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Exhibit 4.5    
    

[$5.0 Million Aggregate]

THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE AND MAY NOT BE SOLD OR OTHERWISE DISPOSED OF EXCEPT
IN ACCORDANCE WITH THE TERMS HEREOF AND PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER SUCH ACT AND APPLICABLE STATE SECURITIES LAWS OR PURSUANT TO AN APPLICABLE EXEMPTION FROM THE REGISTRATION
REQUIREMENTS OF SUCH ACT AND SUCH LAWS.

SUBORDINATED PROMISSORY NOTE

	$                        	 	October 31, 2003

        FOR
VALUE RECEIVED, the undersigned, eCollege.com, a Delaware corporation ("Maker"), having an address at 4900 S. Monaco Street, Denver, Colorado 80237, promises to pay to
                        , having an address
at                        ("Payee"), the principal sum
of                        DOLLARS
($                        ), together with interest thereon at the rate of 10% per annum interest
compounded annually (calculated on the basis of a year of 365 or 366 days, as applicable, and actual number of days elapsed), on October 31, 2008 (the "Maturity Date"), subject to
the Subordination Provisions (as defined below). All payments of principal and interest hereunder shall be made in lawful money of the United States of America at Payee's offices at the address set
forth
above, Attn:            , or at such other place or in accordance with such other instructions as Payee shall have designated to Maker in writing in accordance with the terms hereof. By
virtue of
acceptance of this Promissory Note by Payee pursuant to Section 1.04 of the Purchase Agreement (as defined below) in lieu of payment in cash, Payee accepts all Subordination Provisions
set forth in Annex A attached hereto (collectively, the "Subordination Provisions") and agrees to be bound by and comply with all such Subordination Provisions, which are incorporated by reference
herein as if fully set forth herein. 

        This
Promissory Note is one of the "Seller Notes" referred to in the Stock Purchase Agreement (as amended, modified or restated from time to time, the "Purchase Agreement"), dated
as of the date hereof, by and among Maker, Payee, Leeds Equity Partners III, L.P., a Delaware limited partnership (the "Principal Seller"), DataMark Inc., a Delaware corporation (the
"Company"), and each other stockholder of the Company, listed on Schedule 1.10(b)(46) to the Purchase Agreement (the "Other Sellers" and, collectively with the Principal Seller, the "Sellers").
This Promissory Note is made and delivered pursuant to and is subject to all the terms and conditions of the Purchase Agreement. In the event of any conflict between the provisions of this
Promissory Note and the Purchase Agreement, the provisions of this Promissory Note shall control. 

        If
an Event of Default (as defined below) occurs and is continuing, then (i) the interest rate accruing on the outstanding principal balance hereof shall be an amount equal to 13%
per annum and (ii) the entire unpaid principal balance of this Promissory Note, together with all accrued and unpaid interest thereon, shall become immediately due and payable without further
notice or demand from Payee, all of which are hereby waived, subject to the further terms of the Subordination Provisions (as defined below). 

Events of Default  

        An "Event of Default" shall exist if any of the following conditions or events shall occur and be continuing: 

        (a)   Maker
defaults in the payment of any principal or interest on this Note when the same becomes due and payable, whether at maturity or at a date fixed for prepayment; 

        (b)   the
acceleration of any Senior Indebtedness (as defined below) with an unpaid principal balance of $5.0 million or more by the holders thereof; 

 

        (c)   Maker
(1) files, or consents by answer or otherwise to the filing against it of, a petition for relief or reorganization or arrangement or any other petition in
bankruptcy, seeking to adjudicate it as bankrupt or insolvent, for liquidation or to take advantage of any bankruptcy, insolvency, reorganization, moratorium or other similar law of any jurisdiction,
(2) makes a general assignment for the benefit of its creditors, or (3) consents to the appointment of a custodian, receiver, trustee or other officer with similar powers with respect to
it or with respect to all or substantially all of its property; or 

        (d)   a
court or governmental authority of competent jurisdiction enters into an order appointing, without consent by Maker, a custodian, receiver, trustee or other officer
with similar powers with respect to it or with respect to any substantial part of its property, or constituting an order for relief or approving a petition for relief or reorganization or any other
petition in bankruptcy or insolvency law in any jurisdiction, or ordering the dissolution, winding-up or liquidation of Maker, or petition for any action (including a petition in
bankruptcy or seeking to adjudicate Maker as bankrupt or insolvent) shall be filed against Maker and such petition shall not be dismissed within 90 days. 

        Maker
shall pay all reasonable costs and expenses incurred by or on behalf of Payee in connection with Payee's exercise of any or all of its rights and remedies under this Promissory
Note if Maker shall default hereunder, including, without limitation, all costs and expenses of a suit or proceeding (or any appeal thereof) brought for recovery of all or any part of the
indebtedness evidenced by this Promissory Note or to enforce Payee's rights hereunder, including reasonable attorneys' fees. 

        All
payments under this Promissory Note shall be applied first to the payment of accrued interest and then against the outstanding principal balance. Maker may, at its option,
upon notice to Payee as described below, without premium or penalty, prepay the unpaid principal amount of this Promissory Note, at any time in whole or from time to time in part, together with
interest accrued and unpaid thereon to the date of prepayment; provided, however, that any whole or
partial prepayment of the unpaid principal amount of this Promissory Note is subject to the Subordination Provisions. Maker will give Payee and each Representative of the holders of Specified
Senior Indebtedness (as defined below) written notice of each optional prepayment under this paragraph not less than five business days prior to the date fixed for such prepayment. Upon any
partial prepayment of the unpaid principal amount of this Note, Payee shall make notation on this Note of the portion of the principal so prepaid. Maker shall pay to Payee the remaining amount
of any outstanding principal balance and unpaid accrued interest, if any, on the Maturity Date. 

Change of Control  

        (a)   If
(i) a Change of Control (as defined in the definitive documents for Specified Senior Indebtedness) occurs and (ii) holders of the Specified Senior
Indebtedness (as defined below) elect to have the Specified Senior Indebtedness paid in full upon completion of the Change of Control, then Payee shall have the right to require Maker to repurchase
this Note at a purchase price in cash equal to 100% of the outstanding principal amount thereof on the date of repurchase, plus accrued and unpaid interest to the date of repurchase but without
any premium or penalty (the "Change of Control Purchase Price"), in accordance with the terms contemplated hereby, subject to, in all instances, payment
of the Specified Senior Indebtedness. 

        (b)   Within
60 days following any Change of Control meeting the requirements of clause (a) above, Maker shall mail a notice to Payee (the
"Change of Control Offer") stating: 

          (i)  that
a Change of Control has occurred, that the holders of the Specified Senior Indebtedness have elected to be paid in full, and that Payee has the right to require
Maker to purchase this Note at the Change of Control Purchase Price; 

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         (ii)  the
circumstances and relevant facts regarding such Change of Control; 

        (iii)  the
repurchase date (which shall be no earlier than 10 days nor later than 30 days from the date such notice is mailed); and 

        (iv)  the
instructions determined by Maker consistent with the terms hereof that Payee must follow in order to have this Note purchased. 

        (c)   If
Payee elects to have this Note purchased it shall be required to inform Maker and surrender this Note at the address specified in the notice at least
three business days prior to the purchase date. 

        (d)   On
the purchase date, Maker shall pay the Change of Control Purchase Price to Payee, and Payee shall execute a full release of all obligations under the Note. 

        (e)   Notwithstanding
the foregoing provisions, Maker shall not be required to make a Change of Control Offer upon a Change of Control if a third party makes the Change of
Control Offer in the manner, at the time and otherwise in compliance with the requirements set forth above applicable to a Change of
Control Offer made by Maker and purchases this Note validly tendered and not withdrawn under such Change of Control Offer. 

        The
remedies provided in this Promissory Note shall be cumulative, and shall be in addition to any other rights or remedies now or hereafter provided by law or equity. 

