EXHIBIT 10.94

FIRST AMENDMENT TO LOAN AGREEMENT

        THIS FIRST AMENDMENT TO LOAN AGREEMENT ("Amendment") is made and entered
into effective as of December 31, 2002 in Columbus, Ohio, by and among PRIMROSE
SCHOOL FRANCHISING COMPANY, a Georgia corporation (the "Borrower"), PRIMROSE
HOLDINGS, INC., a Delaware corporation ("PHI"), SECURITY CAPITAL CORPORATION, a
Delaware corporation ("SCC" and, together with PHI, the "Corporate Guarantors"),
BRIAN D. FITZGERALD, an individual (the "Individual Guarantor"), and BANK ONE,
N.A., a national banking association with its corporate headquarters in
Columbus, Ohio (the "Lender").

Recitals

        The following recitals are representations with respect to certain
factual matters that form the basis of this Amendment and are an integral part
of this Amendment.

        A.    Pursuant to the terms and conditions of a certain Loan Agreement
dated as of April 5, 2002 by and among the Borrower, the Corporate Guarantors
and the Lender (the "Loan Agreement"), the Lender agreed to make to the Borrower
(i) loans (collectively, the "Revolving Credit Loans") up to the maximum
aggregate sum of $1,000,000 under a revolving line of credit (the "Revolving
Credit Commitment") and (ii) a term loan in the principal amount of $7,200,000
(the "Term Loan"). Certain capitalized terms that are not otherwise defined
herein shall have the meanings ascribed to them in the Loan Agreement;

        B.    To evidence the Revolving Credit Loans, the Borrower executed a
certain Revolving Credit Note dated April 5, 2002 (the "Revolving Credit Note"),
whereby the Borrower promised to pay to the order of the Lender, on or before
September 30, 2003, the Revolving Credit Loans, together with interest as set
forth in the Loan Agreement;

        C.    To evidence the Term Loan, the Borrower executed (i) a certain
Tranche A Term Note dated April 5, 2002 in the original principal amount of
$4,000,000 (the "Tranche A Term Note") and (ii) a certain Tranche B Term Note
dated April 5, 2002 in the original principal amount of $3,200,000 (the "Tranche
B Term Note" and, together with the Tranche A Term Note, the "Term Notes"),
whereby the Borrower promised to pay to the order of the Lender, on or before
September 30, 2003, the Term Loan, together with interest as set forth in the
Loan Agreement;

        D.    To secure the Loan Agreement and the Revolving Credit Note and the
Term Notes (collectively, the "Notes"), the Lender and the Borrower entered into
a certain Borrower Security Agreement dated as of April 5, 2002 (the "Borrower
Security Agreement");

        E.    In consideration of the Lender entering into the Loan Agreement,
each Corporate Guarantor agreed, by a certain separate Unconditional Corporate
Guaranty Agreement dated as of April 5, 2002 (individually, a "Corporate
Guaranty" and collectively, the "Corporate Guaranties"), to unconditionally
guaranty the repayment of the Revolving Credit Loans and the Term Loan;

        F.    In consideration of the Lender entering into the Loan Agreement,
the Individual Guarantor agreed, by a certain Unconditional Individual Guaranty
Agreement dated as of April 5, 2002 (the "Individual Guaranty"), to
unconditionally guaranty the repayment of the Revolving Credit Loans and the
Term Loan, subject to the limitations set forth therein;

        G.    To secure the Loan Agreement and the Notes and PHI's obligations
under its Corporate Guaranty, the Lender and PHI entered into a Guarantor
Security Agreement dated as of April 5, 2002 (the "Guarantor Security
Agreement");

        H.    To further secure the Loan Agreement and the Notes and PHI's
obligations under its Corporate Guaranty, PHI executed and delivered to the
Lender a certain Stock Pledge Agreement

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dated as of April 5, 2002 (the "Stock Pledge Agreement"), pursuant to which PHI
pledged and assigned to the Lender all of the shares of common stock of the
Borrower owned by PHI;

