Document:

NEITHER
THIS WARRANT NOR THE SECURITIES REPRESENTED BY THIS WARRANT HAVE BEEN REGISTERED
OR QUALIFIED FOR SALE UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE
SECURITIES LAWS.  NEITHER THIS WARRANT NOR THE SECURITIES REPRESENTED
BY THIS WARRANT MAY BE SOLD OR TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION
OR QUALIFICATION OR AN EXEMPTION THEREFROM UNDER SAID ACT AND ANY SUCH
APPLICABLE STATE SECURITIES LAWS.

     

    THIS
DETACHABLE AND TRANSFERABLE WARRANT (this “Warrant”)
IS BEING ISSUED PURSUANT TO THE TERMS OF A LOAN AGREEMENT DATED AS OF THE DATE
HEREOF (the “Loan
Agreement”), BY AND AMONG OAK TREE EDUCATIONAL PARTNERS, INC. AND ITS
SUBSIDIARIES, AS BORROWERS, AND DEERPATH FUNDING, LP, AS LENDER AND AS AGENT FOR
THE LENDERS

     

    WARRANT
TO PURCHASE

     

    SHARES
OF COMMON STOCK OF

     

    OAK
TREE EDUCATIONAL PARTNERS, INC.

     

    
      	
              No.  2010-03

            	
              November
      30, 2010

            

    

    

    Expiring
at 5:00 p.m.  New York, New York time on November 30, 2020 (the “Expiration
Date”)

     

    THIS
CERTIFIES that, for value received, Deerpath
Funding, LP, a Delaware limited partnership (together
with its successors and assigns, the “Holder”), is entitled to subscribe
for and purchase from Oak
Tree Educational Partners, Inc., a Delaware corporation formerly known as
Florham Consulting Corp. (the “Company”),
Six Hundred Twenty Eight Thousand Eight Hundred Fifty Seven (628,857) fully paid
and non-assessable shares of the Company’s Common Stock, which constitutes 2.50%
of the Company’s aggregate outstanding Equity Securities at the Original Issue
Date, determined on a Fully Diluted Basis in accordance with the Loan Agreement
including the Equity Securities underlying this Warrant and the Deerpath Shares
(as defined below), at a purchase price of $0.50 per share of Common Stock, as
such price may be adjusted from time to time as shall result from the
adjustments specified in this Warrant (the “Exercise
Price”), subject, however, to the provisions and upon the terms and
conditions hereinafter set forth.

     

    ARTICLE
I

    DEFINITIONS

     

    1.1           Definitions.  Capitalized
terms used but not defined herein shall have the meanings set forth in the Loan
Agreement.  As used herein, the following terms shall have the
meanings set forth below.

     

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    Applicable
Percentage means, with respect to any holder of any Equity Securities of
the Company, the percentage obtained by dividing (a) the number of such Equity
Securities held by such holder on a Fully Diluted Basis, by (b) the total number
of Equity Securities of the Company on a Fully Diluted Basis.

     

    Board of
Directors means the board of directors of the Company.

     

    Cashless
Exercise means an exchange of this Warrant by Holder for that number of
Equity Securities determined by multiplying the number of Warrant Shares
purchased hereunder by a fraction, the numerator of which shall be the
difference between (x) the Per Share Market Value of the Common Stock on
the date of exercise and (y) the Exercise Price per share for such Warrant
Shares, and the denominator of which shall be the Per Share Market Value of the
Common Stock on the date of exercise.

     

    Certificate of
Incorporation means the Certificate of Incorporation of the Company as in
effect on the Original Issue Date, and as hereafter from time to time amended,
modified, supplemented or restated in accordance with the terms hereof and
thereof and pursuant to applicable law.

     

    Change of Control
has the meaning set forth in the Loan Agreement.

     

    Commission
means the Securities and Exchange Commission or any other federal agency at the
time administering the Securities Act and/or the Exchange Act.

     

    Common
Stock means the Common Stock, $0.0001 par value per share, of the Company
and any other Equity Securities into which such stock may hereafter be
changed.

     

    Company is
defined in the Preamble
hereto, and shall also include any successor thereto with respect to the
obligations hereunder, by merger, consolidation or otherwise.

     

    Convertible
Securities means evidences of indebtedness, units, interests or other
securities which are convertible into or exercisable or exchangeable for, with
or without payment of additional consideration in cash or property into, Equity
Securities, either immediately or upon a specified date or the happening of a
specified event.

     

    Deerpath Shares
has the meaning set forth in the Investor Rights Agreement.

     

    Dilution
Fee has the meaning set forth in Section 4.3(a).

     

    Equity
Securities means any and all of the Company’s shares, interests,
participations or other equivalents of or interests in (however designated)
corporate or capital stock, including, without limitation, shares of Common
Stock, preferred stock or preference stock, and any other equity interests or
equivalents of the Company.

     

    Event of
Noncompliance has the meaning set forth in Section
4.6(a).

     

    
      
         

      

      
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    Excess
Compensation means any compensation or other consideration promised or
paid to any officer, director, employee or holder of Equity Securities of the
Company in connection with a Sale Transaction, including but not limited to any
premium, signing bonus, sales commission, personal goodwill payment,
noncompetition payment, promissory note, distribution, dividend, guaranteed
payment or other similar payment paid or delivered to such officer, director,
employee or holder in connection with the Sale Transaction or at any time within
the year following the closing of such Sale Transaction (other than any
reasonable and customary salary, bonus, fee or other similar compensation
payment for employment, consulting or independent contractor services actually
performed by such Person following the closing of such Sale Transaction pursuant
to a written agreement) that exceeds (in the aggregate with all other
compensation and consideration promised or paid to such Person in connection
with the Sale Transaction and within the year following the closing of such Sale
Transaction) such Person’s Applicable Percentage of the aggregate amount of
compensation and other consideration that is paid ratably to all holders of the
Company’s Equity Securities in connection with such Sale
Transaction.

     

    Exchange
Act means
the Securities Exchange Act of 1934, as amended, and any similar or successor
federal statute, and the rules and regulations of the Commission thereunder, all
as the same shall be in effect at the time.  Reference to a particular
section of the Exchange Act shall include a reference to the comparable section,
if any, of any such similar or successor federal statute.

     

    Exercise
Date has the meaning set forth in Section 2.1(c).

     

    Exercise
Price has the meaning set forth in the Preamble
hereto.

     

    Exercise
Notice has the meaning set forth in Section
2.1(b).

     

    Expiration
Date has the meaning set forth in the Preamble
hereto.

     

    Fully Diluted
Basis means, with respect to the Equity Securities at any time of
determination, the number of Equity Securities that would be issued and
outstanding at such time, assuming that all outstanding options, rights or
warrants to subscribe for Equity Securities and all derivative and Convertible
Securities and all options or rights to acquire Convertible Securities have been
exercised, converted or exchanged, including this Warrant.

     

    Holder has
the meaning set forth in the Preamble
hereto.

     

    Investor Rights
Agreement means that certain Investor Rights Agreement dated the Original
Issue Date, by and among Holder, the Company and the other holders of Equity
Securities of the Company named therein, as amended, modified and supplemented
from time to time.

     

    Lender has
the meaning set forth in the Loan Agreement.

     

    Liquidity
Event has the meaning set forth in the Loan Agreement.

     

    Loan
Agreement has the meaning set forth in the Legend hereto.

     

    Loan
Documents has the meaning set forth in the Loan Agreement.

     

    
      
         

      

      
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    Original Issue
Date means the date of the original issuance of this
Warrant.

     

    Per Share Market
Value means the closing price of a share of  Common Stock on
the principal securities exchange (including the Over-the-Counter Bulletin
Board) on which such shares are traded on the day immediately preceding the date
as of which Per Share Market Value is being determined, or on the next preceding
date on which such shares are traded if no shares were traded on such
immediately preceding day, or if the shares are not traded on a securities
exchange, Per Share Market Value shall be deemed to be the average of the high
bid and low asked prices of the shares in the market on which such shares trade
on the day immediately preceding the date as of which Per Share Market Value is
being determined or on the next preceding date on which such high bid and low
asked prices were recorded.

     

    Person
shall be construed as broadly as possible and shall include an individual or
natural person, a partnership (including a limited liability partnership), a
corporation, an association, a joint stock company, a limited liability company,
a trust, a joint venture, an unincorporated organization and a Governmental
Authority (as defined in the Loan Agreement).

     

    Sale Transaction
means the occurrence of any of the following: (a) the sale, transfer,
conveyance or other disposition to any Person, in one or a series of
transactions, of all or substantially all of the assets of the Company or any of
its Subsidiaries, (b) the adoption of a plan relating to the liquidation,
dissolution or winding up of the Company or any of its Subsidiaries, (c) the
consummation of any transaction (including, without limitation, any merger or
consolidation) which results in a Person or group of Persons (other than (i) the
Controlling Shareholders, with respect to the Company, or (ii) the Company or
any other Subsidiary, with respect to any Subsidiary of the Company) becoming
the Beneficial Owner of more than fifty percent (50%) of the Voting Interests of
the Company or any of its Subsidiaries, measured by voting power rather than
number of shares; or (d) the consolidation of the Company or any Subsidiary
with, or merger with or into, any Person (other than the Company or any
Subsidiary), or the consolidation of any Person (other than the Company or any
Subsidiary) with, or merger with or into, the Company or any Subsidiary, in any
such event pursuant to a transaction in which any of the outstanding Voting
Interests of the Company or such Subsidiary, as applicable, are converted into
or exchanged for cash, securities or other property, other than any such
transaction where the Voting Interests of the Company or such Subsidiary, as
applicable, outstanding immediately prior to such transaction are converted into
or exchanged for Voting Interests of the surviving or transferee Person
constituting a majority of the outstanding shares of such Voting Interests of
such surviving or transferee Person immediately after giving effect to such
issuance.  For the purposes of this definition of “Sale Transaction”,
(i) any Change of Control of an entity holds Equity Securities of the Company
will be deemed to be a transfer of such Equity Securities of the Company, and
(ii) the definition of “Person” shall include two or more Persons acting as a
partnership, limited partnership, syndicate or other group.

     

    Securities
Act means the Securities Act of 1933, as amended, and any similar or
successor federal statute, and the rules and regulations of the Commission
thereunder, all as the same shall be in effect at the time.  Reference
to a particular section of the Securities Act shall include a reference to the
comparable section, if any, of any such similar or successor federal
statute.

     

    
      
         

      

      
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    Subsidiaries
means any entity of which the Company is the owner, directly or indirectly,
through intermediate entities, of at least fifty percent (50%) of such entity’s
capital stock, membership interests, partnership interests or other equity
interests.

     

    Term Loan
has the meaning set forth in the Loan Agreement.

     

    Trading
Day means
(a) a day on which the Common Stock is traded on the OTC Bulletin Board, the
over-the-counter market as reported by National Quotation Bureau Incorporated
(or any similar organization or agency succeeding its functions of reporting
prices); provided,
however, that in the
event that the Common Stock is not listed or quoted as set forth in (a) hereof,
then Trading Day shall mean (b) any day except Saturday, Sunday and any day
which shall be a legal holiday or a day on which banking institutions in the
State of New York are authorized or required by law or other government action
to close.

     

    Voting Interests
has the meaning set forth in the Loan Agreement.

     

    Warrant(s)
has the meaning set forth in the Legend hereto and shall include the Warrant
Shares.

     

    Warrant
Office has the meaning set forth in Section 3.1.

     

    Warrant
Shares means the shares of Common Stock and any other Equity Securities
of the Company into which this Warrant may be exercised.

     

    1.2         Accounting Terms and
Determinations.  Except
as otherwise may be expressly provided herein, all accounting terms used herein
shall be interpreted, and all financial statements and certificates and reports
as to financial matters required to be delivered to the Holder hereunder shall
be prepared, in accordance with GAAP.  All calculations made for the
purposes of determining compliance with the terms of this Warrant shall (except
as otherwise may be expressly provided herein) be made by application of
GAAP.

