMENDMENT TO 

AMENDED AND RESTATED CREDIT AGREEMENT 

This First Amendment to Amended and Restated Credit Agreement (herein, this “Amendment”) is entered into as of
October 31, 2014, by and among CAREER EDUCATION CORPORATION, a Delaware corporation (the “Company”), CEC EDUCATIONAL SERVICES, LLC, an Illinois limited
liability company (“CECE”; the Company and CECE shall be referred to herein as the “Borrowers” and individually as a “Borrower”), certain of the direct and indirect Domestic Subsidiaries of the
Company, as Subsidiary Guarantors (the Borrowers and the Subsidiary Guarantors collectively referred to herein as the “Loan Parties”), and BMO Harris Bank N.A., in its capacity as Administrative Agent, L/C Issuer and the
sole Lender (in such capacities, “BMO Harris”). 
 PRELIMINARY STATEMENTS 

A. The Borrowers, the Subsidiary Guarantors and BMO Harris entered into a certain Amended and Restated Credit Agreement, dated as of
December 30, 2013 (the “Credit Agreement”). All capitalized terms used herein without definition shall have the same meanings herein as such terms have in the Credit Agreement. 

B. The Borrowers have requested that BMO Harris increase the Aggregate Commitments from $70,000,000 to $120,000,000 and make certain other
amendments to the Credit Agreement, and BMO Harris is willing to do so under the terms and conditions set forth in this Amendment. 
 Now,
Therefore, for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows: 

SECTION 1. AMENDMENTS. 

Subject to the satisfaction of the conditions precedent set forth in Section 2 below, the Credit Agreement shall be and hereby is amended,
effective as of the date hereof, as follows: 
 1.1. The defined terms “Aggregate Commitments”, “Applicable
Rate” and “Domestic Cash” appearing in Section 1.01 of the Credit Agreement shall be amended and restated to read in their entirety as follows: 

“Aggregate Commitments” means the Commitments of all the Lenders, which as of October 31, 2014 equals
$120,000,000 in the aggregate. 
 “Applicable Rate” means with respect to (a) Base Rate Loans,
0.50% per annum, (b) Eurodollar Rate Loans and the Letter of Credit Fee for Letters of Credit (other than Existing Letters of Credit), 1.50% per annum, (c) the Letter of Credit Fee for Existing Letters of Credit, 0.75% per
annum, and (d) the commitment fees payable under Section 2.09, 0.25% per annum. 

 “Domestic Cash” means, at any time the same is determined, the
sum of (i) unrestricted cash and Cash Equivalents of the Loan Parties and their Domestic Subsidiaries maintained at financial institutions located in the United States at such time, plus (ii) unrestricted Investments of the Loan Parties
and their Domestic Subsidiaries permitted by Section 7.02(a)(ii) and Section 7.02(a)(iii) constituting marketable securities maintained at financial institutions located in the United States at such time, plus (iii) the aggregate
amount of Lease Buybacks from October 1, 2014 to such date of determination to the extent permitted by Section 7.11(b). 
 1.2.
Section 1.01 of the Credit Agreement shall be further amended by inserting new defined terms “Average Domestic Cash”, “Existing Letter of Credit”, and “Lease Buyouts” in their appropriate
alphabetical order to read in their entirety as follows: 
 “Average Domestic Cash” means, at any time the
same is to be determined, an amount equal to (a) the sum of the Domestic Cash as of the last day for each of the three most recent months then ended, divided by (b) three (3). 

“Existing Letter of Credit” means each Letter of Credit outstanding as of October 31, 2014, as such
Letter of Credit may be renewed, extended, or modified from time to time; provided, that if the stated amount of such Letter of Credit is increased (whether in connection with an extension, renewal or otherwise), such Letter of Credit shall
no longer be deemed to be an Existing Letter of Credit at the time of such increase for purposes of the defined term “Applicable Rate”. 

“Lease Buyouts” means the cash payments paid by the Company and its Subsidiaries in connection with the buyout
of leases for campus locations and other facilities. 
 1.3. Section 6.01(c) of the Credit Agreement shall be amended and restated to
read in its entirety as follows: 
 (c) as soon as available, but in any event within 30 days after the end of each
month, the Company shall deliver to the Administrative Agent and the Lenders a report showing the cash balances of the Company and its Subsidiaries as of the last day of such month (including a separate line item for Domestic Cash) together with the
average cash balances of the Company and its Subsidiaries as of the last day of the month for each of the three most recent months then ended. 

  
 -2- 

 1.4. Section 6.02(b) of the Credit Agreement shall be amended and restated to read in its
entirety as follows: 
 (b) concurrently with the delivery of the cash balance reports referred to in
Section 6.01(c), a duly completed Compliance Certificate signed by a Responsible Officer of the Company; 
 1.5.
Section 7.11 of the Credit Agreement shall be amended and restated to read in its entirety as follows: 
 7.11 Minimum Average
Domestic Cash; Maximum Lease Buyouts. 
 (a) Minimum Average Domestic Cash. Permit, as of the last day of each
month, commencing with October 31, 2014, the Average Domestic Cash to be less than $190,000,000. 
 (b) Maximum Lease
Buyouts. Permit, at any date the same may be determined, the aggregate amount of Lease Buyouts to exceed (i) $10,000,000 for the period commencing October 1, 2014 through the date of determination, if such date occurs on or prior to
December 31, 2014, (ii) $15,000,000 in the aggregate for the period commencing October 1, 2014 through the date of determination, if such date occurs after December 31, 2014 but on or prior to March 31, 2015,
(iii) $20,000,000 in the aggregate for the period commencing October 1, 2014 through the date of determination, if such date occurs after March 31, 2015 but on or prior to June 30, 2015, and (iv) $25,000,000 in the aggregate
for the period commencing October 1, 2014 through the date of determination, if such date occurs after September 30, 2015 but on or prior to the Maturity Date. 

1.6. The Schedules to the Credit Agreement shall be amended and replaced by the Schedules attached hereto. 

1.7. Exhibit C to the Credit Agreement shall be amended and replaced by Exhibit C attached hereto. 

SECTION 2. CONDITIONS PRECEDENT. 

