Document:

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                                                                  EXHIBIT 10.5.7

                      SEVENTH AMENDMENT TO CREDIT AGREEMENT
                                   AND WAIVER

         THIS SEVENTH AMENDMENT TO CREDIT AGREEMENT AND WAIVER (this
"Amendment") is made and entered into as of the 30th day of May, 2000, by and
between EDUTREK INTERNATIONAL, INC., a Georgia corporation ("Borrower"), the
undersigned Guarantors party hereto (the "Guarantors"; Borrower and the
Guarantors are individually a "Credit Party" and collectively the "Credit
Parties"), and FIRST UNION NATIONAL BANK ("Lender").

                              W I T N E S S E T H:

         WHEREAS, Borrower and Lender are a party to that certain Credit
Agreement, dated as of March 25, 1999, as amended by a First Amendment to Credit
Agreement dated May 27, 1999, by a Second Amendment to Credit Agreement and
Waiver dated August 16, 1999, by a Third Amendment to Credit Agreement dated
August 27, 1999, by a Fourth Amendment to Credit Agreement and Waiver dated
November 11, 1999, by a Fifth Amendment to Credit Agreement and Waiver dated
December 23, 1999, and by a Sixth Amendment to Credit Agreement dated as of
February 9, 2000 (as amended, the "Credit Agreement"), pursuant to which Lender
made available to Borrower a $10,000,000 revolving line of credit pursuant to
the Facility A Commitment and a line of credit providing a maximum availability
of $4,350,000 pursuant to the Facility B Commitment; and

         WHEREAS, Borrower seeks to enter into a letter of intent with Sylvan
Learning Systems, Inc., a Maryland corporation, for the future acquisition of
the London campus of American InterContinental University, which is owned
entirely by The American College In London, Limited ("American College London")
and/or EduTrek Systems, Inc. Pursuant to the terms of such letter agreement, SLS
has agreed to provide $5,000,000 in working capital to EduTrek pending the
development of a structure for the acquisition and the completion of due
diligence and documentation of the proposed acquisition; provided that SLS
receives a lien on the assets of (including without limitation any shares of
stock and limited liability company interests held by) Borrower and the
Guarantors that is pari passu with Lender's lien in such assets.

         WHEREAS, Lender consents to the granting to SLS of a lien pari passu
with Lender on the assets of the Borrower and the stock and assets of the
Guarantors, provided that SLS enter into an intercreditor agreement in form and
consent satisfactory to Lender;

         WHEREAS, Borrower has requested that Lender enter into this Amendment
to amend the negative covenants respecting indebtedness, liens and asset sales,
and to make certain other modifications to the terms and conditions in the
Credit Agreement; and

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         WHEREAS, Lender is willing to agree to such amendments and
modifications upon the terms set forth herein;

         NOW, THEREFORE, for and in consideration of the foregoing premises, the
mutual promises, covenants and agreements contained herein, and other good and
valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto hereby agree as follows:

         1.       DEFINITIONS. All capitalized terms used herein and not
expressly defined herein shall have the same respective meanings given to such
terms in the Credit Agreement.

         2.       AMENDMENTS. Subject to the conditions contained herein, the
Credit Agreement is hereby amended as follows:

                  2.1.     NEW DEFINITIONS. Section 1.1 of the Credit Agreement
         is hereby amended by adding thereto in appropriate alphabetical order
         the following new definitions:

                           "Seventh Amendment" shall mean that certain Seventh
                  Amendment to Credit Agreement and Waiver, dated as of May 30,
                  2000, between Borrower and Lender.

                           "Seventh Amendment Effective Date" shall mean that
                  date on which all of the conditions precedent set forth in
                  Section 6 of the Seventh Amendment have been satisfied and the
                  Seventh Amendment has become effective.

                           "SLS" shall mean Sylvan Learning Systems, Inc., a
                  Maryland corporation.

                           "SLS Guaranty" shall mean that certain Guaranty
                  Agreement dated as of May 30, 2000, executed by the
                  Subsidiaries in favor of SLS.

                           "SLS Loan Documents" shall mean the SLS Note, SLS
                  Guaranty, SLS Pledge Agreement, SLS Security Agreement, SLS
                  Trademark Security Agreements, and all financing statements,
                  certificates and stock powers related thereto.

