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                                                                       Exhibit 1

                               2,100,000 Shares

                         CAREER EDUCATION CORPORATION

                         Common Stock, $.01 par value

                            UNDERWRITING AGREEMENT


Credit Suisse First Boston Corporation
Chase Securities Inc.
Salomon Smith Barney Inc.
 As Representatives of the Several Underwriters,
  c/o Credit Suisse First Boston Corporation
       Eleven Madison Avenue
         New York, N.Y. 10010-3629

Ladies and Gentlemen:

     1. Introductory. Career Education Corporation, a Delaware corporation (the
"Company"), proposes to issue and sell 1,500,000 shares of its Common Stock,
$.01 par value (the "Securities"), and the stockholders listed in Schedule A
hereto (the "Selling Stockholders") propose severally to sell an aggregate of
600,000 outstanding shares of the Securities (such 2,100,000 shares of
Securities being hereinafter referred to as the "Firm Securities"). The Company
also proposes to sell to the Underwriters, at the option of the Underwriters, an
aggregate of not more than 315,000 additional shares of its Securities (such
315,000 additional shares being hereinafter referred to as the "Optional
Securities"). The Firm Securities and the Optional Securities are herein
collectively called the "Offered Securities." The Company and the Selling
Stockholders hereby agree with the several Underwriters named in Schedule B
hereto (the "Underwriters") as follows:

     2. Representations and Warranties of the Company and the Selling
Stockholders. (a) The Company represents and warrants to, and agrees with, the
several Underwriters that:

          (i) A registration statement (No. 333-_____) relating to the Offered
     Securities, including a form of prospectus, has been filed with the
     Securities and Exchange Commission (the "Commission") and either (A) has
     been declared effective under the Securities Act of 1933, as amended (the
     "Act"), and is not proposed to be amended or (B) is proposed to be amended
     by amendment or post-effective amendment. If such registration statement
     (the "initial registration statement") has been declared effective,
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     either (A) an additional registration statement (the "additional
     registration statement") relating to the Offered Securities may have been
     filed with the Commission pursuant to Rule 462(b) ("Rule 462(b)") under the
     Act and, if so filed, has become effective upon filing pursuant to Rule
     462(b), and the Offered Securities all have been duly registered under the
     Act pursuant to the initial registration statement and, if applicable, the
     additional registration statement, or (B) such an additional registration
     statement is proposed to be filed with the Commission pursuant to Rule
     462(b) and will become effective upon filing pursuant to Rule 462(b) and,
     upon such filing, the Offered Securities will all have been duly registered
     under the Act pursuant to the initial registration statement and such
     additional registration statement. If the Company does not propose to amend
     the initial registration statement or if an additional registration
     statement has been filed and the Company does not propose to amend it, and
     if any post-effective amendment to either such registration statement has
     been filed with the Commission prior to the execution and delivery of this
     Agreement, the most recent amendment (if any) to each such registration
     statement has been declared effective by the Commission or has become
     effective upon filing pursuant to Rule 462(c) ("Rule 462(c)") under the Act
     or, in the case of the additional registration statement, Rule 462(b). For
     purposes of this Agreement, "Effective Time" with respect to the initial
     registration statement or, if filed prior to the execution and delivery of
     this Agreement, the additional registration statement means (A) if the
     Company has advised the Representatives that it does not propose to amend
     such registration statement, the date and time as of which such
     registration statement, or the most recent post-effective amendment thereto
     (if any) filed prior to the execution and delivery of this Agreement, was
     declared effective by the Commission or has become effective upon filing
     pursuant to Rule 462(c), or (B) if the Company has advised the
     Representatives that it proposes to file an amendment or post-effective
     amendment to such registration statement, the date and time as of which
     such registration statement, as amended by such amendment or post-effective
     amendment, as the case may be, is declared effective by the Commission. If
     an additional registration statement has not been filed prior to the
     execution and delivery of this Agreement but the Company has advised the
     Representatives that it proposes to file one, Effective Time with respect
     to such additional registration statement means the date and time as of
     which such registration statement is filed and becomes effective pursuant
     to Rule 462(b). "Effective Date" with respect to the initial registration
     statement or the additional registration statement (if any) means the date
     of the Effective Time thereof. The initial registration statement, as
     amended at its Effective Time, including all material incorporated by
     reference therein and all information contained in the additional
     registration statement (if any) and deemed to be a part of the initial
     registration statement as of the Effective Time of the additional
     registration statement pursuant to the General Instructions of the Form on
     which it is filed and including all information (if any) deemed to be a
     part of the initial registration statement as of its Effective Time
     pursuant to Rule 430A(b) ("Rule 430A(b)") under the Act, is hereinafter
     referred to as the "Initial Registration Statement." The additional
     registration statement, as amended at its Effective Time, including the
     contents of the initial registration statement incorporated by reference
     therein and including all information (if any) deemed to be a part of the
     additional registration statement as of its Effective Time pursuant to Rule
     430A(b), is hereinafter referred to as the "Additional Registration
     Statement." The Initial Registration Statement and the Additional

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     Registration Statement are hereinafter referred to collectively as the
     "Registration Statements" and individually as a "Registration Statement."
     The form of prospectus relating to the Offered Securities, as first filed
     with the Commission pursuant to and in accordance with Rule 424(b) ("Rule
     424(b)") under the Act or (if no such filing is required) as included in a
     Registration Statement, including all material incorporated by reference in
     such prospectus, is hereinafter referred to as the "Prospectus." No
     document has been or will be prepared or distributed in reliance on Rule
     434 under the Act.

     (ii) (A) If the Effective Time of the Initial Registration Statement is
     prior to the execution and delivery of this Agreement: (1) on the Effective
     Date of the Initial Registration Statement, the Initial Registration
     Statement conformed in all material respects to the requirements of the Act
     and the rules and regulations of the Commission (the "Rules and
     Regulations") and did not include any untrue statement of a material fact
     or omit to state any material fact required to be stated therein or
     necessary to make the statements therein not misleading, (2) on the
     Effective Date of the Additional Registration Statement (if any), each
     Registration Statement conformed or will conform, in all material respects
     to the requirements of the Act and the Rules and Regulations and did not
     include, or will not include, any untrue statement of a material fact and
     did not omit, or will not omit, to state any material fact required to be
     stated therein or necessary to make the statements therein not misleading,
     and (3) on the date of this Agreement, each of the Initial Registration
     Statement and, if the Effective Time of the Additional Registration
     Statement is prior to the execution and delivery of this Agreement, the
     Additional Registration Statement conforms, and at the time of filing of
     the Prospectus pursuant to Rule 424(b) or (if no such filing is required)
     at the Effective Date of the Additional Registration Statement in which the
     Prospectus is included, each Registration Statement and the Prospectus will
     conform, in all material respects to the requirements of the Act and the
     Rules and Regulations, and none of such documents includes, or will
     include, any untrue statement of a material fact or omits, or will omit, to
     state any material fact required to be stated therein or necessary to make
     the statements therein not misleading.

               (B) If the Effective Time of the Initial Registration Statement
     is subsequent to the execution and delivery of this Agreement, on the
     Effective Date of the Initial Registration Statement, the Initial
     Registration Statement and the Prospectus will conform in all material
     respects to the requirements of the Act and the Rules and Regulations,
     neither of such documents will include any untrue statement of a material
     fact or will omit to state any material fact required to be stated therein
     or necessary to make the statements therein not misleading, and no
     Additional Registration Statement has been or will be filed. The two
     preceding sentences do not apply to statements in or omissions from a
     Registration Statement or the Prospectus based upon written information
     furnished to the Company by any Selling Stockholder or by any Underwriter
     through the Representatives specifically for use therein, it being
     understood and agreed that the only such information furnished by any
     Selling Stockholder is that described as such in Section 7(b) hereof and
     the only such information furnished by any Underwriter is that described as
     such in Section 7(c) hereof.

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          (iii) The Company has been duly incorporated and is an existing
     corporation in good standing under the laws of the State of Delaware, with
     corporate power and authority to own its properties and conduct its
     business as described in the Prospectus; and the Company is duly qualified
     to do business as a foreign corporation in good standing in all other
     jurisdictions in which its ownership or lease of property or the conduct of
     its business requires such qualification, except for failures to be so
     qualified and in good standing that, individually or in the aggregate, do
     not have, and are reasonably likely not to have, a material adverse effect
     on the condition (financial or other), business, properties or results of
     operations of the Company and its subsidiaries, taken as a whole (a
     "Material Adverse Effect").

          (iv) Each of the subsidiaries of the Company listed in Schedule C
     hereto (the "Material Subsidiaries") has been duly incorporated and is an
     existing corporation in good standing under the laws of the jurisdiction of
     its incorporation, with corporate power and authority to own its properties
     and conduct its business as described in the Prospectus; and each Material
     Subsidiary of the Company is duly qualified to do business as a foreign
     corporation in good standing in all other jurisdictions in which its
     ownership or lease of property or the conduct of its business requires such
     qualification, except for failures to be so qualified or in good standing
     that, individually or in the aggregate, do not have, and are reasonably
     likely not to have, a Material Adverse Effect; all of the issued and
     outstanding capital stock of each Material Subsidiary of the Company has
     been duly authorized and validly issued and is fully paid and
     nonassessable; and the capital stock of each Material Subsidiary is owned
     by the Company, directly or through subsidiaries, free from any mortgage,
     pledge, lien, security interest, claim, encumbrance or other defect of any
     kind, except any of the foregoing that has been or will be granted under
     the Credit Agreement dated as of October 26, 1998, as amended (as described
     in the Prospectus); and, there are no rights granted to or in favor of any
     third party (whether acting in an individual, fiduciary or other capacity)
     other than the Company to acquire such capital stock, any additional
     capital stock or any other securities of any such Material Subsidiary.

          (v) The Offered Securities to be sold by the Selling Stockholders and
     all other outstanding shares of capital stock of the Company have been duly
     authorized and are validly issued, fully paid and nonassessable and have
     been issued in compliance with applicable federal and state securities
     laws. The Offered Securities to be sold by the Company have been duly
     authorized and will be, when issued and paid for in accordance with this
     Agreement, validly issued, fully paid and nonassessable, and no further
     approval or authorization of the stockholders or the Board of Directors of
     the Company is or will be required for the issuance and sale of the Offered
     Securities as contemplated by this Agreement on each Closing Date (as
     defined below). The Offered Securities to be sold by the Selling
     Stockholders conform and the Offered Securities to be sold by the Company
     will conform to the descriptions thereof contained in the Prospectus under
     the captions "Capitalization" and "Description of Capital Stock" and on
     each Closing Date the stockholders of the Company will have no preemptive
     or similar rights with respect to the Offered Securities or any other
     securities of the Company.

          (vi) Except as described in the Prospectus, there are no contracts,
     agreements or understandings between the Company and any person that would
     give rise to a valid claim

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     against the Company or any Underwriter for a brokerage commission, finder's
     fee or other like payment in connection with this Agreement.