        Except
as otherwise stated herein, Maker hereby waives presentment, demand for payment, notice of nonpayment, notice of acceleration, notice of protest and notice of dishonor in
connection herewith. 

        All
notices and other required communications hereunder shall be in writing, addressed as follows: 

	If to Payee:	 	 
	

	
 	

 
	

	
 	

 
	

	
 	

 
	Attention:	 	 	 	 
	 	 	
	 	 
	Fax:	 	 	 	 
	 	 	
	 	 
	
If to Maker:	
 	

 
	

eCollege.com

4900 S. Monaco Street

Denver, CO 80237

Attention: Oakleigh Thorne

Fax: (303) 873-7449	
 	

 
	
If to the Representatives:	
 	

 
	

Capital Resource Partners IV, L.P.

85 Merrimac Street, Suite 200

Boston, MA 02114

Attention: Steve Jenks	
 	

 
	

and	
 	

 
	

Silicon Valley Bank

4410 Arapahoe Ave., Suite 200

Boulder, CO 80303

Attention: Manager	
 	

 

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Notices
shall be given (a) by personal delivery to the other parties, (b) by facsimile, with receipt confirmed, or (c) by overnight courier, postage prepaid. All notices shall be
effective and deemed delivered (i) if by personal delivery, on the date of delivery if during business hours, otherwise the next business day, (ii) if by facsimile, on the date
the facsimile is received if received during business hours, otherwise the next business day and (iii) if solely by overnight courier, upon receipt by the addressee. A party may change
its address by notice to the other parties. 

        It
is not intended hereby to charge interest at a rate in excess of the maximum rate of interest that Payee may charge to Maker under applicable usury and other laws, but if,
notwithstanding, interest in excess of such rate shall be paid hereunder, the excess shall be retained by Payee as additional cash collateral for the payment of the indebtedness evidenced hereby,
unless such retention is not permitted by law, in which case the interest rate on this Promissory Note shall be adjusted to the maximum permitted under applicable law during the period or
periods that the interest rate otherwise provided herein would exceed such rate. 

        If
any provision in this Promissory Note shall be held invalid, illegal or unenforceable in any jurisdiction, the validity, legality or enforceability of any other provision shall
not be in any way affected or impaired in such jurisdiction, and any defective provision shall not be in any way affected or impaired in any other jurisdiction. 

        This
Promissory Note may only be amended, modified, superseded, cancelled, renewed or extended by an agreement in writing executed by Payee and Maker, and no payment or right may
be waived orally, but only by an agreement in writing, signed by the party waiving compliance. Notwithstanding the foregoing, the amendment of any term of this Promissory Note shall not be
permitted if such amendment would be reasonably likely to materially and adversely affect the rights of the holders of the Senior Indebtedness (as defined below), and in no event shall any amendment
amend this Promissory Note with respect to (I) any of the Subordination Provisions, (II) any increase in either the principal amount due or the rate of interest charged hereunder,
(III) acceleration of the date of payment of principal of or interest on this Promissory Note, (IV) any shortening of the Maturity Date, or (V) this sentence, without the express
prior written consent of each Representative of the holders of Specified Senior Indebtedness. For the purposes hereof, "Senior Indebtedness" means any Indebtedness (as defined in the Purchase
Agreement) of Maker, whether existing at the time of issuance of this Promissory Note or arising subsequent thereto, other than (i) the obligations of Maker hereunder; (ii) the
obligations of Maker under any of the other Seller Notes (as defined in the Purchase Agreement); (iii) any Indebtedness that is by its terms subordinated to Senior Indebtedness (subject to the
definition of Specified Senior Indebtedness below); (iv) trade payables of Maker incurred in the Ordinary Course of Business (as defined in the Purchase Agreement) and other Indebtedness
incurred with respect to trade payables that is not secured; (v) Indebtedness of Maker specified in clause (iii) of the definition of Indebtedness in the Purchase Agreement;
(vi) any obligations owing to any affiliate of Maker; and (vii) any liability of Maker for federal, state, local or other taxes owed or owing by Maker. "Specified Senior Indebtedness"
shall mean the indebtedness incurred in connection with the "Financing" as defined in Section 4.06 of the Purchase Agreement, as amended from time to time, and Indebtedness that renews,
refinances, replaces or substitutes for the Specified Senior Indebtedness; provided that notwithstanding anything to the contrary in this Promissory Note (including without limitation,
clause (iii) above in the immediately preceding sentence), (A) Maker may incur Specified Senior Indebtedness the terms of which provide that such Specified Senior Indebtedness is
subordinated to certain other Specified Senior Indebtedness but also states that such Specified Senior Indebtedness constitutes Specified Senior Indebtedness as such term is defined herein or by use
of words of similar import, and such Specified Senior Indebtedness shall be Specified Senior Indebtedness and shall be senior to the obligations of Maker hereunder in accordance with the terms hereof
and the obligations of Maker under the other Seller Notes in accordance with their respective terms, and (B) Maker may increase the principal amount of Specified Senior 

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Indebtedness
at any time up to a principal amount not to exceed $40,000,000, so long as no Event of Default exists and is continuing hereunder or would arise as a result therefrom. For the avoidance
of doubt, but subject to the foregoing limit on the principal amount of Specified Senior Indebtedness, "Senior Indebtedness" and "Specified Senior Indebtedness" shall include Indebtedness of the Maker
to Silicon Valley Bank ("SVB") and Capital Resource Partners IV, L.P. ("CRP") pursuant to loan agreements dated as of the date hereof. Each of SVB and CRP (and each such person's respective assignee
in such capacity, if any) shall be a "Representative" of the holders of Specified Senior Indebtedness; provided that there shall be no more than two Representatives at any time. Maker agrees that it
shall not incur any Senior Indebtedness after the date hereof that would by its terms prohibit the payment of principal and interest under this Promissory Note at Maturity, other than
prohibitions or conditions substantially similar to the Subordination Provisions including without limitation the Default Conditions (as defined in the Subordination Provisions). 

 Right of Set-Off  

        (a)   In
addition to, and without limitation of, any rights of the Maker under this Promissory Note, any Transaction Document (as defined in the Purchase Agreement) and
applicable law, any and all Indebtedness (as defined in the Purchase Agreement) of Payee to Maker and any other amounts at any time held or owing by Payee to or for the credit or account of Maker,
including without limitation any amounts owed by Payee to Maker under Article VIII of the Purchase Agreement (an "Indemnity Amount"), may, except as set forth below, without prior notice to
Payee, be offset and applied toward the payment of any and all Indebtedness and any other amounts owing by Maker to Payee, including without limitation the Indebtedness evidenced by this Promissory
Note and any other amount, whether or not such Indebtedness or other amount, or any part thereof, shall then be due. 

        (b)   If
Maker wishes to exercise its right of offset with respect to an Indemnity Amount hereunder, then Maker may give written notice (a "Notice") to Payee specifying in
reasonable detail the nature and dollar amount of any claim (an "Indemnity Claim") as a set-off hereunder ("Set-Off"). Any Notice shall set forth the nature and details of such
Indemnity Claim, the section of the Purchase Agreement pursuant to which the Indemnity Claim is made, and an estimate of Damages claimed thereby (the "Claimed Amount"). If Payee gives notice to Maker
disputing any Indemnity Claim (a "Counter Notice") within 30 days following receipt by Payee of the Notice regarding such Indemnity Claim, such Indemnity Claim shall be resolved as provided in
clause (c) below. If no Counter Notice is received by Maker within such 30-day period, then the Claimed Amount as set forth in such Notice shall be deemed established for
purposes of Set-Off and the Purchase Agreement and, at the end of such 30-day period, Maker may exercise its Set-Off right hereunder immediately without further
notice, demand or presentment, all of which are hereby waived. 

