Common use of Capital Expenditures Covenant Clause in Contracts

Capital Expenditures Covenant. The Consolidated Entities shall not make Capital Expenditures, exclusive of curriculum development costs, in excess of (i) $11,000,000.00 for Borrower’s fiscal year ending on August 31, 2007 and (ii) $8,000,000.00 for each fiscal year of Borrower thereafter. Maximum Capital Expenditures for Reporting Period: $ Actual Capital Expenditures for Reporting Period: $ In Compliance: Yes ¨ No ¨ N/A ¨

Capital Expenditures Covenant. The Consolidated Entities shall not make Capital Expenditures, exclusive of curriculum development costs, in excess of (i) $11,000,000.00 for Borrower’s fiscal year ending on August 31, 2007 and (ii) $8,000,000.00 for each fiscal year of Borrower thereafter. Maximum Capital Expenditures for Reporting Period: $ Actual Capital Expenditures for Reporting Period: $ In Compliance: Yes ¨ No ¨ N/A ¨

Capital Expenditures Covenant. The Consolidated Entities shall not make Capital Expenditures, exclusive of curriculum development costs, in excess of (i) $11,000,000.00 for Borrower’s fiscal year ending on August 31, 2007 and (ii) $8,000,000.00 for each fiscal year of Borrower thereafterBorrower. Maximum Capital Expenditures for Reporting Period: $ $8,000,000.00 Actual Capital Expenditures for Reporting Period: $ $___________________ In Compliance: Yes ¨ No ¨ N/A ¨

Capital Expenditures Covenant. The Consolidated Entities shall not make Capital Expenditures, exclusive of curriculum development costs, in excess of (i) $11,000,000.00 for Borrower’s fiscal year ending on August 31, 2007 and (ii) $8,000,000.00 for each fiscal year of Borrower thereafterBorrower. Maximum Capital Expenditures for Reporting Period: $ $8,000,000.00 Actual Capital Expenditures for Reporting Period: $ $__________________ In Compliance: Yes ¨ No ¨ N/A ¨