     

    1.3         Rules of
Construction.  The
title of and the section and paragraph headings in this Warrant are for
convenience of reference only and shall not govern or affect the interpretation
of any of the terms or provisions of this Warrant.  The use herein of
the masculine, feminine or neuter forms shall also denote the other forms, as in
each case the context may require.  Where specific language is used to
clarify by example a general statement contained herein, such specific language
shall not be deemed to modify, limit or restrict in any manner the construction
of the general statement to which it relates.  The language used in
this Warrant has been chosen by the parties to express their mutual intent, and
no rule of strict construction shall be applied against any party.  In
the case of this Warrant, (a) the meanings of defined terms are equally
applicable to the singular and plural forms of the defined terms; (b) Annex,
Exhibit, Schedule and Section references are to this Warrant unless
otherwise specified; (c) the term “including” is not limiting and means
“including but not limited to”; (d) 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”; (e) unless otherwise expressly provided
in this Warrant, (i) references to agreements and other contractual
instruments (or to specific provisions therein) shall be deemed to include all
subsequent amendments and other modifications thereto, but only to the extent
such amendments and other modifications are not prohibited by the terms of the
Warrant, and (ii) references to any statute or regulation shall be
construed as including all statutory and regulatory provisions amending,
replacing, supplementing or interpreting such statute or regulation; (f) this
Warrant may use several different limitations, tests or measurements to regulate
the same or similar matters, all of which are cumulative and each shall be
performed in accordance with its terms; and (g) this Warrant is the result of
negotiations among and has been reviewed by counsel to the Company and the other
parties thereto and is the product of all parties; accordingly, it shall not be
construed against Holder merely because of Holder’s involvement in its
preparation.

     

    
      
         

      

      
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    1.4         Fiduciary
Duties  Pre
or post exercise of this Warrant, Holder is a beneficiary of the fiduciary
duties owed by the Board of Directors to a minority owner of Equity
Securities.

     

    ARTICLE
II

    EXERCISE
OF WARRANT

     

    2.1         Method of
Exercise

     

    (a)           This
Warrant may be exercised, in whole or in part, by the Holder at any time, and
from time to time, before 5:00 p.m., New York, New York time, on the Expiration
Date.

     

    (b)           To
exercise this Warrant, the Holder shall deliver to the Company, at the Warrant
Office designated herein, (i) a written exercise notice in the form
attached as Exhibit A
hereto (the “Exercise
Notice”), stating therein the election of Holder to exercise this Warrant
in the manner provided in the Exercise Notice; (ii) payment in full of the
Exercise Price, as adjusted, if applicable, (A) in cash or by certified
check or wire transfer for all Warrant Shares purchased hereunder,
(B) through a Cashless Exercise (the Exercise Notice shall set forth the
calculation upon which the Cashless Exercise is based) or (C) a combination
of (A) and (B) above; and (iii) this Warrant.

     

    (c)           In
the event of any exercise of this Warrant in accordance with and subject to the
terms and conditions hereof, certificates for the Warrant Shares so purchased
shall be dated the date of such exercise (the “Exercise
Date”) and delivered to the Holder’s prime broker as specified in the
Holder’s exercise form within a reasonable time, not exceeding five (5) Trading
Days after such exercise (the “Delivery
Date”) or, at the request of the Holder (provided that a registration
statement under the Securities Act providing for the resale of the Warrant
Shares is then in effect or that the Warrant Shares are otherwise exempt from
registration), issued and delivered to the Depository Trust Company (“DTC”)
account on the Holder’s behalf via the Deposit Withdrawal Agent Commission
System (“DWAC”)  when
available, within a reasonable time, not exceeding five (5) Trading Days after
such exercise, and the Holder hereof shall be deemed for all purposes to be the
holder of the Warrant Shares so purchased as of the date of such
exercise.  The Holder shall deliver this original Warrant, or an
indemnification reasonably acceptable to the Issuer undertaking with respect to
such Warrant in the case of its loss, theft or destruction, at such time that
this Warrant is fully exercised.  With respect to partial exercises of
this Warrant, the Company shall keep written records for the Holder of the
number of Warrant Shares exercised as of each date of exercise and the remaining
number of Warrant Shares issuable upon further exercise of this
Warrant.

     

    
      
         

      

      
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    2.2         Regulatory
Compliance.  If
any shares of Common Stock to be reserved for the purpose of exercise of this
Warrant require registration or listing with or approval of any governmental
authority, stock exchange or other regulatory body under any federal or state
law or regulation or otherwise before such shares may be validly issued or
delivered upon conversion, the Company shall, at its sole cost and expense, in
good faith and as expeditiously as possible, endeavor to secure such
registration, listing or approval, as the case may be.

     

    2.3         Expenses and
Taxes.  The
Company shall pay all expenses and taxes (including, without limitation, all
documentary, stamp, transfer or other transactional taxes) other than income
taxes attributable to the preparation, issuance or delivery of this Warrant and
of the Warrant Shares.

     

    2.4         Reservation of Equity
Securities.  The
Company shall, during the period within which this Warrant may be exercised,
reserve and keep available out of its authorized and unissued Common Stock,
solely for the purpose of effecting the exercise of this Warrant, such number of
shares of Common Stock equal to at least one hundred percent (100%) of the
aggregate number of shares of Common Stock as shall from time to time be
sufficient to effect the exercise of this Warrant.

     

    2.5         Valid
Issuance.  All
Equity Securities issued upon exercise of this Warrant will, upon payment of the
Exercise Price and issuance by the Company, be duly authorized, validly and
legally issued, fully paid and nonassessable and free and clear of all taxes,
liens, security interests, charges and other encumbrances or restrictions with
respect to the issuance thereof and, without limiting the generality of the
foregoing, the Company shall take all actions necessary to ensure such result
and shall not take any action which will cause a contrary result.

     

    2.6         Acknowledgment of Rights
Upon Exercise.  At
the time of the exercise of this Warrant in accordance with the terms hereof and
upon the written request of the Holder, the Company will acknowledge in writing
its continuing obligation to afford to the Holder all rights provided by the
provisions of this Warrant, unless otherwise
specifically denied herein; provided, however, that if
the Holder shall fail to make any such request, such failure shall not affect
the continuing obligation of the Company to afford to the Holder any such
rights.

     

    2.7         No Fractional
Shares.  No
fractional shares of Common Stock shall be issued upon exercise of this
Warrant.  In lieu of any fractional shares to which the Holder would
otherwise be entitled, the Holder shall round the number of shares to be issued
upon exercise up to the nearest whole number of shares.

     

    ARTICLE
III

    TRANSFER

     

    3.1         Warrant
Office.  The
Company shall maintain an office for certain purposes specified herein (the
“Warrant
Office”), which office shall be the Company’s principal executive
offices, and may subsequently be such other office of the Company in the
continental United States as to which written notice has previously been given
to the Holder.  The Company shall maintain, at the Warrant Office, a
register for this Warrant in which the Company shall record (i) the name and
address of the person in whose name this Warrant has been issued (as well as the
name and address of each permitted assignee of the rights of the registered
owner hereof) and (ii) the number of Warrant Shares issuable upon the exercise
or exchange hereof.

     

    
      
         

      

      
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    3.2         Ownership of
Warrant.  The
Company may deem and treat the person in whose name this Warrant is registered
as the Holder and owner hereof until provided with notice to the
contrary.  This Warrant may be exercised by an assignee for the
purchase of Warrant Shares without having a new Warrant issued.

     

    3.3         Transferability of
Warrant.  Subject
to Section
3.4, this Warrant may be transferred by a Holder, in whole or in part,
without the consent of the Company.  If transferred pursuant to this
Section
3.3, this Warrant may be transferred on the books of the Company by the
Holder hereof in person or by duly authorized attorney, upon surrender of this
Warrant at the principal office of the Company, properly endorsed (by the Holder
executing an assignment in the form attached as Exhibit B
hereto) and upon payment of any necessary transfer tax or other
governmental charge imposed upon such transfer.  This Warrant is
exchangeable at the principal office of the Company for Warrants to purchase the
same aggregate number of Warrant Shares, each new Warrant to represent the right
to purchase such number of Warrant Shares as the Holder hereof shall designate
at the time of such exchange.  All Warrants issued on transfers or
exchanges shall be dated the Original Issue Date and shall be identical with
this Warrant except as to the number of Warrant Shares issuable pursuant
thereto.

     

    3.4         Compliance with Securities
Laws.

     

    (a)           The
Holder of this Warrant, by acceptance hereof, acknowledges that this Warrant and
the Warrant Shares to be issued upon exercise hereof are being acquired solely
for the Holder's own account and not as a nominee for any other party, and for
investment.

     

    (b)           Except
as provided in paragraph (c) below, this Warrant and all certificates
representing Warrant Shares issued upon exercise hereof shall be stamped or
imprinted with a legend in substantially the following form:

     

    THIS
WARRANT AND THE SHARES OF COMMON STOCK ISSUABLE UPON EXERCISE HEREOF HAVE NOT
BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR ANY STATE SECURITIES LAWS AND MAY NOT BE SOLD, TRANSFERRED OR
OTHERWISE DISPOSED OF UNLESS REGISTERED UNDER THE SECURITIES ACT AND UNDER
APPLICABLE STATE SECURITIES LAWS OR THE ISSUER SHALL HAVE RECEIVED AN OPINION OF
COUNSEL REASONABLY SATISFACTORY TO THE ISSUER THAT REGISTRATION OF SUCH
SECURITIES UNDER THE SECURITIES ACT AND UNDER THE PROVISIONS OF APPLICABLE STATE
SECURITIES LAWS IS NOT REQUIRED.

     

    
      
         

      

      
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    (c)           The
Company agrees to reissue this Warrant or certificates representing any of the
Warrant Shares, without the legend set forth above, upon request by Holder at
any time following the date that is six (6) months following the Original Issue
Date.  [Whenever a certificate representing the Warrant Shares is
required to be issued to the Holder without a legend, in lieu of delivering
physical certificates representing the Warrant Shares, the Company shall cause
its transfer agent to electronically transmit the Warrant Shares to the Holder
by crediting the account of the Holder or Holder's Prime Broker with DTC through
its DWAC system (to the extent not inconsistent with any provisions of this
Warrant)].

     

    (d)           Accredited Investor
Status. At the time of the exercise of this Warrant, the Holder (i) shall
be an “accredited investor” as defined in Regulation D under the Securities Act,
or (ii) shall exercise this Warrant by means of a Cashless Exercise as provided
for in Section
2.1(b).

     

    ARTICLE
IV

    COVENANTS

     

    4.1         Notices of Certain
Actions.  In
case the Company proposes to (i) pay any dividend or make any distribution
payable in Equity Securities, evidences of indebtedness, cash or other property
or assets to the holders of Equity Securities, (ii) offer to the holders of
Equity Securities rights or warrants to subscribe for or purchase any Equity
Securities or any other rights or options, (iii) effect any reclassification of
the Equity Securities (other than a reclassification involving merely the
subdivision or combination of outstanding Equity Securities), or any capital
reorganization or any consolidation or merger (other than a merger in which no
distribution of securities or other property is to be made to then current
holders of Equity Securities), or any sale, transfer or other disposition of its
property, assets and business as an entirety or substantially as an entirety, or
the liquidation, dissolution or winding up of the Company, (iv) effect a
transaction constituting a Liquidity Event, (v) commence a voluntary (or
becomes subject to an involuntary) dissolution, liquidation or winding up or
(vi) issue any Equity Securities, options or Convertible Securities, then, in
each such case, the Company shall mail (by first class mail, postage prepaid) to
the Holder, notice of such proposed action, which shall specify the material
terms thereof and the date on which the books of the Company shall close, or a
record shall be taken, for determining holders of Equity Securities entitled to
receive such dividends, distributions or issuances of such rights or options, or
the date on which such reclassification, reorganization, consolidation, merger,
sale, transfer, other disposition or transaction constituting a Liquidity Event
or such liquidation, dissolution, winding up shall take place or commence, as
the case may be, and the date as of which it is expected that holders of Equity
Securities of record shall be entitled to receive securities or other property
deliverable upon such action, if any such date is to be fixed.  Such
notice shall be mailed in the case of any action covered by clause (i) or (ii) above at least ten (10)
days prior to the record date for determining holders of Equity Securities for
purposes of receiving such payment or offer, and in the case of any action
covered by clause (iii)
through (vi) above at
least ten (10) days prior to the date upon which such action takes place and ten
(10) days prior to any record date to determine holders of Equity Securities
entitled to receive such securities or other property.