        I.    To secure the Loan Agreement and the Notes and the Individual
Guarantor's obligations under the Individual Guaranty, the Lender and the
Individual Guarantor entered into an Investment Property Security Agreement
dated as of April 5, 2002 (the "Investment Property Security Agreement");

        J.    To secure the Loan Agreement and the Notes and SCC's obligations
under its Corporate Guaranty, the Lender, SCC and Banc One Securities
Corporation entered into a certain Control Agreement dated July 19, 2002 (the
"Control Agreement");

        K.    The Lender is still the holder and beneficiary of the Loan
Agreement, Notes, Borrower Security Agreement, Corporate Guaranties, Individual
Guaranty, Guarantor Security Agreement, Stock Pledge Agreement, Investment
Property Security Agreement and Control Agreement (such documents, together with
all other documents related thereto, are hereinafter collectively referred to as
the "Loan Documents"); and

        L.    The Borrower, the Corporate Guarantor, the Individual Guarantor
and the Lender desire to amend the Loan Documents to, among other things:
(i) provide for the substitution of a new promissory note for the Term Notes in
order to modify the principal and interest payments payable thereunder and to
extend the maturity date of the Term Loan from September 30, 2003 until
December 31, 2004; (ii) modify the interest rate payable under the Revolving
Credit Note; (iii) terminate the Individual Guaranty, Investment Property
Security Agreement and Control Agreement; and (iv) make certain other changes to
the provisions of the Loan Documents.

Agreement

        NOW, THEREFORE, in consideration of the agreement and undertakings of
the parties hereto to amend the Loan Documents, and for other valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the
parties agree as follows:

        1.    Balance of Term Loan; Substitute Term Note.    

        (a)  The parties hereby acknowledge and agree that the outstanding
principal balance of the Term Loan as of the date hereof is $5,328,000.

        (b)  On the date hereof, the Borrower shall execute and deliver to the
Lender a Term Note in the form of attached Exhibit A hereto (the "Substitute
Term Note"), which shall amend, restate and replace and be in substitution for
the existing Term Notes. Upon the execution and delivery of the Substitute Term
Note by the Borrower, the Lender shall deliver each of the original Term Notes
to the Borrower marked "Cancelled".

        (c)  From and after the date hereof, unless the context thereof
otherwise clearly requires, (i) all references in the Loan Documents to one or
both of the Term Notes shall be deemed to refer to the Substitute Term Note, and
(ii) all references to the Tranche A Term Loan and/or the Tranche B Term Loan
shall be deemed to refer to the Term Loan as evidenced by the Substitute Term
Note.

        (d)  Notwithstanding anything in the Loan Documents to the contrary, the
Substitute Term Note shall include the following terms (which terms shall
replace those set forth in Section 2.2 of the Loan Agreement):

        (i)    Term.    The Substitute Term Note shall be dated as of
December 31, 2002 and shall be due and payable in full on or before December 31,
2004.

        (ii)    Variable Rate Portion of Substitute Term Note.    The unpaid
principal balance of the Substitute Term Note, other than Eurodollar Rate
Portions thereof, shall bear interest (computed on the basis of the actual
number of days elapsed over a Business Year) at a fluctuating rate per annum
equal to the Prime Rate plus the Applicable Margin (as determined in accordance
with Section 1.3(d) of the Loan Agreement) (the "Variable Term Rate"). The
portion of the

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indebtedness evidenced by the Substitute Term Note that bears interest at the
Variable Term Rate is referred to herein and in the Loan Agreement as the
"Variable Rate Portion". Any change in the Variable Term Rate due to a change in
the Prime Rate shall be effective immediately from and after the date of each
such change in the Prime Rate.