                           "SLS Note" shall mean that certain Promissory Note
                  dated May 30, 2000 in the principal amount of Five Million
                  United States Dollars (US$5,000,000), executed by Borrower in
                  favor of SLS.

                           "SLS Obligations" shall mean the indebtedness and
                  obligations of Borrower and Guarantors under the SLS Note, the
                  SLS Pledge Agreement or the SLS Security Agreement.

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                           "SLS Pledge Agreement" shall mean that certain Pledge
                  and Security Agreement dated as of May 30, 2000, executed by
                  Borrower and the Guarantors party thereto as security for the
                  SLS Obligations.

                           "SLS Security Agreement" shall mean that certain
                  Security Agreement dated as of May 30, 2000, executed by
                  Borrower and the Guarantors as security for the SLS
                  Obligations.

                           "SLS Trademark Security Agreements" shall mean those
                  certain Conditional Assignment and Trademark Security
                  Agreements each dated as of May 30, 2000, executed by EduTrek
                  Systems, Inc. and American InterContinental University, Inc.,
                  respectfully, in favor of SLS as security for the SLS
                  Obligations.

                  2.2.     REPAYMENT OF LOANS. The Credit Agreement is hereby
         further amended by deleting Section 2.3 thereof in its entirety and
         substituting in lieu thereof a new Section 2.3 to read as follows:

                           (a)      Repayment of Facility A Loans. The Borrower
                  shall repay the outstanding principal amount of all Facility A
                  Loans in full, together with all accrued but unpaid interest
                  thereon, on the earlier to occur of (i) the Termination Date
                  and (ii) that date which is thirty (30) days after Lender
                  delivers to Borrower a demand for payment so long as such
                  demand is delivered on or after September 30, 2000.

                           (b)      Repayment of Facility B Loans. The Borrower
                  shall repay the outstanding principal amount of all Facility B
                  Loans in full, together with all accrued but unpaid interest
                  thereon, on the Facility B Termination Date.

                           (c)      Optional Repayments. The Borrower may at any
                  time and from time to time repay the Loans, in whole or in
                  part, upon delivery of notice, in the form attached hereto as
                  Exhibit D (a "Notice of Prepayment") specifying the date and
                  amount of repayment. If any such notice is given, the amount
                  specified in such notice shall be due and payable on the date
                  set forth in such notice. Partial repayments shall be in an
                  aggregate amount of at least $100,000 or a whole multiple of
                  $10,000 in excess thereof.

                  2.3.     REPAYMENT OF FACILITY B LOANS. The Credit Agreement
         is hereby further amended by deleting subsection (c) of Section 2.5
         thereof in its entirety and substituting in lieu thereof a new
         subsection (c) to read as follows:

                           (c)      The Facility B Commitment shall reduce to
                  zero on the Facility B Termination Date.

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<PAGE>   4

                  2.4.     LIMITATIONS ON DEBT. The Credit Agreement is hereby
         further amended by amending Section 10.1 to add the word "and" after
         the semicolon at the end of subsection (d) thereof and a new subsection
         (e) thereto to read as follows:

                           (e)      Debt evidenced by the SLS Note.

                  2.5.     LIMITATIONS ON LIENS. The Credit Agreement is hereby
         further amended by amending Section 10.2 to add the word "and" after
         the semicolon at the end of subsection (f) thereof and a new subsection
         (g) thereto to read as follows:

                           (g)      Liens securing the SLS Obligations.

                  2.6.     LIMITATIONS ON ASSET SALES. The Credit Agreement is
         hereby further amended by amending Section 10.5 to add the word "and"
         after the semicolon at the end of subsection (d) thereof and a new
         subsection (e) thereto to read as follows:

                           (e)      the future acquisition by SLS of the assets
                  comprising the business owned by, or the stock of, The
                  American College In London, Limited and/or EduTrek Systems,
                  Inc.

                  2.7.     FORM OF NOTICE OF PREPAYMENT. The Credit Agreement is
         hereby further amended by deleting Exhibit D attached thereto, and
         substituting in lieu thereof a new Exhibit D in the form of Attachment
         1 hereto.

