<PAGE>
                                                                  Exhibit 10.25
                                [GRAPHIC OMITTED]
                               SILICON VALLEY BANK
                           SPECIALTY FINANCE DIVISION

                     ACCOUNTS RECEIVABLE FINANCING AGREEMENT

     This ACCOUNTS RECEIVABLE FINANCING AGREEMENT (the "Agreement"), dated as of
April 26, 2000 is between Silicon Valley Bank, Specialty Finance Division of
("Bank"), and I-many, Inc. a Delaware corporation, ("Borrower"), whose address
is 537 Congress Street, Portland, Maine 04101 and with a FAX number of (207)
772-8597.

1.   DEFINITIONS.  In this Agreement:

     "ACCOUNTS" are all existing and later arising accounts, contract rights,
and other obligations owed Borrower in connection with its sale or lease of
goods (including licensing software and other technology) or provision of
services, all credit insurance, guaranties, other security and all merchandise
returned or reclaimed by Borrower and Borrower's Books relating to any of the
foregoing.

     "ACCOUNT DEBTOR" is defined in the California and Maine Uniform Commercial
Code and shall include any person liable on any Financed Receivable, such as, a
guarantor of the Financed Receivable and any issuer of a letter of credit or
banker's acceptance.

     "ADJUSTED QUICK RATIO" is, as of the last day of each month, a ratio of
Quick Assets to Current Liabilities minus Deferred Maintenance Revenue of at
least 1.25 to 1.00.

     "ADJUSTMENTS" are all discounts, allowances, returns, disputes,
counterclaims, offsets, defenses, rights of recoupment, rights of return,
warranty claims, or short payments, asserted by or on behalf of any Account
Debtor for any Financed Receivable.

     "ADMINISTRATIVE FEE" is defined in Section 3.3.

     "ADVANCE" is defined in Section 2.2.

     "ADVANCE RATE" is (i) 80%, provided however, if the Borrower is unable to
maintain the Adjusted Quick Ratio, then the Advance Rate shall be 80%, net of
deferred revenue and offsets related to each specific Account Debtor; or (ii)
another percentage as Bank establishes under Section 2.2.

     "APPLICABLE RATE" is a rate per annum equal to the "Prime Rate". Effective
June 1, 2000 and thereafter, the Applicable Rate shall be the Prime Rate plus 2
percentage points.

     "BORROWER'S BOOKS" are all Borrower's books and records including ledgers,
records regarding Borrower's assets or liabilities, the Collateral, business
operations or financial condition and all computer programs or discs or any
equipment containing the information.

     "CODE" is the California and Maine Uniform Commercial Code.

     "COLLATERAL" is attached as Exhibit "A".

     "COLLATERAL HANDLING FEE" is defined in Section 3.5.

     "COLLECTIONS" are all funds received by Bank from or on behalf of an
Account Debtor for Financed Receivables.



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     "COMPLIANCE CERTIFICATE" is attached as Exhibit "B".

     "CURRENT LIABILITIES" are the aggregate amount of Borrower's Total
Liabilities which mature within one (1) year.

     "DEFERRED MAINTENANCE REVENUE" is all amounts received in advance of
performance under maintenance contract and not yet recognized as revenue.

     "EVENT OF DEFAULT" is defined in Section 9.

     "FACILITY" is an extension of credit by Bank to Borrower in order to
finance receivables with an aggregate Account Balance not exceeding the Facility
Amount.

     "FACILITY AMOUNT" is $3,000,000.00.

     "FACILITY FEE" is defined in Section 3.4.

     "FACILITY PERIOD" is the period beginning on this date and continuing until
APRIL 25, 2001, unless the period is terminated sooner by Bank with notice to
Borrower or by Borrower under Section 3.5.

     "FINANCE CHARGES" is defined in Section 3.2.

     "FINANCED RECEIVABLES" are all those accounts, receivables, chattel paper,
instruments, contract rights, documents, general intangibles, letters of credit,
drafts, bankers acceptances, and rights to payment, and all proceeds, including
their proceeds (collectively "receivables"), which Bank finances and make an
Advance. A Financed Receivable stops being a Financed Receivable (but remains
Collateral) when the Advance made for the Financed Receivable has been finally
paid.

     "FINANCED RECEIVABLE BALANCE" is the total outstanding amount, at any time,
of all Financed Receivables.

     "GOOD FAITH DEPOSIT" is described in Section 3.9.

