Document:

EX-10.7

 Exhibit 10.7 
  

 
  

Execution Version 

CREDIT AGREEMENT 
 Dated as of
July 1, 2018 
 among 

GAZELLE UNIVERSITY (to be renamed GRAND CANYON UNIVERSITY), 

as the Borrower, 
 THE SUBSIDIARIES
OF THE BORROWER IDENTIFIED HEREIN FROM TIME TO TIME, 
 as the Guarantors, 

and 
 GRAND CANYON EDUCATION,
INC., 
 as the Lender 
  

 
  

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
			
	Article I	 	 DEFINITIONS AND ACCOUNTING TERMS
	  	 	1	 
			
	 1.01
	 	 Defined Terms.
	  	 	1	 
	 1.02
	 	 Other Interpretive Provisions.
	  	 	16	 
	 1.03
	 	 Accounting Terms; Calculation of Financial Covenants on a Pro Forma Basis.
	  	 	17	 
	 1.04
	 	 Rounding.
	  	 	18	 
	 1.05
	 	 Times of Day.
	  	 	18	 
			
	Article II	 	 THE COMMITMENTS AND CREDIT EXTENSIONS
	  	 	18	 
			
	 2.01
	 	 CapEx Loans and Term Loan.
	  	 	18	 
	 2.02
	 	 Borrowings of CapEx Loans.
	  	 	18	 
	 2.03
	 	 [Reserved].
	  	 	19	 
	 2.04
	 	 [Reserved].
	  	 	19	 
	 2.05
	 	 Prepayments.
	  	 	19	 
	 2.06
	 	 Termination or Reduction of Aggregate CapEx Commitments.
	  	 	20	 
	 2.07
	 	 Repayment of Loans.
	  	 	20	 
	 2.08
	 	 Interest.
	  	 	20	 
	 2.09
	 	 [Reserved].
	  	 	21	 
	 2.10
	 	 Computation of Interest and Fees.
	  	 	21	 
	 2.11
	 	 Evidence of Debt.
	  	 	21	 
	 2.12
	 	 Payments Generally.
	  	 	21	 
			
	Article III	 	 TAXES, YIELD PROTECTION AND ILLEGALITY
	  	 	22	 
			
	 3.01
	 	 Taxes.
	  	 	22	 
	 3.02
	 	 Survival.
	  	 	24	 
			
	Article IV	 	 GUARANTY
	  	 	24	 
			
	 4.01
	 	 The Guaranty.
	  	 	24	 
	 4.02
	 	 Obligations Unconditional.
	  	 	24	 
	 4.03
	 	 Reinstatement.
	  	 	25	 
	 4.04
	 	 Certain Additional Waivers.
	  	 	25	 
	 4.05
	 	 Remedies.
	  	 	26	 
	 4.06
	 	 Rights of Contribution.
	  	 	26	 
	 4.07
	 	 Guarantee of Payment; Continuing Guarantee.
	  	 	26	 
			
	Article V	 	 CONDITIONS PRECEDENT TO CREDIT EXTENSIONS
	  	 	26	 
			
	 5.01
	 	 Conditions of Effectiveness.
	  	 	26	 
	 5.02
	 	 Conditions to all Credit Extensions.
	  	 	28	 
			
	Article VI	 	 REPRESENTATIONS AND WARRANTIES
	  	 	28	 
			
	 6.01
	 	 Representations and Warranties of the Closing Date Acquisition Agreement.
	  	 	28	 
	 6.02
	 	 Existence, Qualification and Power.
	  	 	28	 
	 6.03
	 	 Authorization; No Contravention.
	  	 	29	 
	 6.04
	 	 Governmental Authorization; Other Consents.
	  	 	29	 
	 6.05
	 	 Binding Effect.
	  	 	29	 
	 6.06
	 	 [Reserved].
	  	 	29	 
	 6.07
	 	 [Reserved].
	  	 	29	 
	 6.08
	 	 No Default.
	  	 	29	 
	 6.09
	 	 Ownership of Property; Liens.
	  	 	29	 
	 6.10
	 	 Environmental Compliance.
	  	 	30	 
	 6.11
	 	 Insurance.
	  	 	30	 
	 6.12
	 	 Taxes.
	  	 	31	 

  
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 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	 6.13
	 	 ERISA Compliance.
	  	 	31	 
	 6.14
	 	 Subsidiaries.
	  	 	31	 
	 6.15
	 	 Margin Regulations; Investment Company Act.
	  	 	32	 
	 6.16
	 	 [Reserved].
	  	 	32	 
	 6.17
	 	 Compliance with Laws.
	  	 	32	 
	 6.18
	 	 Intellectual Property; Licenses, Etc.
	  	 	32	 
	 6.19
	 	 Solvency.
	  	 	32	 
	 6.20
	 	 [Reserved].
	  	 	32	 
	 6.21
	 	 Business Locations; Taxpayer Identification Number.
	  	 	32	 
	 6.22
	 	 OFAC.
	  	 	33	 
			
	Article VII	 	 AFFIRMATIVE COVENANTS
	  	 	33	 
			
	 7.01
	 	 Financial Statements.
	  	 	33	 
	 7.02
	 	 Certificates; Other Information.
	  	 	34	 
	 7.03
	 	 Notices.
	  	 	34	 
	 7.04
	 	 Maintenance of Non-Profit Status.
	  	 	35	 
	 7.05
	 	 Preservation of Existence, Etc.
	  	 	35	 
	 7.06
	 	 Maintenance of Properties.
	  	 	36	 
	 7.07
	 	 Maintenance of Insurance.
	  	 	36	 
	 7.08
	 	 Compliance with Laws.
	  	 	36	 
	 7.09
	 	 Books and Records.
	  	 	37	 
	 7.10
	 	 Inspection Rights.
	  	 	37	 
	 7.11
	 	 Use of Proceeds.
	  	 	37	 
	 7.12
	 	 Additional Guarantors.
	  	 	37	 
	 7.13
	 	 Pledged Assets.
	  	 	37	 
	 7.14
	 	 Compliance with Contractual Obligations.
	  	 	38	 
	 7.15
	 	 Regulatory Letter of Credit.
	  	 	38	 
			
	Article VIII	 	 NEGATIVE COVENANTS
	  	 	38	 
			
	 8.01
	 	 Liens.
	  	 	38	 
	 8.02
	 	 Investments.
	  	 	40	 
	 8.03
	 	 Indebtedness.
	  	 	41	 
	 8.04
	 	 Fundamental Changes.
	  	 	42	 
	 8.05
	 	 Dispositions.
	  	 	42	 
	 8.06
	 	 Restricted Payments.
	  	 	43	 
	 8.07
	 	 Change in Nature of Business.
	  	 	43	 
	 8.08
	 	 Transactions with Affiliates.
	  	 	43	 
	 8.09
	 	 Burdensome Agreements.
	  	 	43	 
	 8.10
	 	 Use of Proceeds.
	  	 	44	 
	 8.11
	 	 Organization Documents; Fiscal Year; Legal Name, State of Formation and Form of Entity.
	  	 	44	 
	 8.12
	 	 Ownership of Subsidiaries.
	  	 	44	 
	 8.13
	 	 Sale Leasebacks.
	  	 	44	 
	 8.14
	 	 Sanctions.
	  	 	44	 
	 8.15
	 	 Educational Covenants.
	  	 	44	 
			
	Article IX	 	 EVENTS OF DEFAULT AND REMEDIES
	  	 	45	 
			
	 9.01
	 	 Events of Default.
	  	 	45	 
	 9.02
	 	 Remedies Upon Event of Default.
	  	 	47	 
	 9.03
	 	 Application of Funds.
	  	 	47	 
			
	Article X	 	 [RESERVED]
	  	 	48	 

  
 ii 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
			
	Article XI	 	 MISCELLANEOUS
	  	 	48	 
			
	 11.01
	 	 Amendments, Etc.
	  	 	48	 
	 11.02
	 	 Notices; Effectiveness; Electronic Communications.
	  	 	48	 
	 11.03
	 	 No Waiver; Cumulative Remedies.
	  	 	49	 
	 11.04
	 	 Expenses; Indemnity; Damage Waiver.
	  	 	49	 
	 11.05
	 	 [Reserved].
	  	 	51	 
	 11.06
	 	 Successors and Assigns.
	  	 	51	 
	 11.07
	 	 Treatment of Certain Information; Confidentiality.
	  	 	52	 
	 11.08
	 	 Right of Setoff.
	  	 	53	 
	 11.09
	 	 Interest Rate Limitation.
	  	 	53	 
	 11.10
	 	 Counterparts; Integration; Effectiveness.
	  	 	54	 
	 11.11
	 	 Survival of Representations and Warranties.
	  	 	54	 
	 11.12
	 	 Severability.
	  	 	54	 
	 11.13
	 	 [Reserved].
	  	 	54	 
	 11.14
	 	 Governing Law; Jurisdiction; Etc.
	  	 	54	 
	 11.15
	 	 Waiver of Jury Trial.
	  	 	55	 
	 11.16
	 	 No Advisory or Fiduciary Responsibility.
	  	 	56	 
	 11.17
	 	 Electronic Execution of Assignments and Certain Other Documents.
	  	 	56	 
	 11.18
	 	 Subordination of Intercompany Indebtedness.
	  	 	56	 
	 11.19
	 	 USA PATRIOT Act.
	  	 	57	 

  
 iii 

 SCHEDULES 
  

			
	 6.14
	 	Subsidiaries
		
	 6.21-1
	 	Location of Chief Executive Office, Taxpayer Identification Number, Etc.
		
	 6.21-2
	 	Changes in Legal Name, State of Formation and Structure
		
	 8.01
	 	Liens Existing on the Closing Date
		
	 8.02
	 	Investments Existing on the Closing Date
		
	 8.03
	 	Indebtedness Existing on the Closing Date
		
	 8.08
	 	Borrower’s Conflict of Interest Policy
		
	 11.02
	 	Lender’s Office; Certain Addresses for Notices

 EXHIBITS 
  

			
	 A
	  	Form of Request for Credit Extension
		
	 B
	  	[Reserved]
		
	 C
	  	Form of Note
		
	 D
	  	Form of Compliance Certificate
		
	 E
	  	Form of Joinder Agreement

  
 iv 

 CREDIT AGREEMENT 

This CREDIT AGREEMENT is entered into as of July 1, 2018 among GAZELLE UNIVERSITY, an Arizona nonprofit corporation (to
be renamed GRAND CANYON UNIVERSITY) (the “Borrower”), the Guarantors (defined herein) from time to time party hereto, and GRAND CANYON EDUCATION, INC., a Delaware corporation (the “Lender”). 

The Borrower (as “Buyer”) and the Lender (as “Seller”) are parties to that Asset Purchase Agreement by and
between Borrower and Lender dated as of July 1, 2018, as amended from time to time (the “Asset Purchase Agreement”). 

The Borrower has requested that the Lender provide credit facilities in the amounts provided herein to fund Borrower’s
obligations as Buyer under the Asset Purchase Agreement, and for such other purposes set forth herein, and the Lender is willing to do so on the terms and conditions set forth herein. 

In consideration of the mutual covenants and agreements herein contained, the parties hereto covenant and agree as follows:

 ARTICLE I 
 DEFINITIONS AND
ACCOUNTING TERMS 
  

	1.01	 Defined Terms. 

As used in this Agreement, the following terms shall have the meanings set forth below: 

“Accreditation” means the status of public recognition granted by any Accrediting Body to an educational
institution that meets the Accrediting Body’s standards and requirements, which approval is required for the educational institution to participate in the Title IV Programs. 

“Accrediting Body” means the Higher Learning Commission or any entity or organization recognized by the DOE
pursuant to 34 C.F.R. 602 et seq. 
 “Acquisition” means, with respect to any Person, the acquisition
by such Person, in a single transaction or in a series of related transactions, of either (a) all or any substantial portion of the property of, or a line of business, division or operating group of, another Person or (b) at least a
majority of the Equity Interests of another Person entitled to vote for members of the board of directors or equivalent governing body of such Person, in each case whether or not involving a merger or consolidation with such other Person. 

“Affiliate” means, with respect to a specified Person, another Person that directly, or indirectly through
one or more intermediaries, Controls or is Controlled by or is under common Control with the Person specified. 

“Agreement” means this Credit Agreement. 

“Applicable Rate” means six percent (6%) per annum. 

“Appraisal” means an “as-is” appraisal that
(a) satisfies the requirements of Title XI of FIRREA and all other applicable legal requirements, all as in effect on the date of such appraisal, (b) is prepared by 

 
an appraiser that is engaged by the Lender or is otherwise approved by the Lender and (c) is otherwise acceptable to the Lender. 

“Approved Capital Expenditure” means each capital expenditure identified in the Approved Capital Expenditure
Budget; provided that such capital expenditure is incurred in the period and for the purpose identified in the Approved Capital Expenditure Budget. 

“Approved Capital Expenditure Budget” means that certain capital expenditure budget for Borrower for the
fiscal year of Borrower ending June 30, 2019 and for each subsequent fiscal year of Borrower as agreed between Borrower and Lender at least thirty (30) days prior to the first day of each such fiscal year thereafter, as such budget may be
modified from time to time in writing with the approval of both Borrower and Lender. 
 “Asset Purchase
Agreement” has the meaning specified in the introductory paragraphs hereto. 
 “Attributable
Indebtedness” means, with respect to any Person on any date, (a) in respect of any capital lease, the capitalized amount thereof that would appear on a balance sheet of such Person prepared as of such date in accordance with GAAP,
(b) in respect of any Synthetic Lease Obligation, the capitalized amount of the remaining lease payments under the relevant lease that would appear on a balance sheet of such Person prepared as of such date in accordance with GAAP if such lease
were accounted for as a capital lease, (c) in respect of any Securitization Transaction, the outstanding principal amount of such financing, after taking into account reserve accounts and making appropriate adjustments, determined by the Lender
in its reasonable judgment and (d) in respect of any Sale and Leaseback Transaction, the present value (discounted in accordance with GAAP at the debt rate implied in the applicable lease) of the obligations of the lessee for rental payments
during the term of such lease. 
 “Availability Period” means, with respect to the CapEx Commitments, the
period from and including the Closing Date to the earliest of (a) June 30, 2021, (b) the date of termination of the CapEx Commitments pursuant to Section 2.06, and (c) the date of termination of the
Commitment of the Lender to make Loans pursuant to Section 9.02. 
 “Borrower”
has the meaning specified in the introductory paragraph hereto. 
 “Borrowing” means a CapEx Loan or a Term
Loan, as the context may require. 
 “Business Day” means any day other than a Saturday, Sunday or other
day on which commercial banks are authorized to close under the Laws of, or are in fact closed in, the state where the Lender’s Office is located. 

“Businesses” has the meaning specified in Section 6.10(a). 

“CapEx Commitment” means, as to the Lender, its obligation to make CapEx Loans to the Borrower pursuant to
Section 2.01. The amount of the CapEx Commitments in effect for each year will be mutually agreed upon by the Borrower and the Lender thirty (30) days prior to the first day of each year. 

“CapEx Loan” has the meaning specified in Section 2.01(a). 

“Cash Equivalents” means cash equivalents as defined under GAAP. 

  
 2 

 “Change in Law” means the occurrence, after the date of
this Agreement, of any of the following: (a) the adoption or taking effect of any Law, (b) any change in any Law or in the administration, interpretation, implementation or application thereof by any Governmental Authority or (c) the
making or issuance of any request, rule, guideline or directive (whether or not having the force of law) by any Governmental Authority; provided that notwithstanding anything herein to the contrary, (i) the Dodd Frank Wall Street Reform
and Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued in connection therewith and (ii) all requests, rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel
Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, in each case pursuant to Basel III, shall in each case be deemed to be a “Change in Law”, regardless of the
date enacted, adopted or issued. 
 “Change of Control” means an event or series of events by which during
any period of 12 consecutive months, a majority of the members of the board of trustees of the Borrower cease to be composed of individuals (i) who were members of the board of trustees on the first day of such period, (ii) whose election
or nomination to the board of trustees was approved by individuals referred to in clause (i) above constituting at the time of such election or nomination at least a majority of the board of trustees or (iii) whose election or nomination
to the board of trustees was approved by individuals referred to in clauses (i) and (ii) above constituting at the time of such election or nomination at least a majority of the board of trustees. 

“Closing Date” means the date hereof. 

“Closing Date Acquisition” means the Acquisition by Borrower from Lender of the business and assets of Grand
Canyon University in accordance with the terms of the Asset Purchase Agreement. 
 “Cohort Default Rate”
has the meaning provided in 34 C.F.R. Sections 668.182 and 668.201 Subparts M and N, as applicable. 

“Collateral” means a collective reference to all property with respect to which Liens in favor of the Lender,
for the benefit of itself and the other holders of the Obligations, are purported to be granted pursuant to and in accordance with the terms of the Collateral Documents. 

“Collateral Documents” means a collective reference to the Security Agreement, the Mortgage and the other
security documents as may be executed and delivered by any Loan Party pursuant to the terms of Section 7.13. 

“Commitment” means the CapEx Commitment of the Lender and/or the Term Loan Commitment of the Lender. 

“Contractual Obligation” means, as to any Person, any provision of any security issued by such Person or of
any agreement, instrument or other undertaking to which such Person is a party or by which it or any of its property is bound. 

“Control” means the possession, directly or indirectly, of the power to direct or cause the direction of the
management or policies of a Person, whether through the ability to exercise voting power, the ability to appoint directors or trustees, by contract or otherwise. “Controlling” and “Controlled” have meanings
correlative thereto. Without limiting the generality of the foregoing, a Person shall be deemed to be Controlled by another Person if such other Person possesses, directly or indirectly, power to vote 10% or more of the securities having ordinary
voting power for the election of directors, managing 

  
 3 

 
general partners or the equivalent, or the power to appoint a majority or more of the directors or trustees of another Person. 

“Credit Extension” means a Borrowing. 

“Debt Issuance” means the issuance by the Borrower or any Subsidiary of any Indebtedness. 

“Debtor Relief Laws” means the Bankruptcy Code of the United States, and all other liquidation,
conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor relief Laws of the United States or other applicable jurisdictions from time to time in
effect. 
 “Default” means any event or condition that constitutes an Event of Default or that, with the
giving of any notice, the passage of time, or both, would be an Event of Default. 
 “Default Rate” means
the Applicable Rate plus 2% per annum. 
 “Designated Jurisdiction” means any country or territory
to the extent that such country or territory itself is the subject of any Sanction. 
 “Disposition” or
“Dispose” means the sale, transfer, license, lease or other disposition of any property by the Borrower or any Subsidiary, including any Sale and Leaseback Transaction and any sale, assignment, transfer or other disposal, with or
without recourse, of any notes or accounts receivable or any rights and claims associated therewith, but excluding (a) the disposition of inventory in the ordinary course of business; (b) the disposition of machinery and equipment no
longer used or useful in the conduct of business of the Borrower and its Subsidiaries in the ordinary course of business; (c) the disposition of property to the Borrower or any Subsidiary; provided, that if the transferor of such
property is a Loan Party then the transferee thereof must be a Loan Party; (d) the disposition of accounts receivable in connection with the collection or compromise thereof; (e) licenses, sublicenses, leases or subleases granted to others
not interfering in any material respect with the business of the Borrower and its Subsidiaries; (f) the sale or disposition of Cash Equivalents for fair market value; (g) any Recovery Event; (h) the disposition of personal property to
the extent that (i) such property is exchanged for credit against the purchase price of similar replacement property or (ii) the proceeds of such disposition are promptly applied to the purchase price of such replacement property; and
(i) to the extent constituting a Disposition, transactions permitted by Section 8.04 and Section 8.06 and Liens permitted by Section 8.01. 

“DOE” means the United States Department of Education and any successor agency administering Title IV
Programs. 
 “DOE Ratio” means the composite score of the Borrower’s equity, primary reserve and net
income ratios described in 34 C.F.R. Sections 668.171(b)(1) and Section 668.172 and appendix A. 

“Dollar” and “$” mean lawful money of the United States. 

“Eligible Property” means (a) with respect to the Net Cash Proceeds of any Disposition of real property
or Recovery Event with respect to real property, a fee interest in real property that (i) is part of or used in connection with the campus of Grand Canyon University located in Phoenix, Arizona and (ii) constitutes Collateral and
(b) with respect to the Net Cash Proceeds of any Disposition of personal property or Recovery Event with respect to personal property, personal property that constitutes Collateral (other than current assets as classified by GAAP). 

  
 4 

 “Environmental Laws” means any applicable Law relating to
(i) the release of, and the investigation and remediation of, hazardous substances (which are not naturally occurring) released into the environment (including, without limitation, air, water vapor, surface water, groundwater, drinking water
supply, surface land, subsurface land), and (ii) the exposure to, or the use, storage, recycling, treatment, generation, transportation, processing, handling, labeling, production, release or disposal of Hazardous Materials. 

“Environmental Liability” means any liability, contingent or otherwise (including any liability for damages,
costs of environmental remediation, fines, penalties or indemnities), of the Borrower or any Subsidiary directly or indirectly resulting from or based upon (a) violation of any Environmental Law, (b) the generation, use, handling,
transportation, storage, treatment or disposal of any Hazardous Materials, (c) exposure to any Hazardous Materials, (d) the release or threatened release of any Hazardous Materials into the environment or (e) any Contractual
Obligation pursuant to which liability is assumed or imposed with respect to any of the foregoing. 
 “Equity
Interests” means, with respect to any Person, all of the shares of capital stock of (or other ownership or profit interests in) such Person, all of the warrants, options or other rights for the purchase or acquisition from such Person of
shares of capital stock of (or other ownership or profit interests in) such Person, all of the securities convertible into or exchangeable for shares of capital stock of (or other ownership or profit interests in) such Person or warrants, rights or
options for the purchase or acquisition from such Person of such shares (or such other interests), and all of the other ownership or profit interests in such Person (including partnership, member or trust interests therein), whether voting or
nonvoting, and whether or not such shares, warrants, options, rights or other interests are outstanding on any date of determination. 

“ERISA” means the Employee Retirement Income Security Act of 1974. 

“ERISA Affiliate” means any trade or business (whether or not incorporated) under common control with a Loan
Party within the meaning of Section 414(b) or (c) of the Internal Revenue Code (and Sections 414(m) and (o) of the Internal Revenue Code for purposes of provisions relating to Section 412 of the Internal Revenue Code). 

“ERISA Event” means (a) a Reportable Event with respect to a Pension Plan; (b) the withdrawal of a
Loan Party or any ERISA Affiliate from a Pension Plan subject to Section 4063 of ERISA during a plan year in which such entity was a “substantial employer” (as defined in Section 4001(a)(2) of ERISA) or a cessation of operations
that is treated as such a withdrawal under Section 4062(e) of ERISA; (c) a complete or partial withdrawal by a Loan Party or any ERISA Affiliate from a Multiemployer Plan or notification that a Multiemployer Plan is in reorganization;
(d) the filing of a notice of intent to terminate, the treatment of a Pension Plan amendment as a termination under Section 4041 or 4041A of ERISA; (e) the institution by the PBGC of proceedings to terminate a Pension Plan;
(f) any event or condition which constitutes grounds under Section 4042 of ERISA for the termination of, or the appointment of a trustee to administer, any Pension Plan; (g) the determination that any Pension Plan is considered an at-risk plan or a plan in endangered or critical status within the meaning of Sections 430, 431 and 432 of the Internal Revenue Code or Sections 303, 304 and 305 of ERISA; or (h) the imposition of any liability
under Title IV of ERISA, other than for PBGC premiums due but not delinquent under Section 4007 of ERISA, upon any Loan Party or any ERISA Affiliate. 

“Event of Default” has the meaning specified in Section 9.01. 

  
 5 

 “Excluded Personal Property” means, collectively, the
following personal property: 
 (a)    funds received from federal student financial aid
programs under Title IV Programs and held pursuant to 34 C.F.R. 668.163 or otherwise in trust pursuant to Section 34 C.F.R. 668.161; 

(b)    the Equity Interests of each Subsidiary to the extent not required to be pledged to
the Lender pursuant to Section 7.13(a); 
 (c)    unless
requested by the Lender, any IP Rights for which a perfected Lien thereon is not effected either by filing of a Uniform Commercial Code financing statement or by appropriate evidence of such Lien being filed in either the United States Copyright
Office or the United States Patent and Trademark Office; 
 (d)    unless requested by
the Lender, any personal property (other than personal property described in clause (b) above) for which the attachment or perfection of a Lien thereon is not governed by the Uniform Commercial Code; 

(e)    any property which, subject to the terms of Section 8.09,
is subject to a Lien of the type described in Section 8.01(i) pursuant to documents which prohibit the applicable Loan Party from granting any other Liens in such property; 

(f)    any lease, license, contract or other agreement if the grant of a security interest
in such lease, license, contract or other agreement is prohibited under the terms of such lease, license, contract or other agreement or under applicable Law or would result in default thereunder, the termination thereof or give the other parties
thereto the right to terminate, accelerate or otherwise alter the applicable Loan Party’s rights, titles and interests thereunder (including upon the giving of notice or the lapse of time or both); provided that (i) such prohibition
could not be rendered ineffective pursuant to the Uniform Commercial Code or any other applicable Law (including Debtor Relief Laws) or principles of equity and (ii) if such prohibition is terminated or waived, such lease, license, contract or
other agreement shall no longer be Excluded Personal Property; 
 (g)    any cash and
Cash Equivalents which, subject to the terms of Section 8.09, is subject to a Lien of the type described in Section 8.01(e) or Section 8.01(f) pursuant to documents which
prohibit the applicable Loan Party from granting any other Liens in such cash and Cash Equivalents; and 

(h)    any other property if the Lender and the Borrower agree in writing that the cost,
burden or consequences of obtaining or perfecting a security interest in such property is excessive in relation to the value of such property as Collateral. 

“Excluded Taxes” means any of the following Taxes imposed on or with respect to any Recipient or required to
be withheld or deducted from a payment to a Recipient, (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch profits Taxes, in each case, (i) imposed as a result of such Recipient being organized
under the Laws of, or having its principal office or, in the case of the Lender, its Lending Office located in, the jurisdiction imposing such Tax (or any political subdivision thereof) or (ii) that are Other Connection Taxes, (b) in the
case of the Lender, U.S. federal withholding Taxes imposed on amounts payable to or for the account of the Lender with respect to an applicable interest in a Loan or Commitment pursuant to a law in effect on the date on which (i) the Lender
acquires such interest in the Loan or Commitment or (ii) the Lender changes its Lending Office, except in each case to the extent that, pursuant to Section 3.01(a)(ii), (a)(iii) or (c), amounts with
respect 

  
 6 

 
to such Taxes were payable either to the Lender’s assignor immediately before the Lender became a party hereto or to the Lender immediately before it changed its Lending Office,
(c) Taxes attributable to such Recipient’s failure to comply with Section 3.01(e) and (d) any U.S. federal withholding Taxes imposed pursuant to FATCA. 

“Facilities” has the meaning specified in Section 6.10(a). 

“FASB ASC” means the Accounting Standards Codification of the Financial Accounting Standards Board. 

“FATCA” means Sections 1471 through 1474 of the Internal Revenue Code, as of the date of this Agreement (or
any amended or successor version that is substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof and any agreements entered into pursuant to
Section 1471(b)(1) of the Internal Revenue Code. 
 “FIRREA” means the Federal Institutions, Reform,
Recovery and Enforcement Act of 1989. 
 “FRB” means the Board of Governors of the Federal Reserve System
of the United States. 
 “Funded Indebtedness” means, as to any Person at a particular time, without
duplication, all of the following, whether or not included as indebtedness or liabilities in accordance with GAAP: 

(a)    the outstanding principal amount of all obligations, whether current or long-term,
for borrowed money (including Obligations hereunder) and all obligations evidenced by bonds, debentures, notes, loan agreements or other similar instruments; 

(b)    all purchase money indebtedness; 

(c)    the maximum amount available to be drawn under letters of credit (including standby
and commercial), bankers’ acceptances, bank guaranties, surety bonds and similar instruments; 

(d)    all obligations in respect of the deferred purchase price of property or services
(including earn-out payment obligations but excluding trade accounts payable in the ordinary course of business); 

(e)    the Attributable Indebtedness of capital leases, Synthetic Lease Obligations, Sale
and Leaseback Transactions and Securitization Transactions; 
 (f)    without
duplication, all Guarantees with respect to outstanding Funded Indebtedness of the types specified in clauses (a) through (e) above of another Person; and 

(g)    all Funded Indebtedness of the types referred to in clauses (a) through (f)
above of any partnership or joint venture (other than a joint venture that is itself a corporation or limited liability company) in which such Person is a general partner or joint venturer, except to the extent that Funded Indebtedness is expressly
made non-recourse to such Person. 
 “GAAP” means generally
accepted accounting principles in the United States set forth in the opinions and pronouncements of the Accounting Principles Board and the American Institute of Certified Public Accountants and statements and pronouncements of the Financial
Accounting Standards Board, or such other principles as may be approved by a significant segment of the accounting profession in the 

  
 7 

 
United States, that are applicable to the circumstances as of the date of determination, consistently applied. 

“Governmental Authority” means the government of the United States or any other nation, or of any political
subdivision thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or
pertaining to government (including any supra-national bodies such as the European Union or the European Central Bank). 

“Guarantee” means, as to any Person, (a) any obligation, contingent or otherwise, of such Person
guaranteeing or having the economic effect of guaranteeing any Indebtedness or other obligation payable or performable by another Person (the “primary obligor”) in any manner, whether directly or indirectly, and including any obligation of
such Person, direct or indirect, (i) to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or other obligation, (ii) to purchase or lease property, securities or services for the purpose of
assuring the obligee in respect of such Indebtedness or other obligation of the payment or performance of such Indebtedness or other obligation, (iii) to maintain working capital, equity capital or any other financial statement condition or
liquidity or level of income or cash flow of the primary obligor so as to enable the primary obligor to pay such Indebtedness or other obligation, or (iv) entered into for the purpose of assuring in any other manner the obligee in respect of
such Indebtedness or other obligation of the payment or performance thereof or to protect such obligee against loss in respect thereof (in whole or in part), or (b) any Lien on any assets of such Person securing any Indebtedness or other
obligation of any other Person, whether or not such Indebtedness or other obligation is assumed by such Person (or any right, contingent or otherwise, of any holder of such Indebtedness to obtain any such Lien). The amount of any Guarantee shall be
deemed to be an amount equal to the stated or determinable amount of the related primary obligation, or portion thereof, in respect of which such Guarantee is made or, if not stated or determinable, the maximum reasonably anticipated liability in
respect thereof as determined by the guaranteeing Person in good faith. The term “Guarantee” as a verb has a corresponding meaning. 

“Guarantors” means, collectively, (a) each Person that joins as a Guarantor pursuant to
Section 7.12 or otherwise, and (b) the successors and permitted assigns of the foregoing. 

“Guaranty” means the Guaranty made by the Guarantors in favor of the Lender and the other holders of the
Obligations pursuant to Article IV. 
 “Hazardous Materials” means all explosive or
radioactive substances or wastes and all hazardous or toxic substances, wastes or other pollutants, including petroleum or petroleum distillates, asbestos or asbestos-containing materials, polychlorinated biphenyls, radon gas, infectious or medical
wastes and all other substances or wastes of any nature regulated pursuant to any Environmental Law. 
 “Higher
Education Act” means the Higher Education Act of 1965. 
 “Higher Learning Commission” means the
Higher Learning Commission of the North Central Association of Colleges and Schools. 
 “IFRS” means
international accounting standards within the meaning of IAS Regulation 1606/2002 to the extent applicable to the relevant financial statements delivered under or referred to herein. 

  
 8 

 “Indebtedness” means, as to any Person at a particular
time, without duplication, all of the following, whether or not included as indebtedness or liabilities in accordance with GAAP: 

(a)    all obligations, whether current or long-term, for borrowed money (including
Obligations hereunder) and all obligations evidenced by bonds, debentures, notes, loan agreements or other similar instruments; 

(b)    all purchase money indebtedness; 

(c)    the maximum amount available to be drawn under letters of credit (including standby
and commercial), bankers’ acceptances, bank guaranties, surety bonds and similar instruments; 

(d)    all obligations in respect of the deferred purchase price of property or services
(other than trade accounts payable in the ordinary course of business); 
 (e)    the
Attributable Indebtedness of capital leases, Synthetic Lease Obligations, Sale and Leaseback Transactions and Securitization Transactions; 

(f)    the Swap Termination Value of any Swap Contract; 

(g)    indebtedness (excluding prepaid interest thereon) secured by a Lien on property
owned or being purchased by such Person (including indebtedness arising under conditional sales or other title retention agreements), whether or not such indebtedness shall have been assumed by such Person or is limited in recourse; 

(h)    without duplication, all Guarantees with respect to Indebtedness of the types
specified in clauses (a) through (g) above of another Person; and 
 (i)    all
Indebtedness of the types referred to in clauses (a) through (h) above of any partnership or joint venture (other than a joint venture that is itself a corporation or limited liability company) in which such Person is a general partner or a
joint venturer, except to the extent that such Indebtedness is expressly made non-recourse to such Person. 

“Indemnified Taxes” means (a) Taxes, other than Excluded Taxes, imposed on or with respect to any
payment made by or on account of any obligation of any Loan Party under any Loan Document and (b) to the extent not otherwise described in (a), Other Taxes. 

“Indemnitees” has the meaning specified in Section 11.04(b). 

“Information” has the meaning specified in Section 11.07. 

“Intercompany Indebtedness” means Indebtedness owing by a Loan Party to another Loan Party. 

“Intercreditor Agreements” means any subordination or intercreditor agreement entered into by the Lender in
connection with any Subordinated Indebtedness. 
 “Interest Payment Date” means the first day of each
calendar month, commencing on the first such day occurring after the Closing Date, and the Maturity Date. 

“Internal Revenue Code” means the Internal Revenue Code of 1986. 

  
 9 

 “Investment” means, as to any Person, any direct or
indirect acquisition or investment by such Person, whether by means of (a) the purchase or other acquisition of Equity Interests of another Person, (b) a loan, advance or capital contribution to, Guarantee or assumption of debt of, or
purchase or other acquisition of any other debt or equity participation or interest in, another Person, or (c) an Acquisition. For purposes of covenant compliance, the amount of any Investment shall be the amount actually invested, without
adjustment for subsequent increases or decreases in the value of such Investment. 
 “IP Rights” has the
meaning specified in Section 6.18. 
 “IRS” means the United States Internal
Revenue Service. 
 “Joinder Agreement” means a joinder agreement substantially in the form of Exhibit
E executed and delivered by a Subsidiary in accordance with the provisions of Section 7.12 or any other documents as the Lender shall deem appropriate for such purpose 

“Laws” means, collectively, all international, foreign, federal, state and local statutes, treaties, rules,
guidelines, regulations, ordinances, codes and administrative or judicial precedents or authorities, including the interpretation or administration thereof by any Governmental Authority charged with the enforcement, interpretation or administration
thereof, and all applicable administrative orders, directed duties, requests, licenses, authorizations and permits of, and agreements with, any Governmental Authority, in each case whether or not having the force of law. 

“Lender” means the Person identified as the “Lender” on the signature pages hereto, each other
Person that becomes a “Lender” in accordance with this Agreement and their successors and assigns. 

“Lender’s Office” or “Lending Office” means the Lender’s address
and, as appropriate, account as set forth on Schedule 11.02 or such other address or account as the Lender may from time to time notify to the Borrower. 

“Lien” means any mortgage, pledge, hypothecation, assignment, deposit arrangement, encumbrance, lien
(statutory or other), charge, or preference, priority or other security interest or preferential arrangement in the nature of a security interest of any kind or nature whatsoever (including any conditional sale or other title retention agreement,
any easement, right of way or other encumbrance on title to real property, and any financing lease having substantially the same economic effect as any of the foregoing). 

“Liquidity” means, as of any date of determination, the sum of all cash and Cash Equivalents of the Loan
Parties on such date that (a) do not appear (or would not be required to appear) as “restricted” on a consolidated balance sheet of the Borrower and (b) are not subject to a Lien (other than Liens of the type described in
Sections 8.01(m) and (n)). 
 “Loan” means an extension of credit by the Lender to the
Borrower under Article II in the form of a CapEx Loan or the Term Loan. 
 “Loan Documents” means
this Agreement, each Note, each Joinder Agreement, the Collateral Documents, and any Intercreditor Agreements. 

“Loan Parties” means, collectively, the Borrower and each Guarantor. 

“Master Services Agreement” means that certain master services agreement, dated the date hereof, among the
Borrower and the Lender (or any Subsidiary\ of the Lender). 

  
 10 

 “Material Adverse Effect” means (a) a material adverse
change in, or a material adverse effect upon, the operations, business, properties, liabilities (actual or contingent) or condition (financial or otherwise) of the Borrower and its Subsidiaries taken as a whole; (b) a material impairment of the
rights and remedies of the Lender under any Loan Document to which it is a party; (c) a material impairment of the ability of any Loan Party to perform its obligations under any Loan Document to which it is a party; or (d) a material
adverse effect upon the legality, validity, binding effect or enforceability against any Loan Party of any Loan Document to which it is a party. 

“Material Indebtedness” means any Indebtedness (other than Indebtedness arising under the Loan Documents and
Indebtedness arising under Swap Contracts) having an aggregate principal amount (including undrawn committed or available amounts and including amounts owing to all creditors under any combined or syndicated credit arrangement) of more than
$2,500,000. 
 “Material Subsidiary” means any Subsidiary that has (a) total assets with a fair market
value in excess of $10,000,000 or (b) total revenues in excess of $10,000,000 for the most recently ended period of four fiscal quarters for which the Borrower was required to deliver financial statements pursuant to
Section 7.01(a) or (b); provided that if a Subsidiary would be a Subsidiary under clause (a) of this definition solely by virtue of such Subsidiary either (x) receiving an Investment from the
Borrower or any Subsidiary the proceeds of which will be used by such Subsidiary solely to acquire real property or (y) acquiring real property, such Subsidiary shall be deemed a Material Subsidiary only if such Subsidiary holds such Investment
or owns such real estate for more than sixty (60) days. 
 “Maturity Date” means July 1, 2025;
provided, however, that, in each case, if such date is not a Business Day, the Maturity Date shall be the next succeeding Business Day. 

“Mortgage” means any mortgage, deed of trust or deed to secure debt that purports to grant to the Lender, for
the benefit of the holders of the Obligations, a security interest in the real property of any Loan Party. 

“Multiemployer Plan” means any employee benefit plan of the type described in Section 4001(a)(3) of
ERISA, to which any Loan Party or any ERISA Affiliate makes or is obligated to make contributions, or during the preceding five plan years, has made or been obligated to make contributions. 

“Multiple Employer Plan” means a Plan which has two or more contributing sponsors (including any Loan Party
or any ERISA Affiliate) at least two of whom are not under common control, as such a plan is described in Section 4064 of ERISA. 

“Net Cash Proceeds” means the aggregate cash or Cash Equivalents proceeds received by the Borrower or any
Subsidiary in respect of any Disposition, Recovery Event or Debt Issuance net of (a) direct costs incurred in connection therewith (including legal, accounting and investment banking fees, and sales commissions), (b) Taxes paid or payable as a
result thereof and (c) in the case of any Disposition or any Recovery Event, the amount necessary to retire any Indebtedness secured by a Permitted Lien (ranking senior to any Lien of the Lender) on the related property; it being understood
that “Net Cash Proceeds” shall include any cash or Cash Equivalents received upon the sale or other disposition of any non-cash consideration received by the Borrower or any Subsidiary in any
Disposition, Recovery Event or Debt Issuance; provided, however, that “Net Cash Proceeds” shall not include amounts resulting from any Dispositions and Recovery Events until such amounts aggregate $1,000,000 in any fiscal
year. 
 “Note” has the meaning specified in Section 2.11. 

  
 11 

 “Obligations” means all advances to, and debts,
liabilities, obligations, covenants and duties of, any Loan Party arising under any Loan Document or otherwise with respect to any Loan, in each case whether direct or indirect (including those acquired by assumption), absolute or contingent, due or
to become due, now existing or hereafter arising and including interest and fees that accrue after the commencement by or against any Loan Party or any Affiliate thereof of any proceeding under any Debtor Relief Laws naming such Person as the debtor
in such proceeding, regardless of whether such interest and fees are allowed claims in such proceeding. 

“OFAC” means the Office of Foreign Assets Control of the United States Department of the Treasury. 

“Organization Documents” means, (a) with respect to any corporation, the certificate or articles of
incorporation and the bylaws (or equivalent or comparable constitutive documents with respect to any non-U.S. jurisdiction); (b) with respect to any limited liability company, the certificate or articles of
formation or organization and operating agreement; and (c) with respect to any partnership, joint venture, trust or other form of business entity, the partnership, joint venture or other applicable agreement of formation or organization and any
agreement, instrument, filing or notice with respect thereto filed in connection with its formation or organization with the applicable Governmental Authority in the jurisdiction of its formation or organization and, if applicable, any certificate
or articles of formation or organization of such entity. 
 “Other Connection Taxes” means, with respect to
any Recipient, Taxes imposed as a result of a present or former connection between such Recipient and the jurisdiction imposing such Tax (other than connections arising from such Recipient having executed, delivered, become a party to, performed its
obligations under, received payments under, received or perfected a security interest under, engaged in any other transaction pursuant to or enforced any Loan Document, or sold or assigned an interest in any Loan or Loan Document). 

“Other Taxes” means all present or future stamp, court or documentary, intangible, recording, filing or
similar Taxes that arise from any payment made under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security interest under, or otherwise with respect to, any Loan Document, except any
such Taxes that are Other Connection Taxes imposed with respect to an assignment (other than an assignment made pursuant to Section 3.06). 

“Outstanding Amount” means with respect to any Loans on any date, the aggregate outstanding principal amount
thereof after giving effect to any borrowings and prepayments or repayments of any Loans occurring on such date. 

“Participant” has the meaning specified in Section 11.06(d). 

“Participant Register” has the meaning specified in Section 11.06(d). 

“PBGC” means the Pension Benefit Guaranty Corporation. 

“Pension Act” means the Pension Protection Act of 2006. 

“Pension Funding Rules” means the rules of the Internal Revenue Code and ERISA regarding minimum required
contributions (including any installment payment thereof) to Pension Plans and set forth in, with respect to plan years ending prior to the effective date of the Pension Act, Section 412 of the Internal Revenue Code and Section 302 of
ERISA, each as in effect prior to the Pension Act and, 

  
 12 

 
thereafter, Section 412, 430, 431, 432 and 436 of the Internal Revenue Code and Sections 302, 303, 304 and 305 of ERISA. 

