Document:

EX-10.5 Second Amendment - Evening Creek

Exhibit 10.5

SECOND AMENDMENT TO OFFICE LEASE
This SECOND AMENDMENT TO OFFICE LEASE ("Second Amendment") is made and entered into as of the 29th day of February, 2012, by and between KILROY REALTY, L.P., a Delaware limited partnership ("Landlord"), and BRIDGEPOINT EDUCATION, INC., a Delaware corporation ("Tenant").
R E C I T A L S :
A.WHEREAS Landlord and Tenant entered into that certain Office Lease dated as of January 31, 2008 (the "Office Lease"), as amended by that certain First Amendment to Office Lease dated as of March 12, 2010 (the "First Amendment"), pursuant to which Landlord currently leases to Tenant and Tenant currently leases from Landlord approximately 142,217 rentable square feet of space (the "Existing Premises") located within the building located and addressed at 13500 Evening Creek Drive North, San Diego, California (the "Building").  The Building is part of the office building project commonly known as "Kilroy Sabre Springs."  The Office Lease and the First Amendment shall collectively be referred to as the "Lease."
B.WHEREAS the Office Lease expressly provides that Tenant is obligated to lease the entire Building, but up until March 1, 2012, Tenant will have been leasing a lesser portion of space comprising the Existing Premises.  
C.WHEREAS the parties wish to document the automatic addition to the Existing Premises of that certain space containing approximately 5,316 rentable square feet of space commonly known as Suite 100 and located on the first (1st) floor of the Building (the "First Pacific Space"), as depicted on Exhibit A attached hereto and made a part hereof, and thereby Tenant shall lease the entire rentable square footage of the Building as expressly provided for in the Office Lease (i.e., the entire Building shall have been fully delivered to the Tenant and no other tenants shall be leasing space in the Building).
D.WHEREAS the parties desire to amend the Lease as hereinafter provided
A G R E E M E N T :
NOW, THEREFORE, in consideration of the foregoing recitals and the mutual covenants contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:
1.     Terms.  All capitalized terms when used herein shall have the same respective meanings as are given such terms in the Lease unless expressly provided otherwise in this Second Amendment.
2.    Modification of the Premises.  Landlord and Tenant hereby acknowledge and agree that effective as of March 1, 2012, Tenant shall lease from Landlord and Landlord shall lease to Tenant the First Pacific Space.  Consequently, effective upon March 1, 2012, the Existing Premises shall be increased to include the First Pacific Space.  Landlord and Tenant hereby acknowledge that upon such addition of the First Pacific Space to the Existing Premises, the Premises shall consist of the entire rentable square footage of the Building (i.e., approximately 147,533 rentable square feet of space) and the Building shall be a single-tenant  

[* * *] Confidential portions of this document have been redacted and filed separately with the Commission.
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Building (as opposed to a multi-tenant Building).  The Existing Premises and the First Pacific Space may hereinafter collectively be referred to as the "Premises."
3.    Base Rent.  Notwithstanding any provision to the contrary in the Lease as hereby amended, prior to March 1, 2012, Tenant shall continue to pay Base Rent for the Existing Premises in accordance with the terms of the Lease.  Commencing on March 1, 2012, and continuing throughout the remainder of the Lease Term, Tenant shall pay to Landlord monthly installments of Base Rent for the Premises pursuant to the schedule set forth below.  Accordingly, as of March 1, 2012, the Base Rent Schedule set forth in Section 4 of the Summary of Basic Lease Information attached to the Lease is, with respect to the period commencing on March 1, 2012, hereby deleted and replaced with the following:
	
				
	Period During 
Lease Term
	Applicable 
Square Footage
	Monthly Installment 
of Base Rent
	Monthly Rental Rate 
per Rentable Square Foot

	March 1, 2012 through June 30, 2012
	147,533
	[*  *  *]
	[*  *  *]

	July 1, 2012 through 
June 30, 2013
	147,533
	[*  *  *]
	[*  *  *]

	July 1, 2013 through 
June 30, 2014
	147,533
	[*  *  *]
	[*  *  *]

	July 1, 2014 through 
June 30, 2015
	147,533
	[*  *  *]
	[*  *  *]

	July 1, 2015 through 
June 30, 2016
	147,533
	[*  *  *]
	[*  *  *]

	July 1, 2016 through 
June 30, 2017
	147,533
	[*  *  *]
	[*  *  *]

	July 1, 2017 through 
July 31, 2018
	147,533
	[*  *  *]
	[*  *  *]

