Document:

<PAGE>

                                                                   Exhibit 10.23
                                                                   -------------

                    Export-Import Bank of the United States
                       Working Capital Guarantee Program

                               Borrower Agreement

          This Borrower Agreement (this "Agreement") is made and entered into by
the entity identified as Borrower on the signature page hereof ("Borrower') in
favor of the Export-Import Bank of the United States ("Ex-Im Bank") and the
institution identified as Lender on the signature page hereof ("Lender").

                                    RECITALS

          Borrower has requested that Lender establish a Loan Facility in favor
of Borrower for the purposes of providing Borrower with pre-export working
capital to finance the manufacture, production or purchase and subsequent export
sale of Items.

          It is a condition to the establishment of such Loan Facility that Ex-
Im Bank guarantee the payment of ninety percent (90%) of certain credit
accommodations subject to the terms and conditions of a Master Guarantee
Agreement, the Loan Authorization Agreement, and to the extent applicable, the
Delegated Authority Letter Agreement.

          Borrower is executing this Agreement for the benefit of Lender and Ex-
Im Bank in consideration for and as a condition to Lender's establishing the
Loan Facility and Ex-Im Bank's agreement to guarantee such Loan Facility
pursuant to the Master Guarantee Agreement.

          NOW, THEREFORE, Borrower hereby agrees as follows:

                                   ARTICLE I
                                  DEFINITIONS

1.01      Definition of Terms. As used in this Agreement, including the Recitals
          -------------------
to this Agreement and the Loan Authorization Agreement, the following terms
shall have the following meanings:

          "Accounts Receivable" shall mean all of Borrower's now owned or
hereafter acquired (a) "accounts" (as such term is defined in the UCC), other
receivables, book debts and other forms of obligations, whether arising out of
goods sold or services rendered or from any other transaction; (b) rights in, to
and under all purchase orders or receipts for goods or services; (c) rights to
any goods represented or purported to be represented by any of the foregoing
(including unpaid sellers' rights of rescission, replevin, reclamation and
stoppage in transit and rights to returned, reclaimed or repossessed goods); (d)
moneys due or to become due to such Borrower under all purchase orders and
contracts for the sale of goods or the performance of services or both by
Borrower (whether or not yet earned by performance on the part of Borrower),
including the proceeds of the foregoing; (e) any notes, drafts, letters of
credit, insurance proceeds or other instruments, documents and writings
evidencing or supporting the
<PAGE>

                                      -2-

foregoing; and (f) all collateral security and guarantees of any kind given by
any other Person with respect to any of the foregoing.

         "Advance Rate" shall mean the rate specified in Section 5(C) of the
Loan Authorization Agreement for each category of Collateral.

         "Business Day" shall mean any day on which the Federal Reserve Bank of
New York is open for business.

         "Buyer" shall mean a Person that has entered into one or more Export
Orders with Borrower.

         "Collateral" shall mean all property and interest in property in or
upon which Lender has been granted a Lien as security for the payment of all the
Loan Facility Obligations including the Collateral identified in Section 6 of
the Loan Authorization Agreement and all products and proceeds (cash and non-
cash) thereof.

         "Commercial Letters of Credit" shall mean those letters of credit
subject to the UCP payable in Dollars and issued or caused to be issued by
Lender on behalf of Borrower under a Loan Facility for the benefit of a
supplier(s) of Borrower in connection with Borrower's purchase of goods or
services from the supplier in support of the export of the Items.

         "Country Limitation Schedule" shall mean the schedule published from
time to time by Ex-Im Bank and provided to Borrower by Lender which sets forth
on a country by country basis whether and under what conditions Ex-Im Bank will
provide coverage for the financing of export transactions to countries listed
therein.

         "Credit Accommodation Amount" shall mean, the sum of (a) the aggregate
outstanding amount of Disbursements and (b) the aggregate outstanding face
amount of Letter of Credit Obligations.

         "Credit Accommodations" shall mean, collectively, Disbursements and
Letter of Credit Obligations.

         "Debarment Regulations" shall mean, collectively, (a) the
Governmentwide Debarment and Suspension (Nonprocurement) regulations (Common
Rule), 53 Fed. Reg. 19204 (May 26, 1988), (b) Subpart 9.4 (Debarment,
Suspension, and Ineligibility) of the Federal Acquisition Regulations, 48 C.F.R.
9.400-9.409 and (c) the revised Governmentwide Debarment and Suspension
(Nonprocurement) regulations (Common Rule), 60 Fed. Reg. 33037 (June 26, 1995).