“Pension Plan” means any employee pension benefit plan (including a Multiple Employer Plan or a Multiemployer
Plan) that is maintained or is contributed to by any Loan Party and any ERISA Affiliate and is either covered by Title IV of ERISA or is subject to the minimum funding standards under Section 412 of the Internal Revenue Code. 

“Permitted Acquisition” means an Investment consisting of an Acquisition by the Borrower or any Subsidiary,
provided that (a) no Default shall have occurred and be continuing or would result from such Acquisition, (b) the property acquired (or the property of the Person acquired) in such Acquisition is used or useful in the same or a
similar line of business as the Borrower and its Subsidiaries were engaged in on the Closing Date (or any reasonable extensions or expansions thereof), (c) in the case of an Acquisition of the Equity Interests of another Person, the board of
directors (or other comparable governing body) of such other Person shall have duly approved such Acquisition, and (d) the Acquisition is approved by Lender, such approval not to be unreasonably withheld. 

“Permitted Liens” means, at any time, Liens in respect of property of the Borrower or any Subsidiary
permitted to exist at such time pursuant to the terms of Section 8.01. 

“Person” means any natural person, corporation, limited liability company, trust, joint venture, association,
company, partnership, Governmental Authority or other entity. 
 “Plan” means any employee benefit plan
within the meaning of Section 3(3) of ERISA (including a Pension Plan), maintained for employees of any Loan Party or any ERISA Affiliate or any such Plan to which any Loan Party or any ERISA Affiliate is required to contribute on behalf of any
of its employees. 
 “Recipient” means the Lender or any other recipient of any payment to be made by or on
account of any obligation of any Loan Party hereunder. 
 “Recovery Event” means any loss of, damage to or
destruction of, or any condemnation or other taking for public use of, any property of the Borrower or any Subsidiary. 

“Register” has the meaning specified in Section 11.06(c). 

“Regulatory Letter of Credit” means a letter of credit issued for the account of the Borrower or any
Subsidiary for the purpose of satisfying the obligations of the Borrower or such Subsidiary under the Higher Education Act or any similar state or federal statute or maintaining the eligibility of the Borrower or such Subsidiary to participate in
any programs administered thereunder (including any Title IV Programs). 
 “Related Parties” means,
with respect to any Person, such Person’s Affiliates and the partners, directors, officers, employees, agents, trustees, administrators, managers, advisors and representatives of such Person and of such Person’s Affiliates. 

“Reportable Event” means any of the events set forth in Section 4043(c) of ERISA, other than events for
which the thirty-day notice period has been waived. 
 “Request for Credit
Extension” means an irrevocable notice in writing of a Borrowing of CapEx Loans in substantially the form of Exhibit A. 

  
 13 

 “Responsible Officer” means the chief executive officer,
president, chief financial officer, treasurer, assistant treasurer or controller (or persons serving in those functional capacities) of a Loan Party and, solely for purposes of the delivery of incumbency certificates, the secretary or any assistant
secretary of a Loan Party and, solely for purposes of notices given pursuant to Article II, any other officer of the applicable Loan Party so designated by any of the foregoing officers in a notice to the Lender. Any document delivered
hereunder that is signed by a Responsible Officer of a Loan Party shall be conclusively presumed to have been authorized by all necessary corporate, partnership and/or other action on the part of such Loan Party and such Responsible Officer shall be
conclusively presumed to have acted on behalf of such Loan Party. To the extent requested by the Lender, each Responsible Officer will provide an incumbency certificate, in form and substance reasonably satisfactory to the Lender. 

“Restricted Payment” means any dividend or other distribution (whether in cash, securities or other property)
with respect to any Equity Interests of any Person, or any payment (whether in cash, securities or other property), including any sinking fund or similar deposit, on account of the purchase, redemption, retirement, defeasance, acquisition,
cancellation or termination of any such Equity Interests or on account of any return of capital to such Person’s stockholders, partners or members (or the equivalent Person thereof), or any option, warrant or other right to acquire any such
dividend or other distribution or payment. The term “Restricted Payment” shall not include (a) the forfeiture of unvested Equity Interests of the Borrower by any present or former employee or trustee of the Borrower or any Subsidiary
in connection with the termination of employment or service, death or disability of such individual provided that neither the Borrower nor any Subsidiary makes any payment of cash or other property for such forfeiture and (y) the repurchase of
Equity Interests of the Borrower deemed to occur in connection with a net exercise of stock options or warrants or the grant of Equity Interests if such repurchased Equity Interests represent a portion of the exercise price of such options or
warrants or the payment of applicable withholding taxes provided that neither the Borrower nor any Subsidiary makes any payment of cash or other property for such repurchase. 

“Sale and Leaseback Transaction” means, with respect to any Person, any arrangement, directly or indirectly,
whereby such Person shall sell or transfer any property used or useful in its business, whether now owned or hereafter acquired, and thereafter rent or lease such property or other property that it intends to use for substantially the same purpose
or purposes as the property being sold or transferred. 
 “Sanction(s)” means any international
economic sanction administered or enforced by OFAC, the United Nations Security Council, the European Union, Her Majesty’s Treasury or other relevant sanctions authority. 

“School” means Grand Canyon University and its additional locations. 

“Securitization Transaction” means, with respect to any Person, any financing transaction or series of
financing transactions (including factoring arrangements) pursuant to which such Person or any Subsidiary of such Person may sell, convey or otherwise transfer, or grant a security interest in, accounts, payments, receivables, rights to future lease
payments or residuals or similar rights to payment to a special purpose Subsidiary or Affiliate of such Person. 

“Security Agreement” means the security and pledge agreement dated as of the Closing Date executed in favor
of the Lender, for the benefit of the holders of the Obligations, by each of the Loan Parties. 
 “Significant
Regulatory Event” means the failure of the Borrower or any Subsidiary to (a) maintain the status of the School as an “eligible institution” as defined in 34 C.F.R. Section 600.2, (b)

  
 14 

 
maintain the eligibility of the School to participate in one or more Title IV Programs, (c) maintain all Accreditations required for the School to participate in one or more Title IV
Programs. 
 “Solvent” or “Solvency” means, with respect to any Person as of a particular
date, that on such date (a) such Person is able to pay its debts and other liabilities, contingent obligations and other commitments as they mature in the ordinary course of business, (b) such Person does not intend to, and does not
believe that it will, incur debts or liabilities beyond such Person’s ability to pay such debts and liabilities as they mature in the ordinary course of business, (c) such Person is not engaged in a business or a transaction, and is not
about to engage in a business or a transaction, for which such Person’s property would constitute unreasonably small capital, (d) the fair value of the property of such Person is greater than the total amount of liabilities, including
contingent liabilities, of such Person, (e) the present fair salable value of the property of such Person is not less than the amount that will be required to pay the probable liability of such Person on its debts as they become absolute and
matured and (f) such Person does not intend, in any transaction, to hinder, delay or defraud either present or future creditors or any other person to which such Person is or will become, through such transaction, indebted. The amount of
contingent liabilities at any time shall be computed as the amount that, in the light of all the facts and circumstances existing at such time, represents the amount that can reasonably be expected to become an actual or matured liability. 

“Subordinated Indebtedness” means Indebtedness of the Borrower or any Subsidiary that is expressly
subordinated in right of payment to the prior payment in full of the Obligations pursuant to a subordination agreement or other subordination provisions, and containing such other payment terms, covenants, defaults and remedies, in each case that
are reasonably satisfactory to the Lender. 
 “Subsidiary” of a Person means a corporation, partnership,
joint venture, limited liability company or other business entity of which a majority of the shares of Equity Interests having ordinary voting power for the election of directors or equivalent governing body (other than Equity Interests having such
power only by reason of the happening of a contingency) are at the time beneficially owned, or the management of which is otherwise controlled, directly, or indirectly through one or more intermediaries, or both, by such Person. Unless otherwise
specified, all references herein to a “Subsidiary” or to “Subsidiaries” shall refer to a Subsidiary or Subsidiaries of the Borrower. 

“Swap Contract” means (a) any and all rate swap transactions, basis swaps, credit derivative
transactions, forward rate transactions, commodity swaps, commodity options, forward commodity contracts, equity or equity index swaps or options, bond or bond price or bond index swaps or options or forward bond or forward bond price or forward
bond index transactions, interest rate options, forward foreign exchange transactions, cap transactions, floor transactions, collar transactions, currency swap transactions, cross-currency rate swap transactions, currency options, spot contracts, or
any other similar transactions or any combination of any of the foregoing (including any options to enter into any of the foregoing), whether or not any such transaction is governed by or subject to any master agreement, and (b) any and all
transactions of any kind, and the related confirmations, which are subject to the terms and conditions of, or governed by, any form of master agreement published by the International Swaps and Derivatives Association, Inc., any International Foreign
Exchange Master Agreement, or any other master agreement (any such master agreement, together with any related schedules, a “Master Agreement”), including any such obligations or liabilities under any Master Agreement. 

“Swap Termination Value” means, in respect of any one or more Swap Contracts, after taking into account the
effect of any legally enforceable netting agreement relating to such Swap Contracts, (a) for any date on or after the date such Swap Contracts have been closed out and termination value(s) determined in accordance therewith, such termination
value(s) and (b) for any date prior to the date referenced in clause (a), the amount(s) determined as the mark-to-market value(s) for such Swap 

  
 15 

 
Contracts, as determined based upon one or more mid-market or other readily available quotations provided by any recognized dealer in such Swap Contracts.

 “Synthetic Lease Obligation” means the monetary obligation of a Person under (a) a so-called synthetic, off-balance sheet or tax retention lease, or (b) an agreement for the use or possession of property creating obligations that do not appear on the
balance sheet of such Person but which, upon the insolvency or bankruptcy of such Person, would be characterized as the indebtedness of such Person (without regard to accounting treatment). 

“Taxes” means all present or future taxes, levies, imposts, duties, deductions, withholdings (including
backup withholding), assessments, fees or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto. 

“Term Loan” has the meaning specified in Section 2.01(b). 

“Term Loan Commitment” means the amount of the Term Loan the Lender will be deemed to have made to the
Borrower, and the Borrower will have been deemed to have incurred from the Lender, pursuant to Section 2.01(b). The principal amount of the Term Loan Commitment of the Lender shall be (a) on the Closing Date, an amount
equal to EIGHT-HUNDRED FIFTY-THREE MILLION SIXTY-EIGHT THOUSAND THREE-HUNDRED EIGHTY-SIX AND 00/100 DOLLARS ($853,068,386.00), plus (b) following the Closing Date, such additional amount as required by
Section 3.4 of the Asset Purchase Agreement. 
 “Title IV” means Title IV of the Higher Education Act
of 1965, as amended, and any amendments or successor statutes thereto. 
 “Title IV Compliance Audit”
means, with respect to any School, the annual compliance audit of such School’s administration of its Title IV Programs as required under 34 C.F.R. Section 668.23. 

“Title IV Programs” means the Title IV Programs as listed in 34 C.F.R. Section 668.1(c). 

“Total CapEx Outstanding” means the aggregate Outstanding Amount of all CapEx Loans. 

“United States” and “U.S.” mean the United States of America. 

“Wholly Owned Subsidiary” means any Person 100% of whose Equity Interests are at the time owned by the
Borrower directly or indirectly through other Persons 100% of whose Equity Interests are at the time owned, directly or indirectly, by the Borrower. 
  

	1.02	 Other Interpretive Provisions. 

With reference to this Agreement and each other Loan Document, unless otherwise specified herein or in such other Loan
Document: 
 (a)    The definitions of terms herein shall apply equally to the singular and plural forms
of the terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include,” “includes” and “including” shall be deemed to be followed by
the phrase “without limitation.” The word “will” shall be construed to have the same meaning and effect as the word “shall.” Unless the context requires otherwise, (i) any definition of or reference to any
agreement, instrument or other document (including any Organization Document) shall be construed as referring to such agreement, instrument or other document as from time to time amended, 

  
 16 

 
supplemented or otherwise modified (subject to any restrictions on such amendments, supplements or modifications set forth herein or in any other Loan Document), (ii) any reference herein to any
Person shall be construed to include such Person’s successors and assigns, (iii) the words “hereto”, “herein,” “hereof” and “hereunder,” and words of similar import when used in any Loan Document,
shall be construed to refer to such Loan Document in its entirety and not to any particular provision thereof, (iv) all references in a Loan Document to Articles, Sections, Exhibits and Schedules shall be construed to refer to Articles and
Sections of, and Exhibits and Schedules to, the Loan Document in which such references appear, (v) any reference to any law shall include all statutory and regulatory provisions consolidating, amending, replacing or interpreting such law and
any reference to any law or regulation shall, unless otherwise specified, refer to such law or regulation as amended, modified or supplemented from time to time, (vi) the words “asset” and “property” shall be construed to
have the same meaning and effect and to refer to any and all assets and properties, tangible and intangible, real and personal, including cash, securities, accounts and contract rights and (vii) the words “real property” shall include
all fee and leasehold interests in such real property and all improvements located on such real property. 

(b)    In the computation of periods of time from a specified date to a later specified date, the word
“from” means “from and including;” the words “to” and “until” each mean “to but excluding;” and the word “through” means “to and
including.” 
 (c)    Section headings herein and in the other Loan Documents are
included for convenience of reference only and shall not affect the interpretation of this Agreement or any other Loan Document. 
  

	1.03	 Accounting Terms; Calculation of Financial Covenants on a Pro Forma Basis. 

(a)    Generally. All accounting terms not specifically or completely defined herein shall be
construed in conformity with, and all financial data (including financial ratios and other financial calculations) required to be submitted pursuant to this Agreement shall be prepared in conformity with, GAAP applied on a consistent basis, as in
effect from time to time. Notwithstanding the foregoing, for purposes of determining compliance with any covenant (including the computation of any financial covenant) contained herein, Indebtedness of the Borrower and its Subsidiaries shall be
deemed to be carried at 100% of the outstanding principal amount thereof, and the effects of FASB ASC 825 and FASB ASC 470-20 on financial liabilities shall be disregarded. 

(b)    Changes in GAAP. If at any time any change in GAAP (including the adoption of IFRS)
would affect the computation of any financial ratio or requirement set forth in any Loan Document, and either the Borrower or the Lender shall so request, the Lender and the Loan Parties shall negotiate in good faith to amend such ratio or
requirement to preserve the original intent thereof in light of such change in GAAP (subject to the approval of the Lender); provided that, until so amended, (i) such ratio or requirement shall continue to be computed in
accordance with GAAP prior to such change therein and (ii) the Borrower shall provide to the Lender financial statements and other documents required under this Agreement or as reasonably requested hereunder setting forth a reconciliation
between calculations of such ratio or requirement made before and after giving effect to such change in GAAP. 

(c)    Consolidation of Variable Interest Entities. All references herein to consolidated financial
statements of the Borrower and its Subsidiaries or to the determination of any amount for the Borrower and its Subsidiaries on a consolidated basis or any similar reference shall, in each case, be deemed to include each variable interest entity that
the Borrower is required to consolidate pursuant to FASB ASC 810 as if such variable interest entity were a Subsidiary as defined herein. 

  
 17 

	1.04	 Rounding. 

Any financial ratios required to be maintained by the Loan Parties pursuant to this Agreement shall be calculated by dividing
the appropriate component by the other component, carrying the result to one place more than the number of places by which such ratio is expressed herein and rounding the result up or down to the nearest number (with a
rounding-up if there is no nearest number). 
  

	1.05	 Times of Day. 

Unless otherwise specified, all references herein to times of day shall be references to Arizona time (daylight or standard,
as applicable). 
 ARTICLE II 

THE COMMITMENTS AND CREDIT EXTENSIONS 
  

	2.01	 CapEx Loans and Term Loan. 

(a)    CapEx Loans. Subject to the terms and conditions set forth herein, the Lender agrees to make
loans (each such loan, a “CapEx Loan”) to the Borrower in Dollars from time to time on any Business Day during the Availability Period in an aggregate amount not to exceed at any time outstanding the amount of the CapEx Commitment;
provided, however, that after giving effect to any Borrowing of CapEx Loans, the Total CapEx Outstanding shall not exceed the CapEx Commitments. Amounts repaid on the CapEx Loans may not be reborrowed. 

(b)    Term Loan. Subject to the terms and conditions set forth herein, the Lender shall be deemed
to have made a term loan (the “Term Loan”) to the Borrower in Dollars on the Closing Date in an amount equal to the Lender’s Term Loan Commitment (adjusted as provided in Section 3.4 of the Asset
Purchase Agreement). Amounts repaid on the Term Loan may not be reborrowed. 
  

	2.02	 Borrowings of CapEx Loans. 

(a)    Each Borrowing of a CapEx Loan shall be made subsequent to the Borrower’s issuance of a
Request for Credit Extension to the Lender. Each such Request for Credit Extension shall be with respect to Approved Capital Expenditures occurring during the immediately following month and must be received by the Lender not later than
12:00 p.m. fifteen (15) days prior to the first day of the month specified in such notice. Each Borrowing shall be in a principal amount equal to the Approved Capital Expenditures for the month specified in such Request for Credit
Extension. Each Request for Credit Extension issued by the Borrower pursuant to this Section 2.02(a) shall specify (i) the requested month of such Borrowing, (ii) the Approved Capital Expenditures which will be
funded with the proceeds of such CapEx Loan, and (iii) the party or parties to whom the funds for such CapEx Loan shall be made available. Each Request for Credit Extension shall be appropriately completed and signed by a Responsible Officer of
the Borrower. 
 (b)    Upon satisfaction of the applicable conditions set forth in
Section 5.02 (and, if such Borrowing is the initial Credit Extension, Section 5.01), the Lender shall (i) make the funds for such Borrowing available to the Borrower for payment to the party
or parties specified in the applicable Request for Credit Extension and (ii) the Borrower shall provide the Lender an accounting of the payments actually made. 

  
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	2.03	 [Reserved]. 

 

	2.04	 [Reserved]. 

 

	2.05	 Prepayments. 

(a)    Voluntary Prepayments of Loans. The Borrower may, upon notice from the Borrower to
the Lender, at any time or from time to time voluntarily prepay CapEx Loans and the Term Loan in whole or in part without premium or penalty; provided that (A) such notice must be received by the Lender not later than 12:00 noon three
Business Days prior to any date of prepayment; and (B) any such prepayment shall be in a principal amount of $5,000,000 or a whole multiple of $1,000,000 in excess thereof (or, if less, the entire principal amount thereof then outstanding).
Each such notice shall specify the date and amount of such prepayment. If such notice is given by the Borrower, the Borrower shall make such prepayment and the payment amount specified in such notice shall be due and payable on the date specified
therein. 
 (b)    Mandatory Prepayments of Loans. 

(i)    CapEx Commitments. If for any reason the Total CapEx Outstanding at any time
exceeds the CapEx Commitments then in effect, the Borrower shall immediately prepay CapEx Loans in an aggregate amount equal to such excess. 

(ii)    Dispositions and Recovery Events. The Borrower shall prepay
the Term Loan as hereafter provided in an aggregate amount equal to 100% of the Net Cash Proceeds of any Disposition or Recovery Event that are not, within 365 days following receipt of such Net Cash Proceeds, committed to be reinvested pursuant to
a legally binding commitment and, within 545 days following receipt of such Net Cash Proceeds, actually reinvested, in each case in property that is useful to the business of the Borrower and its Subsidiaries, which investment may include, in the
case of a Recovery Event, the repair, restoration or replacement of the applicable property (it being understood that the Borrower shall prepay the Term Loan as hereafter provided in an amount equal to the amount of any Net Cash Proceeds not so
committed to be reinvested during such 365 day period or actually reinvested during such 545 day period immediately upon the expiration of the applicable period); provided that (A) the aggregate amount of all such Net Cash Proceeds that
may be reinvested in property other than Eligible Property is $5 million in any fiscal year and $10 million during the term of this Agreement and (B) if the aggregate amount of Net Cash Proceeds of all such Recovery Events received by
the Borrower or any Subsidiary in any fiscal year exceeds $2,500,000, then the Borrower shall (1) deposit such excess amount of Net Cash Proceeds in a deposit account subject to the dominion and control of the Lender, (2) withdraw funds
from such deposit account only to reinvest such Net Cash Proceeds in applicable property and (3) cause such deposit account to be subject at all times to first priority, perfected Liens in favor of the Lender, for the benefit of the holders of
the Obligations, to secure the Obligations pursuant to documentation in form and substance satisfactory to the Lender. 

(iii)    Debt Issuances. Within three (3) Business Days of the receipt by the
Borrower or any Subsidiary of the Net Cash Proceeds of any Debt Issuance, the Borrower shall prepay the Term Loan as hereafter provided in an aggregate amount equal to 100% of such Net Cash Proceeds. 

(iv)    Application of Mandatory Prepayments. All amounts required to be paid
pursuant to this Section 2.05(b) shall be applied as follows: 

  
 19 

 (A)    with respect to all amounts
prepaid pursuant to Section 2.05(b)(i), to the outstanding CapEx Loans; and 

(B)    with respect to all amounts prepaid pursuant to Sections 2.05(b)(ii)
and (iii), to the Term Loan (to the remaining principal amortization payments in inverse order of maturity). 
 All
prepayments under this Section 2.05(b) shall be accompanied by interest on the principal amount prepaid through the date of prepayment. 
  

	2.06	 Termination or Reduction of CapEx Commitments. 

The Borrower may, upon notice to the Lender, terminate, in whole or in part, the CapEx Commitments, or from time to time
permanently reduce the CapEx Commitments; provided that (i) any such notice shall be received by the Lender not later than 12:00 noon five Business Days prior to the date of termination or reduction, (ii) any such partial reduction
shall be in an aggregate amount of $5,000,000 or any whole multiple of $1,000,000 in excess thereof, and (iii) the Borrower shall not terminate or reduce the CapEx Commitments if, after giving effect thereto and to any concurrent prepayments
hereunder, the Total CapEx Outstanding would exceed the CapEx Commitments; provided, that any notice so given to the Lender in connection with a refinancing of all Obligations (other than contingent indemnification obligations not yet due and
payable) may be conditional on the effectiveness of the replacement credit agreement or other similar document and may be revoked by the Borrower if such condition is not satisfied. All fees accrued until the effective date of any termination of the
CapEx Commitments shall be paid on the effective date of such termination. 
  

	2.07	 Repayment of Loans. 

(a)    CapEx Loans. The Borrower shall repay to the Lender on the Maturity Date the aggregate
principal amount of all CapEx Loans outstanding on such date. 
 (b)    [Reserved]. 

(c)    Term Loan. The Borrower shall repay the outstanding principal amount of the Term Loan on the
Maturity Date. 
  

	2.08	 Interest. 

(a)    Each Loan shall bear interest on the outstanding principal amount thereof at a rate per annum equal
to the Applicable Rate. 
 (b)    If any amount of principal of any Loan is not paid when due (without
regard to any applicable grace periods), whether at stated maturity, by acceleration or otherwise, such amount shall thereafter bear interest at a fluctuating interest rate per annum at all times equal to the Default Rate to the fullest extent
permitted by applicable Laws. 
 (c)    If any amount (other than principal of any Loan) payable by the
Borrower under any Loan Document is not paid when due (without regard to any applicable grace periods), whether at stated maturity, by acceleration or otherwise, then upon the request of the Lender, such amount shall thereafter bear interest at a
fluctuating interest rate per annum at all times equal to the Default Rate to the fullest extent permitted by applicable Laws. 

  
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 (d)    Upon the request of the Lender, while any Event
of Default exists (other than as set forth in clauses (b)(i) and (b)(ii) above), the Borrower shall pay interest on the principal amount of all outstanding Obligations hereunder at an interest rate per annum at all times equal to the Default Rate to
the fullest extent permitted by applicable Laws. 
 (e)    Accrued and unpaid interest on past due
amounts (including interest on past due interest) shall be due and payable upon demand. 

(f)    Interest on each Loan shall be due and payable in arrears on each Interest Payment Date and at such
other times as may be specified herein. Interest hereunder shall be due and payable in accordance with the terms hereof before and after judgment, and before and after the commencement of any proceeding under any Debtor Relief Law. 

 

	2.09	 [Reserved]. 

 

	2.10	 Computation of Interest and Fees. 

All computations of fees and interest shall be made on the basis of a 360-day year and
actual days elapsed (which results in more fees or interest, as applicable, being paid than if computed on the basis of a 365-day year). Interest shall accrue on each Loan for the day on which the Loan is
made, and shall not accrue on a Loan, or any portion thereof, for the day on which the Loan or such portion is paid, provided that any Loan that is repaid on the same day on which it is made shall, subject to
Section 2.12(a), bear interest for one day. Each determination by the Lender of an interest rate or fee hereunder shall be conclusive and binding for all purposes, absent manifest error. 

 

	2.11	 Evidence of Debt. 

The Credit Extensions made by the Lender shall be evidenced by one or more accounts or records maintained by the Lender in the
ordinary course of business. The accounts or records maintained by the Lender shall be conclusive absent manifest error of the amount of the Credit Extensions made by the Lender to the Borrower and the interest and payments thereon. Any failure to
so record or any error in doing so shall not, however, limit or otherwise affect the obligation of the Borrower hereunder to pay any amount owing with respect to the Obligations. Upon the request of the Lender, the Borrower shall execute and deliver
to the Lender a promissory note, which shall evidence the Lender’s Loans in addition to such accounts or records. Each such promissory note shall be in the form of Exhibit C (a “Note”). The Lender may attach schedules to
its Note and endorse thereon the date, amount and maturity of its Loans and payments with respect thereto. 
  

	2.12	 Payments Generally. 

(a)    General. All payments to be made by the Borrower shall be made free and clear of and without
condition or deduction for any counterclaim, defense, recoupment or setoff. Except as otherwise expressly provided herein, all payments by the Borrower hereunder shall be made to the Lender at the Lender’s Office in Dollars and in immediately
available funds not later than 2:00 p.m. on the date specified herein. All payments received by the Lender after 2:00 p.m. shall be deemed received on the next succeeding Business Day and any applicable interest or fee shall continue to
accrue. If any payment to be made by the Borrower shall come due on a day other than a Business Day, payment shall be made on the next following Business Day, and such extension of time shall be reflected in computing interest or fees, as the case
may be. 

  
 21 

 (b)    Funding Source. Nothing herein shall be
deemed to obligate the Lender to obtain the funds for any Loan in any particular place or manner or to constitute a representation by the Lender that it has obtained or will obtain the funds for any Loan in any particular place or manner. 

ARTICLE III 
 TAXES, YIELD
PROTECTION AND ILLEGALITY 
  

	3.01	 Taxes. 

(a)    Payments Free of Taxes; Obligation to Withhold; Payments on
Account of Taxes. 
 (i)    Any and all payments by or on account of any
obligation of any Loan Party under any Loan Document shall be made without deduction or withholding for any Taxes, except as required by applicable Laws. If any applicable Laws (as determined in the good faith discretion of the Lender) require the
deduction or withholding of any Tax from any such payment by the Lender or a Loan Party, then the Lender or such Loan Party shall be entitled to make such deduction or withholding, upon the basis of the information and documentation to be delivered
pursuant to subsection (e) below. 
 (ii)    If any Loan Party or the
Lender shall be required by the Internal Revenue Code to withhold or deduct any Taxes, including both United States Federal backup withholding and withholding taxes, from any payment, then (A) the Lender shall withhold or make such
deductions as are determined by the Lender to be required based upon the information and documentation it has received pursuant to subsection (e) below, (B) the Lender shall timely pay the full amount withheld or deducted to the
relevant Governmental Authority in accordance with the Internal Revenue Code, and (C) to the extent that the withholding or deduction is made on account of Indemnified Taxes, the sum payable by the applicable Loan Party shall be increased as
necessary so that after any required withholding or the making of all required deductions (including deductions applicable to additional sums payable under this Section 3.01) the applicable Recipient receives an amount
equal to the sum it would have received had no such withholding or deduction been made. 

(iii)    If any Loan Party or the Lender shall be required by any applicable Laws other
than the Internal Revenue Code to withhold or deduct any Taxes from any payment, then (A) such Loan Party or the Lender, as required by such Laws, shall withhold or make such deductions as are determined by it to be required based upon
the information and documentation it has received pursuant to subsection (e) below, (B) such Loan Party or the Lender, to the extent required by such Laws, shall timely pay the full amount withheld or deducted to the relevant
Governmental Authority in accordance with such Laws, and (C) to the extent that the withholding or deduction is made on account of Indemnified Taxes, the sum payable by the applicable Loan Party shall be increased as necessary so that after any
required withholding or the making of all required deductions (including deductions applicable to additional sums payable under this Section 3.01) the applicable Recipient receives an amount equal to the sum it would have
received had no such withholding or deduction been made. 
 (b)    Payment of Other Taxes
by the Borrower. Without limiting the provisions of subsection (a) above, the Loan Parties shall timely pay to the relevant Governmental Authority in accordance with applicable Law, or at the option of the
Lender timely reimburse it for the payment of, any Other Taxes. 

  
 22 

 (c)    Tax Indemnifications. Each of the Loan
Parties shall, and does hereby, jointly and severally indemnify each Recipient, and shall make payment in respect thereof within ten days after demand therefor, for the full amount of any Indemnified Taxes (including Indemnified Taxes imposed or
asserted on or attributable to amounts payable under this Section 3.01) payable or paid by such Recipient or required to be withheld or deducted from a payment to such Recipient, and any penalties, interest and reasonable
expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to
the Borrower by the Lender shall be conclusive absent manifest error. 
 (d)    Evidence of
Payments. Upon request by the Borrower or the Lender, as the case may be, after any payment of Taxes by the Borrower or by the Lender to a Governmental Authority as provided in this Section 3.01, the Borrower
shall deliver to the Lender or the Lender shall deliver to the Borrower, as the case may be, the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of any return required by Laws to report
such payment or other evidence of such payment reasonably satisfactory to the Borrower or the Lender, as the case may be. 

(e)    Status of Lender; Tax Documentation. 

(i)    If the Lender is entitled to an exemption from or reduction of withholding Tax with
respect to payments made under any Loan Document, the Lender shall deliver to the Borrower, at the time or times reasonably requested by the Borrower, such properly completed and executed documentation reasonably requested by the Borrower as will
permit such payments to be made without withholding or at a reduced rate of withholding. In addition, the Lender, if reasonably requested by the Borrower, shall deliver such other documentation prescribed by applicable Laws or reasonably requested
by the Borrower as will enable the Borrower to determine whether or not the Lender is subject to backup withholding or information reporting requirements. Notwithstanding anything to the contrary in the preceding two sentences, the completion,
execution and submission of such documentation (other than such documentation set forth in Section 3.01(e)(ii) below) shall not be required if in the Lender’s reasonable judgment such completion, execution or
submission would subject the Lender to any material unreimbursed cost or expense or would materially prejudice the legal or commercial position of the Lender. 

(ii)    Without limiting the generality of the foregoing, the Lender shall deliver to the
Borrower on or prior to the date on which the Lender becomes the Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower), executed originals of IRS Form W-9
certifying that the Lender is exempt from U.S. federal backup withholding tax. 

(iii)    The Lender agrees that if any form or certification it previously delivered
pursuant to this Section 3.01 expires or becomes obsolete or inaccurate in any respect, it shall update such form or certification or promptly notify the Borrower and the Lender in writing of its legal inability to do so.

 (f)    Treatment of Certain Refunds. If any Recipient determines, in its sole discretion
exercised in good faith, that it has received a refund of any Taxes as to which it has been indemnified by any Loan Party or with respect to which any Loan Party has paid additional amounts pursuant to this Section 3.01, it
shall pay to the Loan Party an amount equal to such refund (but only to the extent of indemnity payments made, or additional amounts paid, by a Loan Party under this Section 3.01 with respect to the Taxes giving rise to
such refund), net of all out-of-pocket expenses (including Taxes) incurred by such Recipient, and without interest (other than any interest paid by the relevant

  
 23 

 
Governmental Authority with respect to such refund), provided that the Loan Party, upon the request of the Recipient, agrees to repay the amount paid over to the Loan Party (plus any
penalties, interest or other charges imposed by the relevant Governmental Authority) to the Recipient in the event the Recipient is required to repay such refund to such Governmental Authority. Notwithstanding anything to the contrary in this
subsection, in no event will the applicable Recipient be required to pay any amount to the Loan Party pursuant to this subsection the payment of which would place the Recipient in a less favorable net after-Tax position than such Recipient would
have been in if the Tax subject to indemnification and giving rise to such refund had not been deducted, withheld or otherwise imposed and the indemnification payments or additional amounts with respect to such Tax had never been paid. This
subsection shall not be construed to require any Recipient to make available its tax returns (or any other information relating to its Taxes that it deems confidential) to any Loan Party or any other Person. 

 

	3.02	 Survival. 

Each Loan Party’s obligations under this Article III shall survive the replacement of the Lender or any
assignment of rights by the Lender, the termination of the CapEx Commitments and the repayment, satisfaction or discharge of all other Obligations. 

ARTICLE IV 
 GUARANTY 

 

	4.01	 The Guaranty. 

Each of the Guarantors, if any, from time to time party hereto hereby jointly and severally guarantees to the Lender and each
other holder of the Obligations as hereinafter provided, as primary obligor and not as surety, the prompt payment of the Obligations in full when due (whether at stated maturity, as a mandatory prepayment, by acceleration, as a mandatory cash
collateralization or otherwise) strictly in accordance with the terms thereof. The Guarantors hereby further agree that if any of the Obligations is not paid in full when due (whether at stated maturity, as a mandatory prepayment, by acceleration,
as a mandatory cash collateralization or otherwise), the Guarantors will, jointly and severally, promptly pay the same, without any demand or notice whatsoever, and that in the case of any extension of time of payment or renewal of any of the
Obligations, the same will be promptly paid in full when due (whether at extended maturity, as a mandatory prepayment, by acceleration, as a mandatory cash collateralization or otherwise) in accordance with the terms of such extension or renewal.

 Notwithstanding any provision to the contrary contained herein or in any other of the Loan Documents or the other
documents relating to the Obligations, the obligations of each Guarantor under this Agreement and the other Loan Documents shall not exceed an aggregate amount equal to the largest amount that would not render such obligations subject to avoidance
under applicable Debtor Relief Laws. 
  

	4.02	 Obligations Unconditional. 

The obligations of the Guarantors under Section 4.01 are joint and several, absolute and
unconditional, irrespective of the value, genuineness, validity, regularity or enforceability of any of the Loan Documents or other documents relating to the Obligations, or any substitution, release, impairment or exchange of any other guarantee of
or security for any of the Obligations, and, to the fullest extent permitted by applicable Laws, irrespective of any other circumstance whatsoever which might otherwise constitute a legal or equitable discharge or defense of a surety or guarantor
(other than payment in full of the Obligations in cash and termination or expiration of the Commitments), it being the intent of this Section 4.02 that the obligations of the Guarantors hereunder shall be absolute and
unconditional under 

  
 24 

 
any and all circumstances. Each Guarantor agrees that such Guarantor shall have no right of subrogation, indemnity, reimbursement or contribution against the Borrower or any other Guarantor for
amounts paid under this Article IV until such time as the Obligations have been paid in full and the Commitments have expired or terminated. Without limiting the generality of the foregoing, it is agreed that, to the
fullest extent permitted by Laws, the occurrence of any one or more of the following shall not alter or impair the liability of any Guarantor hereunder, which shall remain absolute and unconditional as described above: 

(a)    at any time or from time to time, without notice to any Guarantor, the time for any performance of
or compliance with any of the Obligations shall be extended, or such performance or compliance shall be waived; 

(b)    any of the acts mentioned in any of the provisions of any of the Loan Documents or any other
document relating to the Obligations shall be done or omitted; 
 (c)    the maturity of any of the
Obligations shall be accelerated, or any of the Obligations shall be modified, supplemented or amended in any respect, or any right under any of the Loan Documents or any other document relating to the Obligations shall be waived or any other
guarantee of any of the Obligations or any security therefor shall be released, impaired or exchanged in whole or in part or otherwise dealt with; 

(d)    any Lien granted to, or in favor of, the Lender or any other holder of the Obligations as security
for any of the Obligations shall fail to attach or be perfected; or 
 (e)    any of the Obligations
shall be determined to be void or voidable (including for the benefit of any creditor of any Guarantor) or shall be subordinated to the claims of any Person (including any creditor of any Guarantor). 

With respect to its obligations hereunder, each Guarantor hereby expressly waives diligence, presentment, demand of payment,
protest and all notices whatsoever and any requirement that the Lender or any other holder of the Obligations exhaust any right, power or remedy or proceed against any Person under any of the Loan Documents or any other document relating to the
Obligations or against any other Person under any other guarantee of, or security for, any of the Obligations. 
  

	4.03	 Reinstatement. 

The obligations of each Guarantor under this Article IV shall be automatically reinstated if and to
the extent that for any reason any payment by or on behalf of any Person in respect of the Obligations is rescinded or must be otherwise restored by any holder of any of the Obligations, whether as a result of any Debtor Relief Law or otherwise, and
each Guarantor agrees that it will indemnify the Lender and each other holder of the Obligations on demand for all reasonable costs and expenses (including the fees, charges and disbursements of counsel) incurred by the Lender or such holder of the
Obligations in connection with such rescission or restoration, including any such costs and expenses incurred in defending against any claim alleging that such payment constituted a preference, fraudulent transfer or similar payment under any Debtor
Relief Law. 
  

	4.04	 Certain Additional Waivers. 

Each Guarantor agrees that such Guarantor shall have no right of recourse to security for the Obligations, except through the
exercise of rights of subrogation pursuant to Section 4.02 and through the exercise of rights of contribution pursuant to Section 4.06. 

  
 25 

	4.05	 Remedies. 

The Guarantors agree that, to the fullest extent permitted by Laws, as between the Guarantors, on the one hand, and the Lender
and the other holders of the Obligations, on the other hand, the Obligations may be declared to be forthwith due and payable as specified in Section 9.02 (and shall be deemed to have become automatically due and payable in
the circumstances specified in Section 9.02) for purposes of Section 4.01 notwithstanding any stay, injunction or other prohibition preventing such declaration (or preventing the Obligations from
becoming automatically due and payable) as against any other Person and that, in the event of such declaration (or the Obligations being deemed to have become automatically due and payable), the Obligations (whether or not due and payable by any
other Person) shall forthwith become due and payable by the Guarantors for purposes of Section 4.01. The Guarantors acknowledge and agree that their obligations hereunder are secured in accordance with the terms of the
Collateral Documents and that the holders of the Obligations may exercise their remedies thereunder in accordance with the terms thereof. 
  

	4.06	 Rights of Contribution. 

The Guarantors agree among themselves that, in connection with payments made hereunder, each Guarantor shall have contribution
rights against the other Guarantors as permitted under applicable Law. Such contribution rights shall be subordinate and subject in right of payment to the obligations of such Guarantors under the Loan Documents and no Guarantor shall exercise such
rights of contribution until the Obligations have been paid in full and the Commitments have terminated. 
  

	4.07	 Guarantee of Payment; Continuing Guarantee. 

The guarantee in this Article IV is a guaranty of payment and not of collection, is a continuing
guarantee, and shall apply to the Obligations whenever arising. 
 ARTICLE V 

CONDITIONS PRECEDENT TO CREDIT EXTENSIONS 
  

	5.01	 Conditions of Effectiveness. 

This Agreement shall be effective upon satisfaction of the following conditions precedent in each case in a manner
satisfactory to the Lender: 
 (a)    Loan Documents. Receipt by the Lender of executed
counterparts of this Agreement and the other Loan Documents, each properly executed by a Responsible Officer of the Borrower and, in the case of this Agreement, by the Lender. 

(b)    Organization Documents, Resolutions, Etc. Receipt by the Lender of the following: 

(i)    copies of the Organization Documents of the Borrower certified to be true and
complete as of a recent date by the appropriate Governmental Authority of the state or other jurisdiction of its incorporation or organization, where applicable, and certified by a secretary or assistant secretary of the Borrower to be true and
correct as of the Closing Date; 
 (ii)    such certificates of resolutions or other
action, incumbency certificates and/or other certificates of Responsible Officers of the Borrower as the Lender may require evidencing the identity, authority and capacity of each Responsible Officer thereof authorized to act as a

  
 26 

 
Responsible Officer in connection with this Agreement and the other Loan Documents to which the Borrower is a party; and 

(iii)    such documents and certifications as the Lender may require to evidence that the
Borrower is duly organized or formed, and is validly existing, in good standing and qualified to engage in business in its state of organization or formation. 

(c)    Personal Property Collateral. Receipt by the Lender of the following: 

(i)    searches of Uniform Commercial Code filings in the jurisdiction of formation of the
Borrower and each other jurisdiction deemed appropriate by the Lender; 
 (ii)    UCC
financing statements for each appropriate jurisdiction as is necessary, in the Lender’s discretion, to perfect the Lender’s security interest in the Collateral; 

(iii)    all certificates evidencing any certificated Equity Interests pledged to the
Lender pursuant to the Security Agreement, together with duly executed in blank, undated stock powers attached thereto (unless, with respect to the pledged Equity Interests of any Subsidiary, such stock powers are deemed unnecessary by the Lender in
its discretion under the Laws of the jurisdiction of organization of such Person); 

(iv)    searches of ownership of, and Liens on, United States registered intellectual
property of the Borrower in the appropriate governmental offices; and 
 (v)    duly
executed notices of grant of security interest in the form required by the Security Agreement as are necessary, in the Lender’s discretion, to perfect the Lender’s security interest in the United States registered intellectual property of
the Borrower. 
 (d)    Real Property Collateral. Receipt by the Lender of each of the
following (the “Real Property Deliverables”) with respect to all real property of the Borrower: 

(i)    an Appraisal of such real property; 

(ii)    a fully executed and notarized Mortgage encumbering such real property; 

(iii)    ALTA mortgagee title insurance policies issued by a title insurance company
acceptable to the Lender with respect to such real property, assuring the Lender that the Mortgage covering such real property creates a valid and enforceable first priority mortgage lien on such real property, free and clear of all defects and
encumbrances except Permitted Liens, which title insurance policies shall otherwise be in form and substance satisfactory to the Lender and shall include such endorsements as are requested by the Lender; 

(e)    Evidence of Insurance. Receipt by the Lender of copies of insurance policies or certificates
of insurance of the Borrower evidencing liability and casualty insurance meeting the requirements set forth in the Loan Documents. 

(f)    Closing Certificate. Receipt by the Lender of a certificate signed by a Responsible Officer
of the Borrower as of the Closing Date certifying that the conditions specified in Sections 5.02(a) and (b) have been satisfied as of the Closing Date. 