4.    Tenant's Share.  Notwithstanding any provision set forth in the Lease to the contrary, effective as of March 1, 2012, Tenant's Share is to be determined based on Tenant then-occupying the entire Building on a single-tenant basis.  Accordingly, notwithstanding any provision to the contrary contained in the Lease, Tenant's Share shall equal 100.00%.
5.    First Pacific Space Improvements.  Except as set forth in Section 9 of this Second Amendment, Landlord shall not be obligated to provide or pay for any improvement work or services related to the improvement of the First Pacific Space, and Tenant shall accept the First Pacific Space in its presently existing, "as-is" condition. 
6.    Other Amounts, Percentages and Figures.  Notwithstanding any provision to the contrary set forth in the Lease, all other amounts, percentages and figures based upon the smaller square footage of the Existing Premises shall, as of March 1, 2012, be restored to the amounts, percentages and figures initially set forth in the Office Lease, based on the Premises 

[* * *] Confidential portions of this document have been redacted and filed separately with the Commission.
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consisting of approximately 147,533 rentable square feet of space (i.e., the entirety of the Building).  
7.    Notices.  Notwithstanding any provision to the contrary set forth in the Lease, effective as of the date of this Second Amendment, any Notices to Tenant must be sent, transmitted, or delivered, as the case may be, to the following addresses:
Bridgepoint Education, Inc. 
13500 Evening Creek Drive North, Suite 600 
San Diego, California  92128 
Facsimile No.:  858-408-2903
Attention:  Kenny Lin
with a copy to:
Procopio, Cory, Hargreaves & Savitch LLP 
525 B Street, Suite 2200 
San Diego, CA 92101 
Facsimile No.: 619.235.0398
Attention:  Thomas W. Turner, Jr., Esq.
8.    No Broker.  Landlord and Tenant hereby warrant to each other that they have had no dealings with any real estate broker or agent in connection with the negotiation of this Second Amendment, and that they know of no real estate broker or agent who is entitled to a commission in connection with this Second Amendment.  Each party agrees to indemnify and defend the other party against and hold the other party harmless from any and all claims, demands, losses, liabilities, lawsuits, judgments, costs and expenses (including without limitation reasonable attorneys' fees) with respect to any leasing commission or equivalent compensation alleged to be owing on account of any dealings with any real estate broker or agent, occurring by, through, or under the indemnifying party.  The terms of this Section 8 shall survive the expiration or earlier termination of the term of the Lease, as hereby amended.
9.    Improvement Allowance Sunset Date.  Notwithstanding any provision to the contrary contained in the Lease, (i) the reference to "June 30, 2011" in Section 2.1 of the Work Letter attached to the Office Lease as Exhibit B (the "Work Letter") shall be deleted and of no further force or effect as of the date of this Second Amendment and such date shall be replaced with "December 31, 2012," (which December 31, 2012 date shall be referred to herein as the "Improvement Allowance Sunset Date"), and therefore (ii) any unused portion of the "Improvement Allowance" (as that term is defined in Section 2.1 of the Work Letter) which has not been disbursed by Landlord pursuant to the terms of Work Letter as of the date of this Second Amendment, shall be available for disbursement pursuant to the terms, conditions and covenants of the Work Letter.  Notwithstanding any provision to the contrary contained in the Lease, Landlord and Tenant expressly acknowledge and agree that any unused portion of the Improvement Allowance remaining as of the Improvement Allowance Sunset Date, shall remain with Landlord and Tenant shall have no further right thereto.  
10.    No Further Modification.  Except as specifically set forth in this Second Amendment, all of the terms and provisions of the Lease shall remain unmodified and in full force and effect.

[* * *] Confidential portions of this document have been redacted and filed separately with the Commission.
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IN WITNESS WHEREOF, this Second Amendment has been executed as of the day and year first above written.
	
		
	"LANDLORD"

	KILROY REALTY, L.P., 
a Delaware limited partnership
By:    Kilroy Realty Corporation, 
a Maryland corporation, 
General Partner
By:       /s/ Brian Gallagher               
        Its:     SVP                                 
By:      /s/ John T. Fucci                    
        Its:     SVP Asset Management  

	"TENANT"
	BRIDGEPOINT EDUCATION, INC.,  
a Delaware corporation 
By:      /s/ Daniel J. Devine                           
        Its:     CFO                                            
By:     /s/ Kenny Lin                                     
        Its:     VP, Real Estate                           

[* * *] Confidential portions of this document have been redacted and filed separately with the Commission.
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Exhibit AEX-10.6 Sixth Amendment - Comerica

