Sterling National BankConsent to Departure From Certain Terms of Loan Documents • September 28th, 2021 • Lincoln Educational Services Corp • Services-educational services • New Jersey
Reference is hereby made to that certain Credit Agreement dated as of November 14, 2019 (as amended, modified, or supplemented from time to time, including by that certain First Amendment to Credit Agreement dated as of November 10, 2020, together with any subsequent amendments thereto, the “Credit Agreement”) by and among Lincoln Educational Services Corporation, Lincoln Technical Institute, Inc., Nashville Acquisition, L.L.C., New England Acquisition, LLC, Euphoria Acquisition, LLC, LCT Acquisition, LLC, NN Acquisition, LLC and LTI Holdings LLC (individually and collectively, “Borrower”) and Sterling National Bank (“Bank”) pursuant to which Bank made available to Borrower certain senior secured credit facilities consisting of (i) a $15,000,000.00 senior secured revolving line of credit (the “Line of Credit”); (ii) a $20,000,000.00 senior secured term loan (the “Term Loan”); (iii) a $10,000,000.00 senior secured revolving loan facility available for the issuance of letters of credit (