     "GUARANTOR" means any guarantor of the Obligations.

     "INELIGIBLE RECEIVABLE" is any accounts receivable:

     (A) that is unpaid (90) calendar days after the invoice date; or
     (B) that is owed by an Account Debtor that has filed, or has had filed
         against it, any bankruptcy case, assignment for the benefit of
         creditors, receivership, or Insolvency Proceeding or who has become
         insolvent (as defined in the United States Bankruptcy Code) or who is
         generally not paying its debts as they become due; or
     (C) for which there has been any breach of warranty or representation in
         Section 6 or any breach of any covenant in this Agreement; or
     (D) for which the Account Debtor asserts any discount, allowance, return,
         dispute, counterclaim, offset, defense, right of recoupment, right of
         return, warranty claim, or short payment.

      "INSOLVENCY PROCEEDING" are proceedings by or against any person under the
United States Bankruptcy Code, or any other bankruptcy or insolvency law,
including assignments for the benefit of creditors, compositions, extensions
generally with its creditors, or proceedings seeking reorganization,
arrangement, or other relief.

     "INVOICE TRANSMITTAL" shows accounts receivable which Bank may finance and,
for each receivable, includes the Account Debtor's, name, address, invoice
amount, invoice date and invoice number and is signed by Borrower's authorized
representative.

     "LOCKBOX" is described in Section 6.2.

     "MINIMUM FINANCE CHARGE" is $7,500.00.

     "OBLIGATIONS" are all advances, liabilities, obligations, covenants and
duties owing, arising, due or payable by



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Borrower to Bank now or later under this Agreement or any other document,
instrument or agreement, account (including those acquired by assignment)
primary or secondary, such as all Advances, Finance Charges, Administrative
Fees, interest, fees, expenses, professional fees and attorneys' fees or
other.

     "PRIME RATE" is Bank's most recently announced "prime rate," even if it is
not Bank's lowest rate.

     "QUICK ASSETS" is, on any date, the Borrower's consolidated, unrestricted
cash, cash equivalents, net billed accounts receivable and investments with
maturities of fewer than 12 months determined according to GAAP.

     "RECONCILIATION DAY" is the last calendar day of each month.

     "RECONCILIATION PERIOD" is each calendar month.

     "SUBORDINATED DEBT" is debt incurred by Borrower subordinated to Borrower's
indebtedness owed to Bank and which is reflected in a written agreement in a
manner and form acceptable to Bank and approved by Bank in writing.

     "TOTAL LIABILITIES" is on any day, obligations that should, under GAAP, be
classified as liabilities on Borrower's consolidated balance sheet, including
all Indebtedness, and current portion Subordinated Debt allowed to be paid, but
excluding all other Subordinated Debt.

2.   FINANCING OF ACCOUNTS RECEIVABLE.

     2.1. REQUEST FOR ADVANCES. During the Facility Period, Borrower may offer
     accounts receivable to Bank, if there is not an Event of Default. Borrower
     will deliver an Invoice Transmittal for each accounts receivable it offers.
     Bank may rely on information on or with the Invoice Transmittal.

     2.2. ACCEPTANCE OF ACCOUNTS RECEIVABLE. Bank is not obligated to finance
     any accounts receivable. Bank may approve any Account Debtor's credit
     before buying any receivable. When Bank accepts a receivable, it will pay
     Borrower the Advance Rate times the face amount of the receivable (the
     "Advance"). Bank may, in its discretion, change the percentage of the
     Advance Rate. When Bank makes an Advance, the receivable becomes a
     "Financed Receivable." All representations and warranties in Section 6 must
     be true as of the date of the Invoice Transmittal and of the Advance and no
     Event of Default exists would occur as a result of the Advance. The
     aggregate amount of all Financed Receivables outstanding at any time may
     not exceed the Facility Amount.

3. COLLECTIONS, FINANCE CHARGES, REMITTANCES AND FEES. The Obligations shall be
subject to the following fees and Finance Charges. Fees and Finance Charges may,
in Bank's discretion, be charged as an Advance, and shall thereafter accrue fees
and Finance Charges as described below. Bank may, in its discretion, charge fee
and Finance Charges to Borrower's deposit account maintained with Bank.

     3.1. COLLECTIONS. Collections will be credited to the Financed Receivables
     Balance, but if there is an Event of Default, Bank may apply Collections to
     the Obligation in any order it chooses. If Bank receives a payment for both
     Financed Receivable and a non Financed Receivable, the funds will first be
     applied to the Financed Receivable and, if there is not an Event of
     Default, the excess will be remitted to the Borrower, subject to Section
     3.10.