     

    
      
         

      

      
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    4.2         No Inconsistent
Agreements.  The
Company has not entered into and will not enter into any agreement or similar
arrangements, the performance by the Company, or the terms of which, would in
any manner conflict with, restrict or be inconsistent with the performance by
the Company of its obligations under this Agreement.

     

    4.3         Dilution
Fee.

     

    (a)           Until
the earlier to occur of the exercise in full of this Warrant or the Expiration
Date, if any distribution is made on or with respect to the Equity Securities,
the Holder of this Warrant as of the record date established by the Board of
Directors for such distribution on the Equity Securities shall be entitled to
receive a fee (the “Dilution
Fee”) in an amount (whether in the form of cash, notes, securities or
other property) equal to the amount (and in the form) of the distribution that
such Holder would have received had this Warrant been exercised in full as of
the date immediately prior to the record date for such distribution, such
Dilution Fee to be payable on the same payment date established by the Board of
Directors for the payment of such distribution; provided, however, that if the Company
declares and pays a distribution on the Equity Securities consisting in whole or
in part of Common Stock, then no such Dilution Fee shall be payable in respect
of this Warrant on account of the portion of such distribution payable in Common
Stock and in lieu thereof the adjustment in Article V
hereof shall apply.  The record date for any such Dilution Fee shall
be the record date for the applicable distribution on the Equity Securities, and
any such Dilution Fee shall be payable to the Persons in whose name this Warrant
is registered at the close of business on the applicable record
date.

     

    (b)           No
distribution shall be paid or declared on any Equity Securities (other than
distributions payable in Common Stock for which an adjustment was made pursuant
to Article
V hereof), unless the Dilution Fee, payable in the same consideration and
manner, is simultaneously paid or provided for, as the case may be, in respect
of this Warrant in an amount determined as set forth above. For purposes hereof,
the term “distribution” shall include any pro rata dividend or distribution by
the Company, out of funds of the Company legally available therefor, of cash,
property, securities (including, but not limited to, Convertible Securities,
rights, warrants or options) or other property or assets to the holders of the
Equity Securities, whether or not paid out of capital, surplus or earnings other
than liquidation.

     

    (c)           Prior
to making any distribution on or with respect to Equity Securities, the Company
shall take all prior action necessary to authorize the issuance of any
securities payable as the Dilution Fee in respect of this Warrant.

     

    4.4         Personal Gain on Sale
Transaction.  Without
the prior written consent of the Holder, neither the Company nor any of its
Subsidiaries or equity holders shall enter into any Sale Transaction if any
Person will receive any Excess Compensation unless, in connection with such Sale
Transaction, proper provisions are made such that the buyer in such Sale
Transaction agrees to pay to Holder an amount equal to the amount of such Excess
Compensation times the Holder’s Applicable Percentage, such amount to be paid on
the same terms and conditions as the Excess Compensation is paid to such other
Persons.

     

    
      
         

      

      
        10

        
          

        

      

      
         

      

    

    4.5         Limitation on Certain
Restrictions.  Without
the prior written consent of the Holder, the Company shall not, and the Company
shall not permit or cause any of its Subsidiaries, directly or indirectly, to
create or otherwise cause or suffer to exist or become effective any restriction
or encumbrance on the ability of the Company or such Subsidiary to perform and
comply with their respective obligations under this Warrant.

     

    4.6         Events of Noncompliance and
Remedies.

     

    (a)           Events of
Noncompliance.  If the Company fails to keep and fully and
promptly perform in all material respects any of the covenants or terms
contained or referenced in this Article IV
within thirty (30) days from the written notice from Holder specifying what
failure has occurred, or requesting that a specified failure be remedied (an
“Event of
Noncompliance”), then Holder shall be entitled to the remedies set forth
in subsection (b)
hereof.

     

    (b)           On
the occurrence of an Event of Noncompliance, in addition to any remedies the
Holder may have under applicable law, the Holder may bring any action for
injunctive relief or specific performance of any term or covenant contained
herein, the Company hereby acknowledging that an action for money damages may
not be adequate to protect the interests of the Holder hereunder.

     

    ARTICLE
V

    ANTI-DILUTION
AND ADDITIONAL EVENTS

     

    5.1         Adjustment of Exercise
Price.  If
the Common Stock as presently constituted shall be changed into or exchanged for
a different number or kind of shares or other securities of the Company or of
another entity (whether by reason of merger, consolidation, recapitalization,
reclassification, split, reverse split, combination of shares, or otherwise) or
if the number of shares of Common Stock shall be increased through the payment
of a share dividend, the Holder shall receive upon exercise of this Warrant, the
number and kind of shares or other securities into which each outstanding share
of Common Stock shall be so changed, or for which each such share of Common
Stock shall be exchanged, or to which each such share of Common Stock shall be
entitled, as the case may be.  The Exercise Price and other terms of
this Warrant shall be appropriately amended to reflect the foregoing
events.  If there shall be any other change in the number or kind of
the outstanding shares of Common Stock, or of any shares or other securities
into which the Common Stock shall have been changed, or for which the shares of
Common Stock shall have been exchanged, then, if the Board of Directors shall,
in its sole discretion, determine that such change equitably requires an
adjustment in the Exercise Price, such adjustment shall be made in accordance
with that determination.  Notice of any adjustment shall be given by
the Company to the Holder.

     

    
      
         

      

      
        11

        
          

        

      

      
         

      

    

    5.2         No
Impairment.  The
Company shall not, by amendment of its Certificate of Incorporation or through
any reorganization, transfer of assets, consolidation, merger, dissolution,
issue or sale of securities or any other voluntary action, avoid or seek to
avoid the observance or performance of any of the terms to be observed or
performed hereunder, but will at all times in good faith assist in the carrying
out of all the provisions of this Article
V and in the
taking of all such action as may be necessary or appropriate in order to protect
against impairment the right of the Holder to exercise this
Warrant.  In the event the Holder shall elect to exercise this
Warrant, in whole or in part, as provided herein, the Company cannot refuse
exercise based on any claim that the Holder or anyone associated or affiliated
with such holder has been engaged in any violation of law, unless the Company
receives (a) an order from the Commission prohibiting exercise of this Warrant
or (b) an injunction from a court, on notice, restraining and/or adjoining
exercise of this Warrant.

     

    5.3         Certificates as to
Adjustments.  Upon
the occurrence of each adjustment or readjustment of the Exercise Price or
number of shares of Common Stock for which this Warrant is exercisable pursuant
to this Article V,
the Company at its expense shall promptly compute such adjustment or
readjustment in accordance with the terms hereof and furnish to the Holder a
certificate setting forth such adjustment and readjustment, showing in detail
the facts upon which such adjustment or readjustment is based. The Company
shall, upon written request of the Holder, at any time, furnish or cause to be
furnished to the Holder a like certificate setting forth such adjustments and
readjustments, the Exercise Price in effect at the time, and the number of
shares of Common Stock and the amount, if any, of other securities or property
which at the time would be received upon the exercise of this
Warrant.  Notwithstanding the foregoing, the Company shall not be
obligated to deliver a certificate unless such certificate would reflect an
increase or decrease of at least one percent of such adjusted amount; if the
Company so postpones delivering a certificate, such prior adjustment shall be
carried forward and made as soon as such adjustment, together with other
adjustments required by this Article
V and not
previously made, would result in an adjustment of one percent or
more.

     

    ARTICLE
VI

    REPRESENTATIONS
AND WARRANTIES

     

    6.1         Representations and
Warranties by the Company. The
Company hereby represents and warrants to the Holder that the statements in the
following paragraphs of this Section
6.1 are true and correct as of the date hereof.

     

    (a)           Organization and Authority.
The Company (i) is a corporation duly organized, validly existing, and in good
standing in the State of Delaware, and (ii) has the corporate power and
authority to own and operate its properties and to carry on its business as now
conducted and as proposed to be conducted.

     

    (b)           Company Power. The Company
has all requisite legal and corporate power and authority to execute, issue and
deliver this Warrant, to issue the Warrant Shares issuable upon exercise or
conversion of this Warrant, and to carry out and perform its obligations under
this Warrant and any related agreements.

     

    (c)           Authorization;
Enforceability. All corporate action on the part of Company, its
officers, directors and shareholders necessary for the authorization, execution,
delivery and performance of its obligations under this Warrant and for the
authorization, issuance and delivery of this Warrant and the Warrant Shares
issuable upon exercise of this Warrant has been taken and this Warrant
constitutes the legally binding and valid obligation of the Company enforceable
against the Company in accordance with its terms.

     

    
      
         

      

      
        12

        
          

        

      

      
         

      

    

    (d)           Valid Issuance of Warrant and
Warrant Securities.  This Warrant has been validly issued and
is free of restrictions on transfer other than restrictions on transfer set
forth herein and under applicable state and federal securities laws. The Warrant
Shares issuable upon exercise of this Warrant, when issued, sold and delivered
in accordance with the terms of this Warrant, will be duly and validly issued,
fully paid and nonassessable, and will be free of restrictions on transfer other
than applicable state and federal securities laws.  Subject to
applicable restrictions on transfer, the issuance and delivery of this Warrant
and the Warrant Shares issuable upon exercise or conversion of this Warrant are
not subject to any preemptive or other similar rights or any liens or
encumbrances except as specifically set forth in this Warrant.  The
offer, sale and issuance of the Warrant Shares, as contemplated by this Warrant,
are exempt from the prospectus and registration requirements of applicable
United States federal and state securities laws, and neither Company nor any
authorized agent acting on its behalf has or will take any action hereafter that
would cause the loss of such exemption.

     

    (e)           No Conflict. The execution,
delivery, and performance of this Warrant will not result in (i) any violation
of, be in conflict with, or constitute a default under, with or without the
passage of time or the giving of notice (A) any provision of the Company’s
Certificate of Incorporation or bylaws; (B) any provision of any judgment,
decree, or order to which the Company is a party, by which it is bound, or to
which any of its material assets are subject; (C) any contract, obligation, or
commitment to which the Company is a party or by which it is bound; or (D) any
statute, rule, or governmental regulation applicable to the Company, or (ii) the
creation of any material lien, charge or encumbrance upon any material assets of
the Company.

     

    (f)           Warrant
Shares.  The Warrant Shares constitute 2.50% of the Company’s
aggregate outstanding Equity Securities at the Original Issue Date, determined
on a Fully Diluted Basis including the Equity Securities underlying this Warrant
and the Deerpath Shares.

     

    ARTICLE
VII

    MISCELLANEOUS

     

    7.1         ENTIRE
AGREEMENT AND TERM.  THIS WARRANT, THE LOAN
AGREEMENT (INCLUDING BUT NOT LIMITED TO, THE PROVISIONS RELATING TO GOVERNING
LAW, JURY WAIVER, VENUE, SERVICE OF PROCESS AND ARBITRATION) AND ALL LOAN
DOCUMENTS (AS DEFINED IN THE LOAN AGREEMENT) CONTAIN THE ENTIRE AGREEMENT
BETWEEN THE HOLDER HEREOF AND THE COMPANY WITH RESPECT TO THE WARRANT SHARES
PURCHASABLE UPON EXERCISE HEREOF AND THE RELATED TRANSACTIONS AND SUPERSEDE ALL
PRIOR ARRANGEMENTS OR UNDERSTANDINGS WITH RESPECT THERETO.  ALL RIGHTS
OF HOLDER SET FORTH HEREIN SHALL CONTINUE UNTIL HOLDER NO LONGER OWNS ANY
INTEREST IN THE WARRANT OR WARRANT SHARES.

