Document:

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                                                                    EXHIBIT 10.2

CNH GLOBAL N.V.
EQUITY INCENTIVE PLAN

     1.    PURPOSE

     The purpose of the Plan is to promote the long-term success of CNH Global
N.V. (the "Company") for the benefit of the Company's shareholders by
encouraging officers and employees to have meaningful investments in the
Company so that, as shareholders themselves, those individuals will be more
likely to represent the views and interests of other shareholders and by
providing incentives to such officers and employees for continued service. The
Company believes that the possibility of participation under the Plan will
provide this group of officers and employees an incentive to perform more
effectively and will assist the Company and the CNH Companies in attracting and
retaining people of outstanding training, experience and ability.

     2.    DEFINITIONS

     "Award" means an award or grant made to a Participant under Section 8.

     "Award Agreement" means the agreement provided in connection with an Award
under Section 11.

     "Award Date" means the date that an Award is made, as specified in an Award
Agreement.

     "Award Price" means the price specified in the Award Agreement with respect
to an SAR pursuant to Section 8B.

     "CNH Company" means the Company, any stock company of which a majority of
the capital stock generally entitled to vote for directors is owned directly or
indirectly by the Company, and any other company designated as such by the
Committee, but only during the period of such ownership or designation.

     "Code" means the United States Internal Revenue Code of 1986, as amended,
or any successor legislation.

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     "Committee" means the Nominating and Compensation Committee of the
Company's Board of Directors, or any sub-committee thereof, or any successor
committee thereto.

     "Common Shares" means the Company's common shares

     "Company" means CNH Global N.V. of Amsterdam, the Netherlands.

     "Covered Employees" shall have the meaning specified in Section 162(m)(3)
of the Code.

     "Dividend Equivalent" means an amount equal to the amount of the cash
dividends that are declared and become payable with respect to Common Shares
after the Award Date for the Award to which the Dividend Equivalent relates and
on or before the Settlement Date for such Award.

     "Fair Market Value" on any date means the average of the highest and the
lowest sales prices of a Common Share on the Composite Tape for such date, as
reported by the National Quotation Bureau Incorporated; provided that, if no
sales of Common Shares are included on the Composite Tape for such date, the
Fair Market Value of a share of Common Shares on such date shall be deemed to be
the average of the highest and lowest prices of a share of Common Shares as
reported on said Composite Tape for the next preceding day on which sales of
Common Shares are included.

     "ISO" means any Stock Option designated in an Award Agreement as an
"Incentive Stock Option" within the meaning of Section 422 of the Code.

     "Non-Qualified Stock Option" means any Stock Option that is not an ISO.

     "Option Price" means the purchase price of one share of Common Shares under
a Stock Option.

     "Participant" means an employee or officer of a CNH Company who has been
selected by the Committee to receive an Award under the Plan.

     "Performance Unit" means an Award denominated in cash, the amount of which
may be based on performance of the Participant or of CNH Global N.V. or of any
subsidiary or division thereof.

     "Plan" means this CNH Global N.V. Equity Incentive Plan, as amended from
time to time.

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     "Reload Stock Option" means a Stock Option (i) that is awarded, either
automatically in accordance with the terms of an Award Agreement in which one or
more other Awards are made or by separate Award, upon the exercise of a Stock
Option granted under this Plan or otherwise where the Option Price is paid by
the option holder by delivery of shares of Common Shares on the Settlement Date
for such exercise and (ii) that entitles such holder to purchase the number of
shares so delivered for an Option Price equal to the Fair Market Value of a
share of Common Shares on such Settlement Date.

     "Restricted Stock" means Common Shares subject to restrictions and
conditions awarded pursuant to Section 8.C.

     "Settlement Date" means, (i) with respect to any Stock Option that has been
exercised in whole or in part, the date or dates upon which shares of Common
Shares are to be delivered to the Participant and the Option Price therefor
paid, (ii) with respect to any SARs that have been exercised, the date or dates
upon which a cash payment is to be made to the Participant, or in the case of
SARs that are to be settled in shares of Common shares, the date or dates upon
which such shares are to be delivered to the Participant, (iii) with respect to
Performance Units, the date or dates upon which cash or shares of Common Shares
are to be delivered to the Participant, (iv) with respect to the Dividend
Equivalents, the date upon which payment thereof is to be made, and (v) with
respect to Stock Equivalent Units, the date upon which payment thereof is to be
made, in each case determined in accordance wit the terms of the Award Agreement
under which any such Award was made.

     "Stock Appreciation Right" or "SAR" means an Award that entitles the
Participant to receive on the Settlement Date an amount equal to the excess of:

     (i)  the Fair market value of a share of Common Shares on the date of
          exercise of the SAR over

     (ii) the Award Price specified in the Award Agreement.

     "Stock Equivalent Unit" means an Award that entitles the Participant to
receive on the Settlement Date an amount equal to the Fair Market Value of one
share of Common Shares on such date.

     "Stock Option" or "Option" means any right to purchase shares of Common
Shares (including a Reload Stock Option) awarded pursuant to Section 8.A.

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     3.   TERM

     The Plan shall be effective as of the date the Plan is approved by the
Board, and shall remain in effect until terminated in accordance with Section
12. After termination of the Plan, no further Awards may be granted other than
Reload Stock Options granted in accordance with Award Agreements existing as of
the date Of termination, but outstanding Awards shall remain effective in
accordance with their terms and the terms of the Plan.

     4.   PLAN ADMINISTRATION

          A.   The Committee shall be responsible for administering the Plan.

               (i)   Powers. The Committee shall have full and exclusive
          discretionary power to interpret the Plan and to determine eligibility
          for benefits and to adopt such rules, regulations and guidelines for
          administering the Plan as the Committee may deem necessary or proper.
          Such power shall include, but not be limited to, selecting Award
          recipients, establishing all Award terms and conditions, including
          terms and conditions relating to a change in control of the Company,
          the majority shareholder of the Company, or any CNH Company and
          adopting modifications and amendments to the Plan or any Award
          Agreement, including without limitation, any that are necessary to
          comply with the laws of the countries in which the Company or its
          affiliates operate; provided, however, that subject to Section 7 and
          except as otherwise specifically provided in the Award Agreement, no
          such modification or amendment shall impair the rights of any
          Participant, without his consent, in any Award previously granted
          under the Plan.