         "Delegated Authority Letter Agreement" shall mean the Delegated
Authority Letter Agreement, if any, between Ex-Im Bank and Lender.
<PAGE>

                                      -3-

         "Disbursement" shall mean, collectively, (a) an advance of a working
capital loan from Lender to Borrower under the Loan Facility, and (b) an advance
to fund a drawing under a Letter of Credit issued or caused to be issued by
Lender for the account of Borrower under the Loan Facility.

         "Dollars" or "$" shall mean the lawful currency of the United States.

         "Effective Date" shall mean the date on which (a) the Loan Documents
are executed by Lender and Borrower or the date, if later, on which agreements
are executed by Lender and Borrower adding the Loan Facility to an existing
working capital loan arrangement between Lender and Borrower and (b) all of the
conditions to the making of the initial Credit Accommodations under the Loan
Documents or any amendments thereto have been satisfied.

         "Eligible Export-Related Accounts Receivable" shall mean an Export-
Related Account Receivable which is acceptable to Lender and which is deemed to
be eligible pursuant to the Loan Documents, but in no event shall Eligible
Export-Related Accounts Receivable include any Account Receivable:

         (a)   that does not arise from the sale of Items in the ordinary course
               of Borrower's business;

         (b)   that is not subject to a valid, perfected first priority Lien in
               favor of Lender;

         (c)   as to which any covenant, representation or warranty contained in
the Loan Documents with respect to such Account Receivable has been breached;

         (d)   that is not owned by Borrower or is subject to any right, claim
or interest of another Person other than the Lien in favor of Lender;

         (e)   with respect to which an invoice has not been sent;

         (f)   that arises from the sale of defense articles or defense
services;

         (g)   that is due and payable from a Buyer located in a country with
which Ex-Im Bank is prohibited from doing business as designated in the Country
Limitation Schedule;

         (h)   that does not comply with the requirements of the Country
Limitation Schedule;

         (i)   that is due and payable more than one hundred eighty (180) days
from the date of the invoice;

         (j)   that is not paid within sixty (60) calendar days from its
original due date, unless it is insured through Ex-Im Bank export credit
insurance for comprehensive commercial and political risk, or through Ex-Im Bank
approved private insurers for comparable coverage, in which case it is not paid
within ninety (90) calendar days from its due date;
<PAGE>

                                      -4-

         (k)   that arises from a sale of goods to or performance of services
for an employee of Borrower, a stockholder of Borrower, a subsidiary of
Borrower, a Person with a controlling interest in Borrower or a Person which
shares common controlling ownership with Borrower;

         (l)   that is backed by a letter of credit unless the Items covered by
the subject letter of credit have been shipped;

         (m)   that Lender or Ex-Im Bank, in its reasonable judgment, deems
uncollectible for any reason;

         (n)   that is due and payable in a currency other than Dollars, except
as may be approved in writing by Ex-Im Bank;

         (o)   that is due and payable from a military Buyer, except as may be
approved in writing by Ex-Im Bank;

         (p)   that does not comply with the terms of sale set forth in Section
7 of the Loan Authorization Agreement;

         (q)   that is due and payable from a Buyer who (i) applies for,
suffers, or consents to the appointment of, or the taking of possession by, a
receiver, custodian, trustee or liquidator of itself or of all or a substantial
part of its property or calls a meeting of its creditors, (ii) admits in writing
its inability, or is generally unable, to pay its debts as they become due or
ceases operations of its present business, (iii) makes a general assignment for
the benefit of creditors, (iv) commences a voluntary case under any state or
federal bankruptcy laws (as now or hereafter in effect), (v) is adjudicated as
bankrupt or insolvent, (vi) files a petition seeking to take advantage of any
other law providing for the relief of debtors, (vii) acquiesces to, or fails to
have dismissed, any petition which is filed against it in any involuntary case
under such bankruptcy laws, or (viii) takes any action for the purpose of
effecting any of the foregoing;

         (r)   that arises from a bill-and-hold, guaranteed sale, sale-and-
return, sale on approval, consignment or any other repurchase or return basis or
is evidenced by chattel paper;