The effectiveness of this Amendment is subject to the satisfaction of all of the following conditions precedent: 

2.1. The Loan Parties and BMO Harris shall have executed and delivered this Amendment. 

2.2. BMO Harris shall have received copies of resolutions of each Loan Parties’ Board of Directors (or similar governing body)
authorizing the execution, delivery and performance of this Amendment, together with specimen signatures of the persons authorized to execute such documents on each Loan Parties’ behalf, all certified in each instance by its Secretary or
Assistant Secretary (or comparable Responsible Officer). 

  
 -3- 

 2.3. BMO Harris shall have received copies of the certificates of good standing for each Loan
Party (dated no earlier than 30 days prior to the date hereof) from the office of the secretary of the state of its incorporation or organization, and with respect to the Company, the State of Illinois. 

2.4. BMO Harris shall have received the favorable written opinion of counsel to each Loan Party, in form and substance reasonably satisfactory
to BMO Harris. 
 2.5. BMO Harris shall have received a non-refundable upfront fee in the amount of $250,000. 

2.6. BMO Harris shall have received copies (executed or certified, as may be appropriate) of all legal documents or proceedings taken in
connection with the execution and delivery of this Amendment to the extent BMO Harris or its counsel may reasonably request. 
 2.7. Legal
matters incident to the execution and delivery of this Amendment shall be satisfactory to the Bank and its counsel. 
 SECTION 3.
REPRESENTATIONS. 
 3.1. In order to induce BMO Harris to execute and deliver this Amendment, the Loan Parties hereby
represents to BMO Harris that as of the date hereof (a) the representations and warranties set forth in Article V of the Credit Agreement are and shall be and remain true and correct in all material respects (without duplication of materiality
qualifiers) (except that the representations contained in Section 5.05 shall be deemed to refer to the most recent Audited Financial Statements and unaudited consolidated financial statements of the Company and its Subsidiaries delivered to BMO
Harris) and (b) no Default has occurred and is continuing under the Credit Agreement or shall result after giving effect to this Amendment. 

3.2. Each of the certificate of incorporation and bylaws of the Company as previously provided with the Assistant Corporate Secretary’s
Certificate, dated as of December 30, 2013, remains in full force and effect in accordance with its terms as of the date hereof. Each of the articles of organization and operating agreement of CECE as previously provided with that certain
Secretary’s Certificate, dated as of December 30, 2013, remains in full force and effect in accordance with its terms as of the date hereof. 

3.3. Each of the articles of incorporation (or equivalent organizing document) of each Subsidiary Guarantor (other than Sanford-Brown Group,
Inc., f/k/a International Academy of Merchandising & Design, Ltd.) as previously provided with that certain Subsidiary Guarantors’ Officers’ Certificate, dated as of December 27, 2012, remains in full force and effect in
accordance with its terms as of the date hereof. Each of the operating agreements or bylaws, as applicable, of each Subsidiary Guarantor as previously provided with that certain Subsidiary Guarantors’ Officers’ Certificate, dated as of
December 27, 2012, remains in full force and effect in accordance with its terms as of the date hereof. 

  
 -4- 

 SECTION 4. MISCELLANEOUS. 

4.1. CECE heretofore executed and delivered to BMO Harris that certain Security Agreement, as amended. The Borrowers hereby acknowledge and
agree that the Liens created and provided for by the Security Agreement continue to secure the Secured Obligations (as defined in the Security Agreement); and the Security Agreement and the rights and remedies of BMO Harris thereunder, the
obligations of CECE thereunder, and the Liens created and provided for thereunder remain in full force and effect and shall not be affected, impaired or discharged hereby. Nothing herein contained shall in any manner affect or impair the priority of
the Liens and security interests created and provided for by the Security Agreement as to the indebtedness which would be secured thereby prior to giving effect to this Amendment. 

4.2. Except as specifically amended herein, the Credit Agreement shall continue in full force and effect in accordance with its original
terms. Reference to this specific Amendment need not be made in the Credit Agreement, the Note, or any other instrument or document executed in connection therewith, or in any certificate, letter or communication issued or made pursuant to or with
respect to the Credit Agreement, any reference in any of such items to the Credit Agreement being sufficient to refer to the Credit Agreement as amended hereby. 

4.3. The Borrowers agrees to pay on demand all costs and expenses of or incurred by the Bank in connection with the negotiation, preparation,
execution and delivery of this Amendment, including the fees and expenses of counsel for BMO Harris, in each case as required under Section 11.04 of the Credit Agreement. 

4.4. This Amendment may be executed in any number of counterparts, and by the different parties on different counterpart signature pages, all
of which taken together shall constitute one and the same agreement. Any of the parties hereto may execute this Amendment by signing any such counterpart and each of such counterparts shall for all purposes be deemed to be an original. Delivery of a
counterpart hereof by facsimile transmission or by e-mail transmission of an Adobe portable document format file (also known as a “PDF” file) shall be effective as delivery of a manually executed
counterpart hereof. This Amendment shall be governed by, and construed in accordance with, the internal laws of the State of Illinois. 

[SIGNATURE PAGE TO FOLLOW] 

  
 -5- 

 This First Amendment to Amended and Restated Credit Agreement is entered into as of the date and
year first above written. 
  

			
	 “BORROWERS”
  

CAREER EDUCATION CORPORATION

		
	By:	 	/s/ Reid E. Simpson
		 	Name: Reid E. Simpson
		 	 Title: Senior Vice President, Chief Financial Officer

  

			
	CEC EDUCATIONAL SERVICES, LLC
		
	By:	 	/s/ Reid E. Simpson
		 	Name: Reid E. Simpson
		 	 Title: President and Chief Executive Officer

 [Signature Page to First Amendment to Amended and Restated Credit Agreement] 

 
	
	“GUARANTORS”
	
	AMERICAN INTERCONTINENTAL UNIVERSITY, INC.
	BRIARCLIFFE COLLEGE, INC.
	COLORADO TECHNICAL UNIVERSITY, INC.
	INTERNATIONAL ACADEMY OF MERCHANDISING & DESIGN, INC.
	 SANFORD-BROWN GROUP, INC. (f/k/a International Academy of
Merchandising & Design, Ltd.)