               (ii)  Delegation. Except to the extent prohibited by applicable
          law or the applicable rules of a stock exchange, (i) the Chairman and
          Chief Executive Officer of the Company shall have the authority to
          select Award recipients and establish the terms and conditions of such
          Awards within the limits of the Plan to officers and employees who are
          not executive officers of the Company and who do not report directly
          to either the Chairman and Chief Executive Officer or the President
          and Chief Operating Officer of the Company, and (ii) the Committee may
          allocate all or any portion of its responsibilities and powers to any
          one or more of its members and may delegate all or any part of its
          responsibilities

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          and powers to any person or persons selected by it. To the extent that
          the Committee has allocated or delegated any portion of its
          responsibilities or powers, references herein to the Committee shall
          include, with respect to such responsibilities or powers, the person
          or persons to whom they have been allocated or delegated.

          B.  The Committee may employ attorneys, consultants, accountants and
     other persons, and the Committee, the Company and its officers and
     directors shall be entitled to rely upon the advice, opinions or valuations
     of any such persons. All actions taken and all interpretations and
     determinations made by the Committee in good faith shall be final and
     binding upon the Participants, the Company and all other interested
     persons. No member of the Committee shall be personally liable for any
     action, determination, or interpretation made in good faith with respect to
     the Plan or Awards, and all members of the Committee shall be fully
     protected by the Company, to the fullest extent permitted by applicable
     law, in respect of any such action, determination or interpretation.

     5.   ELIGIBILITY

     Awards will be limited to persons who are officers or  employees of the
CNH Companies. In determining the persons to whom Awards shall be made, the
Committee shall, in its discretion, take into account the nature of the person's
duties, past and potential contributions to the success of the CNH Companies
and such other factors as the Committee shall deem relevant in connection with
accomplishing the purposes of the Plan. A director of the Company or a CNH
Company who is not also an officer or employee shall not be eligible to receive
an Award. A person who has received an Award or Awards may receive an additional
Award or Awards.

     6.   SHARES SUBJECT TO PLAN

          A.     Subject to adjustment pursuant to Section 7:

                 (i)     the maximum number of Common Shares that shall be
          available for issuance under the Plan shall be 28,000,000;

                 (ii)    in no event shall the aggregate number of shares of
          Common Shares underlying Options and SARs awarded to any one
          Participant during any calendar year exceed 2,000,000 shares.

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          B.     Common Shares that may be issued under the Plan may be either
authorized and unissued shares or issued shares that have been reacquired by the
Company and that are being held as treasury shares. No fractional shares shall
be issued under the Plan; provided, however, that cash, in an amount equal to
the Fair Market Value of a fractional share as of the Settlement Date of the
Award, shall be paid in lieu of any fractional shares in the settlement of
Awards payable in Common Shares.

     7.  ADJUSTMENTS AND REORGANIZATION

     In the event of any merger, reorganization, consolidation, recapitaliza-
tion, separation, liquidation, stock dividend, extraordinary dividend, spin-off,
split-up, rights offering, share combination, or other change in the corporate
structure of the Company affecting the Common Shares, the number and kind of
shares that may be delivered under the Plan shall be subject to such equitable
adjustment as the Committee, in its sole discretion, may deem appropriate in
order to preserve the benefits or potential benefits to be made available under
the Plan, and the number and kind and price of shares subject to outstanding
Awards and any other terms of outstanding Awards shall be subject to such
equitable adjustment as the Committee, in its sole discretion, may deem
appropriate in order to prevent dilution or enlargement of outstanding Awards.

     8.  AWARDS

     The Committee shall determine the type and amount of any Award to be made
to any Participant; provided, however, that no Awards granted pursuant to this
Plan shall vest in less than six months after the date the Award is granted.
Awards may be granted singly, in combination, or in tandem. Awards may also be
made in combination or in tandem with, in replacement of, as alternatives to, or
as the payment form for, grants or rights under any other employee benefit or
compensation plan of the CNH Companies, including any such employee benefit or
compensation plan of any acquired entity.

          A.     Stock Options

               (i)     Grants.  The Committee may grant any Participant one or
          more ISOs, Non-Qualified Stock Options, or both, in each case with or
          without SARs or Reload Stock Options or any other form of Award. Stock
          Options granted pursuant to this Plan shall be subject to such
          additional terms, conditions, or restrictions as may be provided in
          the Award Agreement relating to such Stock Option.

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               (ii) Option Price. The Option Price of a Stock Option shall be
          not less than 100% of the Fair Market Value of a Common Share on the
          Award Date; provided, however, that in the case of a Non-Qualified
          Stock Option granted retroactively in tandem with or as substitution
          for another Award, the Option Price shall not be less than the price
          that the Committee determines necessary to preserve the value of such
          other Award on the date of substitution; and provided further that,
          to the extent provided in a written offer of employment, the Option
          Price of a Stock Option shall not be less than 100% of the Fair
          Market Value of a Common Share on such other date specified in the
          offer letter but not earlier than the date of offer.

               (iii) ISOs. In no event shall an ISO be awarded on or after the
          tenth anniversary of the date the Plan is adopted or the date the
          Plan is approved by the Company's shareholders, whichever is earlier,
          and in no event shall the number of Common Shares which may be
          subject to ISOs exceed the number of Common Shares available under
          Section 6A prior to such tenth anniversary. Anything in this Plan to
          the contrary notwithstanding, no term of this Plan relating to ISOs
          shall be interpreted, amended, or altered, nor shall any discretion
          or authority awarded under the Plan be exercised, so as to disqualify
          this Plan under Section 422 of the Code, or, without the consent of
          the Participants affected, to disqualify any ISO under Section 422 of
          the Code.

               (iv) Manner of Payment of Option Price. The Option Price shall
          be paid in full at the time of the exercise of the Stock Option
          (except that, in the case of an exercise arrangement approved by the
          Committee in accordance with clause (c) below, payment may be made as
          soon as practicable after the exercise) and may be paid in any of the
          following methods or combinations thereof:

                    (a) in United States dollars in cash, check, bank draft or
               money order payable to the order of the Company;

                    (b) by the tendering, either by actual delivery or by
               attestation, Common Shares acceptable to the Committee (but
               excluding any shares acquired from the Company unless such
               shares were acquired and vested more than six months prior to
               the date tendered under this clause

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               (b)) having an aggregate Fair Market Value on the date of such
               exercise equal to the Option Price; or

                    (c) in any other manner that the Committee shall approve,
               including without limitation, any arrangement that the Committee
               may establish to enable Participants to simultaneously exercise
               Stock Options and sell the shares of Common Shares acquired
               thereby and apply the proceeds to the payment of the Option Price
               therefor.