        (iii)    Eurodollar Rate Portions of Substitute Term Note.    The
Borrower may elect from time to time to have portions of the principal
indebtedness evidenced by the Substitute Term Note (each a "Eurodollar Rate
Portion") bear interest at a rate per annum equal to the Adjusted Eurodollar
Rate plus the Applicable Margin (as determined in accordance with Section 1.3(d)
of the Loan Agreement) (the "Adjusted Eurodollar Term Rate") by providing a
request therefor to the Lender not less than two (2) Eurodollar Banking Days
prior to the applicable Effective Date for each such Eurodollar Rate Portion,
which request shall specify: (i) the total amount of the Eurodollar Rate
Portion; (ii) the effective date of the applicable Adjusted Eurodollar Term Rate
(the "Effective Date"), which shall be a Eurodollar Banking Day, and (iii) the
length of the applicable Interest Period. The Lender shall, not later than
11:00 a.m., Columbus, Ohio time one Eurodollar Banking Days prior to the
Effective Date for such Eurodollar Rate Portion, give notice to the Borrower of
the applicable Adjusted Eurodollar Term Rate (including information as to the
calculation thereof) applicable for the period requested by the Borrower. The
Borrower shall, not later than 3:00 p.m., Columbus, Ohio time one (1) Eurodollar
Banking Day prior to the Effective Date of each Eurodollar Rate Portion, give
notice by telephone to the Lender as to whether or not the Borrower wishes to
elect to have such Eurodollar Rate Portion bear interest at the applicable
Adjusted Eurodollar Term Rate commencing as of the applicable Effective Date. In
the event the Borrower elects not to have such Eurodollar Rate Portion bear
interest at the applicable Adjusted Eurodollar Term Rate or fails to timely
deliver such notice of election, such Eurodollar Rate Portion shall continue to
bear interest at the Variable Term Rate until the Borrower has otherwise elected
in accordance with provisions of this paragraph. Upon the expiration of the
Interest Period applicable to each Eurodollar Rate Portion, such Eurodollar Rate
Portion shall, unless the Borrower has otherwise elected in accordance with the
provisions of this paragraph, bear interest at the Variable Term Rate. Each
Eurodollar Rate Portion shall be in the initial amount of $1,000,000 or any
integral multiple of $100,000. Each election to have a Eurodollar Rate Portion
bear interest at the Adjusted Eurodollar Term Rate shall be recorded by the
Lender; provided, however, that the failure of the Lender to make such
recordation shall not limit or otherwise affect the obligations of the Borrower
under the Substitute Term Note. Each Eurodollar Rate Portion shall bear interest
during the Interest Period selected therefor at a rate per annum equal to the
Adjusted Eurodollar Term Rate. The Borrower shall be obligated to pay with
respect to each Eurodollar Rate Portion such additional amounts as shall be
determined pursuant to Section 2.4 of the Loan Agreement.

        Upon issuance of the Substitute Term Note, each Eurodollar Rate Portion
of the Tranche A Term Note shall be evidenced by the Substitute Term Note with
the same Adjusted Eurodollar Term Rate and Interest Period.

        (iv)    Scheduled Principal and Interest Payments.    Principal on the
Substitute Term Note shall be due and payable as follows: (i) four (4) equal
consecutive quarterly installments each in the amount of $600,000.00 shall be
due and payable commencing on March 15, 2003 and continuing on June 15, 2003,
September 15, 2003 and December 15, 2003; (ii) four (4) equal consecutive
quarterly installments each in the amount of $732,000.00 shall be due and
payable commencing on March 15, 2004 and continuing on June 15, 2004,
September 15, 2004 and December 15, 2004; and (iii) one final payment in the
amount of the unpaid principal balance (if any) of the Substitute Term Note and
accrued, unpaid interest thereon shall be due and payable on December 31, 2004.

        Interest on the Substitute Term Note shall be due and payable as
follows:

        (A)    Variable Rate Portion.    Interest on the Variable Rate Portion
shall be payable quarterly on each Interest Payment Date, commencing on the
first Interest Payment Date following the date of issuance of the Substitute
Term Note.

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        (B)    Eurodollar Rate Portions.    Interest on each Eurodollar Rate
Portion shall be payable on the expiration of the applicable Interest Period.
Interest on all Eurodollar Rate Portions shall be calculated on the basis of the
actual number of days elapsed over a Business Year.

