Document:

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                                                                    EXHIBIT 10.1

                              AMENDMENT NO. 10 TO
                              -------------------
                        PURCHASE AND SALE AGREEMENT AND
                        -------------------------------
                           JOINT ESCROW INSTRUCTIONS
                           -------------------------

          THIS AMENDMENT NO. 10 TO PURCHASE AND SALE AGREEMENT AND JOINT ESCROW
INSTRUCTIONS (this "Amendment") is made and entered into and effective as of
                    ---------
April 20, 2000, by and between KAISER VENTURES INC., a Delaware corporation and
KAISER STEEL LAND DEVELOPMENT INC., a Delaware corporation (collectively,
"Seller"), and ONTARIO VENTURES I, LLC, a Delaware limited liability company
-------
("Buyer").
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                                    RECITALS
                                    --------

          A.   WHEREAS, Buyer and Seller have entered into that certain Purchase
and Sale Agreement and Joint Escrow Instructions dated as of October 19, 1999 as
amended by that certain Amendment No. 1 to Purchase and Sale Agreement and Joint
Escrow Instructions and Side Letter Agreement dated as of November 2, 1999,  by
that certain Amendment No. 2 to Purchase and Sale Agreement and Joint Escrow
Instructions and Side Letter Agreement dated as of November 12, 1999, by that
certain Amendment No. 3 to Purchase and Sale Agreement and Joint Escrow
Instructions and Side Letter Agreement dated as of November 19, 1999, by that
certain Amendment No. 4 to Purchase and Sale Agreement and Joint Escrow
Instructions and Side Letter Agreement dated as of November 30, 1999, by that
certain Amendment No. 5 to Purchase and Sale Agreement and Joint Escrow
Instructions And Side Letter Agreement dated as of February 4, 2000, and by that
certain Amendment No. 6 to Purchase and Sale Agreement and Joint Escrow
Instructions And Side Letter Agreement dated as of March 6, 2000, by that
certain Amendment No. 7 to Purchase and Sale Agreement and Joint Escrow
Instructions and Side Letter dated as of March 10, 2000, and by that certain
Amendment No. 8 to Purchase and Sale Agreement and Joint Escrow Instructions and
Side Letter dated as of March 13, 2000, and by that certain Amendment No. 9 to
Purchase and Sale Agreement and Joint Escrow Instructions and Side Letter dated
as of March 14, 2000 (collectively, the "Purchase Agreement"); and
                                         ------------------

          B.   WHEREAS, Buyer and Seller desire to again amend and the Purchase
Agreement and Side Letter Agreement, as more particularly set forth herein.

          NOW, THEREFORE, in consideration of the mutual covenants and
agreements herein contained and for other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, Buyer and Seller
hereby agree as follows:

                                   AGREEMENT
                                   ---------

          1.   Amendments.  The Purchase Agreement and Side Letter Agreement are
               ----------
hereby amended as follows:

          A.  The "Contingency Date" (as defined in Section 1.11 of the Purchase
                   ----------------
          Agreement) shall be extended further to May 12, 2000. On or prior to
May 12, 2000, Buyer shall have exercised its right to terminate Escrow pursuant
to Section 4.7 of the Purchase Agreement with respect to all contingencies
except the DTSC Issues (defined below), or such right to terminate Escrow shall
be deemed waived by Buyer. On or prior to May 12, 2000, Seller shall have
exercised its right to
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terminate Escrow pursuant to Section 4.8 of the Purchase Agreement, or such
right to terminate Escrow shall be deemed waived by Seller.

          If the DTSC Issues (as defined below) have not been resolved (as
herein described) and approved by Buyer on or prior to May 12, 2000, then the
Contingency Date shall be extended automatically to May 19, 2000 solely with
respect to Buyer's approving or disapproving the DTSC Issues provided that the
May 12 Deposit is timely made as provided in Paragraph B below.   As used in
this Amendment, the term "DTSC Issues" means the DTSC's determination of the
                          -----------
nature and scope of any material closure requirements for any RCRA units
identified on the Real Property, the CSI Property and the Speedway Property, as
more particularly set forth in the three following memoranda: (i) a memorandum
from Kathy San Miguel to Files via Robert M. Senga, Unit Chief dated April 13,
2000; (ii) a memorandum from Kathy San Miguel to Files via Robert M. Senga, Unit
Chief dated April 10, 2000; and (iii) a memorandum from Thomas M. Seckington to
Greg Holmes dated April 12, 2000 and Buyer's approval or disapproval of the
impact of such requirements on the Property, the IT Contract and the Insurance
Policies.  The foregoing DTSC Issues shall be deemed to be "resolved" upon
Buyer's receipt of a letter or memorandum from the DTSC to Buyer which sets
forth the DTSC's final characterization of the nature and scope of the material
closure requirements for all defined RCRA units which must be assumed and
performed by Buyer following the Close of Escrow.  Buyer shall thereafter have
the right to approve of the manner in which such requirements have been
incorporated into the final Consent Order and the impact of such requirements on
the Property, including, without limitation, the IT Contract and the insurance
policies.  Buyer's approval shall be given or withheld, in Buyer's sole and
absolute discretion, on or before the earlier of the fifth (5th) business day
after Buyer's receipt of the letter described above or the Contingency Date (as
it may have been extended pursuant to this paragraph).  If Buyer timely
determines that the DTSC Issues have not been resolved as provided above and
approved by Buyer, then Buyer shall have the right to terminate Escrow in
accordance with Section 4.7 of the Purchase Agreement.  Buyer's failure to
notify Seller and Escrow Holder on or prior to the earlier of the fifth (5th)
business day after Buyer's receipt of the letter described above or the
Contingency Date (as it may have been extended pursuant to this paragraph) of
Buyer's election to terminate Escrow in accordance with Section 4.7 of the
Purchase Agreement based upon the DTSC Issues shall constitute a waiver of
Buyer's right to terminate the Purchase Agreement pursuant to Section 4.7 based
upon the DTSC Issues.

          B.   As consideration for the extension of the Contingency Date,
concurrent with the execution of this Amendment, Buyer shall deliver to Escrow
Holder a nonrefundable deposit in the amount of Fifty Thousand Dollars ($50,000)
(the "April 20 Deposit"), which April 20 Deposit shall be released to Seller as
      ----------------
set forth in Section 3.1.2 of the Purchase Agreement.  If the DTSC Issues have
not been resolved and approved on or prior to May 12, 2000 and Escrow has not
been terminated by Buyer or Seller pursuant to their respective rights in
Article 4 of the Purchase Agreement, then on May 12, 2000,  Buyer shall deliver
to Escrow Holder a refundable deposit in the amount of Fifty Thousand Dollars
($50,000) (the "May 12 Deposit"), which deposit shall be held by Escrow Holder
                --------------
as provided in Section 3.1.2 of the Purchase Agreement.  If the Contingency Date
is extended to May 19, 2000 pursuant to Paragraph A above and Buyer does not
exercise its right to terminate Escrow on or prior to the extended Contingency
Date based upon the DTSC Issues, then Buyer shall deliver to Escrow Holder on
May 19, 2000 a nonrefundable deposit in the amount of (i) One Hundred Thousand
Dollars ($100,000) if Buyer and DTSC have reached an agreement on a final
Consent Order for the former Kaiser Steel Mill, or (ii) Two Hundred Thousand
Dollars ($200,000) if Buyer and DTSC have not reached agreement on a final
Consent Order for the former Kaiser Steel Mill by such date (either sum

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shall be herein referred to as the "Final Deposit"). The May 12 Deposit and the
                                    -------------
Final Deposit shall be released to Seller as provided in Section 3.1.2 below.
Whether the DTSC and Buyer have agreed upon a final Consent Order shall be
evidenced by (x) a letter executed and delivered by the DTSC stating that the
DTSC is willing to execute an attached Consent Order, without any change,
modification or any contingency, subject only to Buyer or its permitted assignee
taking title to the Real Property, and (y) a letter from Buyer to Seller stating
that Buyer or its permitted assignee will execute and deliver the Consent Order
attached to the DTSC's letter without any change, modification or amendment or
any contingency other than Buyer or its permitted assignee taking title to the
Real Property.