        (c)   Following
receipt of a Counter Notice, Maker and Payee shall negotiate in good faith to resolve any differences with respect to the Indemnity Claim to be eligible for a
Set-Off. If the Payee and the Maker fail to reach a written agreement setting forth the amount of Set-Off within 60 business days after the delivery of a Counter Notice, then
Maker may, at its sole discretion, commence litigation against Payee in respect of the Indemnity Claim. 

        (d)   If
a Counter Notice is given with respect to any Indemnity Claim prior to Maturity, Maker may only exercise its Set-Off for an Indemnity Claim only in
accordance with (i) written approval of Payee, or (ii) a final, nonappealable order of a court of competent jurisdiction. Any court order shall be accompanied by a legal opinion by
counsel for the Maker to the effect that the order is final and nonappealable, with a copy to Payee. 

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        (e)   This
right of setoff may be enforced or exercised by Maker regardless of whether or not Maker has made any demand under the Purchase Agreement or otherwise, or whether
any of the Indebtedness or any other amounts are contingent, matured or unmatured. Any delay, neglect or conduct by Maker in exercising its rights under this Promissory Note, the Purchase Agreement or
otherwise will not be a waiver of the right to exercise this right of setoff. 

        This
Promissory Note shall be binding upon Maker and its successors and permitted assigns and shall inure to the benefit of and be enforceable by the Payee and its successors and
permitted assigns; provided, however, that except as provided herein with respect to a "Change of
Control Offer," neither Maker nor Payee may assign this Promissory Note without the prior written consent of the other party, which shall not unreasonably be withheld; provided that prior to
any such assignment by Payee being effective, (i) Maker, upon receiving notice thereof from Payee, shall provide notice of such assignment to the Representatives of the holders of Specified
Senior Indebtedness, and (ii) each assignee with respect thereto shall acknowledge in writing to the Representatives that such assignee accepts such assignment subject to the Subordination
Provisions and that SVB and CRP are holders of Specified Senior Indebtedness. 

        Maker
covenants in favor of Payee and any holder of this Promissory Note that it shall comply in all material respects with the terms and conditions set forth in the documents
evidencing the Senior Indebtedness. 

        THIS PROMISSORY NOTE SHALL BE GOVERNED BY, CONSTRUED AND ENFORCED IN ALL RESPECTS IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE.
Maker and Payee hereby consent to, and agree to submit to, the jurisdiction of any state or federal court sitting within the area comprising the District of Colorado in any action or proceeding
brought under this Promissory Note, and hereby waive any argument that any such state or federal court is an inconvenient forum. Maker and Payee hereby agree that service of the summons and complaint
and all other process which may be served in any such suit, action or proceeding may be effected by mailing by registered mail a copy of such process to its respective offices at the notice address
given above and that personal service of process shall not be required. Nothing herein shall be construed to prohibit service of process by any other method permitted by law, or the bringing of any
suit, action or proceeding in any other jurisdiction. Maker and Payee agree that final judgment in such suit, action or proceeding shall be conclusive and may be enforced in any other jurisdiction by
suit on the judgment or in any other manner provided by law. MAKER AND PAYEE HEREBY UNCONDITIONALLY WAIVE ITS RESPECTIVE RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION
BASED UPON OR ARISING OUT OF, DIRECTLY OR INDIRECTLY, THIS PROMISSORY NOTE. IN THE EVENT OF LITIGATION, THIS PROMISSORY NOTE MAY BE FILED AS A WRITTEN CONSENT TO A TRIAL BY THE
COURT.

EXECUTION PAGE FOLLOWS  

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IN
WITNESS WHEREOF, Maker has caused this instrument to be executed as of the day and year first above written. 

	

 	
 	
MAKER:
	

 	
 	

eCollege.com
	

 	
 	

By:	
 	

 Doug Kelsall

Secretary

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   ANNEX A  

SUBORDINATION PROVISIONS  

        Notwithstanding any other provisions in the Promissory Note to which this Annex A is attached (as amended, the "Promissory Note")(1): 

	(1)
	Capitalized
terms used in this Annex A but not defined herein shall have the meanings specified in the Promissory Note. 

        (a)   Agreement that Promissory Note be Subordinate. Maker covenants and agrees, and Payee and each other holder of the
Promissory Note by the acceptance hereof likewise covenants and agrees, that the Promissory Note shall, for all purposes and in all respects without limitation, including those
hereinafter in the Subordination Provisions, be subordinated and subject in right of payment to the prior payment in full of the Senior Indebtedness in cash. 

        (b)   Reliance by Senior Indebtedness on Subordination Provisions. Payee and each other holder of the Promissory Note by
the acceptance hereof each acknowledges and agrees that the Subordination Provisions are, and are intended to be, an inducement and a consideration to each holder of any Senior Indebtedness, whether
such Senior Indebtedness was created or acquired before or after the issuance of the Promissory Note, to acquire, or to continue to hold, such Senior Indebtedness, and each such holder of Senior
Indebtedness shall be deemed conclusively to have relied on the Subordination Provisions in acquiring or continuing to hold such Senior Indebtedness and shall be deemed a third party beneficiary
hereof. 

        (c)   Payment Over of Proceeds Upon Dissolution

          (i)  In
the event of any Proceeding (as defined below), the holders of Senior Indebtedness shall be paid in full in cash all amounts due or to become due on or in respect of
all Senior Indebtedness (including all interest, fees, costs and other charges accruing after the commencement of any Proceeding relating to Maker, whether or not allowed in such Proceeding), before
Payee or any other holder of the Promissory Note are entitled to receive any Note Payments (as defined below), and to that end the holders of Senior Indebtedness shall be entitled to
receive, for application to the payment thereof, any Note Payment which may be payable or deliverable in respect of the Promissory Note. To enable the holders of Senior Indebtedness to assert
and enforce their rights hereunder in any Proceeding, in the event Payee or any other holder of the Promissory Note fails to file a proof of claim with respect to the Promissory Note
before the thirtieth (30th) day prior to the due date for such filing, holders of Senior Indebtedness or any person whom they may designate is hereby irrevocably appointed attorney in fact for Payee
or any other holder of the Promissory Note with full power to act in the place and stead of Payee or any other holder of the Promissory Note to make, present, file and vote such proofs
of claim against the Maker on account of all or any part of the Promissory Note as holders of Senior Indebtedness may deem advisable and to receive and collect any and all distributions or
other payments made thereon and then to apply such distributions or payments to the Senior Indebtedness owing to holders of Senior Indebtedness until all such indebtedness is indefeasibly paid in full
in cash. In the event holders of Senior Indebtedness file a proof of claim on behalf of Payee or any other holder of the Promissory Note pursuant to the terms of this  paragraph (c), Payee
or any other holder of the Promissory Note will execute and deliver to holders of Senior Indebtedness such
instruments as may be required by holders of Senior Indebtedness to enforce any and all of Payee's rights under this Promissory Note, to effectuate the aforesaid power of attorney and to effect
collection of any and all distributions or other payments which may be made at any time on account thereof. To the extent that Payee or any other holder of the Promissory Note has a junior lien
in any Collateral, or has or acquires any rights under 

A-1

 

Section 363,
Section 364 or Section 1126 of the Federal Bankruptcy Code with respect to the Collateral, Payee or any other holder of the Promissory Note hereby agrees not
to assert such rights without the prior written consent of holders of Senior Indebtedness. In the event and during the continuation of any Proceeding, Payee or any other holder of the Promissory
Note agrees not to object to or oppose any cash collateral order or plan approved by holders of Senior Indebtedness. Any payments or distributions made after the commencement of a Proceeding
which would, but for the provisions hereof, be payable or deliverable in respect of the Promissory Note, shall be paid or delivered by the liquidating trustee or any other person making such payment
or distribution directly to holders of Senior Indebtedness, until all amounts owing upon Senior Indebtedness shall have been indefeasibly paid in full in cash and all commitments under the Senior
Indebtedness shall have been irrevocably terminated. 

