Document:

Exhibit 10.14

                              ASSIGNMENT AGREEMENT
                              --------------------

     This ASSIGNMENT AGREEMENT (the "Agreement"), dated as of September 18,
2002, between 4net Software, Inc. (the "Assignor" or the "Company"), a Delaware
corporation located at 10 South Street, Suite 202 Ridgefield, Connecticut 06877,
and New England Computer Group, Inc. (the "Assignee"), a Connecticut corporation
located at 10 South Street, Suite 202 Ridgefield, Connecticut 06877.

     WHEREAS, Assignor was engaged in, among other things, the business of
licensing Website content management software and the designing Websites.
Assignors clients enter into agreements to host their Website through Assignor
and in certain instances to license proprietary software from Assignor Attached
hereto as Schedule A is a list setting forth all of Assignor's clients as well
as the agreements such clients have with the Assignor (the "Assigned Clients");

     WHEREAS, Assignee is engaged in the business of providing computer related
services, including the hosting and maintenance of Websites.

     WHEREAS, Assignor desires to Assignee to provide Website maintenance and
hosting services to the Assigned Clients and Assignee is willing to provide
Website maintenance and hosting services to the Assigned Clients based on the
terms and conditions set forth below.

     NOW, THEREFORE, in consideration of the premises and the mutual covenants,
representations, warranties and agreements contained herein, the parties hereto
agree as follows:

     1. Assignment of Assigned Clients. As of September 1, 2002 (the "Effective
Date"), subject to payment of the Consideration as set forth below, the Assignor
will transfer, assign, convey and deliver to the Assignee, and the Assignee will
purchase, accept and acquire from the Assignor, all of the Assigned Clients.

     2. Consideration. The Consideration to be paid by the Assignee to the
Assignor for the Assigned Clients shall consist of the following:

     (a)  Royalty Payments.

          (i)  For the month of September 2002, the Assignee shall pay to
               Assignor fifty percent (50%) of the net revenue generated by the
               Assigned Assets and actually received by the Assignee.

          (ii) For each and every month following September 2002 until the
               termination of this Agreement, the Assignee shall pay to Assignor
               fifty percent (50%) of the gross revenue generated by the
               Assigned Assets and actually received by the Assignee.

               Royalty Payments shall be paid by Assignee to Assignor within 15
               days of the closing date of the prior month.

     (b) Assignee's Obligation to Maintain and Service the Assigned Clients.
Following the Effective Date, the Assignee will assume all responsibility for
the performance of all obligations, in service the assigned customers, including
but not limited to handling all service calls from the Assigned Clients. Any
payments received by the Assignee from the Assigned Clients for additional
programming work performed will be retained by the Assignee and not shared as
per Section 2. (a).

     3. License.

     (a) Ownership of 4netManagerTM The parties hereto agree that Assignor is
the exclusive owner of all right, title and interest in 4netManagerTM and
upgrades, and all copies thereof. All rights, title and interest in all
enhancements, modifications and derivative works of 4netManagerTM created by
Assignor or its agents shall immediately vest in Assignor upon creation.

     (b) 4netManagerTM License. Certain of the Assigned Clients license
4netManagerTM in connection with the hosting of their Website. In connection
with the maintenance and hosting of the Websites of the Assigned Clients that
license 4netManagerTM, Assignee will be required to maintain a copy of
4netManagerTM on its server. Accordingly, Assignor grants Assignee a
nonexclusive, nontransferable license to use 4netManagerTM in connection with
the maintenance and hosting the Websites of the Assigned Clients, during the
term of this Agreement (the "4netManagerTM License"). The 4netManagerTM License
terminates upon the termination of this Agreement.