          C.   The "Closing Date" (as defined in Section 1.9 of the Purchase
                    ------------
Agreement) shall be revised to mean June 29, 2000, unless Buyer and Seller
mutually agree to an earlier date.

          D.   Notwithstanding any other provision of this Amendment, in the
event the DTSC Issues are resolved and approved of or disapproved of on or prior
to May 12, 2000, then the Contingency Date shall not be extended beyond May 12,
2000.  In such case, if the Purchase Agreement is not terminated by Buyer or
Seller in accordance with Article 4 thereof on or prior to May 12, 2000, the
Final Deposit shall be delivered to Escrow Holder together with the May 12
Deposit, and the Closing Date shall be revised to be one business day earlier
for each business day prior to May 19, 2000 that the DTSC Issues are resolved
and approved of.

          E.   Section 3.1.2 of the Purchase Agreement is hereby revised to read
in full as follows:

          3.1.2    Disposition of Deposit.  To date, Buyer has delivered to
                   ----------------------
          Escrow Holder, which has in turn released to Seller, the total sum of
          Two Hundred Fifty Thousand Dollars ($250,000.00), which is the sum of
          Seventy-Five Thousand Dollars ($75,000.00) which was released to
          Seller on December 17, 1999, the sum of Seventy-Five Thousand Dollars
          ($75,000.00) which was released to Seller on February 4, 2000,  and
          the sum of One Hundred Thousand Dollars ($100,000.00) which was
          released to Seller on March 13, 2000 (collectively, the "Initial
                                                                   -------
          Deposit"). Any portion of the Initial Deposit, the April 20 Deposit,
          -------
          the May 12 Deposit, and the Final Deposit which has been released to
          Seller prior to the termination of the Agreement shall be retained by
          Seller and become non-refundable to Buyer, so long as Seller has not
          materially defaulted, including, without limitation, by not delivering
          the Deed.  Notwithstanding the foregoing, the May 12 Deposit shall be
          retained by Escrow Holder until (a) the termination of Escrow by Buyer
          based upon the unresolved DTSC Issues, in which case the May 12
          Deposit and all interest thereon shall be returned to Buyer promptly
          following such termination, or (b) Buyer's waiver or approval of the
          DTSC Issues, in which case the May 12 Deposit and all interest thereon
          shall be delivered to Seller together with the Final Deposit.
          Following the Contingency Date, in the event this Agreement is
          terminated or the Close of Escrow fails to occur by reason of Buyer's
          default hereunder, the entire Initial Deposit, the entire April 20
          Deposit, the entire May 12 Deposit, and, if required to be delivered
          to Escrow Holder pursuant to this Agreement,  the entire Final Deposit
          (including all interest accrued on each of them prior to delivery to
          Seller) shall constitute liquidated damages pursuant to Section 6.2
          below.  In the event this Agreement is terminated by reason of
          Seller's material default or the Close of Escrow fails to occur by
          reason of Seller's material default hereunder, the entire Initial
          Deposit, the entire April 20 Deposit, the

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          entire May 12 Deposit, and, if delivered to Escrow Holder pursuant to
          this Agreement, the entire Final Deposit (including all interest
          accrued on each of them prior to delivery to Seller) shall be returned
          to Buyer. Upon the Close of Escrow, the entire Deposit, the entire
          April 20 Deposit, the entire May 12 Deposit and the entire Final
          Deposit (including all interest thereon) shall be credited towards the
          payment of the Purchase Price.

          F.   As used in any other provision of the Purchase Agreement that is
not expressly modified by this Amendment, the term "Deposit" shall refer to the
                                                    -------
Initial Deposit, the April 20 Deposit, the May 12 Deposit and the Final Deposit
and any interest which has accrued thereon.

          G.   Section 4.7 of the Agreement is hereby replaced with the
following:

               4.7  Termination by Buyer Prior to Contingency Date.  Buyer shall
                    ----------------------------------------------
     have the right, exercisable in Buyer's sole and absolute discretion at any
     time on or prior to the Contingency Date, to terminate this Agreement for
     any reason or no reason whatsoever; provided, however that following May
                                         --------  -------
     12, 2000, Buyer shall have the right, exercisable in Buyer's sole and
     absolute discretion, to terminate this Agreement only based upon the DTSC
     Issues, in accordance with Section 4.9 below.  If Buyer shall, on or prior
     to the Contingency Date, deliver written notice of termination of this
     Agreement to Seller and Escrow Holder, then this Agreement shall terminate,
     Seller shall retain any portion of the Initial Deposit and  the April 20
     Deposit which has been released to Seller prior to the date of such
     termination, the May 12 Deposit shall be returned to Buyer, Escrow shall be
     canceled, Seller and Buyer shall each pay one-half (1/2) of all Title
     Company and Escrow cancellation fees, and Buyer and Seller shall have no
     further obligations to each other hereunder, except as otherwise expressly
     set forth herein.  In that event, Buyer shall return to Seller all
     documents delivered to Buyer at the request of Seller.  Buyer's failure to
     deliver written notice of Buyer's election to terminate this Agreement in
     accordance with this Section 4.7 shall constitute a waiver of Buyer's right
     to disapprove any matters set forth in this Article 4, except as expressly
     provided in Section 4.1, above.