  
 27 

 (g)    Closing Date Acquisition. The Closing Date
Acquisition shall have been consummated in accordance with the terms of the Asset Purchase Agreement and the representations and warranties contained therein shall be true and correct. 

(h)    Master Services Agreement. The Borrower shall have executed and delivered the Master Services
Agreement. 
  

	5.02	 Conditions to all Credit Extensions. 

The obligation of the Lender to honor any Request for Credit Extension (other than the initial Credit Extension on the Closing
Date, in the case of clause (a) below) is subject to the following conditions precedent: 

(a)    The representations and warranties of each Loan Party contained in Article VI or any
other Loan Document, or which are contained in any document furnished at any time under or in connection herewith or therewith, shall be true and correct shall be true and correct in all material respects, except for any representation and warranty
that is qualified by materiality or reference to Material Adverse Effect which such representation and warranty shall be true and correct in all respects, on and as of the date of such Credit Extension, except to the extent that such representations
and warranties specifically refer to an earlier date, in which case they shall be true and correct as of such earlier date. 

(b)    No Default shall exist or would result from such proposed Credit Extension or from the application
of the proceeds thereof. 
 (c)    The Lender shall have received a Request for Credit Extension in
accordance with the requirements hereof. 
 Each Request for Credit Extension submitted by the Borrower shall be deemed to be a representation and warranty
that the conditions specified in Sections 5.02(a) and (b) have been satisfied on and as of the date of the applicable Credit Extension. 

ARTICLE VI 
 REPRESENTATIONS AND
WARRANTIES 
 The Loan Parties represent and warrant to the Lender that: 

 

	6.01	 Representations and Warranties in the Asset Purchase Agreement. 

As of the Closing Date, the representations and warranties of each Loan Party contained in the Asset Purchase Agreement or in
any document furnished under or in connection therewith shall be true and correct in all material respects, except for any representation and warranty that is qualified by materiality or reference to Material Adverse Effect which such representation
and warranty shall be true and correct in all respects. 
  

	6.02	 Existence, Qualification and Power. 

The Borrower and each of its Subsidiaries (a) is duly organized or formed, validly existing and, as applicable, in good
standing under the Laws of the jurisdiction of its incorporation or organization, (b) has all requisite power and authority and all requisite governmental licenses, authorizations, consents and 

  
 28 

 
approvals to (i) own or lease its assets and carry on its business and (ii) execute, deliver and perform its obligations under the Loan Documents to which it is a party, and (c) is
duly qualified, licensed, has a letter of assurance indicating continued approval, and, as applicable, in good standing under the Laws of each jurisdiction where its ownership, lease or operation of properties or the conduct of its business requires
such qualification or license; except in each case referred to in clause (b)(i) or (c), to the extent that failure to do so would not reasonably be expected to have a Material Adverse Effect. 

 

	6.03	 Authorization; No Contravention. 

The execution, delivery and performance by each Loan Party of each Loan Document to which such Person is party have been duly
authorized by all necessary corporate or other organizational action, and do not (a) contravene the terms of any of such Person’s Organization Documents; (b) conflict with or result in any breach or contravention of, or the creation
of any Lien (other than any Lien created under the Loan Documents) under, or require any payment to be made under (i) any material Contractual Obligation to which such Person is a party or (ii) any order, injunction, writ or decree of any
Governmental Authority or any arbitral award to which such Person or its property is subject; or (c) violate any Law. 
  

	6.04	 Governmental Authorization; Other Consents. 

No approval, consent, exemption, authorization, or other action by, or notice to, or filing with, any Governmental Authority
or any other Person is necessary or required in connection with the execution, delivery or performance by, or enforcement against, any Loan Party of this Agreement or any other Loan Document other than (i) those that have already been obtained
and are in full force and effect and (ii) filings to perfect the Liens created by, or otherwise contemplated by, the Collateral Documents. 
  

	6.05	 Binding Effect. 

Each Loan Document has been duly executed and delivered by each Loan Party that is a party thereto. Each Loan Document
constitutes a legal, valid and binding obligation of each Loan Party that is a party thereto, enforceable against such Loan Party that is party thereto in accordance with its terms, except as enforceability may be limited by applicable Debtor Relief
Laws or by equitable principles relating to enforceability. 
  

	6.06	 [Reserved]. 

 

	6.07	 [Reserved]. 

 

	6.08	 No Default. 

(a)    Neither the Borrower nor any Subsidiary is in default under or with respect to any Contractual
Obligation that would reasonably be expected to have a Material Adverse Effect. 
 (b)    No Default has
occurred and is continuing. 
  

	6.09	 Ownership of Property; Liens. 

Each of the Borrower and its Subsidiaries has good record and marketable title in fee simple to, or valid leasehold interests
in, all real property necessary or used in the ordinary conduct of its business, except for such defects in title as would not reasonably be expected to have a Material Adverse Effect. The property of the Borrower and its Subsidiaries is not subject
to any Liens other than Permitted Liens. 

  
 29 

	6.10	 Environmental Compliance. 

Except as would not reasonably be expected to have a Material Adverse Effect: 

(a)    Each of the facilities and real properties owned, leased or operated by the Borrower or any
Subsidiary (the “Facilities”) and all operations at the Facilities are in compliance with all applicable Environmental Laws, and there is no violation of any Environmental Law with respect to the Facilities or the businesses
operated by the Borrower and its Subsidiaries at such time (the “Businesses”), and there are no conditions relating to the Facilities or the Businesses that would reasonably be expected to give rise to liability under any applicable
Environmental Laws. 
 (b)    None of the Facilities contains, or has previously contained, any Hazardous
Materials at, on or under the Facilities in amounts or concentrations that constitute or constituted a violation of, or could give rise to liability under, Environmental Laws. 

(c)    Neither the Borrower nor any Subsidiary has received any written notice of, or inquiry from any
Governmental Authority regarding, any violation, alleged violation, non-compliance, liability or potential liability arising under Environmental Laws with regard to any of the Facilities or the Businesses, nor
does any Responsible Officer of any Loan Party have knowledge or reason to believe that any such notice will be received or is being threatened. 

(d)    Hazardous Materials have not been transported or disposed of from the Facilities, or generated,
treated, stored or disposed of at, on or under any of the Facilities or any other location, in each case by or on behalf of the Borrower or any Subsidiary in violation of, or in a manner that would be reasonably likely to give rise to liability
under, any applicable Environmental Laws. 
 (e)    No judicial proceeding or governmental or
administrative action is pending or, to the knowledge of the Responsible Officers of the Loan Parties, threatened in writing, under any Environmental Laws to which the Borrower or any Subsidiary is or, to the knowledge of the Responsible Officers of
the Loan Parties, will be named as a party, nor are there any consent decrees or other decrees, consent orders, administrative orders or other orders, or other administrative or judicial requirements outstanding under any Environmental Laws with
respect to the Borrower, any Subsidiary, the Facilities or the Businesses. 
 (f)    There has been no
release or threat of release of Hazardous Materials at or from the Facilities, or arising from or related to the operations (including disposal) of the Borrower or any Subsidiary in connection with the Facilities or otherwise in connection with the
Businesses, in violation of or in amounts or in a manner that could give rise to liability under Environmental Laws. 
  

	6.11	 Insurance. 

(a)    The properties of the Borrower and its Subsidiaries are insured with financially sound and
reputable insurance companies not Affiliates of the Borrower, in such amounts, with such deductibles and covering such risks as are customarily carried by companies engaged in similar businesses and owning similar properties in localities where the
Borrower or the applicable Subsidiary operates. 
 (b)    The Borrower and its Subsidiaries maintain, if
available, fully paid flood hazard insurance on all real property that is located in a special flood hazard area and that constitutes Collateral, on such terms and in such amounts as required by The National Flood Insurance Reform Act of 1994 or as
otherwise required by the Lender. 

  
 30 

	6.12	 Taxes. 

(a)    The Borrower is an organization described in, and exempt from U.S. federal income taxes under,
Section 501(c)(3) of the Internal Revenue Code and is qualified to operate an educational organization described in Section 170(b)(1)(A)(ii) of the Internal Revenue Code. 

(b)    The Borrower and its Material Subsidiaries have filed all tax returns required to have been filed
and have paid all taxed due and payable, except to the extent that the failure to do so could not reasonably be expected to have a Material Adverse Effect. 
  

	6.13	 ERISA Compliance. 

(a)    Each Plan is in compliance in all material respects with the applicable provisions of ERISA, the
Internal Revenue Code and other Federal or state Laws. Each Pension Plan that is intended to be a qualified plan under Section 401(a) of the Internal Revenue Code has received a favorable determination letter from the IRS to the effect that the
form of such Plan is qualified under Section 401(a) of the Internal Revenue Code and the trust related thereto has been determined by the IRS to be exempt from federal income tax under Section 501(a) of the Internal Revenue Code, or an
application for such a letter is currently being processed by the IRS. To the knowledge of the Responsible Officers of the Loan Parties, nothing has occurred that would reasonably be expected to prevent or cause the loss of such tax-qualified status. 
 (b)    There are no pending or, to the
knowledge of the Responsible Officers of the Loan Parties, threatened claims, actions or lawsuits, or action by any Governmental Authority, with respect to any Plan that would reasonably be expected to have a Material Adverse Effect. There has been
no prohibited transaction or violation of the fiduciary responsibility rules with respect to any Plan that has resulted or would reasonably be expected to result in a Material Adverse Effect. 

(c)    (i) No ERISA Event has occurred, and neither any Loan Party nor any ERISA Affiliate is aware of any
fact, event or circumstance that would reasonably be expected to constitute or result in an ERISA Event with respect to any Pension Plan; (ii) each Loan Party and each ERISA Affiliate has met all applicable requirements under the Pension
Funding Rules in respect of each Pension Plan, and no waiver of the minimum funding standards under the Pension Funding Rules has been applied for or obtained; (iii) as of the most recent valuation date for any Pension Plan, the funding target
attainment percentage (as defined in Section 430(d)(2) of the Internal Revenue Code) is 60% or higher and neither any Loan Party nor any ERISA Affiliate knows of any facts or circumstances that would reasonably be expected to cause the funding
target attainment percentage for any such plan to drop below 60% as of the most recent valuation date; (iv) neither any Loan Party nor any ERISA Affiliate has incurred any liability to the PBGC other than for the payment of premiums, and there
are no premium payments which have become due that are unpaid; (v) neither any Loan Party nor any ERISA Affiliate has engaged in a transaction that could be subject to Section 4069 or Section 4212(c) of ERISA; and (vi) no Pension
Plan has been terminated by the plan administrator thereof nor by the PBGC, and no event or circumstance has occurred or exists that would reasonably be expected to cause the PBGC to institute proceedings under Title IV of ERISA to terminate any
Pension Plan. 
  

	6.14	 Subsidiaries. 

Except as set forth on Schedule 6.14, as of the Closing Date, the Borrower has no Subsidiaries. 

  
 31 

	6.15	 Margin Regulations; Investment Company Act. 

(a)    The Borrower is not engaged and will not engage, principally or as one of its important activities,
in the business of purchasing or carrying margin stock (within the meaning of Regulation U issued by the FRB), or extending credit for the purpose of purchasing or carrying margin stock. Following the application of the proceeds of each Borrowing,
not more than 25% of the value of the assets (either of the Borrower only or of the Borrower and its Subsidiaries on a consolidated basis) subject to the provisions of Section 8.01 or Section 8.05
or subject to any restriction contained in any agreement or instrument between the Borrower and the Lender or any Affiliate of the Lender relating to Indebtedness and within the scope of Section 9.01(e) will be margin
stock. 
 (b)    None of the Borrower or any Subsidiary is or is required to be registered as an
“investment company” under the Investment Company Act of 1940. 
  

	6.16	 [Reserved]. 

 

	6.17	 Compliance with Laws. 

Each of the Borrower and each Subsidiary is in compliance with the requirements of all Laws and all orders, writs, injunctions
and decrees applicable to it or to its properties, except in such instances in which (a) such requirement of Laws or order, writ, injunction or decree is being contested in good faith by appropriate proceedings diligently conducted or
(b) the failure to comply therewith would not reasonably be expected to have a Material Adverse Effect. 
  

	6.18	 Intellectual Property; Licenses, Etc. 

The Borrower and its Subsidiaries own, or possess the right to use, all of the trademarks, service marks, trade names,
copyrights, patents, patent rights, franchises, licenses and other intellectual property rights (collectively, “IP Rights”) that are reasonably necessary for the operation of their respective businesses. Except for such claims and
infringements that would not reasonably be expected to have a Material Adverse Effect, no claim has been asserted and is pending by any Person challenging or questioning the use of any IP Rights or the validity or effectiveness of any IP Rights, nor
does any Responsible Officer of any Loan Party know of any such claim, and, to the knowledge of the Responsible Officers of the Loan Parties, the use of any IP Rights by the Borrower or any Subsidiary, the granting of a right or a license in respect
of any IP Rights from the Borrower or any Subsidiary does not infringe on any rights of any other Person. 
  

	6.19	 Solvency. 

The Loan Parties are Solvent on a consolidated basis. 

 

	6.20	 [Reserved]. 

 

	6.21	 Business Locations; Taxpayer Identification Number. 

Set forth on Schedule 6.21-1 is the chief executive office, U.S. taxpayer
identification number and organizational identification number of each Loan Party as of the Closing Date. The exact legal name and state of organization of each Loan Party as of the Closing Date is as set forth on the signature pages hereto. Except
as set forth on Schedule 6.21-2, no Loan Party has during the five years preceding the Closing Date (i) changed its legal name, (ii) changed its state of formation, or (iii) been party to
a merger, consolidation or other change in structure. 

  
 32 

	6.22	 OFAC. 

No Loan Party nor, to the knowledge of any Loan Party, any Related Party, (a) is currently the subject of any Sanctions,
(b) is located, organized or residing in any Designated Jurisdiction or (c) is or has been (within the previous five (5) years) engaged in any transaction with any Person who is now or was then the subject of Sanctions or who is
located, organized or residing in any Designated Jurisdiction. No Loan, nor the proceeds from any Loan, has been used, directly or indirectly, to lend, contribute, provide or has otherwise made available to fund any activity or business in any
Designated Jurisdiction or to fund any activity or business of any Person located, organized or residing in any Designated Jurisdiction or who is the subject of any Sanctions, or in any other manner that will result in any violation by any Person
(including the Lender) of Sanctions. 
 ARTICLE VII 

AFFIRMATIVE COVENANTS 

So long as the Lender shall have any Commitment hereunder, any Loan or other Obligation hereunder (other than contingent
indemnification obligations not yet due and payable) shall remain unpaid or unsatisfied, the Loan Parties shall and shall cause each Subsidiary to: 
  

	7.01	 Financial Statements. 

Deliver to the Lender, in form and detail reasonably satisfactory to the Lender: 

(a)    as soon as available, but in any event within ninety (90) days after the end of each fiscal
year of the Borrower (or, if earlier, fifteen (15) days after the date required to be filed with the DOE (without giving effect to any extension permitted by the DOE)), commencing with the fiscal year ending December 31, 2018, the
consolidated balance sheet of the Borrower and its Subsidiaries as at the end of such fiscal year, and the related consolidated statements of income or operations, changes in fund balance, cash flows for such fiscal year, setting forth in
each case in comparative form the figures for the previous fiscal year, all in reasonable detail and prepared in accordance with GAAP, and in the case of such consolidated statements audited and accompanied by a report and opinion of an independent
certified public accountant of nationally recognized standing reasonably acceptable to the Lender, which report and opinion shall be prepared in accordance with generally accepted auditing standards and shall not be subject to any “going
concern” or like qualification or exception or any qualification or exception as to the scope of such audit; 

(b)    as soon as available, but in any event within forty-five (45) days after the end of each of the
first three fiscal quarters of each fiscal year of the Borrower, commencing with the fiscal quarter ended September 30, 2018, the consolidated balance sheet of the Borrower and its Subsidiaries as at the end of such fiscal quarter, the related
consolidated statements of income or operations for such fiscal quarter and for the portion of the Borrower’s fiscal year then ended, and the related consolidated statements of changes in fund balance, cash flows for the portion of the
Borrower’s fiscal year then ended, in each case setting forth in comparative form, as applicable, the figures for the corresponding fiscal quarter of the previous fiscal year and the corresponding portion of the previous fiscal year, all in
reasonable detail and in the case of such consolidated statements certified by the chief executive officer, chief financial officer, treasurer or controller of the Borrower as fairly presenting the financial condition, results of operations,
changes in fund balance and cash flows of the Borrower and its Subsidiaries in accordance with GAAP, subject only to normal year-end audit adjustments and the absence of footnotes; and 

  
 33 

 (c)    as soon as available, but in any event within
seventy-five (75) days after the end of each fiscal year of the Borrower, commencing with the fiscal year ending December 31, 2018, forecasts prepared by management of the Borrower, in form satisfactory to the Lender, of consolidated
balance sheets and statements of income or operations and cash flows of the Borrower and its Subsidiaries on an annual basis for the immediately following three fiscal years (including the fiscal year in which the Maturity Date occurs). 

As to any information contained in materials furnished pursuant to Section 7.02(d), the Borrower shall not be
separately required to furnish such information under clause (a) or (b) above, but the foregoing shall not be in derogation of the obligation of the Borrower to furnish the information and materials described in clauses (a) and (b) above
at the times specified therein. 
  

	7.02	 Certificates; Other Information. 

Deliver to the Lender, in form and detail reasonably satisfactory to the Lender: 

(a)    promptly after receipt by the Borrower or any Subsidiary from the DOE, the Cohort Default Rate for
each School for each federal fiscal year and the DOE Ratio for each fiscal year of the Borrower; 

(b)    concurrently with the delivery of the financial statements referred to in
Sections 7.01(a) and (b), a duly completed Compliance Certificate signed by the chief executive officer, chief financial officer, treasurer or controller of the Borrower (which delivery may, unless the Lender
requests executed originals, be by electronic communication including fax or email and shall be deemed to be an original authentic counterpart thereof for all purposes); 

(c)    promptly after the filing thereof with the DOE, a copy of the Borrower’s most recent Title IV
Compliance Audit as filed with the DOE; 
 (d)    promptly after any request by the Lender, copies of any
detailed audit reports, management letters or recommendations submitted to the board of trustees (or the audit committee of the board of trustees) of the Borrower by independent accountants in connection with the accounts or books of the Borrower or
any Subsidiary, or any audit of any of them; 
 (e)    promptly, and in any event within five Business
Days after receipt thereof by the Borrower or any Subsidiary, copies of each notice or other correspondence received from the DOE, the Higher Learning Commission or any other Accrediting Body (or comparable agencies in any applicable non-U.S. jurisdiction) concerning any investigation or possible investigation or other inquiry by any such agency regarding financial or other operational results of the Borrower or any Subsidiary; and 

(f)    promptly, such additional information regarding the business, financial or corporate affairs of the
Borrower or any Subsidiary (including consolidating financial statements), or compliance with the terms of the Loan Documents, as the Lender may from time to time reasonably request. 

 

	7.03	 Notices. 

Promptly notify the Lender of: 

(a)    the occurrence of any Default; 

  
 34 

 (b)    any matter that has resulted or would reasonably
be expected to result in a Material Adverse Effect, including each of the following to the extent the same has resulted or would reasonably be expected to result in a Material Adverse Effect: (i) any pending or, to the knowledge of any
Responsible Officer of any Loan Party, threatened loss by the School of any of its Accreditations or any other accreditation, license, permit or authorization required for the School to participate in one or more Title IV Programs; (ii) any
change to occur in state or federal Laws, rules or governmental regulations or budgetary allocations or educational loan policies; and (iii) any pending or, to the knowledge of any Responsible Officer of any Loan Party, threatened in writing
investigation, inquiry or proceeding against the School by the DOE, any state governmental agency or Accrediting Body; 

(c)    the occurrence of any of the events described in clauses (a), (b) and (c) of the definition of
“Significant Regulatory Event”; 
 (d)    the occurrence of any ERISA Event; 

(e)    any material change in accounting policies or financial reporting practices by the Borrower or any
Subsidiary, including any determination by the Borrower referred to in Section 2.10(b); and 

(f)    the imposition by the DOE of a requirement that the Borrower, any Subsidiary or the School post or
procure or obtain the issuance of a Regulatory Letter of Credit. 
 Each notice pursuant to this
Section 7.03 shall be accompanied by a statement of a Responsible Officer of the Borrower setting forth details of the occurrence referred to therein and stating what action the Borrower has taken and proposes to take with
respect thereto. Each notice pursuant to Section 7.03(a) shall describe with particularity any and all provisions of this Agreement and any other Loan Document that have been breached. 

 

	7.04	 Maintenance of Non-Profit Status. 

Maintain in full force and effect the Borrower’s status as (a) an organization described in, and exempt from U.S.
federal income tax under, Section 501(c)(3) of the Internal Revenue Code and its qualification to operate an educational organization described in Section 170(b)(1)(A)(ii) of the Internal Revenue Code, and (b) a nonprofit institution
of higher education for purposes of the Higher Education Act of 1965, as amended. 
  

	7.05	 Preservation of Existence, Etc. 

(a)    Preserve, renew and maintain in full force and effect its legal existence under the Laws of the
jurisdiction of its organization except in a transaction permitted by Section 8.04 or 8.05. 

(b)    Preserve, renew and maintain in full force and effect its good standing under the Laws of the
jurisdiction of its organization except in a transaction permitted by Section 8.04 or 8.05. 

(c)    Take all reasonable action to maintain all rights, privileges, permits, licenses and franchises
necessary or desirable in the normal conduct of its business, except to the extent that the failure to do so would not reasonably be expected to have a Material Adverse Effect. 

(d)    Preserve or renew all of its IP Rights, the
non-preservation or non-renewal of which would reasonably be expected to have a Material Adverse Effect. 

  
 35 

 (e)    Maintain all accreditations, licenses, permits
and authorizations required for each School to conduct its business, except to the extent that the failure to do so would not reasonably be expected to have a Material Adverse Effect. 

 

	7.06	 Maintenance of Properties. 

(a)    Maintain, preserve and protect all of its material properties and equipment necessary in the
operation of its business in good working order and condition, ordinary wear and tear excepted. 

(b)    Make all necessary repairs thereto and renewals and replacements thereof, except where the failure
to do so would not reasonably be expected to have a Material Adverse Effect. 
 (c)    Use the standard
of care typical in the industry in the operation and maintenance of its Facilities. 
  

	7.07	 Maintenance of Insurance. 

(a)    Maintain with financially sound and reputable insurance companies not Affiliates of the Borrower,
insurance with respect to its properties and business against loss or damage of the kinds customarily insured against by Persons engaged in the same or similar business, of such types and in such amounts as are customarily carried under similar
circumstances by such other Persons. 
 (b)    Without limiting the foregoing, (i) maintain, if
available, fully paid flood hazard insurance on all real property that is located in a special flood hazard area and that constitutes Collateral, on such terms and in such amounts as required by The National Flood Insurance Reform Act of 1994 or as
otherwise required by the Lender, (ii) furnish to the Lender evidence of the renewal (and payment of renewal premiums therefor) of all such policies prior to the expiration or lapse thereof, and (iii) furnish to the Lender prompt written
notice of any redesignation of any such improved real property into or out of a special flood hazard area. 

(c)    Cause the Lender and its successors and/or assigns to be named as lender’s loss payee or
mortgagee as its interest may appear, and/or additional insured with respect to any such insurance providing liability coverage or coverage in respect of any Collateral, and cause each provider of any such insurance to agree, by endorsement upon the
policy or policies issued by it or by independent instruments furnished to the Lender, that it will give the Lender thirty (30) days (or such lesser amount as the Lender may agree) prior written notice before any such policy or policies shall
be altered or canceled. 
  

	7.08	 Compliance with Laws. 

Comply with the requirements of all Laws and all orders, writs, injunctions and decrees applicable to it or to its business or
property, except in such instances in which (a) such requirement of Laws or order, writ, injunction or decree is being contested in good faith by appropriate proceedings diligently conducted; or (b) the failure to comply therewith would
not reasonably be expected to have a Material Adverse Effect. Without limiting the generality of the foregoing, comply with (i) all applicable Laws the violation of which would result in the loss or suspension of, the eligibility of the School
to participate in one or more Title IV Programs, (ii) the federal Truth-in-Lending Act, 15 U.S.C. § 1601 et seq., and all other consumer credit Laws applicable
to the Borrower, any Subsidiary or the School in connection with the advancing of student loans, except to the extent the failure to do so would not reasonably be expected to have a Material Adverse Effect, and (iii) all statutory and
regulatory requirements for authorization to provide post-secondary education in the jurisdictions in which its 

  
 36 

 
educational Facilities are located, except to the extent the failure to do so would not reasonably be expected to have a Material Adverse Effect. 

 

	7.09	 Books and Records. 

(a)    Maintain proper books of record and account, in which full, true and correct entries in all
material respects in conformity with GAAP consistently applied shall be made of all financial transactions and matters involving the assets and business of the Borrower or such Subsidiary, as the case may be. 

(b)    Maintain such books of record and account in material conformity with all applicable requirements
of any Governmental Authority having regulatory jurisdiction over the Borrower or such Subsidiary, as the case may be. 
  

	7.10	 Inspection Rights. 

(a)    Permit representatives and independent contractors of the Lender to visit and inspect any of its
properties, to examine its corporate, financial and operating records and make copies thereof or abstracts therefrom, to discuss its affairs, finances and accounts with its directors, officers and independent public accountants, all at the expense
of the Borrower and at such reasonable times during normal business hours and as often as may be reasonably desired, upon reasonable advance notice to the Borrower; provided, that (i) unless an Event of Default has occurred and is
continuing, the Borrower shall be required to pay for only one field exam by the Lender in any fiscal year of the Borrower and (ii) if an Event of Default has occurred and is continuing the Lender (or any of its representatives or independent
contractors) may do any of the foregoing at the expense of the Borrower at any time during normal business hours and without advance notice. 

(b)    Permit representatives and independent contractors of the Lender to conduct Appraisals of the real
property Collateral at the expense of the Borrower provided, however, that unless an Event of Default has occurred and is continuing, the Lender shall not conduct more than one Appraisal of the real property Collateral in any calendar
year. 
  

	7.11	 Use of Proceeds. 

Use the proceeds of the CapEx Loans solely to make the Approved Capital Expenditure for which such CapEx Loan was funded, in
accordance with the Approved Capital Expenditure Budget. 
  

	7.12	 Additional Guarantors. 

Within thirty (30) days (or such later date as the Lender may agree in its sole discretion) after any Person becomes a
Material Subsidiary, cause such Person to (i) become a Guarantor by executing and delivering to the Lender a Joinder Agreement and (ii) deliver to the Lender documents of the types referred to in Sections 5.01(c) and
(d) and favorable opinions of counsel to such Person (which shall cover, among other things, the legality, validity, binding effect and enforceability of the documentation referred to in clause (a)), all in form, content and scope
reasonably satisfactory to the Lender. 
  

	7.13	 Pledged Assets. 

(a)    Equity Interests. Cause 100% of the issued and outstanding Equity Interests of each Material
Subsidiary to be subject at all times to a first priority, perfected Lien in favor of the Lender, for the benefit of the holders of the Obligations, to secure the Obligations pursuant to the Collateral Documents (subject to Permitted Liens), and, in
connection with the foregoing, deliver to the Lender such 

  
 37 

 
other documentation as the Lender may request including, any filings and deliveries to perfect such Liens, Organization Documents, resolutions and favorable opinions of counsel all in form,
content and scope reasonably satisfactory to the Lender. 
 (b)    Personal Property.
Cause all personal property (other than Excluded Personal Property) of each Loan Party to be subject at all times to first priority, perfected Liens in favor of the Lender, for the benefit of the holders of the Obligations, to secure the Obligations
pursuant to the Collateral Documents (subject to Permitted Liens) and, in connection with the foregoing, deliver to the Lender such other documentation as the Lender may reasonably request including filings and deliveries necessary to perfect such
Liens, Organization Documents, resolutions and favorable opinions of counsel to such Person, all in form, content and scope reasonably satisfactory to the Lender. 

(c)    Real Property. Cause all real property of the Loan Parties to be subject at all times to
first priority, perfected Liens in favor of the Lender, for the benefit of the holders of the Obligations, to secure the Obligations and, in connection with the foregoing, deliver to the Lender the Real Property Deliverables for such real property
(other than, with respect to any such real property acquired after the Closing Date, an Appraisal), favorable opinions of counsel and such other documentation as the Lender may request, all in form, content and scope reasonably satisfactory to the
Lender. 
  

	7.14	 Compliance with Contractual Obligations. 

Comply with all requirements of Contractual Obligations (including lease agreements with respect to leasehold interests in
real property) except in such instances in which (a) such requirement is being contested in good faith by appropriate proceedings diligently conducted; or (b) the failure to comply therewith would not reasonably be expected to have a
Material Adverse Effect. 
  

	7.15	 Regulatory Letter of Credit. 

If required by any DOE requirement, cooperate with the Lender to make reasonable efforts to obtain and maintain a Regulatory
Letter of Credit in compliance with all DOE requirements. 
 ARTICLE VIII 

NEGATIVE COVENANTS 

So long as the Lender shall have any Commitment hereunder, any Loan or other Obligation hereunder (other than contingent
indemnification obligations not yet due and payable) shall remain unpaid or unsatisfied, no Loan Party shall, nor shall it permit any Subsidiary to, directly or indirectly: 
  

	8.01	 Liens. 

Create, incur, assume or suffer to exist any Lien upon any of its property, assets or revenues, whether now owned or hereafter
acquired, other than the following: 
 (a)    Liens pursuant to any Loan Document; 

(b)    Liens existing on the date hereof and listed on Schedule 8.01 and any modifications,
replacements, renewals or extensions thereof, provided that the Liens do not extend to any property other than the property subject to such Liens on the Closing Date and the proceeds and products thereof; 

  
 38 

 (c)    Liens (other than Liens imposed under ERISA) for
taxes, assessments or governmental charges or levies which are not overdue for a period of more than thirty (30) days or which are being contested in good faith and by appropriate proceedings diligently conducted, if adequate reserves with
respect thereto are maintained on the books of the applicable Person in accordance with GAAP; 

(d)    Liens of landlords, carriers, warehousemen, mechanics, materialmen and repairmen and other like
Liens arising in the ordinary course of business, provided that such Liens secure only amounts not overdue for a period of more than thirty (30) days or, if overdue for more than thirty (30) days, are being contested in good faith
by appropriate proceedings diligently conducted for which adequate reserves determined in accordance with GAAP have been established; 

(e)    (i) pledges or deposits in the ordinary course of business in connection with workers’
compensation, unemployment insurance and other social security legislation, other than any Lien imposed by ERISA, and (ii) pledges and deposits in the ordinary course of business securing liability for reimbursement or indemnification
obligations of (including obligations in respect of letters of credit or bank guarantees for the benefit of) insurance carriers providing property, casualty or liability insurance to the Borrower or any Subsidiary; 

(f)    deposits to secure the performance of bids, trade contracts and leases (other than Indebtedness for
borrowed money), statutory obligations, surety, stay, custom and appeal bonds, performance bonds and other obligations of a like nature (including those to secure health, safety and environmental obligations) incurred in the ordinary course of
business; 
 (g)    easements,
rights-of-way, restrictions and other similar encumbrances and minor title defects affecting real property which, in the aggregate do not in any case materially
interfere with the ordinary conduct of the business of the applicable Person; 
 (h)    Liens securing
judgments for the payment of money (or appeal or other surety bonds relating to such judgments) not constituting an Event of Default under Section 9.01(h); 

(i)    Liens securing Indebtedness permitted under Section 8.03(e);
provided that (i) such Liens do not at any time encumber any property other than (A) the property financed by such Indebtedness and the proceeds and products of such property and (B) other Indebtedness permitted under
Section 8.03(e) that is provided by the same lender and (ii) such Liens attach to such property concurrently with or within ninety days after the acquisition thereof; 

(j)    leases, subleases, licenses or sublicenses granted to others not interfering in any material respect
with the business of the Borrower or any Subsidiary; 
 (k)    any interest of title of a lessor under,
and Liens arising from UCC financing statements (or equivalent filings, registrations or agreements in foreign jurisdictions) relating to, leases permitted by this Agreement; 

(l)    Liens deemed to exist in connection with Investments in repurchase agreements permitted under
Section 8.02; 
 (m)    normal and customary rights of setoff upon deposits of
cash in favor of banks or other depository institutions; 
 (n)    Liens of a collection bank arising
under Section 4-210 of the Uniform Commercial Code on items in the course of collection; 

  
 39 

 (o)    Liens consisting of an agreement to Dispose of
any property in a Disposition permitted under Section 8.05, in each case, solely to the extent such Disposition would have been permitted on the date of the creation of such Lien; 

(p)    Liens arising on any real property as a result of any eminent domain, condemnation or similar
proceeding being commenced with respect to such real property; 
 (q)    Liens in favor of any Loan Party
securing Indebtedness permitted under Section 8.03(c); 
 (r)    Liens existing
on property at the time of its acquisition or existing on the property of any Person at the time such Person becomes a Subsidiary, in each case after the Closing Date; provided, that (i) any such Lien was not created in contemplation of
such acquisition or such Person becoming a Subsidiary, (ii) such Lien does not extend to or cover any other assets or property (other than proceeds or products of the property subject to such Lien), and (iii) the Indebtedness secured
thereby is permitted under Section 8.03; and 
 (s)    Liens solely on any cash
earnest money deposits made by the Borrower or any of its Subsidiaries in connection with any letter of intent or purchase agreement permitted hereunder. 
  

	8.02	 Investments. 

Make any Investments, except: 

(a)    Investments in the form of cash or Cash Equivalents; 

(b)    Investments outstanding on the date hereof and set forth in Schedule 8.02; 

(c)    Investments in any Person that is a Loan Party prior to giving effect to such Investment; 

(d)    Investments by any Subsidiary that is not a Loan Party in any other Subsidiary that is not a Loan
Party; 
 (e)    Investments in any Subsidiary that is a Wholly Owned Subsidiary solely to provide funds
to such Subsidiary to acquire real property; 
 (f)    Investments consisting of extensions of credit in
the nature of accounts receivable or notes receivable arising from the grant of trade credit in the ordinary course of business, and Investments received in satisfaction or partial satisfaction thereof from financially troubled account debtors to
the extent reasonably necessary in order to prevent or limit loss; 
 (g)    Investments consisting of
loans, advances and other extensions of credit to officers, trustees and employees of the Borrower and its Subsidiaries (i) for reasonable and customary business-related travel, entertainment, relocation and analogous ordinary business
purposes, or (ii) otherwise for business purposes in an amount not to exceed $2.5 million in the aggregate at any time outstanding; 

(h)    Guarantees permitted by Section 8.03; 

(i)    Permitted Acquisitions; 

(j)    to the extent constituting Investments, transactions permitted under
Sections 8.01, 8.03, 8.04, 8.05 and 8.06; 

  
 40 

 (k)    Investments in Swap Contracts permitted under
Section 8.03; 
 (l)    Investments consisting of promissory notes and other
noncash consideration received in connection with Dispositions permitted by Section 8.05 and any other sale, transfer, license, lease or other disposition of property not prohibited by the Loan Documents; 

(m)    [Reserved] 

(n)    Investments of a Subsidiary acquired after the Closing Date or of a Person that is merged into or
consolidated with the Borrower or any Subsidiary after the Closing Date provided that such Investments were not made in contemplation of or in connection with such acquisition, merger or consolidation and were in existence on the date of such
acquisition, merger or consolidation; and 
 (o)    Investments of a nature not contemplated in the
foregoing clauses in an amount not to exceed $2,500,000 (calculated at the date such Investment is made) in the aggregate at any time outstanding. 
  

	8.03	 Indebtedness. 

Create, incur, assume or suffer to exist any Indebtedness, except: 

(a)    Indebtedness under the Loan Documents; 

(b)    Indebtedness outstanding on the date hereof and set forth in Schedule 8.03 and any
refinancings, refundings, renewals and extensions thereof; provided that (i) the amount of such Indebtedness is not increased at the time of such refinancing, refunding, renewal or extension except by an amount equal to a reasonable
premium or other reasonable amount paid, and fees and expenses reasonably incurred, in connection with such refinancing, refunding, renewal or extension and by an amount equal to any existing commitments unutilized thereunder and (ii) the
material terms taken as a whole of such refinancing, refunding, renewal or extension are not materially less favorable to the Borrower and its Subsidiaries than the terms of the Indebtedness being refinanced, refunded, renewed or extended; 

(c)    intercompany Indebtedness permitted under Section 8.02; 

(d)    obligations (contingent or otherwise) existing or arising under any Swap Contract, provided
that (i) such obligations are (or were) entered into by such Person in the ordinary course of business for the purpose of directly mitigating risks associated with liabilities, commitments, investments, assets, or property held or reasonably
anticipated by such Person, or changes in the value of securities issued by such Person, and not for purposes of speculation or taking a “market view;” and (ii) such Swap Contract does not contain any provision exonerating the non-defaulting party from its obligation to make payments on outstanding transactions to the defaulting party; 

(e)    purchase money Indebtedness (including obligations in respect of capital leases and Synthetic Lease
Obligations) hereafter incurred to finance the purchase, renovation or improvement of fixed assets, and renewals, refinancings and extensions thereof, provided that (i) the aggregate principal amount of all such Indebtedness incurred in
any fiscal year shall not exceed $5 million; (ii) the aggregate outstanding principal amount of all such Indebtedness shall not exceed $20 million at any one time outstanding; and (iii) such Indebtedness when incurred shall not
exceed the purchase price of the asset(s) financed; 

  
 41 

 (f)    deferred purchase price obligations (including earn-out payment obligations) incurred in connection with Permitted Acquisitions provided that such obligations are subordinated to the Obligations in a manner and to an extent satisfactory to the Lender; 

(g)    Subordinated Indebtedness provided that (i) no Default exists immediately prior or after giving
effect thereto, and (ii) immediately after giving effect to the incurrence of such Subordinated Indebtedness, Liquidity shall be at least $75 million; 

(h)    Guarantees with respect to Indebtedness permitted under this Section 8.03;

 (i)    the endorsement of negotiable instruments received in the usual course of business; 

(j)    Indebtedness representing deferred compensation to employees of the Borrower or any Subsidiary
incurred in the ordinary course of business; 
 (k)    Indebtedness incurred by the Borrower or its
Subsidiaries in any Disposition constituting indemnification obligations or obligations in respect of purchase price or other similar adjustments; 

(l)    Indebtedness in respect of netting services, overdraft protections and similar arrangements in each
case in connection with deposit accounts in the ordinary course of business; 
 (m)    Indebtedness
consisting of the financing of insurance premiums in the ordinary course of business; and 

(n)    additional Indebtedness not covered by the foregoing clauses of this Section, provided that
on the date of incurrence of such Indebtedness (after giving effect to such Indebtedness) the aggregate outstanding principal amount of all such Indebtedness shall not exceed $2,500,000. 

 

	8.04	 Fundamental Changes. 

Merge, dissolve, liquidate or consolidate with or into another Person, except that so long as no Default exists or would
result therefrom, (a) the Borrower may merge or consolidate with any of its Subsidiaries provided that the Borrower is the continuing or surviving Person, (b) any Subsidiary may merge or consolidate with any other Subsidiary provided that
if a Loan Party is a party to such transaction, the continuing or surviving Person is a Loan Party, (c) subject to clause (a) above, the Borrower or any Subsidiary may merge with any other Person in connection with a Permitted Acquisition
provided that if the Borrower is a party thereto then the Borrower is the continuing or surviving Person and (d) any Subsidiary may dissolve, liquidate or wind up its affairs at any time provided that such dissolution, liquidation or winding
up, as applicable, would not have a Material Adverse Effect. 
  

	8.05	 Dispositions. 

Make any Disposition unless (a) at least 75% of the consideration paid in connection therewith shall be cash or Cash
Equivalents paid contemporaneous with consummation of such Disposition, (b) the consideration paid in connection therewith shall be in an amount not less than the fair market value of the property disposed of, (c) if such Disposition is a
Sale and Leaseback Transaction, such Disposition is not prohibited by the terms of Section 8.14, (d) such Disposition does not involve the Disposition of a minority equity interest in any Subsidiary, (e) such
Disposition does not involve a Disposition of receivables other than receivables owned by or attributable to other property concurrently being Disposed of in a Disposition otherwise permitted under this Section 8.05 and
(f) the aggregate net book value of all 

  
 42 

 
of the property Disposed of by the Borrower and its Subsidiaries in any fiscal year shall not exceed (calculated at the date such Disposition is consummated) $2,500,000. 

 

	8.06	 Restricted Payments. 

Declare or make, directly or indirectly, any Restricted Payment, or incur any obligation (contingent or otherwise) to do so,
except that so long as no Default has occurred and is continuing: 
 (a)    each Subsidiary may declare
and make Restricted Payments to Persons that own Equity Interests in such Subsidiary, ratably according to their respective holdings of the type of Equity Interest in respect of which such Restricted Payment is being made; and 

(b)    each Subsidiary may declare and make dividend payments or other distributions payable solely in
common Equity Interests of such Person. 
  

	8.07	 Change in Nature of Business. 

Engage in any material line of business substantially different from those lines of business conducted by the Borrower and its
Subsidiaries on the Closing Date or any business reasonably related or incidental thereto. 
  

	8.08	 Transactions with Affiliates. 

Enter into or permit to exist any transaction or series of transactions with any Affiliate of such Person other than
(a) transactions among the Loan Parties, (b) intercompany transactions expressly permitted by Section 8.02, Section 8.03, Section 8.04,
Section 8.05 or Section 8.06, (c) normal and reasonable compensation and reimbursement of expenses of officers and trustees, (d) employment and severance arrangements among the Borrower, its
Subsidiaries and their respective officers and employees in the ordinary course of business, (e) transactions permitted under the Borrower’s conflict of interest policy as in effect on the date hereof and attached hereto as Schedule
8.08, (f) the payment of customary fees and reasonable out of pocket costs to, and indemnities provided on behalf of, trustees, officers and employees of the Borrower and its Subsidiaries in the ordinary course of business and (g) except as
otherwise specifically limited in this Agreement, other transactions which are on terms and conditions substantially as favorable to such Person as would be obtainable by it in a comparable arms-length
transaction with a Person other than an Affiliate. 
  