     (c) Restrictions on 4netManagerTM License. No right is granted by Assignor
to Assignee under this Agreement for the use of 4netManagerTM, except in
connection with Assignee's providing maintenance and hosting services to the
Assigned Clients. Assignee represents and agrees not to: (i) modify or create
any derivative works of 4netManagerTM, including translation or localization;
(ii) decompile, disassemble, reverse engineer, or otherwise attempt to derive
the source code for 4netManagerTM (except to the extent applicable laws
specifically prohibit such restriction); (iii) redistribute, encumber, sell,
rent, lease, sublicense, or otherwise transfer rights to 4netManagerTM; (iv)
remove or alter any trademark, logo, copyright or other proprietary notices,
legends, symbols or labels in 4netManagerTM; or (v) publish any results of
benchmark tests run on 4netManagerTM to a third party without Assignors prior
written consent.

<PAGE>

     4. Further Assurances; Cooperation. In connection with this Agreement, the
parties shall from time to time after the Effective Date, upon the request of
any other party and without further consideration, execute, acknowledge and
deliver in proper form any further instruments or documents, and take such
further actions as such other party may reasonably require, to carry out
effectively the intent of this Agreement.

     5. Indemnification.

     (a) Assignor shall indemnify and hold harmless the Assignee against and in
respect of any and all claims, suits, actions, proceedings (formal and
informal), judgments, deficiencies, damages, settlements, liabilities, and legal
and other expenses (including reasonable legal fees) as and when incurred
arising out of or based upon the maintenance or hosting of the Assigned Clients
prior to the Effective Date.

     (b) Assignee shall indemnify and hold harmless the Assignor against and in
respect of any and all claims, suits, actions, proceedings (formal and
informal), judgments, deficiencies, damages, settlements, liabilities, and legal
and other expenses (including reasonable legal fees) as and when incurred
arising out of or based upon the maintenance or hosting of the Assigned Clients
after the Effective Date.

     6. Entire Agreement. This Agreement, together with the other writings
delivered in connection herewith, embodies the entire Agreement and
understanding of the parties hereto and supersedes any prior agreement or
understanding between the parties. This Agreement cannot be amended or
terminated orally, but only by a writing duly executed by the parties.

     7. Binding Effect. This Agreement shall inure to the benefit of and be
binding upon the parties hereto and their respective heirs, administrators,
successors and assigns; provided, however, that nothing in this Agreement shall
be construed to confer any rights, remedies, obligations or liabilities on any
person other than the parties hereto or their respective heirs, administrators,
successors and assigns.

     IN WITNESS WHEREOF, the parties have executed this Agreement as of the date
first written above.

ASSIGNOR:                                       ASSIGNEE
---------                                       --------
4net Software, Inc.:                            New England Computer Group, Inc.

By:                                             By:
   --------------------------                      --------------------------
   Steven N. Bronson,  President                   Frank Baltatore,  PresidentPrepared by R.R. Donnelley Financial -- First Amendment to Credit Agreement

 EXHIBIT 4.06 
  
 FIRST AMENDMENT TO AMENDED 
 AND RESTATED CREDIT AGREEMENT 
  
 This First Amendment to Amended and Restated Credit Agreement (the “Amendment”) is dated as of February 15, 2002, and is made by and among EDUCATION MANAGEMENT
CORPORATION, (the “Borrower”), the BANKS under the Credit Agreement (as hereafter defined), NATIONAL CITY BANK OF PENNSYLVANIA (the “Agent”), as the Agent for the Banks and Issuing Bank, FIRST UNION NATIONAL BANK, as Syndication
Agent, SUNTRUST BANK, as Syndication Agent, FLEET NATIONAL BANK, as Documentation Agent, and THE CHASE MANHATTAN BANK, as Documentation Agent. 
  