          H.   Section 4.8 of the Purchase Agreement is hereby revised to read
in full as follows:

          4.8  Termination by Seller.   If Buyer disapproves any of (i) the
               ---------------------
          Adjacent Property Indemnification and Other Agreements or (ii) the
          Permits or (iii) any of the Other Assumed Obligations and Liabilities,
          then Seller shall have the right, within fourteen (14) days after
          Buyer gives notice of such disapproval but in no event later than May
          12, 2000, to terminate this Agreement, in which event the Seller shall
          retain any portion of the Initial  Deposit and the April 20  Deposit
          which has been released to Seller prior to the termination of the
          Agreement as set forth in Section 3.1.2 hereof. Notwithstanding
          anything to the contrary, with respect to the following railroad
          obligation only, Buyer shall only be obligated to assume Kaiser
          Venture Inc.'s guaranty of and the obligation of Kaiser Recycling
          Corporation ("KRC") to "provide space for a rail storage yard
                        ---
          sufficient to meet the needs of the Company," as required by Section
          2.2(A) of the Members Operating Agreement of West Valley MRF, LLC
          ("MRF") dated as of June 19, 1997 in accordance with and to the extent
           ----
          of the matters set forth below in this Section.  Such agreement is as
          follows:  (a) MRF must use the Tar Pits Parcel for rail storage
          purposes to the extent set forth below; (b) Buyer will, without
          charge, grant to MRF through Escrow at the Close of Escrow, a
          nonexclusive easement, to be used by MRF to the extent the Tar Pits
          Parcel is

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          not available for MRF's rail storage purposes, drafted by Buyer to MRF
          (but MRF shall pay any recording costs), KRC, or Seller granting to
          MRF the nonexclusive right to use the existing rail tracks on Parcel 5
          of the Land (APN No. 229-291-29) for MRF's rail storage purposes (x)
          for a storage period not exceeding 48 hours, except that on weekends
          and holidays such period shall be extended to 72 hours, (y) for
          storage of rail cars being delivered to or picked up from MRF, and (z)
          for an aggregate use at any one time not to exceed one and one-half
          (1-1/2) trains (hereinafter called "Rail Storage"), all subject to the
                                              ------------
          conditions set forth below (the "Existing Track Easement"), (c) Buyer
                                           -----------------------
          shall, without charge, through Escrow at the Close of Escrow, grant to
          MRF a new, nonexclusive blanket easement pursuant to which MRF may, at
          its sole cost and expense, construct on such portions of the area of
          said Parcel 5 of the Land on which there is no existing track as Buyer
          may reasonably approve, additional railroad track to be used for Rail
          Storage or spur line purposes, subject to the conditions set forth
          below (the "Additional Track Easement"), so long as such tracks are
                      -------------------------
          (aa) in a location reasonably approved by Buyer or its assigns after
          consultation with the MRF, (bb) available for use by Buyer and its
          assignees if not in use by or necessary for the operations of MRF, and
          (cc) are consistent with any and all rights granted to any party prior
          to the date of notification by MRF to Buyer or its assigns that MRF
          intends to construct such additional railroad track, including,
          without limitation, rights granted to Speedway Development Corporation
          or The California Speedway Corporation; and (d) Buyer shall, without
          charge, through Escrow at the Close of Escrow, grant to MRF, subject
          to the easement granted for the San Sevaine Channel, and subject to
          there being property which satisfies the condition set forth in this
          (d), a nonexclusive easement to construct (at MRF's sole cost and
          expense) additional railroad track to be used for Rail Storage or spur
          line purposes, subject to the conditions described below (the "San
                                                                         ---
          Sevaine Track Easement"), so long as Buyer and its assigns may use
          ----------------------
          such track if not in use by or necessary for the operations of MRF.
          Such easement shall only be used to the extent that the ultimate
          location and construction of the San Sevaine Channel is such that
          there exists, after such location and construction, a portion of the
          Land which lies east of the San Sevaine Channel and west of the
                          ----                                ----
          easterly boundary of the Land. Buyer (at its cost) and Seller (at its
          cost) shall negotiate in good faith the final form of each of such
          above-referenced easements on or prior to May 12, 2000.

          Buyer shall have the right to establish reasonable rules for the use
          and conduct of operations of the railroad and on the rail storage
          facilities, including provisions to ensure that no activity or
          construction undertaken by MRF shall cause Buyer or its assigns to
          incur any out-of-pocket third party cost or expense.

          At such time as the MRF begins to use any easement for Rail Storage,
          Buyer shall request that CSI and The California Speedway agree to
          increase the size of the Rail Transportation Committee to include a
          representative of the MRF.

          With respect to the Additional Track Easement and the San Sevaine
          Track Easement, such easements shall provide that they will not be
          exercised and used by the MRF if it is commercially reasonable to use
          the Tar Pits Parcel for Rail Storage.  The Parties agree that it shall
          be commercially unreasonable, among other things, to require the
          remediation of the Tar Pits Parcel in a manner other than the use of a
          capping strategy.  In addition, Buyer and the MRF shall in good faith
          determine the final location of the additional track and

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          switches to be constructed pursuant to the exercise of the rights
          granted pursuant to the Additional Track Easement and/or the San
          Sevaine Track Easement. Other than providing the Existing Track
          Easement, the Additional Track Easement and the San Sevaine Channel
          Easement, Buyer shall have no obligation to grant or convey any other
          real property or interest therein to Seller, the MRF or KRC pursuant
          to Section 2.2 (A).

          Seller hereby agrees that in no event shall Buyer assume any
          obligation of Seller or any related entity to expend money pursuant to
          any agreement relating to the MRF for any capital or operational cost
          relating to the rail operations of the MRF.  Buyer shall have no
          obligation to contribute, grant or convey any other real property or
          interest therein to MRF or KRC pursuant to such Section 2.2(A).

          I.   Section 6.2. of the Purchase Agreement is hereby revised to read
          in full as follows:

          6.2  Default by Buyer.  IN THE EVENT THAT BUYER FAILS IN THE
               ----------------
          PERFORMANCE OF ANY OF ITS OBLIGATIONS HEREUNDER FOLLOWING THE
          CONTINGENCY DATE BUT PRIOR TO THE CLOSE OF ESCROW, OR IN THE EVENT
          THAT THE CLOSE OF ESCROW SHALL FAIL TO OCCUR BY REASON OF A DEFAULT IN
          BUYER'S OBLIGATIONS HEREUNDER, THE PARTIES AGREE THAT IT WOULD BE
          IMPRACTICAL OR EXTREMELY DIFFICULT TO FIX, PRIOR TO SIGNING THIS
          AGREEMENT, THE ACTUAL DAMAGES WHICH WOULD BE SUFFERED BY SELLER IF
          BUYER FAILS TO PERFORM ITS OBLIGATIONS UNDER THIS AGREEMENT.
          THEREFORE, IN THE EVENT THAT THE CLOSE OF ESCROW SHALL FAIL TO OCCUR
          BY REASON OF A DEFAULT IN BUYER'S OBLIGATIONS HEREUNDER, SELLER SHALL
          BE ENTITLED, AS ITS SOLE AND EXCLUSIVE REMEDY FOR SUCH DEFAULT, TO
          IMMEDIATELY TERMINATE THIS AGREEMENT UPON SUCH DEFAULT, IN WHICH CASE
          THE SELLER SHALL RETAIN ANY PORTION OF THE INITIAL DEPOSIT, THE APRIL
          20 DEPOSIT, THE MAY 12 DEPOSIT AND/OR THE FINAL DEPOSIT ALREADY
          RELEASED TO SELLER AS LIQUIDATED DAMAGES AND BUYER SHALL NOT BE
          ENTITLED TO RECOVER ANY OF ITS DUE DILIGENCE EXPENSES PURSUANT TO
          ARTICLE 4 ABOVE.  THE PARTIES ACKNOWLEDGE THAT THE PAYMENT OF SUCH
          LIQUIDATED DAMAGES IS NOT INTENDED AS A FORFEITURE OR PENALTY WITHIN
          THE MEANING OF CALIFORNIA CIVIL CODE SECTION 3275 OR 3369, BUT IS
          INTENDED TO CONSTITUTE LIQUIDATED DAMAGES TO SELLER PURSUANT TO
          CALIFORNIA CIVIL CODE SECTIONS 1671, 1676, AND 1677.  THE PARTIES HAVE
          SET FORTH THEIR INITIALS BELOW TO INDICATE THEIR AGREEMENT WITH THE
          LIQUIDATED DAMAGES PROVISION CONTAINED IN THIS SECTION.  SELLER WAIVES
          ALL OTHER REMEDIES AGAINST BUYER FOR BUYER'S FAILURE TO CLOSE ESCROW,
          INCLUDING ANY RIGHT TO SPECIFIC PERFORMANCE UNDER CALIFORNIA CIVIL
          CODE SECTION 1680 OR ANY OTHER APPLICABLE LAW.