                  2.8.     SCHEDULES. The Credit Agreement is hereby further
         amended by deleting Schedules 6.1(a), 6.1(b) and 6.1(g) attached
         thereto, and substituting in lieu thereof new Schedules 6.1(a), 6.1(b)
         and 6.1(g) in the form of Attachment 2 hereto.

         3.       WAIVER. Effective on the Seventh Amendment Effective Date,
Lender hereby waives the Default or Event of Default created by the change of
the corporate name of American College in London, Ltd., U.S. to American
InterContinental University-London, LTD. U.S. without having provided prior
written notice of such name change to Lender.

         4.       APPLICATION OF PREPAYMENTS. Borrower and each Guarantor
acknowledges and agrees that, in accordance with the terms of that certain
Intercreditor Agreement dated as of even date herewith between Lender and SLS,
in the event of any prepayment of any principal of the Loans pursuant to Section
2.3(c) of the Credit Agreement or pursuant to Section 2.5(d) of the Credit
Agreement in connection with a reduction of the Commitment pursuant to Section
2.5(a) of the Credit Agreement, (a) the amount of such principal prepayment
shall not be fully applied to the Obligations but shall be applied partially to
the Obligations and partially to the SLS Obligations in accordance with the
terms of Section 10 of the Intercreditor Agreement and (b) in the event of any
prepayment of any principal of the Loans required by Section 2.5(d) of the
Credit Agreement in connection with a reduction of the Commitment pursuant to
Section 2.5(a) of the Credit Agreement, such prepayment shall be in an amount
such that, giving effect to such reduction of the

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Commitment and to the the application of such prepayment in accordance with the
preceding clause (a) and with Section 10 of the Intercreditor Agreement, the
aggregate principal amount of the Loans is not greater than the Commitment.

         5.       ARRANGEMENT FEES. In consideration of Lender entering into
this Amendment, Borrower hereby agrees to pay the following fixed arrangement
fee to Lender in lieu of any previous fixed or contingent arrangement fees
(other than any fees set forth in Section 4.2 of the Credit Agreement): Borrower
agrees to pay a fixed arrangement fee equal to $1,150,000 payable on the later
to occur of (a) the Facility B Termination Date and (b) the Termination Date.
Borrower and each Guarantor hereby acknowledges and agrees that such fee has
been fully earned by Lender, is non-refundable, and is irrevocably payable on
the due date thereof without offset, deduction or counterclaim.

         6.       CONDITIONS PRECEDENT. The amendments contained herein shall
not become effective unless and until the Lender shall have received each of the
following instruments, documents and agreements, in each case in form and
content acceptable to Lender:

                  (a)      this Amendment, duly executed and delivered by the
         Borrower and each Guarantor;

                  (b)      an Intercreditor Agreement duly executed and
         delivered by SLS and acknowledged by the Borrower and each Guarantor;

                  (c)      UCC-3 statements of amendment and UCC-1 financing
         statements reflecting the name change referenced in Section 3 above and
         such other changes as Lender shall reasonably request;

                  (d)      an Omnibus Amendment to Loan Documents duly executed
         and delivered by the Borrower and each Subsidiary which updates and
         replaces the schedules to the Security Documents;

                  (e)      a certificate from the chief executive officer or
         chief financial officer of the Borrower, in form and substance
         satisfactory to the Lender, to the effect that all representations and
         warranties of the Borrower contained in the Credit Agreement, this
         Amendment and the other Loan Documents are true, correct and complete;
         that giving effect to this Amendment the Borrower is not in violation
         of any of the covenants contained in the Credit Agreement and the other
         Loan Documents; and that, after giving effect to this Amendment, no
         Default or Event of Default has occurred and is continuing;

                  (f)      a certificate of the secretary or assistant secretary
         of each Credit Party certifying that (i) the certificate or articles of
         incorporation and by-laws of such Credit Party, or the comparable
         organizational documents of such Credit Party, have not been amended,
         modified or supplemented since the Closing Date and (ii) attached
         thereto is a true and complete copy of resolutions duly adopted by the
         Board of Directors of such Credit Party authorizing the execution,
         delivery and performance of this Amendment and

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<PAGE>   6

         the other instruments, documents and agreements executed and delivered
         pursuant hereto or in connection herewith to which it is a party
         (collectively, the "Amendment Documents"), and ratifying the execution
         and delivery of this Amendment; and as to the incumbency and
         genuineness of the signature of each officer of such Credit Party
         executing the Amendment Documents to which it is a party;

                  (g)      Lender's attorneys' fees and expenses
         incurred in connection with this Amendment; and

                  (h)      such other instruments, documents and agreements as
         the Lender may reasonably request.

