Document:

Exhibit 10.20

 

EXECUTION

 

PLEDGE AND SECURITY AGREEMENT

 

THIS PLEDGE AND SECURITY
AGREEMENT dated as of this __ day of October 2016 (the “Pledge Agreement”) is made by GREENWOOD HALL, INC.,
a Nevada corporation (“Pledgor”), in favor of MORIAH EDUCATION MANAGEMENT LLC, a Delaware limited liability
company (“Lender”).

 

RECITALS:

 

A.           PCS
Link., Inc., a California corporation (the “Greenwood Subsidiary”), is a wholly-owned Subsidiary of Pledgor.

 

B.           Pledgor
desires that Lender establish a credit facility for the Borrowers (defined below) pursuant to the Loan Agreement (defined below).

 

C.           Lender
has conditioned its willingness to enter into the Loan Documents upon the fulfillment of certain conditions, among them that Pledgor
enter into this Pledge Agreement. To induce Lender to enter into the Loan Documents, Pledgor has agreed to execute and deliver
this Pledge Agreement and to grant Lender a first priority and perfected security interest in and lien on the Securities Collateral
(defined below, which is a part of the Collateral) as additional security for the payment and performance of all of the Obligations,
in accordance with the terms and provisions hereof.

 

Accordingly, in consideration
of the foregoing and the mutual covenants and agreements hereinafter set forth, and other good and valuable consideration, the
existence, receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:

 

Section 1. Definitions.
As used in this Pledge Agreement, the following capitalized terms shall have the meanings respectively assigned to them below,
which meanings shall be applicable equally to the singular and plural forms of the terms so defined:

 

Capitalized terms not otherwise
defined herein have the meanings set forth in that certain Loan and Security Agreement of even date herewith (the “Loan
Agreement”) by and among Pledgor and the Greenwood Subsidiary (collectively, "Borrowers") and Lender.

 

“Pledged
Securities” shall mean all of the issued and outstanding equity securities or other ownership interests in whatever form
of the Greenwood Subsidiary and any other securities or ownership interests that Pledgor may own now or in the future in the Greenwood
Subsidiary.

 

“Securities Act”
shall mean the Securities Act of 1933, as amended, and as the same may be supplemented, modified, amended or restated from time
to time, and the rules and regulations promulgated thereunder, or any corresponding or succeeding provisions of applicable law.

 

PLEDGE AGREEMENT

 

     

     

    

 

Section 2.  Pledge
and Grant of Security Interest. As security for the payment and performance in full of all of the Obligations in accordance
with their terms, Pledgor hereby pledges, assigns, transfers, grants, hypothecates and sets over unto Lender, grants to Lender
a first priority lien and security interest in, and delivers to Lender, all of Pledgor's right, title and interest in, to and under
the following personal property, in each case whether now existing or hereafter acquired or created, and whether constituting financial
assets, investment property, general intangibles, securities, security entitlements, proceeds or otherwise: (a) all of the Pledged
Securities; (b) all certificates, instruments, agreements and contract rights relating to the Pledged Securities; and (c) all proceeds
of the Pledged Securities (including, without limitation, all cash, cash equivalents, dividends, distributions, instruments, securities
or other property) at any time and from time to time received, receivable, paid or otherwise distributed in respect of or in exchange
for any of or all such Pledged Securities, whether in connection with any increase or reduction of capital, reclassification, merger,
consolidation, sale of assets, combination of shares, stock split, spin-off, split-off or otherwise (the items referred to in clauses
(a) through (c) being collectively called the “Securities Collateral”). All Pledged Securities
included in the Securities Collateral shall, to the extent represented by certificates, upon delivery thereof to Lender, be accompanied
by undated stock powers duly executed in blank or by other instruments or documents of transfer, possession or control satisfactory
to Lender and by such other instruments and documents as Lender may request. All Securities Collateral shall be delivered to and
held by Lender and disposed of in accordance with the terms of this Pledge Agreement.

 

Section 3. Release of
Securities Collateral for Payment. Upon indefeasible payment and satisfaction in full of all of the Obligations, all Securities
Collateral shall be deemed completely released from the security interest granted to Lender hereunder.

 

Section 4. Delivery and
Redelivery of Securities Collateral. Pledgor agrees promptly to deliver, or cause to be delivered, to Lender any and all Securities
Collateral together with any and all stock powers signed in blank and other certificates, instruments or documents representing
or relating to transfer, possession or control of any of the Securities Collateral. Pledgor confirms that the Pledged Securities
are presently in the possession of Opus Bank as collateral for indebtedness of Pledgor to Opus Bank that is being satisfied in
full on the date hereof. Pledgor shall deliver the Pledged Securities to Lender no later than ten (10) calendar days after the
date hereof. Pledgor’s failure to deliver the Pledged Securities to Lender within such ten (10) day period shall be an Event
of Default hereunder.

 

Section 5. Representations
and Warranties. Pledgor hereby represents, warrants and covenants to and with Lender that:

 

(a)          Pledgor
(i) is and will at all times during the term hereof continue to be the direct owner, beneficially and of record, of the
Securities Collateral free and clear of all Liens (except for the Lien of Lender pursuant to this Pledge Agreement), (ii)
will make no assignment, pledge, hypothecation, transfer or any disposition of, or create any Lien or other security interest
in, the Securities Collateral, and (iii) will cause any and all Securities Collateral, whether for value paid by Pledgor or
otherwise, to be forthwith deposited with Lender and pledged and assigned hereunder;

 

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(b)          Pledgor
(i) has good and indefeasible title, right and legal authority to enter into this Pledge Agreement and to pledge the Securities
Collateral in the manner hereby done or contemplated and (ii) will defend its title or interest thereto or therein against any
and all attachments, Liens, claims, security interests or other impediments of any nature;

 

(c)          no
consent or approval of any Governmental Authority, any securities exchange, or other person or entity was or is necessary to the
validity of the pledge effected pursuant to this Pledge Agreement;

 

(d)          the
Pledged Securities were duly authorized and validly issued, fully paid and non-assessable, and were acquired in a transaction in
compliance with and either registered or exempt from registration under the Securities Act and other applicable laws. A true and
complete list of the Pledged Securities owned by Pledgor on the date hereof is set forth on Schedule 1 annexed hereto. The
Pledged Securities (i) are not subject to any warrant, option, put, call or other right to acquire, redeem, sell, transfer or encumber
them, (ii) are not governed by or otherwise subject to any shareholders agreement, voting trust or similar agreement or arrangement,
and (iii) other than as to securities laws of general application, are not limited or otherwise restricted in any way respecting
assignability or transferability or any voting, dividend, distribution or other ownership right;

 

(e)          the
pledge effected hereby is effective to vest in Lender the rights of Pledgor in the Securities Collateral as set forth herein without
any notice to, consent of or filing with any person, entity or Governmental Authority;

 

(f)           this
Pledge Agreement creates a valid security interest in favor of Lender for the benefit of Lender in the Securities Collateral; the
taking possession by Lender of the certificates representing the Pledged Securities, and all other certificates, documents, and
instruments relating to the Securities Collateral will perfect and establish the first priority of Lender's security interest in
all certificated Pledged Securities and such documents, certificates and instruments;

 

(g)          at
Lender’s request, Pledgor will file or cause to be filed appropriate Uniform Commercial Code (“UCC”) financing
statements in order to enable Lender for its benefit to perfect and preserve its security interest in the Securities Collateral;
and

 

(h)          all
representations, warranties and covenants of Pledgor contained in this Pledge Agreement shall survive the execution, delivery and
performance of this Pledge Agreement until the termination of this Pledge Agreement in accordance with its terms and provisions.

 

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Section 6. Additional
Covenants.

