Document:

EX-4.1

 Exhibit 4.1 

THIRD AMENDMENT TO 

AMENDED AND RESTATED CREDIT AGREEMENT 

This Third Amendment to Amended and Restated Credit Agreement (herein, this “Amendment”) is entered into as of
June     , 2015, 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, as amended (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 make certain 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 term “Average Domestic Cash” set forth in Section 1.01 of the Credit Agreement shall be amended and restated to read in its entirety as follows: 

“Average Domestic Cash” means, at any time the same is determined: 

(a)(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, in each case as of the last day for each of the three most recent months then ended, divided by three (3), plus  

(b) the lesser of $25,000,000 and 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. Clause (a) of the defined term “Indebtedness” set forth in
Section 1.01 of the Credit Agreement shall be amended and restated to read in its entirety as follows: 
 (a) the
Purchase Card Program Obligations and all obligations of such Person for borrowed money and all obligations of such Person evidenced by bonds, debentures, notes, loan agreements or other similar instruments; 

1.3. Section 1.01 of the Credit Agreement shall be further amended by inserting new defined terms “Purchase Cards Program
Documents”, and “Purchase Cards Program Obligations” in their appropriate alphabetical order to read in their entirety as follows: 

“Purchase Cards Program Documents” means that certain Diners Club Account Agreement, dated as of June
    , 2015, between the Company, as borrower, and BMO Harris Bank, N.A, as lender and each other document executed and delivered in connection therewith, each as amended, restated, supplemented or otherwise modified from time to
time. 
 “Purchase Cards Program Obligations” means all advances to, and debts, liabilities, obligations,
covenants and duties of the Company arising under the Purchase Cards Program Documents, whether direct or indirect (including those acquired by assumption), absolute or contingent, due or to become due, now existing or hereafter arising and
including interest and fees that accrue after the commencement by or against the Company or any Affiliate thereof of any proceeding under any Debtor Relief Laws naming such Person as the debtor in such proceeding, regardless of whether such interest
and fees are allowed claims in such proceeding. 
 1.4. Section 7.03(a) of the Credit Agreement shall be amended and restated to read
in its entirety as follows: 
 (a) (x) Indebtedness under the Loan Documents and (y) the Purchase Cards Program Obligations owing to the
Administrative Agent and its Affiliates; provided, that the principal amount of the Purchase Cards Program Obligations shall not exceed $1,000,000 in the aggregate at any one time outstanding; 

1.5. Section 8.01(a) of the Credit Agreement shall be amended and restated to read in its entirety as follows: 

(a) Non-Payment. Any Loan Party fails to pay (i) when and as required to be paid herein, any amount of principal of
any Loan or any L/C Obligation, or (ii) within three Business Days after the same becomes due, any 

  
 -2- 

 
interest on any Loan or on any L/C Obligation, or any commitment or other fee due hereunder, or (iii) within five Business Days after the same becomes due, any other amount payable hereunder
or under any other Loan Document; or (iv) any amount required to be paid under a Purchase Card Program Document within 60 days of invoice date; or 

1.6. Article X of the Credit Agreement shall be amended be adding the following new Section 10.12 thereto. 

10.12 Guaranteed Obligations. Notwithstanding anything to the contrary contained herein, solely for the purposes of this
Article X, the definition of “Obligations” shall be deemed to include the Purchase Cards Program Obligations and the definition of “Loan Documents” shall be deemed to include the Purchase Cards Program Documents. 

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

 

	SECTION 2.	CONDITIONS PRECEDENT. 

 This Amendment shall become effective upon
the execution and delivery of this Amendment by the Loan Parties and BMO Harris. 
  

	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. 

 

	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.