	8.09	 Burdensome Agreements. 

Enter into, or permit to exist, any Contractual Obligation that encumbers or restricts the ability of any such Person to
(i) make Restricted Payments to any Loan Party, (ii) pay any Indebtedness or other obligation owed to any Loan Party, (iii) make loans or advances to any Loan Party, (iv) transfer any of its property to any Loan Party,
(v) pledge its property pursuant to the Loan Documents or any renewals, refinancings, exchanges, refundings or extension thereof or (vi) act as a Loan Party pursuant to the Loan Documents or any renewals, refinancings, exchanges,
refundings or extension thereof, except (in respect of any of the matters referred to in clauses (i)-(v) above) for (1) this Agreement and the other Loan Documents, (2) any document or instrument
governing Indebtedness incurred pursuant to Section 8.03(e) or Section 8.03(f), provided that any such restriction contained therein relates only to the asset or assets purchased, renovated
or improved in connection therewith, (3) any Permitted Lien or any document or instrument governing any Permitted Lien, provided that any such restriction contained therein relates only to the asset or assets subject to such Permitted
Lien, (4) customary restrictions and conditions contained in any agreement relating to the sale of any property permitted under Section 8.05 pending the 

  
 43 

 
consummation of such sale, (5) customary provisions in joint venture agreements and other similar agreements applicable to joint ventures permitted under
Section 8.02 and applicable solely to such joint venture entered into in the ordinary course of business, (6) customary restrictions on leases, subleases, licenses or asset sale agreements otherwise permitted hereby so
long as such restrictions relate to the assets subject thereto, (7) customary provisions restricting subletting or assignment of any lease governing a leasehold interest of the Borrower or any Subsidiary, (8) customary provisions
restricting assignment of any agreement entered into in the ordinary course of business, (9) are restrictions on cash or other deposits imposed by customers under contracts entered into in the ordinary course of business and (10) are
required by any applicable Laws, including any rule or regulation of the DOE, any Accrediting Body or any state regulatory authority. 
  

	8.10	 Use of Proceeds. 

Use the proceeds of any CapEx Loan, whether directly or indirectly, and whether immediately, incidentally or ultimately for
anything other than an Approved Capital Expenditure. 
  

	8.11	 Organization Documents; Fiscal Year; Legal Name, State of Formation and Form of Entity.

 (a)    Amend, modify or change its Organization Documents in a manner adverse to
the Lender. 
 (b)    Change its fiscal year. 

(c)    Without providing ten (10) days prior written notice to the Lender (or such lesser period as
the Lender may agree), change its name, state of formation or form of organization. 
  

	8.12	 Ownership of Subsidiaries. 

Notwithstanding any other provisions of this Agreement to the contrary, (a) permit any Person (other than the Borrower or
any Wholly Owned Subsidiary) to own any Equity Interests of any Subsidiary, or (b) permit any Subsidiary to issue or have outstanding any shares of preferred Equity Interests. 

 

	8.13	 Sale Leasebacks. 

Enter into any Sale and Leaseback Transaction. 
  

	8.14	 Sanctions. 

Permit any Loan or the proceeds of any Loan, directly or indirectly, (a) to be lent, contributed or otherwise made
available to fund any activity or business in any Designated Jurisdiction; (b) to fund any activity or business of any Person located, organized or residing in any Designated Jurisdiction or who is the subject of any Sanctions; or (c) in
any other manner that will result in any violation by any Person (including the Lender) of any Sanctions. 
  

	8.15	 Educational Covenants. 

(a)    DOE Ratio. Permit the DOE Ratio to be less than (i) 1.00 as of the end of the fiscal year of
the Borrower ending June 30, 2019, or (ii) 1.50 as of the end of any fiscal year of the Borrower thereafter without advance written approval from Lender received prior to the start of each fiscal year in which the Borrower believes its DOE
Ratio will fall below 1.50. 

  
 44 

 (b)    Cohort Default Rate. Permit the
Cohort Default Rate for the School (i) with respect to any period prior to the release of official cohort default rates, to be equal to or greater than thirty percent (30%) for three consecutive federal fiscal years or (ii) to exceed forty
percent (40%) for any single federal fiscal year. 
 ARTICLE IX 

EVENTS OF DEFAULT AND REMEDIES 
  

	9.01	 Events of Default. 

Any of the following shall constitute an Event of Default: 

(a)    Non-Payment. Any Loan Party fails to pay
(i) when and as required to be paid herein, any amount of principal of any Loan, or (ii) within three days after the same becomes due, any interest on any Loan, or any fee due hereunder, or (iii) within five days after the same
becomes due, any other amount payable hereunder or under any other Loan Document; or 

(b)    Specific Covenants. 

(i)    Any Loan Party fails to perform or observe any term, covenant or agreement contained
in any of Section 7.01, 7.02 or 7.10 and such failure continues for five days; or 

(ii)    Any Loan Party fails to perform or observe any term, covenant or agreement
contained in any of Section 7.03(a), 7.05(a) or 7.11 or Article VIII; or 

(c)    Master Services Agreement. The Master Services Agreement is terminated or otherwise expires
in accordance with its terms; or 
 (d)    Other Defaults. Any Loan Party fails to perform
or observe any other covenant or agreement (not specified in subsection (a) or (b) above) contained in any Loan Document on its part to be performed or observed and such failure continues for thirty (30) days; or 

(e)    Representations and Warranties. Any representation, warranty, certification or statement of
fact made or deemed made by or on behalf of any Loan Party herein, in any other Loan Document, or in any document executed by a Responsible Officer and delivered in connection herewith or therewith shall be incorrect or misleading in any material
respect (or if such representation, warranty, certification or statement of fact is qualified by materiality or reference to Material Adverse Effect such representation, warranty, certification or statement of fact is incorrect or misleading in any
respect); or 
 (f)    Cross-Default. (i) The Borrower or any Subsidiary fails to make any
payment when due (whether by scheduled maturity, required prepayment, acceleration, demand, or otherwise) in respect of any Material Indebtedness; (ii) the Borrower or any Subsidiary fails to observe or perform any other agreement or condition
relating to any Material Indebtedness or contained in any instrument or agreement evidencing, securing or relating thereto, or any other event occurs, the effect of which default or other event is to cause, or to permit the holder or holders of such
Material Indebtedness (or a trustee or agent on behalf of such holder or holders) to cause, with the giving of notice if required, such Material Indebtedness to be demanded or to become due or to be repurchased, prepaid, defeased or redeemed
(automatically or otherwise), or an offer to repurchase, prepay, defease or redeem such Material Indebtedness to be made, prior to its stated maturity; or (iii) there occurs under any Swap Contract an Early Termination Date (as defined in such
Swap Contract) resulting from (A) any event of default under 

  
 45 

 
such Swap Contract as to which the Borrower or any Subsidiary is the “defaulting party” (as defined in such Swap Contract) or (B) any Termination Event (as so defined) under such
Swap Contract as to which the Borrower or any Subsidiary is an Affected Party (as so defined) and, in either event, the Swap Termination Value owed by the Borrower or such Subsidiary as a result thereof is greater than the $1,000,000; or 

(g)    Insolvency Proceedings, Etc. The Borrower or any Subsidiary institutes or consents to the
institution of any proceeding under any Debtor Relief Law, or makes an assignment for the benefit of creditors; or applies for or consents to the appointment of any receiver, trustee, custodian, conservator, liquidator, rehabilitator or similar
officer for it or for all or any material part of its property; or any receiver, trustee, custodian, conservator, liquidator, rehabilitator or similar officer is appointed without the application or consent of such Person and the appointment
continues undischarged or unstayed for sixty calendar days; or any proceeding under any Debtor Relief Law relating to any such Person or to all or any material part of its property is instituted without the consent of such Person and continues
undismissed or unstayed for sixty calendar days, or an order for relief is entered in any such proceeding; or 

(h)    Inability to Pay Debts; Attachment. (i) The Borrower or any Subsidiary
becomes unable or admits in writing its inability or fails generally to pay its debts as they become due, or (ii) any writ or warrant of attachment or execution or similar process is issued or levied against all or any material part of the
property of any such Person and is not released, vacated or fully bonded within thirty (30) days after its issue or levy; or 

(i)    Judgments. There is entered against the Borrower or any Subsidiary (i) one or more final
judgments or orders for the payment of money in an aggregate amount (as to all such judgments or orders) exceeding $2,500,000 (to the extent not covered by independent third-party insurance as to which the insurer has been notified of the claim and
does not dispute coverage), or (ii) any one or more non-monetary final judgments that have, or would reasonably be expected to have a Material Adverse Effect and, in either case, (A) enforcement
proceedings are commenced by any creditor upon such judgment or order, or (B) there is a period of thirty (30) consecutive days during which a stay of enforcement of such judgment, by reason of a pending appeal or such judgment being paid,
satisfied, vacated or bonded, or otherwise, is not in effect; or 
 (j)    Sanctions. The DOE
imposes one or more monetary sanctions against the Borrower or any Subsidiary (including monetary fines or requirements to repay Title IV funds) in an aggregate amount (as to all such monetary sanctions) exceeding $2,500,000 and there is a period of
thirty (30) consecutive days during which a stay of enforcement of such monetary sanction, by reason of a pending appeal or such monetary sanction being paid, satisfied, vacated or bonded, or otherwise, is not in effect; or 

(k)    ERISA. (i) An ERISA Event occurs with respect to a Pension Plan or Multiemployer Plan
which has resulted or would reasonably be expected to result in liability of one or more Loan Parties under Title IV of ERISA to the Pension Plan, Multiemployer Plan or the PBGC in an aggregate amount in excess of $2,500,000, or (ii) one
or more Loan Parties or any ERISA Affiliate fails to pay when due, after the expiration of any applicable grace period, any installment payment with respect to its withdrawal liability under Section 4201 of ERISA under a Multiemployer Plan in
an aggregate amount in excess of $2,500,000; or 
 (l)    Invalidity of Loan Documents. Any
provision of any Loan Document, at any time after its execution and delivery and for any reason other than as expressly permitted hereunder or thereunder or satisfaction in full of all the Obligations, ceases to be in full force and effect or ceases
to give the Lender any material part of the Liens purported to be created thereby; or any Loan Party or any other Person 

  
 46 

 
contests in any manner the validity or enforceability of any provision of any Loan Document; or any Loan Party denies that it has any or further liability or obligation under any provision of any
Loan Document, or purports to revoke, terminate or rescind any Loan Document; or 
 (m)    Change of
Control. There occurs any Change of Control; or 
 (n)    Significant Regulatory Event. There
occurs a Significant Regulatory Event. 
 Anything in this Section 9.01 to the contrary notwithstanding, any event, omission or act
that would otherwise result in an Event of Default hereunder shall not be deemed an Event of Default hereunder if such event, omission or act results directly or indirectly from (i) a breach of a representation or warranty of Lender under the
Asset Purchase Agreement or the Master Services Agreement, or (ii) Lender’s failure to observe or perform any covenant or agreement in the Asset Purchase Agreement or the Master Services Agreement. 

 

	9.02	 Remedies Upon Event of Default. 

If any Event of Default occurs and is continuing, the Lender may take any or all of the following actions: 

(a)    declare the commitment of the Lender to make Loans to be terminated, whereupon such commitments and
obligation shall be terminated; 
 (b)    declare the unpaid principal amount of all outstanding Loans,
all interest accrued and unpaid thereon, and all other amounts owing or payable hereunder or under any other Loan Document to be immediately due and payable, without presentment, demand, protest or other notice of any kind, all of which are hereby
expressly waived by the Borrower; and 
 (c)    exercise on behalf of itself all rights and remedies
available to it under the Loan Documents or applicable Laws or at equity; 
 provided, however, that upon the occurrence of an actual or
deemed entry of an order for relief with respect to the Borrower under the Bankruptcy Code of the United States, the obligation of the Lender to make Loans shall automatically terminate, the unpaid principal amount of all outstanding Loans and all
interest and other amounts as aforesaid shall automatically become due and payable without further act of the Lender. 
  

	9.03	 Application of Funds. 

After the exercise of remedies provided for in Section 9.02 (or after the Loans have automatically
become immediately due and payable as set forth in the proviso to Section 9.02), any amounts received on account of the Obligations shall, subject to the provisions of Sections 2.14 and 2.15, be applied by the
Lender in the following order: 
 First, to payment of that portion of the Obligations constituting fees,
indemnities, expenses and other amounts (including fees, charges and disbursements of counsel to the Lender and amounts payable under Article III) payable to the Lender; 

Second, to payment of that portion of the Obligations constituting fees, indemnities and other amounts payable to the
Lender (including fees, charges and disbursements of counsel to the Lender arising under the Loan Documents and amounts payable under Article III); 

  
 47 

 Third, to payment of that portion of the Obligations constituting
accrued and unpaid interest on the Loans and other Obligations arising under the Loan Documents; 
 Fourth, to
payment of that portion of the Obligations constituting unpaid principal of the Loans; and 
 Last, the balance, if
any, after all of the Obligations have been indefeasibly paid in full, to the Borrower or as otherwise required by Laws. 
 ARTICLE X 

[RESERVED] 
 ARTICLE XI 

MISCELLANEOUS 
  

	11.01	 Amendments, Etc. 

No amendment or waiver of any provision of this Agreement or any other Loan Document, and no consent to any departure by any
Loan Party therefrom, shall be effective unless in writing signed by the Lender and the applicable Loan Party, and each such waiver or consent shall be effective only in the specific instance and for the specific purpose for which given. 

 

	11.02	 Notices; Effectiveness; Electronic Communications. 

(a)    Notices Generally. Except in the case of notices and other communications expressly
permitted to be given by telephone (and except as provided in subsection (b) below), all notices and other communications provided for herein shall be in writing and shall be delivered by hand or overnight courier service, mailed by certified
or registered mail or sent by facsimile as follows, and all notices and other communications expressly permitted hereunder to be given by telephone shall be made to the applicable telephone number, if to any Loan Party or the Lender, to the address,
facsimile number, electronic mail address or telephone number specified for such Person on Schedule 11.02. 
 Notices
and other communications sent by hand or overnight courier service, or mailed by certified or registered mail, shall be deemed to have been given when received; notices and other communications sent by facsimile shall be deemed to have been given
when sent (except that, if not given during normal business hours for the recipient, shall be deemed to have been given at the opening of business on the next Business Day for the recipient). Notices and other communications delivered through
electronic communications to the extent provided in subsection (b) below, shall be effective as provided in such subsection (b). 

(b)    Electronic Communications. Notices and other communications to the Lender hereunder may be
delivered or furnished by electronic communication (including e-mail and Internet or intranet websites) pursuant to procedures approved by the Lender. The Lender or the Borrower may each, in its discretion,
agree to accept notices and other communications to it hereunder by electronic communications pursuant to procedures approved by it, provided that approval of such procedures may be limited to particular notices or communications. 

Unless the Lender otherwise prescribes, (i) notices and other communications sent to an
e-mail address shall be deemed received upon the sender’s receipt of an acknowledgement from the intended 

  
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recipient (such as by the “return receipt requested” function, as available, return e-mail or other written acknowledgement) and
(ii) notices or communications posted to an Internet or intranet website shall be deemed received upon the deemed receipt by the intended recipient at its e-mail address as described in the foregoing
clause (i) of notification that such notice or communication is available and identifying the website address therefor; provided that, for both clauses (i) and (ii), if such notice, email or other communication
is not sent during the normal business hours of the recipient, such notice, email or communication shall be deemed to have been sent at the opening of business on the next Business Day for the recipient. 

(c)    [Reserved]. 

(d)    Change of Address, Etc. Each Loan Party and the Lender may change its address, facsimile or
telephone number for notices and other communications hereunder by notice to the other parties hereto. 

(e)    Reliance by Lender. The Lender shall be entitled to rely in good faith and act upon
any notices (including telephonic or electronic Request for Credit Extension) purportedly given by or on behalf of any Loan Party even if (i) such notices were not made in a manner specified herein, were incomplete or were not preceded or
followed by any other form of notice specified herein, or (ii) the terms thereof, as understood by the recipient, varied from any confirmation thereof. The Loan Parties shall indemnify the Lender and the Related Parties of each of them from all
losses, costs, expenses and liabilities resulting from the reliance by such Person on each notice purportedly given by or on behalf of a Loan Party. All telephonic notices to and other telephonic communications with the Lender may be recorded by the
Lender, and each of the parties hereto hereby consents to such recording. 
  

	11.03	 No Waiver; Cumulative Remedies. 

No failure by the Lender to exercise, and no delay by any such Person in exercising, any right, remedy, power or privilege
hereunder or under any other Loan Document shall operate as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power or privilege hereunder or under any other Loan Document (including the imposition of the Default Rate)
preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege. The rights, remedies, powers and privileges herein provided and provided under each other Loan Document are cumulative and not exclusive
of any rights, remedies, powers and privileges provided by Laws. 
  

	11.04	 Expenses; Indemnity; Damage Waiver. 

(a)    Costs and Expenses. The Loan Parties shall pay (i) all reasonable documented out-of-pocket expenses incurred by the Lender and its Affiliates (including the reasonable documented fees, charges and disbursements of counsel for the Lender) in connection
with the syndication of the credit facilities provided for herein, the preparation, negotiation, execution, delivery and administration of this Agreement and the other Loan Documents or any amendments, modifications or waivers of the provisions
hereof or thereof (whether or not the transactions contemplated hereby or thereby shall be consummated), and (ii) all reasonable documented out-of-pocket expenses
incurred by the Lender (including the reasonable documented fees, charges and disbursements of any counsel for the Lender) in connection with the enforcement or protection of its rights (A) in connection with this Agreement and the other Loan
Documents, including its rights under this Section, or (B) in connection with the Loans made hereunder, including all such out-of-pocket expenses incurred during
any workout, restructuring or negotiations in respect of such Loans. 

  
 49 

 (b)    Indemnification by the Loan
Parties. The Loan Parties shall indemnify the Lender (and any agent thereof), and each of its Related Parties (each such Person being called an “Indemnitee”) against, and hold each Indemnitee harmless from, any and all losses,
claims, damages, liabilities and related expenses (including the reasonable documented fees, charges and disbursements of any counsel for any Indemnitee) incurred by any Indemnitee or asserted against any Indemnitee by any Person (including any Loan
Party) other than such Indemnitee and its Related Parties arising out of, in connection with, or as a result of (i) the execution or delivery of this Agreement, any other Loan Document or any agreement or instrument contemplated hereby or
thereby, the performance by the parties hereto of their respective obligations hereunder or thereunder, the consummation of the transactions contemplated hereby or thereby, or the administration of this Agreement and the other Loan Documents
(including in respect of any matters addressed in Section 3.01), (ii) any Loan or the use or proposed use of the proceeds therefrom, (iii) any actual or alleged presence or release of Hazardous Materials on or
from any property owned or operated by the Borrower or any Subsidiary, or any Environmental Liability related in any way to the Borrower or any Subsidiary, or (iv) any actual or prospective claim, litigation, investigation or proceeding
relating to any of the foregoing, whether based on contract, tort or any other theory, whether brought by a third party or by any Loan Party, and regardless of whether any Indemnitee is a party thereto; provided that such indemnity shall not,
as to any Indemnitee, be available to the extent that such losses, claims, damages, liabilities or related expenses (including fees, charges and disbursements of counsel for such Indemnitee) (x) are determined by a court of competent
jurisdiction by final and nonappealable judgment to have resulted from the gross negligence or willful misconduct of such Indemnitee, (y) result from a claim brought by any Loan Party against an Indemnitee for breach in bad faith of such
Indemnitee’s obligations hereunder or under any other Loan Document, if such Loan Party has obtained a final and nonappealable judgment in its favor on such claim as determined by a court of competent jurisdiction or (z) arise from
disputes between or among Indemnitees that do not involve an act or omission by (1) the Borrower, any Subsidiary or any Affiliate of the Borrower or (2) the Lender acting in its capacity as such. Without limiting the provisions of
Section 3.01(c), this Section 11.04(b) shall not apply with respect to Taxes other than any Taxes that represent losses, claims, damages, etc. arising from any non-Tax claim. 

(c)    [Reserved]. 

(d)    Waiver of Consequential Damages, Etc. To the fullest extent permitted by applicable Laws, no
Loan Party shall assert, and each Loan Party hereby waives, and acknowledges that no other Person shall have, any claim against any Indemnitee, on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to
direct or actual damages) arising out of, in connection with, or as a result of, this Agreement, any other Loan Document or any agreement or instrument contemplated hereby, the transactions contemplated hereby or thereby, any Loan or the use of the
proceeds thereof. No Indemnitee shall be liable for any damages arising from the use by unintended recipients of any information or other materials distributed to such unintended recipients by such Indemnitee through telecommunications, electronic
or other information transmission systems in connection with this Agreement or the other Loan Documents or the transactions contemplated hereby or thereby other than for direct or actual damages resulting from the gross negligence or willful
misconduct of such Indemnitee as determined by a final and nonappealable judgment of a court of competent jurisdiction. 

(e)    Payments. All amounts due under this Section shall be payable not later than ten Business
Days after demand therefor. 
 (f)    Survival. The agreements in this Section and the indemnity
provisions of Section 11.02(e) shall survive the resignation of the Lender, the replacement of the Lender, the 

  
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termination of the CapEx Commitments and the repayment, satisfaction or discharge of all the other Obligations. 
  

	11.05	 [Reserved]. 

 

	11.06	 Successors and Assigns. 

(a)    Successors and Assigns Generally. The provisions of this Agreement and the other Loan
Documents shall be binding upon and inure to the benefit of the parties hereto and thereto and their respective successors and assigns permitted hereby, except that (x) the Borrower may not assign or otherwise transfer any of its rights or
obligations hereunder or thereunder without the prior written consent of the Lender and (y) the Lender may assign or otherwise transfer any of its rights or obligations hereunder (i) to an assignee in accordance with the provisions of
subsection (b) of this Section, (ii) by way of participation in accordance with the provisions of subsection (d) of this Section or (iii) by way of pledge or assignment of a security interest subject to the restrictions of
subsection (e) of this Section (and any other attempted assignment or transfer by any party hereto shall be null and void). Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties
hereto, their respective successors and assigns permitted hereby, Participants to the extent provided in subsection (d) of this Section and, to the extent expressly contemplated hereby, the Related Parties of the Lender) any legal or equitable
right, remedy or claim under or by reason of this Agreement. 
 (b)    Assignments by
Lender. The Lender may at any time assign to one or more assignees all or a portion of its rights and obligations under this Agreement and the other Loan Documents (including all or a portion of its Commitment and the Loans at the time
owing to it). In connection with any partial assignment by the Lender, each Loan Party agrees to enter into such amendments to this Agreement and the other Loan Documents as the Lender may reasonably request to reflect, if applicable as a result of
an assignment of only a portion of this Agreement, the multi-lender nature of the Loan Documents including, without limitation, (i) insertion of provisions relating to the appointment and compensation of an administrative agent and a collateral
agent for the credit facilities, and (ii) modifications to the amendment, assignment, indemnity, reimbursement, pro rata treatment, defaulting lender and other provisions to reflect customary market terms for such provisions in the context of a
multi-lender facility. 
 (c)    Register. The Lender, acting solely for this purpose as an agent
of the Borrower (and such agency being solely for Tax purposes), shall maintain at the Lender’s Office a copy of each assignment agreement delivered to it (or the equivalent thereof in electronic form) and a register for the recordation of the
names and addresses of the Lender, and the Commitments of, and principal amounts (and stated interest) of the Loans owing to, the Lender pursuant to the terms hereof from time to time (the “Register”). The entries in the Register
shall be conclusive absent manifest error, and the Borrower, the Lender and the Lender shall treat each Person whose name is recorded in the Register pursuant to the terms hereof as the Lender hereunder for all purposes of this Agreement. The
Register shall be available for inspection by the Borrower, at any reasonable time and from time to time upon reasonable prior notice. 

(d)    Participations. The Lender may at any time, without the consent of, or notice to, the
Borrower, sell participations to any Person (other than a natural Person or the Borrower or any of the Borrower’s Affiliates or Subsidiaries) (each, a “Participant”) in all or a portion of the Lender’s rights and/or
obligations under this Agreement (including all or a portion of its Commitment and/or the Loans owing to it); provided that (i) the Lender’s obligations under this Agreement shall remain unchanged, (ii) the Lender shall remain
solely responsible to the other parties hereto for the performance of such obligations and (iii) the Borrower shall continue to deal solely and directly with the Lender in connection with the Lender’s rights and obligations under this
Agreement. Any agreement or instrument pursuant to 

  
 51 

 
which the Lender sells such a participation shall provide that the Lender shall retain the sole right to enforce this Agreement and to approve any amendment, modification or waiver of any
provision of this Agreement; provided that such agreement or instrument may provide that the Lender will not, without the consent of the Participant, agree to certain customary amendments, waivers or other modifications. The Borrower agrees
that each Participant shall be entitled to the benefits of Sections 3.01, 3.04 and 3.05 to the same extent as if it were the Lender and had acquired its interest by assignment pursuant to subsection
(b) of this Section (it being understood that the documentation required under Section 3.01(e) shall be delivered to the Lender who sells the participation) to the same extent as if it were the Lender and had
acquired its interest by assignment pursuant to paragraph (b) of this Section; provided that such Participant shall not be entitled to receive any greater payment under Sections 3.01 or 3.04, with respect to any
participation, than the Lender from whom it acquired the applicable participation would have been entitled to receive, except to the extent such entitlement to receive a greater payment results from a Change in Law that occurs after the Participant
acquired the applicable participation. To the extent permitted by applicable Laws, each Participant also shall be entitled to the benefits of Section 11.08 as though it were the Lender; provided that such
Participant agrees to be subject to Section 2.13 as though it were the Lender. The Lender that sells a participation shall, acting solely for this purpose as an agent of the Borrower, maintain a register on which it
enters the name and address of each Participant and the principal amounts (and stated interest) of each Participant’s interest in the Loans or other obligations under the Loan Documents (the “Participant Register”);
provided that no Lender shall have any obligation to disclose all or any portion of the Participant Register (including the identity of any Participant or any information relating to a Participant’s interest in any commitments, loans,
letters of credit or its other obligations under any Loan Document) to any Person except to the extent that such disclosure is necessary to establish that such commitment, loan or other obligation is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations. The entries in the Participant Register shall be conclusive absent manifest error, and the Lender shall treat each Person whose name is recorded in
the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary. 

(e)    Certain Pledges. The Lender may at any time pledge, collaterally assign or assign a security
interest in all or any portion of its rights under this Agreement (including under its Note, if any) to secure obligations of the Lender, including any pledge, collateral assignment or assignment to secure obligations to a secured lender or a
Federal Reserve Bank; provided that no such pledge or assignment shall release the Lender from any of its obligations hereunder or substitute any such pledgee or assignee for the Lender as a party hereto (other than with respect to the
exercise of remedies of any collateral assignment permitted hereby). 
 (f)    Limitation.
Notwithstanding the provisions of this Agreement, including this Section 11.06, to the contrary, any assignment, including as a participation, of this Agreement, or any of Lender’s rights herein, shall be only to a
Person who also assumes (to a comparable percentage), Lender’s obligations under the Master Services Agreement. The foregoing sentence shall not apply to any collateral assignment of this Agreement to any lender to Lender, or to any transfer
upon foreclosure under any such collateral assignment. 
  

	11.07	 Treatment of Certain Information; Confidentiality. 

The Lender agrees to maintain the confidentiality of the Information (as defined below), except that Information may be
disclosed (a) to its Affiliates and to its Related Parties (it being understood that the Persons to whom such disclosure is made will be informed of the confidential nature of such Information and instructed to keep such Information
confidential), (b) to the extent required or requested by any regulatory authority purporting to have jurisdiction over such Person or its Related Parties (including any self-regulatory authority, such as the National Association of Insurance
Commissioners), 

  
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(c) to the extent required by applicable Laws or regulations or by any subpoena or similar legal process, (d) to any other party hereto, (e) in connection with the exercise of any
remedies hereunder or under any other Loan Document or any action or proceeding relating to this Agreement or any other Loan Document or the enforcement of rights hereunder or thereunder, (f) subject to an agreement containing provisions
substantially the same as those of this Section, to (i) any assignee of or Participant in, or any prospective assignee of or Participant in, any of its rights and obligations under this Agreement or (ii) any actual or prospective party (or
its Related Parties) to any swap, derivative or other transaction under which payments are to be made by reference to the Borrower and its obligations, this Agreement or payments hereunder, (g) on a confidential basis to (i) any rating
agency in connection with rating the Borrower or its Subsidiaries or the credit facilities provided hereunder or (ii) the CUSIP Service Bureau or any similar agency in connection with the issuance and monitoring of CUSIP numbers or other market
identifiers with respect to the credit facilities provided hereunder, (h) with the consent of the Borrower or (i) to the extent such Information (i) becomes publicly available other than as a result of a breach of this Section or
(ii) becomes available to the Lender or any of its Affiliates on a nonconfidential basis from a source other than the Borrower. For purposes of this Section, “Information” means all information received from the Borrower or any
Subsidiary relating to the Borrower or any Subsidiary or any of their respective businesses, other than any such information that is available to the Lender on a nonconfidential basis prior to disclosure by the Borrower or any Subsidiary. Any Person
required to maintain the confidentiality of Information as provided in this Section shall be considered to have complied with its obligation to do so if such Person has exercised the same degree of care to maintain the confidentiality of such
Information as such Person would accord to its own confidential information. 
 The Lender acknowledges that (a) the
Information may include material non-public information concerning the Borrower or a Subsidiary, as the case may be, (b) it has developed compliance procedures regarding the use of material non-public information and (c) it will handle such material non-public information in accordance with applicable Laws, including United States federal and state
securities Laws. 
  

	11.08	 Right of Setoff. 

If an Event of Default shall have occurred and be continuing, the Lender and each of its Affiliates is hereby authorized at
any time and from time to time, to the fullest extent permitted by applicable Laws, to set off and apply any and all deposits (general or special, time or demand, provisional or final, in whatever currency) at any time held and other obligations (in
whatever currency) at any time owing by the Lender or any such Affiliate to or for the credit or the account of any Loan Party against any and all of the obligations of such Loan Party now or hereafter existing under this Agreement or any other Loan
Document to the Lender or its Affiliates, irrespective of whether or not the Lender or such Affiliate shall have made any demand under this Agreement or any other Loan Document and although such obligations of such Loan Party may be contingent or
unmatured or are owed to a branch, office or Affiliate of the Lender different from the branch, office or Affiliate holding such deposit or obligated on such Indebtedness. The rights of the Lender and its Affiliates under this Section are in
addition to other rights and remedies (including other rights of setoff) that the Lender or its Affiliates may have. The Lender agrees to notify the Borrower promptly after any such setoff and application, provided that the failure to give
such notice shall not affect the validity of such setoff and application. 
  

	11.09	 Interest Rate Limitation. 

Notwithstanding anything to the contrary contained in any Loan Document, the interest paid or agreed to be paid under the Loan
Documents shall not exceed the maximum rate of non-usurious interest permitted by applicable Laws (the “Maximum Rate”). If the Lender shall receive interest in an amount that exceeds the
Maximum Rate, the excess interest shall be applied to the principal of the Loans or, if it 

  
 53 

 
exceeds such unpaid principal, refunded to the Borrower. In determining whether the interest contracted for, charged, or received by the Lender exceeds the Maximum Rate, such Person may, to the
extent permitted by applicable Laws, (a) characterize any payment that is not principal as an expense, fee, or premium rather than interest, (b) exclude voluntary prepayments and the effects thereof, and (c) amortize, prorate,
allocate, and spread in equal or unequal parts the total amount of interest throughout the contemplated term of the Obligations hereunder. 
  

	11.10	 Counterparts; Integration; Effectiveness. 

This Agreement may be executed in counterparts (and by different parties hereto in different counterparts), each of which
shall constitute an original, but all of which when taken together shall constitute a single contract. This Agreement, the other Loan Documents and any separate letter agreements with respect to fees payable to the Lender, constitute the entire
contract among the parties relating to the subject matter hereof and supersede any and all previous agreements and understandings, oral or written, relating to the subject matter hereof. Except as provided in Section 5.01,
this Agreement shall become effective when it shall have been executed by the Lender and when the Lender shall have received counterparts hereof that, when taken together, bear the signatures of each of the other parties hereto. Delivery of an
executed counterpart of a signature page of this Agreement by facsimile or other electronic imaging means (e.g., “pdf” or “tif”) shall be effective as delivery of a manually executed counterpart of this Agreement. 

 

	11.11	 Survival of Representations and Warranties. 

All representations and warranties made hereunder and in any other Loan Document or other document delivered pursuant hereto
or thereto or in connection herewith or therewith shall survive the execution and delivery hereof and thereof. Such representations and warranties have been or will be relied upon by the Lender, regardless of any investigation made by the Lender or
on its behalf and notwithstanding that the Lender may have had notice or knowledge of any Default at the time of any Credit Extension, and shall continue in full force and effect as long as any Loan or any other Obligation hereunder shall remain
unpaid or unsatisfied. 
  

	11.12	 Severability. 

If any provision of this Agreement or the other Loan Documents is held to be illegal, invalid or unenforceable, (a) the
legality, validity and enforceability of the remaining provisions of this Agreement and the other Loan Documents shall not be affected or impaired thereby and (b) the parties shall endeavor in good faith negotiations to replace the illegal,
invalid or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the illegal, invalid or unenforceable provisions. The invalidity of a provision in a particular jurisdiction shall not
invalidate or render unenforceable such provision in any other jurisdiction. Without limiting the foregoing provisions of this Section 11.12, if and to the extent that the enforceability of any provisions in this Agreement
relating to a defaulting lender shall be limited by Debtor Relief Laws, as determined in good faith by the Lender, then such provisions shall be deemed to be in effect only to the extent not so limited. 

 

	11.13	 [Reserved]. 

 

	11.14	 Governing Laws; Jurisdiction; Etc. 

(a)    GOVERNING LAWS. THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS AND ANY CLAIMS,
CONTROVERSY, DISPUTE OR CAUSE OF ACTION (WHETHER IN CONTRACT OR TORT OR OTHERWISE) BASED UPON, ARISING OUT OF OR 

  
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RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT (EXCEPT, AS TO ANY OTHER LOAN DOCUMENT, AS EXPRESSLY SET FORTH THEREIN) AND THE TRANSACTIONS CONTEMPLATED HEREBY AND THEREBY SHALL BE
GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF ARIZONA. 
 (b)    SUBMISSION
TO JURISDICTION. EACH LOAN PARTY IRREVOCABLY AND UNCONDITIONALLY AGREES THAT IT WILL NOT COMMENCE ANY ACTION, LITIGATION OR PROCEEDING OF ANY KIND OR DESCRIPTION, WHETHER IN LAW OR EQUITY, WHETHER IN CONTRACT OR IN TORT OR
OTHERWISE, AGAINST THE LENDER, OR ANY OF ITS RELATED PARTIES IN ANY WAY RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS RELATING HERETO OR THERETO, IN ANY FORUM OTHER THAN THE COURTS OF THE STATE OF ARIZONA SITTING IN
MARICOPA COUNTY AND OF THE UNITED STATES DISTRICT COURT OF THE DISTRICT OF ARIZONA, AND ANY APPELLATE COURT FROM ANY THEREOF, AND EACH OF THE PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY SUBMITS TO THE JURISDICTION OF SUCH COURTS AND AGREES THAT
ALL CLAIMS IN RESPECT OF ANY SUCH ACTION, LITIGATION OR PROCEEDING MAY BE HEARD AND DETERMINED IN SUCH ARIZONA STATE COURT OR, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, IN SUCH FEDERAL COURT. EACH OF THE PARTIES HERETO AGREES THAT A FINAL
JUDGMENT IN ANY SUCH ACTION, LITIGATION OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW. NOTHING IN THIS AGREEMENT OR IN ANY OTHER LOAN DOCUMENT SHALL AFFECT
ANY RIGHT THAT THE LENDER MAY OTHERWISE HAVE TO BRING ANY ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT AGAINST ANY LOAN PARTY OR ITS PROPERTIES IN THE COURTS OF ANY JURISDICTION. 

(c)    WAIVER OF VENUE. EACH LOAN PARTY IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST
EXTENT PERMITTED BY APPLICABLE LAW, ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT IN ANY COURT REFERRED TO IN
PARAGRAPH (B) OF THIS SECTION. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, THE DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH ACTION OR PROCEEDING IN ANY SUCH COURT. 

(d)    SERVICE OF PROCESS. EACH PARTY HERETO IRREVOCABLY CONSENTS TO SERVICE OF PROCESS IN THE
MANNER PROVIDED FOR NOTICES IN SECTION 11.02. NOTHING IN THIS AGREEMENT WILL AFFECT THE RIGHT OF ANY PARTY HERETO TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY APPLICABLE LAW. 

 

	11.15	 Waiver of Jury Trial. 

EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A
TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY
HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR 

  
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OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO
ENTER INTO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION. 
  

	11.16	 No Advisory or Fiduciary Responsibility. 

In connection with all aspects of each transaction contemplated hereby (including in connection with any amendment, waiver or
other modification hereof or of any other Loan Document), each of the Loan Parties acknowledges and agrees, and acknowledges its Affiliates’ understanding, that: (i) (A) the arranging and other services regarding this Agreement provided by
the Lender are arm’s-length commercial transactions between the Loan Parties and their respective Affiliates, on the one hand, and the Lender, on the other hand, (B) each of the Loan Parties has
consulted its own legal, accounting, regulatory and tax advisors to the extent it has deemed appropriate, and (C) each of the Loan Parties is capable of evaluating, and understands and accepts, the terms, risks and conditions of the
transactions contemplated hereby and by the other Loan Documents; (ii) (A) the Lender is and has been acting solely as a principal and, except as expressly agreed in writing by the relevant parties, has not been, is not, and will not be acting
as an advisor, agent or fiduciary for the Loan Parties or any of their respective Affiliates, or any other Person and (B) the Lender has no obligation to the Loan Parties or any of their respective Affiliates with respect to the transactions
contemplated hereby except those obligations expressly set forth herein and in the other Loan Documents; and (iii) the Lender and its Affiliates may be engaged in a broad range of transactions that involve interests that differ from those of
the Loan Parties and their respective Affiliates, and the Lender has no obligation to disclose any of such interests to the Loan Parties and their respective Affiliates. To the fullest extent permitted by applicable Laws, each of the Loan Parties
hereby waives and releases any claims that it may have against the Lender with respect to any breach or alleged breach of agency or fiduciary duty in connection with any aspect of any transaction contemplated hereby. 

 

	11.17	 Electronic Execution of Assignments and Certain Other Documents. 

The words “execute” “execution,” “signed,” “signature,” and words of like import in
any assignment and assumption agreement or in any amendment or other modification hereof (including waivers and consents) shall be deemed to include electronic signatures, the electronic matching of assignment terms and contract formations on
electronic platforms approved by the Lender or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping system,
as the case may be, to the extent and as provided for in any applicable Laws, including the Federal Electronic Signatures in Global and National Commerce Act, or any other similar state Laws based on the Uniform Electronic Transactions Act. 

 

	11.18	 Subordination of Intercompany Indebtedness. 

Each Loan Party (a “Subordinating Loan Party”) agrees that the payment of all obligations and indebtedness,
whether principal, interest, fees and other amounts and whether now owing or hereafter arising, owing to such Subordinating Loan Party by any other Loan Party is expressly subordinated to the payment in full in cash of the Obligations. If the Lender
so requests, any such obligation or indebtedness shall be enforced and performance received by the Subordinating Loan Party as trustee for the holders of the Obligations and the proceeds thereof shall be paid over to the holders of the Obligations
on account of the Obligations, but without reducing or affecting in any manner the liability of the Subordinating Loan Party under this Agreement or any other Loan Document. Without limitation of the foregoing, so long as

  
 56 

 
no Default has occurred and is continuing, the Loan Parties may make and receive payments with respect to any such obligations and indebtedness, provided, that in the event that any Loan
Party receives any payment of any such obligations and indebtedness at a time when such payment is prohibited by this Section, such payment shall be held by such Loan Party, in trust for the benefit of, and shall be paid forthwith over and
delivered, upon written request, to the Lender. 
  

	11.19	 USA PATRIOT Act. 

To the extent that the Lender is subject to the Act (as hereinafter defined), the Lender hereby notifies the Loan Parties that
pursuant to the requirements of the USA PATRIOT Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the “Act”), it is required to obtain, verify and record information
that identifies the Loan Parties, which information includes the name and address of the Loan Parties and other information that will allow the Lender to identify the Loan Parties in accordance with the Act. The Loan Parties shall, promptly
following a request by the Lender, provide all documentation and other information that the Lender requests in order to comply with its ongoing obligations under applicable “know your customer” and anti-money laundering rules and
regulations, including the Act. 
 [SIGNATURE PAGES FOLLOW] 

  
 57 

 IN WITNESS WHEREOF, the parties hereto have caused this Credit
Agreement to be duly executed as of the date first above written. 
  