Exhibit 10.6

SIXTH AMENDMENT TO LOAN DOCUMENTS
This Sixth Amendment to Loan Documents (this “Amendment”) is entered into as of March 30, 2012, by and between COMERICA BANK (“Bank”) and BRIDGEPOINT EDUCATION, INC. (“Parent”), BRIDGEPOINT EDUCATION REAL ESTATE HOLDINGS, LLC (“BEREH”), ASHFORD UNIVERSITY, LLC (“Ashford”), UNIVERSITY OF THE ROCKIES, LLC (“UOR”) and WAYPOINT OUTCOMES, LLC (“Waypoint”, and collectively with Parent, BEREH, Ashford, and UOR, each a “Borrower” and collectively, “Borrowers”).
RECITALS
Borrowers and Bank are parties to that certain Credit Agreement dated as of January 29, 2010 (“Credit Agreement”), that certain Security Agreement dated as of January 29, 2010, that certain Revolving Credit Note issued on January 29, 2010 (the “Revolving Credit Note”), and that certain LIBOR/Prime Referenced Rate Addendum to Revolving Credit Note dated as of January 29, 2010 (as each agreement may be amended from time to time, including without limitation that certain extension letter dated as of March 23, 2010, that certain First Amendment to Loan Documents dated as of July 30, 2010, that certain Second Amendment to Loan Documents dated as of August 5, 2010, that certain Third Amendment to Loan Documents dated December 1, 2010, that certain Fourth Amendment to Loan Documents dated May 2, 2011, and that certain Fifth Amendment to Loan Documents dated January 13, 2012, together with any related documents, the “Loan Documents”).  The parties desire to amend the Loan Documents in accordance with the terms of this Amendment.
NOW, THEREFORE, the parties agree as follows:
1.     The definition of “Revolving Credit Maturity Date” in Section 1.1 of the Credit Agreement is amended and restated in its entirety to read as follows:
“‘Revolving Credit Maturity Date’ shall mean April 15, 2012, or such earlier date on which the entire unpaid principal amount of all Revolving Loans becomes due and payable pursuant to the terms hereof; provided, however, if any such date is not a business day, then the Revolving Credit Maturity Date shall be the next succeeding business day.”
2.    The Revolving Credit Note is amended to extend the Maturity Date to April 15, 2012.
3.    No course of dealing on the part of Bank or its officers, nor any failure or delay in the exercise of any right by Bank, shall operate as a waiver thereof, and any single or partial exercise of any such right shall not preclude any later exercise of any such right.  Bank’s failure at any time to require strict performance by a Borrower of any provision shall not affect any right of Bank thereafter to demand strict compliance and performance.  Any suspension or waiver of a right must be in writing signed by an officer of Bank.

4.    Unless otherwise defined, all initially capitalized terms in this Amendment shall be as defined in the Loan Documents.  The Loan Documents, as amended hereby, shall be and remain in full force and effect in accordance with their respective terms and hereby are ratified and confirmed in all respects. Except as expressly set forth herein, the execution, delivery, and performance of this Amendment shall not operate as a waiver of, or as an amendment of, any right, power, or remedy of Bank under the Loan Documents, as in effect prior to the date hereof.
5.    Each Borrower represents and warrants that the representations and warranties contained in the Loan Documents are true and correct in all material respects as of the date of this Amendment, other than any exceptions and qualifications to such representations and warranties as have been disclosed to the Bank in writing prior to the date of this Amendment, and that no Event of Default has occurred or is continuing.
6.    As a condition to the effectiveness of this Amendment, Bank shall have received, in form and substance satisfactory to Bank, the following:
(a)    this Amendment, duly executed by each Borrower;
(b)    all reasonable Bank Expenses incurred through the date of this Amendment; and
(c)    such other documents, and completion of such other matters, as Bank may reasonably deem necessary or appropriate.
7.    This Amendment may be executed in two or more original, facsimile or .PDF counterparts, each of which shall he deemed an original, but all of which together shall constitute one instrument.

2

IN WITNESS WHEREOF, the undersigned have executed this Amendment as of the first date above written.

	
		
	COMERICA BANK

By:    /s/ GREG PARK        
Name:    Greg Park        
Title:    SVP            

	BRIDGEPOINT EDUCATION, INC.,
a Delaware corporation

By:    /s/DAN DEVINE        
Name:    Dan Devine
Title:    Chief Financial Officer

	 
	BRIDGEPOINT EDUCATION REAL
  ESTATE HOLDINGS, LLC,
an Iowa limited liability company

By:    Bridgepoint Education, Inc.,
a Delaware corporation
Its:    Sole Member

By:    /s/ DAN DEVINE                    
Name:    Dan Devine
Title:    Chief Financial Officer

[Signature Page to Sixth Amendment to Loan Documents]

	
		
	 
	ASHFORD UNIVERSITY, LLC,
an Iowa limited liability company

By:    Bridgepoint Education, Inc.,
a Delaware corporation
Its:    Sole Member

By:    /s/ DAN DEVINE                    
Name:    Dan Devine
Title:    Chief Financial Officer

	 
	UNIVERSITY OF THE ROCKIES, LLC,
a Colorado limited liability company

By:    Bridgepoint Education, Inc.,
a Delaware corporation
Its:    Sole Member

By:    /s/ DAN DEVINE                    
Name:    Dan Devine
Title:    Chief Financial Officer

	 
	WAYPOINT OUTCOMES, LLC,
a Delaware limited liability company

By:    Bridgepoint Education, Inc.,
a Delaware corporation
Its:    Sole Member

By:    /s/ DAN DEVINE                    
Name:    Dan Devine
Title:    Chief Financial Officer

[Signature Page to Sixth Amendment to Loan Documents]

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