               (v) Reload Stock Options. The Committee may award Reload Stock
          Options to any Participant either in combination with other Awards or
          in separate Award Agreements that grant Reload Stock Options upon
          exercise of outstanding stock options granted under this Plan or
          otherwise.

          B.   Stock Appreciation Rights.

               (i) Grants. The Committee may award any Participant SARs, which
          shall be subject to such additional terms, conditions, or restrictions
          as may be provided in the Award Agreement relating to such SAR Award,
          including any limits on aggregate appreciation. SARs may be settled in
          Common Shares or cash or both.

               (ii) Award Price. The Award Price per share of Common Shares of a
          SAR shall be fixed in the Award Agreement and shall be not less than
          100% of the Fair Market Value of a share of Common Shares on the date
          of the Award; provided, however, that in the case of a SAR awarded
          retroactively in tandem with or as a substitution for another Award,
          the Award Price per share of a SAR shall be not less than 100% of the
          Fair Market Value of a share of Common Shares on the date of such
          other Award.

               (iii) Distribution of SARs. SARs shall be exercisable in
          accordance with the conditions and procedures set out in the Award
          Agreement relating to such SAR Award.

          C. Common Shares and Restricted Stock. The Committee may award Common
     Shares or Restricted Stock to any Participant. Awards of Restricted Stock
     shall be subject to such conditions and restrictions as are established by
     the Committee and set forth in the Award Agreement, which may include, but
     are not limited to, continued service with the

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     Company, achievement of specific business objectives, and other
     measurements of individual or business unit or Company performance.

          D.  STOCK EQUIVALENT UNITS. The Committee may award Stock Equivalent
     Units to any Participant. All or part of any Stock Equivalent Units Award
     may be subject to conditions and restrictions established by the Committee,
     and set forth in the Award Agreement, which may include, but are not
     limited to, continued service with the Company, achievement of specific
     business objectives, and other measurements of individual or business unit
     or Company performance that may include but shall not be limited to,
     earnings per share, net profits, total shareholder return, cash flow,
     return on shareholders' equity, and cumulative return on net assets
     employed.

          E.  DIVIDENDS AND DIVIDEND EQUIVALENTS. An Award (including without
     limitation a Stock Option or SAR Award) may provide the Participant with
     the right to receive dividend payments or Dividend Equivalent payments with
     respect to Common Shares subject to the Award (both before and after the
     Common Shares subject to the Award are earned, vested, or acquired), which
     payments may be either made currently or credited to an account for the
     Participant, and may be settled in cash or Common Shares, as determined by
     the Committee. In lieu of awarding Dividend Equivalents, the Committee may
     provide for automatic awards of Stock Equivalent Units on each date that
     cash dividends or Dividend Equivalent will be paid in an amount equal to
     (i) the amount of such dividends or Dividend Equivalents, divided by (ii)
     the Fair Market Value of the Common Shares on the dividend payment date.

          F.  PERFORMANCE UNITS. Performance Units shall be based on attainment
     over a specified period of individual performance targets or on other
     parameters that may include, but shall not be limited to, earnings per
     share, total shareholder return, cash flow, return on shareholders' equity,
     and cumulative return on net assets employed. Performance Units may be
     settled in Common Shares or cash or both.

9.   DEFERRALS AND SETTLEMENTS

     Settlement of Awards may be in the form of cash, Common Shares, other
Awards, or in combinations thereof as the Committee shall determine, and with
such other restrictions as it may impose. Subject to paragraph 4A.(i), the
Committee may also require or permit Participants to defer the issuance or
vesting of shares or the settlement of Awards under such rules and procedures as
it may establish under the Plan. The Committee may also provide that

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deferred settlements include the payment of, or crediting of interest on, the
deferral amounts or the payment or crediting of Dividend Equivalents on
deferred settlements denominated in shares.

     10. TRANSFERABILITY

     Except as otherwise provided by an Award Agreement, no Awards under the
Plan shall be assignable, alienable, saleable or otherwise transferable other
than by will or the laws of descent and distribution.

     11. AWARD AGREEMENTS

     Awards under the Plan shall be evidenced by Award Agreements that set forth
the details, conditions and limitations for each Award, which may include the
term of an Award, the provisions applicable in the event the Participant's
employment terminates, and the Company's authority to unilaterally or
bilaterally amend, modify, suspend, cancel or rescind any Award, subject to the
terms of the Plan.

     12. TERMINATION

     The Committee may terminate the Plan at any time provided, however, that
no termination shall impair the rights of any Participant, without his consent,
in any Award previously granted under the Plan.

     13. TAX WITHHOLDING

     The Company shall have the right to (i) make deductions from any
settlement of an Award made under the Plan, including the delivery or vesting
of shares, or require shares or cash or both be withheld from any Award, in
each case in an amount sufficient to satisfy withholding of any applicable
federal, state or local taxes required by law, or (ii) take such other action
as may be necessary or appropriate to satisfy any such withholding obligations.
The Committee may determine the manner in which such tax withholding may be
satisfied, and may permit Common Shares (rounded up to the next whole number)
to be used to satisfy required tax withholding based on the Fair Market Value
of any such shares of Common Shares, as of the Settlement Date of the
applicable Award.

     14. OTHER COMPANY BENEFIT AND COMPENSATION PROGRAMS

     Unless otherwise specifically determined by the Committee, settlements of
Awards received by a Participant under the Plan shall not be deemed a part

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of the Participant's regular, recurring compensation for purposes of
calculating payments or benefits from any Company benefit plan, severance
program or severance pay law of any country. Further, the Company may adopt
other compensation programs, plans or arrangements as it deems appropriate or
necessary.

     15.     UNFUNDED PLAN

     Unless otherwise determined by the Committee, the Plan shall be unfunded
and shall not create (or be construed to create) a trust or a separate fund or
funds. The Plan shall not establish any fiduciary relationship between the
Company and any Participant or other person. To the extent any person holds any
rights by virtue of a grant awarded under the Plan, such right (unless otherwise
determined by the Committee) shall not be greater than the right of an unsecured
general creditor of the Company.

     16.     FUTURE RIGHTS

     No person shall have any claim or right to be granted an Award under the
Plan, and no Participant shall have any right under the Plan to be retained in
the employment of the Company or its affiliates.

     17.     GOVERNING LAW

     The validity, construction and effect of the Plan, and any actions taken or
relating to the Plan, shall be determined in accordance with the laws of the
State of Delaware, U.S.A.