        For
purposes of the Subordination Provisions, the term "Note Payment" means, with respect to any holder of the Promissory Note, any payment or distribution (whether direct or
indirect, whether in cash, property, securities, or otherwise, and whether obtained or distributed by set-off, liquidation, bankruptcy distribution, settlement, or otherwise) made or to be
made by any person (including, without limitation, any payments or distributions made by any court or governmental body or agency, any trustee in bankruptcy, or any liquidating trustee) with respect
to the Promissory Note, including, without limitation, payment of principal, premium, interest, or liquidated damages, if any, on the Promissory Note, any depositing of funds with any holder
(including, without limitation, a deposit in respect of defeasance or redemption), any payment on account of any optional or mandatory redemptions or repurchase provisions, any payment or recovery on
any claim hereunder, all interest,
fees, costs and other charges accruing after the commencement of any Proceeding relating to Maker (whether or not allowed in such Proceeding), the Promissory Note, or relating to or arising out of the
offer, sale, or purchase of the Promissory Note (whether for rescission or damages and whether based on contract, tort, duty imposed by law, or any other theory of liability). Further, for
purposes hereof, "Proceeding" means (a) any insolvency or bankruptcy case or proceeding, or any receivership, liquidation, reorganization or other similar case or proceeding in connection
therewith, relative to Maker or to its creditors or to its assets, or (b) any liquidation, dissolution or other winding up of Maker, whether voluntary or involuntary and whether or not
involving insolvency or bankruptcy, or (c) any assignment for the benefit of creditors or any other marshaling of assets and liabilities of Maker. If any holder of Senior Indebtedness desires
to permit the use of cash collateral or to provide post-petition financing to Maker, neither Payee nor any other holder of the Promissory Note shall object to the same or assert
that its interests are not being adequately protected. 

         (ii)  In
the event that, notwithstanding the foregoing provisions of this clause (c), any holder of the Promissory Note shall have received any Note Payment in
violation of this clause (c), then and in such event such Note Payment shall be paid over or delivered forthwith to the holders of the Senior Indebtedness as their interests may appear
in the form received (including the endorsement of such holder where necessary) for the application to the payment of all Senior Indebtedness remaining unpaid, to the extent necessary to pay the
Senior Indebtedness in full in cash, after giving effect to any concurrent payment or distribution to or for the holders of Senior Indebtedness. 

        (d)   Payments; Standstill. Without limiting any provision in the Subordination Provisions, but notwithstanding any other
provisions in the Promissory Note, until all of the Senior Indebtedness has been indefeasibly paid in full in cash, neither Payee nor any other holder of the Promissory Note shall demand, receive or
accept any Note Payment from or on behalf of Maker or exercise any right of or permit any setoff in respect thereof provided that Maker shall be entitled to exercise, and Payee and any other
holder of the Promissory Note shall be bound by, Maker's right 

A-2

 

of
set-off, if any. Notwithstanding anything to the contrary contained in this paragraph (d) of these Subordination Provisions, but
subject to paragraph (c) hereof, (A) on or after the Maturity Date, payment of principal and interest, and (B) prepayments of principal and interest as permitted by the
definitive documents for Specified Senior Indebtedness, may be paid by Maker and received by Payee or any other holder of the Promissory Note under the terms of the Promissory Note, when all of
the following conditions (collectively, the "Default Conditions") are satisfied: (i) no Senior Payment Default (defined below) has occurred and exists under (x) any Specified Senior
Indebtedness or (y) any other Senior Indebtedness exceeding, in the case of Senior Indebtedness other than Specified Senior Indebtedness only, an aggregate principal amount of $3,000,000, or
would occur as a result of such payment, which has not been waived in writing by the holders of Senior Indebtedness; (ii) prior to the Maturity Date, no default or event of default under any
Senior Indebtedness that is not a Senior Payment Default has occurred and exists under the Senior Indebtedness, or would occur as a result of such payment, which has not been waived in writing by the
holders of Senior Indebtedness; and (iii) no Blockage Period shall be in existence. "Blockage Period" shall mean the period commencing on the date that either Representative of the holders of
the Specified Senior Indebtedness has notified Maker and Payee (and any other holder of this Promissory Note notified as such to such Representative by Maker in writing) that a default or event
of default under the Specified Senior Indebtedness that is not a Senior Payment Default (a "Senior Nonmonetary Default") has occurred and is continuing ("Blockage Notice"), and ending on the earliest
to occur of any of the following events (collectively, the "Payment Block Termination Events"): (i) such Senior Nonmonetary Default shall have been waived, cured, or otherwise ceases to exist,
(ii) all Specified Senior Indebtedness has been indefeasibly paid in full in cash, and (iii) 180 days shall have elapsed after the date of the delivery of the Blockage Notice.
Notwithstanding the above, if any Representative of the holders of Specified Senior Indebtedness gives a Blockage Notice prior to the Maturity Date, such Blockage Notice shall be effective when given
and be deemed to have been delivered again on the Maturity Date for purposes of measuring the 180 day period in the immediately preceding sentence. Upon the occurrence of any Payment Block
Termination Event with respect to a Blockage Period, subject to clause (c) of these Subordination Provisions, Maker may make, and Payee may accept, payment of principal and interest
under the terms of the Promissory Note as well as any Note Payment or Note Payments that were not paid solely as a result of the Blockage Period, provided that no Senior Payment
Default has occurred and is continuing or will result therefrom, and provided further than no additional Blockage Period shall then be in effect. Each Representative of the holders of the Specified
Senior Indebtedness may only deliver two Blockage Notices until all obligations under this Promissory Note have been paid or repaid in full, provided that no more than four (4) Blockage Periods
shall be permitted in the aggregate under this Promissory Note. No Blockage Period may be given after, and any Blockage Period, regardless of when given, shall end on, the one year anniversary of the
Maturity Date. "Senior Payment Default" means (a) any default in the payment of principal of (or premiums, if any), interest on, or fees or other amounts owing in connection with any Senior
Indebtedness when due, whether at the due date of any such payment or by declaration of acceleration, prepayment, call for redemption or otherwise or (b) any acceleration of any Senior
Indebtedness. If any holder of the Promissory Note receives any Note Payment in contravention of these Subordination Provisions, such holder shall hold the amount so received in trust
for the holders of the Senior Indebtedness and will forthwith turn over such payment to the holders of the Senior Indebtedness as their interests may appear in the form received (including
any endorsement of such holder where necessary) for application to then-existing Senior Indebtedness (whether or not due). Neither Payee nor any other holder of the Promissory
Note will (i) commence any action or proceeding against Maker to recover all or any part of any Note Payment arising from an Event of Default; provided that if Payee or any such
holder shall be entitled to receive any Note Payment under the terms of paragraph (c) and this paragraph (d), then Payee and any such holder shall be entitled to commence
such any action or 

A-3

 

proceeding
after giving the holders of the Senior Indebtedness not less than 30 days prior written notice of its intention to do so, (ii) join with any creditor (unless the holders of
the Senior Indebtedness shall also join) in bringing any proceeding against Maker under any bankruptcy, reorganization, readjustment of debt, arrangement of debt, receivership, liquidation or
insolvency law or statute of the federal or any state government, (iii) take possession of, sell, or dispose of any assets of Maker, or (iv) exercise or enforce any right or remedy
available to such holder with respect to any such assets, unless and until the Senior Indebtedness has been indefeasibly paid in full in cash. 

        (e)   Subrogation to Rights of Holders of Senior Indebtedness. Until the Senior Indebtedness has been indefeasibly paid in full
in cash, neither Payee nor any other holder of the Promissory Note shall be subrogated to the rights of the holders of Senior Indebtedness to receive payments or distributions of cash,
property, securities, assets and other collateral applicable to such Senior Indebtedness. 