         (s)   for which the Items giving rise to such Account Receivable have
not been shipped and delivered to and accepted by the Buyer or the services
giving rise to such Account Receivable have not been performed by Borrower and
accepted by the Buyer or the Account Receivable otherwise does not represent a
final sale;

         (t)   that is subject to any offset, deduction, defense, dispute, or
counterclaim or the Buyer is also a creditor or supplier of Borrower or the
Account Receivable is contingent in any respect or for any reason;

         (u)   for which Borrower has made any agreement with the Buyer for any
deduction therefrom, except for discounts or allowances made in the ordinary
course of business for prompt
<PAGE>

                                      -5-

payment, all of which discounts or allowances are reflected in the calculation
of the face value of each respective invoice related thereto; or

         (v)   for which any of the Items giving rise to such Account Receivable
have been returned, rejected or repossessed.

         "Eligible Export-Related Inventory" shall mean Export-Related Inventory
which is acceptable to Lender and which is deemed to be eligible pursuant to the
Loan Documents, but in no event shall Eligible Export-Related Inventory include
any Inventory:

         (a)   that is not subject to a valid, perfected first priority Lien in
favor of Lender;

         (b)   that is located at an address that has not been disclosed to
Lender in writing;

         (c)   that is placed by Borrower on consignment or held by Borrower on
consignment from another Person;

         (d)   that is in the possession of a processor or bailee, or located on
premises leased or subleased to Borrower, or on premises subject to a mortgage
in favor of a Person other than Lender, unless such processor or bailee or
mortgagee or the lessor or sublessor of such premises, as the case may be, has
executed and delivered all documentation which Lender shall require to evidence
the subordination or other limitation or extinguishment of such Person's rights
with respect to such Inventory and Lender's right to gain access thereto;

         (e)   that is produced in violation of the Fair Labor Standards Act or
subject to the "hot goods" provisions contained in 29 U.S.C. (S)215 or any
successor statute or section;

         (f)   as to which any covenant, representation or warranty with respect
to such Inventory contained in the Loan Documents has been breached;

         (g)   that is not located in the United States;

         (h)   that is demonstration Inventory;

         (i)   that consists of proprietary software (i.e. software designed
solely for Borrower's internal use and not intended for resale);

         (j)   that is damaged, obsolete, returned, defective, recalled or unfit
for further processing;

         (k)   that has been previously exported from the United States;

         (1)   that constitutes defense articles or defense services;

<PAGE>

                                      -6-

         (m)   that is to be incorporated into Items destined for shipment to a
country as to which Ex-Im Bank is prohibited from doing business as designated
in the Country Limitation Schedule;

         (n)   that is to be incorporated into Items destined for shipment to a
Buyer located in a country in which Ex-Im Bank coverage is not available for
commercial reasons as designated in the Country Limitation Schedule, unless and
only to the extent that such Items are to be sold to such country on terms of a
letter of credit confirmed by a bank acceptable to Ex-Im Bank; or

         (o)   that is to be incorporated into Items whose sale would result in
an Account Receivable which would not be an Eligible Export-Related Account
Receivable.

         "Eligible Person" shall mean a sole proprietorship, partnership,
limited liability partnership, corporation or limited liability company which
(a) is domiciled, organized, or formed, as the case may be, in the United
States; (b) is in good standing in the state of its formation or otherwise
authorized to conduct business in the United States; (c) is not currently
suspended or debarred from doing business with the United States government or
any instrumentality, division, agency or department thereof; (d) exports or
plans to export Items; (e) operates and has operated as a going concern for at
least one (1) year; (f) has a positive tangible net worth determined in
accordance with GAAP; and (g) has revenue generating operations relating to its
core business activities for at least one year.

         "ERISA" shall mean the Employee Retirement Income Security Act of 1974
and the rules and regulations promulgated thereunder.

         "Export Order" shall mean a written export order or contract for the
purchase by the Buyer from Borrower of any of the Items.

         "Export-Related Accounts Receivable" shall mean those Accounts
Receivable arising from the sale of Items which are due and payable to Borrower
in the United States.

         "Export-Related Accounts Receivable Value" shall mean, at the date of
determination thereof, the aggregate face amount of Eligible Export-Related
Accounts Receivable less taxes, discounts, credits, allowances and Retainages,
except to the extent otherwise permitted by Ex-Im Bank in writing.