	SANFORD-BROWN, LIMITED
	SCOTTSDALE CULINARY INSTITUTE, LTD.

  

			
	By:	 	/s/ Reid E. Simpson
		 	Name: Reid E. Simpson
		 	Title: Vice President and Chief Financial Officer

  

			
	 AIU ONLINE, LLC

LE CORDON BLEU NORTH AMERICA, LLC

		
	By:	 	/s/ Reid E. Simpson
		 	Name: Reid E. Simpson
		 	Title: Vice President and Chief Financial Officer

  

			
	MARLIN ACQUISITION CORP.
		
	By:	 	/s/ Reid E. Simpson
		 	Name: Reid E. Simpson
		 	Title: President

 [Signature Page to First Amendment to Amended and Restated Credit Agreement] 

 Accepted and agreed to. 

 

			
	 BMO Harris Bank N.A., in its capacity as
Administrative Agent, L/C Issuer and sole Lender

		
	By 	 	/s/ John R. Smart

 
			
	    Name	 	John R. Smart
	    Title	 	Managing Director

 [Signature Page to First Amendment to Amended and Restated Credit Agreement] 

 SCHEDULE 2.01 

COMMITMENTS 
 AND
APPLICABLE PERCENTAGES 
  

									
	 Lender
	  	Commitment	 	  	Applicable
Percentage	 
	 BMO Harris Bank N.A.
	  	$	120,000,000	  	  	 	100.00	% 
	 Total
	  	$	120,000,000	  	  	 	100.00	% 

 SCHEDULE 2.02 

MATERIAL DOMESTIC SUBSIDIARIES 
 American
InterContinental University, Inc. 
 AIU Online, LLC 

International Academy of Merchandising & Design, Inc. 

Sanford-Brown Group, Inc. 
 Marlin Acquisition Corp. 

Scottsdale Culinary Institute, Ltd. 
 Le Cordon Bleu North
America, LLC 
 Briarcliffe College, Inc. 
 Sanford-Brown,
Limited 
 Colorado Technical University, Inc. 

 SCHEDULE 5.06 

LITIGATION 
 On September 18, 2014,
the Minnesota Attorney General (“MN AG”) issued a Civil Investigative Demand (“CID”) to Brown College. The CID relates to the MN AG’s investigation of whether Brown College has complied with certain Minnesota state
consumer protection laws. Pursuant to the CID, the MN AG has requested detailed information on a broad spectrum of business practices, including student recruitment and enrollment, externships, programmatic accreditation, student employment
outcomes, placement rates of graduates and other organizational information. The documents and information sought by the MN AG in connection with its investigation cover the time period from January 1, 2010 to the present. The Company is
cooperating with the MN AG’s office with a view towards resolving this inquiry as promptly as possible. 

 SCHEDULE 5.09 

ENVIRONMENTAL MATTERS 
 None. 

 SCHEDULE 5.13 

SUBSIDIARIES; OTHER EQUITY INVESTMENTS; 

EQUITY INTERESTS IN THE BORROWER 
 Part
(a). Subsidiaries. 
 “The Katharine Gibbs Corporation—Melville” 

AIU Online, LLC 
 American InterContinental University, Inc. 

American InterContinental University-London, Ltd. U.S. 

Briarcliffe College, Inc. 
 Brooks Institute of Photography,
L.L.C. 
 California Culinary Academy, Inc. 
 California
Culinary Academy, LLC 
 Career Education Student Finance LLC 

CEC Educational Services, LLC 
 CEC Employee Group, LLC 

CEC Europe, LLC 
 CEC Food and Beverage LLC 

CEC Leasing, LLC 
 CEC Real Estate Holding, Inc. 

Colorado Tech, Inc. 
 Colorado Technical University, Inc. 

Education and Training, Incorporated 
 Harrington Institute of
Interior Design, Inc. 
 International Academy of Design & Technology Nashville, LLC 

International Academy of Design & Technology-Detroit, Inc. 

International Academy of Merchandising & Design, Inc. 

Kitchen Academy, Inc. 
 LCB Culinary Schools, LLC 

Le Cordon Bleu College Of Culinary Arts, Inc., A Private Two-Year College 

Le Cordon Bleu North America, LLC 
 Market Direct, Inc. 

Marlin Acquisition Corp. 
 Missouri College, Inc. 

Sanford-Brown College, Inc., A Private Two-Year College 

Sanford-Brown College, LLC 
 Sanford-Brown Group, Inc. 

Sanford-Brown MN, Inc. 
 Sanford-Brown, Limited 

SBC Health Midwest, Inc. 
 School of Computer Technology, Inc.

 Scottsdale Culinary Institute, Ltd. 

 TCA Beverages, LLC 

TCA Group, LLC 
 The Cooking and Hospitality Institute of Chicago,
Inc. 
 The Katharine Gibbs School of Norwalk, Inc. 
 The
Katharine Gibbs School of Providence, Inc. 
 Words of Wisdom, LLC 

Part (b). Other Equity Investments. 
  

	1.	CCKF, Limited (Ireland) - 15% Equity Ownership 

	2.	SIMTICS Limited (New Zealand) - < 10% Equity Ownership 

 SCHEDULE 5.17 

INTELLECTUAL PROPERTY MATTERS 
 American
University (a Washington, DC not-for-profit educational institution) has instituted administrative proceedings in the Trademark Trial and Appeal Board seeking to prevent Career Education Corporation from registering marks using the phrase
“American InterContinental University”. 

 SCHEDULE 5.19 

TITLE IV MATTERS 
 None. 