     3.2. FINANCE CHARGES. In computing Finance Charges on the Obligations, all
     Collections received by Bank shall be deemed applied by Bank on account of
     the Obligations 3 Business Days after receipt of the Collections. Borrower
     will pay a finance charge (the "Finance Charge"), which is the greater of
     (i) the Applicable Rate times the number of days in the Reconciliation
     Period times the outstanding average daily Financed Receivable Balance for
     that Reconciliation Period or (ii) the Minimum Finance Charge. After an
     Event of Default, Obligations accrue interest at 5 percent above the
     Applicable Rate effective immediately before the Event of Default.

     3.3.  INTENTIONALLY OMITTED.

     3.4.  FACILITY FEE. A fully earned,  non-refundable  facility fee of
     $15,000.00 is due upon execution of this Agreement.


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     3.5. COLLATERAL HANDLING FEE. On each Reconciliation Day, Borrower will pay
     to Bank a collateral handling fee, equal to .25% per month of the average
     daily Financed Receivable Balance outstanding during the applicable
     Reconciliation Period. Effective June 1, 2000 and thereafter, the
     Collateral Handling Fee shall be .375%. After an Event of Default, the
     Collateral Handling Fee will increase an additional .50% effective
     immediately before the Event of Default.

     3.6. INTENTIONALLY OMITTED.

     3.7. ACCOUNTING. After each Reconciliation Period, Bank will provide an
     accounting of the transactions for that Reconciliation Period, including
     the amount of all Financed Receivables, all Collections, Adjustments,
     Finance Charges, the Collateral Handling Fee and the Administrative Fee. If
     Borrower does not object to the accounting in writing within 30 days it is
     considered correct. All Finance Charges and other interest and fees
     calculated on the basis of a 360 day year and actual days elapsed.

     3.8. DEDUCTIONS. Bank may deduct fees, finance charges and other amounts
     due from any Advances made or Collections received by Bank.

     3.9.  INTENTIONALLY OMITTED.

     3.10. ACCOUNT COLLECTION SERVICES. All Borrowers' receivables are to be
     paid to the same address/or party and Borrower and Bank must agree on such
     address. If Bank collects all receivables and there is not an Event of
     Default or an event that with notice or lapse of time will be an Event of
     Default, within 3 days of receipt of those collections, Bank will give
     Borrower, the receivables collections it receives for receivables other
     than Financed Receivables and/or amount in excess of the amount for which
     Bank has made an Advance to Borrower, less any amount due to Bank, such as
     the Finance Charge, Administrative Fee, Collateral Handling Fee and
     expenses or otherwise. This Section does not impose any affirmative duty on
     Bank to do any act other than to turn over amounts. All receivables and
     collections are Collateral and if an Event of Default occurs, Bank need not
     remit collections of Collateral and may apply them to the Obligations.

4.  REPAYMENT OF OBLIGATIONS.

     4.1. REPAYMENT ON MATURITY. Borrower will repay each Advance on the
     earliest of: (a) payment of the Financed Receivable in respect which the
     Advance was made, (b) the Financed Receivable becomes an Ineligible
     Receivable, (c) when any Adjustment is made to the Financed Receivable (but
     only to the extent of the Adjustment if the Financed Receivable is not
     otherwise an Ineligible Receivable, or (d) the last day of the Facility
     Period (including any early termination). Each payment will also include
     all accrued Finance Charges on the Advance and all other amounts due
     hereunder.

     4.2. REPAYMENT ON EVENT OF DEFAULT. When there is an Event of Default,
     Borrower will, if Bank demands (or, in an Event of Default under Section
     9(B), immediately without notice or demand from Bank) repay all of the
     Advances. The demand may, at Bank's option, include the Advance for each
     Financed Receivable then outstanding and all accrued Finance Charges,
     Administrative Fees, attorneys and professional fees, court costs and
     expenses, and any other Obligations.