							
	BORROWER:	 		 	 GAZELLE UNIVERSITY

(to be renamed GRAND CANYON UNIVERSITY),

an Arizona nonprofit corporation

				
		 		 	By:	 	/s/ Will Gonzalez
		 		 	Name:	 	Will Gonzalez
		 		 	Title:	 	Chairman of the Board of Trustees
			
	LENDER:	 		 	 GRAND CANYON EDUCATION, INC.,
 a
Delaware corporation

				
		 		 	By:	 	/s/ Daniel E. Bachus
		 		 	Name:	 	Daniel E. Bachus
		 		 	Title:	 	Chief Financial OfficerEX-10.8

 Exhibit 10.8 

Confidential Treatment has been requested for the redacted portions of this agreement. The redactions are indicated with three asterisks [***]. A complete
version of this agreement has been filed separately with the Securities and Exchange Commission. 
 Execution Version 

 
  

 
 MASTER SERVICES AGREEMENT 

between 
 GAZELLE UNIVERSITY, 

an Arizona nonprofit corporation 

(to be renamed Grand Canyon University) 

and 
 GRAND CANYON EDUCATION,
INC., 
 a Delaware corporation 
  

 
  

 TABLE OF CONTENTS 

 

									
	 	 	 	  	 	  	Page No.	 
	1.	 	Definitions	  	 	1	 
			
	2.	 	Certain Representations, Warranties and Covenants of the Parties	  	 	1	 
			
	3.	 	Services Provided to University	  	 	2	 
				
		 	3.1	  	Services to be Provided; Exclusivity	  	 	2	 
		 	3.2	  	Location of Services; Subcontracting	  	 	2	 
		 	3.3	  	Services Addenda	  	 	2	 
		 	3.4	  	Services and Performance Standards	  	 	3	 
		 	3.5	  	Provision of Information; Access	  	 	3	 
		 	3.6	  	Compliance with Laws	  	 	3	 
		 	3.7	  	Provider’s Compliance with Certain Educational Laws	  	 	4	 
		 	3.8	  	Compliance with University Policies and Standards; Fulfillment of University Mission	  	 	6	 
		 	3.9	  	Services Personnel	  	 	6	 
		 	3.10	  	Removal of Personnel	  	 	7	 
		 	3.11	  	Points of Contact; Designees	  	 	7	 
		 	3.12	  	Disclaimer of Warranties	  	 	7	 
			
	4.	 	University Roles and Responsibilities	  	 	8	 
				
		 	4.1	  	Sole Control Over University and Academic Matters	  	 	8	 
		 	4.2	  	Reporting of Approvals	  	 	9	 
		 	4.3	  	Feedback and Complaints	  	 	9	 
		 	4.4	  	Other Responsibilities	  	 	9	 
			
	5.	 	Fees and Payments	  	 	9	 
				
		 	5.1	  	Services Fees; Payment Terms	  	 	9	 
		 	5.2	  	Delinquent Payments	  	 	10	 
		 	5.3	  	Books and Records; Audited Financial Statements	  	 	10	 
		 	5.4	  	Examinations	  	 	10	 
			
	6.	 	Term, Termination	  	 	13	 
				
		 	6.1	  	Term	  	 	13	 
		 	6.2	  	Non-Renewal of Initial Term or Any Renewal Term; Fee Payable	  	 	13	 
		 	6.3	  	Early Termination of Initial Term; Fee Payable	  	 	13	 
		 	6.4	  	Termination of Agreement for Breach	  	 	13	 
		 	6.5	  	Termination of Particular Service	  	 	14	 
		 	6.6	  	Special Termination Right	  	 	14	 
		 	6.7	  	Effect of Termination	  	 	14	 
		 	6.8	  	Transition Services	  	 	15	 
		 	6.9	  	Assumption of Certain Services Functions	  	 	15	 

  
 -i- 

 TABLE OF CONTENTS 

(Cont’d) 
  

									
	 	 	 	  	 	  	Page No.	 
	7.	 	Tax Matters	  	 	16	 
				
		 	7.1	  	Tax	  	 	16	 
		 	7.2	  	Tax Withholding	  	 	16	 
		 	7.3	  	Tax Indemnity	  	 	16	 
			
	8.	 	Indemnification for Third Party Claims	  	 	17	 
				
		 	8.1	  	Indemnification of University	  	 	17	 
		 	8.2	  	Indemnification of Provider	  	 	17	 
		 	8.3	  	Conditions	  	 	17	 
			
	9.	 	Confidentiality	  	 	18	 
				
		 	9.1	  	Definition	  	 	18	 
		 	9.2	  	Obligations	  	 	18	 
		 	9.3	  	Permitted Disclosures	  	 	19	 
		 	9.4	  	Exclusions	  	 	19	 
		 	9.5	  	Loss of Confidential Information	  	 	20	 
		 	9.6	  	Period of Confidentiality	  	 	20	 
		 	9.7	  	Return of Confidential Information	  	 	20	 
			
	10.	 	Intellectual Property Rights	  	 	20	 
				
		 	10.1	  	Definitions	  	 	20	 
		 	10.2	  	Ownership	  	 	21	 
		 	10.3	  	License to Course Materials	  	 	22	 
		 	10.4	  	License to Other University Intellectual Property	  	 	23	 
		 	10.5	  	License to University Marks	  	 	23	 
		 	10.6	  	Reservation of Rights	  	 	23	 
		 	10.7	  	Domain Names; Additional Trademarks	  	 	23	 
		 	10.8	  	Restrictions on Trademark Usage	  	 	23	 
		 	10.9	  	Quality Control	  	 	24	 
		 	10.10	  	License to Provider Intellectual Property	  	 	25	 
		 	10.11	  	Licenses to Plans and Plan Information	  	 	25	 
		 	10.12	  	No Additional Rights	  	 	25	 
		 	10.13	  	Aggregated Data Sets	  	 	25	 
			
	11.	 	Limitation of Liability	  	 	25	 
			
	12.	 	Force Majeure	  	 	26	 
			
	13.	 	Available Remedies	  	 	26	 
			
	14.	 	Relationship of the Parties	  	 	26	 

  
 -ii- 

 TABLE OF CONTENTS 

(Cont’d) 
  

									
	 	 	 	  	 	  	Page No.	 
	15.	 	Duty to Cooperate	  	 	27	 
			
	16.	 	Survival of Obligations	  	 	27	 
			
	17.	 	Insurance	  	 	27	 
			
	18.	 	Miscellaneous	  	 	28	 
				
		 	18.1	  	Notices	  	 	28	 
		 	18.2	  	Amendment; Waiver	  	 	28	 
		 	18.3	  	Assignment	  	 	30	 
		 	18.4	  	Third Party Rights	  	 	30	 
		 	18.5	  	Choice of Law	  	 	30	 
		 	18.6	  	Headings	  	 	30	 
		 	18.7	  	Entire Agreement	  	 	30	 
		 	18.8	  	Severability	  	 	30	 
		 	18.9	  	Counterparts	  	 	31	 
		 	18.10	  	Further Assurances	  	 	31	 
		 	18.11	  	Dispute Resolution	  	 	31	 
		 	18.12	  	Certain Interpretive Matters	  	 	32	 

 Exhibits: 
 Exhibit A -
Definitions 
 Exhibit B - Description of Services 
 Exhibit C -
Form of Services Addendum 
 Exhibit D - Pricing and Payment Terms; Other Agreements 

Exhibit E - University Marks 

  
 -iii- 

 MASTER SERVICES AGREEMENT 

THIS MASTER SERVICES AGREEMENT (the “Agreement”) is entered into as of this 1st day of July,
2018 (the “Effective Date”) by and between GRAND CANYON EDUCATION, INC., a Delaware corporation (“Provider”), and GAZELLE UNIVERSITY, an Arizona
non-profit corporation (to be renamed Grand Canyon University) (“University”) (each, a “Party” and, collectively, the “Parties”). 

A. On the date hereof, University and Provider consummated certain transactions contemplated by an Asset Purchase
Agreement, dated the date hereof (the “Asset Purchase Agreement”), pursuant to which University acquired the School Assets (as defined in the Asset Purchase Agreement) previously owned by Provider. 

B. Effective immediately following the consummation of the transactions contemplated by the Asset Purchase Agreement,
University changed its name to “Grand Canyon University.” 
 C. University operates the postsecondary
educational institution known as “Grand Canyon University” and conducts Educational Activities on the Campus. 

D. University has determined that it is in the best interests of University and its students, faculty and staff to
engage Provider to provide to University certain Services as such Services are (i) set forth in this Agreement, (ii) set forth in one or more Services Addenda to this Agreement, or (iii) mutually agreed by the Parties in writing, and
has further determined that the terms of this Agreement, including the Services Fees payable hereunder, are fair to the University. 
 E.
University has further determined that the implementation of the services relationship between University and Provider as set forth in this Agreement is in alignment with University’s mission and that the Services to be provided by Provider
to University hereunder will assist University in fulfilling that mission. 
 F. Provider desires to provide such Services to
University. 
 NOW, THEREFORE, in consideration of the foregoing and the mutual covenants herein contained and
for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties agree as follows: 

1. Definitions. Capitalized terms used in this Agreement and not otherwise defined herein shall
have the respective meanings ascribed to such terms in Exhibit A to this Agreement or given to them in Exhibit B to this Agreement. 

2. Certain Representations, Warranties and Covenants of the Parties. Each Party hereby represents,
warrants and covenants that, during the Initial Term of this Agreement and any Renewal Term: (a) it has the requisite corporate power and authority to enter into this Agreement; (b) the performance by such Party of its obligations under
this Agreement shall not constitute a material breach of, or otherwise contravene the terms of, any other agreement to which it is a party or under which it is otherwise bound; and (c) it has obtained or will obtain all third party consents,

 
authorizations and approvals (including Educational Approvals in the case of University) necessary for it to perform its obligations and exercise its rights under this Agreement. 

3. Services Provided to University. 

3.1 Services to be Provided; Exclusivity. Provider shall, subject to the terms and conditions in this
Agreement and any applicable Services Addenda, provide to University the specific set of technological, marketing, promotional, development and/or support Services as are set forth on Exhibit B to this Agreement and in any Services Addenda.
Additional Services (and the terms thereof) may be added pursuant to the execution of a Services Addendum. Services may be terminated as provided in this Agreement or in the applicable Services Addendum. Subject to Provider’s performance of its
obligations hereunder and to Provider’s right to cure any failure by Provider to perform after receipt of written notice from University and except as otherwise provided herein, [***]. University will not contract with any third party for the
performance of any Exclusive Services, in each case without the prior written consent of Provider to be granted in Provider’s sole discretion. The Parties also acknowledge the exclusive nature of certain of the licenses granted to Provider in
Section 10 (Intellectual Property Rights). University’s determination to seek a third party provider to provide Services, other than the Exclusive Services, shall have no effect on University’s obligation to pay the Services Fees
pursuant to Section 5 (Fees and Payments) and as set forth and calculated on Exhibit D to this Agreement. 

3.2 Location of Services; Subcontracting. Provider shall provide the Services from, and using Services
Personnel located at, Provider’s premises; provided that Provider may provide certain Services at the Campus as contemplated by this Agreement and as reasonably necessary or appropriate for Provider to provide the Services. Notwithstanding the
foregoing, Provider may subcontract the performance of any one or more of the Services to third parties (a) to the same extent that any such Services were subcontracted to third parties in the normal course of Provider’s business prior to
the Effective Date and (b) as otherwise determined by Provider; provided that Provider shall remain responsible and liable for the performance, acts and omissions of all such third party subcontractors; and provided further that Provider
shall not subcontract the performance of substantially all the Services. 
 3.3 Services Addenda. To add
Services in addition to those described in Exhibit B, or to delete or materially change Services set forth on Exhibit B, the Parties shall enter into one or more services addenda substantially in the form attached hereto as Exhibit
C (“Services Addenda”) which Services Addenda shall be numbered sequentially (e.g., Services Addendum C-1, Services Addendum C-2, etc.). Each
Services Addendum will be effective only when signed by authorized representatives of the Parties and once finalized and signed by the Parties, shall be incorporated by reference and deemed part of this Agreement. In the event of a conflict between
the terms of any Services Addendum and the body of the Agreement, the terms and conditions of the Agreement shall control to the extent of the conflict (unless the Services Addendum specifically identifies and overrides the conflicting term(s), in
which event, the terms of the Services Addendum shall control for such Services Addendum). Notwithstanding anything to the contrary, the term “Services Addenda” will also include any other written documents exchanged by the Parties
pursuant to which the Parties agree that Provider will provide Services in addition 

  
 2 

 
  
  

Confidential Treatment has been requested for the redacted portions of this agreement. The redactions are indicated with three asterisks
[***]. A complete version of this agreement has been filed separately with the Securities and Exchange Commission. 

 
to those described in Exhibit B to University. For purposes of clarity, the Parties acknowledge and agree that any and all editions, versions, formats, improvements, enhancements, updates,
or other changes of or to the Provider Intellectual Property (including the Platform) (collectively, “Updates”) that (a) are developed by Provider in the ordinary course (whether on Provider’s own initiative, at the
specific request of University, or otherwise) in connection with providing the Services hereunder shall be promptly provided to University as part of the Services set forth on Exhibit B to this Agreement, shall not be deemed to constitute
additional Services, shall not require a Services Addenda, and shall not otherwise result in an additional fee or other charge to University, and (b) are (i) independently developed by Provider otherwise than in connection with providing the
Services hereunder (including any such Updates as may be developed in the course of providing services to other third parties), or (ii) developed by Provider, other than in the ordinary course, at the specific request of University, shall, in
each case, be deemed to constitute additional Services and, if desired by University, shall require a Services Addenda and shall be subject to additional fees or other charges as mutually negotiated by the Parties. 

3.4 Services and Performance Standards. Pursuant to the terms and conditions of this Agreement, Provider
will use commercially reasonable efforts to provide to University the Services in accordance herewith and any applicable performance standards set forth on Exhibit B and in the applicable Services Addendum. Provider shall perform the Services
in a good and workmanlike manner and (subject to Section 3.6 (Compliance with Laws)) in accordance with all Applicable Laws. University will use commercially reasonable efforts to perform its obligations under this Agreement. 

3.5 Provision of Information; Access. University shall, during the Initial Term of this Agreement and any
Renewal Term, make available to Provider on a timely basis all Books and Records within University’s reasonable control, and provide Access to Provider’s personnel, to the extent reasonably necessary for Provider to perform each of the
Services. In furtherance of the foregoing, and subject to Provider’s compliance with the terms of this Agreement, University shall provide Provider with immediate and ongoing Access to University’s enrollment, marketing and other data in
Provider-hosted systems as necessary to facilitate the provision of the Services. The Parties agree that Provider shall have no liability for any failure to perform, or for the late performance of, any Services to the extent such Services require
Books and Records possessed, prepared or generated by University, or Access to be given to Provider’s personnel, to the extent that University shall have failed to provide or make available the same or to cause the same to be provided or made
available to Provider in accordance with Provider’s reasonable written or oral (if promptly confirmed in writing) requests, and such failure by University is the cause of Provider’s lack of or delay in performance. Provider shall require
that the Services Personnel comply with all business, administrative, security and other policies of University that otherwise would apply to University personnel in roles providing such Services and that are provided by University to Provider in
writing. Provider shall use such Access only as reasonably necessary in connection with providing the Services and shall not use such Access for any purpose or activity unrelated to providing the Services. 

3.6 Compliance with Laws. The Parties agree that each Party shall perform its respective obligations
hereunder in compliance with the Applicable Laws that apply to such Party’s performance under this Agreement. For the avoidance of doubt, Provider shall not be responsible for University’s compliance with the Applicable Laws that apply to
University’s 

  
 3 

 
Educational Activities (including the Educational Laws), even if the performance of the Services relate to such Applicable Laws, unless (a) Provider failed to provide specific Services
expressly set forth herein or in a Services Addendum in accordance with the terms hereof or such Services Addendum, (b) such failure was the result of the gross negligence or willful misconduct of Provider (or Provider’s Services Personnel
or Services Personnel of subcontractors used by Provider), (c) such failure directly causes University’s failure to comply with Applicable Laws, or (d) such failure results from Provider’s
non-compliance with certain Educational Laws applicable to Provider as set forth in Section 3.7 (Provider’s Compliance with Certain Educational Laws) below. Neither Provider nor its Affiliates (nor
its subcontractors) shall be required to provide any Services to the extent that providing such Services would require Provider or its Affiliates or subcontractors to violate any Applicable Law; provided, that promptly upon learning of such
Applicable Law, Provider shall deliver reasonable written notice thereof to University, and Provider shall reasonably cooperate with University to mitigate the impact of Provider being unable to provide such Services, including the development and
implementation of a reasonable work-around or reasonable revision to such Services as necessary to comply with such Applicable Law, which work-around or revisions shall be set forth in an amendment to this Agreement or in a Services Addendum, as
applicable. 
 3.7 Provider’s Compliance with Certain Educational Laws.
In furtherance of Provider’s obligations under Section 3.6 (Compliance with Laws): 
 3.7.1 Personal
Information and Privacy. Provider acknowledges that University is subject to internal policies, laws, and regulations that govern and restrict the collection, storage, processing, dissemination, and use of education records, including non-public personal information that relates to applicants to University and its Programs, internship participants and University’s students and personnel that could be used, either directly or indirectly, to
identify such person (collectively, “Personal Information”). In the performance of Provider’s obligations under this Agreement, Provider shall and shall cause its employees, agents, servants, principals, and any
subcontractors to, at all times, comply with all Applicable Law, including Educational Laws, and University policies, including privacy and information security laws and regulations and University policies regarding Personal Information. Without
limiting the generality of the foregoing and subject to University’s oversight, Provider agrees (a) not to collect, store, process, disseminate, or use any such Personal Information obtained from University except to the extent expressly
permitted or required in the performance of its Services under this Agreement, (b) to store all such Personal Information only in encrypted or otherwise secure form on Provider’s computer systems, and (c) except as permitted in this
Agreement, not to sell, distribute, release or disclose lists or compilations of any items of Personal Information without the prior written consent of University or of the subject(s) of the Personal Information to be released or disclosed. Any
disclosure of Personal Information by Provider in the performance of its obligations hereunder shall be made only on a “need-to-know” basis and subject to an
applicable confidentiality agreement or other obligation substantially similar to the confidentiality, privacy and information security requirements imposed on Provider under this Agreement and Applicable Law. To the extent Provider utilizes
subcontractors to perform Services under this Agreement, Provider shall require each such subcontractor to agree in writing to substantively similar terms, obligations, and restrictions contained in this Agreement. 

  
 4 

 3.7.2 Student Privacy Rights. Without limitation of
its obligations under Section 3.7.1 above, (a) Provider shall take all commercially reasonable measures to protect the Personal Information of University students consistent with the Family Education Rights and Privacy Act, as amended, and
the rules and regulations thereunder (“FERPA”) and other Applicable Law, (b) Provider shall furnish University a copy of Provider’s information security procedures for the storage and handling of education records
and other Personal Information prior to the commencement of Provider’s handling and processing of such records and information, (c) Provider shall furnish University a copy of any update or other modification of such security procedures,
and (d) such security procedures and all updates and modifications thereof shall be subject to University’s written approval. Provider shall not disclose, release, or otherwise authorize access to Personal Information without written
authority of University and/or the students to the extent required under FERPA, or as may be required by judicial order or lawfully issued subpoena. Upon request, Provider shall meet and confer with University to discuss Provider’s information
security procedures for the storage and handling of Personal Information. 
 3.7.3 Agency Regarding Student
Information. In order to satisfy FERPA and regulatory requirements applicable to University, Provider is hereby appointed as an agent of University’s Office of Academic Records for the use of student education records and other Personal
Information solely for the purpose of providing the Services hereunder throughout such students’ tenures at University and attendance in its Programs and thereafter, including, without limitation, counseling of prospective students and
continuing contact with graduates of University. 
 3.7.4 Timely Notice of Breach. Provider shall
promptly notify the University Registrar of any unauthorized access, use, or disclosure (“Breach”) of any Personal Information or of University’s Confidential Information of which it becomes aware. Provider shall take
reasonable steps to limit and investigate a Breach occurring as a result of Provider’s action or inaction, and Provider shall be responsible to the extent of Provider’s fault for the cost of notifying individuals whose Personal Information
have been Breached as a direct result of Provider’s action or inaction, and any reasonable or court-ordered remedial action. 

3.7.5 HEA Section 495 Compliance. Provider shall remain in compliance
with HEA Section 495. Without limiting the foregoing, Provider shall have and maintain security mechanisms in place to ensure that each student registering for a Course is the same student who participates in the Course or receives Course
credit. Such security mechanisms shall include one or more of the following methods: (a) a login and pass code procedure; (b) proctored examinations; and (c) new or other technologies and practices that are effective in verifying
student identification. 
 3.7.6 Marketing Laws and Regulations; No Misrepresentation. Provider agrees
to comply with all federal, state or local laws, statutes, rules and regulations concerning consumer and student marketing, including but not limited to the DOE misrepresentation regulations (34 C.F.R.
§668.71-75), the CAN-SPAM Act of 2003, the Telephone Consumer Protection Act, the Telemarketing and Consumer Fraud and Abuse Prevention Act, the Telecommunications
Act, Section 5 of the Federal Trade Commission Act and any amendments thereto, and any regulations promulgated thereunder. Any communications with prospective or exiting students shall follow scripts or use advertising or web materials approved

  
 5 

 
by University. Provider shall make no misrepresentation concerning University, including about any of its Programs, financial charges or the employability of its graduates. 

3.7.7 Incentive Compensation Rule. Provider shall compensate its employees and agents engaged in the
recruitment of University’s students and in the awarding of financial aid, and those responsible for such employees and agents, only in accordance with the provisions of HEA Section 487(a)(20) (20 U.S.C. § 1094(a)(20)), or any
successor provision, and the regulations promulgated thereunder by the DOE (currently located at 34 C.F.R. § 668.14(b)(22)), commonly referred to as the Incentive Compensation Rule. Provider represents and warrants that this Agreement falls
under Example 2-B, page 12 of the Dear Colleague letter titled “Implementation of Program Integrity Regulations” from the U.S. Department of Education issued on March 17, 2011 (including any
amended or successor DOE guidance, the “Guidance”). Provider further covenants and agrees that it will fully comply with the Guidance during the Initial Term and any Renewal Terms. 

3.8 Compliance with University Policies and Standards; Fulfillment of University Mission. 

3.8.1 Provider acknowledges that University has established, and maintains and enforces, policies with regard to fair
and ethical behavior in its day-to-day operations, copies of which have been provided to Provider. Provider agrees that it shall perform the Services and otherwise abide
by its obligations under this Agreement in full compliance with any such generally applicable ethics policies, as the same may be updated from time to time. University agrees to notify Provider promptly in writing if University updates or amends
such policies and to provide Provider with reasonable advance notice of the implementation of such updates or amendments to enable Provider to achieve compliance therewith. 

3.8.2 In addition to the matters described in Section 3.8.1, Provider acknowledges that certain Services, as
listed and described in Exhibit B, are to be provided subject to University’s oversight and approval, or pursuant to written plans and procedures approved by University (such as quality control standards governing the provision of
student support services counseling under Section 3 of Exhibit B). Provider agrees that, in its provision of the Services, it shall accept such oversight and/or approval requirements and abide by any such written plans and procedures.

 3.8.3 Provider is aware of University’s mission and, in the performance of the Services hereunder, will use
its reasonable efforts to assist University in fulfilling that mission. Provider shall have no authority pursuant to this Agreement with respect to (a) the election or appointment of University’s board of trustees or corporate officers,
(b) the engagement, dismissal, reprimand, or other management of University faculty or personnel, or (c) any aspect of University’s internal human resources, business or administrative policies. 

3.9 Services Personnel. Provider shall determine the appropriate personnel (the “Services
Personnel”) to provide the Services. Provider will have full and complete authority to engage, dismiss, reprimand, or otherwise manage all Services Personnel; provided, that, if and to the extent Provider is hiring or providing Services
Personnel to provide student support services counseling under Section 3 of Exhibit B, such Services Personnel shall meet the same or superior 

  
 6 

 
qualifications as such personnel hired directly by University, as determined by University in its reasonable discretion. University expressly understands and agrees that any actions by Provider
with respect to the Services Personnel shall be in accordance with Provider’s internal human resources, business or administrative policies in effect from time to time and that University shall have no authority pursuant to this Agreement with
respect to any aspect of such policies of Provider. 
 3.10 Removal of Personnel. If University shall
reasonably determine that one or more of the Services Personnel providing the Services hereunder (including Services Personnel of any subcontractor used by Provider) are ineffective or otherwise unsuitable to perform the Services, University may
send written notice to Provider identifying such Services Personnel and the nature of the ineffectiveness or lack of suitability (e.g., offensive behavior, security concerns, lack of qualifications or the like). Upon University’s reasonable
written request, Provider shall, in its discretion, as promptly as is practical, provide substitute Services Personnel or take appropriate steps to ensure that the Services Personnel performing the Services perform said Services effectively. Nothing
in this Section or this Agreement shall require Provider to (a) hire additional employees or consultants to serve as Services Personnel, or (b) terminate the employment of any Services Personnel. 

3.11 Points of Contact; Designees. Each of Provider and University will name a point of contact for the
Services that are the subject of this Agreement or any Services Addendum (each, a “Designee”). Each Party may also designate one or more alternate Designees (each, an “Alternate Designee”) empowered to
act in the place of the Designee if the Designee is unavailable, and while acting in such capacity the Alternate Designee will be deemed the Designee for purposes of this Agreement. University’s Designee and any Alternate Designee of University
shall be free of any conflict of interest with respect to Provider and this Agreement as determined under University’s conflict of interest policy. Additionally, University’s Designee shall report to the MSA Committee established under the
University Bylaws. Designees shall be responsible for supervising and coordinating the performance of the Services, including using good faith efforts to resolve any disputes or issues that may arise during the performance of the Services hereunder
on a day-to-day basis. Any dispute among the Parties relating to any Services or this Agreement shall be handled as provided in Section 18.11 (Dispute Resolution).
Each Party shall designate an initial Designee by written notice to the other Party and may designate a successor Designee by written notice to the other Party. In addition, each Service Addendum may identify Designees for the Services described in
such Service Addendum and such Designees will be the Designees for such Service Addendum. University shall at all times maintain the University Bylaws and other policies as necessary to comply with this Section 3.11 (Points of Contact;
Designees). 
 3.12 Disclaimer of Warranties. EXCEPT FOR THE EXPRESS WARRANTIES SET FORTH IN SECTION 2
(REPRESENTATIONS OF THE PARTIES) AND SECTION 3.4 (SERVICES AND PERFORMANCE STANDARD), OR AS SPECIFICALLY SET FORTH IN EXHIBIT B, PROVIDER MAKES NO REPRESENTATIONS OR WARRANTIES IN RESPECT OF THE SERVICES OR ANY ITEMS TO BE DELIVERED OR
PROVIDED TO UNIVERSITY OF ANY KIND, NATURE OR DESCRIPTION, EXPRESS OR IMPLIED, INCLUDING ANY WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE OR NON-INFRINGEMENT, OR ANY WARRANTY ARISING

  
 7 

 
FROM COURSE OF DEALING, COURSE OF PERFORMANCE OR USAGE OF TRADE, AND PROVIDER HEREBY DISCLAIMS THE SAME. 

4. University Roles and Responsibilities. 

4.1 Sole Control Over University and Academic Matters. Anything herein to the contrary notwithstanding,
the Parties acknowledge and agree that University is solely responsible for, and will provide and perform at its sole cost and expense, and within its sole discretion and oversight, during the Initial Term and any Renewal Term, the following roles
and responsibilities as they relate to Programs and Courses offered by University and Educational Activities conducted by University, as well as such other roles and responsibilities as may be required to be performed solely by University under
Applicable Laws (including Educational Laws and requirements of Accrediting Bodies and Educational Agencies): 
 4.1.1
Seeking and obtaining any required Educational Approvals or Educational Consents; 
 4.1.2 Setting the
qualifications for, overseeing the verification of the credentials of, and hiring, appointing, training (and creating related training content), compensating, and supervising faculty to teach the Courses comprising the Programs and providing
reasonably sufficient faculty and staff as necessary to offer the Programs, conduct the Educational Activities and perform University’s responsibilities under this Agreement; 

4.1.3 Reviewing, selecting, structuring and adopting, and ensuring the quality of, the curricula and related Course
Materials for the Courses in the Programs, establishing the modalities by which to deliver the Courses, and providing institutional and academic guidance, evaluation and oversight for the Programs; 

4.1.4 Overseeing the development, maintenance, and operation of the Programs and ensuring an appropriate number and
selection of Programs and Courses; 
 4.1.5 Setting appropriate standards for admission to, and implementing the
admissions policies applicable to, University and any particular Program, including overseeing the application and enrollment process and making decisions as to the admission to University and any particular Program of applicants who meet the
requisite admission standards, in compliance with Applicable Law; 
 4.1.6 Overseeing the instruction of Courses and
related student and academic support activities and functions; 
 4.1.7 Setting standards for student performance and
the evaluation of that performance, including through the monitoring of student progression and outcomes; 
 4.1.8
Setting the requirements for the achievement of credit for Courses successfully completed, the achievement of applicable degrees following completion of a Program, determining those students who qualify to receive such credit or such degrees,
granting such degrees, and determining graduation requirements; 

  
 8 

 4.1.9 Entering into all agreements and other necessary documentation
with students regarding their enrollment in the Programs and their receipt of student financial aid pursuant to applicable Title IV Programs or other financial assistance programs; 

4.1.10 Receiving all tuition, fees and other amounts (such as room and board) from, or on behalf of, students; 

4.1.11 Overseeing all matters related to student discipline and the establishment and administration of appropriate
processes related thereto; 
 4.1.12 Maintaining all academic and administrative records for students who are
enrolled in or seeking enrollment in a Program at University; and 
 4.1.13 Providing students with appropriate
academic facilities on the Campus or at other locations determined by University, as well as housing to students in accordance with its ordinary course practices. 

4.2 Reporting of Approvals. If reasonably requested by Provider in writing, University will provide to
Provider a regulatory compliance report reflecting the ongoing status of any Educational Approvals being sought by University and obtained by University in order for University to offer each of the Courses and Programs. 

4.3 Feedback and Complaints. University has or will develop appropriate mechanisms by which it will
solicit feedback from students receiving the Services as well as from University faculty and staff who receive or are otherwise involved in overseeing the Services, and will also have in place a process to review any complaints from faculty or
students about the Services and Provider’s performance thereof, which process shall be similar to, and consistent with, University’s established complaint policies and procedures. The Parties agree to utilize the information obtained from
such feedback and from such complaint process to determine whether any changes may be required to the Services or the performance standards herein, which changes may be made in the manner provided in Section 3.3 (Services Addenda),
Section 18.2 (Amendment; Waiver) or otherwise in the Agreement. In addition, the information obtained from such feedback and such complaint process shall be considered in connection with any examination performed pursuant to Section 5.4
(Examination) of the Agreement. 
 4.4 Other Responsibilities. University shall have other
responsibilities related to the provision of Services by Provider, as set forth in Exhibit B and in any Services Addenda. 

5. Fees and Payments. 

5.1 Services Fees; Payment Terms. The fees payable by University to Provider in respect of the Services
provided under this Agreement (such fees, the “Services Fees”) shall be determined and paid in accordance with (a) the terms set forth in Exhibit D, as Exhibit D may be amended by written agreement of the Parties from
time to time, and (b) the terms in any applicable Services Addendum. Notwithstanding anything to the contrary in this Agreement, if Provider provides services to University that are not set forth in this Agreement or on a Services Addendum,
such services shall nevertheless be “Services” for purposes of this Agreement and the Parties shall endeavor, as promptly as possible, to add such new services to a Services Addendum; 

  
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provided that, unless otherwise agreed in such Services Addendum, payment for such new services shall covered by the amounts paid by University to Provider as set forth on Exhibit D to
this Agreement. 
 5.2 Delinquent Payments. Services Fees due under this Agreement that are not paid or
not reasonably and in good faith disputed by University in writing within thirty (30) days of the date of an invoice therefor, with such written notice detailing why such disputed fees are not due, shall accrue simple interest at the prime rate
as quoted in the Wall Street Journal plus one percent (1.0%) per annum or, if lower, the maximum rate permitted by Applicable Law, from the date due until paid in full. If University does not reasonably and in good faith dispute in writing the fees
invoiced by Provider within sixty (60) days of the date of the applicable invoice, with such written notice detailing why such disputed fees are not due, Provider may suspend performance of all or a subset of the Services, may terminate this
Agreement by written notice (including after any such suspension), and may seek any other remedies available to it, whether legal, contractual, equitable or otherwise. For the avoidance of doubt, undisputed fees on an invoice shall be payable as
provided in this Agreement, and University may only withhold the amounts disputed in good faith as set forth in University’s written notice disputing fees invoiced. In the event that University disputes the Services Fees invoiced as provided
above, the Parties will expeditiously work together in good faith to resolve such dispute. Disputes related to Services Fees arising in connection with examinations conducted under Section 5.4 (Examinations) shall be administered as provided
under that Section. 
 5.3 Books and Records; Audited Financial Statements. 

5.3.1 Books and Records. Each Party shall maintain consistently applied, accurate and complete Books and
Records, including as are necessary: (a) to substantiate the Services Fees paid by University to Provider, (b) to substantiate the information in any reports required to be delivered pursuant to this Agreement, including Exhibit B,
and (c) to perform any reconciliation under Section 3 of Exhibit D. Each Party shall maintain such Books and Records at, or accessible from, such Party’s principal place of business for the period of time required under
Applicable Law, but not less than ten (10) years after creation. 
 5.3.2 Audited Financial
Statements. Each Party shall deliver to the other Party each year, promptly upon completion thereof, its Audited Financial Statements; provided, that Provider will be deemed to have delivered its Audited Financial Statements to University if
(a) Provider has filed such Audited Financial Reports with the Securities Exchange Commission via the EDGAR filing system and such reports are publicly available, or (b) the reports are posted on Provider’s website. 

5.4 Examinations. During the twelve (12) month period following receipt of any report (including any
reconciliation report) delivered under Section 3 of Exhibit B, each Party shall have the right to examine and audit (or cause its external auditors to examine and audit) the Books and Records of the other Party as necessary to verify the
examined Party’s compliance with the terms of this Agreement, including the calculation of any of the information required to be included in any such reports. In addition, each Party shall have the right to examine and audit (or cause its
external auditors to examine and audit) the compliance by the other Party with such other 

  
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Party’s performance obligations under this Agreement. All examinations shall be performed in accordance with the following terms: 

5.4.1 The examined Party shall reasonably cooperate with the examining Party in conducting any such examination. The
examining Party and its representatives (including its external auditors) shall keep all information obtained during any such examination confidential pursuant to and in accordance with Section 9 (Confidentiality). 

5.4.2 Examinations shall: (a) be performed, upon not less than five (5) Business Days’ advance written
notice to the examined Party, at the examined Party’s principal place of business (or other location mutually agreed by the Parties in writing) during normal business hours, (b) be performed no more frequently than twice during each Fiscal
Year (or portion thereof) by any Party (except for examinations to ensure that a previously discovered problem is not reoccurring), (c) not be conducted in a manner that unreasonably interferes with the examined Party’s course of business, and
(d) subject to delays outside the control of the Parties, be concluded within one hundred and eighty (180) days of commencement of the examination. 

5.4.3 The examining Party may perform examinations hereunder using its external auditors, in which case the examined
Party shall permit entry of the examining Party’s external auditors to its principal place of business to perform inspections of the examined Party’s Books and Records. 

5.4.4 If any examination made pursuant to this Section 5.4 (Examinations) reveals that (a) any calculation,
or any set off or credit, or payments to or from University or Provider under this Agreement have not been made in accordance with the terms of this Agreement (a “Payment Failure”), or (b) a Party has failed, in any material respect,
to comply with its performance obligations under the Agreement (a “Performance Failure”), then the examining Party shall promptly deliver to the examined Party written notice specifying the nature of any Payment Failure or Performance
Failure and providing the data and information necessary, or requested, to support such claim (an “Examination Notice”). Following its receipt of any such Examination Notice, the examined Party will have a period of thirty (30) days
to dispute in writing to the examining Party any of the findings contained in the Examination Notice. If the examined Party fails to dispute the findings in the Examination Notice during such thirty (30) day period, then the results of the
examination set forth in the Examination Notice shall become final and binding on the Parties. If the examined Party disputes any findings in the Examination Notice within the applicable thirty (30) day period in accordance with this Section,
then the Parties will work together in good faith for a period of up to thirty (30) days to seek to resolve the disputed matter, including the exchange of underlying information and records as reasonably requested. Should no resolution be
reached within the first fifteen (15) days of said period, such efforts to resolve the disputed matter shall include escalating the matter to the Parties’ respective Designee and/or Senior Designee. If the Parties agree in writing to the
resolution of any disputed matters during the thirty (30) day negotiation period described above, then the terms of such written agreement shall be final and binding on the Parties with respect to such resolved matters. 

5.4.5 In the case of a Payment Failure, if any of the disputed matters remain unresolved at the end of the thirty
(30) day negotiation period described in Section 5.4.4 above or in the case of any disagreements between the Parties regarding any payment or 

  
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reconciliation thereof, then such disputed matters shall be resolved by an Independent Accounting Firm in accordance with this Section 5.4.5. For purposes of this Agreement,
“Independent Accounting Firm” means either: (a) a nationally recognized independent chartered accounting firm mutually agreed upon and engaged by Provider and University within thirty (30) days after the expiration
of the applicable time period for the Parties to resolve their disputes through negotiations, or (b) if Provider and University are unable to mutually agree upon and engage the Independent Accounting Firm during such thirty (30) day
period, then, no later than thirty (30) days thereafter, each of Provider and University shall select and engage a nationally recognized independent accounting firm and those two accounting firms will promptly, but in no event more than twenty
(20) days later, select and engage a third nationally recognized independent accounting firm, which third accounting firm shall serve as the Independent Accounting Firm. Notwithstanding the foregoing, in the case of the application of clause
(b) of this definition, if either Provider or University fails to timely engage an accounting firm, then the Independent Accounting Firm will be the accounting firm timely engaged by the other Party. Within thirty (30) days after the
Independent Accounting Firm has been engaged, Provider and University shall each submit a written statement to the other Party and the Independent Accounting Firm identifying in reasonable detail such Party’s calculation of each disputed
amount. If either Party fails to timely submit its written statement to the other Party and the Independent Accounting Firm, or if either Party fails to timely provide Books and Records requested by the other Party, then the Independent Accounting
Firm shall resolve such disputed matters in accordance with the written statement of the Party that was timely submitted. Otherwise, the Independent Accounting Firm shall resolve each disputed amount by selecting either the calculation submitted by
Provider or the calculation submitted by University, based on which calculation the Independent Accounting Firm determines to be more accurate. The Independent Accounting Firm shall submit its final written report to the Parties within sixty
(60) days (or such other time period as the Parties mutually agree in writing) after the deadline for the Parties to submit their written statements to the Independent Accounting Firm. For the avoidance of doubt, the Independent Accounting Firm
shall only decide the specific items under dispute by the Parties and its decision for each disputed amount must be either the calculation submitted by Provider or by University and not a different calculation it performs. In connection with the
resolution of the disputes, each of the Parties shall make available to the other Parties and the Independent Accounting Firm, as the case may be, such Books and Records, documents, work papers, facilities and other information as such Party or the
Independent Accounting Firm may reasonably request to resolve the dispute. The Independent Accounting Firm determination made in accordance with this Section will be final and binding upon the Parties and will not be subject to appeal, absent fraud
or manifest error. 
 5.4.6 In the case of a Performance Failure, if any of the disputed matters remain unresolved at
the end of the thirty (30) day negotiation period described in Section 5.4.4 above or in the case of any disagreements between the Parties regarding any cure thereof, then such disputed matters shall be resolved pursuant to
Section 18.11 (Dispute Resolution). 
 5.4.7 Each Party shall be responsible for its own costs and fees relating
to any dispute resolution pursuant to Section 5.4.5 or Section 5.4.6 above. 
 5.4.8 Provider agrees that
University may provide the results of any examination undertaken pursuant to this Section 5.4 (Examinations) to any Educational Agency, including HLC, upon such Educational Agency’s request. 

  
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 6. Term, Termination. 

6.1 Term. The initial term of this Agreement (the “Initial Term”) shall commence
on the Effective Date and, unless earlier terminated as provided in this Agreement, shall continue until the earlier of (a) the fifteenth (15th) anniversary of the Effective Date, or (b) with respect to any particular Service being
provided hereunder, such other termination date as is mutually agreed by the Parties in writing or set forth in a Services Addendum related to any additional Service added hereto. Unless earlier terminated as provided in this Agreement, this
Agreement shall automatically renew for successive five (5) year terms (each, a “Renewal Term”). 

6.2 Non-Renewal of Initial Term or Any Renewal Term; Fee Payable.
Either Party may elect not to renew this Agreement at the end of the Initial Term or any subsequent Renewal Term by giving the other Party written notice of such election not to renew not less than eighteen (18) months’ prior to the end of
such Initial Term or subsequent Renewal Term. If University gives written notice to Provider of its decision not to renew this Agreement, then, as a condition to the expiration of such Initial Term or Renewal Term, University shall pay, and Provider
shall have the right to receive, on the last day of such Initial Term or Renewal Term, as applicable, the Non-Renewal Fee by wire transfer of immediately available funds. 

6.3 Early Termination of Initial Term; Fee Payable. Prior to the expiration of the Initial Term,
University may elect to terminate this Agreement upon or following the later of (a) the seventh (7th) anniversary of the Effective Date, and (b) the payment in full of the Senior Secured Note. Such termination shall be effected by
providing Provider with written notice of termination not less than eighteen (18) months’ prior to the proposed date of termination, specifying therein the effective date of termination. If University gives written notice to Provider of
its decision to terminate this Agreement in accordance with this Section 6.3 (Early Termination of Initial Term; Fee Payable), then, as a condition to such termination, University shall pay, and Provider shall have the right to receive, on the
effective date of termination the Early Termination Fee by wire transfer of immediately available funds. 
 6.4
Termination of Agreement for Breach. Subject to the provisions of Section 3.11 (Points of Contact; Designees), Section 5.4 (Examinations) and Section 18.11 (Dispute Resolution), this Agreement may be terminated by
either Party (such Party defined herein for convenience as the “Non-Defaulting Party”) upon a Performance Failure by the other Party (such other Party defined herein for convenience as
the “Defaulting Party”) where such Performance Failure has a material adverse effect on the Non-Defaulting Party or its business. The
Non-Defaulting Party shall give the Defaulting Party written notice of such Performance Failure, stating the nature thereof and a reasonable period (which shall be not less than thirty (30) days) to cure
such Performance Failure. If the Defaulting Party does not cure any such Performance Failure within the specified cure period, the Non-Defaulting Party may terminate this Agreement effective upon thirty
(30) days’ prior written notice given on or after the end of the specified cure period; provided, that if, at end of the specified cure period, the Defaulting Party is continuing to use reasonably diligent efforts to cure such Performance
Failure in light of the nature of such Performance Failure, then the Non-Defaulting Party may not give written notice of termination of this Agreement until the earlier of (a) an additional thirty
(30) days has passed following the end of the original specified cure period, or (b) such time as the Defaulting Party has ceased using reasonably diligent efforts to cure such Performance Failure. For the avoidance of doubt, any

  
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termination of this Agreement in respect of a Payment Failure shall be governed by Section 5.2 (Delinquent Payments) or Section 5.4 (Examinations), as applicable. 