     

    
      
         

      

      
        13

        
          

        

      

      
         

      

    

    7.2         Waiver and
Amendment.  Any
term or provision of this Warrant may be waived at any time by the party which
is entitled to the benefits thereof, and any term or provision of this Warrant
may be amended or supplemented in writing at any time by agreement of the Holder
and the Company.  A waiver of any breach or failure to enforce any of
the terms or conditions of this Warrant shall not in any way affect, limit or
waive a party’s rights hereunder at any time to enforce strict compliance
thereafter with every term or condition of this Warrant.

     

    7.3         Severability.  In
the event that any one or more of the provisions contained in this Warrant shall
be determined to be invalid, illegal or unenforceable in any respect for any
reason, the validity, legality and enforceability of any such provision in any
other respect and the remaining provisions of this Warrant shall not, at the
election of the party for whom the benefit of the provision exists, be in any
way impaired.

     

    7.4         Copy of
Warrant.  A
copy of this Warrant shall be filed among the records of the
Company.

     

    7.5         Notice.

     

    (a)           Any
notice or other instrument or document required or permitted to be given or
delivered to the Holder shall be in writing and delivered at, or sent by
certified or registered mail or by facsimile to the Holder at, the last address
shown on the books of the Company maintained at the Warrant Office for the
registration of this Warrant or at any more recent address of which the Holder
shall have notified the Company in writing.  Any notice or other
document required or permitted to be given or delivered to the Company, other
than such notice or documents required to be delivered to the Warrant Office,
shall be delivered at, or sent by certified or registered mail or by facsimile
to, the Warrant Office.

     

    (b)           Failure
to file any notice or to mail any notice, or any defect in any notice, pursuant
to this Section
7.5, shall not
affect the legality or validity of any transaction giving rise
thereto.

     

    7.6         Limitation of
Liability.  No
provision hereof, in the absence of affirmative action by the Holder to purchase
Warrant Shares, and no mere enumeration herein of the rights or privileges of
the Holder, shall give rise to any liability of the Holder for the purchase
price of any Warrant Shares or as a shareholder of the Company, whether such
liability is asserted by the Company or by creditors of the
Company.

     

    
      
         

      

      
        14

        
          

        

      

      
         

      

    

    7.7         Exchange, Loss, Destruction,
etc. of Warrant.  Upon
receipt of evidence reasonably satisfactory to the Company of the loss, theft,
mutilation or destruction of this Warrant, and in the case of any such loss,
theft or destruction upon delivery of an appropriate affidavit in such form as
shall be reasonably satisfactory to the Company and include reasonable
indemnification of the Company, or in the event of such mutilation upon
surrender and cancellation of this Warrant, the Company will make and deliver a
new Warrant of like tenor, in lieu of such lost, stolen, destroyed or mutilated
Warrant.  Any Warrant issued under the provisions of this Section 7.7
in lieu of any Warrant alleged to be lost, destroyed or stolen, or in lieu of
any mutilated Warrant, shall constitute an original contractual obligation on
the part of the Company.  This Warrant shall be promptly canceled by
the Company upon the surrender hereof in connection with any exchange or
replacement.  The Company shall pay all taxes (other than securities
transfer taxes or income taxes) and all other expenses and charges payable in
connection with the preparation, execution and delivery of Warrants pursuant to
this Section.

     

    7.8         Rights
Offering.  If
the Company effects an offering of Equity Securities pro rata among the holders
of its Equity Securities, the Holder shall be entitled, at its option, to elect
to participate in each and every such offering as though this Warrant had been
exercised and the Holder was, at the time of any such rights offering, then a
holder of that number of Equity Securities to which the Holder is then entitled
on the exercise hereof.

     

    [Signatures
appear on following page]

    
      
         

      

      
        15

        
          

        

      

      
         

      

    

    IN
WITNESS WHEREOF, the Company has caused this Warrant No. 2010-03 to be signed in
its name.

     

    Dated:  November
30, 2010

     

    
      	 
      	
              COMPANY:

            
	 
      	 
      
	 
      	
              Oak
      Tree Educational Partners, Inc.

            
	 
      	
              a
      Delaware corporation

            
	 
      	 
      	 
      
	 
      	
              By:

            	
              /s/ Joseph J. Bianco

            
	 
      	
              Name: 

            	
              Joseph
      J. Bianco

            
	 
      	
              Title:

            	
              Chief
      Executive Officer

            

    

    

    Agreed
and Accepted

    this
30th
day of November, 2010

    

    
      	
              Deerpath
      Funding, LP

            	 
      
	
              a
      Delaware limited partnership

            	 
      
	 
      	 
      	 
      
	
              By:

            	
              Deerpath
      Funding General Partner, Inc.

            	 
      
	 
      	
              its
      general partner

            	 
      
	 
      	 
      	 
      
	
              By:

            	
               /s/ James H.
      Kirby

            	 
      
	
              Name:

            	
              James
      H. Kirby

            	 
      
	
              Title:

            	
              President

            	 
      

    

    

    [Signature
Page to Warrant]

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    EXHIBIT
A

     

    EXERCISE
FORM

    WARRANT

    

    OAK TREE
EDUCATIONAL PARTNERS, INC.

    

    The
undersigned _______________ (“Holder”), pursuant to
the provisions of the accompanying Warrant, hereby elects to purchase _______
shares of Common Stock of OAK TREE EDUCATIONAL PARTNERS, INC. (the “Company”) covered by
the accompanying Warrant, for an aggregate Exercise Price equal to $__________
(the “Purchase
Price”), and further:

    

    
      	
              o

            	
              Holder
      elects to pay the Purchase Price to the Company in cash by certified or
      official bank check (or via wire transfer) to the
  Company;

            

    

     

    
      	
              o

            	
              Pursuant
      to Section
      2.1(b) of the Warrant, Holder hereby elects to pay the Purchase
      Price in full through a Cashless Exercise (as defined in the Warrant), the
      calculation of which is attached hereto as Annex A;
      or

            

    

     

    
      	
              o

            	
              Pursuant
      to Section
      2.1(b) of the Warrant, Holder hereby elects to pay (a) a portion of
      the Purchase Price in cash by certified or official bank check (or via
      wire transfer) to the Company, and (b) the remaining balance of the
      Purchase Price through a Cashless Exercise, the calculation of which is
      attached hereto as Annex
      A.

            

    

     

    Number of
shares of Common Stock beneficially owned or deemed beneficially owned by the
Holder on the date of Exercise: _________________________

     

    The
undersigned is an “accredited investor” as defined in Regulation D under the
Securities Act of 1933, as
amended.                
o
Yes            
o No

     

    
      
        
          	 
      	 
      	 
      	 
	 
      	 
      	 
      	 
      	 
	 
      	 
      	
                  By:

                	 
      	 
	 
      	 
      	
                  Name: 

                	 
      	 
	 
      	 
      	
                  Title:

                	 
      	 
	 
      	 
      	 
      	 
      	 
	
                  Dated:
      _________________

                	 
      	
                  Address: 

                	 
      	 
	 
      	 
      	 
      	 
      	 
	 
      	 
      	 
      	 
      	 

        

      

    

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    EXHIBIT
B

     

    ASSIGNMENT

    

    FOR VALUE
RECEIVED, _________________ hereby sells, assigns and transfers unto
__________________ the accompanying Warrant and all rights evidenced thereby and
does irrevocably constitute and appoint ___________________, attorney, to
transfer said Warrant on the books of the corporation named
therein.

    

    
      	 
      	 
      	 
      	 
	 
      	 
      	 
      	 
      	 
	 
      	 
      	
              By:

            	 
      	 
	 
      	 
      	
              Name: 

            	 
      	 
	 
      	 
      	
              Title:

            	 
      	 
	 
      	 
      	 
      	 
      	 
	
              Dated:
      _________________

            	 
      	
              Address: 

            	 
      	 
	 
      	 
      	 
      	 
      	 
	 
      	 
      	 
      	 
      	 

    

    

    PARTIAL
ASSIGNMENT

    

    FOR VALUE
RECEIVED, _________________ hereby sells, assigns and transfers unto
__________________ the right to purchase _________ Warrant Shares evidenced by
the accompanying Warrant together with all rights therein, and does irrevocably
constitute and appoint ______________________, attorney, to transfer that part
of said Warrant on the books of the corporation named therein.

    

    
      	 
      	 
      	 
      	 
	 
      	 
      	 
      	 
      	 
	 
      	 
      	
              By:

            	 
      	 
	 
      	 
      	
              Name: 

            	 
      	 
	 
      	 
      	
              Title:

            	 
      	 
	 
      	 
      	 
      	 
      	 
	
              Dated:
      _________________

            	 
      	
              Address: 

            	 
      	 
	 
      	 
      	 
      	 
      	 
	 
      	 
      	 
      	 
      	 

    

    

    FOR USE
BY THE ISSUER ONLY:

     

    This
Warrant No. ________ canceled (or transferred or exchanged) this _____ day of
___________, _____, shares of Common Stock issued therefor in the name of
_______________, Warrant No. ________ issued for ____ shares of Common Stock in
the name of _______________.SECURITY
AGREEMENT

       

      THIS
SECURITY AGREEMENT (as amended, restated, modified or supplemented and in effect
from time to time, this “Agreement”)
is entered into as of November 30, 2010, by and among Oak Tree Educational
Partners, Inc., a Delaware corporation formerly known as Florham Consulting
Corp. (the “Company”),
and each of its Subsidiaries, current and future (all of the foregoing current
and future Subsidiaries, collectively with the Company, the “Debtor”),
and Deerpath Funding, LP, a Delaware limited partnership, as Agent (as defined
in the Loan Agreement) for the ratable benefit of the Lenders (as defined in the
Loan Agreement) (together with any successor Agent under the Loan Agreement, the
“Secured
Party”).

       

      WITNESSETH:

       

      WHEREAS,
Debtor and Secured Party have entered into that certain Loan Agreement of even
date herewith (as from time to time amended, restated, supplemented or otherwise
modified, the “Loan
Agreement”); and

       

      WHEREAS,
the execution and delivery of this Agreement is a condition precedent to the
obligation of Secured Party to extend credit to Debtor pursuant to the Loan
Agreement.

       

      NOW,
THEREFORE, in consideration of the foregoing and as an inducement to Secured
Party to enter into the Loan Agreement and extend credit to Debtor, and for
other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the parties hereto agree as follows:

       

      Section
1.              Definitions.

       

      (a)           When
used herein, the terms Account, Account Debtor, Certificated Security, Chattel
Paper, Commercial Tort Claim, Deposit Account, Document of Title, Electronic
Chattel Paper, Equipment, Financial Asset, Fixtures, Goods,
Health-Care-Insurance Receivable, Inventory, Instrument, Investment Property,
Letter of Credit Rights, Payment Intangibles, Proceeds, Security, Security
Entitlement, Supporting Obligations and Uncertificated Security have the
respective meanings assigned thereto in the UCC (as defined below).

       

      (b)           Capitalized
terms used herein and not otherwise defined shall have the meanings assigned
thereto in the Loan Agreement.

       

      (c)           The
following terms have the following meanings (such definitions to be applicable
to both the singular and plural forms of such terms):

       

      Culinary Group
Acquisition is defined in the Loan Agreement.