     18.     SUCCESSORS AND ASSIGNS

     The Plan shall be binding on all successors and assigns of a Participant,
including, without limitation, the estate of such Participant and the executor,
administrator or trustee of such estate, or any receiver or trustee in
bankruptcy or representative of the Participant's creditors.

     19.     GENERAL RESTRICTIONS

     A.      Notwithstanding any other provision of the Plan, the Company shall
have no liability to deliver any Common Shares under the Plan or make any other
distribution of benefits under the Plan unless such delivery or distribution
would comply with all applicable laws (including, without limitation, the
requirements of the United States Securities Act of 1933), and

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are authorized for listing on any securities exchange on which the Common
Shares of the Company are listed.

     B.     To the extent that the Plan provides for the issuance of Common
Shares, the issuance may be effected on a non-certificated basis, to the extent
not prohibited by applicable law or the applicable rules of any stock exchange
on which the Common Shares of the Company are listed.

     C.     Except as otherwise provided in any Award Agreement, a Participant
shall have no rights as a shareholder of the Company until he or she becomes the
holder of record of Common Shares.

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                      FIFTH AMENDMENT TO CREDIT AGREEMENT
                                   AND WAIVER

         THIS FIFTH AMENDMENT TO CREDIT AGREEMENT AND WAIVER (this "Amendment")
is made and entered into as of the 23 day of December, 1999, by and between
EDUTREK INTERNATIONAL, INC., a Georgia corporation ("Borrower"), the
undersigned Guarantors party hereto (the "Guarantors") and FIRST UNION NATIONAL
BANK ("Lender").

                                  WITNESSETH:

         WHEREAS, Borrower and Lender are a party to that certain Credit
Agreement, dated as of March 25, 1999, as amended by a First Amendment to
Credit Agreement dated May 27, 1999, by a Second Amendment to Credit Agreement
and Waiver dated August 16, 1999, by a Third Amendment to Credit Agreement
dated August 27, 1999 and by a Fourth Amendment to Credit Agreement and Waiver
dated November 11, 1999 (as amended, the "Credit Agreement") pursuant to which
Lender made available to Borrower a $10,000,000 revolving line of credit
pursuant to the Facility A Commitment and a line of credit providing a maximum
availability of $3,300,000 pursuant to the Facility B Commitment; and

         WHEREAS, Borrower has requested that the Lender extend the maturity of
the Facility B Loans, to waive principal payments on the Facility B Loans prior
to maturity, to waive certain Events of Default outstanding under the Credit
Agreement and to make certain other modifications to the terms and conditions
in the Credit Agreement; and

         WHEREAS, Lender is willing to agree to such amendments and
modifications only if Borrower agrees that the Facility A Loans will be
repayable on thirty (30) days notice, that the interest rate payable on the
Facility B Loans be increased by one-half of one percent and that the Credit
Agreement be further amended Agreement as set forth herein;

         NOW, THEREFORE, for and in consideration of the foregoing premises,
the mutual promises, covenants and agreements contained herein, and other good
and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto hereby agree as follows:

         1.       DEFINITIONS. All capitalized terms used herein and not
expressly defined herein shall have the same respective meanings given to such
terms in the Credit Agreement.

         2.       AMENDMENTS. Subject to the conditions contained herein, the
Credit Agreement is hereby amended as follows:

                  2.1.     NEW DEFINITIONS. Section 1.1 of the Credit Agreement
is hereby amended by adding thereto in appropriate alphabetical order the
following new definitions:

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                           "Fifth Amendment" shall mean that certain Fifth
                  Amendment to Credit Agreement and Waiver, dated as of
                  December ___, 1999, between Borrower and Lender.

                           "Fifth Amendment Effective Date" shall mean that
                  date on which all of the conditions precedent set forth in
                  Section 3 of the Fifth Amendment have been satisfied and the
                  Fifth Amendment has become effective.

                           "Tax Refund" shall mean any and all tax refunds,
                  whether state, federal or otherwise, owing to any of the
                  Credit Parties in respect of Borrower's tax year ending
                  September 30, 1999, including, but not limited to, any refund
                  payable in respect of any prior year payable as a result of
                  the carryback to such prior year of the net operating loss of
                  the Borrower and its Subsidiaries for the tax year ending
                  September 30, 1999.

                  2.2.     EXISTING DEFINITIONS. Section 1.1 of the Credit
Agreement is hereby further amended by deleting the definitions of "Facility B
Commitment," "Facility B Termination Date" and "Termination Date" and by
substituting in lieu thereof the following new definitions of such terms:

                           "Facility B Commitment" means the obligation of the
                  Lender to make Loans to the Borrower pursuant to Section
                  2.1(b) hereof in an aggregate principal amount at any time
                  outstanding not to exceed $2,299,360.

                           "Facility B Termination Date" means the earliest of
                  (a) May 1, 2000, (b) the date of termination by the Borrower
                  pursuant to Section 2.5(a), (c) the Termination Date; and (d)
                  the date of termination by the Lender pursuant to Section
                  11.2(a).

                           "Termination Date" means the earliest of (a) April
                  30, 2001, (b) thirty (30) days after demand for payment is
                  made by Lender pursuant to Section 2.3(a) hereof (c) the date
                  of termination by the Borrower pursuant to Section 2.5(a),
                  and (d) the date of termination by the Lender pursuant to
                  Section 11.2(a).

                  2.3.     REPAYMENT OF LOANS. Section 2.3 of the Credit
Agreement is hereby amended by deleting subsections (a) and (b) thereof in
their entirety, and substituting in lieu thereof a new subsections (a) and (b)
to read as follows:

                           (a)      Repayment of Facility A Loans. The Borrower
                  shall repay the outstanding principal amount of all Facility
                  A Loans in full, together with all accrued but unpaid
                  interest thereon, on the earlier to occur of (i) the
                  Termination Date and (ii) that date which is thirty (30) days
                  after Lender delivers to Borrower a demand for payment.

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                           (b)      Repayment of Facility B Loans. The Borrower
                  shall repay the Facility B Loans (i) by the amount of each
                  Tax Refund received by any Credit Party, on the date of the
                  receipt of any such Tax Refund; and (ii) the outstanding
                  principal amount of all Facility B Loans in full, together
                  with all accrued but unpaid interest thereon, on the Facility
                  B Termination Date.

