Material Agreement Form 8 K

On July 18, 2024, Lincoln Educational Services Corporation (the "Company") entered into a first amendment (the "Amendment") of the secured credit agreement, dated as of February 16, 2024 (the "Credit Agreement"), with Fifth Third Bank, National Association (the "Bank"). As previously reported, pursuant to the Credit Agreement, the Company as borrower, obtained a revolving credit facility in the aggregate principal amount of $40 million including a $10 million letter of credit sublimit and a $20 million accordion feature (the "Facility"), the proceeds of which are to be used for working capital, general corporate and certain other permitted purposes. The Facility is guaranteed by the Company's wholly-owned subsidiaries and is secured by a first priority lien in favor of the Bank on substantially all of the personal property owned by the Company and its subsidiaries. The term of the Facility is 36 months, maturing on February 16, 2027.

Among other things, the Amendment effects certain modifications to (i) clarify certain representations and affirmative covenants of the Company, (ii) clarify certain conditions to each advance, (iii) clarify and/or replace certain events of default and (iv) delete or revise certain definitions in order to harmonize them with the other modifications made. The Amendment also contains customary releases, representations and warranties and reaffirmations consistent with the original terms of the Credit Agreement. Except as set forth above, the Amendment does not materially alter the Credit Agreement.

The foregoing description of the Amendment does not purport to be complete and is qualified in its entirety by reference to the full text of the Amendment filed as Exhibit 10.1 to this Current Report on Form 8-K, which is incorporated herein by reference.