         "Export-Related Borrowing Base" shall mean, at the date of
determination thereof, the sum of (a) the Export-Related Inventory Value
multiplied by the Advance Rate applicable to Export-Related Inventory set forth
in Section 5(C)(1) of the Loan Authorization Agreement, (b) the Export-Related
Accounts Receivable Value multiplied by the Advance Rate applicable to Export-
Related Accounts Receivabie-5et forth in Section 5(C)(2) of the Loan
Authorization Agreement, (c) if permitted by Ex-Im Bank in writing, the
Retainage Value multiplied by the Retainage Advance Rate set forth in Section
5(C)(3) of the Loan Authorization Agreement and (d) the Other Assets Value
multiplied by the Advance Rate applicable to Other Assets set forth in Section
5(C)(4) of the Loan Authorization Agreement.
<PAGE>

                                      -7-

         "Export-Related Borrowing Base Certificate" shall mean a certificate in
the form provided or approved by Lender, executed by Borrower and delivered to
Lender pursuant to the Loan Documents detailing the Export-Related Borrowing
Base supporting the Credit Accommodations which reflects, to the extent included
in the Export-Related Borrowing Base, Export-Related Accounts Receivable,
Eligible Export-Related Accounts Receivable, Export-Related Inventory and
Eligible Export-Related Inventory balances that have been reconciled with
Borrowers general ledger, Accounts Receivable aging report and Inventory
schedule.

         "Export-Related General Intangibles" shall mean those General
Intangibles necessary or desirable to or for the disposition of Export-Related
Inventory.

         "Export-Related Inventory" shall mean the Inventory of Borrower located
in the United States that has been purchased, manufactured or otherwise acquired
by Borrower for resale pursuant to Export Orders.

         "Export-Related Inventory Value" shall mean, at the date of
determination thereof, the lower of cost or market value of Eligible Export-
Related Inventory of Borrower as determined in accordance with GAAP.

         "Final Disbursement Date" shall mean, unless subject to an extension of
such date agreed to by Ex-Im Bank, the last date on which Lender may make a
Disbursement set forth in Section 10 of the Loan Authorization Agreement or, if
such date is not a Business Day, the next succeeding Business Day, provided,
however, to the extent that Lender has not received cash collateral or an
indemnity with respect to Letter of Credit Obligations outstanding on the Final
Disbursement Date, the Final Disbursement Date with respect to an advance to
fund a drawing under a Letter of Credit shall be no later than thirty (30)
Business Days after the expiry date of the Letter of Credit related thereto.

         "GAAP" shall mean the generally accepted accounting principles issued
by the American Institute of Certified Public Accountants as in effect from time
to time.

         "General Intangibles" shall mean all intellectual property and other
"general intangibles" (as such term is defined in the UCC) necessary or
desirable to or for the disposition of Inventory.

         "Guarantor" shall mean each Person, if any, identified in Section 3 of
the Loan Authorization Agreement who shall guarantee (jointly and severally if
more than one) the payment and performance of all or a portion of the Loan
Facility Obligations.

         "Guaranty Agreement" shall mean a valid and enforceable agreement of
guaranty executed by each Guarantor in favor of Lender.

         "Inventory" shall mean all "inventory" (as such term is defined in the
UCC), now or hereafter owned or acquired by Borrower, wherever located,
including all inventory, merchandise, goods and other personal property which
are held by or on behalf of Borrower for sale or lease or are furnished or are
to be furnished under a contract of service or which constitute
<PAGE>

                                      -8-

raw materials, work in process or materials used or consumed or to be used or
consumed in Borrower's business or in the processing, production, packaging,
promotion, delivery or shipping of the same, including other supplies.

         "ISP" shall mean the International Standby Practices-ISP98,
International Chamber of Commerce Publication No. 590 and any amendments and
revisions thereof.

         "Issuing Bank" shall mean the bank that issues a Letter of Credit,
which bank is Lender itself or a bank that Lender has caused to issue a Letter
of Credit by way of guarantee.

         "Items" shall mean the finished goods or services which are intended
for export from the United States, as specified in Section 4(A) of the Loan
Authorization Agreement.

         "Letter of Credit" shall mean a Commercial Letter of Credit or a
Standby Letter of Credit.

         "Letter of Credit Obligations" shall mean all outstanding obligations
incurred by Lender, whether direct or indirect, contingent or otherwise, due or
not due, in connection with the issuance or guarantee by Lender or the Issuing
Bank of Letters of Credit.