6.5 Termination of Particular Service. Subject to the provisions of Section 3.11 (Points of Contact;
Designees) , Section 5.4 (Examinations) and Section 18.11 (Dispute Resolution), the provision by Provider of any particular Service may be terminated by the Non-Defaulting Party upon a Performance
Failure by the Defaulting Party with respect to such particular Service. The Non-Defaulting Party shall give the Defaulting Party written notice of such material Performance Failure, stating the nature thereof
and a reasonable time (which shall be not less than thirty (30) days) to cure such Performance Failure. If the Defaulting Party does not cure any such Performance Failure within the specified cure period, the
Non-Defaulting Party may terminate the provision of the applicable Service effective upon thirty (30) days’ prior written notice given on or after the end of the specified cure period; provided, that
if, at end of the specified cure period, the Defaulting Party is continuing to use reasonably diligent efforts to cure such Performance Failure in light of the nature of such Performance Failure, then the
Non-Defaulting Party may not give written notice of termination of the particular Service until the earlier of (a) an additional thirty (30) days has passed following the end of the original
specified cure period, or (b) such time as the Defaulting Party has ceased using reasonably diligent efforts to cure such Performance Failure. Upon the termination of any particular Service being provided hereunder, the Parties will work
together mutually and in good faith to agree upon an appropriate adjustment to the Service Fees payable hereunder to reflect the elimination of such Service and this Agreement shall be amended accordingly. For the avoidance of doubt, any termination
of a particular Service in respect of a Payment Failure shall be governed by Section 5.2 (Delinquent Payments) or Section 5.4 (Examinations), as applicable. 

6.6 Special Termination Right. Anything in Section 6.5 (Termination of Particular Service) to the
contrary notwithstanding, University may immediately and without penalty terminate the portions of this Agreement related to the provision of Services covered in Section 8 (Financial Aid Services) of Exhibit B to this Agreement if it
receives notification that the DOE has imposed an emergency, limitation, suspension, or termination action with regard to Provider’s ability to contract with the University to administer any aspects of its participation in the Title IV
Programs. Any such termination of the Services covered in Section 8 (Financial Aid Services) of Exhibit B shall not affect Provider’s provision of Services not covered in Section 8 (Financial Aid Services) of Exhibit B.
Upon any termination of the Services covered in Section 8 (Financial Aid Services) of Exhibit B to this Agreement, the Parties will work together mutually and in good faith to agree upon an appropriate adjustment to the Services Fees
payable hereunder to reflect the elimination of such Services and this Agreement shall be amended accordingly 
 6.7
Effect of Termination. Upon termination of this Agreement or any particular Service, as applicable, (a) Provider shall be entitled to all Services Fees and other amounts due for the provision of the relevant Services rendered
up to and through the effective date of termination, as determined and payable in accordance with the terms in this Agreement and any Services Addendum, (b) the Parties shall take reasonable steps to provide the other Party with any information
and records reasonably relating to this Agreement or such Service requested by such other Party in writing to the extent appropriate and necessary to permit the continuing business operations of each of the Parties with a minimum of disruption, and
(c) all licenses granted under Section 10 (Intellectual Property Rights) below will terminate; provided, if University 

  
 14 

 
requests the performance of Transition Services, such licenses will terminate at the end of the applicable Transition Period. 

6.8 Transition Services. Except in the case of a non-renewal of
the Agreement under Section 6.2 (Non-Renewal of Initial Term or Any Renewal Term; Fee Payable) or an early termination of the Agreement by University under Section 6.3 (Early Termination of Initial
Term; Fee Payable), if this Agreement or any particular Service is terminated (regardless of the reason for such termination), (a) by Provider, then, at University’s written election, Provider will continue providing the Services (or the
applicable Service) for a period of up to two (2) years following the termination date, or (b) by University, then, at University’s written election, Provider will continue providing the Services (or applicable Service) for a period
of up to six (6) months following the termination date (the post-termination services are referred to herein as the “Transition Services,” and the applicable period during which the Transition Services are provided is
referred to herein as the “Transition Period”). Notwithstanding the foregoing, if this Agreement or a Service is terminated as a result of University’s failure to timely pay the applicable Services Fees, then if
University desires to receive Transition Services during the Transition Period, University must, prior to the commencement of any Transition Services, (a) pay all outstanding Services Fees that are not subject to a good faith dispute by
University pursuant to Section 5.2 (Delinquent Payments) and (b) pay the estimated Services Fees as reasonably determined by Provider for the Transition Period on a monthly basis in advance. If the actual Services Fees payable for the
Transition Period are different than the estimated Services Fees paid by University, then (i) if the actual Services Fees exceed the estimated Services Fees, University will pay the difference within thirty (30) days after the expiration
of the Transition Period, and (ii) if the actual Services Fees are less than the estimated Services Fees, Provider will refund to University the difference within thirty (30) days after the expiration of the Transition Period. The
Transition Services will be provided at least at the same levels of quality and timeliness of performance as such Services were required to be provided prior to the termination. In connection with a termination of the Agreement, University may, upon
written notice to Provider, modify the specific Transition Services to be provided to a subset of the Services provided under this Agreement and, in any case, may reduce the term for the Transition Period to a lesser period. Following any
termination, the Parties agree to work in good faith to effectuate an orderly transition of the Services (or any particular Service), with a goal of minimum interruption to University, its students and its Educational Activities. It is agreed and
understood that the licenses granted to Provider in Section 10 (Intellectual Property Rights) shall remain in effect during the Transition Period, provided that University complies with the terms in this Agreement, including timely paying the
Services Fees for the Transition Services. If this Agreement expires following the giving by a Party of notice of non-renewal under Section 6.2 (Non-Renewal of
Initial Term or Any Renewal Term; Fee Payable) above, or is terminated by University following the giving by University of notice of termination under Section 6.3 (Early Termination of Initial Term; Fee Payable), then during the period between
the giving of such notice of non-renewal or termination and the expiration or termination of the Initial Term or expiration of any Renewal Term, the Parties shall likewise work in good faith to wind down their
relationship and effectuate an orderly transition of the Services, with a goal of minimum interruption to University, its students and its Educational Activities. 

6.9 Assumption of Certain Services Functions. University may, at any time upon providing Provider with not
less than nine (9) months’ prior written notice (a “Services Transfer Notice”), elect to directly assume performance of one or more Back-Office Services 

  
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Functions, as designated by University in such Services Transfer Notice; provided that (a) Provider will be paid any Services Fees related to the Back-Office Services Function assumed for
the period prior to the effective date of such assumption, and continue to be paid its other Services Fees, in each case, as provided in Exhibit D without regard to such assumption, and (b) the Parties will negotiate in good faith to
determine appropriate adjustments to the Services Fees payable hereunder to give effect to any transfer of costs associated with such assumption. Upon University’s assumption of any Back-Office Services Functions, University will supply its own
technology and IT platforms to perform such Back-Office Services Functions and will no longer have the right to access or use the Platform in connection therewith. The Parties agree that to the extent performance of the Back-Office Services Function
assumed by University requires amendment to this Agreement, the Parties shall make such amendments (in accordance with Section 18.2 (Amendment; Waiver)) in good faith consistent with the remaining terms of this Agreement. University shall not
retain any other Person, during the remainder of the Initial Term or any Renewal Term in which a notice is given pursuant to this Section 6.9 (Assumption of Certain Services Functions), to perform any Back-Office Services Functions assumed
pursuant to this Section. 
 7. Tax Matters. 

7.1 Tax. The Services Fees are exclusive of all Tax. University will pay and be liable for any and all Tax
imposed on, sustained, incurred, levied and measured by the cost, value or price of Services provided by Provider under this Agreement; provided, that in no event shall University be liable for any Taxes that are imposed on or calculated by
reference to the net income received or receivable by Provider. All such Tax for which University is liable will, as applicable, be invoiced to and payable by University to Provider in accordance with Section 5.1 (Services Fees; Payment Terms)
or as otherwise mutually agreed in writing by the Parties and under the terms of the Applicable Law which governs the relevant Tax. Notwithstanding anything to the contrary contained in this Agreement, in the event that any applicable Tax authority
imposes a transaction privilege, sales or similarly denominated Tax on the Services, the responsibility for such Tax shall be borne equally by Parties. 

7.2 Tax Withholding. University shall (a) make all payments of Services Fees to be made by it to
Provider hereunder without any Tax withholding, unless a Tax withholding is required by Applicable Law and (b) promptly upon becoming aware that University must make a Tax withholding (or that there is any change in that rate or the basis of a
Tax withholding) notify Provider in writing accordingly. Provider shall co-operate in completing any procedural formalities necessary for University to obtain authorization to make payment without a Tax
withholding. 
 7.3 Tax Indemnity. Notwithstanding anything herein to the contrary, University shall pay
to Provider an amount equal to the loss, liability or cost that Provider reasonably determines will be or has been (directly or indirectly) suffered for or on account of Tax on Provider in respect of the Agreement. This Section 7.3 (Tax
Indemnity) shall not apply with respect to any Tax for which University is not responsible under Section 7.1 (Tax) or any other Tax assessed on Provider under the law of any jurisdiction in which Provider is incorporated or operates, if that
Tax is imposed on or calculated by reference to the net income received or receivable by Provider. 

  
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 8. Indemnification for Third Party
Claims. 
 8.1 Indemnification of University. Subject to the limitations set forth in
Section 11 (Limitation of Liability) below, Provider hereby agrees to (a) defend University and its trustees, officers, employees, agents, successors, and assigns (collectively, the “University Indemnitees”), from
and against all demands, suits, claims, actions, or causes of action (each, a “Claim”) asserted or brought by any third party against any of the University Indemnitees, and (b) indemnify and hold the University
Indemnitees harmless from any assessments, losses, damages, costs and expenses (including, interest, penalties, and reasonable attorneys’ fees), of any nature, and in all cases awarded in a final judgment, order or regulatory action to the
third party bringing the applicable Claim or any settlement amount paid to the third party bringing the applicable Claim in order to settle such Claim; provided that, in each case, such Claim arises directly from any act or omission of any Provider
Indemnitee, including any violation of any Applicable Law by Provider, in connection with its performance under this Agreement; provided further, that Provider shall have no obligation to defend, indemnify or hold University Indemnitees harmless
from any such assessments, losses, damages, costs and expenses to the extent arising from actions taken by Provider at University’s request or otherwise in respect of any communications with prospective or existing students made by Provider
following scripts, or using advertising or web materials, approved by University, as provided in Section 3.7.6 (Marketing Laws and Regulations; No Misrepresentation), so long as Provider was not negligent, grossly negligent or reckless in
taking such actions. 
 8.2 Indemnification of Provider. University hereby agrees to (a) defend
Provider and its directors, officers, stockholders, employees, agents, successors, and assigns, (collectively, the “Provider Indemnitees”), from and against all Claims asserted or brought by any third party against any of the
Provider Indemnitees, and (b) indemnify and hold the Provider Indemnitees harmless from any assessments, losses, damages, costs and expenses (including, interest, penalties, and reasonable attorneys’ fees), of any nature, and in all cases
awarded in a final judgment, order or regulatory action to the third party bringing the applicable Claim or any settlement amount paid to the third party bringing the applicable Claim in order to settle such Claim; provided that, in each case, such
Claim arises directly from any act or omission of any University Indemnitee including any violation of any Applicable Law by University, including, without limitation, in respect of the provision to Provider of scripts, or advertising or web
materials, for use by Provider as contemplated by Section 3.7.6 (Marketing Laws and Regulations; No Misrepresentation). 

8.3 Conditions. The indemnifying Party’s obligations under this Section 8 (Indemnification for
Third Party Claims) shall be conditioned upon and subject to the indemnified parties (i.e., the Provider Indemnitees or the University Indemnitees, as the case may be): (a) notifying the indemnifying Party promptly in writing of any Claim of which
an indemnified party becomes aware, provided, that the failure to provide such notice shall not relieve the indemnifying Party from its obligations hereunder, except to the extent of any material prejudice to the indemnifying Party as a direct
result of such failure; (b) offering the indemnifying Party sole authority to control fully, at the indemnifying Party’s expense with counsel of its choice, the defense and settlement of any Claim; provided, that any Claim of a regulatory
nature or involving any Educational Agency shall be under the mutual control of University and Provider and subject to Section 15 (Duty to Cooperate) of this Agreement, it being understood that the primary

  
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communications with the Educational Agency shall be through University (although Provider may be present at or participate in such discussions in its discretion and University will provide
reasonable prior written notice to Provider of such discussions); (c) having the right, at the indemnified parties’ cost and expense, to participate in the defense of such Claim using legal counsel of its or their own choosing, provided, that
such participation shall not reduce or impact the indemnifying Party’s control of the defense and settlement as provided herein; and (d) furnishing all reasonable cooperation and assistance requested by the indemnifying Party in accordance
with Section 15 (Duty to Cooperate) below. Notwithstanding anything to the contrary contained in this Section 8 (Indemnification for Third Party Claims), if, within fifteen (15) days following receipt by the indemnifying Party of
notice of a Claim pursuant to subpart (a) of the preceding sentence, the indemnifying Party fails to provide written notice to the indemnified parties of the indemnifying Party’s intention to assume the defense of such Claim, then each
indemnified party shall have the right to assume the sole control of the defense of such Claim by counsel of its choice, in which event if the Claim is in fact a Claim for which the indemnifying Party was obligated to defend, indemnify and hold
harmless the indemnified parties, the indemnifying Party shall indemnify any such indemnified party for all reasonable attorneys’ fees and costs incurred by such indemnified party in connection with such defense and such reimbursement of
attorneys’ fees shall be in addition to the indemnification for other amounts sought hereunder in connection with such Claim. For the avoidance of doubt, neither Party may settle a Claim without the prior written consent of the other Party,
such consent not to be unreasonably withheld, delayed or conditioned. 
 9. Confidentiality. Each Party
acknowledges that Confidential Information may be disclosed to the other Party in connection with this Agreement. 
 9.1
Definition. “Confidential Information” shall mean, with respect to each Party (a) any non-public, proprietary information, Intellectual Property and other
confidential information, including, but not limited to, any technical and non-technical information regarding current, future and proposed business operations, products and services, including for example and
without limitation, information concerning research and development, financial information, procurement requirements, student and customer information and lists, business forecasts, sales information and marketing plans, descriptions, specifications
and the like of a Disclosing Party, and (b) any information Disclosing Party has received from a third party which the Disclosing Party is obligated to treat as confidential or proprietary, in each case that is provided or communicated by the
Disclosing Party to the Receiving Party in connection with this Agreement after the Effective Date, including pursuant to Section 15 (Duty to Cooperate). 

9.2 Obligations. Each Party (in such capacity, the “Receiving Party”) acknowledges
and agrees to (a) use with respect to the Confidential Information of the other Party (in such capacity, the “Disclosing Party”) the same care and discretion to prevent such Confidential Information from being disclosed,
published or disseminated as it employs to avoid disclosure, publication or dissemination of its own similar Confidential Information (but in no event less than reasonable care), (b) use the Disclosing Party’s Confidential Information only for
the purpose for which it was disclosed, and (c) not disclose, disseminate or provide access to the Disclosing Party’s Confidential Information to any Person other than to those employees and agents who (i) have a need to know it in
order to assist the Receiving Party in performing its obligations under, or to permit the Receiving Party to exercise its rights under, this Agreement, 

  
 18 

 
and (ii) are legally bound by the same obligations regarding Confidential Information as the Parties are subjected to in this Section 9 (Confidentiality). Furthermore, neither Provider
nor University will: (A) acquire any right in or assert any lien against the Confidential Information of the other Party, other than as provided in this Agreement; or (B) sell, assign, lease or otherwise dispose of Confidential Information
of the other to third parties (except in connection with a sale of all or substantially all of such Party’s assets to which this Agreement relates) or commercially exploit such Confidential Information, other than as permitted in this
Agreement. In addition, the Parties shall take reasonable steps by agreement or otherwise so that their Affiliates, employees, subcontractors and consultants comply with these confidentiality provisions. 

9.3 Permitted Disclosures. Notwithstanding the foregoing, the Receiving Party may disclose the
Confidential Information of the Disclosing Party (a) to a third party subcontractor who is involved in providing Services under this Agreement or a third party who is contemplating entering into a transaction with Provider pertaining to a
financing event or a sale of all or any portion of its business, provided that: (i) such disclosure is reasonably necessary for the third party to perform its duties or evaluate the potential transaction; (ii) the Receiving Party causes
the third party to be bound to the same obligations regarding Confidential Information as the Parties are subjected to in this Section 9 (Confidentiality); and (iii) the Receiving Party assumes full responsibility for the acts or omissions
of such third parties, no less than if the acts or omissions were those of the Receiving Party; (b) to the extent required under the terms of any credit agreement, indenture or related agreement entered into by the Receiving Party or one of its
Affiliates; (c) to an Affiliate, provided that: (i) such Affiliate is bound to the same obligations regarding Confidential Information as the Parties are subjected to in this Section 9 (Confidentiality); and (ii) Receiving Party
shall only disclose such Confidential Information to those directors, trustees, officers, employees and agents of such Affiliate who have a need to know it in order to assist the Receiving Party in performing its obligations hereunder, or to permit
the Receiving Party to exercise its rights under this Agreement; (d) as required pursuant to any Applicable Law; provided, that the Receiving Party shall advise the Disclosing Party of such required disclosure promptly upon learning thereof in
order to afford the Disclosing Party a reasonable opportunity to contest, limit and/or assist the Receiving Party in crafting such disclosure; or (e) to an Educational Agency when requested by such Educational Agency. 

9.4 Exclusions. Notwithstanding anything to the contrary in the foregoing, Confidential Information does
not include, and this Section 9 (Confidentiality) will not apply to, any information that the Receiving Party can demonstrate was: 

9.4.1 at the time of disclosure of such information to the Receiving Party, in the public domain; 

9.4.2 information related to applicants to University that do not enroll in University within three months of initial
outreach to such applicant; 
 9.4.3 after disclosure of such information to the Receiving Party, published or
otherwise became part of the public domain through no fault of the Receiving Party or its directors, trustees, officers, employees and agents; 

  
 19 

 9.4.4 rightfully in the possession of the Receiving Party at the
time of disclosure of such information to the Receiving Party, free of any obligation of confidentiality; 
 9.4.5
received after disclosure of such information to the Receiving Party from a third party who had a lawful right to disclose such information to the Receiving Party; or 

9.4.6 independently developed by the Receiving Party without reference to Confidential Information of the Disclosing
Party. 
 9.5 Loss of Confidential Information. In the event of any disclosure or loss of, or inability
to account for, or unauthorized use of, Confidential Information, the Receiving Party will notify the Disclosing Party immediately in writing, and shall reasonably assist the Disclosing Party in remedying the unauthorized disclosure or use. 

9.6 Period of Confidentiality. Confidential Information disclosed pursuant to this Agreement will be
subject to the terms of this Agreement until such time as it ceases to be characterized as Confidential Information under one or more of clauses 9.4.1 through 9.4.6 of Section 9.4 (Exclusions) 

9.7 Return of Confidential Information. Within thirty (30) Business Days after the effective date of
termination of this Agreement or any Transition Period (if applicable), the Receiving Party shall destroy or deliver to the Disclosing Party, at the Disclosing Party’s option, (a) all materials furnished by the Disclosing Party, and
(b) all materials in the Receiving Party’s possession or control (even if not furnished by the Disclosing Party), in each case that contain or disclose any of the Disclosing Party’s Confidential Information. The Receiving Party will
provide the Disclosing Party a written certification of the Receiving Party’s compliance with the Receiving Party’s obligations under this Section 9.7 (Return of Confidential Information). Notwithstanding the foregoing, Confidential
Information stored on back-up storage media in the normal course of business need not be returned or destroyed, but shall remain subject to the terms of this Agreement in accordance with Section 9.6
(Period of Confidentiality). 
 10. Intellectual Property Rights. 

10.1 Definitions. 

10.1.1 As used herein, the term “Intellectual Property” shall mean any and all technology,
inventions, processes, know-how, designs, works of authorship, and any other technical subject matter related thereto. The term “Intellectual Property” also includes all intellectual
property rights or similar proprietary rights related to or protecting the foregoing, including (a) all inventions, all improvements thereto and all patents, patent applications, provisionals and patent disclosures, together with all
reissuances, continuations, continuations-in-part, revisions, extensions, and reexaminations thereof, (b) all registered and unregistered trademarks, service marks,
trade dress, logos, trade names, registered domain names, and corporate names, including all goodwill associated therewith, and all applications (including intent-to-use
applications), registrations, and renewals in connection therewith, (c) all copyrightable works, all copyrights and all applications, registrations and renewals in connection therewith, including all rights in works of authorship, curricula,
program materials, translations, abridgments, revisions compilations and derivative works, (d) all trade secrets, customer lists, lists of students and 

  
 20 

 
prospective students, employer lists, alumni lists, supplier lists, pricing and cost information, business and marketing plans and other confidential business information (including, without
limitation, ideas, formulas, compositions, know-how, techniques, research and development information, drawings, specifications, designs, plans, proposals, and technical data), (e) all computer programs and
related software, including source code and object code thereof, data, data tapes, databases and related manuals, notes, and documentation, and (f) all copies and tangible embodiments thereof. 

10.1.2 As used herein, the term “University Intellectual Property” shall mean any and all
Intellectual Property in (a) all of the content of the Courses and Programs, including the Course Materials and all Improvements thereto, (b) all Plans and related Plan Information (each as defined in Section 1.1 of Exhibit B)
developed by University, and (c) any Intellectual Property expressly identified in a Service Addendum as “University Intellectual Property.” 

10.1.3 As used herein, the term “Provider Intellectual Property” shall mean any and all
Intellectual Property in (a) the Platform, including Provider-developed or Provider-acquired user interface designs necessary to facilitate access to University Intellectual Property via the Platform (provided that, for further clarity,
Provider’s rights in such matter shall not give it any right whatsoever in or to any portion of University Intellectual Property, none of which may be used by Provider except in accordance with the express terms of this Agreement), logic and
data modules, algorithms, feature sets and source code, and documentation relating thereto (b) all Aggregated Data Sets (as further discussed in Section 10.13 (Aggregated Data Sets) below), and documentation relating thereto, (c) all
Plan Information developed by Provider, and (d) any Intellectual Property expressly identified in a Service Addendum as “Provider Intellectual Property.” 

10.2 Ownership. 

10.2.1 Ownership by Each Party. Following Provider’s assignment, sale and transfer to University of
certain Intellectual Property as set forth in the Asset Purchase Agreement or any related agreement executed by the Parties in connection therewith, each Party (and their respective Affiliates) (as the “Owner Party”) owns and
shall retain all right, title and interest in and to any and all (a) Confidential Information of such Owner Party, (b) all Intellectual Property of such Owner Party or its Affiliates existing as of the Effective Date, (c) except as
may be expressly provided otherwise in this Agreement or a Services Addendum, all Intellectual Property independently developed by such Owner Party or its Affiliates after the Effective Date, and (d) in the case of University, all Improvements
to University Intellectual Property, together with all associated Intellectual Property rights in such Improvements, that are conceived, created, or developed by Provider in connection with providing the Services hereunder. For the avoidance of
doubt, Intellectual Property developed by Provider, whether in connection with the provision of the Services or outside the provision of the Services, including, without limitation, Aggregated Data Sets, shall be Intellectual Property independently
developed by Provider for purposes of the foregoing and Provider will be the “Owner Party” of such Intellectual Property, except for Intellectual Property that is developed by Provider and assigned to University as specifically provided in
this Section 10 (Intellectual Property Rights). 

  
 21 

 10.2.2 Works Made for Hire. Provider acknowledges and
agrees that all works of authorship included in the University Intellectual Property shall constitute a “work made for hire” for University, as that phrase is defined in Section 101 and 201 of the Copyright Act of 1976 (Title 17,
United States Code), including a work specially commissioned by University. With respect to any such works of authorship that are not “works made for hire” and with respect to any other University Intellectual Property, Provider hereby
assigns and transfers and agrees to assign and transfer to University all of Provider’s right, title and interest in and to such works of authorship and University Intellectual Property, including, all patent, copyright, trade secret and other
proprietary rights, and the right to make any modifications, adjustments or additions thereto (Provider hereby expressly waiving any droit moral or similar rights to object to any such changes), the right to make and distribute derivative works
thereof and the right to all claims for past infringement thereof. 
 10.2.3 Further Assurances. Upon a
Party’s reasonable written request, the other Party shall execute and deliver to the requesting Party all documents and instruments, including copyright assignments, and shall otherwise assist the requesting Party, at the requesting
Party’s expense, to perfect in the requesting Party the sole and exclusive right, title and other interests in the Intellectual Property of such requesting Party (as provided herein). In the event a requesting Party is unable, because the other
Party is no longer in business, to obtain the signature of the other Party to any document or instrument necessary or desirable to apply for protection of, or to enforce any action with respect to, any Intellectual Property right of the requesting
Party, the other Party hereby irrevocably designates and appoints the requesting Party and its duly authorized officers and agents as the other Party’s agent and
attorney-in-fact, whose power is expressly coupled with an interest, to act for and on behalf of the other Party, to execute such documents and instruments and to take
all lawfully permitted actions to protect the requesting Party’s interests in any such Intellectual Property with the same legal force and effect as if executed by such other Party. 

10.3 License to Course Materials. Subject to the terms and conditions of this Agreement, and subject to
the applicable Quality Control Standards set forth in Section 10.9 (Quality Control), University, on behalf of itself and its Affiliates, hereby grants to Provider, during the Initial Term and any Renewal Term and under the Intellectual
Property rights owned or controlled by University or its Affiliates, a non-exclusive, non-transferable, worldwide, royalty-free right and license, without the right to
sublicense, (a) to create derivative works of, and to modify, enhance and develop improvements to, the Course Materials (collectively, “Improvements”), and (b) to use the Course Materials, including the right to
reproduce, distribute copies, publicly display and publicly perform the Course Materials, in each case solely in connection with the performance by Provider of Services under this Agreement. The foregoing license only in clause (a) of
Section 10.3 (License to Course Materials) is subject to University’s prior written consent (not to be unreasonably withheld, conditioned or delayed) for each of the Improvements and such consent may be reasonably conditioned on additional
terms and conditions to be proposed by University consistent with University’s academic control over the Course Materials. During the Initial Term of this Agreement and any Renewal Term, Provider shall disclose all Improvements to University.
Provider will have written agreements with its employees and contractors that develop Improvements pursuant to which such employees and contractors assign to Provider all right, title and interest in and to the Improvements and all Intellectual
Property rights therein. 

  
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 10.4 License to Other University Intellectual Property.
Subject to the terms and conditions of this Agreement, University, on behalf of itself and its Affiliates, hereby grants to Provider, during the Initial Term and any Renewal Term and under the Intellectual Property rights owned or controlled by
University or its Affiliates, a non-exclusive (except as provided in the next sentence), non-transferable, worldwide, royalty-free right and license, without the right
to sublicense, to use, reproduce, create derivative works and to modify, enhance and develop improvements to the University Intellectual Property (other than the Course Materials and University Marks) and distribute copies, publicly display and
publicly perform such other University Intellectual Property, in each case solely in connection the performance by Provider of Services under this Agreement. Notwithstanding the foregoing, the license set forth in this Section 10.4 (License to
Other University Intellectual Property) shall be exclusive with respect to the Exclusive Services. 
 10.5
License to University Marks. Subject to the terms and conditions of this Agreement and to the Quality Control Standards set forth in Section 10.9 (Quality Control), University, on behalf of itself and its Affiliates, hereby
grants to Provider, during the Initial Term and any Renewal Term, a worldwide, non-exclusive (except as provided in the next sentence), non-transferable, royalty-free
right and license, without the right to sublicense, to use, reproduce and display the University Marks solely in connection with the performance by Provider of the Services (e.g., marketing and promotion services). Notwithstanding the foregoing, the
license set forth in this Section 10.5 (License to University Marks) shall be exclusive with respect to the Services identified herein; provided, that University may use, reproduce and display the University Marks in connection with the
marketing and promotion of University and the Programs as well as any other uses unrelated to the Services identified herein. Subject to the terms of this Agreement (e.g., with respect to Provider’s permitted use of University Marks), Provider
and University shall coordinate their marketing and promotional activities in respect of University to ensure a consistent message. A list of University Marks as of the Effective Date is set forth on Exhibit E to this Agreement. 

10.6 Reservation of Rights. Nothing in this Agreement shall be deemed in any way to constitute a transfer
or assignment by University to Provider of ownership of or title to any of University Intellectual Property. 
 10.7
Domain Names; Additional Trademarks. If Provider is interested in using domain names containing one of the University Marks, for any purpose, Provider shall provide a written request to University and University may, in its sole
discretion, apply to register the additional domain names and/or trademarks and amend the list of University Marks to include such additional domain names and/or trademarks. 

10.8 Restrictions on Trademark Usage. University grants no rights under the University Marks other than
those expressly granted herein unless otherwise agreed to in writing on a case-by-case basis, at the sole discretion of University. Without limiting the foregoing,
Provider agrees that it shall not directly or indirectly at any time: 
 10.8.1 use any of the University Marks for
or in connection with any business of Provider other than the provision of Services to University under this Agreement; 

  
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 10.8.2 use any of the University Marks in combination with any other
trade name, trademark, service mark, corporate name, logo, domain name or trade dress, unless approved in advance in writing by University; 

10.8.3 use any trade name, trademark, service mark, domain name, logo or trade dress which, in University’s
opinion, is likely to be confused with, tarnish or dilute any of the University Marks; 
 10.8.4 apply to register,
obtain, use or own any domain name or trademark comprising or related to any of the University Marks, or any confusingly similar marks; or 

10.8.5 use the University seal (which is solely used for academic purposes). 

10.9 Quality Control. 

10.9.1 Notwithstanding anything herein to the contrary, University shall retain absolute final authority respecting the
form and content of any of the Programs, including Courses and Course Materials, offered under the University name or University Marks. Provider shall at all times operate Provider’s business in accordance with standards of professionalism and
business practices consistent with those of University, and in accordance with Applicable Law. Provider shall not perform, or fail to perform, any act if, in University’s reasonable opinion, such act, or failure to act, materially and adversely
affects the business or academic reputation of University, or in any way materially diminishes or tarnishes the reputation of University, its employees, its students or any University Marks. 

10.9.2 Provider shall comply with University’s written quality control standards provided from time to time by
University to Provider in connection with Provider’s use of the University Marks, as in effect from time to time, which shall be subject to reasonable changes or re-branding by University from time to
time upon at least thirty (30) days prior written notice to Provider (the “Quality Control Standards”). All such changes and re-branding shall be consistent with changes and re-branding implemented and put into practice by University generally and shall not be unique to Provider. All uses of the University Marks must be in conformance with the then-current form of Quality Control
Standards or otherwise be approved in writing by University prior to their use. Provider shall not by any act or omission use the University Marks in any manner that disparages or reflects adversely on the University Marks or on University, its
employees, its students, its business or its reputation. 
 10.9.3 If at any time University is of the reasonable
opinion that Provider is in breach of Section 10.8 (Restrictions on Trademark Usage) or the terms of this Section 10.9 (Quality Control) (other than Section 10.9.4), University shall deliver written notice to Provider as provided in,
and otherwise proceed under, Section 6.4 (Termination for Breach) or Section 6.5 (Termination of Particular Service), as applicable. Notwithstanding the foregoing, the terms of this Section 10.9.3 shall not limit any right or remedy
available to either Party, whether under this Agreement, Applicable Law or in equity, subject to the limitations on damages set forth in Section 11 (Limitation of Liability). 

10.9.4 Provider shall not challenge or assist others in challenging University’s ownership of the Course Materials
and/or University Marks. Similarly, Provider shall 

  
 24 

 
not challenge or assist others in challenging University’s ownership of University Intellectual Property. 

10.10 License to Provider Intellectual Property. Subject to the terms and conditions in this Agreement,
Provider hereby grants to University the non-exclusive, non-transferable, right and license, during the Initial Term of this Agreement and any Renewal Term, and without
the right to sublicense, to use all Provider Intellectual Property used in the Programs, including a license of all rights under copyright and the rights to reproduce and copy Provider Intellectual Property in all editions, versions, enhancements,
improvements, updates, changes, and formats for print and in any other form or medium, whether now known or hereafter known, throughout the world, including, electronic, magnetic, digital, laser, or optical-based media, for use only in
University’s Programs. To the extent necessary to facilitate access to the Programs, Provider shall also grant to University students a royalty-free license to use Provider Intellectual Property that is included in any Program for the duration
of their participation in such Program, but only as part of the Program studies. Except for the express assignment by Provider to University of certain Intellectual Property as provided in Section 10.2.2 (Works Made for Hire), nothing in this
Agreement shall be deemed in any way to constitute a transfer or assignment by Provider to University of ownership of or title to any Intellectual Property. 

10.11 Licenses to Plans and Plan Information. Licenses to Plans and Plan Information shall be governed by
Section 1.2 of Exhibit B. 
 10.12 No Additional Rights. Except as expressly provided in
this Agreement, a Services Addendum, or a separate written agreement between the Parties, neither Party shall receive, by virtue of this Agreement, any rights of ownership to, or any license or other rights in or to, any Confidential Information or
Intellectual Property of the other Party. 
 10.13 Aggregated Data Sets. Notwithstanding anything else
in this Agreement to the contrary, Provider may collect, store and use data and information related to use of the Services and delivery of Courses in an aggregated and anonymous manner, including to compile statistical and performance information
related to the provision and operation of the Services by Provider (“Aggregated Data Sets”). University shall undertake such reasonable actions, such as disclosing such collection and use in its privacy policies, as the
Provider may request from time to time. As between Provider and University, all right, title and interest in the Aggregated Data Sets and all Intellectual Property therein, belong to and are retained solely by Provider. University acknowledges that
Provider will be compiling Aggregated Data Sets based on delivery and use of the Services and University agrees that Provider may (a) make such Aggregated Data Sets publicly available, and (b) use such information and data to the extent
and in the manner permitted by Applicable Law, including without limitation, for purposes of data gathering, analysis, service enhancement and marketing, provided that such use does not specifically identify University or its Confidential
Information without University consent. 
 11. Limitation of Liability. The Parties hereby agree that
Provider’s aggregate liability under this Agreement, regardless of the nature of the claim or cause of action, whether in contract, warranty, in tort (including negligence), or strict liability or any other legal theory regarding any claim by
University related in any way to the performance or non-performance of Provider under this Agreement, is limited to the amount paid by University to Provider for Services

  
 25 

 
in the most recently completed three-month period, less in all circumstances, any amounts previously paid (as of the date of satisfaction of such liability) by Provider in satisfaction of any
liability under this Agreement, and University hereby releases and waives any claim against Provider in excess of such amount, to the extent permitted by Applicable Law. The limitation set forth in this Section shall not apply to liability or claims
arising out of or related to Provider’s (a) breach of Section 9 (Confidentiality) or Section 10 (Intellectual Property Rights) (including Provider’s infringement, violation or misappropriation of University Intellectual
Property rights), or (b) claims based on Provider’s gross negligence or willful misconduct, to the extent permitted by Applicable Law. The limitations in this Section shall apply notwithstanding any failure of essential purpose of any
limited remedy set forth in this Agreement. No Party will claim, assert or take the position that any limitation on damages set forth in this Section is or should be found unenforceable or that such limitation should not be enforced. The foregoing
limitations on damages shall apply to the maximum extent permitted by Applicable Law. If Applicable Law precludes the exclusion of certain types of damages or of certain types of damages in certain circumstances, then the foregoing limitations on
damages shall not apply to such damages or such damages in such circumstances, provided that the balance of the limitations shall continue to apply. 

12. Force Majeure. Neither Party shall be liable or in breach of this Agreement for any interruption of
the provision of Services, or any delay or failure to perform under this Agreement when such interruption, delay or failure results from causes beyond that Party’s reasonable control, including as a result of strikes, lock-outs or other labor
difficulties; acts of government, riot, insurrection or other hostilities; embargo, fuel or energy shortages; fire, flood, acts of God, wrecks or transportation delays; or inability to obtain necessary labor, materials or utilities from usual
sources. In such event, a Party’s obligations hereunder shall be postponed for such time as its performance is suspended or delayed on account thereof. Upon the cessation of the force majeure event, each Party will use commercially reasonable
efforts to resume its performance with the least possible delay. 
 13. Available Remedies.
Notwithstanding anything herein to the contrary, the Parties agree that the failure of a Party to perform any obligation which arises under Section 9 (Confidentiality) or Section 10 (Intellectual Property Rights) of this Agreement will
cause irreparable harm to the other Party which may not be fully or adequately compensated by the award and/or payment of monetary damages alone. In the event of actual or threatened breach by a Party of Section 9 (Confidentiality) or
Section 10 (Intellectual Property Rights), the Parties agree that the non-breaching Party shall be entitled to injunctive or other equitable relief in order to enforce or prevent any such conduct or
continuing violation, without having to post a bond or other security and the breaching Party agrees not to raise the defense of an adequate remedy at law in any such proceeding. Nothing herein shall be construed as prohibiting either Party from
pursuing any other remedies available for such breach or threatened breach, including the recovery of damages, costs, and reasonable attorneys’ fees from the other. 

14. Relationship of the Parties. The relationship of Provider to University under this Agreement shall be
that of an independent contractor. Services Personnel rendering Services pursuant to this Agreement shall not be deemed employees of University, and shall not be entitled to or qualified under any employee benefit plans, including pension, health
and insurance plans, provided by University for its employees. Each Party shall be solely responsible for the fulfillment of all labor and Social Security provisions that affect the labor relationships with its personnel,

  
 26 

 
either currently in force or that may be passed during the Initial Term of this Agreement and any Renewal Term, expressly discharging the other Party from any liability for the breach thereof.
Neither Party, nor its respective employees, agents or representatives, is authorized to, nor shall at any time attempt to, act on behalf of the other Party to bind the other Party in any manner whatsoever to any obligations. 

15. Duty to Cooperate. If a Governmental Entity, Educational Agency, or third party files any type of
Claim, or commences an investigation, adverse action, review or audit against Provider or one of its Affiliates or University or one of its Affiliates, in each case related, in whole or in part, to this Agreement and the Services provided hereunder,
each Party (and its respective Affiliates, to the extent applicable) shall provide prompt notice to the other Party of such Claim, investigation, adverse action, review or audit and shall use commercially reasonable efforts to cooperate with the
other’s defense. Each Party (and its Affiliates, to the extent applicable) further agrees in principle to assert the common interest privilege and to execute such joint defense agreements, on customary terms, as may be necessary or appropriate
for the protection of any privilege or confidentiality in the course of cooperating with the other’s defense. Provider and University (and their respective Affiliates, to the extent applicable) agree to use commercially reasonable efforts to
make available to the other upon reasonable request in writing any and all non-privileged or non-proprietary documents that either Party (or either of their respective
Affiliates, to the extent applicable) has in its or their possession, which relate to any such claim, lawsuit, charge, investigation or audit. However, neither Party (nor any of their respective Affiliates) shall have the duty to cooperate with the
other Party if the dispute is between the Parties themselves, nor shall this provision preclude the raising of cross-claims or third party claims between Provider and University (or one of their respective Affiliates) if the circumstances justify
such proceedings. The Parties agree that this provision shall survive the termination of this Agreement. 
 16.
Survival of Obligations. Each Party’s obligations under this Section and Section 6.7 (Effect of Termination), the second sentence of Section 3.2 (Location of Services; Subcontracting), Section 3.6 (Compliance
with Laws), Section 3.7 (Provider’s Compliance with Certain Educational Laws), Section 3.12 (Disclaimer of Warranties), Section 4 (University Roles and Responsibilities), Section 5 (Fees and Payments), Section 7 (Tax
Matters), Section 8 (Indemnification for Third Party Claims), Section 9 (Confidentiality), the terms in Section 10 (Intellectual Property Rights) with respect to ownership of Intellectual Property and the irrevocable licenses,
Section 11 (Limitation of Liability), Section 13 (Available Remedies), Section 14 (Relationship of the Parties), Section 15 (Duty to Cooperate), Section 18 (Miscellaneous), and University’s obligations under Exhibit
D of this Agreement, shall survive the termination of this Agreement to the extent permitted by Applicable Law. 
 17.
Insurance. Each Party shall be solely responsible for obtaining workers compensation insurance for its employees and agents and such other insurance as may be required by Applicable Laws. In addition, each Party agrees to carry
(or, in University’s case, to self-insure for) commercial general liability insurance with coverage including products and completed operations, personal and advertising injury, and cybersecurity insurance in amounts, and with scope of
coverage, customary for similarly situated entities and as mutually agreed on by the Parties. Each insurance policy required above shall name the other Party as additional insured on broad form endorsements with respect to all bodily injury,
personal injury, advertising injury, and 

  
 27 

 
property damage liability arising out of the Party’s operations, services or products. Each such insurance policy shall be endorsed to provide that such coverage shall be primary over any
coverage available to the other Party under its own insurance program in the event of any suit, claim, damages or loss. Each Party shall provide to the other party a copy or copies of a certificate or certificates of insurance or, in
University’s case, evidence of a self-insurance program, demonstrating that the insurance coverage set forth above is in full force and effect no later than sixty (60) Business Days after the date of the Parties’ execution of this
Agreement. Each party shall endeavor to provide the other Party at least thirty (30) days’ advance notice of any cancellation or material change in any policy of insurance for coverage required under this Agreement. Further, each Party
shall maintain any insurance coverage referenced herein for a period of five (5) years after termination of this Agreement. To the extent, and only to the extent necessary to effectuate the Limitation of Liability provisions of Section 11,
the University will use best efforts to obtain a waiver from its insurers of the insurers’ subrogation rights against Provider. 

18. Miscellaneous. 

18.1 Notices. All notices, demands and other communications to be sent to a Party under this Agreement
shall be sent to such Party at the address as may be specified by the Party from time to time in a notice sent as provided in this Section, provided that the initial notice address for each Party is as follows: 

if to Provider: 

Grand Canyon Education, Inc. 

2600 West Camelback Road 

Phoenix, Arizona 85017 

Attention: Daniel E. Bachus 

Email: dan.bachus@gce.com 

if to University: 

Grand Canyon University 

3300 West Camelback Road 

Phoenix, Arizona 85017 

Attention: Brian M. Roberts 

Email:    brian.roberts@gcu.edu 

All such notices, demands or other communications shall be in writing and shall be deemed to have been received (a) when personally delivered, delivered
by facsimile or delivered by other telecommunication mechanism, including electronic mail (provided there is no error or failure in transmission), (b) the next day, if sent by recognized overnight courier, or (c) five (5) days after deposit in
the United States mail, postage prepaid, properly addressed and return receipt requested. 
 18.2 Amendment;
Waiver. 
 18.2.1 This Agreement, including the Exhibits and any Services Addendum, may be amended or
modified only in a written instrument executed by each Party 

  
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hereto. Any provision of this Agreement may be waived only in a written instrument executed by the Party granting such waiver. The failure at any time of a Party to require performance by any
other Party of any responsibility or obligation required by this Agreement shall in no way affect a Party’s right to require such performance at any time thereafter, nor shall the waiver by a Party of a breach of any provision of this Agreement
by any other Party constitute a waiver of any other breach of the same or any other provision nor constitute a waiver of the responsibility or obligation itself. 