          (vii) Except as described in the Prospectus, there are no contracts,
     agreements or understandings between the Company and any person granting
     such person the right to require the Company to file a registration
     statement under the Act with respect to any securities of the Company owned
     or to be owned by such person or to require the Company to include such
     securities in the securities registered pursuant to a Registration
     Statement or in any securities being registered pursuant to any other
     registration statement filed by the Company under the Act.

          (viii) The Securities have been approved for listing, subject to
     notice of issuance, on The Nasdaq National Market.

          (ix) Except as described in the Prospectus, no consent, approval,
     authorization or order of, or filing with, any governmental agency or body
     or any court is required to be obtained or made by the Company for the
     consummation of the transactions contemplated by this Agreement, except
     such as have been, or will be, obtained or made on or prior to the First
     Closing Date (as defined below).

          (x) The execution, delivery and performance by the Company of this
     Agreement and the consummation by the Company of the transactions
     contemplated herein have been duly authorized by all necessary corporate
     action on the part of the Company and, to the extent required, its
     stockholders and do not and will not conflict with or result in a breach or
     violation of any of the terms and provisions of, and do not and will not
     constitute a default (or an event which with the giving of notice or the
     lapse of time or both would constitute a default) under, and do not and
     will not result in the creation or imposition of any lien, charge or
     encumbrance upon any assets, properties or operations of the Company or any
     of its subsidiaries (including any individual institution within such
     entity ("subsidiaries")) under, (A) the charter, by-laws or other
     organizational documents of the Company or any such subsidiary, (B) except
     as described in the Prospectus, any statute, rule, regulation, requirement,
     order or decree of any governmental, regulatory or accrediting agency or
     body or any court having jurisdiction over the Company or any such
     subsidiary or any of their properties, assets or operations, including,
     without limitation, The Higher Education Act of 1965, as amended, and the
     regulations promulgated thereunder (the "HEA"), or (C) any indenture,
     mortgage, loan or credit agreement, note, lease, permit, license or other
     agreement or instrument to which the Company or any such subsidiary is a
     party or by which the Company or any such subsidiary is bound or to which
     any of the properties, assets or operations of the Company or any such
     subsidiary is subject, except, in each case, for such conflicts, breaches,
     violations, defaults, liens, charges or encumbrances that, individually or
     in the aggregate, do not have, and are reasonably likely not to have, a
     Material Adverse Effect or that, individually or in the aggregate, do not
     have, and are reasonably likely not to have, a material adverse effect on
     the ability of the Company to consummate the transactions contemplated by
     this Agreement and perform its obligations hereunder. The sale of the
     Offered Securities or consummation of the other transactions contemplated
     by this Agreement will not

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     constitute a change of ownership resulting in a "change of control" of the
     Company as defined in the HEA.

          (xi) This Agreement has been duly executed and delivered by the
     Company and constitutes the legal, valid and binding obligation of the
     Company enforceable against the Company in accordance with its terms,
     except to the extent that (A) enforceability may be limited by bankruptcy,
     insolvency, reorganization, receivership, moratorium or other similar laws
     relating to creditors' rights generally and by general principles of
     equity, whether applied by a court of law or equity, and (B) rights to
     indemnity and contribution may be limited by federal or state securities
     laws or policies underlying such laws.

          (xii) Except as described in the Prospectus, the Company and its
     Material Subsidiaries have good and marketable title to all real properties
     and all other material properties and assets owned by them, in each case
     free from any mortgage, pledge, lien, security interest, claim, encumbrance
     or other defect of any kind, except any of the foregoing that do not have,
     and are reasonably likely not to have, a Material Adverse Effect; and,
     except as described in the Prospectus, the Company and its Material
     Subsidiaries hold any leased real or material personal property under valid
     and enforceable leases with no exceptions other than any exceptions that do
     not have, and are reasonably likely not to have, a Material Adverse Effect.

          (xiii) Except as described in the Prospectus, the Company and its
     subsidiaries possess all accreditations, approvals, authorizations,
     certificates, permits and licenses (collectively, "Licenses") issued by
     appropriate governmental, regulatory or accrediting agencies or bodies,
     including, without limitation, all authorizations required for
     participation in federal aid programs under Title IV of the HEA ("Title IV
     Programs"), as are necessary to own, lease or operate their properties and
     to conduct the business now operated by them and all such Licenses are in
     full force and effect, except for failures to possess any such Licenses or
     failures of any such Licenses to be in full force and effect that,
     individually or in the aggregate, do not have, and are reasonably likely
     not to have, a Material Adverse Effect; the Company and its subsidiaries
     are in compliance with their respective obligations under such Licenses,
     subject to such qualifications as are described in the Prospectus; and,
     except as described in the Prospectus, neither the Company nor any of its
     subsidiaries has received written notice of any proceedings, investigations
     or inquiries (or has knowledge of any facts that could form a reasonable
     basis for any proceedings, investigations or inquiries) relating to the
     revocation, modification, termination or suspension of any such License,
     except for any such revocations, modifications, terminations or suspensions
     that, individually or in the aggregate, do not have, and are reasonably
     likely not to have, a Material Adverse Effect.

          (xiv) No labor dispute with the employees of the Company or any
     subsidiary exists or, to the knowledge of the Company, is imminent that is
     reasonably likely to have a Material Adverse Effect.

          (xv) The Company and its subsidiaries own, possess or can acquire on
     reasonable terms, adequate trademarks, trade names and other rights to
     inventions, know-how, patents, copyrights, confidential information and
     other intellectual property (collectively,

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     "intellectual property rights") necessary to conduct the business now
     operated by them, or currently employed by them, and have not received any
     notice of infringement of or conflict with asserted rights of others with
     respect to any intellectual property rights that, if determined adversely
     to the Company or any of its subsidiaries, individually or in the
     aggregate, would be reasonably likely to have a Material Adverse Effect.

          (xvi) Except as described in the Prospectus, neither the Company nor
     any of its subsidiaries is in violation of any statute, rule, regulation,
     decision or order of any governmental agency or body or any court, domestic
     or foreign, relating to the use, disposal or release of hazardous or toxic
     substances or relating to the protection or restoration of the environment
     or human exposure to hazardous or toxic substances (collectively,
     "environmental laws"), owns or operates any real property contaminated with
     any substance that is subject to any environmental laws, is liable for any
     off-site disposal or contamination pursuant to any environmental laws, or
     is subject to any claim relating to any environmental laws, which
     violation, contamination, liability or claim, individually or in the
     aggregate has, or is reasonably likely to have, a Material Adverse Effect;
     and the Company is not aware of any pending investigation that is
     reasonably likely to lead to such a claim.

          (xvii) Except as described in the Prospectus, there are no pending
     actions, suits or proceedings against or affecting the Company, any of its
     subsidiaries or any of their respective properties that, if determined
     adversely to the Company or any of its subsidiaries, individually or in the
     aggregate, would be reasonably likely to have a Material Adverse Effect or
     would materially and adversely affect the ability of the Company to perform
     its obligations under this Agreement or which are otherwise material in the
     context of the sale of the Offered Securities; and no such actions, suits
     or proceedings are, to the Company's knowledge, threatened.

          (xviii) The financial statements included in each Registration
     Statement and the Prospectus present fairly the financial position of the
     entities covered thereby as of the dates shown and their results of
     operations and cash flows for the periods shown, and such financial
     statements have been prepared in conformity with the generally accepted
     accounting principles in the United States of America applied on a
     consistent basis (except, with respect to unaudited interim financial
     statements, as otherwise described in the Prospectus); any financial
     statement schedules included in each Registration Statement present fairly
     the information required to be stated therein; and the assumptions used in
     preparing the pro forma financial information included in each Registration
     Statement and the Prospectus provide a reasonable basis for presenting the
     significant effects directly attributable to the transactions or events
     described therein, the related pro forma adjustments give appropriate
     effect to those assumptions and the pro forma columns therein reflect the
     proper application of those adjustments to the corresponding historical
     financial statement amounts.

          (xix) Except as described in the Prospectus, since the date of the
     latest financial statements of the Company included in the Prospectus there
     has been no material adverse change, nor any development or event involving
     a prospective material adverse change, in the condition (financial or
     other), business, properties or results of operations of the

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     Company and its subsidiaries taken as a whole, and, except as described in
     or contemplated by the Prospectus, there has been no dividend or
     distribution of any kind declared, paid or made by the Company on any class
     of its capital stock.

          (xx) Except as described in the Prospectus, there are no outstanding
     (A) securities or obligations of the Company convertible into or
     exchangeable for any capital stock of the Company, (B) warrants, rights or
     options to subscribe for or purchase from the Company any such capital
     stock or any such convertible or exchangeable securities or obligations or
     (C) obligations of the Company to issue any such capital stock, convertible
     or exchangeable securities or obligations, or warrants, rights or
     obligations.

          (xxi) The Company and its Material Subsidiaries maintain a system of
     internal accounting controls sufficient in all material respects for
     purposes of the prevention or detection of errors or irregularities in
     amounts that could be expected to be material to the Company's consolidated
     financial statements and the recording of transactions so as to permit the
     preparation of such consolidated financial statements in conformity with
     generally accepted accounting principles.

          (xxii) Neither the Company nor any of its Material Subsidiaries is in
     violation of (A) its charter, by-laws or other organizational documents or
     (B) except as described in the Prospectus, any statute, rule, regulation,
     requirement, order, decree or judgment of any governmental, regulatory or
     accrediting agency or body or any court having jurisdiction over the
     Company or any such Material Subsidiary; and no event of default (or event
     which with the giving of notice or the lapse of time, or both, would
     constitute an event of defaults) exists under any indenture, mortgage, loan
     or credit agreement, note, lease, permit, license or other agreement or
     instrument to which the Company or any such subsidiary is a party or by
     which the Company or any such Material Subsidiary is bound or to which any
     of the properties, assets or operations of the Company or any such
     subsidiary is subject, except, in each case, for violations or events of
     default that, individually or in the aggregate, do not have, and are
     reasonably likely not to have, a Material Adverse Effect.

          (xxiii) The Company and its Material Subsidiaries carry or are
     entitled to the benefits of insurance in such amounts and covering such
     risks as the Company believes are generally maintained by companies of
     established repute engaged in the same or a similar business, and all such
     insurance is in full force and effect.

          (xxiv) The Company has not taken and will not take, directly or
     indirectly, any action designed to or that could cause or result in the
     stabilization or manipulation of the price of the Offered Securities to
     facilitate the sale or resale of the Offered Securities.

          (xxv) The Company is not and, after giving effect to the offering and
     sale of the Offered Securities and the application of the proceeds
     therefrom as described in the Prospectus, will not be an "investment
     company" as defined in the Investment Company Act of 1940, as amended.