         "Lien" shall mean any mortgage, security deed or deed of trust, pledge,
hypothecation, assignment, deposit arrangement, lien, charge, claim, security
interest, security title, easement or encumbrance, or preference, priority or
other security agreement or preferential arrangement of any kind or nature
whatsoever (including any lease or title retention agreement, any financing
lease having substantially the same economic effect as any of the foregoing, and
the filing of, or agreement to give, any financing statement perfecting a
security interest under the UCC or comparable law of any jurisdiction) by which
property is encumbered or otherwise charged.

         "Loan Agreement" shall mean a valid and enforceable agreement between
Lender and Borrower setting forth the terms and conditions of the Loan Facility.

         "Loan Authorization Agreement" shall mean the Loan Authorization
Agreement entered into between Lender and Ex-Im Bank or the Loan Authorization
Notice setting forth certain terms and conditions of the Loan Facility, a copy
of which is attached hereto as Annex A.

         "Loan Authorization Notice" shall mean the Loan Authorization Notice
executed by Lender and delivered to Ex-Im Bank in accordance with the Delegated
Authority Letter Agreement setting forth the terms and conditions of each Loan
Facility.

         "Loan Documents" shall mean the Loan Authorization Agreement, the Loan
Agreement, this Agreement, each promissory note (if applicable), each Guaranty
Agreement, and all other instruments, agreements and documents now or hereafter
executed by Borrower or any Guarantor evidencing, securing, guaranteeing or
otherwise relating to the Loan Facility or any Credit Accommodations made
thereunder.

<PAGE>

                                      -9-

         "Loan Facility" shall mean the Revolving Loan Facility, the Transaction
Specific Loan Facility or the Transaction Specific Revolving Loan Facility
established by Lender in favor of Borrower under the Loan Documents.

         "Loan Facility Obligations" shall mean all loans, advances, debts,
expenses, fees, liabilities, and obligations for the performance of covenants,
tasks or duties or for payment of monetary amounts (whether or not such
performance is then required or contingent, or amounts are liquidated or
determinable) owing by Borrower to Lender, of any kind or nature, present or
future, arising in connection with the Loan Facility.

         "Loan Facility Term" shall mean the number of months from the Effective
Date to the Final Disbursement Date as originally set forth in the Loan
Authorization Agreement.

         "Master Guarantee Agreement" shall mean the Master Guarantee Agreement
between Ex-Im Bank and Lender, as amended, modified, supplemented and restated
from time to time.

         "Material Adverse Effect" shall mean a material adverse effect on (a)
the business, assets, operations, prospects or financial or other condition of
Borrower or any Guarantor, (b) Borrowers ability to pay or perform the Loan
Facility Obligations in accordance with the terms thereof, (c) the Collateral or
Lenders Liens on the Collateral or the priority of such Lien or (d) Lenders
rights and remedies under the Loan Documents.

         "Maximum Amount" shall mean the maximum principal balance of Credit
Accommodations that may be outstanding at any time under the Loan Facility
specified in Section 5(A) of the Loan Authorization Agreement.

         "Other Assets" shall mean the Collateral, if any, described in Section
5(C)(4) of the Loan Authorization Agreement.

         "Other Assets Value" shall mean, at the date of determination thereof,
the value of the Other Assets as determined in accordance with GAAP.

         "Permitted Liens" shall mean (a) Liens for taxes, assessments or other
governmental charges or levies not delinquent, or, being contested in good faith
and by appropriate proceedings and with respect to which proper reserves have
been taken by Borrower; provided, that, the Lien shall have no effect on the
priority of the Liens in favor of Lender or the value of the assets in which
Lender has such a Lien and a stay of enforcement of any such Lien shall be in
effect; (b) deposits or pledges securing obligations under worker's
compensation, unemployment insurance, social security or public liability laws
or similar legislation; (c) deposits or pledges securing bids, tenders,
contracts (other than contracts for the payment of money), leases, statutory
obligations, surety and appeal bonds and other obligations of like nature
arising in the ordinary course of Borrower's business; (d) judgment Liens that
have been stayed or bonded; (e) mechanics', workers', materialmen's or other
like Liens arising in the ordinary course of Borrowers business with respect to
obligations which are not due; (f) Liens placed upon fixed assets hereafter
acquired to secure a portion of the purchase price thereof, provided, that, any
<PAGE>

                                      -10-

such Lien shall not encumber any other property of Borrower; (g) security
interests being terminated concurrently with the execution of the Loan
Documents; (h) Liens in favor of Lender securing the Loan Facility Obligations;
and (i) Liens disclosed in Section 6(D) of the Loan Authorization Agreement.