                  2.4.     COMMITMENT REDUCTION. The Credit Agreement is hereby
amended by deleting Section 2.5 thereof in its entirety, and substituting in
lieu thereof the following new Section 2.5 to read as follows:

                  SECTION 2.5 Permanent Reduction of the Commitment.

                           (a)      The Borrower shall have the right at any
                  time and from time to time, upon at least five (5) Business
                  Days prior written notice to the Lender, to permanently
                  reduce, in whole at any time or in part from time to time,
                  without premium or penalty, either the Facility A Commitment
                  or the Facility B Commitment in an aggregate principal amount
                  not less than $100,000 or any whole multiple of $10,000 in
                  excess thereof.

                           (b)      The Facility A Commitment shall (i)
                  immediately upon any demand for payment made by Lender
                  pursuant to Section 2.3(a) hereof, reduce to the amount of
                  the outstanding principal balance of the Facility A Loans and
                  (ii) thirty (30) days after such demand for payment, reduce
                  to zero.

                           (c)      The Facility B Commitment shall reduce, on
                  any date on which any Credit Party receives a Tax Refund, by
                  an amount equal to such Tax Refund;

                           (d)      Each permanent reduction permitted or
                  required pursuant to this Section 2.5 shall be accompanied by
                  a payment of principal sufficient to reduce the sum of the
                  aggregate outstanding Facility A Loans plus the outstanding
                  L/C Obligations after such reduction to the Facility A
                  Commitment as so reduced and/or to reduce the sum of the
                  aggregate outstanding Facility B Loans after such reduction
                  to the Facility B Commitment as so reduced. Any reduction of
                  the Commitment to zero shall be accompanied by payment of all
                  outstanding Obligations (and furnishing of cash collateral
                  satisfactory to the Lender for all L/C Obligations).

                  2.5.     INTEREST RATE. Section 4.1 of the Credit Agreement
is hereby amended by deleting subsection (a) thereof in its entirety, and
substituting in lieu thereof a new subsection (a) to read as follows:

                                       3
<PAGE>   4

                           (a)      Interest Rate. Subject to the provisions of
                  this Section 4.1, (i) the aggregate principal amount of the
                  Facility A Loans or any portion thereof shall bear interest
                  at the LIBOR Market Index Rate plus 2.75%, as that rate may
                  change from day to day in accordance with changes in the
                  LIBOR Market Index Rate and (ii) the aggregate principal
                  amount of the Facility B Loans shall bear interest at the
                  Base Rate plus 2.50%, as that rate may change from day to day
                  in accordance with changes in the Prime Rate or the Federal
                  Funds Rate.

                  2.6.     LETTERS OF CREDIT. Article 3 of the Credit Agreement
is hereby amended by adding at the end thereof a new Section 3.7 to read as
follows:

                           SECTION 3.7 Cash Collateral Account. With respect
                  to all Letters of Credit with respect to which presentment
                  for honor shall not have occurred at the time when either (a)
                  a demand for payment is made pursuant to Section 2.3(b) or
                  (b) the Facility A Commitment is reduced to an amount that is
                  less than the outstanding balance of the L/C Obligations,
                  Borrower shall, not less than 30 days after such demand, in
                  the case of demand for payment pursuant to Section 2.3(b),
                  and at such time, in all other cases, deposit in a cash
                  collateral account opened by the Lender an amount equal to
                  the aggregate then undrawn and unexpired amount of such
                  Letters of Credit. Amounts held in such cash collateral
                  account shall be applied by the Lender to the payment of
                  drafts drawn under such Letters of Credit, and the unused
                  portion thereof after all such Letters of Credit shall have
                  expired, been terminated or been fully drawn upon, if any,
                  shall be applied to repay the other Obligations. After all
                  such Letters of Credit shall have expired, been terminated or
                  been fully drawn upon, the Reimbursement Obligations shall
                  have been satisfied and all other Obligations shall have been
                  paid in full, the balance, if any, in such cash collateral
                  account shall be returned to the Borrower.

                  2.7.     QUARTERLY RENT EXPENSE RATIO. Section 9.6 of the
Credit Agreement is hereby amended by deleting such Section in its entirety,
and substituting in lieu thereof a new Section 9.6 to read as follows:

                           SECTION 9.6 [Intentionally Omitted].

         3.       WAIVERS. Effective on the Fifth Amendment Effective Date,
Lender hereby waives Borrower's compliance with the Accounts Payable covenant
set forth in Section 9.8 of the Credit Agreement for the months of January,
February and March 2000.

         4.       CONDITIONS PRECEDENT. The amendments and consents contained
herein shall not become effective unless and until the Lender shall have
received each of the following instruments, documents and agreements:

                                       4
<PAGE>   5

                  (a)      this Amendment, duly executed and delivered by the
         Borrower and each Guarantor;

                  (b)      a certificate from the chief executive officer or
         chief financial officer of the Borrower, in form and substance
         satisfactory to the Lender, to the effect that all representations and
         warranties of the Borrower contained in the Credit Agreement, this
         Amendment and the other Loan Documents are true, correct and complete;
         that giving effect to this Amendment the Borrower is not in violation
         of any of the covenants contained in the Credit Agreement and the
         other Loan Documents; and that, after giving effect to this Amendment,
         no Default or Event of Default has occurred and is continuing;

                  (c)      a certificate of the secretary or assistant
         secretary of each Credit Party certifying that (i) the certificate or
         articles of incorporation and by-laws of such Credit Party, or the
         comparable organizational documents of such Credit Party, have not
         been amended, modified or supplemented since the Closing Date and (ii)
         attached thereto is a true and complete copy of resolutions duly
         adopted by the Board of Directors of such Credit Party authorizing the
         execution, delivery and performance of this Amendment and the other
         Amendment Documents to which it is a party, and ratifying the
         execution and delivery of the Second Amendment; and as to the
         incumbency and genuineness of the signature of each officer of such
         Credit Party executing the Amendment Documents to which it is a party;

                  (d)      such documentation as may be satisfactory to Lender
         to perfect Lender's lien on all tax refunds, whether state, federal or
         otherwise, owing to any of the Credit Parties in respect of Borrower's
         fiscal year ending September 30, 1999, including, but not limited to,
         any refund payable in respect of any prior year payable as a result of
         the carryback to such prior year of the net operating loss of the
         Borrower and its subsidiaries for the fiscal year ending September 30,
         1999;

                  (e)      evidence satisfactory to Lender that the Bostic Note
         has been converted to shares of Class B common stock of Borrower, on
         the terms and conditions set forth in the Bostic Note or on such other
         terms and conditions as are satisfactory to Lender; and

                  (f)      such other instruments, documents and agreements as
         the Lender may reasonably request.