        (f)    No Waiver of Subordination Provisions. No right of any present or future holder of any Senior Indebtedness to enforce
subordination as herein provided shall at any time in any way be prejudiced or impaired by any act or failure to act on the part of Maker or by any act or failure to act, in good faith, by any such
holder, or by any noncompliance by Maker with the terms and provisions of the Promissory Note, regardless of any knowledge thereof any such holder may have or be otherwise charged with. 

        (g)   Reliance on Judicial Order of Certificate of Liquidating Agent. Upon any payment or distribution of assets or securities
of Maker referred to in these Subordination Provisions, Payee and each other holder of the Promissory Note shall be entitled to rely upon any order or decree entered by any court of competent
jurisdiction in which such Proceeding is pending, or a certificate of the trustee in bankruptcy, receiver, liquidating trustee, custodian, assignee for the benefit of creditors, agent or other person
making such payment or distribution, delivered to Payee and each other holder of the Promissory Note (so long as the existence of these Subordination Provisions have been brought to the
attention of such court, trustee, receiver, liquidating trustee, custodian, assignee, agent, or other person), for the purpose of ascertaining the persons entitled to participate in such payment or
distribution, the holders of the Senior Indebtedness and other indebtedness of Maker, the amount thereof or payable thereon, the amount or amounts paid or distributed thereon and all other facts
pertinent thereto. 

        (h)   Reinstatement. These Subordination Provisions shall continue to be effective or be reinstated, and the Senior
Indebtedness shall not be deemed to be paid in full, as the case may be, if at any time any payment of any of the Senior Indebtedness is rescinded or must otherwise be returned by any holder
thereof upon the insolvency, bankruptcy or reorganization of Maker or otherwise, all as though such payment had not been made. 

        (i)    No Claim. No holder of the Promissory Note shall have any claim to any property or assets of Maker or any of its
subsidiaries unless and until the Senior Indebtedness shall have been indefeasibly paid in full in cash. 

        (j)    Subordination Not Affected. The holders of the Senior Indebtedness may, at any time and from time to time, without the
consent of or notice to Payee and any other holder of the Promissory Note (except as may be required by law), without incurring responsibility to Payee or such holders, and without impairing or
releasing the subordination provided in these Subordination Provisions, or the obligations hereunder of Payee or such holders to the holders of the Senior Indebtedness, do any one or more of the
following: (a) change the manner, place, or terms of payment, or extend the time of payment of, or renew or alter, Senior Indebtedness or any instrument evidencing the same or any agreement
under which the Senior Indebtedness is outstanding or secured; (b) sell, exchange, release, or otherwise deal with any property pledged, 

A-4

 

mortgaged,
or otherwise securing the Senior Indebtedness; (c) release any person liable in any manner for the collection of the Senior Indebtedness; and (d) exercise or refrain from
exercising any rights against Maker or any other person. 

        (k)   Certain Rights of Holders of Senior Indebtedness. Payee or any other holder of the Promissory Note authorizes
holders of Senior Indebtedness, without notice or demand and without affecting Payee or any other holder of the Promissory Note's obligations hereunder, from time to time: (i) to renew, extend,
increase, accelerate or otherwise change the time for payment of the terms of, or the interest on, the Senior Indebtedness or any portion thereof (including, without limitation, making new loans or
otherwise providing new financial accommodations to Maker); (ii) to take from any party and hold collateral for the payment of the Senior Indebtedness or any portion thereof, and to exchange,
enforce or release such collateral or any portion thereof; (iii) to accept and hold any endorsement or guaranty of payment of the Senior Indebtedness or any portion thereof and to release or
substitute any such endorser or guarantor, or any party who has given any security interest in any collateral as security for the payment of the Senior Indebtedness or any portion thereof, or any
other party in any way obligated to pay the Senior Indebtedness or any portion thereof; (iv) to direct the order or manner of the disposition of any and all other collateral and the enforcement
of any and all endorsements and guaranties relating to the Senior Indebtedness or any portion thereof as holders of Senior Indebtedness, in their sole discretion, may determine; (v) to settle
or compromise any of the Senior Indebtedness on any security therefor; (vi) to modify, amend or restate any of the terms of the Senior Indebtedness or waive any of the provisions thereof; or
(vii) to take any action or inaction with respect to the Senior Indebtedness and/or the collateral. 

A-5

Schedule 1  

Note Holders  

	Name
 
	 	Principal Amount of $5 Million Notes

	Leeds Equity Partners III, L.P.	 	$	3,325,364
	Arthur E. Benjamin	 	 	756,594
	Richard Bentz	 	 	105,661
	Kevin A. Bodily	 	 	9,126
	David Cahoon	 	 	1,028
	Thomas L. Deardon	 	 	189,341
	Jennifer A. Gray	 	 	5,013
	Anthony P. Johnson	 	 	19,410
	Thomas G. Milne	 	 	25,708
	Leanna Henley Packett	 	 	7,198
	Edwin Ray Paterson, Jr. 	 	 	85,737
	Timothy K. Richards	 	 	39,205
	Oraldo Rivera	 	 	10,026
	Donald A. Stroh	 	 	161,834
	Pamela K. Tiemeyer	 	 	17,867
	Melanie Mortensen Wilcox	 	 	5,013
	Gail L. & Arthur E. Benjamin Foundation	 	 	235,873

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Exhibit 4.6    
    

THIS
WARRANT AND ANY SHARES ACQUIRED UPON EXERCISE OF THIS WARRANT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY APPLICABLE STATE SECURITIES LAWS AND MAY NOT BE
SOLD OR TRANSFERRED WITHOUT COMPLIANCE WITH THE REGISTRATION OR QUALIFICATION PROVISIONS OF APPLICABLE FEDERAL AND STATE SECURITIES LAWS OR APPLICABLE EXEMPTIONS THEREFROM. 

	No. W-[            ]	 	 	 	Right to Purchase 200,000 Shares of Common Stock of eCollege.com

ECOLLEGE.COM  

COMMON STOCK PURCHASE WARRANT  

October 31,
2003 

        eCollege.com,
a Delaware corporation (the "Company"), hereby certifies that, for value received, Capital Resource Partners IV, L.P. or
assigns, is entitled, subject to the terms set forth below, to purchase from the Company at any time or from time to time before 5:00 p.m., Boston time, on October 31, 2008, or such
later time as may be specified in Section 17 hereof, 200,000 fully paid and nonassessable shares of Common Stock, par value $0.01 per share, of the Company, at a purchase price per share of
$13.00 (such purchase price per share as adjusted from time to time as herein provided is referred to herein as the "Purchase Price"). The number and
character of such shares of Common Stock and the Purchase Price are subject to adjustment as provided herein. 

        This
Warrant is one of the Warrants evidencing the right to purchase shares of Common Stock of the Company issued pursuant to a certain Senior Subordinated Secured Note and
Warrant Purchase Agreement (the "Agreement"), dated as of October 31, 2003, by and among the Company and Capital Resource Partners IV, L.P., a
Delaware limited partnership, and the other parties set forth on the signature pages thereto, a copy of which is on file at the principal office of the Company, and the holder of this Warrant
shall be entitled to all of the benefits and bound by all of the applicable obligations of the Agreement, as provided therein. 

        As
used herein the following terms, unless the context otherwise requires, have the following respective meanings: 

        (a)   The
term "Company" shall include eCollege.com, and any corporation which shall succeed to, or assume the obligations of, the Company hereunder. 

        (b)   The
term "Common Stock" includes (i) the Company's Common Stock, par value $0.01 per share, as authorized on the
date of the Agreement, (ii) any other capital stock of any class or classes (however designated) of the Company, authorized on or after such date, the holders of which shall have the right,
without limitation as to amount per share, either to all or to a share of the balance of current dividends and liquidating distributions after the payment of dividends and distributions on any shares
entitled to preference in the payment thereof, and the holders of which shall ordinarily, in the absence of contingencies, be entitled to vote for the election of a majority of directors of the
Company (even though the right so to vote may have been suspended by the happening of such a contingency) and (iii) any other securities into which or for which any of the securities described
in (i) or (ii) above may be converted or exchanged pursuant to a plan of recapitalization, reorganization, merger, sale of assets or otherwise. 