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          BUYER AND SELLER ACKNOWLEDGE THAT THEY HAVE READ AND UNDERSTOOD THE
          PROVISIONS OF THIS SECTION 6.2 AND BY THEIR INITIALS BELOW AGREE TO BE
          BOUND BY ITS TERMS.

                      SLM                            TLC
               -----------------                ----------------

               Buyer's Initials                  Seller's Initials

          J.   The Purchase Agreement and the Side Letter are hereby amended to
provide that the date by which Buyer and Seller shall negotiate in reasonable
good faith to finalize the remaining provisions of Exhibits E, G, K, L, M, M-I,
Q, Y and CC and attach them to the Purchase Agreement shall be May 12, 2000.  In
addition, Buyer and Seller shall negotiate in reasonable good faith to finalize
the following new and revised Exhibits on or prior to May 12, 2000: (i) Exhibit
F (to replace existing Exhibit F), (ii) Exhibit H (to replace existing Exhibits
H and U), (iii) Exhibit J (to replace existing Exhibit J), (iv) Exhibit O (to
replace existing Exhibit O), (v) Exhibit P (to replace existing Exhibit P), (vi)
Exhibit R (to replace existing Exhibit R), (vii) Exhibit S (to replace existing
Exhibit S), (viii) Exhibit V (to replace existing Exhibit V), (ix) Exhibit W (to
replace existing Exhibit W), (x) Exhibit Z (to replace existing Exhibit Z), (xi)
Exhibits AA and BB (to replace existing Exhibits AA and BB), and (xii) a new
Exhibit EE, which shall set forth the form of any agreement between Buyer and
KVI, KRC, WVRT and West Valley MRF, LLC regarding certain environmental and
other covenants and indemnities affecting the Tar Pits Parcel, the Household
Hazardous Waste Parcel and the MRF Parcel.  During the time between the date
hereof and May 12, 2000, the Parties shall diligently and in reasonable good
faith attempt to finalize such Exhibits, and new and revised Exhibits.  In the
event that all of such Exhibits, and such new and revised Exhibits are not so
agreed upon on or prior to May 12, 2000, then either Buyer or Seller may
terminate the Purchase Agreement, in which event the provisions of Section 4.7
thereto shall apply as if Buyer had terminated the Purchase Agreement and thus,
any portion of the Initial Deposit and the April 20 Deposit theretofore released
to Seller shall not be refunded to Buyer.

          K.   Section 4.9 of the Purchase Agreement is hereby amended by
extending the date by which Buyer and Seller shall negotiate in good faith to
finalize the IT Contract and performance bond therefor or each of the Insurance
Policies so that they are acceptable to Seller to May 12, 2000 (or May 19, 2000,
in the event that the DTSC Issues remain unresolved and not approved or
disapproved on May 12, 2000 and the Contingency Date is extended to May 19,
2000).  If all of such Insurance Policies, the IT Contract and the performance
bond therefor are not so agreed upon on or prior to such date, then either Buyer
or Seller may terminate the Purchase Agreement, in which event the provisions of
Section 4.7 thereto shall apply as if Buyer had terminated the Purchase
Agreement and thus, any portion of the Initial Deposit and the April 20 Deposit
theretofore released to Seller shall not be refunded to Buyer.

          L.   Section 4.1 of the Purchase Agreement is hereby amended to
provide that: (i) Buyer has received an updated Survey from Seller and an
updated PTR from the Title Company; (ii) Seller shall have until and including
May 1, 2000 to notify Buyer of Seller's election to cure or not cure any title
and survey objections set forth in any objection letters delivered by Buyer to
Seller on or before April 27, 2000; and (iii) if Seller cannot or refuses to
cure any title or survey objections set forth in any objection letters delivered
by Buyer to Seller on or before April 27, 2000, Buyer shall have the right to
terminate the Agreement and to cancel Escrow by delivering written notice to
Seller and Escrow Holder on or prior to May 12, 2000,  in which case the
Parties' rights shall be as set forth in Section 4.7 of the

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Agreement as if Buyer had terminated the Purchase Agreement and thus any portion
of the Initial Deposit and the April 20 Deposit theretofore released to Seller
shall not be refunded to Buyer. Unless Seller elects otherwise, in no event
shall Seller be required to cure any title objection other than a monetary
encumbrance, as provided in Section 4.1 of the Purchase Agreement.

     2.   No Other Amendments.  Except as expressly amended hereby, the Purchase
          -------------------
Agreement is unchanged and in full force and effect.

     3.   Counterparts.  This Amendment may be executed in counterparts, each of
          ------------
which shall be an original and all of which taken together shall constitute the
same instrument.

          IN WITNESS WHEREOF, the parties hereto have executed this Amendment as
of the dates written below.

Buyer:                        ONTARIO VENTURES I, LLC, a Delaware limited
-----
                              liability company

                              By:  LandBank Environmental Properties, LLC,
                                   a Delaware limited liability company, its
                                   Manager

                                   By:  LandBank, Inc., a Delaware corporation,
                                        its managing member

                                   By: /s/ Stuart L. Miner
                                      ---------------------------------------

Date Executed: 4/25/00             Its: Vice President
              ------------             --------------------------------------

Seller:                       KAISER VENTURES INC., a Delaware corporation
------

                              By: /s/ Terry L. Cook
                                 -------------------------------------------

Date Executed: 4/25/00        Its: Executive Vice President
              ------------        ------------------------------------------

                              KAISER STEEL LAND DEVELOPMENT INC., a Delaware
                              corporation

                              By: /s/ Terry L. Cook
                                 ------------------------------------------

Date Executed: 4/25/00        Its: Vice President
              ------------        -----------------------------------------

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RECEIVED AND ACCEPTED THIS ____ DAY OF_____________, 2000.

ESCROW HOLDER:

CHICAGO TITLE INSURANCE COMPANY

By:____________________________

Its:___________________________

                                       9<PAGE>

                                                                    EXHIBIT 10.1

                      AMENDED AND RESTATED LOAN AGREEMENT

     THIS AMENDED AND RESTATED LOAN AGREEMENT ("Agreement") is made and entered
into as of February 1, 2000 by and between Corinthian Colleges, Inc., a Delaware
corporation ("Borrower") and UNION BANK OF CALIFORNIA, N.A., a national banking
association ("Bank"). This Agreement amends and restates in its entirety that
certain loan agreement dated February 10, 1999 between Bank and Borrower.