         7.       REPRESENTATIONS AND WARRANTIES; NO DEFAULT. Each Credit Party
hereby jointly and severally represent and warrant to the Lender that (a) all of
Credit Parties' representations and warranties contained in the Credit
Agreement, the other Loan Documents and this Amendment are true and correct on
and as of the date of this Amendment (or, if any such representation or warranty
is expressly stated to have been made as of a specific date, as of such specific
date) except, in the case of the representation set forth in Section 6.1(q) of
the Credit Agreement, as reflected in the Borrower's interim financial
statements for the period ending March 31, 2000 and except the name change
referenced in Section 3 of this Agreement; (b) no Default or Event of Default
has occurred and is continuing as of such date under any Loan Document except
any Default or Event of Default waived under Section 3 of this Agreement; (c)
each Credit Party has the power and authority to enter into this Amendment and
the other Amendment Documents to which it is a party and to perform all of its
obligations hereunder and thereunder; (d) the execution, delivery and
performance of this Amendment and the Amendment Documents have been duly
authorized by all necessary corporate or partnership action on the part of each
Credit Party; (e) this Amendment and the Amendment Documents are the legal,
valid and binding obligations of the Credit Parties party thereto, enforceable
in accordance with their respective terms, except as such enforcement may be
limited by bankruptcy, insolvency, reorganization, moratorium or similar state
or federal debtor relief laws from time to time in effect which affect the
enforcement of creditors' rights in general and the availability of equitable
remedies; and (f) the execution and delivery of this Amendment and the Amendment
Documents and performance thereof by the Credit Parties do not and will not
violate the Certificate or Articles of Incorporation, By-laws or other
organizational documents of any Credit Party and do not and will not violate or
conflict with any law, order, writ, injunction, or decree of any court,
administrative agency or other governmental authority applicable to any Credit
Party or its properties.

         8.       REAFFIRMATION OF LOAN DOCUMENTS. Each Credit Party hereby
reaffirms its obligations under the Loan Documents, and acknowledges and agrees
that each of the Loan Documents to which such Credit Party is a party, and the
obligations of such Credit Party thereunder, remain in full force and effect,
without release, diminution or impairment, notwithstanding the execution and
delivery of this Amendment or of any prior amendment to the Credit Agreement or
any other Loan Document.

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         9.       REFERENCES. All references in the Credit Agreement and the
Loan Documents to the Credit Agreement shall hereafter be deemed to be
references to the Credit Agreement as amended hereby and as the same may
hereafter be amended from time to time.

         10.      LIMITATION OF AGREEMENT. Except as especially set forth
herein, this Amendment shall not be deemed to waive, amend or modify any term or
condition of the Credit Agreement, each of which is hereby ratified and
reaffirmed and which shall remain in full force and effect, nor to serve as a
consent to any matter prohibited by the terms and conditions thereof.

         11.      COUNTERPARTS. This Amendment may be executed in any number of
counterparts, and any party hereto may execute any counterpart, each of which,
when executed and delivered, will be deemed to be an original and all of which,
taken together will be deemed to be but one and the same agreement. Any
signature delivered by a party by facsimile transmission shall be deemed to be
an original signature hereto.

         12.      FURTHER ASSURANCES. Borrower agrees to take such further
action as the Lender shall reasonably request in connection herewith to evidence
the amendments herein contained to the Credit Agreement.

         13.      SUCCESSORS AND ASSIGNS. This Agreement shall be binding upon
and inure to the benefit of the successors and permitted assigns of the parties
hereto.

         14.      GOVERNING LAW. This Agreement shall be governed by, and
construed in accordance with, the laws of the State of Georgia, without regard
to principles of conflicts of law.