5.   POWER OF ATTORNEY. Borrower irrevocably appoints Bank and its successors
     and assigns it attorney-in-fact and authorizes Bank, regardless of whether
     there has been an Event of Default, to:

     (A) sell, assign, transfer, pledge, compromise, or discharge all or any
         part of the Financed Receivables:

     (B) demand, collect, sue, and give releases to any Account Debtor for
         monies due and compromise, prosecute, or defend any action, claim, case
         or proceeding about the Financed Receivables, including filing a claim
         or voting a claim in any bankruptcy case in Bank's or Borrower's name,
         as Bank chooses:

     (C) prepare, file and sign Borrower's name on any notice, claim,
         assignment, demand, draft, or notice of or satisfaction of lien or
         mechanics' lien or similar document;

     (D) notify all Account Debtors to pay Bank directly;


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     (E) receive, open, and dispose of mail addressed to Borrower;

     (F) endorse Borrower's name on check or other instruments;

     (G) execute on Borrower's behalf any instruments, documents, financing
         statements to perfect Bank's interests in the Financed Receivables and
         Collateral; and

     (H) do all acts and things necessary or expedient.

6.   REPRESENTATIONS, WARRANTIES AND COVENANTS.

     6.1. REPRESENTATIONS AND WARRANTIES.   Borrower represents and warrants for
     each Financed Receivable:

         (A) It is the owner with legal right to sell, transfer and assign it;

         (B) The correct amount is on the Invoice Transmittal and is not
             disputed;

         (C) Payment is not contingent on any obligation or contract and it has
             fulfilled all its obligations as of the Invoice Transmittal date;

         (D) It is based on an actual sale and delivery of goods and/or services
             rendered, due to Borrower, it is not past due or in default, has
             not been previously sold, assigned, transferred, or pledged and is
             free of any liens, security interests and encumbrances;

         (E) There are no defenses, offsets, counterclaims or agreements for
             which the Account Debtor may claim any deduction or discount;

         (F) It reasonably believes no Account Debtor is insolvent or subject to
             any Insolvency Proceedings;

         (G) It has not filed or had filed against it Insolvency Proceedings
             and does not anticipate any filing;

         (H) Bank has the right to endorse and/ or require Borrower to endorse
             all payments received on Financed Receivables and all proceeds of
             Collateral.

         (I) No representation, warranty or other statement of Borrower in any
             certificate or written statement given to Bank contains any untrue
             statement of a material fact or omits to state a material fact
             necessary to make the statement contained in the certificates or
             statement not misleading.

     6.1.1 ADDITIONAL REPRESENTATIONS AND WARRANTIES.  Borrower represents and
     warrants as follows:

         (A) Borrower is duly existing and in good standing in its state of
             formation and qualified and licensed to do business in, and in good
             standing in, any state in which the conduct of its business or its
             ownership of property requires that it be qualified. The execution,
             delivery and performance of this Agreement has been duly
             authorized, and does not conflict with Borrower's organizational
             documents, nor constitute an Event of Default under any material
             agreement by which Borrower is bound. Borrower is not in default
             under any agreement to which or by which it is bound.

         (B) Borrower has good title to the Collateral. All inventory is in all
             material respects of good and marketable quality, free from
             material defects.

         (C) Borrower is not an "investment company" or a company "controlled"
             by an "investment company" under the Investment Company Act.
             Borrower is not engaged as one of its important activities in
             extending credit for margin stock (under Regulations G, T and U of
             the Federal Reserve Board of Governors). Borrower has complied with
             the Federal Fair Labor Standards Act. Borrower has not violated any
             laws, ordinances or rules. None of Borrower's properties or assets
             has been used by Borrower, to the best of Borrower's knowledge, by
             previous persons, in disposing, producing, storing, treating, or
             transporting any hazardous substance other than legally. Borrower
             has timely filed all required tax returns and paid,




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             or made adequate provision to pay, all taxes. Borrower has
             obtained all consents, approvals and authorizations of, made all
             declarations or filings with, and given all notices to, all
             government authorities that are necessary to continue its business
             as currently conducted.

     6.2. AFFIRMATIVE COVENANTS.  Borrower will do all of the following:

         (A) Maintain its corporate existence and good standing in its
             jurisdictions of incorporation and maintain its qualification in
             each jurisdiction necessary to Borrower's business or operations.

         (B) Give Bank at least 10 days prior written notice of changes to its
             name, organization, chief executive office or location of records.

         (C) Pay all its taxes including gross payroll, withholding and sales
             taxes when due and will deliver satisfactory evidence of payment if
             requested.

         (D) Provide a written report within 10 days, if payment of any Financed
             Receivable does not occur by its due date and include the reasons
             for the delay.

         (E) Give Bank copies of all Forms 10-K, 10-Q and 8-K (or equivalents)
             within 5 days of filing with the Securities and Exchange
             Commission, while any Financed Receivable is outstanding.