        2.    Amendments to Loan Agreement.    All terms and conditions of the
Loan Agreement shall remain in full force and effect without change except as
set forth in Section 1 hereof and as follows:

        (a)  Section 1.3(d) (Applicable Margin) of the Loan Agreement is hereby
amended in its entirety to read as follows:

        "(d) Applicable Margin.

(i)The Applicable Margin for Eurodollar Rate Loans shall be 2.75%;

(ii)The Applicable Margin for Eurodollar Rate Portions of the Term Loan shall be
3.00%;

(iii)The Applicable Margin for purposes of the Variable Term Rate applicable to
the Variable Rate Portion of the Substitute Term Note shall be 0.50%; and

(iv)The Applicable Margin for Variable Rate Loans shall be 0.00%."

        (b)  Exhibit J (Definitions) to the Loan Agreement is hereby amended by
adding the following definition thereto:

        "Substitute Term Note" shall mean that certain Term Note dated as of
December 31, 2002 in the original principal amount of $5,328,000 executed and
delivered by the Borrower to the Lender in substitute for the Tranche A Term
Note and the Tranche B Term Note, pursuant to the provisions of the First
Amendment to Loan Agreement dated as of December 31, 2002 among the Borrower,
the Corporate Guarantors, the Individual Guarantor and the Lender."

        3.    Amendments to Security Agreements.    All terms and conditions of
the Borrower Security Agreement, the Guarantor Security Agreement, the Stock
Pledge Agreement and the Corporate Guaranties shall remain in full force and
effect without change except that the following is hereby added at the end of
Recital A on page one thereof:

        "Pursuant to the provisions of a certain First Amendment to Loan
Agreement dated as of December 31, 2002 between the Borrower, the Corporate
Guarantors, the Individual Guarantor and the Lender, the Borrower executed and
delivered to the Lender a certain Term Note dated as of December 31, 2002 in the
original principal amount of $5,328,000 (the "Substitute Term Note"). The
Substitute Term Note evidences the Term Loan and amends, restates and replaces
and is in substitution for the Term Notes. From and after December 31, 2002, all
references herein to one or more of the Term Notes or the Notes shall include
the Substitute Term Note."

        4.    Termination of Individual Guaranty, Investment Property Security
Agreement and Control Agreement.    The Lender hereby releases the guaranty of
the Individual Guarantor evidenced by the Individual Guaranty and terminates its
security interest in the property of the Individual Guarantor under the
Investment Property Security Agreement and the property of SCC under the Control
Agreement. The parties hereto hereby terminate, effective as of the date hereof,
the Individual Guaranty, Control Agreement and Investment Property Security
Agreement. From and after the date hereof, the Individual Guaranty, Control
Agreement and Investment Property Security Agreement shall be void and of no
further force and effect.

        5.    Closing Fee.    Upon execution of this Amendment by the parties
hereto, the Borrower shall pay the Lender a closing fee in the amount of
$26,640.00 (representing 0.50% of the outstanding principal balance of the Term
Loan in the amount of $5,328,000).

        6.    Reaffirmation of Representations and Warranties.    The Borrower
and the Corporate Guarantors hereby, jointly and severally, represent and
warrant that they are in full compliance with all terms, conditions, covenants,
agreements, stipulations, representations and warranties under the Loan

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Documents, as amended hereby, and the Borrower and the Corporate Guarantors,
jointly and severally, hereby reaffirm the same as of the date hereof.

        7.    Compliance with Loan Documents.    Each of the Borrower and the
Corporate Guarantors covenants to perform and observe all covenants, agreements,
stipulations and conditions on its respective part to be performed under the
Loan Documents, as amended hereby.

        8.    Continuation of Loan Documents.    Except as specifically modified
herein, the Loan Documents shall remain in full force and effect in all respects
according to their original terms, covenants and conditions as security for the
unpaid balance of the indebtedness and interest thereon evidenced by the Loan
Agreement and the Notes, and nothing in this Amendment shall affect or impair
any rights and powers that the Lender may have thereunder. All of the amendments
to the Loan Documents set forth in this Amendment shall be deemed to operate
prospectively only, and the provisions of the Loan Documents that were in place
prior to this Amendment shall continue to govern all matters related to periods
prior to the date hereof.