         15.      NO CLAIM. Each Credit Party hereby represents, warrants,
acknowledges and agrees to and with the Lender that as of the date hereof (a)
such Credit Party neither holds nor claims any right of action, claim, cause of
action or damages, either at law or in equity, against the Lender, its officers,
directors, agents, employees or Affiliates, or any of them, which arises from,
may arise from, allegedly arise from, are based upon or are related in any
manner whatsoever to the Credit Agreement and the Loan Documents or which are
based upon acts or omissions of the Lender, any such officer, director, agent,
employee or Affiliate of Lender, or any of them, in connection therewith and (b)
the Obligations are absolutely owed to the Lender, without offset, deduction or
counterclaim.

                  [Remainder of page intentionally left blank]

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         IN WITNESS WHEREOF, the parties hereto have executed this Amendment
under seal as of the date first written above.

                             CREDIT PARTIES:

                             BORROWER:

                             EDUTREK INTERNATIONAL, INC.

                             By:
                                 ----------------------------------------------
                                 R. Steven Bostic
                                 Chairman of the Board and
                                 Chief Executive Officer

                             Attest:
                                     ------------------------------------------
                                     David J. Horn
                                     Secretary and Chief Financial Officer

                                                        [CORPORATE SEAL]

                       (signatures continued on next page)

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                   (signatures continued from previous page)

                         GUARANTORS:

[CORPORATE SEAL]         EDUTREK SYSTEMS, INC.

                         By:
                             --------------------------------------------------
                             R. Steven Bostic
                             Chief Executive Officer

[CORPORATE SEAL]         AMERICAN INTERCONTINENTIAL
                         UNIVERSITY, INC.

                         By:
                             --------------------------------------------------
                             R. Steven Bostic
                             Chief Executive Officer

[CORPORATE SEAL]         AMERICAN INTERCONTINENTAL UNIVERSITY-
                         LONDON, LTD. U.S.

                         By:
                             --------------------------------------------------
                             R. Steven Bostic
                             Chief Executive Officer

[CORPORATE SEAL]         AMERICAN EUROPEAN MIDDLE EAST
                         CORPORATION, LLC

                         By: American InterContinental University-London,
                             LTD. U.S.

                             By:
                                 ----------------------------------------------
                                 R. Steven Bostic
                                 Chief Executive Officer

                       (signatures continued on next page)

<PAGE>   10

                    (signatures continued from previous page)

                             LENDER:

                             FIRST UNION NATIONAL BANK

                             By:
                                 ----------------------------------------------
                                 Frank Darrow
                                 Vice President

<PAGE>   11

                                  Attachment 1

                                                                    EXHIBIT D TO
                                                                CREDIT AGREEMENT

                              NOTICE OF PREPAYMENT

First Union National Bank,
999 Peachtree Street
Atlanta, Georgia  30309

Ladies and Gentlemen:

         This irrevocable Notice of Prepayment is delivered to you by EduTrek
International, Inc., a Georgia corporation (the "Borrower"), under Section
2.3(c) of the Credit Agreement dated as of March 25, 1999 (as amended, restated,
supplemented, or otherwise modified from time to time, the "Credit Agreement"),
by and between Borrower and First Union National Bank (the "Lender").

         1. The Borrower hereby provides irrevocable notice to the Lender that
it will repay the Facility A Loans in the amount of $_______________ on
____________, 2000.

         2. The Borrower hereby provides irrevocable notice to the Lender that
it will repay the Facility B Loans in the amount of $_______________ on
____________, 2000.

         3. All capitalized undefined terms used herein have the meanings
assigned thereto in the Credit Agreement.

         IN WITNESS WHEREOF, the undersigned has executed this Notice of
Prepayment this ___ day of ___________, 200_.

                                     EDUTREK INTERNATIONAL, INC.