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      Collateral
means all property and rights of Debtor in which a security interest is granted
hereunder.  Notwithstanding anything herein to the contrary, in no
event shall “Collateral” include, and Debtor shall not be deemed to have granted
a security interest in, any contract, lease, license or other agreement which by
its terms prohibits the granting of a security interest therein (except to the
extent such prohibition is unenforceable pursuant to the provisions of Article 9
of the UCC); provided,
however, that Debtor will use commercially reasonable efforts to promptly
obtain consent to the collateral assignment thereof and the granting of a
security interest therein to Secured Party and, at such time such consent is
obtained, the contract, lease, license or other agreement shall constitute
“Collateral” hereunder, and provided, further, that notwithstanding the
foregoing, the term “Collateral” shall include any and all proceeds arising from
such excluded property to the extent that the assignment or encumbering of such
proceeds is not subject to the same or similar prohibitions or
restrictions.

       

      Computer Hardware
and Software means all of Debtor’s rights (including rights as licensee
and lessee) with respect to: (i) computer and other electronic data processing
hardware, including all integrated computer systems, central processing units,
memory units, display terminals, printers, computer elements, card readers, tape
drives, hard and soft disk drives, cables, electrical supply hardware,
generators, power equalizers, accessories, peripheral devices and other related
computer hardware; (ii) all software programs designed for use on the computers
and electronic data processing hardware described in clause (i) above, including
all operating system software, utilities and application programs in whatsoever
form (source code and object code in magnetic tape, disk or hard copy format or
any other listings whatsoever); (iii) any firmware associated with any of the
foregoing; and (iv) any documentation for hardware, software and firmware
described in clauses (i), (ii) and (iii) above, including flow charts, logic
diagrams, manuals, specifications, training materials, charts and pseudo
codes.

       

      Default
means the occurrence of an event of Default under Section 11
of the Loan Agreement.

       

      Foreign Filing
Offices is defined in Section
3(s).

       

      General
Intangibles means all of Debtor’s “general intangibles” as defined in the
UCC and, in any event, includes, without limitation, all of Debtor’s trademarks,
trade names, patents, copyrights, trade secrets, customer lists, inventions,
designs, software, software programs, mask works, goodwill, registrations,
licenses, franchises, tax refund claims, guarantee claims, Payment Intangibles,
security interests and rights to indemnification.

       

      Intellectual
Property means all past, present and future:  trade secrets and
other proprietary information; trademarks, service marks, business names,
Internet domain names, designs, logos, trade dress, slogans, indicia and other
source and/or business identifiers, and the goodwill of the business relating
thereto and all registrations or applications for registrations which have
heretofore been or may hereafter be issued thereon throughout the world;
copyrights (including copyrights for computer programs and software) and
copyright registrations or applications for registrations which have heretofore
been or may hereafter be issued throughout the world and all tangible property
embodying the copyrights; unpatented inventions (whether or not patentable);
patent applications and patents; industrial designs, industrial design
applications and registered industrial designs; license agreements related to
any of the foregoing and income therefrom; books, records, writings, computer
tapes or disks, flow diagrams, specification sheets, source codes, object codes
and other physical manifestations, embodiments or incorporations of any of the
foregoing; the right to sue for all past, present and future infringements of
any of the foregoing; and all common law and other rights throughout the world
in and to all of the foregoing.

      
        
           

        

        
          2

          
            

          

        

        
           

        

      

       

      Joinder Agreement
is defined in the Loan Agreement.

       

      Non-Tangible
Collateral means, collectively, Debtor’s Accounts and General
Intangibles.

       

      Obligations
means all obligations (monetary or otherwise) of Debtor under the Loan
Agreement, any other Loan Document or any instrument executed in connection
therewith, whether direct or indirect, absolute or contingent, now or hereafter
existing, or due or to become due.

       

      Obligor
means a Person that, with respect to an obligation secured by a security
interest in the Collateral, (a) owes payment or other performance on the
obligation, (b) has provided property or other security or credit support other
than the Collateral to secure payment or other performance of the obligation, or
(c) is otherwise accountable in whole or in part for payment or other
performance of the obligation.  The term does not include issuers or
nominated persons under a letter of credit.

       

      Organizational
I.D. Number means the organizational identification number assigned to
Debtor by the applicable governmental unit or agency of the jurisdiction of
organization for Debtor.

       

      Patents means all of the
following now owned or hereafter acquired by Debtor; (a) all letters patent of
the United States or any other country, all registrations and recordings
thereof, and all applications for letters patent of the United States or any
other country, including registrations, recordings and pending applications in
the United States Patent and Trademark Office or any similar offices in any
other country, and (b) all reissues, continuations, divisions,
continuations-in-part, renewals or extensions thereof, and the inventions
disclosed or claimed therein, including the right to make, use and/or sell the
inventions disclosed or claimed therein.

       

      Permitted
Liens is defined in the Loan Agreement.

       

      Receivable(s) means all Accounts and
all right, title and interest in any returned goods, together with all right,
title, securities and guarantees with respect thereto, including any rights to
stoppage in transit, replevin, reclamation and re-sales, and all related
security interests, liens, charges, encumbrances and pledges, whether voluntary
or involuntary, in each ease whether now existing or owned or hereafter arising
or acquired.

      
        
           

        

        
          3

          
            

          

        

        
           

        

      

       

      Security
Interest is defined in Section
2.

       

      Trademarks
means all of the following now owned or hereafter acquired by Debtor:
(a) all trademarks, service marks, trade names, corporate names, company
names, business names, Internet domain names, fictitious business names, trade
styles, trade dress, logos, indicia and other source or business identifiers,
designs and general intangibles of like nature, now existing or hereafter
adopted or acquired, all registrations and recordings thereof, and all
registration and recording applications filed in connection therewith, including
registrations and registration applications in the United States Patent and
Trademark Office, any State of the United States or any similar offices in any
other country or any political subdivision thereof, and all extensions or
renewals thereof; (b) all goodwill associated therewith or symbolized
thereby; and (c) all other assets, rights and interests that uniquely
reflect or embody such goodwill.

       

      Type of
Organization means the kind or type of entity of Debtor, such as a
corporation, limited partnership or limited liability company.

       

      UCC means
the Uniform Commercial Code as in effect in the State of New York on the date of
this Agreement, as it may be amended or modified from time to time hereafter;
provided, however, that, as used in Section 5
hereof, UCC shall mean the Uniform Commercial Code as in effect from time to
time in any applicable jurisdiction.

       

      Section
2.             Grant of Security
Interest.  As security for the payment and performance of all
Obligations, each Debtor hereby assigns to Secured Party, and grants to Secured
Party a continuing security interest (the “Security
Interest”) in, all of the property of Debtor whether now or hereafter
existing or acquired, including all of the property acquired by Debtor pursuant
to the Culinary Group Acquisition, regardless of where located including,
without limitation, all of Debtor’s:

       

      (a)           Accounts;

       

      (b)           Certificated
Securities;

       

      (c)           Chattel
Paper, including Electronic Chattel Paper;

       

      (d)           Computer
Hardware and Software and all rights with respect thereto, including, any and
all licenses, options, warranties, service contracts, program services, test
rights, maintenance rights, support rights, improvement rights, renewal rights
and indemnifications, and any substitutions, replacements, additions or model
conversions of any of the foregoing;

       

      (e)           Commercial
Tort Claims;

       

      (f)      
     Deposit Accounts;

       

      (g)           Documents
of Title;

      
        
           

        

        
          4

          
            

          

        

        
           

        

      

       

      (h)           Financial
Assets;

       

      (i)           General
Intangibles;

       

      (j)           Goods
(including all of its Equipment, Fixtures and Inventory), and all embedded
software, accessions, additions, attachments, improvements, substitutions and
replacements thereto and therefor;

       

      (k)           Instruments;

       

      (l)      
     Intellectual Property;

       

      (m)           Investment
Property;

       

      (n)           Letter
of Credit Rights;

       

      (o)           money
(of every jurisdiction whatsoever);

       

      (p)           Security
Entitlements;

       

      (q)           Supporting
Obligations;

       

      (r)           Uncertificated
Securities; and

       

      (s)           to
the extent not included in the foregoing, all other personal property of any
kind or description;

       

      together
with all books, records, writings, databases, information and other property
relating to, used or useful in connection with, or evidencing, embodying,
incorporating or referring to any of the foregoing, and all Proceeds, products,
offspring, rents, issues, profits and returns of and from any of the foregoing;
provided, however, that
to the extent that the provisions of any lease or license of Computer Hardware
and Software or Intellectual Property expressly prohibit (which prohibition is
enforceable under applicable law) the assignment thereof, and the grant of a
security interest therein, Secured Party will not enforce its security interest
(other than in respect of the Proceeds thereof) for so long as such prohibition
continues, it being understood that upon request of Secured Party, Debtor will
in good faith use reasonable efforts to obtain consent for the creation of a
security interest in favor of Secured Party (and to Secured Party’s enforcement
of such security interest) in Debtor’s rights under such lease or
license.

       

      Section
3.             Representations and
Warranties.  Debtor represents and warrants to Secured Party,
as of the Closing Date but after giving effect to the Culinary Group
Acquisition, that:

       

      (a)           No
financing statement (other than any which may have been filed on behalf of
Secured Party) with respect to Debtor or the Collateral is on file in any public
office.

      
        
           

        

        
          5

          
            

          

        

        
           

        

      

      (b)           Debtor
is and will be the lawful owner of all Collateral, free of all liens, claims,
security interests and encumbrances whatsoever, other than the security interest
hereunder and Permitted Liens, with full power and authority to execute this
Agreement and perform its obligations hereunder, and to subject the Collateral
to the security interest hereunder.

       

      (c)           All
information with respect to Collateral and Account Debtors set forth in any
schedule, certificate or other writing at any time heretofore or hereafter
furnished by Debtor to Secured Party is and will be true and correct in all
material respects as of the date furnished.

       

      (d)           The
execution and delivery of this Agreement and the performance by Debtor of its
obligations hereunder are within Debtor’s powers, have been duly authorized by
all necessary action, have received all necessary governmental approval (if any
shall be required), and do not and will not contravene or conflict with any
provision of law or of the articles of incorporation, certificate of formation,
by-laws, limited liability company agreement, limited partnership agreement or
any similar governing documents of Debtor or of any material agreement,
indenture, instrument or other document, or any material judgment, order or
decree, which is binding upon Debtor.

       

      (e)           This
Agreement is a legal, valid and binding obligation of Debtor, enforceable in
accordance with its terms, except that the enforceability of this Agreement may
be limited by bankruptcy, insolvency, fraudulent conveyance, fraudulent
transfer, reorganization, moratorium or other similar laws now or hereafter in
effect relating to creditors’ rights generally and by general principles of
equity (regardless of whether enforcement is sought in a proceeding in equity or
at law).

       

      (f)           The
Security Interest in the Collateral created by this Agreement will be duly
perfected once the action required for perfection under applicable Law has been
taken.  The creation, attachment and perfection of the Security
Interest do not require the consent of any third party.  Once
perfected, the Security Interest will constitute a first and prior lien on the
Collateral.

       

      (g)           Debtor’s
chief executive office and principal place of business are as set forth on Schedule I
hereto; Schedule I
also sets forth each location where Debtor maintains a place of business,
maintains any Inventory, or owns or leases any real property.  The
failure of the description of locations of Collateral on Schedule I
to be accurate or complete will not impair the Security Interest in such
Collateral.

       

      (h)           Debtor
is duly organized, validly existing and in good standing under the laws of the
state set forth on Schedule II
hereto; Schedule II
sets forth the Type of Organization, Organizational I.D. Number and
federal taxpayer identification number of Debtor.

       

      (i)           Debtor’s
exact legal name is as set forth on the signature pages of this Agreement and on
Schedule
II;  Schedule
III sets forth all of Debtor’s prior legal names and prior Types of
Organizations, and lists all mergers or other reorganizations to which Debtor
has been subject, within the five (5) year period immediately preceding the date
hereof.