         5.       ACKNOWLEDGMENT AND AGREEMENT OF GUARANTORS. Each of the
Guarantors hereby (a) acknowledges receipt of a copy of this Amendment and
consents to, and agrees to be bound by, the terms and conditions thereof; (b)
acknowledges and agrees that all obligations of the Borrower under the Loan
Agreement, as amended hereby, are included in the "Guaranteed Obligations," as
such term is defined in the Guaranty, and are guaranteed by the Guaranty; and
(c) acknowledges and agrees that the Guaranty, and the other Loan Documents to
which it is a party, and its respective obligations thereunder, remain in full
force and effect, without release, diminution or impairment, notwithstanding
the execution and delivery of this Amendment or of any prior amendment to the
Credit Agreement or any other Loan Document.

                                       5
<PAGE>   6

         6.       REFERENCES. All references in the Credit Agreement and the
Loan Documents to the Credit Agreement shall hereafter be deemed to be
references to the Credit Agreement as amended hereby and as the same may
hereafter be amended from time to time.

         7.       LIMITATION OF AGREEMENT. Except as especially set forth
herein, this Amendment shall not be deemed to waive, amend or modify any term
or condition of the Credit Agreement, each of which is hereby ratified and
reaffirmed and which shall remain in full force and effect, nor to serve as a
consent to any matter prohibited by the terms and conditions thereof.

         8.       COUNTERPARTS. This Amendment may be executed in any number of
counterparts, and any party hereto may execute any counterpart, each of which,
when executed and delivered, will be deemed to be an original and all of which,
taken together will be deemed to be but one and the same agreement.

         9.       FURTHER ASSURANCES. Borrower agrees to take such further
action as the Lender shall reasonably request in connection herewith to
evidence the amendments herein contained to the Credit Agreement.

         10.      SUCCESSORS AND ASSIGNS. This Agreement shall be binding upon
and inure to the benefit of the successors and permitted assigns of the parties
hereto.

         11.      GOVERNING LAW. This Agreement shall be governed by, and
construed in accordance with, the laws of the State of Georgia, without regard
to principles of conflicts of law.

         12.      NO CLAIM. Each Credit Party hereby represents, warrants,
                  acknowledges and agrees to and with the Lender that as of the
date hereof (a) such Credit Party neither holds nor claims any right of action,
claim, cause of action or damages, either at law or in equity, against the
Lender, its officers, directors, agents, employees or Affiliates, or any of
them, which arises from, may arise from, allegedly arise from, are based upon
or are related in any manner whatsoever to the Credit Agreement and the Loan
Documents or which are based upon acts or omissions of the Lender, any such
officer, director, agent, employee or Affiliate of Lender, or any of them, in
connection therewith and (b) the Obligations are absolutely owed to the Lender,
without offset, deduction or counterclaim.

                  [Remainder of page intentionally left blank]

                                       6
<PAGE>   7

         IN WITNESS WHEREOF, the parties hereto have executed this Amendment
under seal as of the date first written above.

                                CREDIT PARTIES:

                                BORROWER:

                                EDUTREK INTERNATIONAL, INC.

                                By:  S. Bostic
                                    -----------------------------------------
                                    R. Steven Bostic
                                    Chairman of the Board and
                                    Chief Executive Officer

                                Attest:  David J. Horn
                                        -------------------------------------
                                        Name: David J. Horn
                                        Title: CFO

                                [CORPORATE SEAL]

                                  GUARANTORS:

[CORPORATE SEAL]                  EDUTREK SYSTEMS, INC.

                                 By: S. Bostic
                                    -----------------------------------------
                                    R. Steven Bostic
                                    Chief Executive Officer

[CORPORATE SEAL]                  AMERICAN INTERCONTINENTAL
                                  UNIVERSITY, INC.

                                 By: S. Bostic
                                    -----------------------------------------
                                    R. Steven Bostic
                                    Chief Executive Officer

[CORPORATE SEAL]                  AMERICAN COLLEGE IN LONDON, LTD, U.S.

                                 By: S. Bostic
                                    ----------------------------------------
                                    R. Steven Bostic
                                    Chief Executive Officer

[CORPORATE SEAL]                 AMERICAN EUROPEAN MIDDLE EAST
                                 CORPORATION, LLC

                                 By:  American College in London, Ltd., U.S.

                                      By:  S. Bostic
                                          ----------------------------------
                                          R. Steven Bostic
                                          Chief Executive Officer

                                  LENDER:

                                  FIRST UNION NATIONAL BANK

                                 By:
                                    ----------------------------------------
                                    Frank Darrow
                                    Vice President

                                       7
<PAGE>   8
                             DEPARTMENT OF REVENUE
                               POWER OF ATTORNEY

STATE OF GEORGIA
COUNTY OF FULTON

Know all men by these presents that

American Intercontinental University, Inc.               58-1286467
------------------------------------------    ----------------------------------
               Name                           Registration or Identification No.

6600 Peachtree Dunwoody Road, 500 Embassy Row, Atlanta, GA 30325
--------------------------------------------------------------------------------
         Address                     Zip Code                Phone Number

hereby appoint(s) First Union National Bank
                  --------------------------------------------------------------
                                        Name

P.O. Box 740074, Atlanta, GA 30374                           (404) 827-7370
--------------------------------------------------------------------------------
         Address                     Zip Code                 Phone Number

as attorney(s)-in-fact to represent the taxpayer(s) before the State Revenue
Department of Georgia for the following tax matters [Specify the type(s) of tax
and year(s) or period(s) (date of death if estate tax)]:

1997-1999 Income Tax & Net Worth Tax
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

The attorney(s)-in-fact (or either of them) are authorized, subject to
revocation, to receive confidential information and to perform on behalf of the
taxpayer(s) the following acts for the above tax matters [Strike through any of
the following which are not granted]:

         To receive, but not to endorse and collect, checks in payment of any
         refund of tax, penalty or interest.

         To execute waivers (and related documents) of restrictions on
         assessment or collection of tax deficiencies and waivers of any other
         rights of taxpayer(s).

         To execute consents extending the statutory period for assessment,
         collection or refund of taxes.

         To receive all notices pertaining to these tax matters.

         To delegate authority or to substitute another representative.

         To do all the lawful acts and things whatsoever concerning these tax
         matters in every respect as taxpayer(s) could do were taxpayer(s)
         personally present at the doing thereof.