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     (b) Each Selling Stockholder severally represents and warrants to, and
agrees with, the several Underwriters that:

          (i) Such Selling Stockholder has, and on the Closing Date hereinafter
     mentioned will have, good and clear title to the Offered Securities to be
     delivered by such Selling Stockholder on such Offered Closing Date and full
     right, power and authority to enter into this Agreement and to sell,
     assign, transfer and deliver the Offered Securities to be delivered by such
     Selling Stockholder on such Closing Date hereunder; and upon the delivery
     of and payment for the Offered Securities on each Closing Date hereunder
     the several Underwriters will acquire good and clear title to the Offered
     Securities to be delivered by such Selling Stockholder on such Closing
     Date.

          (ii) If the Effective Time of the Initial Registration Statement is
     prior to the execution and delivery of this Agreement: (A) on the Effective
     Date of the Initial Registration Statement, the information in the Initial
     Registration Statement under the caption "Selling Stockholders" which
     specifically relates to such Selling Stockholder (the "Selling Stockholder
     Information") did not include any untrue statement of a material fact or
     omit to state any material fact required to be stated therein or necessary
     to make the statements therein not misleading, (B) on the Effective Date of
     the Additional Registration Statement (if any), the Selling Stockholder
     Information in each Registration Statement did not include, or will not
     include, any untrue statement of a material fact and did not omit, or will
     not omit, to state any material fact required to be stated therein or
     necessary to make the statements therein not misleading, and (C) on the
     date of this Agreement, the Selling Stockholder Information in each of the
     Initial Registration Statement, and, if the Effective Time of the
     Additional Registration Statement is prior to the execution and delivery of
     this Agreement, the Additional Registration Statement, does not include, or
     will not include, any untrue statement of a material fact or omit, or will
     not omit, to state any material fact required to be stated therein or
     necessary to make the statements therein not misleading. If the Effective
     Time of the Initial Registration Statement is subsequent to the execution
     and delivery of this Agreement, then on the Effective Date of the Initial
     Registration Statement, the Selling Stockholder Information in the Initial
     Registration Statement and the Prospectus will not include any untrue
     statement of a material fact and will not omit to state any material fact
     required to be stated therein or necessary to make the statements therein
     not misleading.

          (iii) This Agreement has been duly authorized, executed and delivered
     by or on behalf of such Selling Stockholder and constitutes the legal,
     valid and binding obligation of such Selling Stockholder enforceable
     against such Selling Stockholder in accordance with its terms, except to
     the extent that (A) enforceability may be limited by bankruptcy,
     insolvency, reorganization, receivership, moratorium or other similar laws
     relating to creditors' rights generally and by general principles of
     equity, whether applied by a court of law or equity, and (B) rights to
     indemnity and contribution may be limited by federal and state securities
     laws or policies underlying such laws.

          (iv) Except as described in the Prospectus, no consent, approval,
     authorization or order of, filing with, any governmental agency or body or
     any court is required to be obtained or made for the consummation by such
     Selling Stockholder of the transactions

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     contemplated by this Agreement, except such as have been, or will be,
     obtained or made on or prior to the First Closing Date.

          (v) The execution, delivery and performance by such Selling
     Stockholder of the Power of Attorney, the Custody Agreement and this
     Agreement, the sale of the Offered Securities to be sold by such Selling
     Stockholder and the consummation by such Selling Stockholder of any of the
     other transactions herein and therein contemplated, do not and will not
     conflict with or result in a breach or violation of any of the terms and
     provisions of, or constitute or will constitute a default (or an event
     which with the giving of notice or the lapse of time or both would
     constitute a default) under, or result in the creation or imposition of any
     lien, charge or encumbrance upon the Offered Securities under (A) in the
     case of a corporate Selling Stockholder, the charter, by-laws or other
     organizational documents of such Selling Stockholder, (B) except as
     described in the Prospectus, any statute, rule, regulation, requirement,
     order or decree of any governmental or accrediting agency or body or any
     court having jurisdiction over such Selling Stockholder or any of its
     properties, assets or operations or (C) any indenture, mortgage, loan or
     credit agreement, note, lease, permit, license or other agreement or
     instrument to which such Selling Stockholder is a party or by which such
     Selling Stockholder is bound or to which any of the properties, assets or
     operations of such Selling Stockholder is subject, except, in each case,
     for such conflicts, breaches, violations, defaults, liens, charges and
     encumbrances that individually or in the aggregate, do not have, and are
     reasonably likely not to have, a material adverse effect on the ability of
     such Selling Stockholder to consummate the transactions contemplated by
     this Agreement, the Power of Attorney and the Custody Agreement or perform
     such Selling Stockholder's obligations hereunder and thereunder.

          (vi) The Power of Attorney and related Custody Agreement with respect
     to such Selling Stockholder has been duly authorized, executed and
     delivered by such Selling Stockholder and constitute valid and legally
     binding obligations of each such Selling Stockholder enforceable in
     accordance with their terms, subject to bankruptcy, insolvency, fraudulent
     transfer, reorganization, moratorium and similar law of general
     applicability relating to or affecting creditors' rights and to general
     equity principles.

          (vii) Except as described in the Prospectus, there are no contracts,
     agreements or understandings between such Selling Stockholder and any third
     party that would give rise to a valid claim against such Selling
     Stockholder or any Underwriter for a brokerage commission, finder's fee or
     other like payment in connection with the transactions contemplated by this
     Agreement.

          (viii) Such Selling Stockholder has not taken and will not take,
     directly or indirectly, any action designed to or that could cause or
     result in the stabilization or manipulation of the price of the Offered
     Securities to facilitate the sale or resale of the Offered Securities.

     3. Purchase, Sale and Delivery of Offered Securities. On the basis of the
representations, warranties and agreements herein contained, but subject to the
terms and conditions herein set forth, the Company and each Selling Stockholder
agree, severally and not jointly, to sell to the

                                      -10-
<PAGE>

Underwriters, and each Underwriter agrees, severally and not jointly, to
purchase from the Company and each Selling Stockholder, at a purchase price of
$_______ per share, that number of Firm Securities (rounded up or down as
determined by Credit Suisse First Boston Corporation ("CSFBC") in its
discretion, in order to avoid fractions) obtained by multiplying 1,500,000 Firm
Securities (in the case of the Company) and the number of Firm Securities set
forth opposite the name of such Selling Stockholder in Schedule A hereto (in the
case of a Selling Stockholder) in each case by a fraction the numerator of which
is the number of Firm Securities set forth opposite the name of such Underwriter
in Schedule B hereto and the denominator of which is the total number of Firm
Securities.

     Certificates in negotiable form for the Offered Securities to be sold by
the Selling Stockholders hereunder have been placed in custody, for delivery
pursuant to this Agreement, under Custody Agreements made with [Harris Trust and
Savings Bank,] as custodian ("Custodian"). Each Selling Stockholder agrees that
the shares represented by the certificates held in custody for such Selling
Stockholders under such Custody Agreements are subject to the interests of the
Underwriters hereunder, that the arrangements made by the Selling Stockholders
for such custody are, to that extent, irrevocable, and that the obligations of
the Selling Stockholders hereunder shall not be terminated by operation of law,
whether by the death of any individual Selling Stockholder or the occurrence of
any other event, or, in the case of a trust, by the death of any trustee or
trustees or the termination of such trust. If any individual Selling Stockholder
or any such trustee or trustees should die, or if any other such event should
occur, or if any of such trusts should terminate, before the delivery of the
Offered Securities to be sold by such Selling Stockholder hereunder,
certificates for such Offered Securities shall be delivered by the Custodian in
accordance with the terms and conditions of this Agreement as if such death or
other event or termination had not occurred, regardless of whether or not the
Custodian shall have received notice of such death or other event of
termination.

     The Company and the Custodian will deliver the Firm Securities to the
Representatives for the accounts of the Underwriters against payment of the
purchase price in Federal (same day) funds by official bank check or checks or
wire transfer to an account at a bank designated by the Company and the Selling
Stockholders and reasonably acceptable to CSFBC drawn to the order of the
Company in the case of the Firm Securities sold by the Company and to each
Selling Stockholder in the case of the Firm Securities sold by such Selling
Stockholder at the office of Katten Muchin & Zavis, at ____ A.M., New York time,
on __________, 2000 or at such other time not later than seven full business
days thereafter as CSFBC, the Company and the Custodian determine (such time
being herein referred to as the "First Closing Date"). For purposes of Rule
15c6-1 under the Securities Exchange Act of 1934, as amended (the "Exchange
Act"), the First Closing Date (if later than the otherwise applicable settlement
date) shall be the settlement date for payment of funds and delivery of
securities for all the Offered Securities sold pursuant to this Agreement. The
certificates for the Firm Securities so to be delivered will be in definitive
form, in such denominations and registered in such names as CSFBC requests and
will be made available for checking and packaging at the office of CSFBC, Eleven
Madison Avenue, New York, New York 10010, at least 24 hours prior to the First
Closing Date.

     In addition, upon written notice from CSFBC given to the Company from time
to time not more than 30 days subsequent to the date of the Prospectus, the
Underwriters may purchase all or less than all of the Optional Securities at the
purchase price per share to be paid for the Firm

                                      -11-
<PAGE>

Securities. The Company agrees to sell to the Underwriters the number of
Optional Securities specified in such notice and the Underwriters agree,
severally and not jointly, to purchase such Optional Securities. Such Optional
Securities shall be purchased for the account of each Underwriter in the same
proportion as the number of Firm Securities set forth opposite such
Underwriter's name bears to the total number of Firm Securities (subject to
adjustment by CSFBC to eliminate fractions) and may be purchased by the
Underwriters only for the purpose of covering over-allotments made in connection
with the sale of the Firm Securities. No Optional Securities shall be sold or
delivered unless the Firm Securities previously have been, or simultaneously
are, sold and delivered. The right to purchase the Optional Securities or any
portion thereof may be exercised from time to time and to the extent not
previously exercised may be surrendered and terminated at any time upon notice
by CSFBC to the Company.

     Each time for the delivery of and payment for the Optional Securities,
being herein referred to as an "Optional Closing Date," which may be the First
Closing Date (the First Closing Date and each Optional Closing Date, if any,
being sometimes referred to as a "Closing Date"), shall be determined by CSFBC
but shall be not later than five full business days after written notice of
election to purchase Optional Securities is given. The Company will deliver the
Optional Securities being purchased on each Optional Closing Date to the
Representatives for the accounts of the several Underwriters against payment of
the purchase price therefor in Federal (same day) funds by official bank check
or checks or wire transfer to an account at a bank acceptable to CSFBC drawn to
the order of the Company. The certificates for the Optional Securities being
purchased on each Optional Closing Date will be in definitive form, in such
denominations and registered in such names as CSFBC requests upon reasonable
notice prior to such Optional Closing Date and will be made available for
checking and packaging at the office of CSFBC, Eleven Madison Avenue, New York,
New York 10010, at a reasonable time in advance of such Optional Closing Date.

     4. Offering by Underwriters. It is understood that the several Underwriters
propose to offer the Offered Securities for sale to the public as set forth in
the Prospectus.