     SECTION 1.  THE LOAN

                   1.1.1  The Revolving Loan. Bank will loan to Borrower an
amount not to exceed TEN MILLION DOLLARS ($10,000,000) outstanding in the
aggregate at any one time (the "Revolving Loan"). Borrower may borrow, repay and
reborrow all or part of the Revolving Loan in amounts of not less than Ten
Thousand Dollars ($10,000) in accordance with the terms of the Revolving Note;
provided, however, that for at least thirty (30) consecutive days during each
twelve (12)-month period, the principal amount outstanding under the Revolving
Loan, exclusive of Acquisition Advances, must be zero (0). All borrowings of the
Revolving Loan must be made before September 30, 2002 at which time all unpaid
principal and interest of the Revolving Loan shall be due and payable except as
provided in Section 1.1.2 hereof. The Revolving Loan shall be evidenced by a
promissory note (the "Revolving Note") on the form attached as Exhibit 1 hereto.
Bank shall enter each amount borrowed and repaid in Bank's records and such
entries shall be deemed to be the amount of the Revolving Loan outstanding.
Omission of Bank to make any such entries shall not discharge Borrower of its
obligation to repay in full with interest all amounts borrowed.

                          1.1.1.1   The Standby L/C Sublimit. As a sublimit to
the Revolving Loan, Bank shall issue, for the account of Borrower, one or more
irrevocable, standby letters of credit (individually, an "L/C" and collectively,
the "L/Cs"). All such standby L/Cs shall be drawn on such terms and conditions
as are acceptable to Bank. The aggregate amount available to be drawn under all
outstanding L/Cs and the aggregate amount of unpaid reimbursement obligations
under drawn L/Cs shall not exceed TWO MILLION DOLLARS ($2,000,000) and shall
reduce, dollar for dollar, the maximum amount available under the Revolving
Loan. No standby L/C shall have an expiry date more than twelve (12) months from
its date of issuance and each L/C shall be governed by the terms of (and
Borrower agrees to execute) Bank's standard form for standby L/C applications
and reimbursement agreements. No L/C shall expire after September 30, 2002.
Borrower shall pay to Bank an L/C commission equal to one and one half percent
(1.5%) per annum computed with respect to the face amount of each L/C..

                   1.1.2  The Term Loan. Solely to repay a portion of the
Revolving Loan for which advances were made for acquisition purposes (as advised
by Borrower to Bank in writing), Bank will loan to Borrower the sum outstanding
at the maturity of the Revolving Loan in one disbursement on or before September
30, 2002 (the "Term Loan"). In the event of a prepayment of principal and
payment of any resulting fees, any prepaid amounts shall be applied to the
scheduled principal payments in the reverse order of their maturity. The Term
Loan shall be evidenced by a promissory note (the "Term Note") in the form
attached as Exhibit 2 hereto.

          1.2  Terminology.

               As used herein the word "Loan" shall mean, collectively, all the
credit facilities described above.

               As used herein the word "Note" shall mean, collectively, all the
promissory notes described above.

               As used herein, the words "Loan Documents" shall mean all
documents executed in connection with this Agreement.

               As used herein, the words "Acquisition Advance" shall mean all
advances made by Bank as permitted under Section 2.2.

          1.3  Purpose of Loan. The proceeds of the Revolving Loan shall be used
for general working capital purposes and Acquisition Advances subject to the
criteria set forth in Subsection 2.2.

                                      -1-
<PAGE>

          1.4  Interest.  The unpaid principal balance of the Revolving Loan
shall bear interest at the rate or rates provided in the Revolving Note and
selected by Borrower. The Revolving Loan may be prepaid in full or in part only
in accordance with the terms of the Revolving Note and any such prepayment shall
be subject to the prepayment fee provided for therein.

          1.5  Unused Commitment Fee.  On the last calendar day of the third
month following the execution of this Agreement and on the last calendar day of
each three-month period thereafter until September 30, 2002, or the earlier
termination of the Loan, Borrower shall pay to Bank a fee of one-eighth percent
(1/8%) per year on the average unused portion of the Loan for the preceding
quarter computed on the basis of actual days elapsed of a year of 360 days.

          1.6  Balances.  Borrower shall maintain its major depository accounts
with Bank until the Note and all sums payable pursuant to this Agreement have
been paid in full.

          1.7  Disbursement.  Upon execution hereof, Bank shall disburse the
proceeds of the Loan as provided in Bank's standard form Authorization executed
by Borrower.

          1.8  Controlling Document.  In the event of any inconsistency between
the terms of this Agreement and any Note or any of the other Loan Documents, the
terms of such Note or other Loan Documents will prevail over the terms of this
Agreement.

     SECTION 2.   CONDITIONS PRECEDENT

          2.1  Conditions Precedent to All Advances.  Bank shall not be
obligated to disburse all or any portion of the proceeds of the Loan unless at
or prior to the time for the making of such disbursement, the following
conditions have been fulfilled to Bank's satisfaction:

          2.1.1  Borrower shall have performed and complied with all terms and
                 conditions required by this Agreement to be performed or
                 complied with by its prior to or at the date of the making of
                 such advance and shall have executed and delivered to Bank the
                 Note and other documents deemed necessary to Bank;

          2.1.2  Borrower shall have provided Bank with certified copies of
                 resolutions duly adopted by the Board of Directors of Borrower
                 authorizing this Agreement and the Loan Documents (which
                 resolutions shall also designate the persons who are authorized
                 to act on Borrower's behalf in connection with this Agreement
                 and to do the things required of Borrower pursuant to this
                 Agreement);

          2.1.3  At the time any advance is to made, there shall not exist any
                 event, condition or act which constitutes an event of default
                 under Section 6 hereof or any event, condition or act with
                 notice, lapse of time or both would constitute such event of
                 default, nor shall there be any such event, condition, or act
                 immediately after the making of the advance were it to be made.

          2.2  Conditions Precedent to Certain Acquisition Advances.  The
obligation of Bank to make any Acquisition Advance which would cause the
aggregate amount of all Acquisition Advances made by Bank to Borrower in any
given fiscal year of Borrower to exceed Five Million Dollars ($5,000,000) shall
be subject to the conditions precedent set forth in Section 2.1 and shall also
be subject to the following further conditions precedent in this Section 2.2:

          2.2.1  Borrower shall have maintained an EBITDA margin (as described
                 in Section 4.8 of the Agreement) of not less than ten percent
                 (10%) of revenues for the two (2) calendar quarters most
                 recently ended.

          2.2.2  Borrower shall have delivered to Bank copies of (a) the target
                 company's most recent reviewed or audited financial statements,
                 and (b) the target company's most recent interim financial
                 statements, and such financial statements shall reflect that
                 the target company has maintained a positive EBITDA for the
                 four (4) calendar quarters most recently ended;

          2.2.3  The target company shall be in material compliance with all
                 requirements imposed on it by the Federal Department of
                 Education; and

                                      -2-
<PAGE>

          2.2.4  The total price to be paid by Borrower in connection with its
                 acquisition of the target company shall not exceed eight (8)
                 times the target company's EBITDA for the four (4) calendar
                 quarters most recently ended, unless Bank shall otherwise
                 consent in writing.