         Other acts [Specify]:

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

<PAGE>   9

This power of attorney revokes all earlier powers of attorney and tax
information authorizations on file with the State Revenue Department of Georgia
for the same matters and years or periods covered herein, except the following
[Specify to whom granted, date, and address including zip code or refer to
attached copies of earlier powers and authorizations]:

                                      None
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

In witness whereof I have hereunto set my hand and seal this 23rd day of
December __, 1999. If signed by a corporate officer, partner, or fiduciary on
behalf of taxpayer(s), I certify that I have the authority to execute this
power of attorney on behalf of taxpayer(s).

/ / S Bostic                          Chm
-----------------------------------------------------------------------------
SIGNATURE OF OR FOR TAXPAYER(S)        TITLE IF APPLICABLE         DATE

-----------------------------------------------------------------------------
SIGNATURE OF OR FOR TAXPAYER(S)        TITLE IF APPLICABLE         DATE

_______________________________________________________________________________

IF THE POWER OF ATTORNEY IS GRANTED TO AN ATTORNEY, CERTIFIED PUBLIC
ACCOUNTANT, ENROLLED AGENT OR REGISTERED PUBLIC ACCOUNTANT, THE FOLLOWING
DECLARATION MUST BE COMPLETED:

         [ ]  I am a member in good standing of the Bar of the jurisdiction
              indicated below; or
         [ ]  I am duly qualified to practice as a certified public accountant
              in the jurisdiction indicated below.
         [ ]  I am enrolled as an agent under the requirements of Treasury
              Department circular no. 230.
         [ ]  I am a registered public accountant.

<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------------
                DESIGNATION                                   JURISDICTION              SIGNATURE                   DATE
     (Attorney, C.P.A. Registered Public Accountant,          (State, etc)
                  or Enrolled Agent)
------------------------------------------------------------------------------------------------------------------------------------
     <S>                                                      <C>                       <C>                         <C>

------------------------------------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------------------------------
</TABLE>

IF THE POWER OF ATTORNEY IS GRANTED TO A PERSON OTHER THAN AN ATTORNEY, CPA,
ENROLLED AGENT OR A REGISTERED PUBLIC ACCOUNTANT, IT MUST BE WITNESSED OR
NOTARIZED BELOW.

The person(s) signing as or for the taxpayer(s) [Check and complete one]:

         [ ]  is/are known to and signed in the presence of the two
              disinterested witnesses whose signatures appear here:

------------------------------------------------------     ------------------
SIGNATURE OF WITNESS                                       DATE

------------------------------------------------------     ------------------
SIGNATURE OF WITNESS                                       DATE

[X]  appeared this day before a notary public and acknowledged this power of
     attorney as a voluntary act and deed.

CYNTHIA GARDERE                                                 12/23/99
------------------------------------------------------     ------------------
SIGNATURE OF NOTARY                                        DATE

<PAGE>   10

      RESOLUTION BY CORPORATION CONFERRING AUTHORITY UPON AN OFFICER TO
           EXECUTE A POWER OF ATTORNEY FOR THE COLLECTION OF CHECKS
                 DRAWN ON THE TREASURER OF THE UNITED STATES

                                 -----------

         RESOLVED, That EDUTREK INTERNATIONAL, Inc., does hereby name First
Union National Bank, as attorney, with power of substitution, to receive,
endorse, and collect for and in behalf of the corporation any check drawn on the
Treasurer of the United States and to give full discharge therefor; and
further, that Steve Bostic, Chairman & CEO be, and is hereby authorized and
empowered to execute, in behalf of said corporation, a power of attorney
appointing the said First Union National Bank as such attorney for the purpose
above expressed.

         The said corporation hereby ratifies and confirms all that may
lawfully be done by virtue hereof.

         I HEREBY CERTIFY that the foregoing is a true and correct copy of a
resolution passed at a Regular meeting of the Board of Edutrek, the governing
body of Edutrek International, Inc., a corporation duly organized and existing
under and by virtue of the laws of Georgia, held on the 17th day of December,
1999, at Atlanta, GA.

         AND I FURTHER CERTIFY that due notice of said meeting was given to
each member of said Board; that a quorum was present; and that said resolution
has not been amended or repealed.

         WITNESS my signature and the seal of said corporation, this 23rd day
of December, 1999.

[IMPRESS CORPORATE SEAL HERE]                            /s/ S. Bostic
                                                 ------------------------------
                                                 (Official signature of officer)

                                                            Chairman
                                                 ------------------------------
                                                   (Official title of officer)

-------------------------------------------------------------------------------
         IMPORTANT -- Do not execute this instrument without first reading
the instructions on the reverse side hereof. Exact compliance with these
instructions will avoid complications.

<PAGE>   11
                INSTRUCTIONS REGARDING SF 235 -- READ CAREFULLY

                               -----------------

         1.  This form should be used only when authority is given to an
officer of the corporation to execute a power of attorney authorizing a third
person to endorse and collect checks drawn on the Treasurer of the United
States in the name of the corporation.

         2.  This resolution should accompany a power of attorney on SF 234,
executed by the officer authorized herein to execute such a power.

         3.  Certification should be made by the secretary or assistant
secretary, or such other officer as may be custodian of the corporate seal and
records. If the resolution confers power upon the same officer who certifies
thereto, another officer not therein authorized should join in the
certification.

         4.  The corporate seal should always be impressed. If the corporation
has no seal, a statement to that effect should be inserted in the
certificate, and the certificate should be sworn to before a notary public or
other officer authorized by law to administer oaths generally, and unless
authenticated by the official impression seal of such officer should be
accompanied by a certificate from the proper official showing that the officer
was in commission on the date of the acknowledgment. The date when the officer's
commission expires should appear in any event. If a certificate is furnished,
such certificate should show the dates of the beginning and expiration of the
officer's commission, and such period of commission should include the date of
acknowledgment of the affidavit. Affidavits sworn to before a judge or clerk of
court and bearing the seal of the court need not be accompanied by any further
certification.
<PAGE>   12

                          EDUTREK INTERNATIONAL, INC.
                          CERTIFICATE AS TO NO DEFAULT
                              AND RELATED MATTERS

         The undersigned, being the Chairman of the Board and Chief Executive
Officer of EduTrek International, Inc., a Georgia corporation ("EduTrek"),
hereby gives this certificate pursuant to the terms of that certain Credit
Agreement, dated as of March 25, 1999, as amended through and including the date
hereof (the "Credit Agreement") among EduTrek and First Union National Bank (the
"Lender"). Capitalized terms used herein and not otherwise defined shall have
the meanings ascribed to such terms in the Credit Agreement.