      
        
           

        

        
          6

          
            

          

        

        
           

        

      

       

      (j)           Schedule
IV hereto contains a complete listing of all of Debtor’s Intellectual
Property that is subject to registration statutes.

       

      (k)           Schedule V
hereto contains a complete listing of all of Debtor’s Instruments, Investment
Property, Letter-of-Credit Rights, Chattel Paper, Documents of Title and
Commercial Tort Claims.

       

      (l)       
    Except as set forth on Schedule
VI hereto, Debtor has no tangible Collateral located outside of the
United States.

       

      (m)          Schedule
VII hereto contains a complete listing of Debtor’s tangible Collateral
located with any bailee, warehousemen or other third parties.

       

      (n)           Schedule
VIII hereto contains a complete listing of all of Debtor’s Collateral
that is subject to certificate of title statutes.

       

      (o)           Schedule
IX hereto contains a complete listing of all of Debtor’s Deposit Accounts
and other bank accounts, including locations and applicable account
numbers.

       

      (p)           Debtor
is in compliance with the requirements of all applicable laws (including the
provisions of the Fair Labor Standards Act), rules, regulations and orders of
every Governmental Authority, the non-compliance with which would reasonably be
expected to result in a Material Adverse Event.

       

      (q)           Except
for Permitted Liens, Debtor has good and indefeasible and merchantable title to
and ownership of all of its Equipment.  None of Debtor’s Equipment is
(i) a Fixture to real estate unless such real estate is owned by Debtor and is
subject to a mortgage in favor of Secured Party, or if such real estate is
leased, is subject to a landlord's agreement in favor of Secured Party on terms
acceptable to Secured Party, or (ii) an accession to other personal property
unless such personal property is subject to a first priority lien in favor of
Secured Party.

       

      (r)           The
amounts due Debtor under the Collateral are not subject to any material setoff,
counterclaim, defense, allowance or adjustment (other than discounts for prompt
payment shown on the invoice) or to any material dispute, objection or complaint
by any Account Debtor or other Obligor.

       

      (s)           Debtor
has full right to use the Patents and Trademarks and all Patents and Trademarks
owned, controlled, or acquired by Debtor, or which Debtor has a right to use:
(i) are subsisting and have not been adjudged or claimed to be invalid or
unenforceable (either in whole or in part) and Debtor is not aware of any basis
for such a claim, (ii) are valid and enforceable, (iii) are in the
name of Debtor, (iv) are properly recorded and/or filed in the United
States Patent and Trademark Offices, and (v) Debtor has taken all necessary
steps to properly record or file ownership in the name of Debtor in the proper
foreign filing offices (the “Foreign Filing
Offices”) with respect to foreign Patents and Trademarks, as
appropriate.  Debtor’s right, title and interest in the Patents and
Trademarks is free and clear of any Liens, registered user agreements, or
covenants by Debtor not to sue third Persons or licenses.

      
        
           

        

        
          7

          
            

          

        

        
           

        

      

       

      (t)           Debtor
has properly completed all required filings, payments, renewals and obligations
in the United States Patent and Trademark Offices or the appropriate Foreign
Filing Offices, as the case may be, to maintain its Patents and Trademarks as
fully valid and enforceable.

       

      (u)           No
claim has been made that the ownership or use of any of the Patents and
Trademarks, or the manufacture, use or sale of any product made in accordance
therewith or service rendered thereunder, does or may violate the rights of any
third Person, and Debtor has no knowledge of any third party rights which may be
infringed or otherwise violated by the use of any of the Patents and
Trademarks.

       

      (v)           The
delivery at any time by Debtor to Secured Party of Collateral or of additional
specific descriptions of certain Collateral will constitute a representation and
warranty by Debtor to Secured Party under this Agreement that the
representations and warranties of this Section 3
are true and correct with respect to each item of such Collateral.

       

      Section
4.              Certificates, Schedules and
Reports.  Debtor will from time to time, as Secured Party may
request, deliver to Secured Party such schedules, certificates and reports
respecting all or any of the Collateral at the time subject to the security
interest hereunder, and the items or amounts received by Debtor in full or
partial payment of any of the Collateral, as Secured Party may reasonably
request.  Any such schedule, certificate or report shall be executed
by a duly authorized officer of Debtor and shall be in such form and detail as
Secured Party may specify.  Debtor shall immediately notify Secured
Party of the occurrence of any event causing any loss or depreciation in the
value of its Inventory or other Goods that are material to Debtor and its
Subsidiaries taken as a whole, and such notice shall specify the amount of such
loss or depreciation.

       

      
        Section
5.            
 Agreements of
Debtor.

      

       

      (a)           Debtor,
at Secured Party’s request, at any time and from time to time, shall execute and
deliver to Secured Party such financing statements, amendments and any other
documents, including Instruments, and do such acts as Secured Party deems
necessary in order to establish and maintain valid, attached and perfected
security interests in the Collateral in favor of Secured Party, free and clear
of all Liens and claims and rights of third parties whatsoever except Permitted
Liens.  Debtor hereby irrevocably authorizes Secured Party at any
time, and from time to time, to file in any jurisdiction any initial financing
statements and amendments thereto that (i) indicate the Collateral (A) as “all
assets of Debtor,” “the Collateral described in the Security Agreement” or words
of similar effect, regardless of whether any particular asset comprised in the
Collateral falls within the scope of Article 9 of the UCC of the jurisdiction
wherein such financing statement or amendment is filed, or (B) as being of an
equal or lesser scope or with greater detail, and (ii) contain any other
information required by Article 9 of the UCC of the jurisdiction wherein such
financing statement or amendment is filed regarding the sufficiency or filing
office acceptance of any financing statement or amendment, including, without
limitation, (A) whether Debtor is an organization, the Type of Organization and
the Organization ID Number issued to Debtor and (B) in the case of a financing
statement filed as a fixture filing or indicating Collateral to be extracted or
timber to be cut, a sufficient description of the real property to which the
Collateral relates.  Debtor further ratifies and affirms its
authorization for any financing statements and/or amendments thereto that
Secured Party has filed in any jurisdiction prior to the date of this
Agreement.

      
        
           

        

        
          8

          
            

          

        

        
           

        

      

       

      (b)          During
the term of this Agreement, Debtor agrees to:

       

      (i)           keep
all of the Collateral (other than with respect to Goods in transit between
facilities, temporary warehousing for up to thirty (30) days, or sales or leases
of Inventory in the ordinary course of business or the sale or lease of other
Collateral to the extent permitted by the Loan Agreement) at, and will not
maintain any place of business at any location other than, its address(es) shown
on Schedule
I hereto or at such other addresses of which Debtor shall have given
Secured Party not less than thirty (30) days’ prior written notice; provided, however, that
Debtor at any time may keep its Inventory at the addresses of its third-party
vendors;

       

      (ii)          keep
its records concerning the Non-Tangible Collateral in such a manner as will
enable Secured Party or its designees to determine at any time the status of the
Non-Tangible Collateral;

       

      (iii)         maintain
a current record of the location of all Collateral and furnish Secured Party
such information concerning Debtor, the Collateral and the Account Debtor as
Secured Party may from time to time reasonably request;

       

      (iv)         permit
Secured Party and its designees, from time to time, on reasonable notice and at
reasonable times and intervals during normal business hours (or at any time
without notice during the existence of a Default) to inspect Debtor’s Inventory
and other Goods, and to inspect, audit and make copies of and extracts from all
records and other papers in the possession of Debtor pertaining to the
Collateral and the Account Debtors, and will, upon request of Secured Party
during the existence of a Default, deliver to Secured Party all of such records
and papers;

       

      (v)          upon
request of Secured Party, stamp on its records concerning the Collateral, and
add on all Chattel Paper and Instruments constituting a portion of the
Collateral, a notation, in form satisfactory to Secured Party, of the security
interest of Secured Party hereunder;

       

      (vi)         promptly
notify Secured Party in writing of any change in any material fact or
circumstance represented or warranted by Debtor with respect to any of the
Collateral, and promptly notify Secured Party in writing of any claim, action or
proceeding challenging the Security Interest or affecting title to all or any
material portion of the Collateral or the Security Interest and, at Secured
Party’s request, appear in and defend any such action or proceeding at Debtor’s
expense;

       

      (vii)        not
sell, lease, assign or create or permit to exist any Lien on any Collateral
other than Permitted Liens except for the sale or lease of Inventory in the
ordinary course of its business and sales of Equipment which is no longer useful
in its business or which is being replaced by similar
Equipment;

      
        
           

        

        
          9

          
            

          

        

        
           

        

      

       

      (viii)       keep
all of its Inventory and other Goods insured under policies maintained with
reputable, financially sound insurance companies against loss, damage, theft and
other risks to such extent as is customarily maintained by companies similarly
situated, and copies of such policies or certificates thereof shall, if Secured
Party so requests, be deposited with or furnished to Secured Party;

       

      (ix)         take
such actions as are reasonably necessary to keep its Goods in good repair and
condition;

       

      (x)          take
such actions as are reasonably necessary to keep its Equipment in good repair
and condition and in good working order, ordinary wear and tear
excepted;

       

      (xi)         promptly
pay when due all license fees, registration fees, taxes, assessments and other
charges which may be levied upon or assessed against the ownership, operation,
possession, maintenance or use of its Equipment and other Goods except to the
extent the validity thereof is being contested in good faith and adequate
reserves are being maintained in connection therewith;

       

      (xii)        not
(A) permit any of its Equipment to become a Fixture to real property unless such
real property is owned by Debtor and is subject to a mortgage in favor of
Secured Party, or if such real property is leased, is subject to a landlord's
agreement in favor of Secured Party on terms reasonably acceptable to Secured
Party, or (B) permit any of its Equipment to become an accession to any other
personal property unless such personal property is subject to a first priority
lien in favor of Secured Party.

       

      (xiii)       upon
request of Secured Party, (A) cause to be noted on the applicable certificate,
in the event any of its Equipment is covered by a certificate of title, the
security interest of Secured Party in the Equipment covered thereby, and (B)
deliver all such certificates to Secured Party or its designees;

       

      (xiv)       take
all steps reasonably necessary to protect, preserve and maintain all of its
rights in the Collateral;

       

      (xv)        except
as listed on Schedule
VI, keep all of the tangible Collateral in the United
States;

       

      (xvi)       promptly
notify Secured Party in writing upon acquiring or otherwise obtaining any
Collateral after the date hereof consisting of Deposit Accounts, Investment
Property, Letter-of-Credit Rights or Electronic Chattel Paper and, upon the
request of Secured Party, promptly execute such other documents, and do such
other acts or things deemed appropriate by Secured Party to deliver to Secured
Party control with respect to such Collateral;

      
        
           

        

        
          10

          
            

          

        

        
           

        

      

       

      (xvii)      promptly
notify Secured Party in writing upon acquiring or otherwise obtaining any
Collateral after the date hereof consisting of Documents of Title or Instruments
and, upon the request of Secured Party, promptly execute such other documents,
and do such other acts or things deemed appropriate by Secured Party to deliver
to Secured Party possession of such Documents of Title which are negotiable and
Instruments, and, with respect to nonnegotiable Documents of Title, to have such
nonnegotiable Documents of Title issued in the name of Secured
Party;

       

      (xviii)     with
respect to Collateral in the possession of a third party, other than
Certificated Securities and Goods covered by a Document of Title, obtain an
acknowledgment from the third party that it is holding the Collateral for
benefit of Secured Party;

       

      (xix)        promptly
notify Secured Party in writing upon incurring or otherwise obtaining a
Commercial Tort Claim after the date hereof against any third party, and, upon
the request of Secured Party, promptly enter into an amendment to this
Agreement, and do such other acts or things deemed appropriate by Secured Party
to give Secured Party a security interest in such Commercial Tort
Claim;