 SCHEDULE 7.01 

EXISTING LIENS 
 Career
Education Corporation 
  

													
	 JURISDICTION
	  	SEARCH
DATE	  	TYPE OF SEARCH	  	FILING NO.	  	FILING
DATE	  	 SECURED PARTY
	  	 COLLATERAL TYPE

							
	Delaware Secretary of
State	  	12/10/13
through
9/26/14	  	UCC	  	20093487557	  	10/30/09	  	Zeno Office Solutions	  	Specific Equipment pursuant to lease
							
		  		  		  	20101515182	  	4/30/10	  	General Electric Capital Corporation	  	All equipment leased to or financed for the Debtor by Secured Party
							
		  		  		  	20103121815	  	9/8/10	  	Macquarie Equipment Finance, LLC	  	Specific Equipment pursuant to lease
							
		  		  		  	20104660597	  	12/31/10	  	Macquarie Equipment Finance, LLC	  	Specific Equipment pursuant to lease
							
		  		  		  	20110170996	  	1/15/11	  	Macquarie Equipment Finance, LLC	  	Specific Equipment pursuant to lease
							
		  		  		  	20111477267	  	4/20/11	  	Macquarie Equipment Finance, LLC	  	Specific Equipment pursuant to lease
							
		  		  		  	20111477275	  	4/20/11	  	Macquarie Equipment Finance, LLC	  	Specific Equipment pursuant to lease
							
		  		  		  	20132471051	  	6/27/13	  	CIT Finance LLC and EMC Corporation	  	Specific equipment
							
		  		  		  	20132617497	  	7/9/13	  		  	Termination of 20132471051 [Authorized by EMC Corporation]
							
	Cook County Circuit
Court, Illinois	  	12/10/13
through
10/1/14	  	Local Defendant
Suits	  	2011-CH-41973	  	12/7/11	  	Bangari Kharran et al	  	Case Type: Breach of Fiduciary Duty and Abuse of Control
							
		  		  		  	2012-L-011444	  	10/9/12	  	Brust Robert Et Al	  	Case: Personal Injury (Motor Vehicle) (Wrongful Death)
							
		  		  		  	213-CH-27421	  	12/11/13	  	Axis Insurance Company	  	Case: Declaratory Judgment

 American Intercontinental University, Inc. 

 

											
	 JURISDICTION
	  	TYPE OF SEARCH	  	THROUGH DATE	  	 SECURED PARTY
	  	FILING NO./DATE	  	 COLLATERAL

						
	Georgia Clerks
Authority	  	UCC	  	12/10/13
through
10/1/14	  	GreatAmerica Leasing Corporation	  	0072009017794
 9/30/09
	  	Various postage machines and all products, proceeds and attachments
		  		  		  	 US Bancorp
	  	0072009018469
 10/9/09
	  	Specific equipment
		  		  		  	 Docuteam Inc.
	  	0072009018865
 10/19/09
	  	Various Sharp copier, printer and fax systems and all products, proceeds and attachments
		  		  		  	 Docuteam, Inc.
	  	0072010017431
 9/14/10
	  	Various Sharp and Kyocera copiers, printers, faxes and accessories and all products, proceeds and attachments
		  		  		  	 De Lage Landen

Financial Services,

Inc.
	  	0602011002445
 3/21/11
	  	Equipment leased or financed by Secured Party to Debtor, together with all attachments, accessories, substitutions and proceeds

 International Academy of Merchandising & Design, Ltd. 

 

											
	 JURISDICTION
	  	TYPE OF SEARCH	  	THROUGH DATE	  	 SECURED PARTY
	  	FILING NO./DATE	  	 COLLATERAL

						
	SOS IL	  	UCC	  	12/10/13
through
10/3/14	  	Ricoh Americas Corporation	  	14200797
 4/13/09
	  	Equipment leased to or financed by Secured Party to Debtor and all products, proceeds and attachments
		  		  		  	Wells Fargo Financial Leasing, Inc.	  	14229655
 4/22/09
	  	Certain Konica Minolta copiers and all attachments, accessories, substitutions and proceeds

 Briarcliffe College, Inc. 

 

											
	 JURISDICTION
	  	TYPE OF SEARCH	  	THROUGH DATE	  	 SECURED PARTY
	  	FILING NO./DATE	  	 COLLATERAL

	SOS NY	  	UCC	  	12/10/13 through
9/30/14	  	ABN Amro Incorporated, successor in interest to ChiCorp Financial Services, Inc.	  	002498
 1/6/99
 Continuation-
11/17/03

Continuation-
11/6/08
 Continuation-
12/2/13
	  	Specific equipment and all attachments, accessories, substitutions and proceeds

 SCHEDULE 7.03 

EXISTING INDEBTEDNESS 
  

							
	 	  	(Dollars or Pounds
sterling in thousands)	 	  	 
			
	 Letters of credit
	  	$	11,863	  	  	As of 10/24/2014
	 Surety Bonds
	  	$	10,562	  	  	As of 10/24/2014
	 Amount owed to Regents University as rent credits in connection with London lease assumed by Regents
	  	£	1,320	  	  	As 10/31/14

 C-1 

Compliance Certificate 

 SCHEDULE 7.05 

DISCONTINUED OPERATIONS 
 AIU South
Florida, Weston FL 
 Collins College, Phoenix, AZ  

Colorado Technical University, North Kansas City, North Kansas City, MO 

Colorado Technical University, Pueblo, Pueblo, CO  

Colorado Technical University, Sioux Falls, Sioux Falls, SD  

Le Cordon Bleu College (or Institute) of Culinary Arts (“LCB”) LCB Pittsburgh, Pittsburgh, PA 

International Academy of Design & Technology (“IADT”): 

IADT Nashville, Nashville, TN 
 IADT Detroit, Troy,
MI 
 IADT Sacramento, Sacramento, CA 
 IADT
Schaumburg, Schaumburg, IL 
 Sanford-Brown College (“SBC”): 

SBC Austin, Austin, TX  
 SBC Boston, Boston, MA 

 SBC Chicago, Chicago, IL 
 SBC Cleveland,
Cleveland, OH 
 SBC Collinsville, Collinsville IL 

SBC Columbus, Columbus, OH  
 SBC Dearborn, Dearborn, MI
 
 SBC Farmington, Farmington, CT  
 SBC Fenton,
Fenton, MO  
 SBC Grand Rapids, Grand Rapids, MI  

SBC Hazelwood, Hazelwood, MO 
 SBC Hillside, Hillside,
IL  
 SBC Houston North Loop, Houston, TX  
 SBC
Indianapolis, Indianapolis, IN  
 SBC Las Vegas, Henderson, NV 

SBC Milwaukee, Milwaukee, WI 
 SBC Orlando, Orlando,
FL 
 SBC Phoenix, Phoenix, AZ 
 SBC Portland,
Portland, OR  
 SBC Skokie, Skokie, IL  
 SBC St.
Peters, St. Peters, MO  
 SBC Tinley Park, Tinley Park, IL  