  
 -3- 

 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] 

  
 -4- 

 This Third 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/ Kenneth R. Zilch

		 	Name:	 	Kenneth R. Zilch
		 	Title:	 	Senior Vice President Corporate Tax, Risk and Real Estate and Treasurer
	
	CEC EDUCATIONAL SERVICES, LLC
		
	By:	 	 /s/ Kenneth R. Zilch

		 	Name:	 	Kenneth R. Zilch
		 	Title:	 	Treasurer

 [Signature Page to Third 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/ Kenneth R. Zilch

		 	Name:	 	Kenneth R. Zilch
		 	Title:	 	Treasurer
	
	AIU ONLINE, LLC
	LE CORDON BLEU NORTH AMERICA, LLC
		
	By:	 	 /s/ Kenneth R. Zilch

		 	Name:	 	Kenneth R. Zilch
		 	Title:	 	Treasurer
	
	MARLIN ACQUISITION CORP.
		
	By:	 	 /s/ Kenneth R. Zilch

		 	Name:	 	Kenneth R. Zilch
		 	Title:	 	Treasurer

 [Signature Page to Third 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/ Michael D. Pincus

		 	Name	 	 Michael D. Pincus

		 	Title	 	 Managing Director

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

 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 

  
 Compliance Certificate

 C-1 

 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	 	  

  
 Compliance Certificate

 C-2 

 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.
	 	 Sum of lines A1(d) and A2(d)
	  				  	$	 	  
		 		 		  				  	  
	  
	 
					
		 	 4.
	 	 Line A3 divided by 3
	  				  	$	 	  
		 		 		  				  	  
	  
	 
					
		 	 5.
	 	 Aggregate amount of Lease Buyouts for the period commencing October 1, 2014 and ending on the Calculation Date (such amount not to
exceed $25,000,000)
	  				  	$	 	  
		 		 		  				  	  
	  
	 
					
		 	 6.
	 	 Sum of lines A4 and A5
	  				  	$	 	  
		 		 		  				  	  
	  
	 
					
		 	 7.
	 	 Line A6 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/no	  

  
 -2-EX-10.3

 Exhibit 10.3 
  

 
 May 6, 2015 

Ms. Lysa A. Clemens 
 Dear Lysa, 

In connection with the business and organizational realignment of Career Education Corporation (the “Company”), I would like to confirm the
following: 
  

	 	1.	Effective May 6, 2015, your title will be changed to Senior Vice President, Transitional Operations and Chief Transformation Officer of the Company reporting directly to me. 

 

	 	2.	Your salary and other compensation will not change in connection with this change in title and responsibilities and you will continue to be entitled to the benefit programs available to the senior officers of the
Company, including but not limited to the executive severance program as it may be in effect from time to time. 

  

	 	3.	This is to confirm that the Compensation Committee of the Board of Directors previously approved an extension to December 31, 2015 for you to conclude your move to the Chicago area and to be reimbursed by the
Company for your relocation costs incurred during your employment by the Company, in a total amount not to exceed $120,000 less amounts previously reimbursed and not to include any tax assistance. If the Company terminates your employment, other
than for misconduct, you will be not be required to reimburse the Company for these relocation costs. 

  

	 	4.	You are currently subject to certain non-compete and non-solicitation restrictive covenants which remain in effect for a period of time after a voluntary resignation by you from employment with the Company or for a
termination of your employment by the Company for cause. This is to confirm that in the event that the Company terminates your employment, other than for cause, prior to October 31, 2016, such non-compete restrictive covenants will not apply
and will not be included in any separation agreement with you that is required to entitle you to payments under the executive severance program. By your signature on this letter, you acknowledge and agree that any non-solicitation restrictions and
confidentiality obligations remain in full force and effect as set forth in any agreement or by virtue of your employment with the Company, and are not altered or amended by this letter. 

 

	 	5.	This letter does not contain a guarantee of employment at Career Education Corporation. Your employment is at-will and may be terminated at the will of either you or Career Education Corporation. 

Please sign one copy of this Letter indicating your agreement of the terms 

 Sincerely, 
 /s/
Ronald D. McCray 
 Ronald D. McCray 
 Interim
President & Chief Executive Officer 
 Career Education Corporation 

Accepted and Agreed to: 
  

					
	 /s/ Lysa A. Clemens
	 		 	 5-6-15

	Lysa A. Clemens	 		 	Date

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