 

(a)          Additional
Securities, Rights, Grants or Issuances. If Pledgor shall receive any (i) certificate, including without limitation, any certificate
representing a dividend or distribution in connection with any increase or reduction of capital, reclassification, merger, consolidation,
sale of assets, combination of shares of capital stock, stock splits, spin-off or split-off, promissory notes or other instruments;
(ii) option or right, whether as an addition to, substitution for, or an exchange for, any Securities Collateral or otherwise;
(iii) dividends payable in capital stock; or (iv) distributions of capital stock or other equity interests in connection with a
partial or total liquidation, dissolution or reduction of capital, capital surplus or paid-in surplus, then Pledgor shall receive
such certificate, instrument, option, right or distribution in trust for the benefit of Lender, shall segregate it from Pledgor’s
other property and shall deliver it forthwith to Lender in the exact form received accompanied by duly executed instruments of
transfer or assignment in blank, in the form requested by Lender, to be held by Lender as Securities Collateral and as further
collateral security for the Obligations. Pledgor shall not perform or cause to be performed any acts or omissions that would effect
any change, amendment, impairment, substitution, or any of the events, transactions or circumstances in clauses (i) through
(iv) above.

 

(b)          Financing
Statements. Pledgor hereby authorizes Lender to prepare and file such financing statements (including renewal statements) or
amendments thereof or supplements thereto or other instruments as Lender may from time to time deem necessary or appropriate in
order to perfect and maintain the security interests granted hereunder in accordance with the UCC. Pledgor shall execute and deliver
to Lender such agreements, assignments or instruments (including affidavits, notices, reaffirmations and amendments and restatements
of existing documents, as Lender may request) and do all such other things as Lender may deem necessary or appropriate to assure
to Lender its security interests hereunder are perfected. To that end, Pledgor hereby irrevocably makes, constitutes and appoints
Lender, its nominee or any other person whom Lender may designate, as Pledgor’s attorney-in-fact with full power of substitution,
to effect any such financing statements, or amendments and supplements to financing statements, renewal financing statements, notices
or any similar documents which in Lender’s discretion would be necessary, appropriate or convenient in order to perfect and
maintain perfection of the security interests granted hereunder, such power, being coupled with an interest, being and remaining
irrevocable so long as any of the Obligations remain outstanding. Pledgor agrees to mark its books and records (and to cause each
issuer of the Pledged Securities to mark its books and records) to reflect the security interest of Lender in the Securities Collateral.

 

Section 7.  Voting
Rights; Dividends.

 

(a)          So
long as no Event of Default shall have occurred and be continuing, Pledgor shall be entitled to fully exercise any and all voting
and/or other consensual rights and powers that would otherwise accrue to an owner of the Pledged Securities or any part thereof.

 

(b)          Upon
the occurrence and during the continuance of an Event of Default, all rights of Pledgor to exercise the voting and other consensual
rights which it would otherwise be entitled to exercise pursuant to clause (a) of this subsection shall cease and all such
rights shall thereupon become vested in Lender which shall then have the sole right in its discretion to exercise such voting and
other consensual rights.

 

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(c)          All
cash dividends payable with respect to the Pledged Securities shall be immediately deposited with Lender as Securities Collateral
(and shall constitute cash collateral).

 

Section 8. Remedies Upon
Default.

 

(a)          After
the occurrence of an Event of Default, the Lender may exercise, in addition to all other rights and remedies granted to it in this
Pledge Agreement and the other Loan Documents, or under any law, all rights and remedies of a secured party under the UCC. All
such rights and remedies being cumulative, not exclusive, and enforceable alternatively, successively or concurrently, at such
time or times as the Lender deems expedient.

 

(i)          If the Lender so
elects and gives notice of such election to the Pledgor, the Lender may vote any or all shares of the Securities Collateral (whether
or not the same shall have been transferred into its name or the name of its nominee or nominees) and give all consents, waivers
and ratifications in respect of the Securities Collateral and otherwise act with respect thereto as though it was the outright
owner thereof, the Pledgor hereby irrevocably constituting and appointing the Lender the proxy and attorney-in-fact of the Pledgor
with full power of substitution, to do so.

 

(ii)         The
Lender may demand, sue for, collect or make any compromise or settlement the Lender deems suitable in respect of any of the Securities
Collateral.

 

(iii)        The Lender may
sell, resell, assign and deliver, or otherwise dispose of any or all of the Securities Collateral, for cash and/or credit and upon
such terms, at such place or places and at such time or times and to such Persons as the Lender deems expedient, all without demand
for performance by the Pledgor or any notice or advertisement whatsoever except such as may be required by law, provided however,
the Lender shall give the Pledgor ten (10) days’ prior written notice of the time and place of any public sale, or the time
after which a private sale may be made, which notice the Lender and Pledgor hereby agree is reasonable; and

 

(iv)        The
Lender may cause all or any part of the Securities Collateral to be transferred into its name or the name of its nominee or nominee.

 

(b)          Subject
to the terms of this Section 8, the Lender may enforce its right hereunder without any other notice and without compliance with
any other condition precedent now or hereafter imposed by statute, rule or law or otherwise (all of which are hereby expressly
waived by the Pledgor to the maximum extent permitted by applicable law). The Lender may buy any part or all of the Securities
Collateral at any public sale and if any part or all of the Securities Collateral is of a type customarily sold in a recognized
market or is of the type which is the subject of widely-distributed standard price quotations, the Lender may buy at private sale
and may make payments thereof by any means. The Lender may apply the cash proceeds actually received from any sale or other disposition
to the reasonable expenses of retaking, holding, preparing for sale, selling and the like, or reasonable attorneys’ fees,
and all legal expenses, travel and other expenses which may be incurred by the Lender in attempting to collect the Obligations
or any of them, or to enforce this Pledge Agreement or in the prosecution or defense of any action or proceeding related to the
subject matter of this Pledge Agreement; and then to the Obligations in such order as to principal or interest remaining unpaid,
including legal interest thereon, and the balance of any expenses unpaid, and any surplus shall be paid to the Pledgor.

 

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(c)          The
Pledgor recognizes that if the Lender is unable to effect a public sale of the Securities Collateral by reason of certain prohibitions
contained in the Securities Act of 1933, as amended, the Lender may be compelled to resort to one or more private sales thereof
to a restricted group of purchasers who will be obliged to agree, among other things, to acquire such securities for their own
account, for investment and not with a view to the distribution or resale thereof. The Pledgor agrees that any such private sales
may be at prices and on other reasonable terms less favorable to the seller than if sold at public sales and that such private
sales shall be deemed to have been made in a commercially reasonable manner. The Lender shall be under no obligation to delay a
sale of any of the Securities Collateral for the period of time necessary to permit the issuer of such securities to register such
securities for public sale under the Securities Act of 1933, as amended, even if the issuer would agree to do so.

 

Section 9. Application
of Proceeds of Sale. The proceeds of any sale of Securities Collateral pursuant to Section 8, as well as any Securities
Collateral consisting of cash, shall be applied by Lender in accordance with the terms of the Loan Agreement. Pledgor irrevocably
waives the right to direct the application of such payments and proceeds, and acknowledges and agrees that Lender shall have the
continuing and exclusive right to apply and reapply any and all such payments and proceeds in Lender’s sole discretion, notwithstanding
any entry to the contrary upon any of its books and records.

 

Section 10. Rights of
Lender.