     SECTION 3.   REPRESENTATIONS AND WARRANTIES

     Borrower represents and warrants that:

          3.1   Business Activity.  The principal business of Borrower is the
ownership and operation of post-secondary education and vocational schools.

          3.2   Affiliates and Subsidiaries.  Borrower's affiliates and
subsidiaries (those entities in which Borrower has either a controlling interest
or at least a 25% ownership interest) and their addresses, are as provided on a
schedule delivered to Bank on or before the date of this Agreement.

          3.3   Authority to Borrow. The execution, delivery and performance of
this Agreement, the Note and all other agreements and instruments required by
Bank in connection with the Loan will not be in contravention of any of the
terms of any indenture, agreement or undertaking to which Borrower is a party or
by which it or any of its property is bound or affected.

          3.4   Financial Statements.  The financial statements of Borrower,
including both a balance sheet at December 31, 1999, together with supporting
schedules, and an income statement for the six (6) months ended December 31,
1999, have heretofore been furnished to Bank, and are true and complete and
fairly represent the financial condition of Borrower during the period covered
thereby.  Since December 31, 1999, there has been no material adverse change in
the financial condition or operations of Borrower.

          3.5   Title.  Except for assets which may have been disposed of in the
ordinary course of business, Borrower has good and marketable title to, or has a
valid license or leasehold interest in, all of the property reflected in its
financial statements delivered to Bank and to all property acquired by Borrower
since the date of said financial statements, free and clear of all liens,
encumbrances, security interests and adverse claims except liens and
encumbrances described in the Company's filings with the Securities and Exchange
Commission (the "Company's SEC Filings), liens and encumbrances described in
Borrower's most recent financial statement, liens and encumbrances described in
a schedule delivered by Borrower to Bank at or prior to execution of this
Agreement and/or liens and encumbrances in favor of Bank.

          3.6   Litigation.  There is no litigation or proceeding pending or
threatened against Borrower or any of its property which is reasonably likely to
affect the financial condition, property or business of Borrower in a materially
adverse manner.

          3.7   Default.  Borrower is not now in default in the payment of any
of its material obligations, and there exists no event, condition or act which
constitutes an event of default under Section 6 hereof and no condition, event
or act which with notice or lapse of time, or both, would constitute an event of
default.

          3.8   Organization.  Borrower is duly organized and existing under the
laws of the state of its organization, and has the power and authority to carry
on the business in which it is engaged and/or proposes to engage.

          3.9   Power.  Borrower has the power and authority to enter into this
Agreement and to execute and deliver the Note and all of the other Loan
Documents.

          3.10  Authorization. This Agreement and all things required by this
Agreement have been duly authorized by all requisite action of Borrower.

          3.11  Qualification.  Borrower is duly qualified and in good standing
in any jurisdiction where such qualification is required, except where the
failure to be so qualified would not have a material adverse effect on the
financial condition or results of operations of the Borrower.

          3.12  Compliance with Laws.  Borrower is not in violation with respect
to any applicable laws, rules, ordinances or regulations, except for any such
violations as would not materially affect the operations or financial condition
of Borrower.

          3.13  ERISA.  Any defined benefit pension plans as defined in the
Employee Retirement Income Security Act of 1974, as amended ("ERISA"), of
Borrower meet, as of the date hereof, the minimum funding standards of Section
302 of ERISA, and to the best of Borrower's

                                      -3-
<PAGE>

knowledge after due inquiry, no Reportable Event or Prohibited Transaction as
defined in ERISA has occurred with respect to any such plan.

          3.14  Regulation U.  No action has been taken or is currently planned
by Borrower, or any agent acting on its behalf, which would cause this Agreement
or the Note to violate Regulation U or any other regulation of the Board of
Governors of the Federal Reserve System or to violate the Securities and
Exchange Act of 1934, in each case as in effect now or as the same may hereafter
be in effect.  Borrower is not engaged in the business of extending credit for
the purpose of purchasing or carrying margin stock as one of its important
activities and none of the proceeds of the Loan will be used directly or
indirectly for such purpose.

          3.15  Continuing Representations.  These representations shall be
considered to have been made again at and as of the date of each disbursement of
the Loan and shall be true and correct as of such date or dates.

     SECTION 4.   AFFIRMATIVE COVENANTS

     Until the Note and all sums payable pursuant to this Agreement or any other
of the Loan Documents have been paid in full, unless Bank waives compliance in
writing, Borrower agrees that:

          4.1   Use of Proceeds.  Borrower will use the proceeds of the Loan
only as provided in subsection 1.3 above.

          4.2   Payment of Obligations.  Borrower will pay and discharge
promptly all taxes, assessments and other governmental charges and claims levied
or imposed upon it or its property, or any part thereof, provided, however, that
Borrower shall have the right in good faith to contest any such taxes,
assessments, charges or claims and, pending the outcome of such contest, to
delay or refuse payment thereof provided that adequately funded reserves are
established by it to pay and discharge any such taxes, assessments, charges and
claims.

          4.3   Maintenance of Existence.  Borrower will maintain and preserve
its existence and assets and all rights, franchises, licenses and other
authority necessary for the conduct of its business and will maintain and
preserve its property, equipment and facilities in good order, condition and
repair.  Bank may, at reasonable times, visit and inspect any of the properties
of Borrower.

          4.4   Records.  Borrower will keep and maintain full and accurate
accounts and records of its operations according to generally accepted
accounting principles and will permit Bank to have reasonable access thereto, to
make examination and photocopies thereof, and to make audits during regular
business hours.  Costs for such audits shall be paid by Borrower.

          4.5   Information Furnished.  Borrower will furnish to Bank:

                (a)  Within Forty-Five (45) days after the close of each fiscal
quarter, except for the final quarter of each fiscal year, its unaudited 10Q
report which includes but is not limited to the balance sheet as of the close of
such fiscal quarter, its unaudited income and expense statement with supportive
schedules and statement of retained earnings for that fiscal quarter, prepared
in accordance with generally accepted accounting principles;

                (b)  Within Ninety (90) days after the close of each fiscal
year, a copy of its 10K report of its statement of financial condition including
at least its balance sheet as of the close of such fiscal year, its income and
expense statement and retained earnings statement for such fiscal year, examined
and prepared on an audited basis by independent certified public accountants
selected by Borrower and reasonably satisfactory to Bank, in accordance with
generally accepted accounting principles applied on a basis consistent with that
of the previous year;

                (c)  Such other financial statements and information as Bank may
reasonably request from time to time;

                (d)  In connection with each financial statement provided
hereunder, a statement executed by the chief financial officer of Borrower,
certifying that no default has occurred and no event exists which with notice or
the lapse of time, or both, would result in a default hereunder;

                (e)  In connection with each fiscal year-end statement required
hereunder, any management letter of Borrower's certified public accountants;

                                      -4-
<PAGE>

                (f)  Prompt written notice to Bank of all events of default
under any of the terms or provisions of this Agreement or of any other
agreement, contract, document or instrument entered, or to be entered into with
Bank; and of any litigation which, if decided adversely to Borrower, would have
a material adverse effect on Borrower's financial condition; and of any other
matter which has resulted in, or is likely to result in, a material adverse
change in its financial condition or operations; and

                (g)  Prompt written notice to Bank of any changes in Borrower's
officers and other senior management and prior written notice of any changes in
Borrower's name, location of Borrower's assets, principal place of business or
chief executive office.

