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Exhibit 10.2

        June 27, 2002

MSC.Software Corporation
Two MacArthur Place
Santa Ana, California 92707
Attention: Louis A. Greco

Re:Waiver ("Waiver") under the MSC.Software Corporation Revolving Credit and
Term Loan Agreement dated as of April 18, 2002 (the "Credit Agreement") among
MSC.Software Corporation (the "Company"), Mechanical Dynamics, Inc. ("MDI"),
successor by merger to MSC Acquisition II Corp., the Banks named therein and
Comerica Bank, as Agent for the Banks (the "Agent")

Ladies and Gentlemen:

        Reference is made to the Credit Agreement. Except as specifically
defined to the contrary herein, capitalized terms used in this Waiver shall have
the meanings given them in the Credit Agreement.

        1.    Pursuant to Section 7.11 of the Credit Agreement, the Borrowers
are required to maintain certain financial covenant levels. The Borrowers have
advised the Agent and the Banks that, for the reporting period ending March 31,
2002, the Borrowers did not maintain Minimum Consolidated EBITDA (Section 7.11)
at the required level.

        The Borrowers have requested that the Agent and the Banks waive the
default under the Credit Agreement which has resulted from their failure to
comply with Section 7.11 of the Credit Agreement for the reporting period ending
March 31, 2002.

        Based on the Agent's receipt of approval of the requisite Banks, and
subject to the terms and conditions of this Waiver, this letter will confirm
that the Banks waive the default under the Credit Agreement which has resulted
from the Borrowers' failure to comply with Section 7.11 of the Credit Agreement
for the applicable reporting period ending March 31, 2002, and that such waiver
will be given retroactive effect to March 31, 2002.

        2.    The Borrowers have informed the Banks that the Company has entered
into a secured financing arrangement with a third party, as more particularly
described in an email from Lou Greco to the Agent dated May 31, 2002, a copy of
which is attached hereto as Attachment 1 (as so described, the "Insurance
Premium Facility"). Pursuant to Sections 8.1 (Limitation on Debt) and 8.2
(Limitation on Liens) of the Credit Agreement, the Borrowers are generally
prohibited from incurring or assuming any Debt or creating or granting any Liens
on any of their assets, except as may otherwise be permitted in the
subparagraphs to such Sections. The Company may have been permitted to enter
into the Insurance Premium Facility under certain of the subparagraphs to
Sections 8.1 and 8.2, but for the existence and continuance of an Event of
Default at the time of the closing of the Insurance Premium Facility.
Consequently, the Borrowers have requested that the Banks waive the defaults
under Sections 8.1 and 8.2 of the Credit Agreement resulting from entry into the
Insurance Premium Facility.

        Based on the Agent's receipt of approval of the requisite Banks, and
subject to the terms and conditions of this Waiver, this Waiver will confirm
that the Banks waive the defaults under Sections 8.1 and 8.2 of the Credit
Agreement which resulted from the Company's entry into the Insurance Premium
Facility, such waiver to be retroactive to the date of such facility.

        3.    In consideration of the Waiver, the Borrowers agree as follows:

(a)From and after the date of this Waiver, the Borrowers will provide the Banks
with updated rolling twelve week cash forecasts on the first and fifteenth of
each month (or, if not a Business Day, on the next succeeding Business Day).

(b)Notwithstanding anything to the contrary contained in the Credit Agreement,
from and after the date of this Waiver, the aggregate principal amount of all
Advances (including

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Advances requested but not funded) under the Revolving Credit (including all
Letter of Credit Obligations and Swing Line Advances) shall not exceed
$6,727,502 and Letters of Credit shall be issued only in the sole discretion of
the Agent.

(c)The Borrowers further agree to deliver (or cause to be delivered) the
following items, in each case in form and substance satisfactory to the Agent on
or before July 31, 2002 (or as otherwise indicated below):

(i)Satisfactory evidence that MDI West has transferred and assigned (by merger
or otherwise) all of its copyrights, trademarks and patents to MDI and that
assignments of any registered intellectual property have been submitted for
filing with the U.S. Copyright Office and/or the U.S. Patent and Trademark
Office, as applicable.

(ii)An amendment to the Security Agreement, executed by the Debtors party
thereto, to encumber all of the intellectual property previously owned by MDI
West and transferred to MDI pursuant to clause (i) above, to secure the
Indebtedness of the Borrowers, and any other documents required by the Agent in
connection therewith;

(iii)Landlord Agreements for 2300 Traverwood Drive, Ann Arbor, Michigan; 66
Bovet Road, Suite 200, San Mateo, CA; and 815 Colorado Boulevard, Los Angeles,
CA; and

(iv)Opinion of Counsel for Mechanical Dynamics, Inc. and MDI International, Inc.
(to be delivered on or before June 30, 2002).