 

(a)          Power
of Attorney. In addition to other powers of attorney contained herein or in any of the Loan Documents, Pledgor hereby designates
and appoints Lender, on behalf of Pledgor, and each of its designees or agents, as attorney-in-fact of Pledgor, irrevocably and
with full power of substitution, with authority to take any or all of the following actions upon the occurrence and during the
continuation of an Event of Default:

 

i             to demand, collect,
settle, compromise, adjust and give discharges and releases concerning the Securities Collateral;

 

ii            to commence
and prosecute any actions or proceedings for the purposes of collecting any of the Securities Collateral and enforcing any other
right in respect thereof;

 

iii           to defend,
settle, adjust or compromise any action, suit or proceeding brought and, in connection therewith, give such discharge or release;

 

iv           to pay or discharge
taxes, security interests, or other Liens on or threatened against the Securities Collateral;

 

v            to direct any
parties liable for any payment, to make payment directly to Lender or as Lender shall direct;

 

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vi           to receive
payment of and receipt for any and all monies, claims, and other amounts due and to become due at any time in respect of or arising
out of any Securities Collateral;

 

vii          to sign and
endorse any drafts, assignments, proxies, stock powers, consents, verifications, notices and other documents relating to the Securities
Collateral;

 

viii         to authorize,
execute and deliver all assignments, conveyances, statements, financing statements, renewal financing statements, pledge agreements,
affidavits, notices and other agreements, instruments and documents that Lender may determine necessary or appropriate in order
to perfect and maintain the security interests and liens granted in this Pledge Agreement and in order to fully consummate all
of the transactions contemplated herein and in the Loan Documents;

 

ix           to exchange
any of the Securities Collateral upon any merger, consolidation, reorganization, recapitalization or other readjustment of Pledgor
or the issuer thereof and, in connection therewith, deposit any of the Securities Collateral with any committee, depository, transfer
agent, registrar or other designated agency upon such terms as Lender may determine;

 

x            to vote for
a director, shareholder, partner, manager, or member resolution, or to sign any consent or instrument in writing, sanctioning the
transfer of any or all of the Securities Collateral into the name of Lender or into the name of any transferee to whom the Securities
Collateral of Pledgor or any part thereof may be sold; and

 

xi           to do and perform
all such other acts and things as Lender may deem to be necessary, proper or convenient in connection with this Pledge Agreement
and the other Loan Documents.

 

This power of attorney
is a power coupled with an interest and shall be irrevocable for so long as any of the Obligations remain outstanding. Lender shall
be under no duty to exercise or withhold the exercise of any of the rights, powers, privileges and options expressly or implicitly
granted to Lender in this Pledge Agreement, and shall not be liable for any failure to do so or any delay in doing so. Lender shall
not be liable for any act or omission or for any error of judgment or any mistake of fact or law in its individual capacity or
its capacity as attorney-in-fact except acts or omissions resulting from its gross negligence or willful misconduct. This power
of attorney is conferred on Lender solely to protect, preserve and realize upon its security interest in the Securities Collateral.

 

(b)          Assignment
by Lender. In accordance with the Loan Agreement, the Lender may from time to time assign its rights or obligations hereunder,
or any portion thereof, or the pledge and security interest granted herein, or any portion thereof, and the assignee shall be entitled
to all of the rights and remedies of the applicable assignor under this Pledge Agreement in relation thereto.

 

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(c)          Lender’s
Duty of Care. Other than the exercise of reasonable care to ensure the safe custody of the Securities Collateral while being
held by Lender hereunder, Lender shall have no duty or liability to preserve rights pertaining thereto, it being understood and
agreed that Pledgor shall be responsible for preservation of all rights in the Securities Collateral, and Lender shall be relieved
of all responsibility for Securities Collateral upon surrendering it or tendering the surrender of it to Pledgor. Lender shall
be deemed to have exercised reasonable care in the custody and preservation of the Securities Collateral in its possession if such
Securities Collateral is accorded treatment substantially equal to that which Lender accords its own property, it being understood
that Lender shall not have responsibility for (i) ascertaining or taking action with respect to calls, conversions, exchanges,
maturities, tenders or other matters relating to any Securities Collateral, whether or not Lender has or is deemed to have knowledge
of such matters or (ii) taking any steps or refraining therefrom to preserve rights against any other parties with respect to any
Securities Collateral.

 

(d)          Release
of Securities Collateral. Lender may release any of the Securities Collateral from this Pledge Agreement or may substitute
any of the Securities Collateral without altering, varying or diminishing in any way the force, effect, lien, pledge or security
interest of this Pledge Agreement as to any Securities Collateral not expressly released or substituted, and this Pledge Agreement
shall continue as a first priority lien on all Securities Collateral not expressly released or substituted.

 

(e)          Rights
and Remedies. Lender is entitled to exercise all rights and remedies available to it at law or in equity in connection with
this Pledge Agreement. The rights and remedies of Lender hereunder are several and cummulative at Lender’s discretion and
may be exercised at Lender’s discretion.

 

(f)           Costs
of Counsel. If at any time hereafter, whether upon the occurrence of an Event of Default or not, Lender employs counsel or
other experts or advisors to take action or make a response in connection with this Pledge Agreement, the Securities Collateral,
or the Loan Documents, Pledgor agrees to promptly pay upon demand any and all such costs and expenses of Lender, all of which costs
and expenses shall constitute Obligations.

 

Section 11. Termination.
This Pledge Agreement shall terminate, and all security interests in the Securities Collateral shall automatically terminate and
be completely released, when all the Obligations have been indefeasibly and fully paid and satisfied, at which time Lender shall
reassign and deliver to Pledgor, or to such person or entity as Pledgor shall designate, against receipt, such of the Securities
Collateral (if any) as shall not have been sold or otherwise applied by Lender pursuant to the terms hereof and shall still be
held by Lender under this Pledge Agreement. Any such reassignment shall be without recourse to or representation or warranty by
Lender and at the expense of Pledgor.

 

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Section 12. Further Assurances.
Pledgor agrees to do such further acts and things, and to execute and deliver such additional conveyances, assignments, reassignments,
agreements and instruments, as Lender may at any time request in connection with the administration and enforcement of this Pledge
Agreement or with respect to the Securities Collateral or any part thereof, and with respect to the grant, release or termination
of Lender's security interest in any of the Securities Collateral, or otherwise in order better to assure and confirm unto Lender
its rights and remedies hereunder and under this Pledge Agreement.

 

Section 13. Notices. All
notices, requests and demands to or upon the respective parties hereto shall be in writing and either (a) delivered by registered
or certified mail, (b) delivered by hand, or (c) delivered by national overnight courier service with next Business Day delivery,
and shall be deemed to have been duly given or made (i) upon the earlier of actual receipt and three (3) Business Days after deposit
in the United States Mail, registered or certified mail, return receipt requested, with proper postage prepaid, (ii) one (1) Business
Day after deposit with a national overnight courier with all charges prepaid, or (iii) when hand-delivered. All notices, requests
and demands are to be given or made to the respective parties at the following addresses (or to such other addresses as either
party may designate by notice in accordance with the provisions of this paragraph):

 

If to Pledgor:

 

Greenwood Hall, Inc.

12424 Wilshire Boulevard

Suite 1030, Los Angeles, CA 90025

Attention: Dr. John Hall

 

With a copy to:

 

Drinker Biddle & Reath LLP

1800 Century Park East

Suite 1500

Los Angeles, CA 90067

Attention: Alan A. Lanis, Jr., Esq.

 

If to Lender:

 

Moriah Education Management LLC

1 University Plaza

Suite 407

Hackensack, NJ 07601

Attention: Greg Zilberstein

 

With a copy to:

 

Cohen Tauber Spievack & Wagner P.C.

420 Lexington Avenue, Suite 2400

New York, New York 10170

Attention: Adam Stein

 

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Notwithstanding the foregoing,
that parties expressly acknowledge and agree that the foregoing provisions of notice by Lender to Pledgor’s counsel are an
accommodation only, and that Lender shall have fulfilled its notice obligation hereunder if notice shall have been received by
Pledgor at its address irrespective of whether such notice is received by Pledgor’s counsel.

 

Section 14.  Construction.
No provision of this Pledge Agreement shall be construed against or interpreted to the disadvantage of any party hereto by reason
of such party or its counsel having, or being deemed to have, structured or drafted such provision.