         (F) Execute any further instruments and take further action as Bank
             requests to perfect or continue Bank's security interest in the
             Collateral or to effect the purposes of this Agreement.

         (G) Provide Bank with a Compliance Certificate no later than 5 days
             following each quarter end or as requested by Bank.

         (H) Provide Bank with, as soon as available, but no later than 30 days
             following each Reconciliation Period, a company prepared balance
             sheet and income statement, prepared under GAAP, consistently
             applied, covering Borrower's operations during the period together
             with an aged listing of accounts receivable and accounts payable
             and a detailed schedule of deferred revenue in form and substance
             acceptable to Bank.

         (I) Immediately notify, transfer and deliver to Bank all collections
             Borrower receives for Financed Receivables.

         (J) Direct each Account Debtor to make payments to a lockbox account
             with Bank or to wire transfer payments to Bank.

         (K) Borrower will allow Bank to audit Borrower's Collateral, including
             but not limited to Borrower's Accounts, at Borrowers expense, no
             later than 90 days of the execution of this Agreement and annually
             thereafter. Provided however, if an Event of Default has occurred,
             Bank may audit Borrower's Collateral, including but not limited to
             Borrower's Accounts at Bank's sole discretion and without
             notification and authorization from Borrower.

         (L) Borrower will receive a cash infusion, (i) in an amount no less
             than $10,000,000 on or before 7/31/2000 and (ii) an additional cash
             infusion of no less than $10,000,000.00 on or before 9/30/2000.

     6.3.  NEGATIVE  COVENANTS.  Borrower will not do any of the following
     without  Bank's prior written  consent, which will not be unreasonably
     withheld:

         (A) Assign, transfer, sell or grant, or permit any lien or security
             interest in the Collateral.

         (B) Convey, sell, lease, transfer or otherwise dispose of the
             Collateral.

         (C) Create, incur, assume, or be liable for any indebtedness other than
             indebtedness incurred in the ordinary course of business and in an
             amount not greater than $500,000.00.


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         (D) Become an "investment company" or a company controlled by an
             "investment company," under the Investment Company Act of 1940 or
             undertake as one of its important activities extending credit to
             purchase or carry margin stock, or use the proceeds of any Advance
             for that purpose; fail to meet the minimum funding requirements of
             ERISA, permit a Reportable Event or Prohibited Transaction, as
             defined in ERISA, to occur; fail to comply with the Federal Fair
             Labor Standards Act or violate any other law or regulation, or
             permit any of its subsidiaries to do so.

7. ADJUSTMENTS. If any Account Debtor asserts a discount, allowance, return,
offset, defense, warranty claim, or the like (an "Adjustment") or if Borrower
breaches any of the representations, warranties or covenants set forth in
Section 6., Borrower will promptly advise Bank. Borrower will resell any
rejected, returned, returned, or recovered personal property for Bank, at
Borrower's expense, and pay proceeds to Bank. While Borrower has returned goods
that are Borrower property, Borrower will segregate and mark them "property of
Silicon Valley Bank." Bank owns the Financed Receivables and until receipt of
payment, has the right to take possession of any rejected, returned, or
recovered personal property.

8. SECURITY INTEREST. Borrower grants to Bank a continuing security interest in
all presently and later acquired Collateral. Any security interest will be a
first priority security interest in the Collateral.

9. EVENTS OF DEFAULT. Any one or more of the following is an Event of Default.

   (A) Borrower fails to pay any amount owed to Bank when due;

   (B) Borrower files or has filed against it any Insolvency Proceedings or any
       assignment for the benefit of creditors, or appointment of a receiver or
       custodian for any of its assets;

   (C) Borrower becomes insolvent or is generally not paying its debts as they
       become due or is left with unreasonably small capital;

   (D) Any involuntary lien, garnishment, attachment attaches to the Financed
       Receivables or any Collateral;

   (E) Borrower breaches any covenant, agreement, warranty, or representation
       and does not cure it to Bank's satisfaction within 10 days; but a breach
       that cannot be cured it is an immediate Event of Default;

   (F) Borrower is in default under any document, instrument or agreement
       evidencing any debt, obligation or liability in favor of Bank its
       affiliates or vendors regardless of whether the debt, obligation or
       liability is direct or indirect, primary or secondary, or fixed or
       contingent;

   (G) An event of default occurs under any Guaranty of the Obligations or any
       material provision of any Guaranty is not valid or enforceable or a
       Guaranty is repudiated or terminated;

   (H) A material default or Event of Default occurs under any agreement between
       Borrower and any creditor of Borrower that signed a subordination
       agreement with Bank;

   (I) Any creditor that has signed a subordination agreement with Bank breaches
       any terms of the subordination agreement; or

   (J) (i) A material impairment in the perfection or priority of the Bank's
       security interest in the Collateral; (ii) a material adverse change in
       the business, operations, or conditions (financial or otherwise) of the
       Borrower occurs; or (iii) a material impairment of the prospect of
       repayment of any portion of the Advances occurs.