(d)The Borrowers agree that the following is hereby added to the Credit
Agreement as Section 9.1(o):

"(o) an event or circumstance which could reasonably be expected to have a
Material Adverse Effect and (i) which occurs on or after June 27, 2002 or
(ii) which occurred prior to June 27, 2002, and of which the Banks were not
aware on such date".

(e)The Borrowers agree that, from and after the date of this Waiver, no further
acquisitions may be conducted as "Permitted Acquisitions."

(f)Notwithstanding Section 10.4 of the Credit Agreement, the existing Pricing
Matrix will be replaced by the revised Pricing Matrix attached hereto as
Attachment 2, such pricing to be effective retroactively to May 15, 2002. From
and after the date of this Waiver, no Eurocurrency-based Advances may be
requested or made.

(g)On or before July 15, 2002, the Borrowers agree to engage a financial
consultant whose identity and scope of services are acceptable to the Majority
Banks, and to cause such financial consultant to fully disclose all information
with respect to the Company and its Subsidiaries as may be requested from time
to time by the Agent or any Bank, and authorizing such financial consultant to
provide such information and to engage in such discussions as may be requested
from time to time by Agent or any Bank, with or without notice to or the
presence of the Company or any Subsidiary.

(h)The Borrowers agree that the Company shall, at all times, rather than only at
the end of each fiscal quarter as set forth in Section 7.10, maintain Minimum
Liquidity of not less

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than $25,000,000. In addition, the Borrowers agree that the Company shall
maintain Minimum Liquidity in the following amounts on the dates specified
below:

Period

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  Amount

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6/21/02   $ 32,400,000 6/28/02   $ 36,700,000 7/5/02   $ 27,700,000 7/12/02   $
28,400,000 7/19/02   $ 27,100,000 7/26/02   $ 25,100,000 8/2/02   $ 26,600,000
8/9/02     28,700,000 8/16/02     28,200,000 8/23/02 and each Friday thereafter
  $ 30,000,000

(i)Notwithstanding Sections 2.6 and 4.8 of the Credit Agreement, from and after
the date of this Waiver, accrued interest on the unpaid principal of all
Prime-based Advances shall be due and payable monthly, commencing on July 1,
2002, and on the first day of each month thereafter.

(j)Notwithstanding Section 2.12 of the Credit Agreement, from and after the date
of this Waiver, the Revolving Credit Facility Fee shall be due and payable
monthly, commencing on July 1, 2002, and on the first day of each month
thereafter.

        This Waiver is limited to the specific defaults and matters described
above and shall not be deemed to be a waiver or consent to any other failure to
comply with any provision of the Credit Agreement or any other Loan Document, or
to apply to any other financial covenant or any other reporting period, or to
amend or alter in any respect the term and conditions of the Credit Agreement
(including without limitation all conditions and requirements for Advances), the
Notes or any of the other Loan Documents, or to constitute a waiver or release
by of the Banks or the Agent of any right, remedy, Default or Event of Default
under the Credit Agreement or any other Loan Documents, except as specifically
set forth above. Furthermore, this Waiver shall not affect in any manner
whatsoever any rights or remedies of the Banks with respect to any other
non-compliance by the Company or any Subsidiary with the Credit Agreement or the
other Loan Documents (including without limitation any non-disclosure), whether
in the nature of a Default or an Event of Default, and whether now in existence
or subsequently arising; and any failure to comply with the terms of this Waiver
shall be deemed to be an Event of Default under the Credit Agreement.

        By signing and returning a counterpart of this letter to the Agent, each
Borrower acknowledges its acceptance of the terms of this letter. This Waiver
shall not become effective unless and until countersigned by the Borrowers, and
returned to the Agent on or before June 28, 2002 ("Approval Deadline"),
accompanied by payment of a waiver fee of 37.5 basis points on the aggregate pro
rata share of the Revolving Credit Aggregate Commitment and the Term Loan
Maximum Amount of each Bank which approves this Waiver prior to such Approval
Deadline, together with accrued interest and fees (at the amended rates set
forth in this Waiver) to such date and reimbursement to Agent of all

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fees and expenses (including reasonable attorney fees) incurred since the date
of closing under the Credit Agreement (through the effective date of the
Waiver).

    Very truly yours,               COMERICA BANK, as Agent
 
 
By:
 
/s/  WILLIAM B. MURDOCK      

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    Its:   Vice President

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Acknowledged and Accepted
as of June 28, 2002:                       MSC.SOFTWARE CORPORATION            
          By:   /s/  LOUIS A. GRECO      

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        Its:   Chief Financial Officer

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                                    MECHANICAL DYNAMICS, INC.
successor by merger to MSC Acquisition II Corp.                       By:  
/s/  LOUIS A. GRECO      

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        Its:   Chief Financial Officer

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                                    MDI INTERNATIONAL, INC.                    
  By:   /s/  LOUIS A. GRECO      

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        Its:   Chief Financial Officer

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                                    MSC.INTERNATIONAL COMPANY                  
    By:   /s/  LOUIS A. GRECO      

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        Its:   Chief Financial Officer

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                                    ADVANCED ENTERPRISE SOLUTIONS, INC.        
          By:   /s/  LOUIS A. GRECO      

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        Its:   Chief Financial Officer

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TYRA TECHNOLOGIES, INC.
 