 

Section 15. Headings,
Amendments, Waiver. Section and paragraph headings are for convenience only and shall not be construed as part of this Pledge
Agreement. Any modification and amendment shall be in writing and signed by the parties, and any waiver of, or consent to any departure
from, any representation, warranty, covenant or other term or provision shall be in writing and signed by each affected party hereto
or thereto, as applicable. A waiver of a breach of any term, covenant or condition of this Pledge Agreement shall not operate or
be construed as a continuing waiver of such term, covenant or condition, or breach, or of any other term, covenant or condition,
or breach by such party. No failure to exercise and no delay in exercising any right, remedy, or power hereunder shall preclude
any other or further exercise of any other right, remedy or power provided herein or by law or in equity.

 

Section 16. Entire Agreement.
This Pledge Agreement represents the entire agreement and understanding concerning the subject matter hereof and thereof between
the parties, and supersede all other prior agreements, understandings, negotiations and discussions, representations, warranties,
commitments, proposals, offers and contracts concerning the subject matter hereof, whether oral or written.

 

Section 17.  Survival.
All covenants, agreements, representations and warranties made by Pledgor herein or in any of the Loan Documents or in any certificate,
report or instrument contemplated hereby shall survive any independent investigation made by Lender and the execution and delivery
of this Pledge Agreement, such Loan Documents and such certificates, reports or instruments and shall continue so long as any Obligations
are outstanding and unsatisfied, applicable statutes of limitations to the contrary notwithstanding.

 

Section 18. Severability.
Every provision of this Pledge Agreement is intended to be severable. If, in any jurisdiction, any term or provision hereof is
determined to be invalid or unenforceable, (a) the remaining terms and provisions hereof shall be unimpaired, (b) any such invalidity
or unenforceability in any jurisdiction shall not invalidate or render unenforceable such term or provision in any other jurisdiction,
and (c) the invalid or unenforceable term or provision shall, for purposes of such jurisdiction, be deemed replaced by a term or
provision that is valid and enforceable and that comes closest to expressing the intention of the invalid or unenforceable term
or provision. If a court of competent jurisdiction determines that any covenant or restriction, by the length of time or any other
restriction, or portion thereof, set forth in this Pledge Agreement is unreasonable or unenforceable, the court shall reduce or
modify such covenants or restrictions to those which it deems reasonable and enforceable under the circumstances and, as so reduced
or modified, the parties hereto agree that such covenants and restrictions shall remain in full force and effect as so modified.
In the event a court of competent jurisdiction determines that any provision of this Pledge Agreement is invalid or against public
policy and cannot be so reduced or modified so as to be made enforceable, the remaining provisions of this Pledge Agreement shall
not be affected thereby, and shall remain in full force and effect.

 

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Section 19. Successors
and Assigns; Assignment. All covenants, promises and agreements by or on behalf of the parties contained in this Pledge Agreement
shall be binding upon and shall inure to the benefit of the parties and their respective successors and assigns; provided,
however, that nothing in this Pledge Agreement, express or implied, shall confer on Pledgor the right to assign any of its
rights or obligations hereunder at any time.

 

Section 20.  APPLICABLE
LAW. THIS PLEDGE AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH THE LAWS OF THE STATE
OF NEW YORK, THE LAWS OF WHICH PLEDGOR HEREBY EXPRESSLY ELECTS TO APPLY TO THIS PLEDGE AGREEMENT, WITHOUT GIVING EFFECT TO PROVISIONS
FOR CHOICE OF LAW THEREUNDER. PLEDGOR AGREES THAT ANY ACTION OR PROCEEDING BROUGHT TO ENFORCE OR ARISING OUT OF THIS PLEDGE AGREEMENT
SHALL BE COMMENCED IN ACCORDANCE WITH THE PROVISIONS OF THIS PLEDGE AGREEMENT.

 

Section 21.  WAIVER
OF JURY TRIAL. PLEDGOR HEREBY WAIVES ANY AND ALL RIGHTS THAT IT MAY NOW OR HEREAFTER HAVE UNDER THE LAWS OF THE UNITED
STATES OF AMERICA OR ANY STATE TO A TRIAL BY JURY OF ANY AND ALL ISSUES ARISING EITHER DIRECTLY OR INDIRECTLY IN ANY ACTION OR
PROCEEDING BETWEEN PLEDGOR AND LENDER OR THEIR SUCCESSORS AND ASSIGNS, OUT OF OR IN ANY WAY CONNECTED WITH THIS PLEDGE AGREEMENT,
THE OTHER LOAN DOCUMENTS, THE OBLIGATIONS AND/OR THE SECURITIES COLLATERAL. IT IS INTENDED THAT SAID WAIVER SHALL APPLY TO ANY
AND ALL DEFENSES, RIGHTS, AND/OR COUNTERCLAIMS IN ANY ACTION OR PROCEEDINGS BETWEEN PLEDGOR AND LENDER. PLEDGOR WAIVES ALL RIGHTS
TO INTERPOSE ANY CLAIMS, DEDUCTIONS, SETOFFS OR COUNTERCLAIMS OF ANY KIND, NATURE OR DESCRIPTION IN ANY ACTION OR PROCEEDING INSTITUTED
BY LENDER WITH RESPECT TO THIS PLEDGE AGREEMENT, THE OTHER LOAN DOCUMENTS, THE OBLIGATIONS, THE SECURITIES COLLATERAL OR ANY MATTER
ARISING THEREFROM OR RELATING THERETO, EXCEPT COMPULSORY COUNTERCLAIMS.

 

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Section 22.  CONSENT
TO JURISDICTION. PLEDGOR HEREBY (a) IRREVOCABLY SUBMITS AND CONSENTS TO THE EXCLUSIVE JURISDICTION OF THE STATE AND FEDERAL
COURTS LOCATED IN THE STATE OF NEW YORK, NEW YORK COUNTY, WITH RESPECT TO ANY ACTION OR PROCEEDING ARISING OUT OF THIS PLEDGE AGREEMENT,
THE OTHER LOAN DOCUMENTS, THE OBLIGATIONS AND/OR THE SECURITIES COLLATERAL OR ANY MATTER ARISING THEREFROM OR RELATING THERETO,
AND (b) WAIVES ANY OBJECTION WHICH IT MAY NOW OR HEREAFTER HAVE BASED ON VENUE OR FORUM NON CONVENIENS WITH RESPECT THERETO.
IN ANY SUCH ACTION OR PROCEEDING, PLEDGOR WAIVES PERSONAL SERVICE OF THE SUMMONS AND COMPLAINT OR OTHER PROCESS AND PAPERS THEREIN
AND AGREES THAT THE SERVICE THEREOF MAY BE MADE BY CERTIFIED MAIL, RETURN RECEIPT REQUESTED, DIRECTED TO PLEDGOR AT ITS OFFICES
SET FORTH HEREIN OR OTHER ADDRESS THEREOF OF WHICH LENDER HAS RECEIVED NOTICE AS PROVIDED IN THIS PLEDGE AGREEMENT. NOTWITHSTANDING
THE FOREGOING, PLEDGOR CONSENTS TO THE COMMENCEMENT BY LENDER OF ANY SUIT, ACTION OR PROCEEDING IN ANY OTHER JURISDICTION TO ENFORCE
ITS RIGHTS IN AND TO THE SECURITIES COLLATERAL AND WAIVES ANY OBJECTIONS WHICH IT MAY NOW OR HEREAFTER HAVE BASED ON VENUE AND/OR
FORUM NON CONVENIENS OF ANY SUCH SUIT, ACTION OR PROCEEDING..

 

Section 23. Counterparts.
This Pledge Agreement may be executed in one or more counterparts, and by facsimile or electronic signature, each of which when
so executed, shall be deemed an original, but all of which shall constitute but one and the same instrument.

 

[SIGNATURE PAGE FOLLOWS]

 

    	12

     

    

 

IN WITNESS WHEREOF,
the parties hereto have caused this Pledge and Security Agreement to be duly executed as of the date first above written.

 

	PLEDGOR:	 
	 	 
	GREENWOOD HALL, INC.	 
	 	 	 