          "Person" shall mean any individual, sole proprietorship, partnership,
limited liability partnership, joint venture, trust, unincorporated
organization, association, corporation, limited liability company, institution,
public benefit corporation, entity or government (whether national, federal,
provincial, state, county, city, municipal or otherwise, including any
instrumentality, division, agency, body or department thereof), and shall
include such Person's successors and assigns.

          "Principals" shall mean any officer, director, owner, partner, key
employee, or other Person with primary management or supervisory
responsibilities with respect to Borrower or any other Person (whether or not an
employee) who has critical influence on or substantive control over the
transactions covered by this Agreement.

          "Retainage" shall mean that portion of the purchase price of an Export
Order that a Buyer is not obligated to pay until the end of a specified period
of time following the satisfactory performance under such Export Order.

          "Retainage Accounts Receivable" shall mean those portions of Eligible
Export-Related Accounts Receivable arising out of a Retainage.

          "Retainage Advance Rate" shall mean the percentage rate specified in
Section 5(C)(3) of the Loan Authorization Agreement as the Advance Rate for the
Retainage Accounts Receivable of Borrower.

          "Retainage Value" shall mean, at the date of determination thereof,
the aggregate face amount of Retainage Accounts Receivable, less taxes,
discounts, credits and allowances, except to the extent otherwise permitted by
Ex-Im Bank in writing.

          "Revolving Loan Facility" shall mean the credit facility or portion
thereof established by Lender in favor of Borrower for the purpose of providing
pre-export working capital in the form of loans and/or Letters of Credit to
finance the manufacture, production or purchase and subsequent export sale of
Items pursuant to Loan Documents under which Credit Accommodations may be made
and repaid on a continuous basis based solely on the Export-Related Borrowing
Base during the term of such credit facility.

          "Special Conditions" shall mean those conditions, if any, set forth in
Section 13 of the Loan Authorization Agreement.

          "Specific Export Orders" shall mean those Export Orders specified in
Section 5(D) of the Loan Authorization Agreement.

<PAGE>

                                      -11-

          "Standby Letter of Credit" shall mean those letters of credit subject
to the ISP or UCP issued or caused to be issued by Lender for Borrower's account
that can be drawn upon by a Buyer only if Borrower fails to perform all of its
obligations with respect to an Export Order.

          "Transaction Specific Loan Facility" shall mean a credit facility or a
portion thereof established by Lender in favor of Borrower for the purpose of
providing pre-export working capital in the form of loans and/or Letters of
Credit to finance the manufacture, production or purchase and subsequent export
sale of Items pursuant to Loan Documents under which Credit Accommodations are
made based solely on the Export-Related Borrowing Base relating to Specific
Export Orders and once such Credit Accommodations are repaid they may not be
reborrowed.

          "Transaction Specific Revolving Loan Facility" shall mean a Revolving
Credit Facility established to provide financing of Specific Export Orders.

          "UCC" shall mean the Uniform Commercial Code as the same may be in
effect from time to time in the jurisdiction in which Borrower or Collateral is
located.

          "UCP" shall mean the Uniform Customs and Practice for Documentary
Credits (1993 Revision), International Chamber of Commerce Publication No. 500
and any amendments and revisions thereof.

          "U.S." or "United States" shall mean the United States of America and
its territorial possessions.

          "U.S. Content" shall mean with respect to any Item all the labor,
materials and services which are of U.S. origin or manufacture, and which are
incorporated into an Item in the United States.

          "Warranty" shall mean Borrower's guarantee to Buyer that the Items
will function as intended during the warranty period set forth in the applicable
Export Order.

          "Warranty Letter of Credit" shall mean a Standby Letter of Credit
which is issued or caused to be issued by Lender to support the obligations of
Borrower with respect to a Warranty or a Standby Letter of Credit which by its
terms becomes a Warranty Letter of Credit.