     5. Certain Agreements of the Company and the Selling Stockholders. The
Company agrees with the several Underwriters and the Selling Stockholders and,
with respect to clauses (j) and (k) below, each Selling Stockholder agrees with
the Company and the several Underwriters that:

          (a) If the Effective Time of the Initial Registration Statement is
     prior to the execution and delivery of this Agreement, the Company will
     file the Prospectus with the Commission pursuant to and in accordance with
     subparagraph (1) (or, if applicable and if consented to by CSFBC,
     subparagraph (4)) of Rule 424(b) not later than the earlier of (A) the
     second business day following the execution and delivery of this Agreement
     or (B) the 15th business day after the Effective Date of the Initial
     Registration Statement. The Company will advise CSFBC promptly of any such
     filing pursuant to Rule 424(b). If the Effective Time of the Initial
     Registration Statement is prior to the execution and delivery of this
     Agreement and an additional registration statement is necessary to register
     a portion of the Offered Securities under the Act but the Effective Time
     thereof has not occurred as of such execution and delivery, the Company
     will file the additional registration statement or, if filed, will file a
     post-effective amendment thereto with the

                                      -12-
<PAGE>

     Commission pursuant to and in accordance with Rule 462(b) on or prior to
     10:00 P.M., New York time, on the date of this Agreement or, if earlier, on
     or prior to the time the Prospectus is printed and distributed to any
     Underwriter, or will make such filing at such later date as shall have been
     consented to by CSFBC.

          (b) The Company will advise CSFBC promptly of any proposal to amend or
     supplement the initial or any additional registration statement as filed or
     the related prospectus or the Initial Registration Statement, the
     Additional Registration Statement (if any) or the Prospectus and will not
     effect such amendment or supplementation without CSFBC's consent, which
     consent shall not be unreasonably withheld; and the Company will also
     advise CSFBC promptly of the effectiveness of each Registration Statement
     (if its Effective Time is subsequent to the execution and delivery of this
     Agreement) and of any amendment or supplementation of a Registration
     Statement or the Prospectus and of the institution by the Commission of any
     stop order proceedings in respect of a Registration Statement and will use
     its best efforts to prevent the issuance of any such stop order and to
     obtain as soon as possible its lifting, if issued.

          (c) If, at any time when a prospectus relating to the Offered
     Securities is required to be delivered under the Act in connection with
     sales by any Underwriter or dealer, any event occurs as a result of which
     the Prospectus as then amended or supplemented would include an untrue
     statement of a material fact or omit to state any material fact necessary
     to make the statements therein, in the light of the circumstances under
     which they were made, not misleading, or if it is necessary at any time to
     amend the Prospectus to comply with the Act, the Company will promptly
     notify CSFBC of such event and will promptly prepare and file with the
     Commission, at its own expense, an amendment or supplement that will
     correct such statement or omission or an amendment which will effect such
     compliance. Neither CSFBC's consent to, nor the Underwriters' delivery of,
     any such amendment or supplement shall constitute a waiver of any of the
     conditions set forth in Section 6 hereof.

          (d) As soon as practicable, but not later than the Availability Date
     (as defined below), the Company will make generally available to its
     security holders an earnings statement covering a period of at least 12
     months beginning after the Effective Date of the Initial Registration
     Statement (or, if later, the Effective Date of the Additional Registration
     Statement) that will satisfy the provisions of Section 11(a) of the Act.
     For the purpose of the preceding sentence, "Availability Date" means the
     45th day after the end of the fourth fiscal quarter following the fiscal
     quarter that includes such Effective Date, except that, if such fourth
     fiscal quarter is the last quarter of the Company's fiscal year,
     "Availability Date" means the 90th day after the end of such fourth fiscal
     quarter.

          (e) The Company will furnish to the Representatives copies of each
     Registration Statement (three of which will be signed and will include all
     exhibits), each related preliminary prospectus and, so long as a prospectus
     relating to the Offered Securities is required to be delivered under the
     Act in connection with sales by any Underwriter or dealer, the Prospectus
     and all amendments and supplements to such documents, in each case in such
     quantities as CSFBC reasonably requests. The Prospectus shall be so
     furnished on or prior to 3:00 P.M., New York time, on the business day
     following the later

                                      -13-
<PAGE>

     of the execution and delivery of this Agreement or the Effective Time of
     the Initial Registration Statement. All other such documents shall be so
     furnished as soon as available. The Company will pay the expenses of
     printing and distributing to the Underwriters all such documents.

          (f) The Company will arrange for the qualification of the Offered
     Securities for sale under the laws of such jurisdictions as CSFBC
     designates and will continue such qualifications in effect so long as
     required for the distribution; provided, that the Company shall not be
     required to file a general consent to service of process or qualify to do
     business in any jurisdiction in which it is not so qualified.

          (g) During the period of five years hereafter, the Company will
     furnish to the Representatives and, upon request, to each of the other
     Underwriters, as soon as practicable after the end of each fiscal year, a
     copy of its annual report to stockholders for such year; and the Company
     will furnish to the Representatives (i) as soon as available, a copy of
     each report and any definitive proxy statement of the Company filed with
     the Commission under the Exchange Act or mailed to stockholders, and (ii)
     from time to time, such other information concerning the Company as CSFBC
     may reasonably request.

          (h) For a period of 90 days after the date of the initial public
     offering of the Offered Securities, the Company will not offer, sell,
     contract to sell, pledge or otherwise dispose of, directly or indirectly,
     or file with the Commission a registration statement under the Act relating
     to, any additional shares of its Securities or securities convertible into
     or exchangeable or exercisable for any shares of its Securities, or
     publicly disclose the intention to make any such offer, sale, pledge,
     disposition or filing, without the prior written consent of CSFBC, except
     issuances of Securities pursuant to the conversion or exchange of
     convertible or exchangeable securities or the exercise of warrants or
     options, in each case outstanding on the date hereof, or grants of employee
     or director stock options pursuant to the terms of a plan in effect on the
     date hereof or issuances of Securities pursuant to the exercise of such
     options.

          (i) The Company and each Selling Stockholder agree with the several
     Underwriters that the Company will pay all expenses incident to the
     performance of the obligations of the Company and such Selling Stockholder,
     as the case may be, under this Agreement, for any filing fees and other
     expenses (including fees and disbursements of counsel to the Company) in
     connection with qualification of the Offered Securities for sale under the
     laws of such jurisdictions as CSFBC designates and the printing of
     memoranda relating thereto, for the filing fee incident to, the review by
     the National Association of Securities Dealers, Inc. (the "NASD") of the
     Offered Securities, for any travel expenses of the Company's officers and
     employees and any other expenses of the Company in connection with
     attending or hosting meetings with prospective purchasers of the Offered
     Securities and for expenses incurred in distributing preliminary
     prospectuses and the Prospectus (including any amendments and supplements
     thereto) to the Underwriters. Each Selling Stockholder will reimburse the
     Underwriters (if and to the extent incurred by them) for any transfer taxes
     on the sale by such Selling Stockholder of the Offered Securities to the
     Underwriters.

                                      -14-
<PAGE>

          (j) Each Selling Stockholder agrees to deliver to CSFBC, attention:
     Transactions Advisory Group, on or prior to the First Closing Date, if any,
     a properly completed and executed United States Treasury Department Form W-
     9 (or other applicable form or statement specified by Treasury Department
     regulations in lieu thereof).

          (k) Each Selling Stockholder agrees, for a period of 90 days after the
     date of the initial public offering of the Offered Securities, not to
     offer, sell, contract to sell, pledge or otherwise dispose of, directly or
     indirectly, any additional shares of the Securities of the Company or
     securities convertible into or exchangeable or exercisable for any shares
     of Securities, enter into a transaction which would have the same effect,
     or enter into any swap, hedge or other arrangement that transfers, in whole
     or in part, any of the economic consequences of ownership of the
     Securities, whether any such aforementioned transaction is to be settled by
     delivery of the Securities or such other securities, in cash or otherwise,
     or publicly disclose the intention to make any such offer, sale, pledge or
     disposition, or enter into any such transaction, swap, hedge or other
     arrangement, without, in each case, the prior written consent of CSFBC.

     6. Conditions of the Obligations of the Underwriters. The obligations of
the several Underwriters to purchase and pay for the Firm Securities on the
First Closing Date and the Optional Securities to be purchased on each Optional
Closing Date will be subject to the accuracy of the representations and
warranties on the part of the Company and the Selling Stockholders herein, to
the accuracy of the statements of Company officers made pursuant to the
provisions hereof, to the performance by the Company and the Selling
Stockholders of their obligations hereunder and to the following additional
conditions precedent:

          (a) The Representatives shall have received a letter, dated the date
     of delivery thereof (which, if the Effective Time of the Initial
     Registration Statement is prior to the execution and delivery of this
     Agreement, shall be on or prior to the date of this Agreement or, if the
     Effective Time of the Initial Registration Statement is subsequent to the
     execution and delivery of this Agreement, shall be prior to the filing of
     the amendment or post-effective amendment to the registration statement to
     be filed shortly prior to such Effective Time), of Arthur Andersen LLP
     confirming that they are independent public accountants with respect to the
     Company within the meaning of the Act and the applicable Rules and
     Regulations thereunder and stating substantially to the effect that:

               (i) in their opinion the financial statements and schedule of the
          Company audited by them and included in the Registration Statements
          comply as to form in all material respects with the applicable
          accounting requirements of the Act and the related published Rules and
          Regulations;

               (ii) they have performed the procedures specified by the American
          Institute of Certified Public Accountants for a review of interim
          financial information as described in Statement of Auditing Standards
          No. 71, Interim Financial Information, on the unaudited financial
          statements included in the Registration Statements;

               (iii) on the basis of the review referred to in clause (ii) above
          and a reading of the latest available interim financial statements of
          the Company, inquiries of

                                      -15-
<PAGE>

          officials of the Company who have responsibility for financial and
          accounting matters and other specified procedures, nothing came to
          their attention that caused them to believe that:

                    (A) the unaudited financial statements included in the
               Registration Statements do not comply as to form in all material
               respects with the applicable accounting requirements of the Act
               and the related published Rules and Regulations or any material
               modifications should be made to such unaudited financial
               statements for them to be in conformity with generally accepted
               accounting principles;

                    (B) at the date of the latest available balance sheet read
               by such accountants, and at a subsequent specified date not more
               than three business days prior to the date of this Agreement,
               there was any decrease in stockholders' investment or change in
               the capital stock or any increase in total current liabilities or
               long term debt of the Company and its consolidated subsidiaries
               or any decrease in consolidated total current assets or total
               assets as compared with amounts shown on the latest balance sheet
               included in the Prospectus; or