	By: 	 	 
	Name:	 	 
	Title:	 	 
	 	 
	MORIAH EDUCATION MANAGEMENT LLC	 
	 	 	 
	By: 	 	 
	Name:	 	 
	Title:	 	 

 

[SIGNATURE PAGE - PLEDGE AND SECURITY AGREEMENT]

 

    	13

     

    

 

SCHEDULE 1 

TO 

PLEDGE AND SECURITY AGREEMENT

 

PLEDGED SECURITIES

 

100% (1,007,920 shares) of the issued and outstanding
common stock, par value $0.002 per share, represented by certificate no. 010, of PCS Link, Inc.

 

    	14Exhibit 10.21

 

EXECUTION

 

CONTINUING GUARANTY

 

This Continuing Guaranty,
dated as of October __, 2016 (“Guaranty”), is by John Hall, an individual (“Guarantor”),
in favor of Moriah Education Management, LLC, a Delaware limited liability company (“Lender”).

 

RECITALS

 

A.           Capitalized
terms not otherwise defined herein have the meaning set forth in that certain Loan and Security Agreement, of even date herewith
(the “Loan Agreement”), by and among Greenwood Hall, Inc., a Nevada corporation, and PCS Link, Inc., a California
corporation, as borrowers (collectively, “Borrower”) and Lender. “Guarantor Obligations”
means Guarantor’s guarantee of the full and prompt payment, satisfaction and performance of the Obligations in accordance
with the terms and subject to the limitations set forth herein.

 

B.           Guarantor
desires that Lender establish a revolving loan facility for Borrower in the principal amount of up to Three Million Five Hundred
Thousand Dollars ($3,500,000) pursuant to the Loan Agreement (such facility, as may be modified or replaced from time to time,
the “Facility”).

 

C.           Lender
has conditioned its willingness to establish the Facility upon the fulfillment of certain conditions, among them that Guarantor
enters into this Guaranty.

 

D.           Guarantor
acknowledges and agrees that Guarantor will derive a substantial and direct benefit and advantage from the Facility and other agreements
and financial accommodations of Lender to Borrower under the Loan Documents.

 

Accordingly, in consideration
of the foregoing and the mutual covenants and agreements hereinafter set forth, and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged by Guarantor, the parties hereby agree as follows:

 

Section 1.          Guaranty.
Guarantor hereby absolutely, unconditionally and irrevocably guarantees to Lender the full and prompt payment, satisfaction and
performance of any and all Obligations as and when due, whether at stated maturity, by acceleration or otherwise, and including
any and all interest, fees, expenses, damages, and penalties that may be paid or incurred by Lender in the collection of all or
any portion of the Obligations or the exercise or enforcement of any one or more of the other rights, powers, privileges, remedies
and interests of Lender relating thereto, irrespective of the manner or success of any such collection, exercise or enforcement.

 

Section 2.          [INTENTIONALLY
OMIITTED]

 

     

     

    

 

Section 3.          Continuing
Guaranty. Guarantor covenants and agrees that: (a) this is a continuing guarantee of payment, satisfaction and performance,
and not collectibility only, whether the Obligations are now or hereafter existing, acquired or created; (b) this Guaranty may
not be revoked or terminated until such time as the Obligations and Guarantor Obligations shall have been indefeasibly fully paid
and satisfied and Lender acknowledges the same in writing to Guarantor; (c) the Obligations shall not be deemed to have been otherwise
indefeasibly fully paid and satisfied so long as any Loan Document (other than this Guaranty) shall have any continuing force or
effect; and (d) the Obligations will be indefeasibly paid and satisfied in full in accordance with the terms and provisions of
the Loan Documents without regard to any applicable law now or hereafter in effect in any jurisdiction, or the legality, validity,
binding effect or enforceability of any term of any Loan Document, including, without limitation, any applicable law that might
in any manner affect any of those terms and provisions, or any of the rights, powers, privileges, remedies and interests of Lender
with respect thereto, or that might cause or permit to be invoked any alteration in the time, amount, or manner of payment of any
of the Obligations by Borrower or any other person or entity (other than Lender).

 

Section 4.          Agreement
Absolute, Survival of Representations, Etc. Each of the representations, warranties, covenants and other obligations and agreements
contained in this Guaranty: (a) shall be absolute and unconditional, irrespective of the legality, validity, binding effect or
enforceability of any Obligations or Guarantor Obligations or of any Loan Document; (b) shall survive the execution and delivery
of this Guaranty and the Loan Documents, and any and all advances, repayments and readvances thereunder, and shall remain and continue
in full force and effect until Lender's lending commitment (if any) under the Facility has terminated and all Obligations and Guarantor
Obligations have been fully paid and/or satisfied, without regard (i) to any waiver, modification, extension, renewal, consolidation,
division, amendment or restatement of any term or provision of any Loan Document, (ii) to any waiver or full, partial, delayed,
discontinued or failure to exercise of any of Lender's rights, powers, privileges, remedies and interests under any Loan Document
or applicable law, against any person or entity, which exercise or enforcement may be delayed, discontinued or otherwise not pursued
or exhausted for any or no reason whatsoever, or which may be waived, omitted or otherwise not exercised or enforced (whether intentionally
or otherwise), (iii) to any surrender, repossession, sequestration, foreclosure, conveyance or assignment (by deed in lieu of foreclosure,
or otherwise), sale, lease or other realization, dealing or disposition respecting any Collateral, (iv) to any release, subordination
or impairment of all or any part of any Obligations or Collateral, or any security interest therein (whether intentionally or otherwise),
(v) to any extension, stay, moratorium or statute of limitations or similar time constraint under any applicable law, (vi) to any
investigation, analysis or evaluation by Lender or its designees or representatives of the assets, business, operations, properties
or condition (financial or otherwise) of Borrower or Guarantor (vii) to any act or omission on the part of Lender, Borrower, or
any other person or entity, (viii) to any inducement to Guarantor to enter into this Guaranty, or (ix) to any other event that
otherwise might constitute a legal or equitable counterclaim, defense or discharge of Borrower or Guarantor; (c) shall not be subject
to any defense, counterclaim, setoff, right of recoupment, abatement, reduction or other claim or determination that Guarantor
may have against Lender, Borrower, or any other person or entity (other than defense of payment); and (d) shall not be diminished
or qualified by the death, disability, dissolution, reorganization, insolvency, bankruptcy, custodianship or receivership of Guarantor,
Borrower, or any other person or entity, as applicable, or the inability of any of them to pay debts or perform or otherwise satisfy
obligations as they become due for any reason whatsoever.

 

     

     

    

 