[CORPORATE SEAL]

                                     By:
                                         --------------------------------------
                                     Name:
                                           ------------------------------------
                                     Title:
                                            -----------------------------------

<PAGE>   12

                                  Attachment 2

             Schedules 6.1(a), 6.1(b) and 6.1(g) to Credit Agreement

                                 (see attached)<PAGE>   1

                                                                    EXHIBIT 10.7

THIS NOTE HAS BEEN ISSUED AND SOLD WITHOUT REGISTRATION UNDER THE FEDERAL
SECURITIES ACT OF 1933 (THE "FEDERAL ACT") OR THE SECURITIES LAWS OF ANY STATE,
IN RELIANCE UPON CERTAIN EXEMPTIVE PROVISIONS OF SAID ACTS, INCLUDING PARAGRAPH
(13) OF THE CODE SECTION 10-5-9 OF THE GEORGIA SECURITIES ACT OF 1973 (THE
"GEORGIA ACT"). THIS NOTE CANNOT BE SOLD OR TRANSFERRED EXCEPT IF, IN THE
OPINION OF COUNSEL TO THE ISSUER, SUCH SALE OR TRANSFER WOULD BE: (1) PURSUANT
TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE FEDERAL ACT OR PURSUANT TO AN
EXEMPTION FROM SUCH REGISTRATION; AND (2) IN A TRANSACTION WHICH IS EXEMPT UNDER
APPLICABLE STATE SECURITIES LAWS, INCLUDING THE GEORGIA ACT, OR PURSUANT TO
EFFECTIVE REGISTRATION STATEMENTS UNDER SUCH LAWS, OR IN A TRANSACTION WHICH IS
OTHERWISE IN COMPLIANCE WITH SUCH LAWS.

                                 PROMISSORY NOTE

$5,000,000.00                                                  May 30, 2000
                                                               Atlanta, Georgia

         FOR VALUE RECEIVED, the undersigned, EDUTREK INTERNATIONAL, INC., a
corporation organized and existing under the laws of the State of Georgia (the
"Company"), hereby promises to pay to the order of SYLVAN LEARNING SYSTEMS,
INC., a corporation organized and existing under the laws of the State of
Maryland (the "Holder"), at the Holder's address at 1000 Lancaster Street,
Baltimore, Maryland, 21202, or at such other place as the Holder may designate,
a principal sum equal to FIVE MILLION AND NO/100 Dollars ($5,000,000.00),
together with interest at the rate set forth below and calculated and paid as
described below on the unpaid balance of such principal amount from the date
hereof until the unpaid principal balance shall have been paid in full.

         1.       Payment Provisions

                  1.1      Interest and Maturity. This Note shall bear simple
interest on the outstanding principal amount at a rate per annum equal to the
then current prime rate of interest, which rate, as of the date hereof, is nine
and one-half percent (9 1/2%), as published from time to time in the "Money
Rates" section of The Wall Street Journal (or, if the prime rate of interest is
no longer published in such publication, the Holder may, in its reasonable
discretion, designate an alternative reference rate for calculation of interest
under this Note, which rate shall be the substantial equivalent of the prime
rate), computed on the basis of a year of 365 days against actual days elapsed.
All accrued but unpaid interest at the aforesaid rate shall be due and payable
quarterly, commencing on July 3, 2000 and continuing on the first Business Day
(as hereinafter defined) of each and every calendar quarter thereafter, until
the entire principal balance hereof, together with all accrued but unpaid
interest thereon, has been paid in full. The entire principal amount of this
Note, together with any accrued but unpaid interest thereon, shall be due and

<PAGE>   2

payable on the earlier to occur of (a) November 30, 2000, or (b) the Business
Day upon which the Holder shall have acquired all of the issued and outstanding
common shares or other equity securities or ownership interests of ACIL (as
hereinafter defined) owned by the Company or its subsidiaries or affiliates, or
(c) the date upon which the entire indebtedness of the Company under the Credit
Agreement (as hereinafter defined) becomes due and payable (the "Maturity
Date").

                  1.2      Payments. All payments under this Note shall be made
in lawful money of the United States of America. Payments shall be credited,
first, to unpaid interest accrued through the date of such payment and, then, to
principal.