 
 
                By:   /s/  LOUIS A. GRECO      

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        Its:   Chief Financial Officer

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                                    MARC ANALYSIS RESEARCH CORPORATION          
        By:   /s/  LOUIS A. GRECO      

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        Its:   Chief Financial Officer

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                                    KNOWLEDGE REVOLUTION, INC.                  
    By:   /s/  LOUIS A. GRECO      

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        Its:   Chief Financial Officer

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                                    PDA ENGINEERING                       By:  
/s/  LOUIS A. GRECO      

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        Its:   Chief Financial Officer

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AUTHORIZATION OF WAIVER

The undersigned Bank hereby approves the waiver of certain provisions of the
MSC.Software Corporation Revolving Credit and Term Loan Agreement on the terms
and conditions set forth in the attached Waiver and authorizes the Agent to
issue the foregoing Waiver to the Borrowers.

    Comerica Bank

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[Bank]
 
 
By:
 
/s/  SCOTT LANE      

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Name:               Its:   Vice President

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              Date: June 28, 2002

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AUTHORIZATION OF WAIVER

The undersigned Bank hereby approves the waiver of certain provisions of the
MSC.Software Corporation Revolving Credit and Term Loan Agreement on the terms
and conditions set forth in the attached Waiver and authorizes the Agent to
issue the foregoing Waiver to the Borrowers.

    BNP Paribas

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[Bank]
 
 
By:
 
/s/  TJALLING TERPSTRA      

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/s/  JANICE S. H. HO      

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Name:               Its:   Director

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        Director

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              Date: June 28, 2002

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AUTHORIZATION OF WAIVER

The undersigned Bank hereby approves the waiver of certain provisions of the
MSC.Software Corporation Revolving Credit and Term Loan Agreement on the terms
and conditions set forth in the attached Waiver and authorizes the Agent to
issue the foregoing Waiver to the Borrowers.

    Bank of Nova Scotia

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[Bank]
 
 
By:
 
/s/  LIZ HANSON      

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Name:               Its:   Director

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              Date: June 28, 2002

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AUTHORIZATION OF WAIVER

The undersigned Bank hereby approves the waiver of certain provisions of the
MSC.Software Corporation Revolving Credit and Term Loan Agreement on the terms
and conditions set forth in the attached Waiver and authorizes the Agent to
issue the foregoing Waiver to the Borrowers.

    Key Corporate Capital, Inc.

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[Bank]
 
 
By:
 
/s/  JULIEN MICHAELS      

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Name:               Its:   Vice President

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              Date: June 28, 2002

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AUTHORIZATION OF WAIVER

The undersigned Bank hereby approves the waiver of certain provisions of the
MSC.Software Corporation Revolving Credit and Term Loan Agreement on the terms
and conditions set forth in the attached Waiver and authorizes the Agent to
issue the foregoing Waiver to the Borrowers.

    U.S. Bank National Association

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[Bank]
 
 
By:
 
/s/  SCOTT J. BELL      

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Name:               Its:   Vice President

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              Date: June 28, 2002

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ATTACHMENT 2
Replacement Schedule 1.1
Applicable Margin Grid
MSC. SOFTWARE CORP.
Revolving Credit and Term Loan Facility Agreement
(basis points per annum)

Periods

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  5/15/02
through
7/14/02

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  7/15/02
through
8/14/02

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  8/15/02
through
9/14/02

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  9/15/02
through
10/14/02

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  10/15/02
through
11/14/02

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  11/15/02
through
12/14/02

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  12/15/02
and
thereafter

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Revolving Credit Facility Fee   50   50   50   50   50   50   50 Revolving
Credit Base Rate Margin   100   200   250   300   350   400   450 Term Loan Base
Rate Margin   150   250   300   350   400   450   500 Letter of Credit Fees
(exclusive of facing fees)   100   200   250   300   350   400   450 Term Loan
Commitment Fee   25   25   25   25   25   25   25

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*As defined in the Revolving Credit and Term Loan Agreement.

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QuickLinks

Exhibit 10.2

AUTHORIZATION OF WAIVER
AUTHORIZATION OF WAIVER
AUTHORIZATION OF WAIVER
AUTHORIZATION OF WAIVER
AUTHORIZATION OF WAIVER
ATTACHMENT 2 Replacement Schedule 1.1 Applicable Margin Grid MSC. SOFTWARE CORP.
Revolving Credit and Term Loan Facility Agreement (basis points per annum)