Section 5.          Guaranty
Not Affected. Without limiting the generality of the foregoing sections or any other term or provision of this Guaranty, Guarantor
covenants, agrees and consents that, at any time, and from time to time, in accordance with the Loan Documents: (a) loans may be
advanced, repaid and readvanced from time to time, or the amount of loans, the rate of interest thereon, any other Obligation or
the credit availability under the Facility or any Loan Document may be increased or otherwise changed; (b) the time, manner, place
and other terms and provisions of payment or performance of any one or more of the Obligations may be amended, extended or otherwise
changed; (c) any partial or late payment, or any payment during the continuance of any Event of Default, under any Loan Document
may be accepted in whole or in part or rejected; (d) any Collateral may be surrendered, repossessed, sequestered, judicially or
nonjudicially foreclosed, conveyed or assigned (by deed in lieu of foreclosure or otherwise), sold, leased or otherwise realized
upon, dealt with or disposed of, in whole or in part, whether to Lender, its designees or representatives or otherwise; (e) any
security interest in any such Collateral may be held without recordation or other filing or notice or perfection (whether intentionally
or otherwise), may be recorded or otherwise perfected, or may be assigned, released, subordinated or otherwise impaired, dealt
with or disposed of in whole or in part; (f) any one or more payments, distributions and proceeds received from or in respect of
Borrower, Guarantor or any other person or entity, or any Collateral may be applied in the sole and absolute discretion of Lender
to the Obligations or to any other indebtedness or obligations (including interest), the payment to or reimbursement of Lender
for any fees and expenses for which it is entitled to be paid or reimbursed pursuant to any of the provisions of this Guaranty
or the other Loan Documents, or the establishment and maintenance of any Collateral (all payments made by Guarantor, Borrower,
or any other person or entity shall be made free and clear of, and without any reduction for, any and all present or future taxes,
levies, imposts, deductions, charges or withholdings, and any and all liabilities with respect thereto); (g) the liability of Borrower,
Guarantor or any other person or entity to pay any and all of the Obligations may be settled, compromised, adjusted, forgiven,
released or affected by any other accommodation, in whole or in part, and payment of any and all of the Obligations may be subordinated
to the prior payment of any other debts or claims of any other person; (h) any representation, warranty, covenant or other term
or provision of any Loan Document, in whole or in part, may be the subject of one or more waivers of applicability or consents
to nonperformance, noncompliance or nonobservance, whether or not constituting defaults, or may be otherwise not exercised or enforced
(whether intentionally or otherwise); (i) any Loan Document, or any term or provision thereof, in whole or in part, may be amended,
extended, renewed or otherwise changed in any respect by the respective parties thereto in the manner provided therein; (j) any
one or more of this Guaranty or the other Loan Documents, or any one or more of the rights, powers, privileges, remedies and interests
of Lender herein or therein, may be sold, conveyed, assigned or otherwise transferred in whole or part (including participations
or other undivided interests) to any other person or entity; or (k) any other right, power, privilege, remedy or interest of Lender
under this Guaranty, any other Loan Document or applicable law may be exercised or enforced by Lender or its designees or representatives,
which exercise or enforcement may be delayed, discontinued or otherwise not pursued or exhausted for any or no reason whatsoever,
or any such right, power, privilege, remedy or interest may be waived, omitted or otherwise not exercised or enforced (whether
intentionally or otherwise); all in such manner and order, upon such terms and provisions and subject to such conditions as Lender
may, subject to the terms of the Loan Documents, deem necessary or desirable in its sole and absolute discretion, all without notice
to or consent from Guarantor; and all of the above clauses (a) through (k) without affecting this Guaranty or any other
Loan Document or any of the Guarantor Obligations, which obligations shall continue in full force and effect until such time as
all Obligations and all Guarantor Obligations have been fully paid and satisfied.

 

     

     

    

 

Section 6.          Certain
Representations and Warranties. Guarantor represents, warrants to and agrees with Lender as to each of the matters set forth
below: (a) Guarantor has the power and authority and has full legal rights to enter into this Guaranty and each of the other Loan
Documents to which it is a party, and to perform, observe and comply with all of its agreements and obligations under each of such
documents; (b) the execution and delivery by Guarantor of this Guaranty and each of the other Loan Documents to which Guarantor
is or will be a party, and the performance by Guarantor of all of Guarantor's obligations hereunder and thereunder will not violate
or be in conflict with any term or provision of (i) any law, rule statute, ordinance, regulation, code, (ii) any judgments, orders,
writs, injunction, or decrees or (iii) any mortgages, indentures, leases, licenses, agreements, understandings, instruments, contracts,
proposed transactions or other obligation of Guarantor or to which Guarantor is a party or by which Guarantor, or any material
part of Guarantor's assets and properties, may be bound or subject, and will not result in the creation or imposition of any Lien
upon any of Guarantor's assets or properties; (c) Guarantor shall not take any action or inaction that may impair any material
part of Guarantor's assets and properties; (d) no licenses, permits, franchises, approvals, consents, waivers, notices, authorizations,
qualifications, concessions, or the like, or registration, declaration or filing are required (1) in connection with the due and
valid execution, delivery and performance by Guarantor of this Guaranty or any other Loan Document to which Guarantor is or will
be a party, or (2) to effect the legality, validity, binding effect or enforceability of this Guaranty; (e) this Guaranty is the
legal, valid and binding obligation of Guarantor, enforceable against Guarantor in accordance with its terms and provisions; and
(f) Guarantor is solvent (i.e., the aggregate fair value of Guarantor's assets exceeds the sum of Guarantor's actual and contingent
liabilities) and, both before and after taking into account the Guarantor Obligations, Guarantor has adequate capital and is able
to pay his debts as they mature.

 

Section 7.          Certain
Covenants of the Guarantor. Guarantor shall cooperate with Lender to dispose of Collateral as Lender shall direct, and shall
do such acts and exercise and deliver such instruments and documents as Lender shall reasonably request in order to facilitate
Lender’s exercise of rights under the Loan Agreement.

 

Section 8.          Certain
Acknowledgments and Waivers of Guarantor. Guarantor acknowledges and agrees that the rights, powers, privileges, remedies and
interests granted to or conferred upon Lender by this Guaranty, the other Loan Documents and applicable law are purely discretionary
and shall not, and shall not be deemed or construed to, impose upon Lender any duty or other obligation, including, without limitation,
any obligation (a) to sell, foreclose or otherwise realize upon any Collateral, (b) to protect or preserve any Collateral, (c)
to perform or satisfy any obligation under or respecting any Collateral or Guarantor, (d) to mitigate or otherwise reduce any expense,
fees, penalties, damage or other loss, or (e) to otherwise exercise or enforce any such right, power, privilege, remedy or interest.
Any sale, foreclosure or other realization upon any Collateral, or any other exercise or enforcement of any such right, power,
privilege, remedy or interest, if undertaken by Lender in its discretion, may be delayed, discontinued or otherwise not pursued
or exhausted for any reason whatsoever (whether intentionally or otherwise). Without limiting the generality of the foregoing,
to the extent waiver is not limited under applicable law, Guarantor hereby expressly waives each and every claim or defense (other
than defense of payment), and agrees that Guarantor will not assert or pursue (by action, suit, counterclaim or otherwise) any
claim or defense, respecting (i) any settlement or compromise with any obligor or other third party under any account receivable,
note, instrument, agreement, document or general intangible included in the Collateral, irrespective of any reduction in the potential
proceeds therefrom, (ii) the selection or order of disposition of any Collateral (which may be at random or in any order Lender
may select in its sole and absolute discretion, and may be without regard to any holding period or tax basis that any person or
entity may have therein or any tax or other consequences arising from such disposition), (iii) the private sale of any Collateral,
whether or not any public market exists, (iv) the choice or timing of any sale date as to any Collateral (which Lender may select
in its sole and absolute discretion), irrespective of whether greater sale proceeds would be realizable on a different sale date,
(v) the adequacy of the sale price of any Collateral, (vi) any insufficiency of any such proceeds to fully satisfy the Obligations
and Guarantor Obligations, (vii) any sale of any Collateral to the first person or entity to receive an offer or make a bid, (viii)
the selection of any purchaser of any Collateral, or (ix) any default by any purchaser of any Collateral. Guarantor hereby expressly
waives the applicability of any and all applicable laws that are or may be in conflict with the terms and provisions of this Guaranty
or the other Loan Documents now or at any time in the future to the extent waiver is not limited under applicable law, including
(without limitation) those pertaining to notice (other than notices required by this Guaranty or any other Loan Document), protest,
appraisal, valuation, stay, extension, moratorium, marshaling of assets, exemption and equity of redemption. Neither Lender nor
any of its designees or representatives shall incur any liability in connection with any sale of or other action taken respecting
any Collateral in accordance with the provisions of this Guaranty or any other Loan Document or applicable law.

 

     

     

    

 

Section 9.          Subrogation.
Guarantor agrees to withhold the exercise of any and all subrogation and reimbursement rights against Borrower, against any other
person, and against any collateral or security for the Guarantor Obligations, until the Guarantor Obligations have been indefeasibly
paid and satisfied in full, all obligations owed to Lender under the Loan Documents have been fully performed, and Lender has released,
transferred or disposed of all of its right, title and interest in such collateral or security.

