Significant Regulatory Event means, with respect to one or more Educational Institutions, (a) a failure to maintain its current eligibility to participate in Title IV Programs (including without limitation any suspension or termination of Title IV funding, any material limitation of Title IV Program funding or Title IV Program participation, or any imposition of Cash Reimbursement or Heightened Cash Monitoring Level II Procedures (as defined by 34 C.F.R. §§ 668.162(d) and (e)(2))), (b) a failure to maintain in effect any of its Educational Approvals(c) the issuance by the DOE of a draft Cohort Default Rate for any Educational Institution that, individually or in the aggregate with such Educational Institution’s Cohort Default Rates for preceding Federal Fiscal Years, would upon becoming a final Cohort Default Rate result in a loss of the Educational Institution’s eligibility to participate in Title IV Programs and the Company determines in good faith that such Cohort Default Rate is not reasonably likely to improve so as to avoid the loss of the Educational Institution’s eligibility to participate in Title IV Programs, (d) a failure to (i) meet the “90/10 Rule” codified at 34 C.F.R. §§ 668.14 and 668.28 with respect to a single fiscal year and (ii) meet the “90/10 Rule” for the immediately subsequent fiscal year as determined on a projected annualized basis upon the end of the second quarter of such fiscal year; or (e) the final imposition of any fines, liabilityies, disallowances or other sanctions instituted against the Company, any Subsidiary or any Educational Institution by the DOE or any other Educational Agency or governmental agency, except in such cases where the occurrence of the events in (a)-(e) above could not, individually or in the aggregate, reasonably lead to a Material Adverse Effect.
Significant Regulatory Event means the failure of the Borrower or any Subsidiary to (a) maintain the status of any School as an “eligible institution” as defined in 34 C.F.R. Sections 600.2 and 600.5, (b) maintain the eligibility of any School to participate in one or more Title IV Programs, (c) maintain all Accreditations for any School or (d) maintain all accreditations, licenses, permits and authorizations required for any School to participate in one or more Title IV Programs (including, in each case, any such failure that results in any substantial limitation on, or suspension or termination of, eligibility of such School to participate in one or more Title IV Programs), which failure of any of the types described in clauses (a), (b), (c) and (d) either (i) affects one or more Schools which either (A) contributed in the aggregate more than 15% of the Consolidated EBITDA for the period of the four fiscal quarters most recently ended for which the Borrower has delivered financial statements pursuant to Section 7.01(a) or (b) or (B) owned assets which comprise in the aggregate more than 15% of the total assets of the Borrower and its Subsidiaries as of the end of the period of the four fiscal quarters most recently ended for which the Borrower has delivered financial statements pursuant to Section 7.01(a) or (b), (ii) would have caused the Loan Parties to fail to be in compliance with the financial covenants in Section 8.11 as of the end of the period of the four fiscal quarters most recently ended for which the Borrower has delivered financial statements pursuant to Section 7.01(a) or (b) if the aggregate amount of Consolidated EBITDA and Consolidated Tangible Net Worth contributed by such Schools during such period were excluded from the calculation of such financial covenants or (iii) affects the eligibility of one or more Schools to participate in the Xxxxxxx X. Xxxx Federal Direct Loan (Direct Loan) Program, the Federal Pell Grant Program or one or more other Title IV Programs that contributed in the aggregate more than 5% of the Title IV revenues received by the Borrower and its Subsidiaries for the fiscal year most recently ended for which the Borrower has delivered financial statements pursuant to Section 7.01(a).
Significant Regulatory Event means, as the context may require, either (a) a failure of a Person to maintain its status as an “eligible institution”, as defined in 34 C.F.R. Sections 600.2 and 600.5, (b) a failure of a Person to maintain its eligibility to participate in Title IV Programs (including without limitation any suspension or termination of Title IV funding), (c) a failure of a Person to maintain in effect any of its Accreditations, or (d) a failure of a Person to maintain in full force and effect its licenses to provide post-secondary education in any jurisdiction, which failure of any of the types described in clauses (a), (b), (c) and (d) when taken together with all other such failures of any of the types described in clauses (a), (b), (c) and (d) occurring during the current fiscal quarter and the three previous fiscal quarters of the Borrower, affects (x) Schools which contributed more than 10% of the Consolidated EBITDA of the Borrower and its Subsidiaries for the most recent four complete fiscal quarters of the Borrower, or (y) Schools the assets of which comprise more than 10% of the Consolidated Total Assets as of the end of the most recent fiscal quarter of the Borrower.
