Security AgreementSecurity Agreement • February 3rd, 2010 • Bridgepoint Education Inc • Services-educational services • California
As of January 29, 2010, for value received, the undersigned BRIDGEPOINT EDUCATION, INC. (“Parent”), BRIDGEPOINT EDUCATION REAL ESTATE HOLDINGS, LLC (“BEREH”), ASHFORD UNIVERSITY, LLC (“Ashford”), UNIVERSITY OF THE ROCKIES, LLC (“UOR”) and WAYPOINT OUTCOMES, LLC (“Waypoint” and, collectively with Parent, BEREH, Ashford and UOR, each a “Debtor” and collectively, “Debtors”) each pledges, assigns and grants to Comerica Bank (“Bank”), whose address is 39200 Six Mile Road, M/C 7578, Livonia, Michigan 48152, Attn: National Documentation Services, a continuing security interest and lien (any pledge, assignment, security interest or other lien arising hereunder is sometimes referred to herein as a “security interest”) in the Collateral (as defined below) to secure payment when due, whether by stated maturity, demand, acceleration or otherwise, of all Debtors’ existing and future “Indebtedness,” as that term is defined in the Credit Agreement dated as of the date hereof by and between Debtors an
CREDIT AGREEMENTCredit Agreement • February 3rd, 2010 • Bridgepoint Education Inc • Services-educational services • California
THIS CREDIT AGREEMENT is made and delivered as of January 29, 2010, by and among BRIDGEPOINT EDUCATION, INC. (“Parent”), BRIDGEPOINT EDUCATION REAL ESTATE HOLDINGS, LLC (“BEREH”), ASHFORD UNIVERSITY, LLC (“Ashford”), UNIVERSITY OF THE ROCKIES, LLC (“UOR”) and WAYPOINT OUTCOMES, LLC (“Waypoint,” and collectively with Parent, BEREH, Ashford, UOR and Waypoint, each a “Borrower” and collectively, “Borrowers”), and COMERICA BANK (“Bank”).