10.  REMEDIES.

     10.1. REMEDIES UPON DEFAULT. When an Event of Default occurs, (1) Bank may
     stop financing receivables or extending credit to Borrower; (2) at Banks
     option and on demand, all or a portion of the Obligations or, for to an
     Event of Default described in Section 9(B), automatically and without
     demand, are due and payable in full; (3) apply to the Obligations any (i)
     balances and deposits of Borrower it holds, or (ii) any amount held by Bank
     owing to or for the credit or the account of Borrower; and (4) Bank may
     exercise all rights and remedies under this Agreement and the law,
     including those of a secured party under the Code, power of attorney rights
     in



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     Section 5 for the Collateral, and the right to collect, dispose of,
     sell, lease, use, and realize upon all Financed Receivables and Collateral
     in any commercial manner. Borrower agrees that any notice of sale required
     to be given to Borrower is deemed given if at least five days before the
     sale may be held.

     10.2. DEMAND WAIVER. Borrower waives demand, notice of default or dishonor,
     notice of payment and nonpayment, notice of any default, nonpayment at
     maturity, release, compromise, settlement, extension, or renewal of
     accounts, documents, instruments, chattel paper, and guaranties held by
     Bank on which Borrower is liable.

     10.3. DEFAULT RATE. If any amount is not paid when due, the amount bears
     interest at the Applicable Rate plus five percent until the earlier of (a)
     payment in good funds or (b) entry of a final judgment when the principal
     amount of any money judgment will accrue interest at the highest rate
     allowed by law.

11. FEES, COSTS AND EXPENSES. The Borrower will pay on demand all fees, costs
and expenses (including attorneys' and professionals fees with costs and
expenses) that Bank incurs from: (a) preparing, negotiating, administering, and
enforcing this Agreement or related agreement, including any amendments, waivers
or consents, (b) any litigation or dispute relating to the Financed Receivables,
the Collateral, this Agreement or any other agreement, (c) enforcing any rights
against Borrower or any guarantor, or any Account Debtor, (d) protecting or
enforcing its interest in the Financed Receivables or other Collateral, (e)
collecting the Financed Receivables and the Obligations, and (f) any bankruptcy
case or insolvency proceeding involving Borrower, any Financed Receivable, the
Collateral, any Account Debtor, or any Guarantor.

12. CHOICE OF LAW, VENUE AND JURY TRIAL WAIVER. California law governs this
Agreement. Borrower and Bank each submit to the exclusive jurisdiction of the
State and Federal courts in Santa Clara County, California.

BORROWER AND BANK EACH WAIVE THEIR RIGHT TO A JURY TRIAL OF ANY CLAIM OR CAUSE
OF ACTION ARISING OUT OF OR BASED UPON THIS AGREEMENT OR ANY CONTEMPLATED
TRANSACTION, INCLUDING CONTRACT, TORT, BREACH OF DUTY AND ALL OTHER CLAIMS. THIS
WAIVER IS A MATERIAL INDUCEMENT FOR BOTH PARTIES TO ENTER INTO THIS AGREEMENT.
EACH PARTY HAS REVIEWED THIS WAIVER WITH ITS COUNSEL.

13. NOTICES. Notices or demands by either party about this Agreement must be in
writing and personally delivered or sent by an overnight delivery service, by
certified mail postage prepaid return receipt requested, or by FAX to the
addresses listed at the beginning of this Agreement. A party may change notice
address by written notice to the other party.

14.  GENERAL PROVISIONS.

     14.1. SUCCESSORS AND ASSIGNS. This Agreement binds and is for the benefit
     of successors and permitted assigns of each party. Borrower may not assign
     this Agreement or any rights under it without Bank's prior written consent
     which may be granted or withheld in Bank's discretion. Bank may, without
     the consent of or notice to Borrower, sell, transfer, or grant
     participation in any part of Bank's obligations, rights or benefits under
     this Agreement.