        (c)   The
term "Other Securities" refers to any class of stock (other than Common Stock) and other securities of the Company or any other person (corporate or otherwise) which
the holders of 

 

the
Warrants at any time shall be entitled to receive, or shall have received, on the exercise of the Warrants, in lieu of or in addition to Common Stock, or which at any time shall be issuable or
shall have been issued in exchange for or in replacement of Common Stock or Other Securities pursuant to Section 5 or otherwise. 

        1.    Exercise of Warrant.    

        1.1   Full Exercise. This Warrant may be exercised at any time before its expiration in full by the holder hereof by surrender
of this Warrant, with the form of subscription at the end hereof duly executed by such holder, to the Company at its principal office, accompanied by payment, in cash or by certified or official bank
check payable to the order of the Company, in the amount obtained by multiplying the number of shares of Common Stock for which this Warrant is then exercisable by the Purchase Price then in effect. 

        1.2   Partial Exercise. This Warrant may be exercised at any time before its expiration in part (in lots of 1000 shares or, if
this Warrant is then exercisable for a lesser amount, in such lesser amount) by surrender of this Warrant and payment of the Purchase Price then in effect in the manner and at the place provided in
subsection 1.1, except that the amount payable by the holder on such partial exercise shall be the amount obtained by multiplying (a) the number of shares of Common Stock designated by
the holder in the subscription at the end hereof by (b) the Purchase Price then in effect. On any such partial exercise the Company at its expense will forthwith issue and deliver to or upon
the order of the holder hereof a new Warrant or Warrants of like tenor, in the name of the holder hereof or as such holder (upon payment by such holder of any applicable transfer taxes) may request,
calling in the aggregate on the face or faces thereof for the number of shares of Common Stock for which such Warrant or Warrants may still be exercised. 

        1.3   Payment by Surrender of Notes. Notwithstanding the payment provisions of subsections 1.1 and 1.2, all or part of
the payment due upon exercise of this Warrant in full or in part may be made by the surrender by such holder to the Company of any of the Company's Notes issued pursuant to the Agreement and such
Notes so surrendered shall be credited against such payment in an amount equal to the principal amount thereof plus premium (if any) and accrued interest to the date of surrender. 

        1.4   Company Acknowledgment. The Company will, at the time of the exercise of this Warrant, upon the request of the holder
hereof acknowledge in writing its continuing obligation to afford to such holder any rights to which such holder shall continue to be entitled after such exercise in accordance with the provisions of
this Warrant. If the holder shall fail to make any such request, such failure shall not affect the continuing obligation of the Company to afford to such holder any such rights. 

        1.5   Trustee for Warrant Holders. In the event that a bank or trust company shall have been appointed as trustee for the
holders of the Warrants pursuant to subsection 4.2, such bank or trust company shall have all the powers and duties of a warrant agent appointed pursuant to Section 12 and shall accept,
in its own name for the account of the Company or such successor person as may be entitled thereto, all amounts otherwise payable to the Company or such successor, as the case may be, on exercise of
this Warrant pursuant to this Section 1. 

        1.6   Net Issue Election. The holder may elect to receive, without the payment by the holder of any additional consideration,
shares equal to the value of this Warrant or any portion hereof by the surrender of this Warrant or such portion to the Company, with the net issue election notice annexed hereto duly executed, at the
office of the Company. Thereupon, the Company shall issue 

2

 

to
the holder such number of fully paid and nonassessable shares of Common Stock as is computed using the following formula: 

	 	 	X =	 	Y (A-B)
 A	 	 

where
X = the number of shares to be issued to the holder pursuant to this Section 1.6. 

	Y=
	the
number of shares covered by this Warrant in respect of which the net issue election is made pursuant to this Section 1.6.

	A=
	the
fair market value of one share of Common Stock, as determined in accordance with the provisions of this Section 1.6.

	B=
	the
Purchase Price in effect under this Warrant at the time the net issue election is made pursuant to this Section 1.6. 

For
purposes of this Section 1.6, the "fair market value" per share of the Company's Common Stock shall mean: 

	(1)
	If
the Common Stock is traded on a national securities exchange or admitted to unlisted trading privileges on such an exchange, or is listed on the National Market (the "National
Market") of the National Association of Securities Dealers Automated Quotations System (the "NASDAQ"), the fair market value shall be the last reported sale price of the Common Stock on such exchange
or on the National Market on the last business day before the effective date of exercise of the net issue election or if no such sale is made on such day, the mean of the closing bid and asked prices
for such day on such exchange or on the National Market;

	(2)
	If
the Common Stock is not so listed or admitted to unlisted trading privileges, the fair market value shall be the mean of the last bid and asked prices reported on the last business
day before the date of the election (1) by the NASDAQ or (2) if reports are unavailable under clause (1) above by the National Quotation Bureau Incorporated; and

	(3)
	If
the Common Stock is not so listed or admitted to unlisted trading privileges and bid and ask prices are not reported, the fair market value shall be the price per share which the
Company could obtain from a willing buyer for shares sold by the Company from authorized but unissued shares, as such price shall be determined by mutual agreement of the Company and the holder of
this Warrant. If the holder of this Warrant and the Company are unable to agree on such fair market value, the holder of this Warrant shall select a pool of three independent and nationally-recognized
investment banking firms from which the Company shall select one such firm to appraise the fair market value of the Warrant and to perform the computations involved. The determination of such
investment banking firm shall be binding upon the Company, the holder of this Warrant and any other holder of Warrants or Warrant Shares in connection with any transaction occurring at the time of
such determination. All expenses of such investment banking firm shall be borne by the Company. In all cases, the determination of fair market value shall be made without consideration of the lack of
a liquid public market for the Common Stock and without consideration of any "control premium" or any discount for holding less than a majority or controlling interest of the outstanding Common Stock.

	(4)
	The
parties acknowledge that the exercise of this Warrant pursuant to this Section 1.6 shall constitute a "reorganization" within the meaning of
Section 368(a)(1)(E) of the Internal Revenue Code of 1986, as amended (the "Code") and the Company agrees not 

3

 

to
take any position inconsistent with such treatment for federal income tax purposes including, but not limited to, in any filing, return or information statement. 

        2.    Delivery of Stock Certificates, etc. on Exercise.    As soon as practicable after the exercise of this Warrant
in full or in part, and in any event within ten (10) days thereafter, the Company at its expense (including the payment by it of any applicable issue taxes) will cause to be issued in the name
of and delivered to the holder hereof, or as such holder (upon payment by such holder of any applicable transfer taxes) may direct, a certificate or certificates for the number of fully paid and
nonassessable shares of Common Stock (or Other Securities) to which such holder shall be entitled on such exercise, plus, in lieu of any fractional share to which such holder would otherwise be
entitled, cash equal to such fraction multiplied by the then current market value of one full share, together with any other stock or other securities and property (including cash, where applicable)
to which such holder is entitled upon such exercise pursuant to Section 1 or otherwise. 

        3.    Adjustment for Dividends in Other Stock, Property, etc.; Reclassification, etc.    In case at any time or from
time to time, the holders of Common Stock (or Other Securities) in their capacity as such shall have received, or (on or after the record date fixed for the determination of shareholders eligible to
receive) shall have become entitled to receive, without payment therefor, 

        (a)   other
or additional stock or other securities or property (other than cash) by way of dividend, or 

        (b)   any
cash (excluding cash dividends payable solely out of earnings or earned surplus of the Company), or 

        (c)   other
or additional stock or other securities or property (including cash) by way of spin-off, split-up, reclassification, recapitalization,
combination of shares or similar corporate rearrangement, 

other
than additional shares of Common Stock (or Other Securities) issued as a stock dividend or in a stock-split, then and in each such case the holder of this Warrant, on the exercise hereof as
provided in Section 1, shall be entitled to receive the amount of stock and other securities and property (including cash in the cases referred to in subdivisions (b) and (c) of
this Section 3) which such holder would hold on the date of such exercise if on the date hereof he had been the holder of record of the number of
shares of Common Stock called for on the face of this Warrant and had thereafter, during the period from the date hereof to and including the date of such exercise, retained such shares and all such
other or additional stock and other securities and property (including cash in the cases referred to in subdivisions (b) and (c) of this Section 3) receivable by him as aforesaid
during such period, giving effect to all adjustments called for during such period by Sections 4 and 5. 