C-2 
 Compliance Certificate 

 SBC Tysons Corner, McLean, VA 

Sanford-Brown Institute (“SBI”): 
 SBI Cranston,
Cranston, RI  
 SBI Landover, Landover, MD 
 SBI
Orlando, Orlando, FL  
 SBI Pittsburgh, Pittsburgh, PA 

SBI Trevose, Trevose, PA  
 SBI White Plains, White
Plains, NY 
 SBI Wilkins Township, Pittsburgh, PA  

C-3 
 Compliance Certificate 

 EXHIBIT C 

CAREER EDUCATION CORPORATION 

CEC EDUCATIONAL SERVICES, LLC 

COMPLIANCE CERTIFICATE 
  

			
		
	To:	 	BMO Harris Bank N.A., as
		 	Administrative Agent under, and the
		 	Lenders party to, the Credit
		 	Agreement described below

 This Compliance Certificate is furnished to the Administrative Agent and the Lenders pursuant to that certain
Amended and Restated Credit Agreement dated as of December 30, 2013, among Career Education Corporation, CEC Educational Services, LLC and you (as extended, renewed, modified, amended or restated from time to time, the “Credit
Agreement”). Unless otherwise defined herein, the terms used in this Compliance Certificate have the meanings ascribed thereto in the Credit Agreement. 

THE UNDERSIGNED HEREBY CERTIFIES THAT: 

1. The officer executing this Compliance Certificate is the duly elected
            of Career Education Corporation; 
 2. The officer executing
this Compliance Certificate has reviewed the terms of the Credit Agreement and has made, or has caused to be made under his/her supervision, a detailed review of the transactions and conditions of the Company and its Subsidiaries during the
accounting period covered by the attached financial statements; 
 3. The examinations described in paragraph 2 did not disclose, and
such officer has no knowledge of, the existence of any condition or the occurrence of any event which constitutes a Default during or at the end of the accounting period covered by the attached financial statements or as of the date of this
Compliance Certificate, except as set forth below; 
 4. The financial statements required by Section 6.01 of the Credit
Agreement and being furnished to you concurrently with this Compliance Certificate were prepared in accordance with GAAP and, fairly present in all material respects the financial condition, results of operations, shareholders equity and cash flows
of the Company and its Subsidiaries in accordance with GAAP, subject, in each case, in respect of interim statements to normal year-end adjustments and the absence of footnotes; and 

C-4 
 Compliance Certificate 

 5. The Schedule I hereto sets forth financial data and computations evidencing the
Borrower’s compliance with certain covenants of the Credit Agreement, all of which data and computations are, to the best of such officer’s knowledge, true, complete and correct and have been made in accordance with the relevant Sections
of the Credit Agreement. 
 Described below are the exceptions, if any, to paragraph 3 by listing, in detail, the nature of the
condition or event, the period during which it has existed and the action which the Borrowers have taken, is taking, or proposes to take with respect to each such condition or event: 

 

	
	  

	  

	  

	  

 The foregoing certifications, together with the computations set forth in Schedule I hereto and the
financial statements delivered with this Certificate in support hereof, are made and delivered this      day of
                     20         . 

 

					
	CAREER EDUCATION CORPORATION
		
	By	 	 
		 	Name	 	 
		 	Title	 	 

 C-5 

Compliance Certificate 

 SCHEDULE I 

TO COMPLIANCE CERTIFICATE 

CAREER EDUCATION CORPORATION 

CEC EDUCATIONAL SERVICES, LLC 

COMPLIANCE CALCULATIONS 

FOR AMENDED AND RESTATED 

CREDIT AGREEMENT DATED AS OF DECEMBER 30, 2013

 CALCULATIONS AS OF
                    ,              (THE
“CALCULATION DATE”) 

			
	  

  

													
	A.	 	Minimum Domestic Cash (Section 7.11(a))	  				  			
					
		 	1.	 	 Unrestricted cash and Cash Equivalents as of
	  				  			
					
		 		 	 (a) the Calculation Date
	  	 	$___________	  	  			
					
		 		 	 (b)                     ,
201     (immediate prior month end)
	  	 	$___________	  	  			
					
		 		 	 (c)                     ,
201     (month ended two months prior to the Calculation Date)
	  	 	$___________	  	  			
					
		 		 	 (d) Sum of lines 1(a), 1(b) and 1(c)
	  				  	 	$___________	  
					
		 	2.	 	 Unrestricted marketable securities as of
	  	 	$___________	  	  			
					
		 		 	 (a) the Calculation Date
	  	 	$___________	  	  			
					
		 		 	 (b)                     ,
201     (immediate prior month end)
	  	 	$___________	  	  			
					
		 		 	 (c)                     ,
201     (month ended two months prior to the Calculation Date)
	  				  			
					
		 		 	 (d) Sum of lines 2(a), 2(b) and 2(c)
	  				  	 	$___________	  

									
					
		 	3.	 	Aggregate amount of Lease Buyouts from October 1, 2014 through	  		  	
					
		 		 	(a) the Calculation Date	  	$___________	  	
					
		 		 	(b)                     , 201     (immediate prior month end)	  	$___________	  	
					
		 		 	(c)                     , 201     (month ended two months prior to the Calculation Date)	  	$___________	  	
					
		 		 	(d) Sum of lines 3(a), 3(b) and 3(c)	  		  	$___________
					
		 	4.	 	Sum of lines A1(d), A2(d) and A3(d)	  		  	$___________
					
		 	5.	 	Line A4 divided by 3	  		  	$___________
					
		 	6.	 	Line A5 shall not be less than	  		  	$190,000,000
					
		 	7.	 	The Borrowers are in compliance (circle yes or no)	  		  	yes/no
				
	B.	 	Maximum Lease Buyouts (Section 7.11(b))	  		  	
					
		 	1.	 	Aggregate amount of Lease Buyouts from October 1, 2014 through the Calculation Date:	  		  	$___________
					
		 	2.	 	Line B2 shall not exceed	  		  	$___________
					
		 		 	 (a) From 10/01/14 through the Calculation Date, if such date is on or prior to 12/31/14
	  		  	$10,000,000
					
