Exhibit 10.4
TENTH AMENDMENT TO LOAN AND
SECURITY AGREEMENT
This Tenth Amendment to Loan and
Security Agreement (this “Amendment”) is entered into
as of June 22, 2009, by and between COMERICA BANK
(“Bank”) and BRIDGEPOINT EDUCATION, INC. and
BRIDGEPOINT EDUCATION REAL ESTATE HOLDINGS, LLC (each, a
“Borrower” and collectively,
“Borrowers”).
RECITALS
Borrowers and Bank are parties to
that certain Loan and Security Agreement dated as of April 12,
2004, as amended from time to time, including but not limited to
that certain First Amendment to Loan and Security Agreement dated
as of March 9, 2005, that certain Second Amendment to Loan and
Security Agreement dated as of June 13, 2006, that certain
Third Amendment to Loan and Security Agreement dated as of
January 11, 2007, that certain Fourth Amendment to Loan and
Security Agreement dated as of March 12, 2007, that certain
Fifth Amendment to Loan and Security Agreement dated as of
October 1, 2007, that certain Sixth Amendment to Loan and
Security Agreement dated as of March 9, 2008, that certain
Seventh Amendment to Loan and Security Agreement dated as of
June 12, 2008, that certain Eighth Amendment to Loan and
Security Agreement dated as of October 3, 2008 and that
certain Ninth Amendment to Loan and Security Agreement dated as of
May 1, 2009 (collectively, the “Agreement”).
The parties desire to amend the Agreement in accordance with the
terms of this Amendment.
NOW, THEREFORE, the parties agree as
follows:
1.
Section 6.12 of the Agreement
hereby is amended and restated in its entirety to read as
follows:
“6.12 Accounts .
Subject to Section 6.8 hereof, Borrowers may maintain accounts
at financial institutions outside of Bank, provided that such
accounts are subject to account control agreements