Examples of Significant Regulatory Event in a sentence
The occurrence of a Significant Regulatory Event, if such Significant Regulatory Event would reasonably be expected to have a Material Adverse Effect on the Borrower and the Subsidiaries taken as a whole.
Except as set forth on Schedule 4.7, no proceeding, and to the knowledge of any of Borrowers, their Subsidiaries and each School, no investigation, which could reasonably be expected to result in a Significant Regulatory Event or Material Adverse Regulatory Change is pending or, to their knowledge, threatened, and to their knowledge no ground exists that could reasonably be expected to result in a Significant Regulatory Event or Material Adverse Regulatory Change or in any such proceeding or investigation.
More Definitions of Significant Regulatory Event
Significant Regulatory Event means, as the context may require, with respect to one or more Educational Institutions, (a) an Adverse Educational Agency Action where such action shall not have been stayed and subsequently removed, withdrawn, resolved or otherwise terminated within 18 months thereafter; (b) a failure to maintain its eligibility to participate in Title IV Programs (including without limitation any suspension or termination of Title IV funding, any material limitation of Title IV Program funding or Title IV Program participation, or any imposition of Cash Reimbursement or Heightened Cash Monitoring Level II procedures (as defined by 34 C.F.R. Sections 668.162(c) and (d)(2), respectively), except to the extent that (i) such failure to maintain, suspension, termination, material limitation or imposition is stayed and subsequently removed, withdrawn, resolved or otherwise terminated within 18 months thereafter or (ii) such material limitation or imposition does not result in a Cash Collateral event pursuant to clause (i) of the definition of Cash Collateral Event; (c) a failure to maintain in effect any of its Educational Approvals, except to the extent failure to maintain such approval would not reasonably be expected to have a Material Adverse Effect; (d) the issuance by the DOE of a draft Cohort Default Rate for any Educational Institution that, individually or in the aggregate with such Educational Institution’s Cohort Default Rates for preceding federal fiscal years, would upon becoming a final Cohort Default Rate result in a loss of the Educational Institution’s eligibility to participate in Title IV Programs and the Borrower determines in good faith that such Cohort Default Rate is not reasonably likely to improve so as to avoid the loss of the Educational Institution’s eligibility to participate in Title IV Programs; (e) a failure to (i) meet the Non-Title IV Revenue Requirement with respect to a single fiscal year and (ii) meet the Non-Title IV Revenue Requirement for the immediately subsequent fiscal year as determined on a projected annualized basis upon the end of the second quarter of such fiscal year; (f) the final imposition, after exhaustion of any administrative appeal or remedies, of any fine, liability, disallowance or other sanction instituted against the Borrower, any Subsidiary, or any Educational Institution by the DOE or any other Educational Agency or Governmental Authority in an amount that, giving immediate effect to the payment thereof on a pro fo...
Significant Regulatory Event means, as the context may require, either (a) a failure of a Person to maintain its status as an "eligible institution", as defined in 34 C.F.R. Sections 600.2 and 600.5, (b) a failure of a Person to maintain its eligibility to participate in Title IV Programs (including without limitation any suspension or termination of Title IV funding), (c) a failure of a Person to maintain in effect any of its Accreditations, or (d) a failure of a Person to maintain in full force and effect its licenses to provide post-secondary education in any jurisdiction, which failure of any of the types described in clauses (a), (b), (c) and (d) when taken together with all other such failures of any of the types described in clauses (a), (b), (c) and (d) occurring during the current fiscal quarter and the three previous fiscal quarters of the Borrower, affects (x) Schools which contributed more than 10% of the Consolidated EBITDA of the Borrower and its Subsidiaries for the most recent four complete fiscal quarters of the Borrower, or (y) Schools the assets of which comprise more than 10% of the Consolidated Total Assets as of the end of the most recent fiscal quarter of the Borrower.