		 		 	 (b) From 10/01/14 through the Calculation Date, if such date is after 12/31/14, but on or prior to 03/31/15
	  		  	$15,000,000
					
		 		 	 (c) From 10/01/14 through the Calculation Date, if such date is after 03/31/15, but on or prior to 06/30/15
	  		  	$20,000,000
					
		 		 	 (d) From 10/01/14 through the Calculation Date, if such date is after 06/30/15, but on or prior to the Maturity Date
	  		  	$25,000,000
					
		 	3.	 	The Borrowers are in compliance (circle yes or no)	  		  	yes/noEX-10.1

 Exhibit 10.1 

AMENDMENT NO. 1 TO NOTE AGREEMENT 

THIS AMENDMENT NO. 1 TO NOTE AGREEMENT (this “Amendment”) is entered into as of September 30, 2014 by and between
AMETEK, INC., a Delaware corporation (the “Company”), and the undersigned holders of Notes (as hereinafter defined). 

Recitals 
 A. The
Company entered into that certain Note Purchase Agreement dated as of August 30, 2007 (as in effect immediately prior to the effectiveness of this Amendment, the “Existing Note Agreement”), with the several Purchasers listed in
Schedule A attached thereto, pursuant to which the Company issued and sold to such Purchasers (i) $270,000,000 in aggregate principal amount of the Company’s 6.20% Series A Senior Notes due December 18, 2017 (the “Series A
Notes”), (ii) $100,000,000 in aggregate principal amount of the Company’s 6.30% Series B Senior Notes due December 18, 2019 (the “Series B Notes”) and (iii) $80,000,000 in aggregate principal amount of
the Company’s 6.35% Series C Senior Notes due July 16, 2018 (the “Series C Notes” and together with the Series A Notes, the Series B Notes and any such promissory notes that may have been issued in substitution or exchange
therefor prior to the date hereof, the “Notes”). 
 B. The Company has requested that the holders of Notes amend the
Existing Note Agreement in certain respects, as set forth in this Amendment (as so amended, the “Note Agreement”), and the undersigned holders of Notes, subject to the terms and conditions set forth herein, are willing to agree to
such amendments. 
 NOW, THEREFORE, in consideration of the foregoing and other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the parties hereto agree as follows: 
 1. Definitions. Capitalized terms used and not
otherwise defined herein shall have the respective meanings ascribed to them in the Note Agreement. 
 2. Amendments to the Note
Agreement. The Existing Note Agreement is hereby amended as follows: 
 (a) Schedule B Defined Terms. The definition of
“Indebtedness” appearing in Schedule B to the Existing Note Agreement is hereby amended and restated in its entirety to read as follows: 

““Indebtedness” means, as to any Person, at a particular time without duplication, 

(a) its liabilities for borrowed money and its redemption obligations in respect of mandatorily redeemable Preferred Stock;

 (b) its liabilities for the deferred purchase price of property acquired by such Person (excluding trade payables and
accrued expenses arising in the ordinary course of business but including all liabilities created or arising under any conditional sale or other title retention agreement with respect to any such property); 

 (c) all liabilities appearing on its balance sheet in accordance with GAAP in
respect of Capital Leases; 
 (d) all liabilities for borrowed money secured by any Lien with respect to any property owned
by such Person (whether or not it has assumed or otherwise become liable for such liabilities); 
 (e) all its reimbursement
obligations in respect of letters of credit or instruments serving a similar function issued or accepted for its account by banks and other financial institutions (whether or not representing obligations for borrowed money) solely to the extent
drawn and limited to the drawn amounts; 
 (f) Swaps of such Person; 

(g) all obligations in respect of securitization transactions entered into by such Person, including any obligations in respect
of any Permitted Receivables Securitization Program; and 
 (h) any Guaranty of such Person with respect to liabilities of a
type described in any of clauses (a) through (g) above. 
 Indebtedness of any Person shall include all obligations
of such Person of the character described in clauses (a) through (h) to the extent such Person remains legally liable in respect thereof notwithstanding that any such obligation is deemed to be extinguished under GAAP.” 

(b) The definition of “Operating Lease Attributable Debt” appearing in Schedule B to the Existing Note Agreement is hereby deleted
and of no further force or effect. 
  

	 	3.	Representations and Warranties of the Company. 

 (a) Organization; Power and
Authority. The Company hereby represents and warrants that the Company is a corporation duly organized and validly existing in good standing under the laws of the State of Delaware. The Company has all requisite corporate power to execute and
deliver this Amendment and to perform its obligations under this Amendment and the Note Agreement. 
 (b) Authorization, Etc. The
execution and delivery by the Company of this Amendment and the performance by the Company of its obligations under this Amendment and the Note Agreement have been duly authorized by all requisite corporate action on the part of the Company. The
Company has duly executed and delivered this Amendment, and this Amendment and the Note Agreement constitute the legal, valid and binding obligations of the Company, enforceable against the Company in accordance with their terms, except as
enforcement may be limited by bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting the rights of creditors generally, and by general principles of equity (regardless of whether enforceability is considered in a
proceeding at law or in equity). 

  
 2 

 (c) No Conflicts. The execution, delivery and performance by the Company of this Amendment
will not (a) contravene, result in any breach of, or constitute a default under, or result in the creation of any Lien in respect of any property of the Company or any Subsidiary under, any indenture, mortgage, deed of trust, loan, purchase or
credit agreement, material lease, corporate charter or by-laws, or any other material agreement or instrument to which the Company or any Subsidiary is bound or by which the Company or any Subsidiary or any of their respective properties may be
bound or affected, (b) conflict with or result in a breach of any of the terms, conditions or provisions of any order, judgment, decree, or ruling of any court, arbitrator or Governmental Authority applicable to the Company or any Subsidiary or
(c) violate any provision of any statute or other rule or regulation of any Governmental Authority applicable to the Company or any Subsidiary. 

(d) No Defaults. No Default or Event of Default has occurred and is continuing and no event has occurred and no condition exists that,
upon the execution and delivery of this Amendment and the effectiveness of this Amendment, would constitute a Default or an Event of Default. 