1.02      Rules of Construction.  For purposes of this Agreement, the following
          ---------------------
additional rules of construction shall apply, unless specifically indicated to
the contrary:  (a) wherever from the context it appears appropriate, each term
stated in either the singular or plural shall include the singular and the
plural, and pronouns stated in the masculine, feminine or neuter gender shall
include the masculine, the feminine and the neuter; (b) the term "or" is not
exclusive; (c) the term "including" (or any form thereof shall not be limiting
or exclusive; (d) all references to statutes and related regulations shall
include any amendments of same and any successor statutes and regulations; (e)
the words "this Agreement", "herein", "hereof", "hereunder" or other words of
similar import refer to this Agreement as a whole including the schedules,
exhibits, and annexes
<PAGE>

                                      -12-

hereto as the same may be amended, modified or supplemented; (f) all references
in this Agreement to sections, schedules, exhibits, and annexes shall refer to
the corresponding sections, schedules, exhibits, and annexes of or to this
Agreement; and (g) all references to any instruments or agreements, including
references to any of the Loan Documents, or the Delegated Authority Letter
Agreement shall include any and all modifications, amendments and supplements
thereto and any and all extensions or renewals thereof to the extent permitted
under this Agreement.

1.03      Incorporation of Recitals. The Recitals to this Agreement are
          -------------------------
incorporated into and shall constitute a part of this Agreement.

                                  ARTICLE II
                            OBLIGATIONS OF BORROWER

          Until payment in full of all Loan Facility Obligations and termination
of the Loan Documents, Borrower agrees as follows:

2.01      Use of Credit Accommodations. (a) Borrower shall use Credit
          ----------------------------
Accommodations only for the purpose of enabling Borrower to finance the cost of
manufacturing, producing, purchasing or selling the Items. Borrower may not use
any of the Credit Accommodations for the purpose of: (i) servicing or repaying
any of Borrower's pre-existing or future indebtedness unrelated to the Loan
Facility (unless approved by Ex-Im Bank in writing); (ii) acquiring fixed assets
or capital goods for use in Borrowers business; (iii) acquiring, equipping or
renting commercial space outside of the United States; (iv) paying the salaries
of non U.S. citizens or non-U.S. permanent residents who are located in offices
outside of the United States; or (v) in connection with a Retainage or Warranty
(unless approved by Ex-Im Bank in writing).

          (b)  In addition, no Credit Accommodation may be used to finance the
manufacture, purchase or sale of any of the following:

               (i)   Items to be sold or resold to a Buyer located in a country
as to which Ex-Im Bank is prohibited from doing business as designated in the
Country Limitation Schedule;

               (ii)  that part of the cost of the Items which is not U.S.
Content unless such part is not greater than fifty percent (50%) of the cost of
the Items and is incorporated into the Items in the United States;

               (iii) defense articles or defense services; or

               (iv)  without Ex-Im Bank's prior written consent, any Items to be
used in the construction, alteration, operation or maintenance of nuclear power,
enrichment, reprocessing, research or heavy water production facilities.

2.02      Loan Documents and Loan Authorization Agreement. (a) Each Loan
          -----------------------------------------------
Document and this Agreement have been duly executed and delivered on behalf of
Borrower, and each such Loan
<PAGE>

                                      -13-

Document and this Agreement are and will continue to be a legal and valid
obligation of Borrower, enforceable against it in accordance with its terms.

          (b)  Borrower shall comply with all of the terms and conditions of the
Loan Documents, this Agreement and the Loan Authorization Agreement.

2.03      Export-Related Borrowing Base Certificates and Export Orders. In order
          ------------------------------------------------------------
to receive Credit Accommodations under the Loan Facility, Borrower shall have
delivered to Lender an Export-Related Borrowing Base Certificate as frequently
as required by Lender but at least within the past thirty (30) calendar days and
a copy of the Export Order(s) (or, for Revolving Loan Facilities, if permitted
by Lender, a written summary of the Export Orders) against which Borrower is
requesting Credit Accommodations. If Lender permits summaries of Export Orders,
Borrower shall also deliver promptly to Lender copies of any Export Orders
requested by Lender. In addition, so long as there are any Credit Accommodations
outstanding under the Loan Facility, Borrower shall deliver to Lender at least
once each month no later than the twentieth (20th) day of such month or more
frequently as required by the Loan Documents, an Export-Related Borrowing Base
Certificate.

