exv10w1m



 









Exhibit 10.1M




ELEVENTH MODIFICATION AGREEMENT




     BY THIS ELEVENTH MODIFICATION AGREEMENT (the “Agreement”), made and
entered into as of the 30th day of March, 2004, WELLS FARGO BANK, NATIONAL
ASSOCIATION, a national banking association, whose address is 100 West
Washington, Post Office Box 29742, MAC #S4101-251, Phoenix, Arizona 85038-9742
(hereinafter called “Lender”), and APOLLO GROUP, INC., an Arizona corporation,
whose address is 4615 East Elwood Street, Suite 400, Phoenix, Arizona 85040
(hereinafter called “Company”), in consideration of the mutual covenants herein
contained and other good and valuable consideration, the receipt and
sufficiency of which is hereby acknowledged, hereby confirm and agree as
follows:



SECTION 1. RECITALS.




     1.1 Company and Lender entered into a Loan Agreement dated November 17,
1997 (as amended, the “Loan Agreement”), which provided for, among other
things, a revolving line of credit (the “RLC”) in the amount of $10,000,000.00,
evidenced by a Revolving Promissory Note dated November 17, 1997, executed by
the Company (the “RLC Note”), all upon the terms and conditions contained
therein. The Loan Agreement was previously modified by that Modification
Agreement dated as of February 5, 1998, that Second Modification Agreement
dated as of August 13, 1998, that Third Modification Agreement dated as of
April 30, 1999, that Fourth Modification Agreement dated as of August 3, 1999,
that Fifth Modification Agreement dated as of November 1, 1999, that Sixth
Modification Agreement dated as of March 2, 2000, that Seventh Modification
Agreement dated as of February 23, 2001, that Eighth Modification Agreement
dated as of January 15, 2002, that Ninth Modification Agreement dated as of
February 3, 2003 and that Tenth Modification Agreement dated as of July 15,
2003. All undefined capitalized terms used herein shall have the meaning given
them in the Loan Agreement.



     1.2 As of the date hereof, prior to the effect of the modifications
contained herein, the outstanding principal balance of the RLC is $0.



     1.3 Company and Lender desire to modify the Loan Agreement as set forth herein.



SECTION 2. LOAN AGREEMENT.




     The modifications provided in this Section 2 shall be effective as of
March 30, 2004 as though entered into as of such date.



     2.1 The following definition in Section 2.1 of the Loan Agreement is
hereby amended to read as follows:



          “Maturity Date” means February 1, 2006.



 









 





SECTION 3. OTHER MODIFICATIONS, RATIFICATIONS AND AGREEMENTS.




     3.1 All references to the Loan Agreement in the Loan Agreement, the RLC
Note and the other documents delivered with respect to the RLC (the “Loan
Documents”) are hereby amended to refer to the Loan Agreement as hereby
amended.



     3.2 Company acknowledges that the indebtedness evidenced by the RLC Note
is just and owing, that the balance thereof is correctly shown in the records
of Lender as of the date hereof, and Company agrees to pay the indebtedness
evidenced by the RLC Note according to the terms thereof, as herein modified.



     3.3 Company hereby reaffirms to Lender each of the representations,
warranties, covenants and agreements of Company set forth in the RLC Note and
the Loan Agreement, with the same force and effect as if each were separately
stated herein and made as of the date hereof.



     3.4 Company hereby ratifies, reaffirms, acknowledges, and agrees that the
RLC Note and the Loan Agreement, represent valid, enforceable and collectible
obligations of Company, and that there are no existing claims, defenses,
personal or otherwise, or rights of setoff whatsoever with respect to any of
these documents or instruments. In addition, Company hereby expressly waives,
releases and absolutely and forever discharges Lender and its present and
former shareholders, directors, officers, employees and agents, and their
separate and respective heirs, personal representatives, successors and
assigns, from any and all liabilities, claims, demands, damages, action and
causes of action, whether known or unknown and whether contingent or matured,
that Company may now have, or has had prior to the date hereof, or that may
hereafter arise with respect to acts, omissions or events occurring prior to
the date hereof. To the best of Company’s knowledge, Company further
acknowledges and represents that no event has occurred and no condition exists
that, after notice or lapse of time, or both, would constitute a default under
this Agreement, the RLC Note or the Loan Agreement.