 RECITALS: 
  
 WHEREAS, the Borrower, the Banks and the Agent entered into that
certain Amended and Restated Credit Agreement dated as of September 20, 2001 (as amended, modified, extended or restated from time to time, the “Credit Agreement”); 
  
 WHEREAS, pursuant to the Credit Agreement, the Borrower was permitted to acquire the ownership interests of Argosy Education Group, Inc., an Illinois corporation, and the
Subsidiaries or Argosy, subject to the terms of Section 6.13 of the Credit Agreement; 
  
 WHEREAS, the Borrower has
requested that the Banks postpone, and under certain circumstances, waive the requirement that certain real property owned by Argosy and its Subsidiaries be mortgaged to the Agent for the benefit of the Banks; and 
  
 WHEREAS, the Borrower has also requested a modification of the investments permitted to be made by the Borrower under the Credit
Agreement. 
  
 NOW, THEREFORE, in consideration of the foregoing and intending to be legally bound, the parties
hereto agree as follows: 
  
 AGREEMENT: 
  
 1.    Capitalized terms used herein and not otherwise defined shall have the meanings given to them under the Credit Agreement. 
  
 2.    Subsection 6.8(b) of the Credit Agreement is hereby amended and restated as follows: 
  
 “(b)    Investments.    The Borrower will not, nor will it permit any
Subsidiary to, make any capital contribution to, purchase any stocks, bonds, notes, debentures or other securities of, or make any other investment in any other Person, except (a) existing Subsidiaries;
 

 
(b) investments in prime commercial paper rated at least A-1 by Standard and Poor’s Ratings Group (“S&P”) and P-1 by Moody’s Investors Service Inc.
(“Moody’s”) which mature not more than 270 days from the date of acquisition; investments in variable rate demand notes and auction rate notes rated at least A-minus by S&P or A-3 by Moody’s which mature not more than one
year from the date of acquisition; repurchase agreements and reverse repurchase agreements (i) with any bank (or broker-dealer subsidiary or affiliate of any bank) provided that the institution has capital resources in excess of $500,000,000 and is
rated at least A-minus by S&P or A-3 by Moody’s, or (ii) any primary dealer of United States government securities, related to marketable, direct obligations or securities issued or unconditionally guaranteed or insured by the United States
of America or any U.S. Government related entity which mature not more then one year from the date of acquisition; domestic and eurodollar time deposits, overnight deposits, bankers’ acceptances and certificates of deposit maintained at or
issued by any branch of any bank or trust company organized or licensed under the laws of the United States of America or any state, provided that the institution has capital resources in excess of $500,000,000 and is rated at least A-minus by
S&P or A-3 by Moody’s, which mature no more than one year from the date of acquisition; corporate and municipal notes and bonds rated at least A-minus from S&P or A-3 by Moody’s which mature not more than one year from the date of
acquisition; mutual funds, including money market mutual finds, which invest primarily in securities listed in the preceding investments in this item (b) and have assets of at least $1,000,000,000; (c) acquisitions permitted by Section 6.13 hereof
and (d) up to $10,000,000 of monies invested (or liabilities incurred) subsequent to the Closing Date in joint ventures and strategic investments in the same line of business as the Borrower and its Subsidiaries.” 
  
 3.    Subsection 6.13(b) of the Credit Agreement is hereby amended and restated as follows: 
  
 “(b)    with respect to the acquisition of Argosy, the Borrower shall provide to the Agent for
redelivery to the Banks a certificate of the Borrower that all the conditions precedent set forth in Section 6.1 of the Argosy Purchase Agreement have been met (or a certificate which details the conditions precedent that the Borrower has agreed to
waive in whole or in part, which waivers shall be acceptable to the Agent). On the effective date of the Argosy Merger Agreement, the Borrower shall deliver to the Agent for redelivery to the Banks a statement of sources and uses acceptable to the
Agent that evidences that after giving effect to the payment of balance of the Consideration under the Argosy Merger Agreement and the fees and expenses in connection therewith, the Borrower shall have at least $20,000,000 of undrawn availability
with respect to the Revolving Credit Commitments. Upon receipt by the Agent for redelivery to the Banks of (i) a certificate of the Borrower that all the conditions set forth in Section 7.1 and 7.3 of the Argosy Merger Agreement have been met (or a
certificate which details the conditions that the Borrower or HAC have agreed to waive in whole or in part, which waivers shall be acceptable to the Agent), (ii) a certificate evidencing that the Ratio of Total Funded Debt to EBITDA as calculated on
a proforma basis for the prior 12 months after giving effect to the Borrower’s acquisition of Argosy, does not exceed 2.25 to 1.00 during the period from the Closing date through the effective date of the Argosy Merger Agreement, and (iii) the
statement of the sources and uses provided for above, HAC may effect the purchase of the remaining shares of Argosy not acquired by the Borrower under the Purchase Agreement. Upon HAC’s acquisition of title to the shares of Argosy pursuant to
the Argosy Merger Agreement, the 
 