 

Section 10.        Waivers
of Notice, Etc. Guarantor hereby expressly waives: (a) notice of acceptance of this Guaranty; (b) notice of any action taken
or omitted in reliance hereon; (c) presentment; (d) demand for payment; (e) protest or notice of protest; (f) notice of any nonpayment
or the occurrence or continuance of any other default, or any other event that (with the giving of notice or the passage of time
or both) could constitute a default, under any Loan Document; (g) notice of any material or adverse effect, whether individually
or in the aggregate, upon the assets, business, operations, properties or condition (financial or otherwise) of Borrower, Guarantor
or any other person or entity, or upon any part of any Collateral; (h) any statute of limitations or similar time constraint under
any applicable law, whether with respect to the Obligations or Guarantor Obligations or otherwise; or (i) any other proof, notice
or demand of any kind whatsoever or the making or promptness in making any claim or demand under this Guaranty or any other Loan
Document. No act or omission of any kind in connection with any of the foregoing shall in any way impair or otherwise affect the
legality, validity, binding effect or enforceability of any term or provision of this Guaranty or any of the Guarantor Obligations.

 

Section 11.        Bankruptcy;
Reinstatement. In the event Lender is not permitted or is otherwise unable (because of the pendency of any bankruptcy, insolvency,
receivership or other proceeding) to demand or accelerate the Obligations, but otherwise would have been permitted to do so at
such time pursuant to any Loan Document, Lender may demand payment in full, and may exercise and enforce any and all of its other
rights, powers, privileges, remedies and interests under this Guaranty or the other Loan Documents to which Guarantor is a party
or by which Guarantor may be bound or subject, in each case as if the Obligations had been duly demanded or accelerated, and Guarantor
will not raise, and hereby expressly waives and releases, any claim or defense with respect to such deemed demand or acceleration.
In the event any payment of or any application of any amount, asset or property to any of the Obligations or Guarantor Obligations,
or any part thereof, at any time is rescinded or must otherwise be restored or returned by Lender upon the insolvency, bankruptcy
or reorganization of Borrower, Guarantor, or any other person or entity, whether by order of any court, by any settlement approved
by any court, or otherwise, then the terms and provisions of this Guaranty and the other Loan Documents shall continue to apply,
or shall be reinstated if not then in effect, as the case may be, with respect to the Obligations or Guarantor Obligations so rescinded,
restored or returned, all as though such payment or application had never been made.

 

     

     

    

 

Section 12.        Enforcement.
Lender, in its sole discretion, may proceed to exercise or enforce any right, power, privilege, remedy or interest that Lender
may have under this Guaranty, any other Loan Document or applicable law at law, in equity, in rem or in any other forum available
under applicable law, severally and cumulatively. Lender may institute one or more proceedings (which may be separate proceedings)
with respect to this Guaranty and each of the other Loan Documents in such order and at such times as Lender may elect in its sole
and absolute discretion. This Guaranty and the other Loan Documents may be enforced without possession of any underlying promissory
note, security agreement or pledge, or its production in any action, suit or proceeding, and without the presence or participation
of Borrower or Guarantor, whether through lack of jurisdiction, venue or service or otherwise; and Guarantor will not raise, and
each hereby waives, any objection or defense respecting the need for any such production, presence or participation.

 

Section 13.        Exculpation.
Lender and its participants, affiliates, custodians and designees, representatives, and its officers, employees, attorneys and
agents, shall not incur any liability for any acts or omissions (and Guarantor hereby expressly waives any and all related claims
and actions against each such person or entity) arising out of or related directly or indirectly to this Guaranty, except to the
extent occasioned by the respective person's or entity’s gross negligence or willful misconduct as finally determined pursuant
to applicable law by a non-appealable decision or determination of a governmental authority or court having jurisdiction.

 

Section 14.        Expenses,
Etc. Guarantor shall pay or reimburse, on demand, any and all costs and expenses incurred by Lender, whether directly or indirectly,
in connection with the enforcement and adjudication of this Guaranty, including (without limitation) the disbursements, expenses
and reasonable fees of counsel.

 

Section 15.        Further
Assurances. Guarantor agrees to do such further acts and things and to execute and deliver such statements, assignments, agreements,
instruments and other documents as Lender from time to time may request in connection with this Guaranty and in order to (a) evidence,
confirm, perfect and protect any lien granted by Guarantor, (b) give Lender or its designees or representatives confirmation and
further assurance of its rights, powers, privileges, remedies and interests under this Guaranty, the other Loan Documents and applicable
law, (c) better enable Lender or its designees or representatives to exercise any such right, power, privilege, remedy or interest,
and (d) otherwise effectuate the purpose and the terms and provisions of this Guaranty or the other Loan Documents, each in such
form and substance as may be acceptable to Lender.

 

Section 16.        Relationship
of Guarantor and Lender, Etc. Guarantor represents, warrants, acknowledges and agrees that: (a) Lender is acting solely in
the capacity of Lender with respect to this Guaranty, the other Loan Documents and the Collateral; (b) Guarantor's sole relationship
with Lender is that of debtor and creditor, respectively, and no term or provision of this Guaranty or any other Loan Document
is intended to create, nor shall any such term or provision be deemed or construed to have created, any joint venture, partnership,
trust, agency or other fiduciary or advisory relationship with Guarantor; and (c) Guarantor has independently and fully reviewed
and evaluated this Guaranty, the other Loan Documents, and the transactions contemplated hereunder and thereunder and the potential
effects of such transactions on the assets, business, operations, properties and condition (financial or otherwise) of Guarantor
and Borrower (if any), which review and evaluation was made (i) together with counsel and (to the extent deemed prudent by Guarantor)
financial and other advisors to Guarantor, and (ii) without any reliance upon any oral or written advice, analysis or assurance
of any kind whatsoever from Lender.

 

     

     

    

 

Section 17.        Notices.
Any notice that a party shall be required or shall desire to give to the other hereunder shall be in writing and either (a) delivered
by registered or certified mail, (b) delivered by hand, or (c) delivered by national overnight courier service with next business
day delivery, and shall be deemed to have been duly given or made (i) three (3) business days after deposit in the United States
Mail, registered or certified mail, return receipt requested, with proper postage prepaid, (ii) one (1) business day after deposit
with a national overnight courier with next business day delivery with all charges prepaid, or (iii) when hand-delivered. All notices,
requests and demands are to be given or made to the respective parties at the following addresses (or to such other addresses as
either party may designate by notice in accordance with the provisions of this paragraph):

 

If to Guarantor:

 

John Hall

c/o Greenwood Hall, Inc.

12424 Wilshire Boulevard

Suite 1030

Los Angeles, CA 90025

 

With a copy to:

 

Drinker Biddle & Reath LLP

1800 Century Park East

Suite 1500

Los Angeles, CA 90067

Attention: Alan A. Lanis, Jr., Esq.

 

If to Lender:

 

Moriah Education Management LLC

1 University Plaza

Suite 407

Hackensack, NJ 07601

Attention: Greg Zilberstein

 

With a copy to:

 

Cohen Tauber Spievack & Wagner P.C.

420 Lexington Avenue, Suite 2400

New York, New York 10170

Attention: Adam Stein

 

Section 18.        APPLICABLE
LAW. THIS GUARANTY SHALL BE GOVERNED BY AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK,
THE LAWS OF WHICH GUARANTOR HEREBY EXPRESSLY ELECTS TO APPLY TO THIS GUARANTY, WITHOUT GIVING EFFECT TO PROVISIONS FOR CHOICE OF
LAW THEREUNDER. GUARANTOR AGREES THAT ANY ACTION OR PROCEEDING BROUGHT TO ENFORCE OR ARISING OUT OF THIS GUARANTY SHALL BE COMMENCED
IN ACCORDANCE WITH THE PROVISIONS OF THIS GUARANTY.