                    (C) for the period from the closing date of the latest
               income statement included in the Prospectus to the closing date
               of the latest available income statement read by such accountants
               and at a subsequent specified date not more than three business
               days prior to the date of this Agreement, there were any
               decreases, as compared with the corresponding period of the
               previous year, in consolidated total net revenue or income from
               operations of the Company or in the total or per share amounts of
               consolidated total net income of the Company;

          except in all cases set forth in clauses (B) and (C) above for
          changes, increases or decreases which the Prospectus discloses have
          occurred or may occur or which are described in such letter;

               (iv) they have read any unaudited pro forma information included
          in the Prospectus, inquired of certain officials of the Company who
          have responsibility for financial and accounting matters about the
          basis for their determination of the pro forma adjustments and whether
          such unaudited pro forma financial information complies as to form in
          all material respects with the applicable requirements of Rule 11-02
          of Regulation S-X under the Act; and proved the arithmetic accuracy of
          the application of the pro forma adjustments to the historical amounts
          in the unaudited pro forma financial information;

               (v) on the basis of the procedures specified in clause (iv)
          above, nothing came to their attention that caused them to believe
          that the unaudited pro forma financial information referred to in
          clause (iv) above does not comply as to form in all material respects
          with the applicable accounting requirements of Rule 11-02 of
          Regulation S-X under the Act and that the pro forma adjustments have
          not been

                                      -16-
<PAGE>

          properly applied to the historical amounts in the compilation of that
          information; and

               (vi) they have compared specified dollar amounts (or percentages
          derived from such dollar amounts) and other financial information
          contained in the Registration Statements (in each case to the extent
          that such dollar amounts, percentages and other financial information
          are derived from the general accounting records of the Company and its
          subsidiaries subject to the internal controls of the Company's
          accounting system or are derived directly from such records by
          analysis or computation) with the results obtained from inquiries, a
          reading of such general accounting records and other procedures
          specified in such letter and have found such dollar amounts,
          percentages and other financial information to be in agreement with
          such results, except as otherwise specified in such letter.

          For purposes of this subsection, (i) if the Effective Time of the
     Initial Registration Statements is subsequent to the execution and delivery
     of this Agreement, "Registration Statements" shall mean the initial
     registration statement as proposed to be amended by the amendment or post-
     effective amendment to be filed shortly prior to its Effective Time, (ii)
     if the Effective Time of the Initial Registration Statements is prior to
     the execution and delivery of this Agreement but the Effective Time of the
     Additional Registration Statement is subsequent to such execution and
     delivery, "Registration Statements" shall mean the Initial Registration
     Statement and the additional registration statement as proposed to be filed
     or as proposed to be amended by the post-effective amendment to be filed
     shortly prior to its Effective Time, and (iii) "Prospectus" shall mean the
     prospectus included in the Registration Statements. All financial
     statements and schedules indicated in material incorporated by reference
     into the Prospectus shall be deemed included in the Registration Statements
     for purposes of this subsection.

          (b)  If the Effective Time of the Initial Registration Statement is
     not prior to the execution and delivery of this Agreement, such Effective
     Time shall have occurred not later than 10:00 P.M., New York time, on the
     date of this Agreement or such later date as shall have been consented to
     by CSFBC. If the Effective Time of the Additional Registration Statement
     (if any) is not prior to the execution and delivery of this Agreement, such
     Effective Time shall have occurred not later than 10:00 P.M., New York
     time, on the date of this Agreement or, if earlier, the time the Prospectus
     is printed and distributed to any Underwriter, or shall have occurred at
     such later date as shall have been consented to by CSFBC. If the Effective
     Time of the Initial Registration Statement is prior to the execution and
     delivery of this Agreement, the Prospectus shall have been filed with the
     Commission in accordance with the Rules and Regulations and Section 5(a)
     hereof. Prior to such Closing Date, no stop order suspending the
     effectiveness of a Registration Statement shall have been issued and no
     proceedings for that purpose shall have been instituted or, to the
     knowledge of the Company or the Representatives, shall be threatened by the
     Commission.

          (c)  Subsequent to the execution and delivery of this Agreement, there
     shall not have occurred (i) any change, or any development or event
     involving a prospective

                                     -17-
<PAGE>

     change, in the condition (financial or other), business, properties or
     results of operations of the Company or its subsidiaries, taken as a whole,
     which, in the judgment of a majority in interest of the Underwriters
     (including the Representatives), is material and adverse and makes it
     impractical or inadvisable to proceed with completion of the public
     offering or the sale of and payment for the Offered Securities; (ii) any
     suspension or limitation of trading in securities generally on the New York
     Stock Exchange, or any setting of minimum prices for trading on such
     exchange, or any suspension of trading of any securities of the Company on
     any exchange or in the over-the-counter market; (iii) any banking
     moratorium declared by U.S. Federal or New York authorities; or (iv) any
     outbreak or escalation of major hostilities in which the United States of
     America is involved, any declaration of war by Congress or any other
     substantial national or international calamity or emergency if, in the
     judgment of a majority in interest of the Underwriters (including the
     Representatives), the effect of any such outbreak, escalation, declaration,
     calamity or emergency makes it impractical or inadvisable to proceed with
     completion of the public offering or the sale of and payment for the
     Offered Securities.

          (d)  The Representatives shall have received an opinion, dated such
     Closing Date, of Katten Muchin & Zavis, counsel for the Company, to the
     effect that:

               (i)  The Company has been duly incorporated and is an existing
          corporation in good standing under the laws of the State of Delaware,
          with corporate power and authority to own its properties and conduct
          its business as described in the Prospectus; and the Company is
          qualified to do business as a foreign corporation in good standing in
          each jurisdiction listed in Schedule D hereto;

               (ii)  The Offered Securities to be sold by the Selling
          Stockholders on such Closing Date and all other outstanding shares of
          capital stock of the Company have been duly authorized and are validly
          issued, fully paid and nonassessable. The Offered Securities to be
          sold by the Company have been duly authorized and will be, when issued
          and paid for in accordance with this Agreement, validly issued, fully
          paid and nonassessable. The Offered Securities conform in all material
          respects to the descriptions thereof contained in the Prospectus under
          the captions "Capitalization" and "Description of Capital Stock;"

               (iii)  No consent, approval, authorization or order of, or filing
          with, any governmental agency or body or any court is required to be
          obtained or made by the Company for the consummation of the
          transactions contemplated by this Agreement, other than as required
          under state securities laws or as have been obtained or made under the
          Act (it being understood that such counsel need express no opinion as
          to the matters described in Section 6(f)(ii), as to which Dow, Lohnes
          & Albertson, PLLC, is providing an opinion to the Underwriters, or
          Section 6(g)(ii), as to which Fraser Milner is providing an opinion to
          the Underwriters);

               (iv)  The execution, delivery and performance by the Company of
          this Agreement and the consummation by the Company of the transactions
          herein contemplated have been duly authorized by all necessary
          corporate action on the

                                     -18-
<PAGE>

          part of the Company and, to the extent required, its stockholders and
          do not result in a breach or violation of any of the terms and
          provisions of, and do not constitute a default (or an event which with
          the giving of notice or the lapse of time or both would constitute a
          default) under, and do not result in the creation or imposition of any
          lien, charge or encumbrance upon any assets, properties or operations
          of the Company or any of its Material Subsidiaries under, (A) the
          charter, by-laws or other organizational documents of the Company or
          any such Material Subsidiary, (B) to the knowledge of such counsel,
          any statute, rule, regulation, requirement, order or decree of any
          governmental or regulatory agency or body or any court having
          jurisdiction over the Company or any such Material Subsidiary or any
          of their properties, assets or operations or (C) to the knowledge of
          such counsel, any indenture, mortgage, loan or credit agreement, note,
          lease, permit, license or other agreement or instrument that is
          material to the Company and the Material Subsidiaries, taken as a
          whole, and to which the Company or such Material Subsidiary is a party
          or by which the Company or any such Material Subsidiary is bound or to
          which any of the properties, assets or operations of the Company or
          any such Material Subsidiary is subject (it being understood that, in
          the case of clause (B) above, such counsel need express no opinion as
          to the matters described in Section 6(f)(iii), as to which Dow, Lohnes
          & Albertson, PLLC, is providing an opinion to the Underwriters, or
          Section 6(g)(iii), as to which Fraser Milner is providing an opinion
          to the Underwriters);

               (v)  The Initial Registration Statement was declared effective
          under the Act as of the date and time specified in such opinion, the
          Additional Registration Statement (if any) was filed and became
          effective under the Act as of the date and time (if determinable)
          specified in such opinion, the Prospectus either was filed with the
          Commission pursuant to the subparagraph of Rule 424(b) specified in
          such opinion on the date specified therein or was included in the
          Initial Registration Statement or the Additional Registration
          Statement (as the case may be), and, to the knowledge of such counsel,
          no stop order suspending the effectiveness of a Registration Statement
          or any part thereof has been issued and no proceedings for that
          purpose have been instituted or are pending or threatened under the
          Act, and each Registration Statement and the Prospectus, and each
          amendment or supplement thereto, as of their respective effective or
          issue dates, complied as to form in all material respects with the
          requirements of the Act and the Rules and Regulations; the
          descriptions in the Registration Statements and Prospectus of
          statutes, legal and governmental proceedings and contracts and other
          documents are accurate and fairly present the information required to
          be shown (it being understood that such counsel need express no
          opinion as to the matters described in Section 6(f)(i), as to which
          Dow, Lohnes & Albertson, PLLC, is providing an opinion to the
          Underwriters, or Section 6(g)(i), as to which Fraser Milner is
          providing an opinion to the Underwriters); and

               (vi)  This Agreement has been duly executed and delivered by the
          Company and is enforceable against the Company in accordance with its
          terms, except to the extent that (A) enforceability may be limited by
          bankruptcy, insolvency, reorganization, receivership, moratorium or
          other similar laws relating

                                     -19-
<PAGE>

          to creditors' rights generally and by general principles of equity,
          whether applied by a court of law or equity, and (B) rights to
          indemnity and contribution may be limited by federal and state
          securities laws or policies underlying such laws.