4. Conditions to Effectiveness. This Amendment shall become effective, as of the date first written above (the
“Effective Date”), upon satisfaction of the following conditions precedent: 
 (a) The undersigned holders of Notes shall
have received a counterpart of this Amendment, in form and substance satisfactory to such holders, in their sole discretion, duly executed and delivered by each of the parties thereto. 

(b) The representations and warranties of the Company contained in this Amendment shall be true on and as of the Effective Date. 

(c) The undersigned holders of Notes shall have received fully executed copies of similar amendments to each of (i) the Note Purchase
Agreement, dated as of November 23, 2004, by and between the Company and the requisite holders of the notes issued thereunder, (ii) the Note Purchase Agreement, dated as of August 31, 2005, by and between the Company and the requisite
holders of the notes issued thereunder, (iii) the Note Purchase Agreement, dated as of September 17, 2008, by and between the Company and the requisite holders of the notes issued thereunder, (iv) the Note Purchase Agreement, dated as
of September 17, 2010, by and between the Company and the requisite holders of the notes issued thereunder, and (v) the Note Purchase Agreement, dated as of December 20, 2011, by and between the Company and the requisite holders of
the notes issued thereunder. 
 (d) Without limiting the provisions of Section 15.1 of the Note Agreement, the Company shall have paid
on or before the Effective Date the fees, charges and disbursements of: Bingham McCutchen LLP (“Bingham”), special counsel to the holders of Notes, to the extent reflected in a statement of Bingham rendered to the Company at least
one Business Day prior to the Effective Date. 

  
 3 

 (e) All proceedings taken in connection with the execution and delivery of this Amendment and the
transactions contemplated hereby shall be satisfactory to the holders of the Notes and their special counsel; and the holders of the Notes and their special counsel shall have received copies of such documents and papers as they may reasonably
request in connection with the execution and delivery of this Agreement. The release by the Noteholders of signature pages to this Amendment shall constitute their acknowledgement that the conditions set forth in this Section 4(d) have been
satisfied. 
  

	 	5.	Miscellaneous. 

 (a) References to Note Agreement. Upon and after
the date of this Amendment, each reference to the Note Agreement in the Note Agreement, the Notes or any other instrument or agreement entered into in connection therewith or otherwise related thereto shall mean and be a reference to the Existing
Note Agreement as amended by this Amendment (and as hereafter amended from time to time). 
 (b) Ratification and Confirmation.
Except as specifically amended herein, the Note Agreement shall remain in full force and effect, and is hereby ratified and confirmed. 

(c) No Waiver. The execution, delivery and effectiveness of this Amendment shall not operate as a waiver of any right, power or remedy
of any holder of Notes, nor constitute a waiver of any provision of the Note Agreement, any Note or any other instrument or agreement entered into in connection therewith or otherwise related thereto. 

(d) Expenses. The Company agrees to pay promptly all expenses of the holders of Notes related to this Amendment and all matters
contemplated hereby, including, without limitation, all fees and expenses of the holders’ special counsel. 
 (e)
GOVERNING LAW. THIS AMENDMENT SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, AND THE RIGHTS OF THE PARTIES SHALL BE GOVERNED BY, THE LAW OF THE STATE OF NEW YORK EXCLUDING CHOICE-OF-LAW PRINCIPLES OF THE LAW OF SUCH STATE THAT WOULD
REQUIRE THE APPLICATION OF THE LAWS OF A JURISDICTION OTHER THAN SUCH STATE. 
 (f) Counterparts. This Amendment may be executed
in counterparts (including those transmitted by electronic transmission (including, without limitation, facsimile and e-mail)), each of which shall be deemed an original and all of which taken together shall constitute one and the same document.
Delivery of this Amendment may be made by facsimile or electronic transmission of a duly executed counterpart copy hereof and shall be effective as delivery of a manually executed counterpart hereof. 

[The remainder of this page is intentionally left blank; signature pages follow] 

  
 4 

 IN WITNESS WHEREOF, the undersigned have caused this Amendment to be executed and delivered by
their duly authorized officers as of the date first above written. 
  

			
	AMETEK, INC.
		
	By:	 	 /s/ William J. Burke

	Name:	 	William J. Burke
	Title:	 	 Senior Vice President – Comptroller

& Treasurer

 The foregoing is hereby agreed to as of the date hereof. 

 

			
	NEW YORK LIFE INSURANCE COMPANY
		
	By:	 	 /s/ Jessica L. Maizel

	Name:	 	Jessica L. Maizel
	Title:	 	Corporate Vice President

  

			
	NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION
	By:	  	NYL Investors LLC, its Investment Manager

  

			
	By:	 	 /s/ Jessica L. Maizel

	Name:	 	Jessica L. Maizel
	Title:	 	Senior Director

  

			
	NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION
 INSTITUTIONALLY OWNED LIFE INSURANCE SEPARATE ACCOUNT (BOLI
3)

	By:	  	NYL Investors LLC, its Investment Manager

  

			
	By:	 	 /s/ Jessica L. Maizel

	Name:	 	Jessica L. Maizel
	Title:	 	Senior Director

  

			
	NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION
 INSTITUTIONALLY OWNED LIFE INSURANCE SEPARATE ACCOUNT (BOLI
3-2)

	By:	  	NYL Investors LLC, its Investment Manager

  

			
	By:	 	 /s/ Jessica L. Maizel

	Name:	 	Jessica L. Maizel
	Title:	 	Senior Director

  

			
	NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION
 INSTITUTIONALLY OWNED LIFE INSURANCE SEPARATE ACCOUNT (BOLI
30C)

	By:	  	NYL Investors LLC, its Investment Manager

  

			
	By:	 	 /s/ Jessica L. Maizel

	Name:	 	Jessica L. Maizel
	Title:	 	Senior Director

 THE PRUDENTIAL INSURANCE COMPANY OF AMERICA 

 

			
	By:	 	 /s/ Eric Seward

	Name:	 	Eric Seward
	Title:	 	Vice President

  

			
	UNIVERSAL PRUDENTIAL ARIZONA REINSURANCE COMPANY
	By:	  	 Prudential Investment Management, Inc.,
 as
investment manager

  