          4.6   Tangible  Net  Worth.  Borrower  will at all times maintain
Tangible Net Worth of not less than Twenty-Six Million Dollars ($26,000,000).
"Tangible Net Worth" shall mean net worth increased by indebtedness of Borrower
subordinated to Bank and decreased by patents, licenses, trademarks, trade
names, goodwill and other similar intangible assets, organizational expenses,
and monies due from affiliates (including officers, shareholders and directors).

          4.7   Ratio of Funded Debt to EBITDA.  Borrower will at all times
maintain a ratio of funded debt to EBITDA of not greater than 1.25:1.0. "EBITDA"
shall mean earnings before interest, taxes, depreciation, and amortization for
the four (4) most recent calendar quarters. "Funded Debt" shall mean any
indebtedness of a contractual nature or otherwise, including any loans, capital
leases and any amounts outstanding on the Revolving Loan, excluding accounts
payable or accrued liabilities in the ordinary course of business. Compliance of
this subsection shall be measured as of the end of each fiscal quarter.

          4.8   EBITDA Margin.   Borrower will maintain its EBITDA at a minimum
of Ten Percent (10%) of total revenues for any given fiscal quarter. Compliance
with this subsection shall be measured as of the end of Borrower's fiscal
quarter, for the quarter then ended.

          4.9   EBITDA to Debt Service Ratio.  Borrower will maintain a ratio of
EBITDA, less dividends, to Debt Service of not less than 1.50:1.0. "Debt
Service" shall mean the sum of that portion of term obligations (including
principal and interest) coming due during the twelve (12) months preceding the
date of calculation plus non-financed capital expenditures during the twelve
(12) months preceding the date of calculation.  Compliance with this subsection
shall be measured as of the end of Borrower's fiscal quarter, for the quarter
then ended.

          4.10  Insurance.  Borrower will keep all of its insurable property,
real, personal or mixed, insured by companies and in amounts approved by Bank
against fire and such other risks, and in such amounts, as is customarily
obtained by companies conducting similar business with respect to like
properties.  Borrower will furnish to Bank statements of its insurance coverage,
will promptly furnish other or additional insurance deemed necessary by and upon
request of Bank to the extent that such insurance may be available and hereby
assigns to Bank, as security for Borrower's obligations to Bank, the proceeds of
any such insurance.  Prior to any disbursement of the Loan, Bank will be named
loss payee on all policies insuring collateral and such policies shall require
at least ten (10) days' written notice to Bank before any policy may be altered
or cancelled.  Borrower will maintain adequate worker's compensation insurance
and adequate insurance against liability for damage to persons or property.

          4.11  Additional Requirements.  Borrower will promptly, upon demand by
Bank, take such further action and execute all such additional documents and
instruments in connection with this Agreement as Bank in its reasonable
discretion deems necessary, and promptly supply Bank with such other information
concerning its affairs as Bank may request from time to time.

          4.12  Litigation and Attorneys' Fees.  Borrower will pay promptly to
Bank upon demand, reasonable attorneys' fees (including but not limited to the
reasonable estimate of the allocated costs and expenses of in-house legal
counsel and legal staff) and all costs and other expenses paid or incurred by
Bank in collecting or compromising the Loan or in enforcing or exercising its
rights or remedies created by, connected with or provided for in this Agreement
or any of the Loan Documents, whether or not an arbitration, judicial action or
other proceeding is commenced.  If such proceeding is commenced, only the
prevailing party shall be entitled to attorneys' fees and court costs.

          4.13  Bank Expenses.  Borrower will pay or reimburse Bank for all
reasonable costs, expenses and fees incurred by Bank in preparing and
documenting this Agreement and the Loan, and all amendments and modifications
thereof, including but not limited to all filing and recording fees, costs of
appraisals, insurance and attorneys' fees, including the reasonable estimate of
the allocated costs and expenses of in-house legal counsel and legal staff.

                                      -5-
<PAGE>

          4.14  Reports Under Pension Plans.  Borrower will furnish to Bank, as
soon as possible and in any event within 15 days after Borrower knows or has
reason to know that any event or condition with respect to any defined benefit
pension plans of Borrower described in Section 3 above has occurred, a statement
of an authorized officer of Borrower describing such event or condition and the
action, if any, which Borrower proposes to take with respect thereto.

     SECTION 5.   NEGATIVE COVENANTS

     Until the Note and all other sums payable pursuant to this Agreement or any
other of the Loan Documents have been paid in full, unless Bank waives
compliance in writing, Borrower agrees that:

          5.1   Encumbrances and Liens.   Borrower will not create, assume or
suffer to exist any mortgage, pledge, security interest, encumbrance, or lien
(other than for taxes not delinquent and for taxes and other items being
contested in good faith) on property of any kind, whether real, personal or
mixed, now owned or hereafter acquired, or upon the income or profits thereof,
except to Bank and except for (a) any such mortgage, pledge, security interest,
encumbrance or lien which is in existence and to which the Borrower's property
is subject as of the date of this Agreement so long as the same is reflected on
Borrower's most recent financial statement delivered to Bank, the Company's SEC
Filings or a schedule delivered by Borrower to Bank at or prior to execution of
this Agreement; (b) minor encumbrances and easements on real property which do
not affect its market value, and (c) future purchase money security interests
encumbering only the real or personal property purchased; provided, however,
that all such permitted personal property liens shall not exceed, in the
aggregate, Six Hundred Fifty Thousand Dollars ($650,000) at any time and all
such permitted real property liens shall not exceed, in the aggregate, Three
Million Five Hundred Thousand Dollars ($3,500,000), at any time.

          5.2   Borrowings.  Borrower will not sell, discount or otherwise
transfer any account receivable or any note, draft or other evidence of
indebtedness, except to Bank or except to a financial institution at face value
for deposit or collection purposes only and without any fee other than fees
normally charged by the financial institution for deposit or collection
services, except that Borrower may sell, discount and otherwise transfer in the
ordinary course of business notes and other obligation evidencing student loans
made by Borrower or one or more of its affiliates.  Except for purchase money
indebtedness permitted pursuant to Section 5.1 above, Borrower will not borrow
any money, become contingently liable to borrow money, nor enter any agreement
to directly or indirectly obtain borrowed money, except pursuant to agreements
made with Bank.

