Financial Responsibility Composite Score definition

Financial Responsibility Composite Score means the composite score as calculated by ED in accordance with 34 C.F.R. Sections 668.171(b)(1) and Section 668.172 and Appendix A to Subpart L of 34 C.F.R. Section 668 and any successor provision.

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Financial Responsibility Composite Score or “Composite Score” means: a numeric score calculated by the U.S. Department of Education for non-public Institutions of higher education that participate in federal Title IV student assistance programs. See https://studentaid.ed.gov/sa/about/data-center/school/composite-scores

Examples of Financial Responsibility Composite Score in a sentence

The Borrower will maintain, as of the end of each Fiscal Year, commencing with the Fiscal Year ending December 31, 2012, a Consolidated DOE Financial Responsibility Composite Score of not less than 1.5.
Permit the Financial Responsibility Composite Score to be less than 1.5 as of the last day of each fiscal year of the Borrower.
Except as would not have a Material Adverse Effect, the Borrower shall not permit the Financial Responsibility Composite Score to be less than (i) 1.4 as of the end of any Fiscal Year, commencing with the Fiscal Year ending September 30, 2023, and (ii) 1.5 as of the end of any Fiscal Year, commencing with the Fiscal Year ending September 30, 2024.
Permit the Financial Responsibility Composite Score to be less than (i) 1.0 as of the last day of the fiscal year of the Borrower ending December 31, 2013 and (b) 1.5 as of the last day of each fiscal year of the Borrower thereafter.
Institutions that currently participate with a Federal Financial Responsibility Composite Score rating between 1.0 and 1.49 are placed on provisional status and permitted to provide evidence of financial solvency to PDE.
New applicant institutions with a Federal Financial Responsibility Composite Score between 1.0 and 1.49 will be denied participation.
Failure to provide an acceptable Federal Financial Responsibility Composite Score after one year will preclude further participation in ▇▇▇▇ until the institution demonstrates an acceptable score of 1.5 or higher unless the institution provides sufficient evidence to be granted an extension of one additional year.
Permit the Consolidated Fixed Charge Coverage Ratio as of the end of any fiscal quarter of the Borrower set forth below to be less than the ratio corresponding to such fiscal quarter: thereafter 1.15 to 1.0 N/A N/A N/A (d) Minimum Financial Responsibility Composite Score.
They are to within ten (10) days following knowledge thereof notify Agent if any judgments, lawsuits, losses, claims, judicial proceedings, investigations, complaints, notices, or citations including but not limited to, those relating to occupational health, safety, or environmental protection, are pending or threatened in an amount claimed of $250,000.00 or more in excess of insurance coverage, individually or in the aggregate.
The Borrower shall not permit the Financial Responsibility Composite Score to be less than (i) 1.4 as of the end of any Fiscal Year, commencing with the Fiscal Year ending September 30, 2023, and (ii) 1.5 as of the end of any Fiscal Year, commencing with the Fiscal Year ending September 30, 2024.

More Definitions of Financial Responsibility Composite Score

Financial Responsibility Composite Score means the composite score of the Borrower’s equity, primary reserve and net income ratios described in 34 C.F.R. Sections 668.171(b)(1) and Section 668.172 and appendices A and B to Subpart L of 34 C.F.R. of Section 668, provided that if at any time the Borrower or any Subsidiary is required by the DOE to report such composite score on a school-by-school or other basis, such score shall also refer to the composite score for each school or other Person required to be reported to the DOE. “Financial Statements” means the consolidated and consolidating income statements, statements of cash flows and balance sheets of the Loan Parties and their Subsidiaries delivered in accordance with Section 7.1 to the Agreement. “FIRREA” means the Financial Institutions Reform, Recovery and Enforcement Act of 1989. “Fiscal Quarter” means any of the quarterly accounting periods of the Loan Parties, ending on March 31, June 30, September 30, and December 31 of each year. “Fiscal Year” means any of the annual accounting periods of the Loan Parties ending on September 30 of each year. “Fixed Charge Coverage Ratio” means, for the trailing twelve (12) month period then-ending, for the Borrower and its Subsidiaries on a consolidated basis during such period, the ratio of (a) Consolidated EBITDA less distributions, dividends, permitted Stock redemptions, repurchases, and the lesser of $30,000,000, or, the amount of Capital Expenditures actually

Financial Responsibility Composite Score means the composite score of the Borrower’s and its Subsidiaries’, on a consolidated basis, equity, primary reserve and net income ratios described in 34 C.F.R. Sections 668.171(b)(1) and Section 668.172 and appendices A and B to Subpart L of 34