        4.    Adjustment for Reorganization, Consolidation, Merger, etc.    

        4.1   Reorganization, Consolidation, Merger, etc. In case at any time or from time to time, the Company shall (a) effect
a reorganization, (b) consolidate with or merge into any other person, or (c) transfer all or substantially all of its properties or assets to any other person under any plan or
arrangement contemplating the dissolution of the Company, then, in each such case, the holder of this Warrant, on the exercise hereof as provided in Section 1 at any time after the consummation
of such reorganization, consolidation or merger or the effective date of such dissolution, as the case may be, shall receive, in lieu of the Common Stock (or Other Securities) issuable on such
exercise prior to such consummation or such effective date, the stock and other securities and property (including cash) to which such holder would have been entitled upon such consummation or in
connection with such dissolution, as the case may be, if such holder had so exercised this Warrant, immediately prior thereto, all subject to further adjustment thereafter as provided in
Sections 3 and 5. 

4

 

        4.2   Dissolution. In the event of any dissolution of the Company following the transfer of all or substantially all of its
properties or assets, the Company, prior to such dissolution, shall at its expense deliver or cause to be delivered the stock and other securities and property (including cash, where applicable)
receivable by the holders of the Warrants after the effective date of such dissolution pursuant to this Section 4 to a bank or trust company having its principal office in Boston,
Massachusetts, as trustee for the holder or holders of the Warrants. 

        4.3   Continuation of Terms. Upon any reorganization, consolidation, merger or transfer (and any dissolution following any
transfer) referred to in this Section 4, this Warrant shall continue in full force and effect, subject to expiration in accordance with Section 17 hereof, and the terms hereof shall be
applicable to the shares of stock and other securities and property receivable on the exercise of this Warrant after the consummation of such reorganization, consolidation or merger or the effective
date of dissolution following any such transfer, as the case may be, and shall be binding upon the issuer of any such stock or other securities, including, in the case of any such transfer, the person
acquiring all or substantially all of the properties or assets of the Company, whether or not such person shall have expressly assumed the terms of this Warrant as provided in Section 6. 

        5.    Adjustment.    

        5.1   Purchase Price Adjustments. If at the time of exercise of all or any portion of this Warrant the fair market value of the
Common Stock, as determined in accordance with Section 1.6 hereof, shall be less than $13.00 per share for the 30 trading days immediately preceding the date of such exercise (such price
to be subject to proportionate adjustment in accordance with the provisions of this Warrant), then the Purchase Price shall be automatically adjusted such that the Purchase Price will be equal to
$10.00 per share with respect to such exercise. 

        5.2   Stock Splits and Reverse Splits. In the event that the Company shall at any time either subdivide its outstanding shares
of Common Stock into a greater number of shares or effect a stock split of its Common Stock payable in the form of a dividend, the Purchase Price in effect immediately prior to such subdivision shall
be proportionately reduced and the number of Warrant Shares purchasable pursuant to this Warrant immediately prior to such subdivision shall be proportionately increased, and conversely, in the event
that the outstanding shares of Common Stock of the Company shall at any time be combined into a smaller number of shares, the Purchase Price in effect immediately prior to such combination shall be
proportionately increased and the number of Warrant Shares purchasable upon the exercise of this Warrant immediately prior to such combination shall be proportionately reduced. 

        5.3   Record Date as Date of Issue or Sale. In the event that at any time the Company shall take a record of the holders of its
Common Stock for the purpose of entitling them (i) to receive a dividend or other distribution payable in Common Stock, or (ii) to subscribe for or purchase Common Stock then such record
date shall be deemed to be the date of the issue or sale of the shares of Common Stock deemed to have been issued or sold upon the declaration of such dividend or the making of such other distribution
or the date of the granting of such right of subscription or purchase, as the case may be. 

        6.    No Dilution or Impairment.    The Company will not, by amendment of its Certificate of Incorporation or through
any reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale of securities or any other voluntary action, avoid or seek to avoid the observance or performance of any of
the terms of the Warrants, but will at all times in good faith assist in the carrying out of all such terms and in the taking of all such action as may be necessary or appropriate in order to protect
the rights of the holders of the Warrants against dilution or other impairment. Without limiting the generality of the foregoing, the Company (a) will not increase the par value or stated value
of any shares of stock receivable on the exercise of the Warrants above the amount payable therefor on 

5

 

such
exercise, (b) will take all such action as may be necessary or appropriate in order that the Company may validly and legally issue fully paid and nonassessable shares of stock on the
exercise of all Warrants from time to time outstanding, (c) will not issue any capital stock of any class which is preferred as to dividends or as to the distribution of assets upon voluntary
or involuntary dissolution, liquidation or winding up, unless the rights of the holders thereof shall be limited to a fixed sum or percentage of par value in respect of participation in dividends and
in any such distribution of assets, and (d) will not transfer all or substantially all of its properties and assets to any other person (corporate or otherwise), or consolidate with or merge
into any other person or permit any such person to consolidate with or merge into the Company (if the Company is not the surviving person), unless such other person shall expressly assume in writing
and become bound by all the terms of the Warrants. 

        7.    Accountants' Certificate as to Adjustments.    In each case of any adjustment or readjustment in the shares of
Common Stock (or Other Securities) issuable on the exercise of the Warrants, the Company shall compute such adjustment or readjustment in accordance with the terms of the Warrants and prepare a
certificate setting forth such adjustment or readjustment and showing in detail the facts upon which such adjustment or readjustment is based, including a statement of (a) the consideration
received or receivable by the Company for any additional shares of Common Stock (or Other Securities) issued or sold or deemed to have been issued or sold, (b) the number of shares of Common
Stock (or Other Securities) outstanding or deemed to be outstanding, and (c) the Purchase Price and the number of shares of Common Stock to be received upon exercise of this Warrant, in effect
immediately prior to such issue or sale and as adjusted and readjusted as provided in this Warrant. The Company will forthwith mail a copy of each such certificate to each holder of a Warrant, and
will, on the written request at any time of any holder of a Warrant, furnish to such holder a like certificate setting forth the Purchase Price at the time in effect and showing how it was calculated. 

        8.    Notices of Record Date, etc.    In the event of 

        (a)   any
taking by the Company of a record of the holders of any class of securities for the purpose of determining the holders thereof who are entitled to receive any
dividend or other distribution, or any right to subscribe for, purchase or otherwise acquire any shares of stock of any class or any other securities or property, or to receive any other right, or 

        (b)   any
capital reorganization of the Company, any reclassification or recapitalization of the capital stock of the Company or any transfer of all or substantially all the
assets of the Company to or consolidation or merger of the Company with or into any other person, or 

        (c)   any
voluntary or involuntary dissolution, liquidation or winding-up of the Company, or 

        (d)   any
proposed issue or grant by the Company of any shares of stock of any class or any other securities, or any right or option to subscribe for, purchase or otherwise
acquire any shares of stock of any class or any other securities (other than the issue of Common Stock on the exercise of the Warrants), 

then
and in each such event the Company will mail or cause to be mailed to each holder of a Warrant a notice specifying (i) the date on which any such record is to be taken for the purpose of
such dividend, distribution or right, and stating the amount and character of such dividend, distribution or right, (ii) the date on which any such reorganization, reclassification,
recapitalization, transfer, consolidation, merger, dissolution, liquidation or winding-up is to take place, and the time, if any is to be fixed, as of which the holders of record of Common
Stock (or Other Securities) shall be entitled to exchange their shares of Common Stock (or Other Securities) for securities or other property deliverable on such reorganization, reclassification,
recapitalization, transfer, consolidation, merger, dissolution, liquidation or winding-up, and (iii) the amount and character of any stock or other securities, or rights or options
with respect thereto, proposed to be issued or granted, the date of such proposed issue or grant and the persons or class of persons to whom such proposed issue or grant is to 

6

 

be
offered or made. Such notice shall be mailed at least twenty (20) days prior to the date specified in such notice on which any such action is to be taken. 