          5.3   Sale of Assets, Liquidation or Merger.  Borrower will neither
liquidate nor dissolve nor enter into any consolidation, merger, partnership or
other combination, nor convey, nor sell, nor lease all or the greater part of
its assets or business, nor purchase or lease all or the greater part of the
assets or business of another; provided, however, Borrower may acquire, merge or
consolidate with another corporation if (a) in the case of a merger or
consolidation, Borrower is the surviving corporation, (b) in the case of an
acquisition, merger or consolidation where the purchase price exceeds ten
million dollars ($10,000,000), Borrower shall have delivered to Bank copies of
pro forma financial statements which, on the basis of assumptions deemed
reasonable by Bank, project that Borrower and the target company, on a combined
basis after giving effect to the acquisition, will be in compliance with all
affirmative (including, without limitation, financial) and negative covenants
set forth in this Agreement and, (c) in all cases, the acquisition is not
contested and the target company is in the same business as Borrower;

          5.4   Loans, Advances and Guaranties.  Borrower will not, except in
the ordinary course of business as currently conducted and in connection with
the making of student loans, make any loans or advances, become a guarantor or
surety, pledge its credit or properties in any manner or extend credit, except
for amounts not to exceed two million dollars ($2,000,000) in the aggregate.

          5.5   Investments.  Borrower will not purchase the debt or equity of
another person or entity except for savings accounts and certificates of deposit
of Bank, direct U.S.  Government obligations and commercial paper issued by
corporations with the top ratings of Moody's, Standard & Poor's or similarly
qualified rating agencies, provided all such permitted investments shall mature
within one year of purchase, and except as otherwise permitted by Sections 5.3
and 5.4.

          5.6   Payment of Dividends.  Borrower will not declare or pay any
dividends, other than a dividend payable in its own common stock, or authorize
or make any other distribution with respect to any of its stock now or hereafter
outstanding.

          5.7   Retirement of Stock.  Borrower will not expend in excess ten
million dollars ($10,000,000) in connection with the acquisition or retirement
of any shares of its capital stock for value.

                                      -6-
<PAGE>

          5.8   Parent and Subsidiary Property.  Borrower will not transfer any
property to any affiliate, except for value received in the normal course of
business as business would be conducted with an unrelated or unaffiliated
entity.  In no event shall management fees or fees for services be paid by
Borrower to any such direct or indirect affiliate without Bank's prior written
approval.

          5.9   Capital Expenditures.  Borrower will not make capital
expenditures in excess of Twelve Million Dollars ($12,000,000) in any fiscal
year; and shall only make such expenditures as are necessary for Borrower (in
Borrower's reasonable discretion) in the conduct of its ordinary course of
business.

          5.10  Lease Obligations.  After the date of this Agreement, Borrower
will not incur any existing or new lease obligations as lessee which would
result in aggregate lease payments for any fiscal year exceeding Twenty Two
Million Dollars ($22,000,000).  Each said lease shall be of equipment or real
property needed by Borrower (in Borrower's reasonable discretion) in the
ordinary course of its business.

     SECTION 6.   EVENTS OF DEFAULT

     The occurrence of any of the following events ("Events of Default") shall
terminate any obligation on the part of Bank to make or continue the Loan and
automatically, unless otherwise provided under the Note, shall make all sums of
interest and principal and any other amounts owing under the Loan immediately
due and payable, without notice of default, presentment or demand for payment,
protest or notice of nonpayment or dishonor, or any other notices or demands:

          6.1   Borrower shall fail to pay when due any principal payment, or
shall fail to pay within three (3) days of the date when due any interest,
reimbursement or other payment, required under the terms of the Note, this
Agreement, or any other Loan Documents; or

          6.2   Any other default shall occur under the Note.

     SECTION 7.   MISCELLANEOUS PROVISIONS

          7.1   Additional Remedies.  The rights, powers and remedies given to
Bank hereunder shall be cumulative and not alternative and shall be in addition
to all rights, powers and remedies given to Bank by law against Borrower or any
other person, including but not limited to Bank's rights of setoff or banker's
lien.

          7.2   Nonwaiver.  Any forbearance or failure or delay by Bank in
exercising any right, power or remedy hereunder shall not be deemed a waiver
thereof and any single or partial exercise of any right, power or remedy shall
not preclude the further exercise thereof.  No waiver shall be effective unless
it is in writing and signed by an officer of Bank.

          7.3   Inurement.  The benefits of this Agreement shall inure to the
successors and assigns of Bank and the permitted successors and assignees of
Borrower, and any assignment by Borrower without Bank's consent shall be null
and void.

          7.4   Applicable Law.  This Agreement and all other agreements and
instruments required by Bank in connection therewith shall be governed by and
construed according to the laws of the State of California.

          7.5   Severability.  Should any one or more provisions of this
Agreement be determined to be illegal or unenforceable, all other provisions
nevertheless shall be effective.  In the event of any conflict between the
provisions of this Agreement and the provisions of any note or reimbursement
agreement evidencing any indebtedness hereunder, the provisions of such note or
reimbursement agreement shall prevail.

          7.6   Integration Clause.  Except for documents and instruments
specifically referenced herein, this Agreement constitutes the entire agreement
between Bank and Borrower regarding the Loan and all prior communications verbal
or written between Borrower and Bank shall be of no further effect or
evidentiary value.

          7.7   Construction.  The section and subsection headings herein are
for convenience of reference only and shall not limit or otherwise affect the
meaning hereof.

          7.8   Amendments.  This Agreement may be amended only in writing
signed by all parties hereto.

                                      -7-
<PAGE>

          7.9   Counterparts.  Borrower and Bank may execute one or more
counterparts to this Agreement, each of which shall be deemed an original, but
when together shall be one and the same instrument.

     SECTION 8.   SERVICE OF NOTICES

          8.1   Any notices or other communications provided for or allowed
hereunder shall be effective only when given by one of the following methods and
addressed to the respective party at its address given with the signatures at
the end of this Agreement and shall be considered to have been validly given:
(a) upon delivery, if delivered personally; (b) upon receipt, if mailed, first
class postage prepaid, with the United States Postal Service; (c) on the next
business day, if sent by overnight courier service of recognized standing; and
(d) upon telephoned confirmation of receipt, if telecopied.

          8.2   The addresses to which notices or demands are to be given may be
changed from time to time by notice delivered as provided above.

     THIS AGREEMENT is executed on behalf of the parties by duly authorized
officers as of the date first above written.

UNION BANK OF CALIFORNIA, N.A.               CORINTHIAN COLLEGES, INC.

By: /s/ Kim Ha                               By: /s/ Nolan Miura
    -------------------------------              -------------------------------
Title: Vice President                        Title: Vice President
       ---------------------------                  ----------------------------

By:________________________________          By:________________________________

Title:_____________________________          Title:_____________________________

Address: 500 S. Main Street, Suite 200,      Address: 6 Hutton Centre, Suite
         ------------------------------               --------------------------
Orange, Ca. 92868                            400, Sante Ana 92207
-----------------                            -----------------------------------
Attention: Stephen W. Dunne VP or Kim Ha VP  Attention:
           --------------------------------             ------------------------

Telecopier: (714)-565-5770                   Telecopier: (714) 427-3013
            --------------                               -----------------------

Telephone:  (714) 565-5585/(714)565-5724     Telephone:  (714) 427-3000
            ----------------------------                 -----------------------

                                      -8-

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