                  1.3      Limitation on Interest Rate and Payments.
Notwithstanding any other provision of this Note or of any other agreement or
instrument to which the Company and the Holder are parties, nothing herein
contained or therein contained shall require the payment of any interest,
expense or other charge by the Company which, when aggregated with all other
interest, expenses and charges directly or indirectly paid by the Company or
imposed by the Holder as a condition to extension of this credit, shall exceed
the highest lawful rate permissible under any law applicable thereto. If, but
for this provision, this Note or any other such agreement or instrument would
require any such payment in excess of any such highest lawful rate, this Note
and such other agreement or instrument shall automatically be deemed amended so
that all interest, charges, expenses and other payments required hereunder or
thereunder or so imposed, individually and in the aggregate, shall be equal to,
but no greater than, the highest lawful rate therefor. If from any circumstances
the Holder should ever receive an amount which, but for this provision, would
constitute an unlawful payment hereunder or thereunder, then, ipso facto, such
amount shall be applied to the reduction of the outstanding principal balance of
this Note and not to the payment of interest, expenses and charges.

                  1.4      Prepayment. The Company may, at any time prior to the
Maturity Date, prepay all or any part of the outstanding principal balance of
this Note.

         2.       Certain Definitions. As used herein, the following terms shall
have the respective meanings set forth below:

                  2.1      "ACIL" shall mean American College in London, Ltd., a
United Kingdom company and a wholly-owned subsidiary of the Company.

                  2.2      "ACIL-US" shall mean American College in London,
Ltd., U.S., a District of Columbia corporation and a wholly-owned subsidiary of
the Company.

                  2.3      "AEMEC" shall mean American European Middle East
Corporation, LLC, a Georgia limited liability company.

                  2.4      "AIU" shall mean American Intercontinental
University, a Georgia corporation and a wholly-owned subsidiary of the Company.

<PAGE>   3

                  2.5      "Business Day" shall mean any day that is not a
Saturday, a Sunday or a day on which banks are required or permitted to be
closed in the State of Georgia.

                  2.6      "Credit Agreement" shall mean that certain Credit
Agreement, dated March 25, 1999, as amended through the date hereof, between the
Company, as Borrower, and First Union National Bank, as Lender.

                  2.7      "Edutrek Systems" shall mean Edutrek Systems, Inc., a
Georgia corporation and a wholly-owned subsidiary of the Company.

                  2.8      "Guaranty" shall mean that certain Guaranty, dated of
even date herewith, executed by ACIL-US, AEMEC, AIU and Edutrek Systems in favor
of the Holder.

                  2.9      "Letter of Intent" shall mean that certain letter
agreement, dated May ___, 2000, between the Holder and the Company.

                  2.10     "Person" or "person" shall mean an individual,
partnership, corporation, trust, unincorporated organization, joint venture,
government or agency, political subdivision thereof, or any other entity of any
kind.

                  2.11     "Pledge Agreement" shall mean that certain Pledge
Agreement, dated of even date herewith, executed by the Company, ACIL-US, AEMEC
and AIU in favor of the Holder.

                  2.12     "Security Agreement" shall mean that certain Security
Agreement, dated of even date herewith, executed by the Company, ACIL-US, AEMEC,
AIU and Edutrek Systems in favor of the Holder.

         3.       Security. This Note is secured by the terms of each of the
Guaranty, the Pledge Agreement and the Security Agreement (collectively, the
"Security Documents").

         4.       Use of Proceeds. Monies loaned by the Holder to the Company
pursuant to this Note may be used for the purposes of financing the working
capital needs of the Company and its subsidiaries and for general corporate
purposes, but not for the purposes of repaying or prepaying principal amounts
owed pursuant to the Credit Agreement or prepaying principal amounts owed to any
other debtor of the Company or its subsidiaries.

         5.       Default. A default shall occur under this Note upon (a) the
failure of the Company to (i) pay any monetary obligations when due under this
Note, or (ii) perform any of its binding obligations under the Letter of Intent,
or (iii) adhere to the restrictions set forth in paragraph 4 of this Note; or
(b) the failure of the Company, ACIL-US, AEMEC, AIU, Edutrek Systems or any
other subsidiary of the Company that becomes a party to any such agreement after
the date hereof to (i) perform any of their respective obligations under any of
the Security Documents or to (ii) perform any of their respective obligations
under the Credit Agreement or any other agreement executed by the Company,
ACIL-US, AEMEC, AIU, Edutrek Systems or any other subsidiary of the Company in
favor of FUNB in connection therewith (a "Default").