               In addition, such counsel shall state that (A) except as
          described in the Prospectus, to the knowledge of such counsel, there
          are no contracts or agreements between the Company and any person
          granting such person the right to require the Company to file a
          registration statement under the Act with respect to any securities of
          the Company owned or to be owned by such person or to require the
          Company to include such securities in the securities registered
          pursuant to the Registration Statement or in any securities being
          registered pursuant to any other registration statement filed by the
          Company under the Act; (B) such counsel do not know of any legal or
          governmental proceedings required to be described in a Registration
          Statement or the Prospectus which are not described as required or of
          any contracts or documents of a character required to be described in
          a Registration Statement or the Prospectus or to be filed as exhibits
          to a Registration Statement which are not described and filed as
          required; (C) except as described in the Prospectus, to the knowledge
          of such counsel, there are no pending or threatened actions, suits,
          proceedings or investigations against or affecting the Company or any
          of its subsidiaries or any of their respective properties, assets or
          operations that, if determined adversely to the Company or any of its
          subsidiaries, individually or in the aggregate, would be reasonably
          likely to have, a Material Adverse Effect or would be reasonably
          likely to materially and adversely affect the ability of the Company
          to perform its obligations under this Agreement; and (D) they have no
          reason to believe that any part of a Registration Statement or any
          amendment thereto, as of its effective date or as of such Closing
          Date, contained any untrue statement of a material fact or omitted to
          state any material fact required to be stated therein or necessary to
          make the statements therein not misleading; or that the Prospectus or
          any amendment or supplement thereto, as of its issue date or as of
          such Closing Date, contained any untrue statement of a material fact
          or omitted to state any material fact necessary in order to make the
          statements therein, the light of the circumstances under which they
          were made, not misleading (it being understood that for purposes of
          this subparagraph such counsel need express no opinion as to the
          financial statements and schedules and other financial and accounting
          data contained in the Registration Statements or the Prospectus or as
          to any matters described in Section 6(f), as to which Dow, Lohnes &
          Albertson, PLLC, is providing an opinion to the Underwriters, or
          Section 6(g), as to which Fraser Milner is providing an opinion to the
          Underwriters).

     In rendering such opinion, such counsel may rely as to matters governed by
the laws of jurisdictions other than the laws of jurisdictions in which such
counsel is admitted to practice and the federal laws of the United States of
America and, to the extent deemed appropriate by such counsel, as to other
matters upon the opinions of counsel reasonably satisfactory to the
Representatives and counsel for the Underwriters.

          (e)  The Representatives shall have received opinions, dated such
     Closing Date, of counsel for the Selling Stockholders satisfactory to the
     Representatives, to the effect that:

                                     -20-
<PAGE>

               (i)  Immediately prior to the delivery of the Offered Securities
          being sold by such Selling Stockholder, such Selling Stockholder was
          the sole registered owner of the Offered Securities and has legal
          right and power, or, in the case of a corporate Selling Stockholder,
          corporate power and authority, to enter into this Agreement and to
          sell, assign, transfer and deliver the Offered Securities delivered by
          such Selling Stockholder on such Closing Date; and, upon payment for
          such Offered Securities, delivery to the Underwriters by such Selling
          Stockholder of such Offered Securities and registration of such
          Offered Securities in the names of the Underwriters or their nominees,
          assuming the Underwriters have purchased such Offered Securities for
          value, in good faith and without notice of any adverse claim as
          defined in Section 8-105 of the Uniform Commercial Code, the
          Underwriters will have acquired all the rights of such Selling
          Stockholder in such Offered Securities free of any adverse claim, any
          lien in favor of the Company and any restrictions on transfer imposed
          by the Company;

               (ii)  This Agreement, the Power of Attorney and Custody Agreement
          have been duly authorized, executed and delivered by or on behalf of
          such Selling Stockholder and constitutes the legal, valid and binding
          obligations of such Selling Stockholder enforceable against such
          Selling Stockholder in accordance with their respective terms, except
          to the extent that (A) enforceability may be limited by bankruptcy,
          insolvency, reorganization, receivership, moratorium or other similar
          laws relating to creditors' rights generally and by general principles
          of equity, whether applied by a court of law or equity, and (B) rights
          to indemnity and contribution may be limited by federal and state
          securities laws or policies underlying such laws;

               (iii)  No consent, approval, authorization, order of or filing
          with, any governmental agency or body or any court is required to be
          obtained or made by such Selling Stockholder for the consummation by
          such Selling Stockholder of the transactions contemplated by this
          Agreement (it being understood that such counsel need express no
          opinion as to the matters described in Section 6(f)(ii), as to which
          Dow, Lohnes & Albertson, PLLC, is providing an opinion to the
          Underwriters, or Section 6(g)(ii), as to which Fraser Milner is
          providing an opinion to the Underwriters); and

               (iv)  The execution, delivery and performance by such Selling
          Stockholder of the Power of Attorney, the Custody Agreement and this
          Agreement and the consummation of the transactions contemplated herein
          and therein by such Selling Stockholder do not result in a breach or
          violation of any of the terms and provisions of, and do not constitute
          a default (or an event which with the giving of notice or the lapse of
          time or both would constitute a default) under, or result in the
          creation or imposition of any lien, charge or encumbrance upon the
          Offered Securities being sold by such Selling Stockholder under (A) in
          the case of a corporate Selling Stockholder, the charter, by-laws or
          other organizational documents of such Selling Stockholder, (B) to the
          knowledge of such counsel, any statute, rule, regulation, requirement,
          order or decree of any governmental or regulatory agency or body, or
          any court having jurisdiction over such Selling

                                     -21-
<PAGE>

          Stockholder or any of its properties, assets or operations or (C) to
          the knowledge of such counsel, any indenture, mortgage, loan or credit
          agreement, note, lease, permit, license or other agreement or
          instrument to which such Selling Stockholder is a party or by which
          such Selling Stockholder is bound or to which any of the properties,
          assets or operations of such Selling Stockholder is subject, except,
          in each case, for such breaches, violations, defaults, liens, charges
          and encumbrances which could not, individually or in the aggregate,
          have a material adverse effect on the ability of such Selling
          Stockholder to consummate the transactions contemplated by this
          Agreement, the Power of Attorney and the Custody Agreement or perform
          such Selling Stockholder's obligations hereunder and thereunder (it
          being understood that, in the case of clause (B) above, such counsel
          need express no opinion as to the matters described in Section
          6(f)(iii), as to which Dow, Lohnes & Albertson, PLLC, is providing an
          opinion to the Underwriters, or Section 6(g)(iii), as to which Fraser
          Milner is providing an opinion to the Underwriters).

          (f)  The Representatives shall have received from Dow, Lohnes &
     Albertson, PLLC, special United States regulatory counsel to the Company,
     such opinion or opinions, dated as of such Closing Date, to the effect
     that:

               (i)  The statements contained in the Prospectus under the
          captions "Risk Factors -- Failure to Comply with Extensive Regulations
          Could Have a Material Adverse Effect on our Business" and the
          statements incorporated by reference into the Prospectus from the
          Company's Annual Report on Form 10-K for the year ended December 31,
          1999 (the "Form 10-K") under the caption "Financial Aid and
          Regulation" to the extent related to educational regulatory matters
          other than Canadian educational regulatory matters, insofar as such
          statements constitute a summary of legal matters, documents or
          proceedings with respect to the operation of postsecondary educational
          institutions and the offering of programs of postsecondary education
          in the United States of America (collectively, "U.S. Regulatory
          Matters"), are accurate in all material respects;

               (ii)  Except as disclosed in the Prospectus, no consent,
          approval, authorization, order, registration or qualification of, or
          filing with, the U.S. Department of Education under Title IV of the
          HEA or any state education agency under any similar state statute
          governing the authorization to operate postsecondary educational
          institutions is required for the consummation of the transactions
          contemplated by this Agreement in connection with the issuance and
          sale of the Offered Securities;

               (iii)  To the knowledge of such counsel, except as disclosed in
          the Prospectus, the execution, delivery and performance by the Company
          of this Agreement and the consummation of the transactions
          contemplated herein in connection with the issuance and sale of the
          Offered Securities do not result in a breach or violation of (A) Title
          IV of the HEA; (B) any rule, regulation or requirement of the U.S.
          Department of Education promulgated under Title IV of

                                     -22-
<PAGE>

          the HEA; or (C) any similar state statute governing the authorization
          to operate postsecondary educational institutions, except for any such
          breaches or violations that, individually or in the aggregate, do not
          have, and are reasonably likely not to have, a Material Adverse
          Effect;

               (iv)  The consummation of the transactions contemplated by this
          Agreement in connection with the issuance and sale of the Offered
          Securities will not constitute a change of ownership resulting in a
          "change of control" as defined in the HEA; and

               (v)  To the knowledge of such counsel, except as disclosed in the
          Prospectus, the Company and its subsidiaries have all necessary
          Licenses required for the Company and such subsidiaries to participate
          in the Title IV Programs as described in the Registration Statements
          and the Prospectus, except for any failures to possess any such
          Licenses that, individually or in the aggregate, do not have, and are
          not reasonably likely to have, a Material Adverse Effect.

               Such counsel shall also describe the extent to which they have
          participated in the preparation of those portions of the Registration
          Statements and the Prospectus relating to U.S. Regulatory Matters and
          state that nothing has come to their attention in the course of such
          participation to cause them to believe that the information relating
          to U.S. Regulatory Matters contained in any Registration Statement or
          any amendment thereto (and specifically excluding the financial
          statements and schedules and other financial and accounting data), as
          of its effective date or as of such Closing Date, contained any untrue
          statement of a material fact or omitted to state any material fact
          required to be stated therein or necessary to make the statements
          therein not misleading, or that any such information contained in the
          Prospectus or any amendment or supplement thereto, as of its issue
          date or as of such Closing Date, contained any untrue statement of a
          material fact or omitted to state a material fact required to be
          stated therein or necessary in order to make the statements therein,
          in the light of the circumstances under which they were made, not
          misleading.

          (g)  The Representatives shall have received an opinion, dated such
     Closing Date, of Fraser Milner, special Canadian regulatory counsel for the
     Company, to the effect that:

               (i)  The statements contained in the Prospectus under the caption
          "Risk Factors -- Failure to comply with extensive Canadian regulations
          could affect the ability of our Canadian schools to participate in
          Canadian financial aid programs" and the statements incorporated by
          reference into the Prospectus from the Form 10-K under the caption
          "Financial Aid and Regulation - Canadian Regulation" (collectively,
          the "Canadian Captions"), in each case, only to the extent related to
          legislation, regulations and other legal requirements applicable
          specifically to the regulation of private vocational schools and
          student financial assistance programs thereat in the Province of
          Ontario and the regulation of private educational institutions and
          student financial assistance programs thereat in the Province of
          Quebec (collectively, "Canadian Educational Regulatory Matters"),
          insofar as such

                                     -23-
<PAGE>

          statements constitute a summary of Canadian Educational Regulatory
          Matters are, accurate in all material respects;

               (ii)  Except as described in the Prospectus, no prior consent,
          approval, authorization, order, registration or qualification of, or
          filing with, any governmental or regulatory agency or body under any
          legislation or regulation related to Canadian Educational Regulatory
          Matters ("Canadian Educational Legislation") is required for the
          consummation of the transactions contemplated by this Agreement; and

               (iii)  The execution, delivery and performance by the Company of
          this Agreement and the consummation of the transactions contemplated
          herein do not result in a breach or violation of Canadian Educational
          Legislation, except for any such breaches or violations that,
          individually or in the aggregate, do not have, and are reasonably
          likely not to have, a Material Adverse Effect.