Significant Regulatory Event means, as the context may require, (a) failure of the Borrower or any Material Subsidiary to maintain its status as an “eligible institution,” as defined in 34 C.F.R. Sections 600.2 and 600.5, (b) a failure of the Borrower or any Material Subsidiary to maintain its eligibility to participate in Title IV Programs (including, without limitation, any suspension or termination in Title IV funding), or (c) a failure of the Borrower or any Material Subsidiary to maintain in effect any of its Accreditations, which failure of any of the types described in clauses (a), (b) and (c) (each a “Relevant Failure”), when taken together with all other such failures of any of the types described in clauses (a), (b) or (c) occurring during the fiscal quarter in which such Relevant Failure occurred (the “Relevant Quarter”) and the three fiscal quarters of the Borrower immediately preceding the Relevant Quarter, affects educational institutions of the Borrower or any Material Subsidiary which, in aggregate, (x) contributed more than 20% of the consolidated EBITDA of the Borrower and its Subsidiaries for the most recent four complete fiscal quarters of the Borrower or (y) comprise more than 20% of the consolidated Total Assets of the Borrower and is Subsidiaries as of the end of the most recent complete fiscal quarter of the Borrower.
Significant Regulatory Event means, as the context may require, (a) failure of the Borrower or any Material Subsidiary to maintain its status as an “eligible institution,” as defined in 34 C.F.R. Sections 600.2 and 600.5, (b) a failure of the Borrower or any Material Subsidiary to maintain its eligibility to participate in Title IV Programs (including, without limitation, suspension or termination in Title IV funding, or a delay of more than five days in receipt of Title IV funding following notice to Borrower from the DOE that the DOE intends to implement funding delays), or (c) a failure of the Borrower or any Material Subsidiary to maintain in effect any of its Accreditations, which failure of any of the types described in clauses (a), (b) and (c) (each a “Relevant Failure”), when taken together with all other such failures of any of the types described in clauses (a), (b) or (c) occurring during the fiscal quarter in which such Relevant Failure occurred (the “Relevant Quarter”) and the three fiscal quarters of the Borrower immediately preceding the Relevant Quarter, affects educational institutions of the Borrower or any Material Subsidiary which, in aggregate, (x) contributed more than 20% of the consolidated EBITDA of the Borrower and its Subsidiaries for the most recent four complete fiscal quarters of the Borrower or (y) comprise more than 20% of the consolidated Total Assets of the Borrower and is Subsidiaries as of the end of the most recent complete fiscal quarter of the Borrower.
Significant Regulatory Event means the failure of the Borrower or any Subsidiary to (a) maintain the status of the School as an “eligible institution” as defined in 34 C.F.R. Section 600.2, (b) maintain the eligibility of the School to participate in one or more Title IV Programs, (c) maintain all Accreditations required for the School to participate in one or more Title IV Programs.
Significant Regulatory Event means a Significant Regulatory Event (as defined in the School Credit Agreement).
Significant Regulatory Event means, with respect to any Borrower, any Subsidiary or any School, as the context may require (a) any of the following occurrences except to the extent that any such occurrence could not reasonably be expected to result in a Material Adverse Regulatory Change: (i) a failure of any School to maintain its eligibility to participate in Title IV Programs (including, without limitation, any suspension, termination or limitation of Title IV funding); (ii) a failure of any Borrower, any Subsidiary or any School to maintain in effect any of its Accreditations or specialized accreditations necessary for the relevant School to conduct its operations and offer its educational programs or for graduates of such School to take the examinations necessary to qualify to work in the field for which they were trained or to otherwise be licensed in such field; or (iii) a failure of any Borrower, any Subsidiary or any School to maintain in effect its Educational Approvals; (b) the placement of one or more Schools on the reimbursement payment method or the heightened cash monitoring 2 payment method to the extent such School(s), in the aggregate, received more than $5,000,000 in Title IV Program funds in the most recently completed fiscal year; (c) the imposition of any fine, liability, disallowance, or other sanction instituted against any Borrower, any Subsidiary or any School by the DOE or any other Educational Agency, Consumer Protection Agency or Governmental Authority, in an amount equal to or greater than $2,000,000 individually or $3,000,000 in the aggregate, in each case, in any fiscal year of Borrowers; or (d) the issuance by the DOE of Gainful Employment Rates (in final form) that trigger the requirement for any School or Schools to issue student warnings pursuant to the Gainful Employment Rule, with respect to educational programs that make up more than 20% of the Student Enrollments of all of the Schools.