EX-10.3
Grand Canyon Education, Inc.
Exhibit 10.3
**Security Agreement **
This SECURITY AGREEMENT (this “Agreement”) is dated as of September 28, 2026, is made by GRAND CANYON EDUCATION, INC., a Delaware corporation (“Borrower”), ORBIS EDUCATION SERVICES, LLC, a Delaware limited liability company (“Orbis” and, together with Borrower, individually and collectively, “Debtor”), to ZIONS BANCORPORATION, N.A. DBA NATIONAL BANK OF ARIZONA as Administrative Agent for the benefit of the secured parties to the Credit Agreement (in such capacity, “Administrative Agent”). Administrative Agent and each Debtor hereby agree as follows:
RECITALS
WHEREAS, Debtor is indebted to Secured Parties pursuant to the Credit Agreement dated as of even date herewith by and among Debtor, Administrative Agent, and the other Lenders from time-to-time party thereto (as amended, restated, supplemented, extended or renewed from time to time, the “Credit Agreement”) and the other Loan Documents.
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