       

      (xx)         take
any and all actions necessary to transfer control to Secured Party over any
depositary accounts maintained for any Borrower by any depositary bank,
including but not limited to changing the signature cards to reflect Secured
Party as the sole signatory with power and authority over such depositary
accounts within five (5) Business Days of receipt of Secured Party’s written
request therefore;

       

      (xxi)        take
other action reasonably requested by Secured Party to ensure the attachment,
perfection and, first priority of, and the ability of Secured Party to enforce,
the security interests in any and all of the Collateral including, without
limitation:

       

      1)           executing,
delivering and, where appropriate, filing financing statements and amendments
relating thereto under the UCC, to the extent, if any, that Debtor’s signature
thereon is required therefor;

       

      2)           complying
with any provision of any statute, regulation or treaty of the United States as
to any Collateral if compliance with such provision is a condition to
attachment, perfection or priority of, or ability of Secured Party to enforce,
the security interests in such Collateral;

       

      3)           obtaining
governmental and other third party consents and approvals, including without
limitation any consent of any licensor, lessor or other Person obligated on
Collateral;

       

      4)           obtaining
waivers from mortgagees and landlords in form and substance satisfactory to
Secured Party; and

      
        
           

        

        
          11

          
            

          

        

        
           

        

      

       

      5)           taking
all actions required by the UCC in effect from time to time or by other law, as
applicable in any relevant UCC jurisdiction, or by other law as applicable in
any foreign jurisdiction;

       

      (xxii)       not
change its state of formation or organization or Type of Organization without
providing Secured Party with at least thirty (30) days’ prior written notice;
and

       

      (xxiii)      not
change its legal name without providing Secured Party with at least thirty (30)
days’ prior written notice; provided that, the Company
has advised Secured Party that it intends to change is corporate name to Oak Tree
Educational Partners, Inc., as soon as practicable following the date of
this Agreement.

       

      (c)           Any
expenses incurred in protecting, preserving or maintaining any Collateral shall
be borne by Debtor.  Except as otherwise expressly set forth in Section 2,
whenever a Default shall be existing, Secured Party shall have the right to
bring suit to enforce any or all of the Intellectual Property or licenses
thereunder, in which event Debtor shall at the request of Secured Party do any
and all lawful acts and execute any and all proper documents required by Secured
Party in aid of such enforcement and Debtor shall promptly, upon demand,
reimburse and indemnify Secured Party for all costs and expenses incurred by
Secured Party in the exercise of its rights under this Section
5.  Notwithstanding the foregoing, Secured Party shall have no
obligation or liability regarding the Collateral or any part thereof by reason
of, or arising out of, this Agreement.

       

      Section
6.              Default; Rights and Remedies
of Secured Party upon a Default.  If a Default shall have
occurred and be continuing, Secured Party shall have the following rights and
remedies:

       

      (a)           Secured
Party may exercise any or all of the remedies available to it under this
Agreement, the other Loan Documents, at law, in equity or
otherwise;

       

      (b)           Secured
Party may request that Debtor direct that all Receivables be paid directly to a
lock box account established with, or for the benefit of, Secured
Party;

       

      (c)           Debtor
shall hold in trust (and not commingle with its other assets) for Secured Party
all Collateral that is Chattel Paper, Instruments or Documents of Title at any
time received by it and promptly deliver same to Secured Party, unless Secured
Party at its option gives Debtor written permission to retain such Collateral;
at Secured Party’s request, each contract, Chattel Paper, Instrument or Document
of Title so retained shall be marked to state that it is assigned to Secured
Party and each instrument shall be endorsed to the order of Secured Party (but
failure to so mark or endorse shall not impair the Security
Interest);

       

      (d)           Debtor
irrevocably appoints Secured Party its true and lawful attorney with full power
of substitution, in the name of Debtor, for the sole use and benefit of Secured
Party, but at Debtor’s expense, to the extent permitted by law, to file claims
under any insurance policies of Debtor, to receive, receipt and give acquittance
for any payments that may be payable thereunder, and to execute any and all
endorsements, receipts, releases, assignments, reassignments or other documents
that may be necessary to effect the collection, compromise or settlement of any
claims under any such insurance policies;

      
        
           

        

        
          12

          
            

          

        

        
           

        

      

       

      (e)           Debtor
irrevocably appoints Secured Party its true and lawful attorney with full power
of substitution, in the name of Debtor, for the sole use and benefit of Secured
Party, but at Debtor’s expense, to the extent permitted by law, to exercise, all
or any of the following powers with respect to all or any of Debtor’s Collateral
(to the extent necessary to pay the Obligations in full):

       

      (i)           to
demand, sue for, collect, receive and give acquittance for any and all monies
due or to become due upon or by virtue thereof;

       

      (ii)          to
settle, compromise, compound, prosecute or defend any action or proceeding with
respect thereto;

       

      (iii)         to
take control of, sell, lease, license or otherwise dispose of the same or the
Proceeds thereof, as fully and effectually as if Secured Party were the absolute
owner thereof;

       

      (iv)         to
extend the time of payment of any or all thereof and to make any allowance or
other adjustment with reference thereto;

       

      (v)          to
endorse Debtor’s name on any notes, acceptances, checks, drafts, money orders or
other evidences of payment on Collateral that may come into Secured Party’s
possession;

       

      (vi)         to
sign Debtor’s name on any invoice or bill of lading relating thereto, on any
drafts against Obligors or other Persons making payment with respect thereto, on
assignments and verifications of accounts or other Collateral and on notices to
Obligors making payment with respect thereto;

       

      (vii)        to
send requests for verification of obligations to any Obligor; and

       

      (viii)       to
do all other acts and things reasonably necessary to carry out the intent of
this Agreement;

       

      provided, however, that,
except in the case of Collateral that is perishable or threatens to decline
speedily in value or is of a type customarily sold on a recognized market,
Secured Party will give Debtor at least ten (10) days’ prior written notice of
the time and place of any public sale thereof or the time after which any
private sale or other intended disposition thereof will be made.  If,
following the occurrence of a Default, any Obligor or Account Debtor fails to
make payment on any Collateral when due, Secured Party is authorized, in its
sole discretion, either in its own name or in Debtor’s name, to take such action
as Secured Party reasonably shall deem appropriate for the collection of any
amounts owed with respect to Collateral or upon which a delinquency
exists.  Regardless of any other provision of this Agreement, however,
Secured Party shall not be liable for its failure to collect, or for its failure
to exercise diligence in the collection of, any amounts owed with respect to
Collateral except for its own fraud, gross negligence, or willful misconduct,
nor shall it be under any duty to anyone except Debtor to account for funds that
it shall actually receive under this Agreement.  A receipt given by
Secured Party to any Obligor or Account Debtor shall be a full and complete
release, discharge, and acquittance to such Obligor or Account Debtor, to the
extent of any amount so paid to Secured Party.  Secured Party may
apply or set off amounts paid and the deposits against any liability of Debtor
to Secured Party.

      
        
           

        

        
          13

          
            

          

        

        
           

        

      

       

      (f)           Secured
Party’s sale of less than all the Collateral shall not exhaust Secured Party’s
rights under this Agreement and Secured Party is specifically empowered to make
successive sales until all the Collateral is sold.  If the proceeds of
a sale of less than all the Collateral shall be less than the Obligations, this
Agreement and the Security Interest shall remain in full force and effect as to
the unsold portion of the Collateral just as though no sale had been
made.  In the event any sale under this Agreement is not completed or
is, in Secured Party’s opinion, defective, such sale shall not exhaust Secured
Party’s rights under this Agreement and Secured Party shall have the right to
cause a subsequent sale or sales to be made.  Any and all statements
of fact or other recitals made in any bill of sale or assignment or other
instrument evidencing any foreclosure sale under this Agreement as to nonpayment
of the Obligations, or as to the occurrence of any Default, or as to Secured
Party’s having declared all of such Obligations to be due and payable, or as to
notice of time, place and terms of sale and the properties to be sold having
been duly given, or as to any other act or thing having been duly done by
Secured Party, shall be taken as prima facie evidence of the
truth of the facts so stated and recited.  Secured Party may appoint
or delegate any one or more Persons as agent to perform any act or acts
necessary or incident to any sale held by Secured Party, including the sending
of notices and the conduct of sale, but such acts must be done in the name and
on behalf of Secured Party.  In connection with the sale of Collateral
that constitutes Securities, Secured Party is authorized, but not obligated, to
limit prospective purchasers to the extent deemed necessary or desirable by
Secured Party to render such sale exempt from registration requirements of the
Securities Act of 1933, as amended, and any applicable state securities laws,
and no sale so made in good faith by Secured Party shall be deemed not be
“commercially reasonable” because so made.

       

      (g)           In
addition to any and all other rights afforded to Secured Party in this Section 6,
Secured Party may exercise all the rights of a secured party under the UCC
(whether or not in effect in the jurisdiction where such rights are exercised)
with respect to any Collateral and, if cash shall be insufficient to pay all the
Obligations in full, sell, lease, license or otherwise dispose of the Collateral
or any part thereof in accordance with the provisions of the
UCC.  Notice of any such sale or other disposition shall be given to
Debtor as required under this Section
6.

       

      
        	
                 
      

              	
                Section
      7.

              	
                Application of
      Proceeds.

              

      

       

      (a)           If
a Default shall have occurred and be continuing, Secured Party may apply the
proceeds of any sale or other disposition of all or any part of the Collateral,
in the following order of priorities:

      
        
           

        

        
          14

          
            

          

        

        
           

        

      

       

      (i)           first, to pay the expenses of
such sale or other disposition, including reasonable compensation to Secured
Party and counsel for Secured Party, and all expenses, liabilities and advances
incurred or made by Secured Party in connection with this Agreement, and any
other amounts then due and payable in connection with this
Agreement;

       

      (ii)          second, to pay all interest
(including post-petition interest) and other fees payable under the Loan
Agreement, until payment in full of all such interest and fees shall have been
made;

       

      (iii)         third, to pay the unpaid
principal of the Obligations, until payment in full of the principal of all
Obligations shall have been made (or so provided for);

       

      (iv)          fourth, to pay all other
Obligations, until payment in full of all such other Obligations shall have been
made (or so provided for); and

       

      (v)           finally, to pay to Debtor, or
as a court of competent jurisdiction may direct, any surplus then remaining from
the proceeds of the Collateral owned by it.

       

      Secured
Party may make such distributions hereunder in cash or in kind or, on a ratable
basis, in any combination thereof.

       

      (b)           All
distributions made by Secured Party pursuant to this section shall be final
(except in the event of manifest error).

       

      Section
8.              Existence of
Default.  Regarding the existence of any Default for purposes
of this Agreement, Debtor agrees that the Obligors or Account Debtors on any
Collateral may rely upon written certification from Secured Party that such a
Default exists and Debtor expressly agrees that Secured Party shall not be
liable to Debtor for any claims, damages, costs, expenses or causes of action of
any nature whatsoever in connection with, arising out of, or related to Secured
Party’s exercise of any rights, powers or remedies under any Loan Document
except for its own fraud, negligence, or willful misconduct.

       

      
        Section
9.             
Limitation on Duty in
Respect of Collateral.

      

       

      (a)           Beyond
the exercise of reasonable care in the custody and preservation thereof, Secured
Party will have no duty as to any Collateral in its possession or control or in
the possession or control of any bailee or any income therefrom or as to the
preservation of rights against prior parties or any other rights pertaining
thereto.  Secured Party will be deemed to have exercised reasonable
care in the custody and preservation of the Collateral in its possession or
control if such Collateral is accorded treatment substantially equal to that
which it accords its own property, and will not be liable or responsible for any
loss or damage to any Collateral, or for any diminution in the value thereof, by
reason of any act or omission of any bailee selected by Secured Party in good
faith or by reason of any act or omission by Secured Party pursuant to
instructions from Debtor, except to the extent that such liability arises from
Secured Party’s gross negligence or willful misconduct.