18.2.2 If continuing this Agreement or any particular Service hereunder could (a) as reasonably and in good faith
determined by University (i) jeopardize University’s accreditation status with the HLC and/or other Educational Agencies (including, for example, where, due to a change in accreditation standards or Applicable Law, the performance
standards applicable to Provider’s provision of the Services, as set forth in Section 3.4 (Services and Performance Standards) and Exhibit B, are required to be modified in order for University to achieve compliance with such
changed standards or Applicable Law), (ii) cause, or could be reasonably likely to cause, the loss or material impairment of University’s status under Section 501(c)(3) of the Code as a public charity more specifically described in Code
Section 170(b)(1)(A)(ii), (iii) cause a loss of the tax-exempt status of any bonds issued by University, or (iv) cause, or be reasonably likely to cause, the loss or material impairment of
University’s participation in the Title IV Programs or the imposition of material fines or repayment liabilities arising from such participation, or (b) as reasonably and in good faith determined by University or Provider, as a result of
the creation, amendment or interpretation of any Educational Laws, significantly impact any material aspect of this Agreement, then, in each case (and subject to Section 18.11 (Dispute Resolution)), the Parties will negotiate in good faith an
amendment to this Agreement or such Services Addendum so as to address such issues in a manner that preserves, to the maximum extent feasible, the economic interests of both Parties and that is reasonably satisfactory to both Parties. 

18.2.3 If, following the Effective Date, Provider determines to provide Services through one or more subsidiaries, then
(subject to Section 18.3 (Assignment)) University agrees to execute an amendment to this Agreement and/or any new agreements with such subsidiaries, in each case which, taken in the aggregate, reflect the terms and provisions of this Agreement.

 18.2.4 The Parties acknowledge that, during the term of this Agreement, the University may desire to refinance
certain outstanding obligations with the proceeds of tax-exempt obligations. In connection with such refinancing, the Provider agrees to cooperate with the University to make changes to this Agreement that may
be required in order for this Agreement to either meet the safe-harbors for qualified management contracts under IRS guidelines provided in Revenue Procedure 2017-13 (or any successor guidance) or to meet
other requirements imposed by the IRS such that the provision of services by Provider under this Agreement does not result in private business use under Section 141(b)(1) of the Code or the Treasury Regulations issued thereunder (and otherwise
does not preclude availability of refinancing by means of tax-exempt obligations). The Parties agree that such changes shall include reasonable compensation to compensate for the impact of any such changes.

  
 29 

 18.3 Assignment. This Agreement shall be binding upon
and inure to the benefit of the successors and permitted assigns of each party hereto. Except as provided below, neither this Agreement nor any right or obligation hereunder may be assigned or delegated in whole or in part by a Party to any other
Person, without the prior written consent of the other Party (which consent shall not be unreasonably withheld, conditioned or delayed). Provider may, without the consent of University, (a) collaterally assign its rights under this Agreement to
a lender to Provider, and (b) assign this Agreement and any right or obligation hereunder, or any portion hereof or thereof to one or more subsidiaries of Provider formed for the purpose of providing services such as the Services provided
hereunder, provided that (i) any such subsidiary is wholly owned by Provider, (ii) Provider remains primarily liable for all of Provider’s obligations arising under this Agreement and also executes a guarantee of performance and
payment by any such subsidiary of all such obligations, in form and substance reasonably satisfactory to University, (iii) any such subsidiary agrees in writing to be bound by this Agreement, and the assignment and assumption agreement is
otherwise in form and substance reasonably satisfactory to University, and (iv) such assignment to any such subsidiary shall automatically terminate and be of no further force or effect if at any time such subsidiary is no longer wholly owned
by Provider. For purposes of this Section, “assignment” includes any change in control of a Party, any subcontracting or other delegation by Provider of the performance of substantially all of the Services, and any transfer or assignment
of this Agreement (whether by operation of law or otherwise) in connection with any merger, sale of all or substantially all assets, or any other transaction. 

18.4 Third Party Rights. Except to the extent provided in Section 8 (Indemnification for Third Party
Claims), nothing in this Agreement, whether express or implied, is intended or shall be construed to confer, directly or indirectly, upon or give to any Person other than the Parties any legal or equitable right, remedy or claim under or in respect
of this Agreement or any covenant, condition or other provision contained herein. 
 18.5 Choice of Law.
This Agreement shall be construed and enforced in accordance with and governed by the laws of the State of Arizona, without giving effect to the principles of conflict of laws thereof. 

18.6 Headings. The headings of the Sections in this Agreement are provided for convenience of reference
only and shall not be deemed to constitute a part hereof. 
 18.7 Entire Agreement. This Agreement,
together with the Appendices, Exhibits and Schedules hereto and the agreements and instruments expressly provided for herein, as all of the foregoing may be amended from time to time in accordance with the terms hereof, constitute the entire
agreement of the Parties hereto with respect to the subject matter hereof and supersede all prior agreements and understandings, oral and written, among the Parties hereto with respect to the subject matter hereof. 

18.8 Severability. Should any provision of this Agreement be deemed in contradiction with the laws of any
jurisdiction in which it is to be performed or unenforceable for any reason, such provision shall be deemed null and void, but this Agreement shall remain in full force in all other respects. Should any provision of this Agreement be or become
ineffective because of changes in Applicable Law or interpretations thereof, or should this Agreement fail to include a provision that is required as a matter of law, the validity of the other provisions of this

  
 30 

 
Agreement shall not be affected thereby. If such circumstances arise, then (subject to Section 3.11 (Points of Contact; Designees) and Section 18.11 (Dispute Resolution) the Parties
hereto shall negotiate in good faith appropriate modifications to this Agreement to reflect those changes that are required by Applicable Law. 

18.9 Counterparts. This Agreement may be executed in several counterparts, each of which shall be deemed
an original, but all of which together shall constitute one and the same instrument. 
 18.10 Further
Assurances. Each Party shall execute such deeds, assignments, endorsements, evidences of transfer and other instruments and documents and shall give such further assurances as shall be necessary to perform such Party’s obligations
hereunder. 
 18.11 Dispute Resolution. 

18.11.1 In the event of any dispute, claim or controversy arising out of or relating to this Agreement, including, but
not limited to, its creation, validity, interpretation or enforcement (a “Dispute”), the Parties shall endeavor to settle the Dispute through their respective Designees. University’s Designee shall report Disputes to the
MSA Committee and the MSA Committee shall provide guidance in accordance with the University Bylaws. If the Designees are unable to resolve the Dispute within thirty (30) days of receipt of written notice by a Designee from the other Designee
identifying the dispute and initiating such discussions, the Dispute shall then be submitted to (a) in the case of the Provider, a senior executive officer (other than the chief executive officer) appointed by the Provider’s board of
directors, and (b) in the case of University, a member or members of the MSA Committee appointed by the MSA Committee (each, a “Senior Designee”), who shall work together in good faith effort to resolve the Dispute. If
the Dispute cannot be resolved by the respective Party’s Senior Designees within thirty (30) days of submission of the matter to such Senior Designees, then either Party may proceed with an action or proceeding under Section 18.11.2
below. 
 18.11.2 The Parties agree to submit (the “Submission”) any dispute, claim, or
controversy arising out of or relating to this Agreement, including, but not limited to, its creation, validity, interpretation or enforcement to JAMS for non-binding mediation. The Parties agree that the
Submission will be treated as Confidential Information and the fact of the Submission and all details thereof shall not be disclosed to any third party except to the mediators. The Submission shall be in writing and set forth with reasonable
particularity the grounds for the Submission. The Submission shall be filed with JAMS and sent to the other Party simultaneously. The other Party shall serve a written response to the Submission within five (5) Business Days to both the
originating Party and JAMS. The Parties will cooperate with JAMS and with one another in selecting a mediator from a panel of neutrals and in promptly scheduling the mediation proceedings. Any mediation conducted pursuant to this Agreement shall be
held in Phoenix, Arizona. If the Parties cannot agree on a mediator, JAMS will appoint one. The Parties covenant that they will participate in the mediation in good faith and that they will (a) bear their own attorneys’ fees, costs, and
expenses in connection with the mediation; and (b) share equally in the fees and expenses charged by the mediator. All offers, promises, conduct, and statements, whether oral or written, made in the course of the mediation by either Party,
their agents, employees, experts, and attorneys, and by the mediator or any JAMS employee are confidential, privileged, 

  
 31 

 
and inadmissible for any purpose, including impeachment, in any arbitration or other proceeding involving the Parties, provided that evidence that is otherwise admissible or discoverable shall
not be rendered inadmissible or non-discoverable as a result of its use in the mediation. If the Dispute is not resolved within thirty (30) days from the date of the Submission of the Dispute to mediation
(or such other date as the Parties may agree to in writing), any Party may proceed forthwith with the initiation and administration of an arbitration in accordance with the terms of this Section 18.11 (Dispute Resolution). The mediation may,
however, continue, if the Parties so agree, after the commencement of the arbitration. Unless otherwise agreed by the Parties, the mediator shall be disqualified from serving as arbitrator in the case. 

18.11.3 The Parties agree that final and binding arbitration of the Dispute shall be conducted through JAMS, before a
single arbitrator and in accordance with the JAMS Streamlined Arbitration Rules & Procedures. Such arbitration shall be the sole and exclusive remedy for resolving any Disputes arising out of, or in any way related to this Agreement,
including, but not limited to its creation, validity, interpretation, or enforcement, instead of any court action, which is hereby expressly waived. The Parties agree that the arbitration will be treated as Confidential Information to the extent
permitted by law and the fact of the arbitration and all details thereof shall not be disclosed to any third party except to the arbitrator. Any arbitration conducted pursuant to this Agreement shall be held in Phoenix, Arizona. The Parties waive
any argument that the selection of that venue is inconvenient or otherwise improper. The non-prevailing Party agrees to pay all expenses and reasonable expenses and attorneys’ fees incurred by the
prevailing Party. 
 18.12 Certain Interpretive Matters. 

18.12.1 Unless the context requires otherwise, (i) all references to Sections or Exhibits are to Sections or
Exhibits of or to this Agreement, (ii) words in the singular include the plural and vice versa, (iii) the terms “include”, “includes” “including” means “include,
includes or including without limitation,” and (iv) the terms “herein,” “hereof,” “hereunder” and words of similar import shall mean references to this Agreement as a
whole and not to any individual Section or portion hereof. All references to “$” or dollar amounts will be to lawful currency of the United States of America. All references to “$” or dollar amounts, or
“%” or percent or percentages, shall be to precise amounts and not rounded up or down. All references to “day” or “days” will mean calendar days. 

18.12.2 No provision of this Agreement will be interpreted in favor of, or against, any of the parties by reason of the
extent to which any such party or its counsel participated in the drafting thereof or by reason of the extent to which any such provision is inconsistent with any prior draft of this Agreement or such provision. 

[Signature Page Follows] 

  
 32 

 IN WITNESS WHEREOF, the Parties have executed and delivered this
MASTER SERVICES AGREEMENT as of the day and year first above written. 
  

			
	PROVIDER:
	
	GRAND CANYON EDUCATION, INC.
		
	By:	 	 /s/ Daniel E. Bachus

	Name: Daniel E. Bachus
	Title: Chief Financial Officer
	
	UNIVERSITY:
	
	GAZELLE UNIVERSITY (to be renamed
	“Grand Canyon University”)
		
	By:	 	 /s/ Will Gonzalez

	Name: Will Gonzalez
	Title: Chairman of the Board of Trustees

  
 [Signature Page to Master
Services Agreement] 
 33 

 EXHIBIT A 

DEFINITIONS 

“Access” refers to the ability of authorized agents, officers, directors and employees of Provider to
(a) enter and exit the Campus or other facilities of the University as reasonably necessary to perform the Services (including the use, consistent with the use prior to the date hereof, of the executive office space on the fourth floor of the
Student Life Building), (b) review and analyze relevant Books and Records of University (including copies) as reasonably necessary for the performance of the Services, and (c) consult with any employees of University as reasonably necessary to
perform the Services under this Agreement. 
 “Accrediting Body” means any governmental or non-governmental entity, including, without limitation, any institutional and/or specialized accrediting agency, that engages in the granting or withholding of accreditation of postsecondary educational institutions
or programs in accordance with standards relating to the performance, operations, financial condition or academic standards of such institutions, including, without limitation, HLC. 

“Affiliate” means a Person that directly, or indirectly through one or more intermediaries, controls,
or is controlled by, or is under common control with, the Person specified. For the foregoing purposes, “control” means the ownership of more than fifty percent (50%) of the securities entitled to elect the board of directors
or other managing or governing body of such Person. 
 “Aggregated Data Sets” has the meaning set
forth in Section 10.13 (Aggregated Data Sets). 
 “Agreement” has the meaning set forth in the
preamble of this Agreement, and this Master Services Agreement, including, the cover page, preamble, exhibits, schedules, attachments, addendums and any future amendments hereto and all Services Addenda, all of which are incorporated herein by
reference. 
 “Alternate Designee” has the meaning set forth in Section 3.11 (Points of
Contact; Designees). 
 “Applicable Law” means any laws, statutes, rules, regulations, ordinances,
orders, codes, arbitration awards, judgments, decrees or other legal requirements of any Governmental Entity or Educational Agency, including any Educational Law, applicable to a Party. 

“Asset Purchase Agreement” has the meaning set forth in the Recitals to this Agreement. 

“Audited Financial Statements” means, as to any Party, such Party’s income statement, balance
sheet, cash flow statement and footnotes prepared in accordance with GAAP consistently applied and certified by such Party’s auditor. 

“Back-Office Services Functions” means the Services described in Section 7 of Exhibit B
(Accounting Services), Section 8 of Exhibit B (Financial Aid Services), Section 11 of Exhibit B (Human Resources), and Section 12 of Exhibit B (Technology). 

  
 Exhibit A-1 

 “Books and Records” means originals (or true,
correct and complete copies) of all business, accounting, Tax and financial records, files, lists, ledgers, correspondence, studies, reports databases and other documents (whether in hard copy, electronic or other form), including: (a) all
analysis reports, advertising, promotional and marketing materials and creative material, and (b) all records and lists relating to customers, vendors or personnel (including customer lists or databases, vendor lists or databases, mailing lists
or databases, e-mail address lists or databases, recipient lists or databases, sales records, credit information, correspondence with customers, customer files and account histories, supply lists and records
of purchases from and correspondence with vendors), but shall exclude the student records. 

“Breach” has the meaning set forth in Section 3.7.4 (Provider’s Compliance with Certain
Educational Laws). 
 “Business Days” means each day (a) on which banks are open for business
in Phoenix, Arizona, and (b) for purposes of calculating any time periods set forth in Exhibit B, designated as a working day by University for its employees. 

“Campus” means that certain real property located at 3300 West Camelback Road, Phoenix, Arizona 85017,
all improvements thereon, and any equipment related thereto, together with any other property or location where University offers or supports Courses or Programs, in each case owned or otherwise used by University in the conduct of its Educational
Activities. 
 “Claim” has the meaning set forth in Section 8.1 (Indemnification of
University). 
 “Code” means the Internal Revenue Code of 1986, as amended. 

“Confidential Information” has the meaning set forth in Section 9.1 (Definition). 

“Course” means those academic courses offered as part of a Program administered by University. 

“Course Materials” means, collectively, syllabi and resource material and content for the Courses,
including concepts, materials, resources and text requirements, self-study materials, case studies, curricula and such other items or materials, in all forms and media, relating to the Courses and the Programs or as is otherwise used by University
and/or its Affiliates in connection with the offering and delivery of the Programs, in each case (a) any Improvements thereto made by Provider for University and/or its Affiliates from time to time in connection with the performance of the
Services (which Course Materials, together with such Improvements, shall be owned by University as University Intellectual Property) or (b) as otherwise owned, created or developed by University. 

“Credit Agreement” means that certain Credit Agreement, dated the date hereof, between University (as
Borrower) and Provider (as Lender), as the same may be amended from time to time, pursuant to which University issued the Senior Secured Note to Provider in consideration for the Schools Assets acquired under the Asset Purchase Agreement. 

“Defaulting Party” has the meaning set forth in Section 6.4 (Termination of Agreement for
Breach). 

  
 Exhibit A-2 

 “Designee” has the meaning set forth in
Section 3.11 (Points of Contact; Designees). 
 “Disclosing Party” has the meaning set forth in
Section 9.2 (Obligations). 
 “Dispute” has the meaning set forth in Section 18.11.1
(Dispute Resolution). 
 “DOE” means the United States Department of Education and any
successor agency administering student financial assistance under Title IV. 
 “Early Termination
Fee” means an amount equal to one-hundred percent (100%) of the aggregate Services Fees paid or payable by University to Provider for the trailing twelve (12) month period ended as of the end
of the month immediately prior to the effective date of termination. 
 “Educational Activities”
means the operation of an institution of higher education for general educational purposes (including the conferring of academic degrees, diplomas, honors or certificates) on the Campus, as such activities are conducted by University as of the
Effective Date and thereafter. 
 “Educational Agency” means any entity or organization, whether
governmental, government chartered, tribal, private, or quasi-private, that engages in granting or withholding Educational Approvals for postsecondary educational institutions in accordance with standards relating to the performance, operation,
financial condition, or academic standards of such institutions, including the DOE, any Accrediting Body, or any State Educational Agency. 

“Educational Approval” means, with respect to any Person, any license, permit, authorization,
certification, accreditation, or similar approval, issued or required to be issued by an Educational Agency to such Person or with respect to its locations, Courses or Programs, including any such approval for such Person to participate in any Title
IV Program or any other government-sponsored or private student financial assistance program offered by any Educational Agency pursuant to which student financial assistance, grants or loans are provided to or on behalf of such Person’s
students by such Educational Agency. 
 “Educational Consent” means any pre-approval, approval, authorization or consent by any Educational Agency, or any notification to be made by the Parties to an Educational Agency, which is necessary under Educational Law in order to maintain or
continue any Educational Approval held by University or to continue or further the conduct of the Educational Activities. 

“Educational Law” means any federal, state, municipal, foreign or other law, regulation, order,
Accrediting Body standard or other requirement applicable thereto, including, without limitation, the provisions of Title IV of the HEA and any regulations or written guidance implementing or relating thereto, issued or administered by, or related
to, any Educational Agency. 
 “Effective Date” has the meaning set forth in the preamble of this
Agreement. 
 “Examination Notice” has the meaning set forth in Section 5.4 (Examinations).

  
 Exhibit A-3 

 “Exclusive Services” has the meaning set forth in
Section 3.1 (Services to be Provided; Exclusivity). 
 “FERPA” has the meaning set forth in
Section 3.7.2 (Provider’s Compliance with Certain Educational Laws). 
 “Fiscal Year”
means the fiscal year of University starting July 1 and ending on June 30 of the following calendar year. 

“Governmental Entity” means any governmental authority or entity, including any agency, board, bureau,
commission, court, department, subdivision or instrumentality thereof, or any arbitrator or arbitration panel, including any Educational Agency. 

“Guidance” has the meaning set forth in Section 3.7.7 (Provider’s Compliance with Certain
Educational Laws). 
 “HEA” means the Higher Education Act of 1965, 20 U.S.C. § 1001 et seq.,
as amended, or successor statutes thereto. 
 “HLC” means the Higher Learning Commission of the
North Central Association of Colleges and Schools. 
 “Improvements” has the meaning set forth in
Section 10.3 (License to Course Materials). 
 “Independent Accounting Firm” has the meaning
set forth in Section 5.4.5 (Examinations). 
 “Initial Term” has the meaning set forth in
Section 6.1 (Term). 
 “Intellectual Property” has the meaning set forth in Section 10.1
(Definitions). 
 “IRS” means the United States Internal Revenue Service. 

“MSA Committee” means the “MSA Committee” as such term is defined in University’s
bylaws as in effect on the date hereof and as the same may be amended from time to time. In addition to members of University’s board of trustees, the MSA Committee may include, if and to the extent permitted by University’s bylaws, one or
more additional non-trustee members, who may be members of the administration, faculty and/or students. 

“Non-Defaulting Party” has the meaning set forth in
Section 6.4 (Termination of Agreement for Breach). 
 “Non-Renewal
Fee” means an amount equal to fifty (50%) of the aggregate Services Fees paid or payable by University to Provider for the trailing twelve (12) month period ended as of the end of the month immediately prior to the last day of such
Initial Term or Renewal Term, as applicable. 
 “Owner Party” has the meaning set forth in
Section 10.2 (Ownership) . 

  
 Exhibit A-4 

 “Party” and “Parties” have
the meaning set forth in the preamble to this Agreement. 
 “Payment Failure” has the meaning set
forth in Section 5.4.4 (Examination). 
 “Performance Failure” has the meaning set forth in
Section 5.4.4 (Examinations). 
 “Person” means any individual or entity. 

“Personal Information” has the meaning set forth in Section 3.7.1 (Provider’s Compliance
with Certain Educational Laws). 
 “Platform” has the meaning set forth in Section 12.1
(Technology) of Exhibit B to this Agreement. 
 “Programs” means all graduate degree
programs, undergraduate degree programs, certificate programs, professional studies programs or other educational programs offered by University from time to time. 

“Provider” has the meaning set forth in the preamble to this Agreement. 

“Provider Indemnitees” has the meaning set forth in Section 8.2 (Indemnification of Provider).

 “Provider Intellectual Property” has the meaning set forth in Section 10.1.3 (Ownership).

 “Quality Control Standards” has the meaning given to it in Section 10.9.2 (Quality Control).

 “Receiving Party” has the meaning set forth in Section 9.2 (Obligations). 

“Renewal Term” has the meaning set forth in Section 6.1 (Term). 

“Senior Designee” has the meaning set forth in Section 18.11.1 (Dispute Resolution). 

“Senior Secured Note” means that certain senior secured note or notes issued by University to Provider
pursuant to the Credit Agreement. 
 “Services” means the services set forth in this Agreement or
any Exhibit hereto, or on one or more Services Addenda. 
 “Services Addenda” has the meaning set
forth in Section 3.3 (Services Addenda). 
 “Services Fees” has the meaning set forth in
Section 5.1 (Services Fees; Payment Terms). 
 “Services Personnel” has the meaning set forth
in Section 3.9 (Services Personnel). 
 “Services Transfer Notice” has the meaning set forth in
Section 6.9 (Assumption of Certain Services Functions). 

  
 Exhibit A-5 

 “State Educational Agency” means any state
educational licensing body that (a) provides a license, authorization or exemption necessary for University to conduct its Educational Activities in that state, whether at a physical location, online or through other distance education delivery
methods, or (b) administers any student financial aid programs at the state level. 

“Submission” has the meaning set forth in Section 18.11.2 (Dispute Resolution). 

“Tax” means any tax, levy, impost, duty or other charge or withholding of a similar nature (including
any penalty or interest payable in connection with any failure to pay or any delay in paying any of the same) imposed or required by Applicable Law. 

“Title IV” means Title IV of the HEA, and any amendments or successor statutes thereto. 

“Title IV Program” means any program of student financial assistance administered pursuant to Title IV
as set forth at 34 C.F.R. § 668.1(c). 
 “Transition Period” has the meaning set forth in
Section 6.8 (Transition Services). 
 “Transition Services” has the meaning set forth in
Section 6.8 (Transition Services). 
 “University” has the meaning set forth in the preamble to
this Agreement. Unless the context otherwise requires, references herein to “University” include references to the postsecondary educational institution known as “Grand Canyon University” that is operated by University. 

“University Bylaws” means the bylaws of University as in effect on the date hereof and as may be
amended and/or amended and restated from time to time after the date hereof. 
 “University
Indemnitees” has the meaning set forth in Section 8.1 (Indemnification of University). 

“University Intellectual Property” has the meaning set forth in Section 10.1.2 (Definition). 

“University Marks” means the trade names, registered domain names, service marks, seals, trademarks,
trade dress, corporate names and logos used by University or its Affiliates in connection with the Educational Activities, including the Programs. 

“Updates” has the meaning set forth in Section 3.3 (Services Addenda). 

[End of Exhibit A] 

  
 Exhibit A-6 

 EXHIBIT B 

DESCRIPTION OF SERVICES 

With respect to University, Provider shall, subject to the terms and conditions in this Agreement, provide a specific bundle
of technological, marketing, promotional, development and/or support Services, including student support services. The following list and description represents the set of Services that Provider will provide to University under this Agreement, with
any additional Services or deletions to such Services to be provided in an applicable Services Addendum. Notwithstanding the foregoing, Provider will at all times provide at least three (3) Services in addition to the enrollment services
described in Section 2 below. For clarity, no Services Addendum shall be required for the Services described in this Exhibit B; however, the Parties may further detail the Services described in this Exhibit B or add or remove
Services in a Services Addendum. In addition, Provider agrees that all Services related to marketing and student recruiting/enrollment are encompassed in this Exhibit B and no additional Services related to such matters shall be made part of
any Services Addendum. 
 [***] 

1. Marketing.* 

1.1 Subject to University oversight and approval, Provider shall create and carry out marketing and promotional
strategies (collectively, “Promotion Strategies”) targeted toward building the brand of University and awareness of its Programs and generating a flow of quality applications from prospective students to University. In
furtherance of the foregoing: 
 1.1.1 Provider shall develop a quarterly written plan (the
“Plan”) and appropriate marketing materials covering various media channels for University and shall, upon prior approval by University, execute the Plan. Provider shall fund and develop appropriate materials and content to
cover all reasonable media platforms. The Plan and all materials related to University or its Programs, including advertising copy, shall be subject to University’s written approval prior to any use thereof. 

1.1.2 At any time when major changes to the Plan are proposed, Provider will submit the revised Plan, along with
materials related to University or its Programs, to the appropriate office designated by University for review and approval. 

1.1.3 Provider will, as part of the Promotion Strategies, [***] 

1.2 The content of each Plan shall be owned by University as University Intellectual Property. [***] 

2. Enrollment Services and Budget Consultations.* 

2.1 University shall have final discretion over the enrollment budget. University shall develop an annual enrollment
budget that will include projected enrollment targets by Program, pricing (including tuition, fees, room and board), and scholarship amounts, together with the projected numbers of students that will graduate from University, drop Programs, or re-

  
 Exhibit B-1 

 
  

Confidential Treatment has been requested for the redacted portions of this agreement. The redactions are indicated with three asterisks
[***]. A complete version of this agreement has been filed separately with the Securities and Exchange Commission. 

 
enter Programs. Prior to final approval by University, University shall provide this budget to Provider for its review and comment, and Provider shall provide University with input on the
projected budget, including any changes that may be required in order to deliver the Services, and will review the Provider’s progress toward meeting this budget monthly. Notwithstanding the foregoing, University shall have sole and final
authority with respect to adoption of this budget. Subject to University’s oversight and pursuant to a written plans and procedures approved by University, Provider will: 

2.1.1 [***] 

2.1.2 Provide guidance as needed to prospective students through the Program application process using Provider’s
application platform and forward completed applications that satisfy University’s admissions standards to University’s admissions office for review and acceptance. 

2.1.3 [***] 

3. Student Support Services Counseling.* Subject to University’s oversight and pursuant to
written plans, policies and procedures approved by University, Provider will: 
 3.1 [***] 

3.2 [***] 

3.3 [***] 

3.4 [***] 

3.5 [***] 

4. Document Intake. Subject to University oversight (including as provided in Section 2.1.4 of
this Exhibit B, above), Provider will collect all application documents from prospective students and enter them into the student information system (SIS) maintained for University [***]. Provider will also request all transcripts from any
prior institutions students have attended and enter them into the SIS [***]. University will be exclusively responsible for evaluating prior institutions and courses and making admissions decisions in accordance with the criteria set forth in the
UPH. 
 5. Student Records Management. Provider will: 

5.1 [***] as determined by University. 

5.2 [***] 

5.3 [***] 

5.4 [***] 

5.5 [***] All status changes and documents provided are based on the students meeting qualifications set by University.

 5.6 [***] 

  
 Exhibit B-2 

 
  
  

Confidential Treatment has been requested for the redacted portions of this agreement. The redactions are indicated with three asterisks [***]. A complete
version of this agreement has been filed separately with the Securities and Exchange Commission. 

 6. Curriculum Services. 

6.1 University is responsible for all educational content provided in Course Materials and Courses. In collaboration
with the University’s faculty, Provider will assist with the Program and Course design by providing curricular assistance and recommendations with respect to content and techniques that make use of the available technologies and methods
embodied in the Platform in order to endeavor to meet the needs of University’s students and Programs. Provider may also provide other related support as necessary and as agreed by the Parties. 

6.2 University will determine the selection of Programs to be offered and will provide faculty and content experts to
determine the material to be covered in the Courses. 
 6.3 University-designated faculty will work with Provider to
identify and license academic resources relevant to the Programs and Courses. 
 7. Accounting
Services. The provision of the accounting services described in this section is intended merely to provide costs savings to University; such services shall be provided at University’s discretion and any such services will be
subject to University oversight. 
 7.1 Payroll. Provider will utilize its third-party payroll
provider to process payroll of University employees and faculty as specified in an agreed upon calendar year. Provider will maintain University’s online paycheck system on behalf of University. Provider will work with such third-party payroll
provider to, or will itself act to, remit all withheld Taxes and payroll contributions on behalf of University per IRS rules and deadlines and will be responsible for preparing and sending out during the year all forms by applicable IRS deadlines.

 7.2 Accounts Payable (Vendor). Provider will provide and maintain an accounts payable system
for University and will train and assist University personnel in the use of such system. Provider will input University invoices within two (2) Business Days of being received as long as the vendor has been properly approved by University and a
University purchase order has been created. Otherwise, Provider will contact the applicable University department within two (2) Business Days to create a purchase order. Upon University’s prior approval of invoice amounts, Provider will
authorize the payment of invoices from University’s account on University’s behalf per payment terms on invoice or net 30 days. Provider reserves the right to choose the method of payment (check, Automated Clearing House
(“ACH”), or credit card) as long as it does not result in additional expense to University or create issues with a vendor. All vendor statements will be properly reviewed by the Parties within thirty (30) days of being
received and issues will be resolved timely. University understands that it must respond within two (2) Business Days with respect to inquiries and requests for assistance or the deadlines will not be met. 

7.3 Accounts Payable (Travel & Entertainment). Provider will
provide and maintain an expense reporting system for University and will train and assist University in the use of such system. University will set travel policies for its employees, and Provider will audit compliance with such policies. Once
expense reports are submitted through the system, Provider will have three (3) Business Days to audit or to request additional backup. 

  
 Exhibit B-3 

 7.4 Accounts Payable (PCard). Provider will provide and
maintain the purchasing cards and reconciliation system for University and will train and assist University personnel in the use of such system. University will create approval processes to issue new cards and will set policies for their use, and
Provider will audit compliance with such processes and policies. Once PCard reconciliations are submitted through the system, Provider will have thirty (30) days to audit or to request additional backup. University will follow IRS guidelines
for documentation requirements. 
 7.5 General Ledger (Month End Close). Provider will provide
and maintain the general ledger system to be used for University’s financial statement production and will provide view access to University’s accounting personnel. Provider will close the books (excluding Tax entries) for each calendar
month by the tenth (10th) Business Day of the following calendar month (e.g., for the month of May, the tenth (10th) Business Day of June).
University understands that it must have all entries and accruals to Provider by the fifth (5th) Business Day of such following calendar month or the Provider close timeline may be delayed. Provider will reconcile all necessary balance sheet
accounts by the twenty-fifth (25th) day of such following calendar month. Provider will prepare all required audit schedules per reasonable due date set by University’s audit firm. Provider will respond to all general ledger questions from
University within two (2) Business Days. 
 7.6 General Ledger (Fixed Assets). Provider will
provide and maintain the fixed asset system to record and track all University assets and will provide reports to University personnel as needed. Provider will enter the fixed assets into the system at each calendar month end and will close the
fixed asset books for any calendar month by the fifth (5th) Business Day of the following calendar month. Provider will prepare all required fixed asset schedules by the tenth (10th) Business Day of such following month. Provider will prepare all
required audit schedules per due date set by University’s audit firm. Provider will respond to all fixed asset questions from University within two (2) Business Days. 

7.7 General Ledger (Bank Reconciliations). Provider will perform bank reconciliations for
University. Provider will have access to all required University bank accounts as specified in Schedule B-7.7 hereto solely for purposes of making vendor payments and other purposes authorized by
University. Provider will prepare a daily cash requirements report which will be sent to University’s vice president of business and finance by noon daily. Provider will complete all cash entries for any calendar month by the third (3rd)
Business Day of the following calendar month. Provider will complete all bank reconciliations by the last day of such following calendar month. All outstanding items which are errors will be researched and removed from reconciliation within thirty
(30) days from the reconciled date. Provider will represent University with all banks and negotiate and ensure University is receiving the lowest fees and rates possible. 

7.8 General Ledger (Investment). At University’s option, Provider will invest and manage
excess University’s funds in short-term investments of University’s choice. Provider will provide reconciliations for any calendar month by the tenth (10th) day of the following calendar month and keep detailed records of the investments.
University will create an investment policy which Provider will follow. Provider will produce a quarterly investment summary that will be sent to University’s vice president of business and finance. 

  
 Exhibit B-4 

 7.9 Student Accounting (Adjustments). Provider
agrees to process all adjustment tickets within two (2) Business Days. All auto and recurring adjustments will be processed per agreed upon schedules. 

7.10 Financial Reporting. Provider will produce monthly financial statements for University for
each calendar month, which statement will be a balance sheet, income statement and cash flow statement along with a budget to actual spend comparison, by the fifteen (15th) day of the following calendar month. Provider will work with
University’s outside audit firm such that University can issue and file its audited financial statements with the DOE by the applicable due date following the end of each Fiscal Year. 

7.11 Budgeting. Provider will assist University with preparing an annual budget using a budget
calendar determined by University. For purposes of clarity, Provider acknowledges and agrees that University shall have sole and final authority with respect to adoption of an annual budget.  

7.12 Taxes. Provider will assist University in calculating its applicable Tax liabilities, filing
Tax or other relevant information returns and applications, making required Tax payments, and complying with the rules and regulations governing any tax-exempt bonds issued by University. 

8. Financial Aid Services. Provider will provide (or engage other third parties to provide) certain
financial aid services as set forth herein. The Parties acknowledge that these services may result in Provider being classified as a “Third-Party Servicer” as defined in 34 C.F.R. § 668.2. 

8.1 Provider shall provide the following services: 

8.1.1 subject to University’s final approval, awarding, certifying, originating, and disbursing Title IV Program
funds upon the successful collection of all required documents needed to fulfill both federal and institutional requirements, with certifications to be processed within five (5) business days of receipt of all documents. 

8.1.2 delivering Title IV Program credit balance refunds to students (whether via cash, check, ACH, debit card, or
other means); processing Return of Title IV Program funds for all Title IV Program students who have ceased to be enrolled at least half time; and providing financial counseling and entrance and exit loan counseling, including in person, by mail, or
electronically. 
 8.1.3 financial aid consulting, including financial aid staffing, interim management, processing
support, and/or development and maintenance of written policies and procedures approved by University; provided, that any policy and procedure updates that affect the processing of financial aid must be approved by University before enacting.

 8.1.4 subject to University’s final approval and in accordance with Applicable Law or the requirements of
Educational Agencies, preparing and/or submitting required reports, including enrollment reporting to the National Student Loan Data System, the Integrated Postsecondary Education Data System, the Fiscal Operations report, and monthly and

  
 Exhibit B-5 

 
annual reconciliations of federal funds, preparing or disseminating required consumer information disclosures, including general, campus crime, drug and alcohol prevention, graduation rates,
placement rates, and gainful employment disclosures. 
 8.1.5 electronic storage and maintenance of Title IV
Program-related records. 
 8.2 Provider hereby represents and warrants to University that it will, and hereby agrees
to: 
 8.2.1 Comply with all statutory provisions of or applicable to Title IV of the HEA, all regulatory provisions
prescribed under that statutory authority, and all special arrangements, agreements, limitations, suspensions and terminations entered into under the authority of statutes applicable to Title IV of the HEA, including the requirement to use any funds
that Provider administers under any Title IV Program and any interest or other earnings thereon solely for the purposes specified in and in accordance with that Title IV Program. 

8.2.2 Refer to the Office of Inspector General of the DOE for investigation any information indicating there is
reasonable cause to believe that University might have engaged in fraud or other criminal misconduct in connection with University’s administration of any Title IV Program or an applicant for Title IV Program assistance might have engaged in
fraud or other criminal misconduct in connection with his or her application. Examples of the type of information that must be referred are: 

(A) False claims for Title IV Program assistance; 

(B) False claims of independent student status; 

(C) False claims of citizenship; 

(D) Use of false identities; 

(E) Forgery of signatures or certifications; 

(F) False statements of income; and 

(G) Payment of any commission, bonus or other incentive payment based in any part, directly or indirectly,
upon success in securing enrollments or the award of financial aid to any person or entity engaged in any student recruitment or admission activity or in making decisions regarding the award of Title IV Program funds. 

8.2.3 Be jointly and severally liable with University to the Secretary of the DOE (the
“Secretary”) for any violation by Provider of any statutory provision of or applicable to Title IV of the HEA, any regulatory provision prescribed under that statutory authority, and any applicable special arrangement,
agreement, or limitation entered into under the authority of statutes applicable to Title IV of the HEA. 

  
 Exhibit B-6 

 8.2.4 If Provider disburses funds (including funds received under
the Title IV Programs) or delivers federal Stafford Loan Program proceeds to a student, Provider will: 

(A) Confirm the eligibility of the student before making that disbursement or delivering those funds, which
confirmation must include, but is not limited to, any applicable information contained in the records required under 34 C.F.R. § 668.24; and 

(B) Calculate and return any unearned Title IV Program funds to the Title IV Program accounts and the
student’s lender, as appropriate, in accordance with the provisions of 34 C.F.R. §§ 668.21 and 668.22, and applicable program regulations. 

8.2.5 If either Party terminates this Agreement, or if Provider stops providing services for the administration of a
Title IV Program, goes out of business, or files a petition under the Bankruptcy Code, Provider will return to University all: 

(A) Records in Provider’s possession pertaining to the University’s participation in the Title IV
Programs for which Services are no longer provided; and 
 (B) Funds, including Title IV Program funds,
received from or on behalf of University or University’s students, for the purpose of the Title IV Programs for which Services are no longer provided. 

8.2.6 Provider also hereby represents and warrants that: 

(A) It has not been limited, suspended, or terminated by the Secretary within the preceding five
(5) years; 
 (B) It has not had an audit finding resulting in its having to repay an amount greater
than five percent (5%) of the funds that Provider administered under the Title IV Program for any award year; 

(C) It has not been cited during the preceding five (5) years for failure to submit audit reports
required under Title IV of the HEA in a timely fashion; and 
 (D) In the event Provider sub-contracts any Title IV services set forth in Section 8.1 of this Agreement, Provider shall immediately identify the contractor and provide a copy of such contract to University, which
contract shall identify in reasonable detail all functions to be performed by such contractor. 
 8.2.7 Provider
agrees to implement and maintain appropriate safeguards to protect all customer information in its possession, in compliance with FERPA and the information security requirements established by the Federal Trade Commission, regardless of whether such
information pertains to students, parents, or other individuals with whom University has a customer relationship, or pertains to the customers of other financial institutions that have provided such information to University. For purposes hereof,
“customer information” means any 

  
 Exhibit B-7 

 
record containing nonpublic personal information about a customer, whether in paper, electronic, or other form, that is handled or maintained by or on behalf of the University or its Affiliates.

 9. Procurement Services. The provision of the procurement services described in this section
is intended merely to provide costs savings to University; such services shall be provided at University’s discretion and any such services will be subject to University oversight. 

9.1 Provider will utilize its purchasing department upon request by University personnel to secure products and services
for University, including travel services; 
 9.2 Upon request by University personnel, Provider will review vendor
contracts provided by University personnel; and 
 9.3 Provider will provide and maintain a procurement system for
University and will train and assist University personnel in the use of such system. 
 The parties acknowledge that, as currently designed, Provider’s
procurement software requires that an authorized employee of Provider “approve” any purchase order. Provider covenants and agrees that it will approve any purchase order submitted by University for processing through the Provider
procurement department. 
 10. Audit Services. The provision of the audit services described in
this section is intended merely to provide costs savings to University; such services shall be provided at University’s discretion and any such services will be subject to University oversight. Provider will work with the Board of Trustees of
University to develop an annual internal audit plan for University and then will assist University, upon request, in performing internal auditing services for University in accordance with such plan. The Parties anticipate that such plan will
include audits of at least four (4) University departments annually, although University has discretion regarding the number of annual audits. 

11. Human Resources. The provision of the human resources services described in this section is
intended merely to provide costs savings to University; such services shall be provided at University’s discretion and any such services will be subject to University oversight. 

11.1 Provider will provide guidance and support to University in University’s goal of preventing and
resolving workplace issues. Subject to University policies, such guidance and support will include consulting with business leaders and employees on performance management, human resources policies, business unit restructures, workforce
planning and formal complaint investigation and response. Provider will meet annually with University to ensure service quality and responsiveness remains at an acceptable level. Following these meetings, Provider will implement requested
changes within forty-five (45) calendar days. Provider will investigate and respond to formal legal complaints within thirty (30) calendar days of receipt and/or according to the applicable legally required deadlines. 

11.2 University has exclusive authority regarding all hiring decisions for University personnel. Provider will,
at the request of University, assist University in its employee recruitment process, including sourcing, interviewing and on-boarding employees. Provider will maintain an external job posting website for the
University. Provider will post University approved 

  
 Exhibit B-8 

 
position requisitions within two (2) Business Days from receipt and launch the onboarding process within two (2) Business Days of making University approved employment offers. The
target average time to fill open positions will be forty-five (45) days. 
 11.3 University has exclusive
authority regarding all compensation decisions for University personnel. Provider will, at the request of University, provide compensation consulting to University, including assisting in creating job descriptions, conducting market
compensation, headcount and turnover analyses and managing salary administration plans. Provider will respond to all compensation related requests or questions from University within fifteen (15) Business Days. 

11.4 Provider will provide HR system technology for automated HR business processes, employee and manager
self-service, and reporting and analytics that support University initiatives; execute HR system technology updates, changes and new functionality/business requests that support business goals; and provide communication, training and support to all
HR system users and manage all employee data. Provider will provide 99% HR system availability in any given year. 
 11.5
University has exclusive authority regarding all employee group insurance and retirement plan decisions for University personnel. Provider will advise University on group benefit plan design and procurement. Provider will provide University with
an annual review of benefit cost prior to the designated open enrollment period. Provider will represent University with all employee benefit vendors and negotiate and present University options regarding fees and rates. 