     14.2. INDEMNIFICATION. Borrower will indemnify, defend and hold harmless
     Bank and its officers, employees, and agents against: (a) obligations,
     demands, claims, and liabilities asserted by any other party in connection
     with the transactions contemplated by this Agreement; and (b) losses or
     expenses incurred, or paid by Bank from or consequential to transactions
     between Bank and Borrower (including reasonable attorneys fees and
     expenses), except for losses caused by Bank's gross negligence or willful
     misconduct.

     14.3.  TIME OF ESSENCE.  Time is of the essence for performance of all
     obligations in this Agreement.

     14.4. SEVERABILITY OF PROVISION. Each provision of this Agreement is
     severable from every other provision in determining the enforceability of
     any provision.

     14.5. AMENDMENTS IN WRITING, INTEGRATION. All amendments to this Agreement
     must be in writing. This Agreement is the entire agreement about this
     subject matter and supersedes prior negotiations or agreements.


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     14.6. COUNTERPARTS.  This Agreement may be executed in any number of
     counterparts and by different parties on separate counterparts and when
     executed and delivered are one Agreement.

     14.7. SURVIVAL. All covenants, representations and warranties made in this
     Agreement continue in force while any Financed Receivable amount remains
     outstanding. Borrower's indemnification obligations survive until all
     statutes of limitations for actions that may be brought against Bank have
     run.

     14.8. CONFIDENTIALITY. Bank will use the same degree of care handling
     Borrower's confidential information that it uses for its own confidential
     information, but may disclose information; (i) to its subsidiaries or
     affiliates in connection with their business with Borrower, (ii) to
     prospective transferees or purchasers of any interest in the Agreement,
     (iii) as required by law, regulation, subpoena, or other order, (iv) as
     required in connection with an examination or audit and (v) as it considers
     appropriate exercising the remedies under this Agreement. Confidential
     information does not include information that is either: (a) in the public
     domain or in Bank's possession when disclosed, or becomes part of the
     public domain after disclosure to Bank; or (b) disclosed to Bank by a third
     party, if Bank does not know that the third party is prohibited from
     disclosing the information.

     14.9. OTHER AGREEMENTS. This Agreement may not adversely affect Banks
     rights under any other document or agreement. If there is a conflict
     between this Agreement and any agreement between Borrower and Bank, Bank
     may determine in its sole discretion which provision applies. Borrower
     acknowledges that any security agreements, liens and/or security interests
     securing payment of Borrower's Obligations also secure Borrower's
     Obligations under this Agreement and are not adversely affected by this
     Agreement. Additionally, (a) any Collateral under other agreements or
     documents between Borrower and Bank secures Borrowers Obligations under
     this Agreement and (b) a default by Borrower under this Agreement is a
     default under agreements between Borrower and Bank.


BORROWER:     I-MANY, INC.

By /s/ Philip M. St. Germain
   ----------------------------------------
Title  Chief Financial Officer
      -------------------------------------


BANK:    SILICON VALLEY BANK



By /s/ Mike Field
   ----------------------------------------
Title  SVP
      -------------------------------------




                                       9
<PAGE>

                                    EXHIBIT A


     The Collateral consists of all of Borrower's right, title and interest in
and to the following:

     All goods and equipment now owned or hereafter acquired, including, without
limitation, all machinery, fixtures, vehicles (including motor vehicles and
trailers), and any interest in any of the foregoing, and all attachments,
accessories, accessions, replacements, substitutions, additions, and
improvements to any of the foregoing, wherever located;

     All inventory, now owned or hereafter acquired, including, without
limitation, all merchandise, raw materials, parts, supplies, packing and
shipping materials, work in process and finished products including such
inventory as is temporarily out of Borrower's custody or possession or in
transit and including any returns upon any accounts or other proceeds, including
insurance proceeds, resulting from the sale or disposition of any of the
foregoing and any documents of title representing any of the above;





<PAGE>

     All contract rights and general intangibles now owned or hereafter
acquired, including, without limitation, goodwill, trademarks, service marks,
trade styles, trade names, patents, patent applications, leases, license
agreements, franchise agreements, blueprints, drawings, purchase orders,
customer lists, route lists, infringements, claims, computer programs, computer
discs, computer tapes, literature, reports, catalogs, design rights, income tax
refunds, payments of insurance and rights to payment of any kind;