         The undersigned, in his capacity as Chairman of the Board and Chief
Executive Officer of EduTrek, hereby certifies to the Lender that, after giving
effect to that certain Fifth Amendment to Credit Agreement and Waiver dated as
of the date hereof:

         1.2  He is the Chairman of the Board and Chief Executive Officer of
EduTrek, and is authorized and empowered to issue this certificate in such
capacities, for and on behalf of EduTrek;

         2.   The representations and warranties set forth in Section 6.1 of the
Credit Agreement, the terms of which are incorporated herein by reference, are
true and correct in all material respects on and as of the date hereof, except,
in the case of the representation set forth in Section 6.1(q) of the Credit
Agreement, as reflected in the written financial reports delivered by Borrower
to Lender;

         3.   EduTrek is, on the date hereof, in compliance with all the terms
and provisions set forth in the Credit Agreement on its part to be observed and
performed, which terms and provisions are incorporated herein by reference,
after giving effect to the waivers set forth in Section 3 of that certain Fifth
Amendment to Credit Agreement and Waiver dated as of even date herewith among
EduTrek, the Guarantors named therein, and the Lender; and

         4.   On the date hereof, and after giving effect to the transactions
contemplated under the Credit Agreement, no Default or Event of Default has
occurred or is continuing.

         IN WITNESS WHEREOF, the undersigned has set his hand and seal as of the
23rd day of December, 1999.

                                       EDUTREK INTERNATIONAL, INC.

                                       By: /s/ R. Steven Bostic
                                          -------------------------
                                          R. Steven Bostic
                                          Chairman of the Board and Chief
                                          Executive Officer

                                          [CORPORATE SEAL]
<PAGE>   13

STANDARD FORM 234
April 1961
Super Union Form TUS 4571
Treasury Dept. Clre. No. 21
284-101

        POWER OF ATTORNEY BY A CORPORATION FOR THE COLLECTION OF CHECKS
                  DRAWN ON THE TREASURER OF THE UNITED STATES

                                ----------------

KNOW ALL MEN BY THESE PRESENTS:

     That EDUTREK International, Inc., a corporation duly organized and existing
         ------------------------------
under and by virtue of the laws of Georgia, with its principal office at 6600
                                   --------                             -----
Peachtree Dunwoody Rd., 500 Embassy Row, Atlanta, GA, 30328 does hereby appoint
------------------------------------------------------------
First Union National Bank, whose post-office address is P.O. Box 740074,
---------------------------                            -----------------
Atlanta, GA 30374, as attorney to receive, endorse, and collect checks in its
-------------------
name, drawn on the Treasurer of the United States, and to give full discharge
for same.

     The said corporation hereby ratifies and confirms all that may lawfully be
done by virtue hereof.

     IN WITNESS WHEREOF said corporation has caused this instrument to be
executed in its behalf, pursuant to authority of its Board of Directors, by its
Chairman of the Board and CEO, and its corporate seal to be hereunto attached,
------------------------------
 (Official title of officer)
attested by its secretary or assistant secretary, this      day of December    ,
                                                      ------      --------------
1999
  --

[IMPRESS SEAL HERE]                            EDUTREK INTERNATIONAL, INC.
                                               -------------------------------,
                                                  (Name of corporation)

Attest:                                  By  S. Bostic
                                           ------------------------------------
                                             (Official signature of officer)

David J. Horn                                Chm
---------------------------------          ------------------------------------
        CFO                                    (Official title of officer)

                                 -------------

     Personally appeared before me the above-named Steve Bostic known or proved
                                                   ------------
to me to be the same person who executed the foregoing instrument and to be the

Chairman          of Edutrek International, Inc. and acknowledged to me that he
------------------   ---------------------------
(title of officer)
executed the same as his free act and deed and the free act and deed of said
corporation.

WITNESS my signature, official designation, and seal.

                                                Cynthia Gardere
                                              ---------------------------------
[IMPRESS SEAL HERE]                           (Signature of attesting officer)
                                                Notary Public
                                              ---------------------------------
                                                    (Official designation)

Dated at Atlanta, GA          , this 23rd day of  December,     1999
        ----------------------       ----         -------------   ----

                               My commission expires     9/11      , 2003
                                                     ---------------   ----

_______________________________________________________________________________
     IMPORTANT.--Do not execute this instrument without first reading the
instructions on the reverse side hereof. Exact compliance with these
instructions will avoid complications.

<PAGE>   14
                INSTRUCTIONS REGARDING SF 234 -- READ CAREFULLY

                              -------------------

         1.  A general power of attorney on this form may be executed by a
corporation to confer authority to endorse and collect checks drawn on the
Treasurer of the United States, in payment of principal or interest on public
debt obligations or obligations guaranteed by the United States, tax refunds,
and payments for goods and services.

         2.  If it is desired that checks be mailed to the attorney instead of
to the payee, formal notice of change in post-office address, identifying the
checks affected, should be forwarded to the drawer.

         3.  This power must be acknowledged by the grantor before a notary
public or other officer authorized by law to administer oaths generally.

         4.  If in a foreign country, the acknowledgment should be made before a
United States diplomatic or consular representative. If such an officer is not
available, it may be acknowledged before a notary public or other officer
authorized to administer oaths, but his official character and jurisdiction must
be certified by a United States diplomatic or consular officer, under the seal
of his office.

         5.  Seals of attesting officers must always be impressed; provided,
however, that where acknowledgments before a notary public, or other officer
authorized by law to administer oaths, are not thus authenticated by the
official impression seal of such officer, the power should be accompanied by a
certificate from the proper official showing that the officer was in commission
on the date of the acknowledgment. The date when the officer's commission
expires should appear in any event. If a certificate is furnished, such
certificate should show the dates of the beginning and expiration of the
officer's commission, and such period of commission should include the date of
acknowledgment of the power.

         6.  This power of attorney may be revoked by notice from the grantor to
the parties concerned. Notice of revocation to the Treasury will not ordinarily
serve to revoke the power.

         7.  The authority of the officer of the corporation to act in its
behalf should be shown by appropriate resolution of the governing body of the
corporation, preferably using the form attached hereto.

         8.  POWERS OF ATTORNEY NEED NOT BE FILED WITH THE TREASURER OF THE
UNITED STATES.

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