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Borrower shall promptly cause such ownership interests of Argosy and any other new Material Subsidiary to be subject to the security interest granted under the Pledge Agreement to the Agent for
the benefit of the Banks. Other than the owned property of Argosy which is subject to the Encumbrance permitted under Section 6.7(viii), and in the event that the Borrower’s ratio of Total Funded Debt to EBITDA is greater than 1.0 to 1.0,
determined as of March 31, 2002 (as set forth in the financial statements delivered by the Borrower to the Agent and the Banks pursuant to Section 5.2(a)), the Borrower shall cause on or before May 15, 2002, a lien to be granted to the Agent for the
benefit of the Banks upon all owned property of Argosy and its subsidiaries pursuant to a Mortgage.” 
  
 4.    By its execution below, the Borrower acknowledges and agrees that except as amended by this Amendment and the documents executed and delivered in connection herewith or in connection with the Credit
Agreement, the Credit Agreement and the other Loan Documents and all obligations thereunder remain in full force and effect with respect to the Bank Indebtedness. 
  
 5.    The Credit Agreement, the Loan Documents and all prior amendments and modifications thereto are hereby modified solely to the extent that any of
the terms or provisions thereof are irreconcilably inconsistent with the terms and provisions of this Amendment. 
  
 6.    The Recitals set forth above are incorporated herein by reference and made a part hereof, and the Borrower represents, warrants and attests to the veracity thereof as well as to the veracity of the
representations set forth in the Credit Agreement as of the date hereof (except representations which expressly relate solely to an earlier date or time, which representations shall be true as of the specific dates or times referred to therein).

  
 7.    The Borrower represents that this Amendment has been duly executed and delivered by the
Borrower and constitutes the legal, valid and binding obligations of the Borrower, enforceable against the Borrower in accordance with its terms, except to the extent that the enforceability thereof may be limited by bankruptcy, insolvency,
reorganization, moratorium, fraudulent conveyance or other similar laws affecting the enforceability of creditors rights generally or by general equitable principles. 
  
 8.    Neither this Amendment nor the consummation of the transactions contemplated herein nor the performance by the Borrower of its obligations
hereunder will (i) violate any law, rule or regulation or court order to which the Borrower is subject; (ii) conflict with or result in a breach of the Borrower’s articles of incorporation or bylaws or any material agreement or instrument to
which any Borrower is subject or by which its properties are bound or (iii) result in the creation or imposition of any lien, security interest or encumbrance on the property of any Borrower, whether now owned or hereafter acquired, other than liens
in favor of Agent for the benefit of the Lenders. 
  
 9.    This Amendment may be executed by
different parties hereto on any number of separate counterparts, each of which, when so executed and delivered, shall be an original, and all such counterparts shall together constitute one and the same instrument. 
 

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 10.    This Amendment shall become effective when it has been
executed by the Borrower, the Banks and the Agent. 
  
 [SIGNATURES BEGIN ON NEXT PAGE] 
 

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 [SIGNATURE PAGE 1 OF 9 TO FIRST AMENDMENT 
 TO AMENDED AND RESTATED CREDIT AGREEMENT] 
  
 Executed as of the day and year first above
written. 
  