        9.    Reservation of Stock, etc. Issuable on Exercise of Warrants.    The Company will at all times reserve and keep
available, solely for issuance and delivery on the exercise of the Warrants, all shares of Common Stock (or Other Securities) from time to time issuable on the exercise of the Warrants. 

        10.    Exchange of Warrants.    On surrender for exchange of any Warrant, properly endorsed, to the Company, the
Company at its expense will issue and deliver to or on the order of the holder thereof a new Warrant or Warrants of like tenor, in the name of such holder or as such holder (on payment by such holder
of any applicable transfer taxes) may direct, calling in the aggregate on the face or faces thereof for the number of shares of Common Stock called for on the face or faces of the Warrant or Warrants
so surrendered. 

        11.    Replacement of Warrants.    On receipt of evidence reasonably satisfactory to the Company of the loss, theft,
destruction or mutilation of any Warrant and, in the case of any such loss, theft or destruction of any Warrant, on delivery of an indemnity agreement or security reasonably satisfactory in form and
amount to the Company or, in the case of any such mutilation, on surrender and cancellation of such Warrant, the Company at its expense will execute and deliver, in lieu thereof, a new Warrant of like
tenor. 

        12.    Warrant Agent.    The Company may, by written notice to each holder of a Warrant, appoint an agent having an
office in Boston, Massachusetts for the purpose of issuing Common Stock (or Other Securities) on the exercise of the Warrants pursuant to Section 1, exchanging Warrants pursuant to
Section 10, and replacing Warrants pursuant to Section 11, or any of the foregoing, and thereafter any such issuance, exchange or replacement, as the case may be, shall be made at such
office by such agent. 

        13.    Remedies.    The Company stipulates that the remedies at law of the holder of this Warrant in the event of any
default or threatened default by the Company in the performance of or compliance with any of the terms of this Warrant are not and will not be adequate, and that such terms may be specifically
enforced by a decree for the specific performance of any agreement contained herein or by an injunction against a violation of any of the terms hereof or otherwise. 

        14.    Negotiability, etc.    This Warrant is issued upon the following terms, to all of which each holder or owner
hereof by the taking hereof consents and agrees: 

        (a)   title
to this Warrant may be transferred by endorsement (by the holder hereof executing the form of assignment at the end hereof) and delivery in the same manner as in
the case of a negotiable instrument transferable by endorsement and delivery; and 

        (b)   any
person in possession of this Warrant properly endorsed for transfer to such person (including endorsed in blank) is authorized to represent himself as absolute owner
hereof and is empowered to transfer absolute title hereto by endorsement and delivery hereof to a bona fide purchaser hereof for value; each prior taker or owner waives and renounces all of his
equities or rights in this Warrant in favor of each such bona fide purchaser, and each such bona fide purchaser shall acquire absolute title hereto and to all rights represented hereby. Nothing in
this paragraph (b) shall create any liability on the part of the Company beyond any liability or responsibility it has under law. 

        15.    Notices, etc.    All notices, requests, demands and other communications from the Company to the holder of this
Warrant shall be in writing and mailed (by first class registered or certified mail, postage prepaid), sent by express overnight courier service or electronic facsimile transmission with a copy by
mail, or delivered at such address as may have been furnished to the Company in writing by such holder or, until any such holder furnishes to the Company an address, then to, and at the address of,
the last holder of this Warrant who has so furnished an address to the Company. All such notices, 

7

 

requests,
demands and other communications shall, when mailed or otherwise sent shall be effective (i) two days after being deposited in the mail or (ii) one day after being
delivered deposited with the express overnight courier service or sent by electronic facsimile transmission (with receipt confirmed), respectively, addressed as aforesaid. 

        16.    Miscellaneous.    This Warrant and any term hereof may be changed, waived, discharged or terminated only by an
instrument in writing signed by the party against which enforcement of such change, waiver, discharge or termination is sought. This Warrant shall be construed and enforced in accordance with and
governed by the internal laws of The Commonwealth of Massachusetts. The headings in this Warrant are for purposes of reference only, and shall not limit or otherwise affect any of the terms hereof.
This Warrant is being executed as an instrument under seal. The invalidity or unenforceability of any provision hereof shall in no way affect the validity or enforceability of any other provision. 

        17.    Expiration.    The rights to exercise this Warrant shall expire at 5:00 p.m., Boston time, on the later
of (i) October 31, 2008 or (ii) such time as all principal, premium (if any) and interest on the Notes is paid in full. Notwithstanding the foregoing, this Warrant shall
automatically be deemed to be exercised in full pursuant to the provisions of Section 1.6 hereof, without any further action on behalf of the holder, immediately prior to the time this Warrant
would otherwise expire pursuant to the preceding sentence. 

        IN
WITNESS WHEREOF, the Company has executed this Warrant under seal as of the date first written above. 

	

 	
 	

ECOLLEGE.com
	

 	
 	

By:	
 	

/s/  DOUGLAS KELSALL      
 Name:

Title:

[Corporate Seal]

Attest: 

	

By:	
 	

/s/  LEE R. SPIEGLER      
 Name:

Title:	
 	

 

8

 
FORM OF SUBSCRIPTION

(To be signed only on exercise of Warrant)  

ECOLLEGE.COM

        The
undersigned, the holder of the within Warrant, hereby irrevocably elects to exercise this Warrant for, and to purchase thereunder,.....shares of Common Stock of eCollege.com and
herewith makes payment of $.....therefor, and requests that the certificates for such shares be issued in the name of, and delivered to....., federal taxpayer identification number....., whose address
is..... 

	

Dated:	
 	

 (Signature must conform to name of holder as specified on the face of the Warrant)
	

 	
 	

 (Address)
	Signed in the presence of:	 	 	 	 
	

 	
 	

 	
 	

 
	
	 	 	 	 

FORM OF ASSIGNMENT

(To be signed only on transfer of Warrant)  

        For value received, the undersigned hereby sells, assigns, and transfers unto , federal taxpayer identification number....., whose address
is....., the right represented by the within Warrant to purchase..... shares of Common Stock of eCollege.com to which the within Warrant relates, and appoints.....Attorney to transfer such right on
the books of eCollege.com with full power of substitution in the premises. 

	

Dated:	
 	

 (Signature must conform to name of holder as specified on the face of the Warrant)
	

 	
 	

 (Address)
	Signed in the presence of:	 	 	 	 
	

 	
 	

 	
 	

 
	
	 	 	 	 

9

 
FORM OF NET ISSUE ELECTION

(To be signed only on net issue exercise of the Warrant)  

        The undersigned, the holder of the within Warrant, hereby irrevocably elects to exercise this Warrant with respect
to                        shares of Common Stock of
eCollege.com, pursuant to the net issuance provisions set forth in Section 1.6 of this Warrant, and requests that the certificates for the number of shares of Common Stock issuable pursuant to
said Section 1.6 after application of the net issuance formula to such                        shares be issued in the name of,
 and delivered to                        , federal taxpayer identification number
                        , whose address
is                        . 

	

Dated:	
 	

 (Signature must conform to name of holder as specified on the face of the Warrant)
	

 	
 	

 (Address)

10

QuickLinks

Exhibit 4.6

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00059-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00059-of-00352.parquet"}]]