        9.    Expenses.    The Borrower shall pay or cause to be paid and save
the Lender harmless against liability for the payment of all reasonable
out-of-pocket expenses, including counsel fees and disbursements, incurred or
paid by the Lender in connection with the negotiation, development, preparation,
execution and performance of this Amendment.

        10.    Counterparts.    This Amendment may be simultaneously executed in
several counterparts, each of which shall be an original and all of which shall
constitute but one and the same instrument.

        11.    Successors and Assigns.    This Amendment is binding upon, and
shall inure to the benefit of, the parties hereto and their respective
successors and assigns; provided, however, that neither the Borrower nor either
Corporate Guarantor may assign or transfer their respective rights or duties
under this Amendment or the Loan Documents without the prior written consent of
the Lender.

        12.    Governing Law.    This Amendment shall be governed by and
construed in accordance with the laws of the State of Ohio without giving effect
to the conflicts of laws thereof.

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        IN WITNESS WHEREOF, the parties hereto have executed this Amendment as
of the date first set forth above.

LENDER:
 
CORPORATE GUARANTORS:
BANK ONE, N.A., a national
banking corporation
 
PRIMROSE HOLDINGS, INC.,
a Delaware corporation
By:
 
/s/ Mark Slayman

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By:
 
/s/ J. Derek Fuller

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    Mark Slayman, Vice President   Name:   J. Derek Fuller

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        Title:   Secretary

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SECURITY CAPITAL CORPORATION,
a Delaware corporation
 
 
 
 
By:
 
/s/ William R. Schlueter

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        Name:   William R. Schlueter

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        Title:   Vice President and CFO

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BORROWER:
 
INDIVIDUAL GUARANTOR:
PRIMROSE SCHOOL FRANCHISING
COMPANY, a Georgia corporation
 
 
 
 
By:
 
/s/ J. Derek Fuller

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/s/ Brian D. Fitzgerald

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Name:   J. Derek Fuller

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  BRIAN D. FITZGERALD, individually Title:   Vice President

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CONSENT OF BANC ONE SECURITIES CORPORATION

        Pursuant to the provisions of the forgoing First Amendment to Loan
Agreement (the "Amendment"), Banc One Securities Corporation hereby consents to
the termination of the Control Agreement (as defined in the Amendment).

BANC ONE SECURITIES CORPORATION
 
 
By:
 
/s/ Peter D. Risch

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  Name:   Peter D. Risch

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    Title:   Senior Investment Consultant

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EXHIBIT A

TERM NOTE

$5,328,000   Columbus, Ohio
December 31, 2002

        FOR VALUE RECEIVED, PRIMROSE SCHOOL FRANCHISING COMPANY, a Georgia
corporation (the "Borrower"), hereby promises to pay to the order of BANK ONE,
N.A., a national banking association (the "Lender"), or its assigns, as further
provided herein, the principal amount of Five Million Three Hundred Twenty-Eight
Thousand Dollars ($5,328,000), together with interest on the unpaid principal
balance hereunder at the fluctuating rate of interest provided for in Article 2
of the Agreement (as referred to and defined in Section 1 hereof) and in
Section 1(d) of the First Amendment (defined below). Interest on the unpaid
principal balance shall be calculated pursuant to the fluctuating rate of
interest provided for in Article 2 of the Agreement (as set forth in
Section 1(d) of the First Amendment) and shall be paid on the dates as
determined in accordance with the provisions of Article 2 of the Agreement and
Section 1(d) of the First Amendment. In accordance with the provisions of
Section 1.2(d)(iv) of the First Amendment, principal shall be due and payable as
follows: (i) four (4) equal consecutive quarterly installments each in the
amount of $600,000.00 shall be due and payable commencing on March 15, 2003 and
continuing on June 15, 2003, September 15, 2003 and December 15, 2003; (ii) four
(4) equal consecutive quarterly installments each in the amount of $732,000.00
shall be due and payable commencing on March 15, 2004 and continuing on June 15,
2004, September 15, 2004 and December 15, 2004; and (iii) one final payment in
the amount of the unpaid principal balance (if any) hereof and accrued, unpaid
interest thereon shall be due and payable on December 31, 2004. Both principal
and interest are payable in federal funds or other immediately available money
of the United States of America at Bank One, N.A., 100 East Broad Street,
Columbus, Ohio 43217-0171.