  
  
 
	 EDUCATION MANAGEMENT CORPORATION
 
	  	  	  
	 
	 By:
 	  	 /s/    Kristen P. Gribble
 

	 Name: Title:
 	  	 Kristen P. Gribble
 Vice President and Treasurer
 

 

 [SIGNATURE PAGE 2 OF 9 TO FIRST AMENDMENT 
 TO AMENDED AND RESTATED CREDIT AGREEMENT] 
  
  
  
 
	 NATIONAL CITY BANK OF PENNSYLVANIA, individually and as Agent
 
	  	  	  
	 
	 By:
 	  	 /s/    John L. Hayes, IV
 

	 Name:
 Title:
 	  	 John L. Hayes, IV
 Vice President
 

 

 [SIGNATURE PAGE 3 OF 9 TO FIRST AMENDMENT 
 TO AMENDED AND RESTATED CREDIT AGREEMENT] 
  
  
  
 
	 FIRST UNION NATIONAL BANK, individually and as Syndication Agent
 
	  	  	  
	 
	 By:
 	  	 /s/    Patrick J. Kaufmann
 

	 Name:
 Title:
 	  	 Patrick J. Kaufmann
 Vice President
 

 

 [SIGNATURE PAGE 4 OF 9 TO FIRST AMENDMENT 
 TO AMENDED AND RESTATED CREDIT AGREEMENT] 
  
  
  
 
	 SUNTRUST BANK, individually and as
 Syndication Agent
 
	  	  	  
	 
	 By:
 	  	 /s/ William H. Crawford
 

	 Name:
 Title:
 	  	 William H. Crawford
 Vice President
 

 

 [SIGNATURE PAGE 5 OF 9 TO FIRST AMENDMENT 
 TO AMENDED AND RESTATED CREDIT AGREEMENT] 
  
  
  
 
	 FLEET NATIONAL BANK, individually and as Documentation Agent
 
	  	  	  
	 
	 By:
 	  	 /s/ Edward McKenney
 

	 Name:
 Title:
 	  	 Edward McKenney
 Senior Vice President
 

 

 [SIGNATURE PAGE 6 OF 9 TO FIRST AMENDMENT 
 TO AMENDED AND RESTATED CREDIT AGREEMENT] 
  
  
  
 
	 J.P. MORGAN CHASE BANK, individually and as Documentation Agent
 
	  	  	  
	 
	 By:
 	  	 /s/ Thomas Lillie
 

	 Name:
 Title:
 	  	 Thomas Lillie
 Vice President
 

 

 [SIGNATURE PAGE 7 OF 9 TO FIRST AMENDMENT 
 TO AMENDED AND RESTATED CREDIT AGREEMENT] 
  
  
  
 
	 BANK ONE, MICHIGAN
 
	  	  	  
	 
	 By:
 	  	 /s/ Glenn A. Currin
 

	 Name:
 Title:
 	  	 Glenn A. Currin
 Director
 

 

 [SIGNATURE PAGE 8 OF 9 TO FIRST AMENDMENT 
 TO AMENDED AND RESTATED CREDIT AGREEMENT] 
  
  
  
 
	 FIFTH THIRD BANK
 
	  	  	  
	 
	 By:
 	  	 /s/ Christopher S. Helmeci
 

	 Name:
 Title:
 	  	 Christopher S. Helmeci
 Vice President
 

 

 [SIGNATURE PAGE 9 OF 9 TO FIRST AMENDMENT 
 TO AMENDED AND RESTATED CREDIT AGREEMENT] 
  
  
  
 
	 AMERISERV FINANCIAL BANK
 
	  	  	  
	 
	 By:
 	  	 /s/ Mitchell D. Edwards
 

	 Name:
 Title:
 	  	 Mitchell D. Edwards
 Vice President

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