     3.5 All terms, conditions and provisions of the RLC Note and the Loan
Agreement are continued in full force and effect and shall remain unaffected
and unchanged except as specifically amended hereby. The RLC Note and the Loan
Agreement, as amended hereby, are hereby ratified and reaffirmed by Company,
and Company specifically acknowledges the validity and enforceability thereof.



SECTION 4. GENERAL.




     4.1 This Agreement in no way acts as a release or relinquishment of those
rights securing payment of the RLC. Such rights are hereby ratified,
confirmed, renewed and extended by Company in all respects.



     4.2 The modifications contained herein shall not be binding upon Lender
until Lender shall have received all of the following:




     (a) An original of this Agreement fully executed by the
Company.




     (b) Such resolutions or authorizations and such other
documents as Lender may reasonably require relating to the
existence and good standing of the



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     Company and the authority of any person executing this
Agreement or other documents on behalf of the Company.



     4.3 Company shall execute and deliver such additional documents and do
such other acts as Lender may reasonably require to fully implement the intent
of this Agreement.



     4.4 Company shall pay all costs and expenses, including, but not limited
to, reasonable attorneys’ fees incurred by Lender in connection herewith,
whether or not all of the conditions described in Paragraph 4.2 above are
satisfied. Lender, at its option, but without any obligation to do so, may
advance funds to pay any such costs and expenses that are the obligation of the
Company, and all such funds advanced shall be due and payable upon demand.



     4.5 Notwithstanding anything to the contrary contained herein or in any
other instrument executed by Company or Lender, or in any other action or
conduct undertaken by Company or Lender on or before the date hereof, the
agreements, covenants and provisions contained herein shall constitute the only
evidence of Lender’s consent to modify the terms and provisions of the Loan
Agreement. Accordingly, no express or implied consent to any further
modifications involving any of the matters set forth in this Agreement or
otherwise shall be inferred or implied by Lender’s execution of this Agreement.
Further, Lender’s execution of this Agreement shall not constitute a waiver
(either express or implied) of the requirement that any further modification of
the RLC or of the RLC Note or the Loan Agreement, shall require the express
written approval of Lender; no such approval (either express or implied) has
been given as of the date hereof.



     4.6 Time is hereby declared to be of the essence hereof of the RLC, of the
RLC Note and of the Loan Agreement, and Lender requires, and Company agrees to,
strict performance of each and every covenant, condition, provision and
agreement hereof, of the RLC Note and the Loan Agreement.



     4.7 This Agreement shall be binding upon, and shall inure to the benefit
of, the parties hereto and their heirs, personal representatives, successors
and assigns.



     4.8 This Agreement is made for the sole protection and benefit of the
parties hereto, and no other person or entity shall have any right of action
hereon.



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     4.9 This Agreement shall be governed by and construed according to the
laws of the State of Arizona.



     IN WITNESS WHEREOF, these presents are executed as of the date indicated
above.



	 	 	 	 	 	 
	 	 	WELLS FARGO BANK, NATIONAL	 
	 	 	ASSOCIATION, a national banking association	 
	 
	 	 	 	 	 
	

	 	By:	 	 	 
	

	 	 	
	 
	

	 	Name:	 	 
	

	 	 	 	
	 
	

	 	Its:	 	 	 
	

	 	 	
	 
	 
	 	 	 	 	 
	

	 	 	 	LENDER	 
	 
	 	 	 	 	 
	 	 	APOLLO GROUP, INC., an Arizona corporation	 
	 
	 	 	 	 	 
	

	 	By:	 	 	 
	

	 	 	
	 
	

	 	Name:	 	 
	

	 	 	 	
	 
	

	 	Its:	 	 	 
	

	 	 	
	 
	 
	 	 	 	 	 
	

	 	 	 	COMPANY	 








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