 

     

     

    

 

Section 19.        WAIVER
OF JURY TRIAL. TO THE EXTENT PERMITTED UNDER APPLICABLE LAW, GUARANTOR HEREBY WAIVES ANY AND ALL RIGHTS THAT IT MAY NOW OR
HEREAFTER HAVE UNDER THE LAWS OF THE UNITED STATES OF AMERICA OR ANY STATE TO A TRIAL BY JURY OF ANY AND ALL ISSUES ARISING EITHER
DIRECTLY OR INDIRECTLY IN ANY ACTION OR PROCEEDING BETWEEN GUARANTOR AND LENDER OR THEIR SUCCESSORS AND ASSIGNS, OUT OF OR IN ANY
WAY CONNECTED WITH THIS GUARANTY, THE GUARANTOR OBLIGATIONS AND/OR THE OTHER LOAN DOCUMENTS. IT IS INTENDED THAT SAID WAIVER SHALL
APPLY TO ANY AND ALL DEFENSES, RIGHTS, AND/OR COUNTERCLAIMS IN ANY ACTION OR PROCEEDINGS BETWEEN GUARANTOR AND LENDER. GUARANTOR
WAIVES ALL RIGHTS TO INTERPOSE ANY CLAIMS, DEDUCTIONS, SETOFFS OR COUNTERCLAIMS OF ANY KIND, NATURE OR DESCRIPTION IN ANY ACTION
OR PROCEEDING INSTITUTED BY LENDER WITH RESPECT TO THIS GUARANTY, THE OTHER LOAN DOCUMENTS, THE GUARANTOR OBLIGATIONS OR ANY MATTER
ARISING THEREFROM OR RELATING THERETO, EXCEPT COMPULSORY COUNTERCLAIMS.

 

Section 20.        CONSENT
TO JURISDICTION. GUARANTOR HEREBY (a) IRREVOCABLY SUBMITS AND CONSENTS TO THE EXCLUSIVE JURISDICTION OF THE STATE AND FEDERAL
COURTS LOCATED IN THE STATE OF NEW YORK, COUNTY OF NEW YORK WITH RESPECT TO ANY ACTION OR PROCEEDING ARISING OUT OF THIS GUARANTY
AND/OR THE OTHER LOAN DOCUMENTS, THE GUARANTOR OBLIGATIONS OR ANY MATTER ARISING THEREFROM OR RELATING THERETO, AND (b) WAIVES
ANY OBJECTIONS WHICH IT MAY NOW OR HEREAFTER HAVE BASED ON VENUE OR FORUM NON CONVENIENS WITH RESPECT THERETO. IN ANY SUCH
ACTION OR PROCEEDING, GUARANTOR WAIVES PERSONAL SERVICE OF THE SUMMONS AND COMPLAINT OR OTHER PROCESS AND PAPERS THEREIN AND AGREES
THAT THE SERVICE THEREOF MAY BE MADE BY CERTIFIED MAIL, RETURN RECEIPT REQUESTED, DIRECTED TO GUARANTOR AT HIS ADDRESS SET FORTH
HEREIN OR OTHER ADDRESS THEREOF OF WHICH LENDER HAS RECEIVED NOTICE AS PROVIDED IN THIS GUARANTY. NOTWITHSTANDING THE FOREGOING,
GUARANTOR CONSENTS TO THE COMMENCEMENT BY LENDER OF ANY ACTION OR PROCEEDING IN ANY OTHER JURISDICTION TO ENFORCE ITS RIGHTS AND
GUARANTOR WAIVES ANY OBJECTION WHICH IT MAY NOW OR HEREAFTER HAVE BASED ON VENUE AND/OR FORUM NON CONVENIENS OF ANY SUCH
ACTION OR PROCEEDING. 

 

Section 21.       Construction.
No provision of this Guaranty shall be construed against or interpreted to the disadvantage of any party hereto by reason of such
party or his or its counsel having, or being deemed to have, structured or drafted such provision.

 

Section 22.       Headings,
Amendments, Waiver, Etc. Section and paragraph headings are for convenience only and shall not be construed as part of this
Guaranty. Any modification and amendment shall be in writing and signed by the parties, and any waiver of, or consent to any departure
from, any representation, warranty, covenant or other term or provision shall be in writing and signed by each affected party hereto
or thereto, as applicable.

 

     

     

    

 

Section 23.       Entire
Agreement. This Guaranty represents the entire agreement and understanding concerning the subject matter hereof and thereof
between the parties, and supersedes all other prior agreements and understandings concerning the subject matter hereof, whether
oral or written.

 

Section 24.       Survival.
All covenants, agreements, representations and warranties made by Guarantor herein or in any of the Loan Documents or in any certificate,
report or instrument contemplated hereby shall survive any independent investigation made by Lender and the execution and delivery
of this Guaranty, the Loan Documents and such certificates, reports or instruments and shall continue so long as any Obligations
are outstanding and unsatisfied, applicable statutes of limitations to the contrary notwithstanding.

 

Section 25.       Severability.
Every provision of this Guaranty is intended to be severable. If, in any jurisdiction, any term or provision hereof is determined
to be invalid or unenforceable, (a) the remaining terms and provisions hereof shall be unimpaired, (b) any such invalidity or unenforceability
in any jurisdiction shall not invalidate or render unenforceable such term or provision in any other jurisdiction, and (c) the
invalid or unenforceable term or provision shall, for purposes of such jurisdiction, be deemed replaced by a term or provision
that is valid and enforceable and that comes closest to expressing the intention of the invalid or unenforceable term or provision.
If a court of competent jurisdiction determines that any covenant or restriction, by the length of time or any other restriction,
or portion thereof, set forth in this Guaranty is unreasonable or unenforceable, the court shall reduce or modify such covenants
or restrictions to those which it deems reasonable and enforceable under the circumstances and, as so reduced or modified, the
parties hereto agree that such covenants and restrictions shall remain in full force and effect as so modified. In the event a
court of competent jurisdiction determines that any provision of this Guaranty is invalid or against public policy and cannot be
so reduced or modified so as to be made enforceable, the remaining provisions of this Guaranty shall not be affected thereby, and
shall remain in full force and effect.

 

Section 26.       No
Waiver by Action, Cumulative Rights, Etc. A waiver of a breach of any term, covenant or condition of this Guaranty shall not
operate or be construed as a continuing waiver of such term, covenant or condition, or breach, or of any other term, covenant or
condition, or breach by such party. No failure to exercise and no delay in exercising any right, remedy, or power hereunder shall
preclude any other or further exercise of any other right, remedy or power provided herein or by law or in equity. Lender is entitled
to exercise all rights and remedies available to it at law or in equity in connection with this Guaranty. The rights and remedies
of Lender hereunder are several and cumulative at Lender’s discretion and may be exercised at Lender’s discretion.

 

Section
27.       Successors and Assigns. All covenants, promises and agreements
by or on behalf of the parties contained in this Guaranty shall be binding upon and shall inure to the benefit of the parties and
their respective estates, representatives, successors and assigns, as applicable; provided, however, that nothing
in this Guaranty, express or implied, shall confer on Guarantor the right to assign any of his rights or obligations hereunder
at any time. Lender may assign any or all of its rights or obligations hereunder together
with any or all of the security therefor to any Person and any such assignee shall succeed to all of Lender’s rights with
respect thereto.

 

     

     

    

 

Section 28.       Counterparts.
This Guaranty may be executed in one or more counterparts, and by facsimile or electronic signature, each of which when so executed
shall be deemed an original, but all of which shall constitute but one and the same instrument.

 

[SIGNATURE PAGE FOLLOWS]

 

     

     

    

 

IN WITNESS WHEREOF, the undersigned has executed
and delivered this Continuing Guaranty as of the date first written above.

 

	GUARANTOR:	 
	 	 
	 	 
	JOHN HALL	 
	 	 
	AGREED TO AND ACCEPTED BY LENDER:	 
	 	 
	MORIAH EDUCATION MANAGEMENT LLC	 
	 	 	 
	By:	 	 
	Name:	 
	Title: Manager	 

 

[SIGNATURE PAGE TO CONTINUING GUARANTY]

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