               Such counsel shall also state that they have no reason to believe
          that any statements relating to Canadian Educational Regulatory
          Matters contained in any Registration Statement or any amendment
          thereto under the Canadian Captions, as of its effective date or as of
          such Closing Date, contained any untrue statement of a material fact
          or omitted to state any material fact required to be stated therein or
          necessary to make the statements therein not misleading, or that any
          statements relating to Canadian Educational Regulatory Matters
          contained in the Prospectus or any amendment or supplement thereto
          under the Canadian Captions, as of its issue date or as of such
          Closing Date, contained any untrue statement of a material fact or
          omitted to state a material fact required to be stated therein or
          necessary in order to make the statements therein, in the light of the
          circumstances under which they were made, not misleading.

     In rendering such opinion, such counsel may rely as to matters governed by
the laws of jurisdictions other than the laws of jurisdictions in which such
counsel is admitted to practice and the federal laws of the United States of
America upon the opinions of counsel reasonably satisfactory to the
Representatives and counsel for the Underwriters. Further, Fraser Milner may
qualify its opinion in such manner as counsel for the Underwriters may agree.

          (h)  The Company shall have delivered to the Representatives
     agreements of the executive officers and directors of the Company and the
     Selling Stockholders to the effect that, for a period of 90 days after the
     date of the initial public offering of the Offered Securities, such persons
     will not offer, sell, contract to sell, pledge or otherwise dispose of,
     directly or indirectly, any additional shares of the Securities of the
     Company or securities convertible into or exchangeable or exercisable for
     any shares of Securities, enter into a transaction which would have the
     same effect, or enter into any swap, hedge or other arrangement that
     transfers, in whole or in part, any of the economic consequences of
     ownership of the Securities, whether any such aforementioned transaction is
     to be settled by delivery of the Securities or such other securities, in
     cash or otherwise, or publicly disclose the intention to make any such
     offer, sale, pledge or disposition, or enter into any such

                                     -24-
<PAGE>

     transaction, swap, hedge or other arrangement, without, in each case, the
     prior written consent of CSFBC.

          (i)  The Representatives shall have received from Sidley & Austin,
     counsel for the Underwriters, such opinion or opinions, dated such Closing
     Date, with respect to the incorporation of the Company, the validity of the
     Offered Securities delivered on such Closing Date, the Registration
     Statements, the Prospectus and other related matters as the Representatives
     may require, and the Selling Stockholders and the Company shall have
     furnished to such counsel such documents as they reasonably request for the
     purpose of enabling them to pass upon such matters.

          (j)  The Representatives shall have received a certificate of the
     Company, dated such Closing Date, executed on behalf of the Company by the
     President or any Vice President and a principal financial or accounting
     officer of the Company after their reasonable investigation, to the effect
     that: the representations and warranties of the Company in this Agreement
     are true and correct; the Company has complied with all agreements and
     satisfied all conditions on its part to be performed or satisfied hereunder
     at or prior to such Closing Date; no stop order suspending the
     effectiveness of any Registration Statement has been issued and no
     proceedings for that purpose have been instituted or are, to the knowledge
     of such officers, threatened by the Commission; the Additional Registration
     Statement (if any) satisfying the requirements of subparagraphs (1) and (3)
     of Rule 462(b) was filed pursuant to Rule 462(b), including payment of the
     applicable filing fee in accordance with Rule 111(a) or (b) under the Act,
     prior to the time the Prospectus was printed and distributed to any
     Underwriter; and, subsequent to the date of the most recent financial
     statements in the Prospectus, there has been no material adverse change,
     nor any development or event involving a prospective material adverse
     change, in the condition (financial or other), business, properties or
     results of operations of the Company and its subsidiaries taken as a whole,
     except as set forth in or contemplated by the Prospectus or as described in
     such certificate.

          (k)  The Representatives shall have received a certificate, dated such
     Closing Date, of each Selling Stockholder, which, in the case of a
     corporate Selling Stockholder, shall be executed on behalf of such Selling
     Stockholder by a senior executive officer of such Selling Stockholder,
     after reasonable investigation, to the effect that: the representations and
     warranties of such Selling Stockholder in this Agreement are true and
     correct and such Selling Stockholder has complied with all agreements and
     satisfied all conditions on its part to be performed or satisfied hereunder
     at or prior to such Closing Date.

          (l)  The Representatives shall have received a letter, dated such
     Closing Date, of Arthur Andersen LLP, which meets the requirements of
     subsection (a) of this Section, except that the specified date referred to
     in such subsection will be a date not more than three business days prior
     to such Closing Date for the purposes of this subsection.

          (m)  The Representatives shall have received copies of the certificate
     of incorporation or other equivalent document of each Material Subsidiary
     listed in Schedule E hereto, certified as of a date within fifteen days
     prior to the Closing Date by the secretary of state or other equivalent
     governmental official of the jurisdiction of

                                     -25-
<PAGE>

     incorporation of such Material Subsidiary and certificates of appropriate
     governmental officials as to the good standing of such Material Subsidiary
     under the laws of the jurisdiction of its incorporation and as to the
     qualification of each Material Subsidiary to do business as a foreign
     corporation in good standing in each jurisdiction listed opposite its name
     in Schedule E hereto.

          (n)  The Representatives shall have received such other opinions,
     certificates, letters and other documents from or on behalf of the Company
     or the Selling Stockholders as the Representatives shall reasonably
     request.

     The Selling Stockholders and the Company will furnish the Representatives
with such conformed copies of such opinions, certificates, letters and documents
as the Representatives reasonably request. CSFBC may in its sole discretion
waive on behalf of the Underwriters compliance with any conditions to the
obligations of the Underwriters hereunder, whether in respect of an Optional
Closing Date or otherwise.

     7.  Indemnification and Contribution. (a) The Company will indemnify and
hold harmless each Underwriter against any losses, claims, damages or
liabilities, joint or several, to which such Underwriter may become subject,
under the Act or otherwise, insofar as such losses, claims, damages or
liabilities (or actions in respect thereof) arise out of or are based upon any
untrue statement or alleged untrue statement of any material fact contained in
any Registration Statement, the Prospectus, or any amendment or supplement
thereto, or any related preliminary prospectus, or arise out of or are based
upon the omission or alleged omission to state therein a material fact required
to be stated therein or necessary to make the statements therein not misleading,
and will reimburse each Underwriter for any legal or other expenses reasonably
incurred by such Underwriter in connection with investigating or defending any
such loss, claim, damage, liability or action as such expenses are incurred;
provided, however, that the Company will not be liable in any such case to the
extent that any such loss, claim, damage or liability arises out of or is based
upon an untrue statement or alleged untrue statement in or omission or alleged
omission from any of such documents in reliance upon and in conformity with
written information furnished to the Company by any Selling Stockholder or by
any Underwriter through the Representatives specifically for use therein, it
being understood and agreed that the only such information furnished by any
Underwriter consists of the information described as such in subsection (c)
below; and provided, further, however, that the foregoing indemnity with respect
to any untrue statement or alleged untrue statement or omission or alleged
omission in any preliminary prospectus or the Prospectus shall not inure to the
benefit of any Underwriter (or to the benefit of any person controlling such
Underwriter) from whom the person asserting any such losses, claims, damages or
liabilities purchased the Offered Securities if a copy of the Prospectus or any
amendment or supplement thereto was not sent or given to such person at or prior
to the written confirmation of the sale of such Offered Securities to such
person if required by the Act and the Prospectus or any amendment or supplement
thereto would have cured the defect giving rise to such loss, claim, damage or
liability.

     (b)  Each Selling Stockholder will, severally and not jointly, indemnify
and hold harmless each Underwriter against any losses, claims, damages or
liabilities, to which such Underwriter may become subject, under the Act or
otherwise, insofar as such losses, claims, damages or liabilities (or actions in
respect thereof) arise out of or are based upon any untrue statement or

                                     -26-
<PAGE>

alleged untrue statement of any material fact contained in any Registration
Statement, the Prospectus, or any amendment or supplement thereto, or any
related preliminary prospectus, or arise out of or are based upon the omission
or alleged omission to state therein a material fact required to be stated
therein or necessary to make the statements therein not misleading, in each case
to the extent, but only to the extent, that such untrue statement or alleged
untrue statement was made in reliance upon and in conformity with written
information furnished to the Company or its representatives by or on behalf of
such Selling Stockholder specifically for use therein, and will reimburse each
Underwriter for any legal or other expenses reasonably incurred by such
Underwriter in connection with investigating or defending any such loss, claim,
damage, liability or action as such expenses are incurred, it being understood
and agreed that the only such information furnished by any Selling Stockholder
consists of the Selling Stockholder Information; provided, however, that the
liability of each Selling Stockholder pursuant to this subsection (b) is limited
to the proceeds received (less underwriting discounts and commissions) by such
Selling Stockholder, if any, from the sale of the Firm Securities; and provided,
further, however, that the foregoing indemnity with respect to any preliminary
prospectus shall not inure to the benefit of any Underwriter (or to the benefit
of any person controlling such Underwriter) from whom the person asserting any
such losses, claims, damages or liabilities purchased the Offered Securities if
a copy of the Prospectus was not sent or given to such person at or prior to the
written confirmation of the sale of such Offered Securities to such person if
required by the Act and the Prospectus would have cured the defect giving rise
to such loss, claim, damage or liability.

     (c)  Each Underwriter will severally and not jointly indemnify and hold
harmless the Company and each Selling Stockholder against any losses, claims,
damages or liabilities to which the Company or such Selling Stockholder may
become subject, under the Act or otherwise, insofar as such losses, claims,
damages or liabilities (or actions in respect thereof) arise out of or are based
upon any untrue statement or alleged untrue statement of any material fact
contained in any Registration Statement, the Prospectus, or any amendment or
supplement thereto, or any related preliminary prospectus, or arise out of or
are based upon the omission or the alleged omission to state therein a material
fact required to be stated therein or necessary to make the statements therein
not misleading, in each case to the extent, but only to the extent, that such
untrue statement or alleged untrue statement or omission or alleged omission was
made in reliance upon and in conformity with written information furnished to
the Company by such Underwriter through the Representatives specifically for use
therein, and will reimburse any legal or other expenses reasonably incurred by
the Company and each Selling Stockholder in connection with investigating or
defending any such loss, claim, damage, liability or action as such expenses are
incurred, it being understood and agreed that the only such information
furnished by any Underwriter consists of the following information in the
Prospectus furnished on behalf of each Underwriter: the penultimate paragraph of
the cover page concerning the terms of the offering by the Underwriters, the
list under the caption "Underwriting" setting forth the names of the
Underwriters and the number of Firm Securities to be purchased by each
Underwriter, the concession and reallowance figures appearing in the fourth
paragraph under the caption "Underwriting," the information responsive to
Regulation M under the Act contained in the ninth paragraph under the caption
"Underwriting" and the information contained under the caption "Notice to
Canadian Residents."