      
        
           

        

        
          15

          
            

          

        

        
           

        

      

       

      (b)           To
the extent that applicable law imposes duties on Secured Party to exercise
remedies in a commercially reasonable manner, Debtor acknowledges and agrees
that it is not commercially unreasonable for Secured Party (i) to fail to incur
expenses reasonably deemed significant by Secured Party to prepare Collateral
for disposition or otherwise to complete raw material or work-in-process into
finished goods or other finished products for disposition, (ii) to fail to
obtain third party consents for access to Collateral to be disposed of, or to
obtain or, if not required by other law, to fail to obtain governmental or third
party consents for the collection or disposition of Collateral to be collected
or disposed of, (iii) to fail to exercise collection remedies against Account
Debtors or other Persons obligated on Collateral or to remove liens or
encumbrances on or any adverse claims against Collateral, (iv) to exercise
collection remedies against Account Debtors and other Persons obligated on
Collateral directly or through the use of collection agencies and other
collection specialists, (v) to advertise dispositions of Collateral through
publications or media of general circulation, whether or not the Collateral is
of a specialized nature, (vi) to contact other Persons, whether or not in the
same business as Debtor, for expressions of interest in acquiring all or any
portion of the Collateral, (vii) to hire one or more professional auctioneers to
assist in the disposition of Collateral, whether or not the collateral is of a
specialized nature, (viii) to dispose of Collateral by utilizing Internet sites
that provide for the auction of assets of the types included in the Collateral
or that have the reasonable capability of doing so, or that match buyers and
sellers of assets, (ix) to dispose of assets in wholesale rather than retail
markets, (x) to disclaim disposition warranties, including, without limitation,
any warranties of title, (xi) to purchase insurance of credit enhancements to
insure Secured Party against risks of loss, collection or disposition of
Collateral, or to provide to Secured Party a guaranteed return from the
collection or disposition of Collateral, or (xii) to the extent deemed
appropriate by Secured Party, to obtain the services of other brokers,
investment bankers, consultants and other professionals to assist Secured Party
in the collection or disposition of any of the Collateral.  Debtor
acknowledges that the purpose of this section is to provide non-exhaustive
indications of what actions or omissions by Secured Party would not be
commercially unreasonable in Secured Party’s exercise of remedies against the
Collateral and that other actions or omissions by Secured Party shall not be
deemed commercially unreasonable solely on account of not being indicated in
this section.  Without limitation upon the foregoing, nothing
contained in this section shall be construed to grant any right to Debtor or to
impose any duties on Secured Party that would not have been granted or imposed
by this Agreement or by applicable law in the absence of this
section.

       

      (c)           The
Security Interest is given to secure the prompt, unconditional and complete
payment and performance of the Obligations when due, and is given as security
only.  Secured Party does not assume, and shall not be liable for, any
of the Debtor’s liabilities, duties or obligations under, or in connection with,
the Collateral.  Secured Party’s acceptance of this Agreement, or its
taking any action in carrying out this Agreement, does not constitute Secured
Party’s approval of the Collateral or Secured Party’s assumption of any
obligation under or in connection with the Collateral.  This Agreement
does not affect or modify Debtor’s obligations with respect to the
Collateral.

      
        
           

        

        
          16

          
            

          

        

        
           

        

      

      Section
10.           Fraudulent
Conveyance.  Notwithstanding anything contained in this
Agreement to the contrary, Debtor agrees that if, but for the application of
this Section 10,
the Obligations or any Security Interest would constitute a preferential
transfer under 11 U.S.C. § 547, a fraudulent conveyance under 11 U.S.C. §
548 (or any successor section of that statute) or a fraudulent conveyance or
transfer under any state fraudulent conveyance or fraudulent transfer law or
similar Law in effect from time to time (each a “Fraudulent
Conveyance”), then the Obligations and each affected Security Interest
will be enforceable to the maximum extent possible without causing the
Obligations or any Security Interest to be a Fraudulent Conveyance, and shall be
deemed to have been automatically amended to carry out the intent of this Section 10.

       

      Section
11.           Actions by Secured
Party.  Section 13
of the Loan Agreement shall govern the taking of any actions or exercise of any
right or remedy by Agent in its capacity as (a) Agent for the ratable benefit of
the Lenders under the Loan Agreement and (b) the “Secured Party” under this
Agreement.

       

      
        	
              	
                Section
      12.

              	
                General.

              

      

       

      (a)           Debtor
agrees that it will cause each of its Subsidiaries that is created or acquired
after the Closing Date, within five (5) Business days of such Subsidiary’s
creation or acquisition by Debtor, to execute and deliver a Joinder Agreement,
agreeing to become a Debtor under this Agreement, together with supplements to
the Schedules hereto setting forth all relevant information with respect to such
party as of the date of such delivery.  Upon execution of such Joinder
Agreement by each such Subsidiary, such Subsidiary shall become a Debtor for all
purposes of this Agreement.

       

      (b)           Any
notice from Secured Party to Debtor, if mailed, shall be deemed given three (3)
Business days after the date mailed, postage prepaid, addressed to Debtor either
at Debtor’s address shown on Schedule I
hereto or at such other address as Debtor shall have specified in writing to
Secured Party as its address for notices hereunder.

       

      (c)           Debtor
agrees to pay all expenses, including reasonable attorney’s fees and charges
(including time charges of attorneys who are employees of Secured Party) paid or
incurred by Secured Party in endeavoring to collect the Obligations of Debtor,
or any part thereof, and in enforcing this Agreement against Debtor, and such
obligations will themselves be Obligations.

       

      (d)           No
delay on the part of Secured Party in the exercise of any right or remedy shall
operate as a waiver thereof, and no single or partial exercise by Secured Party
of any right or remedy shall preclude other or further exercise thereof or the
exercise of any other right or remedy.

       

      (e)           This
Agreement shall remain in full force and effect until all Obligations have been
paid in full.  If at any time all or any part of any payment
theretofore applied by Secured Party to any of the Obligations is or must be
rescinded or returned by Secured Party for any reason whatsoever (including the
insolvency, bankruptcy or reorganization of Debtor), such Obligations shall, for
the purposes of this Agreement, to the extent that such payment is or must be
rescinded or returned, be deemed to have continued in existence, notwithstanding
such application by Secured Party, and this Agreement shall continue to be
effective or be reinstated, as the case may be, as to such Obligations, all as
though such application by Secured Party had not been made.

      
        
           

        

        
          17

          
            

          

        

        
           

        

      

       

      (f)           THIS AGREEMENT, THE LOAN AGREEMENT
AND THE OTHER LOAN DOCUMENTS (AS DEFINED IN THE LOAN AGREEMENT), INCLUDING BUT
NOT LIMITED TO, THE PROVISIONS RELATING TO GOVERNING LAW, JURY WAIVER, VENUE,
SERVICE OF PROCESS AND ARBITRATION, CONSTITUTE THE ENTIRE UNDERSTANDINGS OF
DEBTOR AND SECURED PARTY AND SUPERSEDE ALL PRIOR WRITTEN OR ORAL AGREEMENTS AND
ANY CONTEMPORANEOUS ORAL AGREEMENTS WITH RESPECT TO THE SUBJECT MATTER
HEREOF.

       

      (g)           The
rights and privileges of Secured Party hereunder shall inure to the benefit of
its successors and assigns.  Debtor may not assign or transfer its
rights hereunder or any interest herein or delegate its duties hereunder without
the prior written consent of Secured Party.

       

      (h)           This
Agreement may be executed and delivered (including by facsimile or Portable
Document Format (pdf) transmission) in any number of counterparts with the same
effect as if all signatories had signed the same document.  Facsimile
and other electronic copies of manually-signed originals shall have the same
effect as manually-signed originals and shall be binding on Debtor and Secured
Party.  All counterparts must be construed together to constitute one
and the same instrument.

       

      (i)           At
any time after the date of this Agreement, one or more additional Persons may
become parties hereto by executing and delivering to Secured Party a Joinder
Agreement (as provided in clause (a) above) or a
counterpart of this Agreement, together with supplements to the Schedules hereto
setting forth all relevant information with respect to such party as of the date
of such delivery.  Immediately upon such execution and delivery (and
without any further action), each such additional Person will become a party to,
and will be bound by all the terms of, this Agreement.

       

      [Signatures
Appear on Following Page]

      
        
           

        

        
          18

          
            

          

        

        
           

        

      

      IN
WITNESS WHEREOF, this Security Agreement has been duly executed as of the day
and year first above written.

       

      
        
          
            
              
                	 
      	
                        SECURED
      PARTY:

                      
	 
      	 
      
	 
      	
                        Deerpath
      Funding, LP

                      
	 
      	
                        a
      Delaware limited partnership,

                      
	 
      	
                        as
      Agent

                      
	 
      	 
      	 
      	 
      
	 
      	
                        By:

                      	
                        Deerpath
      Funding General Partner, Inc.

                      
	 
      	 
      	
                        its
      general partner

                      
	 
      	 
      	 
      
	 
      	
                        By:

                      	
                        /s/
      James H. Kirby

                      
	 
      	Name:    
      James
      H. Kirby
	 
      	Title:      
      President

              

            

          

        

      

       

      [Signature
Page 1 of 2 to Security Agreement]

       

      
        
           

        

        
          
          

          
            

          

        

        
           

        

      

      DEBTOR:

      

      
        
          
            	
                    Oak
      Tree Educational Partners, Inc.

                  	 
      	
                    Educational
      Investors, Inc.

                  
	
                    a
      Delaware corporation

                  	 
      	
                    a
      Delaware corporation

                  
	 
      	 
      	 
      
	
                    By:

                  	
                    /s/ Joseph J. Bianco

                  	 
      	
                    By:

                  	
                    /s/ Joseph J. Bianco

                  
	
                    Name:    
      Joseph J. Bianco

                  	 
      	
                    Name:    
      Joseph J. Bianco

                  
	
                    Title:      
      Chief Executive Officer

                  	 
      	
                    Title:      
      Chief Executive Officer

                  
	 
      	 
      	 
      
	
                    Valley
      Anesthesia, Inc.

                  	 
      	
                    Training
      Direct, LLC

                  
	
                    a
      Delaware corporation

                  	 
      	
                    a
      Connecticut limited liability company

                  
	 
      	 
      	 
      
	
                    By:

                  	
                    /s/ Joseph J. Bianco

                  	 
      	
                    By:

                  	
                    /s/ Joseph Monaco

                  
	
                    Name:    
      Joseph J. Bianco

                  	 
      	
                    Name:    
      Joseph Monaco

                  
	
                    Title:      
      Chief Executive Officer

                  	 
      	
                    Title:      
      Manager

                  
	 
      	 
      	 
      
	
                    Educational
      Training Institute, Inc.

                  	 
      	
                    Culinary
      Tech Center LLC

                  
	
                    a
      New York corporation

                  	 
      	
                    a
      New York limited liability company

                  
	 
      	 
      	 
      
	
                    By:

                  	
                    /s/ Joseph Monaco

                  	 
      	
                    By:

                  	
                    /s/ Joseph Monaco

                  
	
                    Name:    
      Joseph Monaco

                  	 
      	
                    Name:    
      Joseph Monaco

                  
	
                    Title:      
      President

                  	 
      	
                    Title:      
      Manager

                  
	 
      	 
      	 
      
	
                    Professional
      Culinary Institute LLC

                  	 
      	 
      
	
                    a
      New York limited liability company

                  	 
      	 
      
	 
      	 
      	 
      
	
                    By:

                  	
                    /s/ Joseph Monaco

                  	 
      	 
      
	
                    Name:    
      Joseph Monaco

                  	 
      	 
      
	
                    Title:      
      Manager

                  	
                      

                  	 
      

          

        

      

       

      [Schedule
IX]

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