<PAGE>   4

Upon the occurrence of a Default, the Holder shall be entitled to, at its sole
option, declare the entire unpaid principal and interest amounts under this Note
as immediately due and payable regardless of the stipulated date of maturity,
and the Holder may proceed to collect such obligations forthwith, and enforce
its remedies under the Security Documents, plus all out-of-pocket costs of
collection, including reasonable attorneys' fees actually incurred if collected
by and through an attorney. The failure of the Holder to exercise this option or
indulgence granted from time to time shall in no event be considered a waiver of
such option or estop the Holder from exercising such option.

         6.       Notices. All notices and other communications hereunder shall
be in writing and shall be deemed to have been given only (i) when personally
delivered, or (ii) three (3) business days after mailing, postage prepaid, by
certified mail, or (iii) when delivered (and receipted for) by an overnight
delivery service, or (iv) when first sent by telex, telecopier or other means of
instantaneous communication, provided such communication is promptly confirmed
by personal delivery, mail or an overnight delivery service as provided above,
addressed in each case as follows:

                   If to the Company, to:

                           Edutrek International, Inc.
                           6600 Peachtree-Dunwoody Road
                           500 Embassy Row
                           Atlanta, Georgia   30328
                           Telecopier: (404) 965-8001
                           Attention: David J. Horn, Chief Financial Officer

                           with a copy in like manner to:

                           Smith Gambrell & Russell, LLP
                           1230 Peachtree Road, N. E.
                           Promenade II, Suite 3100
                           Atlanta, Georgia 30309-3592
                           Telecopier: (404) 685-6932
                           Attention: A. Jay Schwartz, Esq.

                   If to the Holder, to:

                           Sylvan Learning Systems, Inc.
                           1000 Lancaster Street
                           Baltimore, Maryland 21202
                           Telecopier: 410-843-8055
                           Attention: Raph Appadoo, Chief Executive Officer
                                    and President of Sylvan University Division

                           with a copy in like manner to:

                           Paul, Hastings, Janofsky & Walker
                           600 Peachtree Street

<PAGE>   5

                           Suite 2400
                           Atlanta, Georgia 30308
                           Telecopier: (404) 412-7017
                           Attention: Richard Asbill, Esq.

Each party may change its address for the giving of notices and communications
to it, and/or copies thereof, by written notice to the other parties in
conformity with the foregoing.

         7.       Negotiability; Assignment. This Note may be assigned, conveyed
or otherwise transferred at any time without the consent of the Company;
provided, however, that this Note may not be assigned to any person or entity
engaged in the business of providing post-secondary education services similar
to or competitive with those services provided by the Company without the
express written consent of the Company.

         8.       Binding Effect. This Note shall be binding upon the Company
and its successors and permitted assigns and shall inure to the benefit of the
Holder and its successors and permitted assigns.

         9.       Headings. The paragraph headings contained in this Note are
for reference purposes only and shall not affect in any way the meaning or
interpretation of this Note.

         10.      Time of the Essence. Time is of the essence under this Note.

         11.      Waiver of Presentment. EXCEPT AS OTHERWISE PROVIDED IN THIS
NOTE, THE COMPANY, ITS SUCCESSORS OR ASSIGNS, AND ALL OTHER PERSONS LIABLE FOR
THE PAYMENT OF THIS NOTE, WAIVE PRESENTMENT FOR PAYMENT, DEMAND, PROTEST, AND
NOTICE OF DEMAND, DISHONOR, PROTEST, AND NONPAYMENT, AND CONSENT TO ANY AND ALL
RENEWALS, EXTENSIONS OR MODIFICATIONS THAT MIGHT BE MADE BY THE HOLDER AS TO THE
TIME OF PAYMENT OF THIS NOTE FROM TIME TO TIME.

         12.      Governing Law. This Note has been delivered in Atlanta,
Georgia and shall be governed by and construed in accordance with the internal
laws of the State of Georgia without regard to its conflicts of laws principles.

         IN WITNESS WHEREOF, the Company has caused this Note to be duly
executed under seal as of the day and year above first written.

                                    "COMPANY"

                                     EDUTREK INTERNATIONAL, INC.

                                     By:
                                         --------------------------------------
                                     Name:
                                           ------------------------------------
[CORPORATE SEAL]                     Title:
                                            -----------------------------------

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