     (d)  Promptly after receipt by an indemnified party under this Section of
notice of the commencement of any action, such indemnified party will, if a
claim in respect thereof is to be

                                     -27-
<PAGE>

made against an indemnifying party under subsection (a), (b) or (c) above,
notify the indemnifying party of the commencement thereof; but the omission so
to notify the indemnifying party will not relieve it from any liability which it
may have to any indemnified party otherwise than under subsection (a), (b) or
(c) above. In case any such action is brought against any indemnified party and
it notifies an indemnifying party of the commencement thereof, the indemnifying
party will be entitled to participate therein and, to the extent that it may
wish, jointly with any other indemnifying party similarly notified, to assume
the defense thereof, with counsel reasonably satisfactory to such indemnified
party (who shall not, except with the consent of such indemnified party, be
counsel to the indemnifying party), and after notice from the indemnifying party
to such indemnified party of its election so to assume the defense thereof, the
indemnifying party will not be liable to such indemnified party under this
Section for any legal or other expenses subsequently incurred by such
indemnified party in connection with the defense thereof other than reasonable
costs of investigation. No indemnifying party shall, without the prior written
consent of the relevant indemnified party, effect any settlement of any pending
or threatened action in respect of which indemnified party is or could have been
a party and indemnity could have been sought hereunder by such indemnified party
unless such settlement includes an unconditional release of such indemnified
party from all liability on any claims that are the subject matter of such
action.

     (e)  If the indemnification provided for in this Section is unavailable or
insufficient to hold harmless an indemnified party under subsection (a), (b) or
(c) above, then each indemnifying party shall contribute to the amount paid or
payable by such indemnified party as a result of the losses, claims, damages or
liabilities referred to in subsection (a), (b) or (c) above (i) in such
proportion as is appropriate to reflect the relative benefits received by the
Company and the Selling Stockholders on the one hand and the Underwriters on the
other from the offering of the Securities or (ii) if the allocation provided by
clause (i) above is not permitted by applicable law, in such proportion as is
appropriate to reflect not only the relative benefits referred to in clause (i)
above but also the relative fault of the Company and the Selling Stockholders on
the one hand and the Underwriters on the other in connection with the statements
or omissions which resulted in such losses, claims, damages or liabilities as
well as any other relevant equitable considerations. The relative benefits
received by the Company and the Selling Stockholders on the one hand and the
Underwriters on the other shall be deemed to be in the same proportion as the
total net proceeds from the offering of the Securities (before deducting
expenses) received by the Company and the Selling Stockholders bear to the total
underwriting discounts and commissions received by the Underwriters. The
relative fault shall be determined by reference to, among other things, whether
the untrue or alleged untrue statement of a material fact or the omission or
alleged omission to state a material fact relates to information supplied by the
Company, the Selling Stockholders or the Underwriters and the parties' relative
intent, knowledge, access to information and opportunity to correct or prevent
such untrue statement or omission. The amount paid by an indemnified party as a
result of the losses, claims, damages or liabilities referred to in the first
sentence of this subsection (e) shall be deemed to include any legal or other
expenses reasonably incurred by such indemnified party in connection with
investigating or defending any action or claim which is the subject of this
subsection (e). Notwithstanding the provisions of this subsection (e), no
Underwriter shall be required to contribute any amount in excess of the amount
by which the total price at which the Securities underwritten by it and
distributed to the public were offered to the public exceeds the amount of any
damages which such Underwriter has otherwise been required to pay by reason of
such untrue or alleged untrue statement or omission

                                     -28-
<PAGE>

or alleged omission, and no Selling Stockholder shall be required to contribute
any amount in excess of the amount by which the proceeds received (less
underwriting discounts and commissions) by such Selling Stockholder, if any,
from the sale of the Offered Securities exceeds the amount of any damages which
such Selling Stockholder has otherwise been required to pay by reason of such
untrue or alleged untrue statement or omission or alleged omission. No person
guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of
the Act) shall be entitled to contribution from any person who was not guilty of
such fraudulent misrepresentation. The Underwriters' obligations in this
subsection (e) to contribute are several in proportion to their respective
underwriting obligations and not joint.

     (f)  The obligations of the Company and the Selling Stockholders under this
Section shall be in addition to any liability which the Company and the Selling
Stockholders may otherwise have and shall extend, upon the same terms and
conditions, to each person, if any, who controls any Underwriter within the
meaning of the Act; and the obligations of the Underwriters under this Section
shall be in addition to any liability which the respective Underwriters may
otherwise have and shall extend, upon the same terms and conditions, to each
director of the Company, to each officer of the Company who has signed a
Registration Statement and to each person, if any, who controls the Company
within the meaning of the Act.

     8.  Default of Underwriters.  If any Underwriter or Underwriters default in
their obligations to purchase Offered Securities hereunder on either the First
Closing Date or any Optional Closing Date and the aggregate number of shares of
Offered Securities that such defaulting Underwriter or Underwriters agreed but
failed to purchase does not exceed 10% of the total number of shares of Offered
Securities that the Underwriters are obligated to purchase on such Closing Date,
CSFBC may make arrangements satisfactory to the Company and the Selling
Stockholders for the purchase of such Offered Securities by other persons,
including any of the Underwriters, but if no such arrangements are made by such
Closing Date, the non-defaulting Underwriters shall be obligated severally, in
proportion to their respective commitments hereunder, to purchase the Offered
Securities that such defaulting Underwriters agreed but failed to purchase on
such Closing Date. If any Underwriter or Underwriters so default and the
aggregate number of shares of Offered Securities with respect to which such
default or defaults occur exceeds 10% of the total number of shares of Offered
Securities that the Underwriters are obligated to purchase on such Closing Date
and arrangements satisfactory to CSFBC, the Company and the Selling Stockholders
for the purchase of such Offered Securities by other persons are not made within
36 hours after such default, this Agreement will terminate without liability on
the part of any non-defaulting Underwriter, the Company or the Selling
Stockholders, except as provided in Section 9 (provided that if such default
occurs with respect to Optional Securities after the First Closing Date, this
Agreement will not terminate as to the Firm Securities or any Optional
Securities purchased prior to such termination). As used in this Agreement, the
term "Underwriter" includes any person substituted for an Underwriter under this
Section. Nothing herein will relieve a defaulting Underwriter from liability for
its default.

     9.  Survival of Certain Representations and Obligations. The respective
indemnities, agreements, representations, warranties and other statements of the
Selling Stockholders or their officers (if applicable), of the Company or its
officers and of the several Underwriters set forth in or made pursuant to this
Agreement will remain in full force and effect, regardless of any investigation,
or statement as to the results thereof, made by or on behalf of any Underwriter,
any

                                     -29-
<PAGE>

Selling Stockholder, the Company or any of their respective representatives,
officers or directors or any controlling person, and will survive delivery of
and payment for the Offered Securities. If this Agreement is terminated pursuant
to Section 8 or if for any reason the purchase of the Offered Securities by the
Underwriters is not consummated, the Company shall remain responsible for the
expenses to be paid or reimbursed by it pursuant to Section 5 and the respective
obligations of the Company, the Selling Stockholders and the Underwriters
pursuant to Section 7 shall remain in effect, and if any Offered Securities have
been purchased hereunder the representations and warranties in Section 2 and all
obligations under Section 5 shall also remain in effect; provided, however, that
the obligations of the Company in Sections 5 and 7 shall not affect any rights
of the Company against any defaulting Underwriter. If the purchase of the
Offered Securities by the Underwriters is not consummated for any reason other
than solely because of the termination of this Agreement pursuant to Section 8
or the occurrence of any event specified in clause (ii), (iii) or (iv) of
Section 6(c), the Company will reimburse the Underwriters for all out-of-pocket
expenses (including fees and disbursements of counsel) reasonably incurred by
them in connection with the offering of the Offered Securities.

     10.  Notices. All communications hereunder will be in writing and, if sent
to the Underwriters, will be mailed or delivered to the Representatives, c/o
Credit Suisse First Boston Corporation, Eleven Madison Avenue, New York, N.Y.
10010-3629, Attention: Investment Banking Department - Transactions Advisory
Group, or, if sent to the Company, will be mailed or delivered to it at 2800
West Higgins Road, Suite 790, Hoffman Estates, Illinois 60195, Attention: Chief
Financial Officer, or, if sent to the Selling Stockholders or any of them, will
be mailed or delivered to the addresses set forth in Schedule A hereto;
provided, however, that any notice to an Underwriter pursuant to Section 7 will
be mailed or delivered, telegraphed and confirmed to such Underwriter.

     11.  Successors. This Agreement will inure to the benefit of and be binding
upon the parties hereto and their respective personal representatives and
successors and the officers and directors and controlling persons referred to in
Section 7, and no other person will have any right or obligation hereunder.

     12.  Representation.  The Representatives will act for the several
Underwriters in connection with the transactions contemplated by this Agreement,
and any action under this Agreement taken by the Representatives jointly or by
CSFBC will be binding upon all the Underwriters. Messrs. Larson or Pesch will
act for the Selling Stockholders other than Heller Equity Capital Corporation
("Heller") in connection with such transactions, and any action under or in
respect of this Agreement taken by Messrs. Larson or Pesch will be binding upon
such Selling Stockholders. __________ will act for Heller in connection with
such transactions, and any action under or in respect of this Agreement taken by
_____________ will be binding upon Heller.

     13.  Counterparts.  This Agreement may be executed in any number of
counterparts, each of which shall be deemed to be an original, but all such
counterparts shall together constitute one and the same Agreement.

                                     -30-
<PAGE>

     14.  Applicable Law. This Agreement shall be governed by, and construed in
accordance with, the laws of the State of New York, without regard to principles
of conflict of laws.

     The Company hereby submits to the non-exclusive jurisdiction of the Federal
and state courts in the Borough of Manhattan in The City of New York in any suit
or proceeding arising out of or relating to this Agreement or the transactions
contemplated hereby.

                                     -31-
<PAGE>

     If the foregoing is in accordance with the Representatives' understanding
of our agreement, kindly sign and return to the Company one of the counterparts
hereof, whereupon it will become a binding agreement among the Selling
Stockholders, the Company and the several Underwriters in accordance with its
terms.

                                  Very truly yours,


                                  CAREER EDUCATION CORPORATION


                                  By:________________________________
                                     Patrick K. Pesch
                                     Senior Vice President and
                                     Chief Financial Officer

                                  SELLING STOCKHOLDERS


                                  By:_______________________________
                                     John M. Larson or Patrick K. Pesch
                                     As attorneys-in-fact acting on behalf of
                                     the Selling Stockholders

                                  HELLER EQUITY CAPITAL CORPORATION


                                  By:_______________________________
                                     Name:
                                     Title:

                                     -32-
<PAGE>

     The foregoing Underwriting Agreement is hereby confirmed and accepted as of
the date first above written.

     CREDIT SUISSE FIRST BOSTON CORPORATION
     CHASE SECURITIES INC.
     SALOMON SMITH BARNEY INC.

          Acting on behalf of themselves and as the Representatives of the
          several Underwriters.

          By:  CREDIT SUISSE FIRST BOSTON CORPORATION

          By:________________________
             Name:
             Title:

                                     -33-