     All now existing and hereafter arising accounts, contract rights,
royalties, license rights and all other forms of obligations owing to Borrower
arising out of the sale or lease of goods, the licensing of technology or the
rendering of services by Borrower, whether or not earned by performance, and any
and all credit insurance, guaranties, and other security therefor, as well as
all merchandise returned to or reclaimed by Borrower;

     All documents, cash, deposit accounts, securities, securities entitlements,
securities accounts, investment property, financial assets, letters of credit,
certificates of deposit, instruments and chattel paper now owned or hereafter
acquired and Borrower's Books relating to the foregoing;

     All copyright rights, copyright applications, copyright registrations and
like protections in each work of authorship and derivative work thereof, whether
published or unpublished, now owned or hereafter acquired; all trade secret
rights, including all rights to unpatented inventions, know-how, operating
manuals, license rights and agreements and confidential information, now owned
or hereafter acquired; all mask work or similar rights available for the
protection of semiconductor chips, now owned or hereafter acquired; all claims
for damages by way of any past, present and future infringement of any of the
foregoing;

     All Borrower's Books relating to the foregoing and any and all claims,
rights and interests in any of the above and all substitutions for, additions
and accessions to and proceeds thereof.


                                       2
<PAGE>


                                   EXHIBIT "B"

                               [GRAPHIC OMITTED]
                               SILICON VALLEY BANK
                           SPECIALTY FINANCE DIVISION

                             Compliance Certificate

I, as authorized officer of I-many, Inc. ("Borrower") certify under the Accounts
Receivable Financing Agreement (the "Agreement") between Borrower and Silicon
Valley Bank ("Bank") as follows.

BORROWER REPRESENTS AND WARRANTS FOR EACH FINANCED RECEIVABLE:

     It is the owner with legal right to sell, transfer and assign it;

     The correct amount is on the Invoice Transmittal and is not disputed;

     Payment is not contingent on any obligation or contract and it has
fulfilled all its obligations as of the Invoice Transmittal date;

     It is based on an actual sale and delivery of goods and/or services
rendered, due to Borrower, it is not past due or in default, has not been
previously sold, assigned, transferred, or pledged and is free of any liens,
security interests and encumbrances;

     There are no defenses, offsets, counterclaims or agreements for which the
Account Debtor may claim any deduction or discount;

     It reasonably believes no Account Debtor is insolvent or subject to any
Insolvency Proceedings;

     It has not filed or had filed against it proceedings and does not
anticipate any filing;

     Bank has the right to endorse and/ or require Borrower to endorse all
payments received on Financed Receivables and all proceeds of Collateral.

     No representation, warranty or other statement of Borrower in any
certificate or written statement given to Bank contains any untrue statement of
a material fact or omits to state a material fact necessary to make the
statement contained in the certificates or statement not misleading.

     ADDITIONALLY, BORROWER REPRESENTS AND WARRANTS AS FOLLOWS:

     Borrower is duly existing and in good standing in its state of formation
and qualified and licensed to do business in, and in good standing in, any state
in which the conduct of its business or its ownership of property requires that
it be qualified. The execution, delivery and performance of this Agreement has
been duly authorized, and do not conflict with Borrower's formations documents,
nor constitute an Event of Default under any material agreement by which
Borrower is bound. Borrower is not in default under any agreement to which or by
which it is bound.

     Borrower has good title to the Collateral. All inventory is in all material
respects of good and marketable quality, free from material defects.

     Borrower is not an "investment company" or a company "controlled" by an
"investment company" under the Investment Company Act. Borrower is not engaged
as one of its important activities in extending credit for margin stock (under
Regulations G, T and U of the Federal Reserve Board of Governors). Borrower has
complied with the Federal Fair Labor Standards Act. Borrower has not violated
any laws, ordinances or rules. None of Borrower's properties or assets has been
used by Borrower, to the best of Borrower's knowledge, by previous persons, in
disposing, producing, storing, treating, or transporting any hazardous substance
other than legally. Borrower has timely filed all required tax returns and paid,
or made adequate provision to pay, all taxes. Borrower has obtained all
consents, approvals and authorizations of, made all declarations or filings
with, and given all notices to, all government authorities that are necessary to
continue its business as currently conducted.

     All representations and warranties in the Agreement are true and correct in
all material respects on this date.

Sincerely,


_______________________________________
SIGNATURE

_______________________________________
TITLE

_______________________________________
DATE