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 $8,000,000.00 for each fiscal year of Borrower. 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 BorrowerBorrower thereafter. 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 $8,000,000.00 for each fiscal year of Borrower. 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 BorrowerBorrower thereafter. Maximum Capital Expenditures for Reporting Period: $8,000,000.00 $ Actual Capital Expenditures for Reporting Period: $___________________ $ In Compliance: Yes ¨ No ¨ N/A ¨