EXHIBIT 10.35
THIRD AMENDMENT TO LOAN AGREEMENT
THIS THIRD AMENDMENT to the Loan Agreement, ("Amendment"), dated August
2, 1997, is by and between Bank One Colorado NA ("Lender"), and Colorado
Technical University, Inc., A Colorado Corporation ("Borrower").
RECITALS
NOW THEREFORE, in consideration of the loan and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged,
Borrower agrees to the following Amendment.
- Minimum debt coverage ratio, as defined in Exhibit A, shall
be tested annually, within 30 days of fiscal year end.
(Previous requirement was to be tested quarterly, within 30
days of month end.).
- No increase in debt/leases greater than $75,000 shall be
amended to allow for the $1,500,000.00 loan from Pueblo
Bank and Trust, evidenced in documents dated June 4, 1997,
maturing June 6, 2002, attached as exhibits to this
Amendment.
- The annual audited statement requirement for MDJB, Inc.,
shall be amended to read annual statements in form and
content satisfactory to Lender, within 120 days of year
end.
- Addition of guaranty of Xxxxxxx Education Group, Inc.
IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be
executed as of this 13 day of June, 1997.
BORROWER: GUARANTOR:
Colorado Technical University, Inc., MDJB, Inc.
A Colorado Corporation A Delaware Corporation
By: /S/ XXXXX X. X'XXXXXXX By: /S/ XXXXX X. X'XXXXXXX
==================================== ========================================
Xxxxx X. X'Xxxxxxx, President Xxxxx X. X'Xxxxxxx, President
and Chairman of the Board and Chairman of the Board
LENDER: GUARANTOR:
Bank One Colorado, X.X. Xxxxxxx Education Group, Inc.,
A New Jersey Corporation
By: /S/ XXXXXXX X. XXXXXXXXXXX By: /S/ XXXXX X. XXXXX
==================================== ========================================
Xxxxxxx X. Xxxxxxxxxxx Xxxxx X. Xxxxx, President
Vice President
By: /S/ XXXXXXXX X. XXXXXXXXX
========================================
Xxxxxxxx X. Xxxxxxxxx, VP-Finance,
CFO, and Treasurer
