Cohort Default Rate. Section 2.20 of the Company Disclosure Letter sets forth the published and draft cohort default rate for the School, calculated by the DOE and issued to the School pursuant to 30 C.F.R. (S) 668.17 or a predecessor regulation, for the federal fiscal years September 30, 1994 through and including September 30, 1997. Such schedule is materially accurate in all respects. As of the date of this Agreement, neither the Company nor the School has received any notice from DOE or any guaranty agency as to the calculation or issuance of a published or draft cohort default rate for the School for the year ended September 30, 1998. The School has official cohort default rates of 25.0%, 15.6%, 2.8%, 12.5% and 28.57% on Federal ▇▇▇▇▇▇▇ Loans for award years, 1995, 1996, 1997, 1998 and 1999, respectively.
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Sources: Merger Agreement (Career Education Corp), Merger Agreement (Career Education Corp)
Cohort Default Rate. Section 2.20 of the Company Disclosure Letter sets forth the published and draft cohort default rate for the School, calculated by the DOE and issued to the School pursuant to 30 C.F.R. (S) Section 668.17 or a predecessor regulation, for the federal fiscal years September 30, 1994 through and including September 30, 1997. Such schedule is materially accurate in all respects. As of the date of this Agreement, neither the Company nor the School has received any notice from DOE or any guaranty agency as to the calculation or issuance of a published or draft cohort default rate for the School for the year ended September 30, 1998. The School has official cohort default rates of 25.0%, 15.6%, 2.8%, 12.5% and 28.57% on Federal ▇▇▇▇▇▇▇ Loans for award years, 1995, 1996, 1997, 1998 and 1999, respectively.,
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