        Section 1.    Loan Agreement.    This Term Note (this "Note") amends,
restates, replaces and is in substitution for that certain Tranche A Term Note
and that certain Tranche B Term Note, each dated April 5, 2002, referred to in
the Loan Agreement dated as of April 5, 2002, among the Borrower, Primrose
Holdings, Inc., a Delaware corporation, Security Capital Corporation, a Delaware
corporation, Brian D. Fitzgerald and the Lender, as the same may be amended,
modified or supplemented from time to time (the "Agreement"), which Agreement is
incorporated herein by reference. This Note is the Substitute Term Note referred
to in the First Amendment to Loan Agreement dated as of December 31, 2002 that
amends the Agreement (the "First Amendment"). All capitalized terms used herein
shall have the same meanings as are assigned to such terms in the Agreement.
This Note is entitled to the benefits of and is subject to the terms, conditions
and provisions of the Agreement. The Agreement, among other things, contains
provisions for acceleration of the maturity hereof upon the happening of certain
stated events, and also for prepayments of principal prior to maturity hereof
upon the terms, conditions and provisions specified therein.

        Section 2.    Endorsements.    All payments made on account of principal
hereof shall be recorded by the Lender; provided, however, that the failure of
the Lender or any holder to make such notation shall not limit or otherwise
affect the obligations of the Borrower hereunder or under the Agreement.

        Section 3.    Setoff.    Any and all moneys now or at any time hereafter
owing to the Borrower from the holder hereof are hereby pledged for the security
of this and all other Indebtedness from the Borrower to the holder hereof, and
may, upon the occurrence and during the continuance of any Event of Default, be
paid and applied thereon whether such Indebtedness be then due or to become due.

        Section 4.    Confession of Judgment.    The undersigned hereby
irrevocably authorizes an attorney-at-law to appear for the undersigned in an
action on this Note at any time after the same becomes due, whether by
acceleration or otherwise, in any court of record in or of the State of Ohio,
and to waive the issuing and service of process against the undersigned and to
confess judgment in favor of the holder of this Note against the undersigned for
the amount that may be due, with interest

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at the rate herein mentioned and cost of suit, and to waive and release all
errors in such proceedings and judgment, and all petitions in error and rights
of appeal from the judgment rendered. The foregoing warrant of attorney shall
survive any judgment, and, if any judgment be vacated for any reason, the holder
hereof nevertheless may thereafter use the foregoing warrant of attorney to
obtain an additional judgment or judgments against the undersigned.

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        WARNING—BY SIGNING THIS PAPER YOU GIVE UP YOUR RIGHT TO NOTICE AND COURT
TRIAL. IF YOU DO NOT PAY ON TIME A COURT JUDGMENT MAY BE TAKEN AGAINST YOU
WITHOUT YOUR PRIOR KNOWLEDGE AND THE POWERS OF A COURT CAN BE USED TO COLLECT
FROM YOU REGARDLESS OF ANY CLAIMS YOU MAY HAVE AGAINST THE CREDITOR WHETHER FOR
RETURNED GOODS, FAULTY GOODS, FAILURE ON HIS PART TO COMPLY WITH THE AGREEMENT,
OR ANY OTHER CAUSE.

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PRIMROSE SCHOOL FRANCHISING COMPANY, a
Georgia corporation
 
 
By:
 
/s/ J. Derek Fuller

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    Name:   J. Derek Fuller

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    Title:   Vice President

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