11.6 Provider will be the central point of contact for all University employees in respect of providing employee
benefits and leave administration, resolving general HR inquiries and offering assistance with any HR system. Provider will provide HR Service Center support for employees five (5) days per week (7:00 a.m. to 5:00 p.m., Monday through Friday).
Provider will respond to calls and emails within two (2) Business Days. 
 11.7 Provider will provide the
following services: New Hire Orientations, Staff Onboarding Programs, Staff Development Programs/Modules, Management Development Programs/Modules, Compliance Modules, New Policy/Procedure/System/Programmatic Trainings, and Staff Management
Performance Evaluations. Provider will provide new hire orientation and onboarding programs on a monthly basis (based on organizational needs), Development Programs for staff twice per year, Development Programs for managers annually, Compliance
Modules annually, Other Staff and Management modules/trainings as needed/available. Provider will provide Staff and Management Performance Evaluations a minimum of once per year. 

11.8 [***] 

12. Technology.* 

12.1 Provider has built, and shall maintain, periodically revise, and host a technology platform for University, to
serve as an online communication portal for [***] (the “Platform”). Provider will use commercially reasonable efforts to provide University students with online access to the Platform, including [***] that will be used by
University students and 

  
 Exhibit B-9 

 
  
 Confidential
Treatment has been requested for the redacted portions of this agreement. The redactions are indicated with three asterisks [***]. A complete version of this agreement has been filed separately with the Securities and Exchange Commission. 

 
employees via the Platform. At the Effective Date, the systems and functionality of the Platform shall be consistent with the Platform as provided immediately prior to the Effective Date.
Thereafter, subject to Section 3.3 (Services Addenda) of the Agreement, and in the course of providing the Services, Provider will use commercially reasonable efforts to improve the systems and functionality of the Platform and develop
additional systems and functionality to improve the Platform’s learning experience for University faculty and students. Provider will prioritize development efforts with input from University. 

12.2 The specifications and performance standards for the Platform are as follows. Any changes that materially degrade
such specifications and standards shall be subject to the written approval of University. Periodically, Provider may propose enhancements to the specifications and performance standards for the Platform, all of which shall be subject to review by
University at University’s request. 
 12.2.1 Technical Support for Students. Provider will provide
technical support to all enrolled students of University regarding the Platform [***] 
 12.2.2 Help Desk Support
for University Employees. Provider will provide an IT Help Desk available to University employees. [***] Provider will measure satisfaction by quality assurance scoring and ticket resolution follow up calls. The other metrics above will be
tracked. 
 12.3 Provider will make available to University an IT infrastructure for mutually agreed applications and
such infrastructure will be designed to be an always available, 24x7 full service network. [***] 
 12.4 Provider will
provide those software and technology capabilities to University as are currently provided as of the Effective Date. For each of these capabilities, Provider will work with University to define in more detail the following: 

12.4.1 Service or capability being provided; 

12.4.2 The service level agreement (“SLA”) related to the service or capability; 

12.4.3 Processes related to the service or capability; 

12.4.4 Limitations related to the service or capability; 

12.4.5 How new services or capabilities beyond the baseline services and capabilities are added and how cost is
determined; and 
 12.4.6 Regular reporting related to the service or capability as provided in the SLA. 

12.5 Subject to the exclusions described in Section 12.7 below, services to be provided by Provider to University
include, but are not limited to, the following: 

  
 Exhibit B-10 

 
  
 Confidential
Treatment has been requested for the redacted portions of this agreement. The redactions are indicated with three asterisks [***]. A complete version of this agreement has been filed separately with the Securities and Exchange Commission. 

 12.5.1 [***] 

12.5.2 [***] 

12.5.3 [***] 

12.5.4 [***] 

12.5.5 [***] 

12.5.6 [***] 

12.5.7 [***] 

12.5.8 [***] 

12.6 Subject to the exclusions described in Section 12.7 below, capabilities that Provider will provide to
University include, but are not limited to, the following: 
 12.6.1 [***] 

12.6.2 [***] 

12.6.3 [***] 

12.6.4 [***] 

12.6.5 [***] 

12.6.6 [***] 

12.7 Capabilities and services that are not included as part of this Agreement include: 

12.7.1 [***] 

12.7.2 [***] 

12.8 [***] 

12.9 Provider and University’s designated IT liaisons will meet on a regular basis to review current work and
backlog of requested changes to IT systems, services or capabilities. University’s designated IT liaisons will participate in setting the priorities of work being done on their behalf. Provider will propose and get approval for standard and
exceptional system maintenance windows and provide advance documentation of all changes occurring during a maintenance window. When appropriate, University will be part of the validation testing after the maintenance occurs and will decide whether
the changes are accepted or should be rolled back. 

  
 Exhibit B-11 

 
 Confidential Treatment has been requested for the redacted portions of this agreement.
The redactions are indicated with three asterisks [***]. A complete version of this agreement has been filed separately with the Securities and Exchange Commission. 

 13. Business Analytics Services. Based on
University’s determination of the type of information needed, Provider will provide business analytics to support the operational as well as academic departments of University. 

14. Faculty Operations. 

14.1 Under the direction of University and University faculty, Provider will [***]. University college deans will be
responsible for determining who is hired as University faculty and who is qualified to teach respective Courses. [***] 

14.2 Under the direction of University college deans and faculty, Provider will [***]. Provider will evaluate adjunct
faculty according to University standards and provide evaluation results to University college deans. Provider will support University colleges in processing evaluations; provided, that University and its college deans shall determine
employment statuses including terminations of all faculty and adjuncts. 
 15. Compliance Monitoring and
Audits. In furtherance of, but subject to, Section 5.4 (Examinations) of the Agreement: 
 15.1
Provider shall (a) measure, monitor, and track the performance of its Services, conduct internal audits and self-testing, and compare such performance to the standards and other specifications and standards provided for in this Agreement,
(b) detect and promptly cure deficiencies, and (c) report such performance, deficiencies and cures to University on a quarterly or other basis as agreed between the Parties in a form mutually agreed by the Parties from time to time. Such
assessment of the performance of Provider’s Services shall include providing University an opportunity to assess or comment to Provider on Provider’s performance of its Services, irrespective of any other measurements. If required by
Applicable Law, Provider shall also provide to University, initially and on an annual basis thereafter, a copy of a Statement on Standards for Attestation Engagements (SSAE) No. 16 report obtained by Provider from an auditing firm reasonably
acceptable to University with respect to Provider’s operations related to its Services under this Agreement. 
 15.2
As requested by University in writing (but not more than once per Fiscal Year), Provider shall provide reasonable, mutually acceptable, written certifications as to Provider’s compliance with Applicable Law. For the avoidance of doubt, such
written certifications shall include any sub-certifications reasonably required by University to enable University to provide its own written certifications to any Governmental Entity as required by Applicable
Law or contract. University shall consult with Provider prior to agreeing to provide certifications with regard to University and its Programs that will require a Provider sub-certification. 

15.3 Upon University’s request and subject to Provider’s then-current confidentiality, security and data
protection procedures, Provider will permit University’s authorized representatives and auditors to visit with the appropriate personnel at Provider, and will provide University with access to or copies of (a) applicable Provider records,
including testing results (whether conducted by Provider or a third-party), (b) Provider’s compliance policies and procedures applicable to Provider’s operations related to its Services, and (c) any

  
 Exhibit B-12 

 
  
  

Confidential Treatment has been requested for the redacted portions of this agreement. The redactions are indicated with three asterisks [***]. A complete
version of this agreement has been filed separately with the Securities and Exchange Commission. 

 
other records required to be delivered by Provider pursuant to this Agreement, in each case in order to conduct due diligence on, audit, inspect or otherwise examine Provider’s operations,
computer systems and access controls directly relating to its performance hereunder (collectively, “Reviews”). University agrees that Reviews will be completed at Provider’s facilities upon reasonable advance notice
during regular business hours. The parties will cooperate in good faith to minimize the disruption associated with Reviews, including the timing of such Reviews. 

15.4 If Provider receives a request or demand from an Educational Agency requesting a Review, Provider shall notify
University promptly, and Provider shall work with University and such Educational Agency in conducting and responding to any such request for a Review; provided, that Provider shall not be required to provide a Review to any third party,
except as required by Applicable Law. 
 15.5 Subject to Provider’s then-current confidentiality, security, and
data protection procedures, (a) Provider will discuss with University personnel, or provide summaries to University of, any material violations of Provider’s code of ethics or other compliance-related policies and procedures by Provider
personnel related to Provider’s performance hereunder, and (b) Provider will promptly notify University of (and, if requested by University, provide University summaries of) material changes to Provider’s code of ethics and other
compliance-related policies and procedures applicable to Provider’s performance hereunder in accordance with HLC requirements. 

15.6 If Provider fails to meet a specification or standard in the performance of any Service under this Agreement, or if
a deficiency is identified as a result of any self-testing, SAS 70 audit or other monitoring or other Review contemplated in this Section 15.6, as soon as practicable following knowledge of such failure or deficiency, Provider shall, at its
expense (a) perform an analysis to identify the cause of any such failure or deficiency, (b) provide University with a report identifying the cause of such failure or deficiency and describing the intended procedure/steps for correcting or
resolving such failure or deficiency and the timeline for completing such procedure/steps, (c) if requested by University, meet with University (in person or by teleconference, through their respective Designees or otherwise) to discuss such
failure or deficiency and such intended procedure/steps and timeline, (d) promptly cure such failure or deficiency and (e) after such failure or deficiency is cured, promptly notify University that such failure or deficiency has been
cured. 
 [End of Exhibit B] 

  
 Exhibit B-13 

 EXHIBIT C 

FORM OF SERVICES ADDENDUM 

This SERVICES ADDENDUM (“SA”) is issued pursuant to, and incorporates by
reference, that certain Master Services Agreement (as the same may be amended from time to time, the “Agreement”) dated July 1, 2018 by and between Grand Canyon University, an Arizona
non-profit corporation formerly known as Gazelle University (“University”), and Grand Canyon Education, Inc., a Delaware corporation (“Provider”). This SA is
effective as of the date set forth below (the “SA Effective Date”). In the event of a conflict between the terms and conditions of this SA and the terms and conditions in the body of the Agreement, the terms and conditions of
the Agreement shall control to the extent of the conflict (unless this SA specifically identifies and overrides the conflicting term(s) and condition(s), in which event, the terms of this SA shall control for this SA only). 

Unless otherwise defined in this SA, the capitalized terms used herein shall have the meanings ascribed to them in the
Agreement. 
 The purpose of this Services Addendum is to describe new Services, and related Deliverables and
Specifications, that the Parties agree should be provided by Provider to University under the Agreement and, if applicable, describe payment terms for such new Services if payment is not intended to be covered by the arrangement described on
Exhibit D to the Agreement. 
  

	1.	 SA Effective Date: ___________, 20__ 

 

	2.	 Services. 

Provider shall perform the following Services, subject to the terms and conditions in this SA and the Agreement: 

[Insert a detailed description of the Services that Provider shall perform.] 

 

	3.	 Deliverables. 

The deliverables (“Deliverables”) Provider shall provide to University under this SA are as follows:

 [Insert a description of the tangible deliverables that will be delivered to University, if any.] 

[See comments below in the Section titled “Intellectual Property” regarding which party will own the Intellectual
Property developed under this SA, including any Intellectual Property in the Deliverables.] 
  

	4.	 Specifications. 

The Services and Deliverables shall substantially conform to the following Specifications: 

  
 Exhibit C-1 

 [Insert the specifications, requirements and testing criteria applicable
to the Services and the Deliverables, if any.] 
  

	5.	 Time Schedule and Meetings. 

[Insert the time schedule for the provision of the Services and Deliverables, including any deadlines for the delivery of
the Services and Deliverables, and the time and place for any scheduled meetings.] 
  

	6.	 Points of Contact. 

For Provider: 

For University: 
  

	7.	 Term and Termination. 

[Insert the term of the SA and termination rights.] 
  

	8.	 Services Fees and Payment. 

a. Services Fees: 

[Insert a description of the Services Fees for the Services and Deliverables if intended not to be covered by
Exhibit D of the Agreement.]  
 b. Payment Terms:  

[Insert the payment terms, if intended not to be covered by Exhibit D of the Agreement.] 

 

	9.	 Intellectual Property. 

[If the Services will result in the development of new Intellectual Property, then indicate whether such Intellectual
Property will be owned by University as University Intellectual Property as contemplated by Section 10.2.2 (Ownership) of the Agreement or whether such Intellectual Property will remain the property of Provider. If such
Intellectual Property is not University Intellectual Property and will therefore be owned by Provider, then specify what, if any, licenses are granted to University to use such Intellectual Property. If such Intellectual
Property will be owned by University as University Intellectual Property, then specify what, if any, licenses are granted to Provider to use such Intellectual Property.] 
  

	10.	 Licenses to Third Party Technology or Materials. 

a. Description: [Insert a detailed description of any licenses or other rights to technology, content or other
materials required from any third party for the performance of the Services or the Deliverables.] 
 b. Parties:
[Indicate who will obtain the license: Provider or University.] 

  
 Exhibit C-2 

 c. Fees: [Include fees, payment terms and responsible party.] 

d. Term: [Indicate license term.] 
  

	11.	 Licenses to Provider Technology or Materials. 

a. Grant: [Include a grant of any licenses or other rights to technology, content or other materials from Provider to
University or from University to Provider for the performance of the Services or the Deliverables, or attach a separate license agreement.] 

b. Fees: [Include fees and payment terms.] 

c. Term: [Indicate license term.] 

d. Other: [Include any other license terms.] 
  

	12.	 Subcontracting. 

[Include any limits on subcontracting. See Section 3.2 of the Agreement.] 

 

	13.	 Other Terms. 

[Insert a description of any additional terms or conditions applicable to the Services to be provided under this SA.]

 IN WITNESS WHEREOF, an authorized representative of each Party has executed this SA as of the SA Effective Date written above. 

 

					
	Grand Canyon University	 		 	Grand Canyon Education, Inc.
			
	Signature:	 		 	Signature:
			
	  
	 		 	  

	Name:	 		 	Name:
			
	  
	 		 	  

	Title:	 		 	Title:
			
	  
	 		 	  

 [End of Exhibit C] 

  
 Exhibit C-3 

 EXHIBIT D 

PRICING AND PAYMENT TERMS; OTHER AGREEMENTS

 1. University Adjusted Gross Revenue. 

For purposes of this Agreement, University adjusted gross revenue (“University Adjusted Gross Revenue”) consists of all
revenue received by University or its Affiliates in respect of the following (in each case net of refunds and scholarships actually granted by University to its students to the extent accounted for as a discount to tuition): 

[***] 
 2. Payment for Services. 

(a) Services Fees. On a monthly basis, as provided in Section 3 below, University shall pay Services Fees to
Provider for Services rendered hereunder in an amount equal to 60.0% of University Adjusted Gross Revenue. 
 (b) Periodic
Review. Not less than ninety (90) days prior to an Optional Adjustment Date (as defined below), either Party shall have the right (but not the obligation) to initiate a new or updated analysis (which may be a transfer pricing study or other
market study, as applicable) for the purpose of determining whether the percentage of University Adjusted Gross Revenue payable by University to Provider pursuant to Section 2(a) of this Exhibit D following such Optional Adjustment Date should
be adjusted (such adjusted percentage, the “Adjusted Percentage”). Such analysis shall be performed by a nationally recognized firm with experience in conducting such analyses and which is reasonably acceptable to both
Parties (the “Pricing Firm”). The final analysis submitted by the Pricing Firm shall be binding and conclusive on the Parties and shall not be subject to challenge by either Party. If the Adjusted Percentage, as determined by
the Pricing Firm, deviates by more than one (1) percentage point, without rounding, from the percentage set forth in Section 2(a) of this Exhibit D (as then in effect), then Section 2(a) of this Exhibit D shall be deemed amended as of
the Optional Adjustment Date to reflect Adjusted Percentage and such Adjusted Percentage shall apply from and after the applicable Optional Adjustment Date. The Parties acknowledge that the analysis performed by the Pricing Firm may result in the
percentage of University Adjusted Gross Revenue payable by University to Provider either changing (increasing or decreasing) or remaining the same. Each Party will bear half of the fees and costs charged by the Pricing Firm, but no other
consideration shall be paid or exchanged between the Parties in connection with the analysis or in implementing any Adjusted Percentage, if applicable. 

(c) “Optional Adjustment Date” means any of the following: (a) the tenth (10th) anniversary of the Effective Date, and (b) thereafter, the first date of each Renewal Term. 
 3.
Reports and Payment. 
 (a) University shall provide to Provider the following reports on or before the thirtieth (30th) day after the end of each calendar month during each calendar year: 

  
 Exhibit D-1 

 
 Confidential Treatment has been requested for the redacted portions of this agreement.
The redactions are indicated with three asterisks [***]. A complete version of this agreement has been filed separately with the Securities and Exchange Commission. 

 [***] 

(ii) a reconciliation of the foregoing monthly reports against actual results obtained during the most recently completed
reporting period. 
 (b) Concurrently with the delivery of each monthly report required by Section 3(a), University
shall also pay or adjust, as applicable, Provider’s portion of University Adjusted Gross Revenue for the subject reporting period by wire transfer of funds to such bank account as Provider may direct by notice to University no later than ten
(10) Business Days prior to the scheduled date for such wire transfer. If no wire transfer instructions are provided within such period, then payment will be made by check. 

(c) Any payment by Provider to University to make up any post-reporting period adjustment shall be paid within thirty
(30) days after Provider’s receipt of the applicable report. 
 (d) A final reconciliation and payment of amounts
due from either party to the other pursuant to this Section 3 shall be made within thirty (30) days after the termination or expiration of this Agreement. 

4. Other Agreements between University and Provider. For so long as the Agreement remains in effect, Services Personnel who apply
for and are accepted into a Program at University will not be required to pay tuition or other University fees during their enrollment in any such Program (or Courses comprising such Program) which are in excess of (a) for Services Personnel
who are enrolled in traditional Courses, [***], and (b) for Services Personnel who are enrolled in online Courses, [***]. If any Services Personnel are enrolled in a Program at the time the Agreement terminates, this Section 4 will remain
in effect with respect to such Services Personnel for the duration of the then current Fiscal Year (ending on the next succeeding June 30) for so long as any such Services Personnel remains in continuous enrollment in such Program following such
termination and through the end of such Fiscal Year. Provider shall be responsible for administering this employee benefit as regards Services Personnel. 

[End of Exhibit D] 

  
 Exhibit D-2 

 
  
 Confidential
Treatment has been requested for the redacted portions of this agreement. The redactions are indicated with three asterisks [***]. A complete version of this agreement has been filed separately with the Securities and Exchange Commission. 

 

 EXHIBIT E 

UNIVERSITY MARKS 

Registered Trademarks 
  

											
	 Mark
	  	U.S. Reg. No.	 	  	U.S. Reg. Date	 
	 GRAND CANYON
UNIVERSITY® (for apparel and expanded services)
	  	 	5,421,628	 	  	 	03/13/18	 
			
	 GCU LEARNING
LOUNGE®
	  	 	5,372,732	 	  	 	01/08/18	 
				
	

®	 		  	 	5,357,629	 	  	 	12/19/17	 
			
	 STAMPEDE®
	  	 	5,325,489	 	  	 	10/31/17	 
			
	 GCBC®
	  	 	5,266,093	 	  	 	08/15/17	 
			
	 LOPES UP!® (for
shirts)
	  	 	5,252,228	 	  	 	07/25/17	 
				
	 GCU (Varsity Stylized), non-color (for apparel,
other merchandise):
	 	

®	  	 	5,216,662	 	  	 	06/06/17	 
			
	 FIND YOUR
PURPOSE®
	  	 	5,211,666	 	  	 	05/30/17	 
			
	 CANYON® (for streaming
music services)
	  	 	5,121,212	 	  	 	01/10/17	 
			
	 LOPES® (for athletic
events, etc.)
	  	 	5,094,661	 	  	 	12/06/16	 
			
	 LOPES UP!® (for
athletic events, etc.)
	  	 	5,082,360	 	  	 	11/15/16	 
				
	 GCU (Varsity Stylized), non-color (for athletic
events, etc.):
	 	

®	  	 	5,086,797	 	  	 	11/22/16	 
			
	 CANYON® (for athletic
events, etc.)
	  	 	4,948,974	 	  	 	05/03/16	 
				
	 GCU (Stylized), non-color:
	 	

®	  	 	4,939,057	 	  	 	04/19/16	 
			
	 SCHOOL HOUSE
CHALK®
	  	 	4,772,979	 	  	 	07/14/15	 

  
 Exhibit E-1 

											
	 Mark
	  	U.S. Reg. No.	 	  	U.S. Reg. Date	 
	 Antelope Design in colors Purple and Black:
	 	

®	  	 	4,724,550	 	  	 	04/21/15	 
				
	 ‘LOPES and Antelope Design, non-color:
	 	

®	  	 	4,724,541	 	  	 	04/21/15	 
				
	 Antelope Design in colors Purple and Black:
	 	

®	  	 	4,633,637	 	  	 	11/04/14	 
				
	 ‘LOPES and Antelope Design, non-color:
	 	

®	  	 	4,633,605	 	  	 	11/04/14	 
			
	 DC NETWORK®
	  	 	4,496,361	 	  	 	03/11/14	 
				
	 ‘LOPES and Antelope Design in color:
	 	

®	  	 	4,446,483	 	  	 	12/10/13	 
				
	 GRAND CANYON UNIVERSITY ARIZONA 1949 and Design,
non-color:
	 	 

 ®
	  	 	4,124,765	 	  	 	04/10/12	 
			
	 GRAND CANYON UNIVERSITY
®
	  	 	3,039,105	 	  	 	01/10/06	 
			
	 RISE TO THE CHALLENGE OF LEADERSHIP ®
	  	 	4,096,375	 	  	 	02/07/12	 

  
 Exhibit E-2 

 Pending Trademark Applications 

 

					
	 Mark
	  	U.S. Appl. No.	  	U.S. Filing Date
	 CYBER LOPES
	  	87/305,915	  	01/18/17
			
	 HACKERS WITH HALOS
	  	87/186,903	  	09/28/16

 State Trademarks and Trade Names 

Registered Trade Names 
  

							
	 State
	  	 Trade Name
	  	Reg. No.	  	Reg. Date
	 AZ
	  	 DC NETWORK
	  	521700	  	06/01/11
				
	 AZ
	  	 DOCTORAL COMMUNITY NETWORK
	  	521690	  	06/01/11
				
	 AZ
	  	 RISE TO THE CHALLENGE OF LEADERSHIP
	  	521656	  	06/01/11
				
	 ND
	  	 GRAND CANYON UNIVERSITY
	  	28164100	  	12/11/10
				
	 AZ
	  	 GRAND CANYON UNIVERSITY
	  	502591	  	10/18/10
				
	 AZ
	  	 FIND YOUR PURPOSE
	  	493655	  	06/22/10
				
	 AZ
	  	 ‘LOPES
	  	451860	  	01/23/09
				
	 AZ
	  	 THUNDER ‘LOPE
	  	451859	  	01/23/09
				
	 AZ
	  	 HEAR THE THUNDER, FEAR THE ‘LOPE
	  	451858	  	01/23/09
				
	 AZ
	  	 LEADING AT A HIGHER LEVEL
	  	451856	  	01/23/09

  

	 	(a)	 Domain Names1 

 

	 	1.	 ACCREDITEDONLINEPHD.COM 

	 	2.	 APPLYGCU.COM 

	 	3.	 APPLYGCU.NET 

	 	4.	 BLANCHARDMBA.COM 

	 	5.	 CANYON.COFFEE 

	 	6.	 CANYON49.COM 

	 	7.	 CANYON49.RESTAURANT 

	 	8.	 CANYON49.REVIEWS 

	 	9.	 CANYON49GRILL.COM 

	 	10.	 CANYONANGEL.ORG 

	 	11.	 CANYONANGELS.COM 

 

	1 	 The list of domain registrations includes domains not currently in use and some derogatory domains purchased as
a protective measure to prevent third parties from registering and using them. 

  
 Exhibit E-3 

	 	12.	 CANYONANGELS.ORG 

	 	13.	 CANYONBEVCO.COM 

	 	14.	 CANYONED.COM 

	 	15.	 CANYONEDU.COM 

	 	16.	 CANYONENTERPRISES.COM 

	 	17.	 CANYONENTERPRISES.ORG 

	 	18.	 CANYONEVENTS.COM 

	 	19.	 CANYONEVENTS.MOBI 

	 	20.	 CANYONEXCHANGE.COM 

	 	21.	 CANYONMUSICFESTIVAL.COM 

	 	22.	 CANYONPROMOTIONS.COM 

	 	23.	 CAREERANDCOLLEGES.COM 

	 	24.	 CEELEARNING.COM 

	 	25.	 CENTERFORCHRISTIANARTS.COM 

	 	26.	 CENTERFORCHRISTIANARTS.ORG 

	 	27.	 CHOOSEDISTRICTSCHOOLS.COM 

	 	28.	 CHOOSEDISTRICTSCHOOLS.ORG 

	 	29.	 CHOOSEGCU.COM 

	 	30.	 CIRTFACULTY.COM 

	 	31.	 CLUBGCU.COM 

	 	32.	 COLLEGEOF.EDUCATION 

	 	33.	 COREVALUESCORP.COM 

	 	34.	 CREDITSFORLIFE.COM 

	 	35.	 DISTRICTARIZONA.COM 

	 	36.	 DISTRICTAZ.COM 

	 	37.	 DRINKSTAMPEDE.COM 

	 	38.	 EDUCATIONPHD.COM 

	 	39.	 EDUSERVICES.COM 

	 	40.	 ENERGYSTAMPEDE.COM 

	 	41.	 ENROLLGCU.COM 

	 	42.	 EXCHANGECANYON.COM 

	 	43.	 FUCKGCU.COM 

	 	44.	 FUCK-GCU.COM 

	 	45.	 FUCKGCU.NET 

	 	46.	 FUCK-GCU.NET 

	 	47.	 FUCKUGCU.COM 

	 	48.	 FUCKU-GCU.COM 

	 	49.	 FUCK-U-GCU.COM

	 	50.	 FUCKUGCU.NET 

	 	51.	 FUCKU-GCU.NET 

	 	52.	 FUCK-U-GCU.NET

	 	53.	 FUCKYOUGCU.COM 

	 	54.	 FUCKYOU-GCU.COM 

	 	55.	 FUCK-YOU-GCU.COM

	 	56.	 FUCKYOUGCU.NET 

	 	57.	 FUCKYOU-GCU.NET 

	 	58.	 FUCK-YOU-GCU.NET

	 	59.	 FUGCU.COM 

  
 Exhibit E-4 

	 	60.	 FU-GCU.COM 

	 	61.	 F-U-GCU.COM 

	 	62.	 FUGCU.NET 

	 	63.	 FU-GCU.NET 

	 	64.	 F-U-GCU.NET 

	 	65.	 FUTURELOPE.COM 

	 	66.	 FUTURELOPECSET.COM 

	 	67.	 FUTURELOPECWA.COM 

	 	68.	 FUTURELOPESTEM.COM 

	 	69.	 GCBEVCO.COM 

	 	70.	 GCBEVERAGECO.COM 

	 	71.	 GCEDSERV.COM 

	 	72.	 GCEDSERVICES.COM 

	 	73.	 GCEDUCATIONALSERVICES.COM 

	 	74.	 GCEDUCATIONSERVICES.COM 

	 	75.	 GCESERV.COM 

	 	76.	 GCU.COFFEE 

	 	77.	 GCU.NET 

	 	78.	 GCU.REVIEWS 

	 	79.	 GCU.SOCCER 

	 	80.	 GCU.TODAY 

	 	81.	 GCU.UNIVERSITY 

	 	82.	 GCU.WTF 

	 	83.	 GCU.XXX 

	 	84.	 GCU4ME.COM 

	 	85.	 GCU4U.COM 

	 	86.	 GCUACAPELLA.COM 

	 	87.	 GCUALUMNI.COM 

	 	88.	 GCUAPPS.COM 

	 	89.	 GCUARENA.COM 

	 	90.	 GCUARENA.NET 

	 	91.	 GCUARENA.ORG 

	 	92.	 GCUATHLETICS.COM 

	 	93.	 GCUBEACHVOLLEYBALL.COM 

	 	94.	 GCUBEVERAGECO.COM 

	 	95.	 GCUBLOWS.COM 

	 	96.	 GCU-BLOWS.COM 

	 	97.	 GCUBLOWS.NET 

	 	98.	 GCU-BLOWS.NET 

	 	99.	 GCUBLOWS.ORG 

	 	100.	 GCUCAMPUS.COM 

	 	101.	 GCUCAMPUS.NET 

	 	102.	 GCUCLUBBASEBALL.COM 

	 	103.	 GCUCLUBGOLF.COM 

	 	104.	 GCUCLUBHOCKEY.COM 

	 	105.	 GCUCLUBTENNIS.CLUB 

	 	106.	 GCUCLUBWRESTLING.COM 

	 	107.	 GCUCOLLEGE.COM 

  
 Exhibit E-5 

	 	108.	 GCUCOLLEGEONLINE.COM 

	 	109.	 GCUCROSSCOUNTRY.COM 

	 	110.	 GCUCYCLING.COM 

	 	111.	 GCUEDONLINE.COM 

	 	112.	 GCUEDU.COM 

	 	113.	 GCUEDU.MOBI 

	 	114.	 GCUEDUCATE.COM 

	 	115.	 GCUEDUCATIONONLINE.COM 

	 	116.	 GCUEDUCATIONSUCKS.COM 

	 	117.	 GCU-EDUCATION-SUCKS.COM 

	 	118.	 GCUEDUCATIONSUCKS.NET 

	 	119.	 GCU-EDUCATION-SUCKS.NET 

	 	120.	 GCUEMBASUCKS.COM 

	 	121.	 GCUEMBASUCKS.NET 

	 	122.	 GCU-EMBA-SUCSKS.COM 

	 	123.	 GCU-EMBA-SUCSKS.NET 

	 	124.	 GCUENROLL.COM 

	 	125.	 GCUEVENTS.COM 

	 	126.	 GCUFLAGFOOTBALL.COM 

	 	127.	 GCUGOLF.ACADEMY 

	 	128.	 GCUGOLF.COM 

	 	129.	 GCUGOLF.REVIEWS 

	 	130.	 GCUGRADSCHOOL.COM 

	 	131.	 GCUHAVOC.COM 

	 	132.	 GCUHAVOCS.COM 

	 	133.	 GCUHELL.COM 

	 	134.	 GCU-HELL.COM 

	 	135.	 GCUHELL.NET 

	 	136.	 GCU-HELL.NET 

	 	137.	 GCUHELL.ORG 

	 	138.	 GCUHOCKEY.COM 

	 	139.	 GCUHOTEL.COM 

	 	140.	 GCUHOTEL.REVIEWS 

	 	141.	 GCUHOTELBOOKING.COM 

	 	142.	 GCUHOTELDEALS.COM 

	 	143.	 GCUICEHOCKEY.COM 

	 	144.	 GCUISCRAP.COM 

	 	145.	 GCU-IS-CRAP.COM

	 	146.	 GCUISCRAP.NET 

	 	147.	 GCU-IS-CRAP.NET

	 	148.	 GCUISSHIT.COM 

	 	149.	 GCU-IS-SHIT.COM

	 	150.	 GCUISSHIT.NET 

	 	151.	 GCU-IS-SHIT.NET

	 	152.	 GCUJOURNAL.COM 

	 	153.	 GCULACROSSE.COM 

	 	154.	 GCULEARN.COM 

	 	155.	 GCULICENSING.COM 

  
 Exhibit E-6 

	 	156.	 GCULOP.ES 

	 	157.	 GCULOPECOUNTRY.COM 

	 	158.	 GCULOPES.MOBI 

	 	159.	 GCULOPES.TV 

	 	160.	 GCULOPESCOUNTRY.COM 

	 	161.	 GCUMAIL.COM 

	 	162.	 GCUMAIL.NET 

	 	163.	 GCUMBASUCKS.COM 

	 	164.	 GCU-MBA-SUCKS.COM

	 	165.	 GCUMBASUCKS.NET 

	 	166.	 GCU-MBA-SUCKS.NET

	 	167.	 GCUMEDIA.COM 

	 	168.	 GCUMENSCLUBSOCCER.COM 

	 	169.	 GCUMISSIONS.COM 

	 	170.	 GCUNOW.COM 

	 	171.	 GCUNURSESSUCK.COM 

	 	172.	 GCU-NURSES-SUCK.COM 

	 	173.	 GCUNURSESSUCK.NET 

	 	174.	 GCU-NURSES-SUCK.NET 

	 	175.	 GCUNURSINGSUCKS.COM 

	 	176.	 GCU-NURSING-SUCKS.COM 

	 	177.	 GCUNURSINGSUCKS.NET 

	 	178.	 GCU-NURSING-SUCKS.NET 

	 	179.	 GCUONLINE.NET 

	 	180.	 GCUONLINEPROGRAMS.COM 

	 	181.	 GCUPOC.COM 

	 	182.	 GCUPURPOSE.COM 

	 	183.	 GCURACESERIES.COM 

	 	184.	 GCURESORT.COM 

	 	185.	 GCURESTAURANT.COM 

	 	186.	 GCUROCKS.COM 

	 	187.	 GCUSCHOOL.COM 

	 	188.	 GCUSOCCER.COM 

	 	189.	 GCUSTORE.COM 

	 	190.	 GCUSTUDENTLOANFORGIVENESS.COM 

	 	191.	 GCUSUCKS.COM 

	 	192.	 GCU-SUCKS.COM 

	 	193.	 GCUSUCKS.NET 

	 	194.	 GCU-SUCKS.NET 

	 	195.	 GCUSUCKS.ORG 

	 	196.	 GCUSWIMMING.COM 

	 	197.	 GCUTEAMSHOP.COM 

	 	198.	 GCUTENNIS.COM 

	 	199.	 GCUTHUNDER.COM 

	 	200.	 GCUTHUNDERTICKET.COM 

	 	201.	 GCUTICKETS.COM 

	 	202.	 GCUTIX.COM 

	 	203.	 GCUTODAY.COM 

  
 Exhibit E-7 

	 	204.	 GCUTRIATHLON.COM 

	 	205.	 GCUTV.COM 

	 	206.	 GCUULTIMATEFRISBEE.COM 

	 	207.	 GCUVOLLEYBALL.COM 

	 	208.	 GCUWOMENSCLUBSOCCER.COM 

	 	209.	 GODGIVENTALENT.TV 

	 	210.	 GRANDCANYON.EDUCATION 

	 	211.	 GRANDCANYONBEVERAGE.CO 

	 	212.	 GRANDCANYONBEVERAGE.COM 

	 	213.	 GRANDCANYONBEVERAGECO.COM 

	 	214.	 GRANDCANYONED.COM 

	 	215.	 GRANDCANYONEDUCATION.COM 

	 	216.	 GRANDCANYONEDUCATIONALSERVICES.COM 

	 	217.	 GRANDCANYONEDUCATIONSERVICES.COM 

	 	218.	 GRANDCANYONLOANFORGIVENESS.COM 

	 	219.	 GRANDCANYONUNIVERSITY.NET 

	 	220.	 GRAND-CANYON-UNIVERSITY.NET 

	 	221.	 GRANDCANYONUNIVERSITY.WTF 

	 	222.	 GRANDCANYONUNIVERSITY.XXX 

	 	223.	 GRANDCANYONUNIVERSITYARENA.COM 

	 	224.	 GRANDCANYONUNIVERSITYARENA.NET 

	 	225.	 GRANDCANYONUNIVERSITYARENA.ORG 

	 	226.	 GRANDCANYONUNIVERSITYINFO.COM 

	 	227.	 GRANDCANYONWOMENSLACROSSE.COM 

	 	228.	 GRANDCE.COM 

	 	229.	 GROWINGMYPURPOSE.COM 

	 	230.	 HERDONCAMPUS.COM 

	 	231.	 IHATEGCU.COM 

	 	232.	 IHATEGCU.NET 

	 	233.	 IHATEGCU.ORG 

	 	234.	 INSTANTKNOODLES.COM 

	 	235.	 INSTRUCTIONALRESEARCH.COM 

	 	236.	 JBTSONLINE.ORG 

	 	237.	 JOINGCU.COM 

	 	238.	 LEARNGCU.COM 

	 	239.	 LOPE.MOBI 

	 	240.	 LOPEALOOZA.COM 

	 	241.	 LOPEALOOZA.INFO 

	 	242.	 LOPEALOOZA.NET 

	 	243.	 LOPEALOOZA.ORG 

	 	244.	 LOPECOUNTRY.COM 

	 	245.	 LOPEHOUSE.COM 

	 	246.	 LOPEHOUSE.RESTAURANT 

	 	247.	 LOPEHOUSE.REVIEW 

	 	248.	 LOPES.TV 

	 	249.	 LOPES.XXX 

	 	250.	 LOPESCOUNTRY.COM 

	 	251.	 LOPESHOP.COM 

  
 Exhibit E-8 

	 	252.	 LOPESHOP.NET 

	 	253.	 LOPESHOPS.COM 

	 	254.	 LOPESHOPS.NET 

	 	255.	 LOPESLICENSING.COM 

	 	256.	 LOPESPORTAL.COM 

	 	257.	 LOPESTEAMSHOP.COM 

	 	258.	 LOPESTHUNDER.COM 

	 	259.	 LOPESTICKET.COM 

	 	260.	 LOPESTICKETS.COM 

	 	261.	 LOPESTIX.COM 

	 	262.	 LOPESTORE.COM 

	 	263.	 LOPESTV.COM 

	 	264.	 LOPETEAMSHOP.COM 

	 	265.	 LOPETICKET.COM 

	 	266.	 LOPETICKETS.COM 

	 	267.	 LOPEZTICKET.COM 

	 	268.	 LOPEZTICKETS.COM 

	 	269.	 MADEGREES.COM 

	 	270.	 MASTERSONLINE.COM 

	 	271.	 MSDEGREES.COM 

	 	272.	 MYGCUFUTURE.COM 

	 	273.	 MYGIVENPURPOSE.COM 

	 	274.	 MYTRANSFERCREDITS.COM 

	 	275.	 PAINTTHEVALLEYPURPLE.COM 

	 	276.	 PHDEDUCATION.COM 

	 	277.	 PROFESSIONALSTUDIES.COM 

	 	278.	 PROFESSIONALSTUDIES.NET 

	 	279.	 RANKINGONLINESCHOOLS.COM 

	 	280.	 RESOLUTION2011.COM 

	 	281.	 RESOLUTION2011.NET 

	 	282.	 RESOLUTION2011.ORG 

	 	283.	 RESOLUTION2012.COM 

	 	284.	 RESOLUTION2012.NET 

	 	285.	 RESOLUTION2012.ORG 

	 	286.	 RESOLUTION2013.NET 

	 	287.	 RESOLUTION2013.ORG 

	 	288.	 RESOLUTION2014.COM 

	 	289.	 RESOLUTION2014.NET 

	 	290.	 RESOLUTION2014.ORG 

	 	291.	 RESOLUTION2015.COM 

	 	292.	 RESOLUTION2015.NET 

	 	293.	 RESOLUTION2015.ORG 

	 	294.	 RESOLUTION2016.COM 

	 	295.	 RESOLUTION2016.NET 

	 	296.	 RESOLUTION2016.ORG 

	 	297.	 RESOLUTION2017.COM 

	 	298.	 RESOLUTION2017.NET 

	 	299.	 RESOLUTION2017.ORG 

  
 Exhibit E-9 

	 	300.	 RESOLUTION2018.COM 

	 	301.	 RESOLUTION2018.NET 

	 	302.	 RESOLUTION2018.ORG 

	 	303.	 RESOLUTION2019.COM 

	 	304.	 RESOLUTION2019.NET 

	 	305.	 RESOLUTION2019.ORG 

	 	306.	 RESOLUTION2020.NET 

	 	307.	 RESOLUTION2020.ORG 

	 	308.	 RESOLUTION2021.COM 

	 	309.	 RESOLUTION2021.NET 

	 	310.	 RESOLUTION2021.ORG 

	 	311.	 RESOLUTIONFEST.COM 

	 	312.	 RESOLUTIONFESTIVAL.COM 

	 	313.	 RESOLUTIONFESTIVAL.ORG 

	 	314.	 RESOURCECLOSET.COM 

	 	315.	 ROCKATGCU.COM 

	 	316.	 RUNTOFIGHTCANCER.COM 

	 	317.	 RUNTOFIGHTCANCER.ORG 

	 	318.	 SCHOOLHOUSECHALK.COM 

	 	319.	 SCHOOLSINPHOENIX.COM 

	 	320.	 SCREWGCU.COM 

	 	321.	 SCREW-GCU.COM 

	 	322.	 SCREWGCU.NET 

	 	323.	 SCREW-GCU.NET 

	 	324.	 SHAREMYPURPOSE.COM 

	 	325.	 SHOWINGPURPOSE.COM 

	 	326.	 SHOWMYPURPOSE.COM 

	 	327.	 STAMPEDEDRINK.COM 

	 	328.	 STUDENTLOANFORGIVENESSGCU.COM 

	 	329.	 STUDENTLOANFORGIVENESSGRANDCANYONUNIVERSITY.COM 

	 	330.	 TALKTOBRENDA.COM 

	 	331.	 TEACHFORPURPOSE.COM 

	 	332.	 TEACHINGPHD.COM 

	 	333.	 THECENTERFORCHRISTIANARTS.COM 

	 	334.	 THECENTERFORCHRISTIANARTS.ORG 

	 	335.	 THECOLLEGEGOSSIP.COM 

	 	336.	 THETHUNDERGROUND.COM 

	 	337.	 THUNDERLOPES.COM 

	 	338.	 TOURGCU.COM 

	 	339.	 TRANSFERTOGCU.COM 

	 	340.	 TRANSFERYOURCREDITS.COM 

	 	341.	 UNITEDBYPURPOSE.COM 

	 	342.	 WORSHIPISOURFOOTBALL.COM 

	 	343.	 WORSHIPISOURFOOTBALL.INFO 

	 	344.	 WORSHIPISOURFOOTBALL.NET 

	 	345.	 WORSHIPISOURFOOTBALL.ORG 

	 	346.	 WORSHIPOLOGIST.COM 

  
 Exhibit E-10

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00289-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00289-of-00352.parquet"}]]