			
	By:	 	 /s/ Eric Seward

	Name:	 	Eric Seward
	Title:	 	Vice President

 THE NORTHWESTERN MUTUAL LIFE INSURANCE COMPANY 

 

			
	By:	 	 /s/ Mark E. Kishler

	Name:	 	Mark E. Kishler
	Title:	 	Authorized Representative

 PACIFIC LIFE INSURANCE COMPANY 
  

			
	By:	 	 /s/ Matthew A. Levene

	Name:	 	Matthew A. Levene
	Title:	 	Assistant Vice President

  

			
	By:	 	 /s/ Cathy L. Schwartz

	Name:	 	Cathy L. Schwartz
	Title:	 	Assistant Secretary

  

			
	THE LINCOLN NATIONAL LIFE INSURANCE COMPANY
	By:	  	 Delaware Investment Advisors, a series of Delaware

Management Business Trust, Attorney in Fact

  

			
	By:	 	 /s/ Frank LaTorraca

	Name:	 	Frank LaTorraca
	Title:	 	Vice President

 THE GUARDIAN LIFE INSURANCE COMPANY OF AMERICA 

 

			
	By:	 	 /s/ Edward Brennan

	Name:	 	Edward Brennan
	Title:	 	Senior Director

 BERKSHIRE LIFE INSURANCE COMPANY OF AMERICA 
  

			
	By:	 	 /s/ Edward Brennan

	Name:	 	Edward Brennan
	Title:	 	Senior Manager

  

			
	BANKERS LIFE AND CASUALTY COMPANY COLONIAL PENN LIFE INSURANCE COMPANY

WASHINGTON NATIONAL INSURANCE COMPANY

	By:	  	40|86 Advisors, Inc., acting as Investment Advisor

  

			
	By:	 	 /s/ Jesse E. Horsfall

	Name:	 	Jesse E. Horsfall
	Title:	 	SVP

  

			
	ATHENE ANNUITY AND LIFE COMPANY (f/k/a AmerUs Life Insurance Company and successor in interest to Aviva Life
Insurance
 Company and American Investors Life Insurance Company)

	By:	  	Athene Asset Managmenet L.P., its investment advisor
	By:	  	AAM GP Ltd., its general partner

  

			
	By:	 	 /s/ Roger D. Fors

	Name:	 	Roger D. Fors
	Title:	 	Vice President, Fixed Income

			
	MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY
	By:	  	Babson Capital Management LLC, as Investment Adviser

  

			
	By:	 	 /s/ Steven J. Katz

	Name:	 	Steven J. Katz
	Title:	 	Managing Director & Senior Counsel

  

			
	C.M. LIFE INSURANCE COMPANY
	By:	  	Babson Capital Management LLC, as Investment Adviser

  

			
	By:	 	 /s/ Steven J. Katz

	Name:	 	Steven J. Katz
	Title:	 	Managing Director & Senior Counsel

 STATE FARM LIFE INSURANCE COMPANY 
  

			
	By:	 	 /s/ Julie Hoyer

	Name:	 	Julie Hoyer
	Title:	 	Senior Investment Officer – Fixed Income

  

			
	By:	 	 /s/ Jeffrey Attwood

	Name:	 	Jeffrey Attwood
	Title:	 	Investment Officer

  

			
	UNUM LIFE INSURANCE COMPANY OF AMERICA
	By:	  	Provident Investment Management, LLC, its Agent

  

			
	By:	 	 /s/ Ben S. Miller

	Name:	 	Ben S. Miller
	Title:	 	Senior Managing Director

  

			
	PROVIDENT LIFE AND ACCIDENT INSURANCE COMPANY
	By:	  	Provident Investment Management, LLC, its Agent

  

			
	By:	 	 /s/ Ben S. Miller

	Name:	 	Ben S. Miller
	Title:	 	Senior Managing Director

 ALLIANZ LIFE INSURANCE COMPANY OF NORTH AMERICA 

 

			
	By:	 	 /s/ Brian F. Landry

	Name:	 	Brian F. Landry
	Title:	 	Assistant Treasurer

 UNITED OF OMAHA LIFE INSURANCE COMPANY 
  

			
	By:	 	 /s/ Justin P. Kavan

	Name:	 	Justin P. Kavan
	Title:	 	Vice President

 COMPANION LIFE INSURANCE COMPANY 
  

			
	By:	 	 /s/ Justin P. Kavan

	Name:	 	Justin P. Kavan
	Title:	 	An Authorized Signer

 AMERICAN UNITED LIFE INSURANCE COMPANY 
  

			
	By:	 	 /s/ Michael I. Bullock

	Name:	 	Michael I. Bullock
	Title:	 	V.P., Private Placements

  

			
	THE STATE LIFE INSURANCE COMPANY
	By:	  	American United Life Insurance Company, its Agent

  

			
	By:	 	 /s/ Michael I. Bullock

	Name:	 	Michael I. Bullock
	Title:	 	V.P., Private Placements

  

			
	PIONEER MUTUAL LIFE INSURANCE COMPANY
	By:	  	American United Life Insurance Company, its Agent

  

			
	By:	 	 /s/ Michael I. Bullock

	Name:	 	Michael I. Bullock
	Title:	 	V.P., Private Placements

 AMERICAN EQUITY INVESTMENT LIFE INSURANCE COMPANY 

 

			
	By:	 	 /s/ Jeffrey A. Fossell

	Name:	 	Jeffrey A. Fossell
	Title:	 	Authorized Signatory

  

			
	AMERITAS LIFE INSURANCE CORP. AMERITAS LIFE INSURANCE CORP. successor by merger to ACACIA LIFE

INSURANCE COMPANY

	By:	  	Ameritas Investment Partners, Inc., as Agent

  

			
	By:	 	 /s/ Tina Udell

	Name:	 	Tina Udell
	Title:	 	Vice President & Managing Director Corporate Credit

 GREAT-WEST LIFE & ANNUITY INSURANCE COMPANY 

 

			
	By:	 	 /s/ Ernie Friesen

	Name:	 	Ernie Friesen
	Title:	 	SVP and CIO, General Account

  

			
	By:	 	 /s/ Janet Hurkett

	Name:	 	Janet Hurkett
	Title:	 	Manager, Investments

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