2.04      Exclusions from the Export-Related Borrowing Base.  In determining the
          -------------------------------------------------
Export-Related Borrowing Base, Borrower shall exclude therefrom Inventory which
is not Eligible Export-Related Inventory and Accounts Receivable which are not
Eligible Export-Related Accounts Receivable.  Borrower shall promptly, but in
any event within five (5) Business Days, notify Lender (a) if any then existing
Export-Related Inventory no longer constitutes Eligible Export-Related Inventory
or (b) of any event or circumstance which to Borrower's knowledge would cause
Lender to consider any then existing Export-Related Accounts Receivable as no
longer constituting an Eligible Export-Related Accounts Receivable.

2.05      Financial Statements.  Borrower shall deliver to Lender the financial
          --------------------
statements required to be delivered by Borrower in accordance with Section 11 of
the Loan Authorization Agreement.

2.06      Schedules, Reports and Other Statements. Borrower shall submit to
          ---------------------------------------
Lender in writing each month (a) an Inventory schedule for the preceding month
and (b) an Accounts Receivable aging report for the preceding month detailing
the terms of the amounts due from each Buyer. Borrower shall also furnish to
Lender promptly upon request such information, reports, contracts, invoices and
other data concerning the Collateral as Lender may from time to time specify.

2.07      Additional Security or Payment. (a) Borrower shall at all times ensure
          ------------------------------
that the Export-Related Borrowing Base equals or exceeds the Credit
Accommodation Amount. If informed by Lender or if Borrower otherwise has actual
knowledge that the Export-Related Borrowing Base is at any time less than the
Credit Accommodation Amount, Borrower shall, within five (5) Business Days,
either (i) furnish additional Collateral to Lender, in form and amount
satisfactory to Lender and Ex-Im Bank or (ii) pay to Lender an amount equal to
the difference between the Credit Accommodation Amount and the Export-Related
Borrowing Base.
<PAGE>

                                      -14-

          (b) For purposes of this Agreement, in determining the Export-Related
Borrowing Base there shall be deducted from the Export-Related Borrowing Base
(i) an amount equal to twenty-five percent (25%) of the outstanding face amount
of Commercial Letters of Credit and Standby Letters of Credit and (ii) one
hundred percent (100%) of the face amount of Warranty Letters of Credit less the
amount of cash collateral held by Lender to secure Warranty Letters of Credit.

          (c) Unless otherwise approved in writing by Ex-Im Bank, for Revolving
Loan Facilities (other than Transaction Specific Revolving Loan Facilities),
Borrower shall at all times ensure that the outstanding principal balance of the
Credit Accommodations that is supported by Export-Related Inventory does not
exceed sixty percent (60%) of the sum of the total outstanding principal balance
of the Disbursements and the undrawn face amount of all outstanding Commercial
Letters of Credit. If informed by Lender or if Borrower otherwise has actual
knowledge that the outstanding principal balance of the Credit Accommodations
that is supported by Inventory exceeds sixty percent (60%) of the sum of the
total outstanding principal balance of the Disbursements and the undrawn face
amount of all outstanding Commercial Letters of Credit, Borrower shall, within
five (5) Business Days, either (i) furnish additional non-inventory Collateral
to Lender, in form and amount satisfactory to Lender and Ex-Im Bank, or (ii) pay
down the applicable portion of the Credit Accommodations so that the above
described ratio is not exceeded.

2.08      Continued Security Interest. Borrower shall not change (a) its name or
          ---------------------------
identity in any manner, (b) the location of its principal place of business, (c)
the location of any of the Collateral or (d) the location of any of the books or
records related to the Collateral, in each instance without giving thirty (30)
days prior written notice thereof to Lender and taking all actions deemed
necessary or appropriate by Lender to continuously protect and perfect Lender's
Liens upon the Collateral.

2.09      Inspection of Collateral. Borrower shall permit the representatives of
          ------------------------
Lender and Ex-Im Bank to make at any time during normal business hours
inspections of the Collateral and of Borrower's facilities, activities, and
books and records, and shall cause its officers and employees to give full
cooperation and assistance in connection therewith.

2.10      General Intangibles. Borrower represents and warrants that it owns, or
          -------------------
is licensed to use, all General Intangibles necessary to conduct its business as
currently conducted except where the failure of Borrower to own or license such
General Intangibles could not reasonably be expected to have a Material Adverse
Effect.

2.11      Notice of Certain Events. Borrower shall promptly, but in any event
          ------------------------
within five (5) Business Days, notify Lender in writing of the occurrence of any
of the following:

          (a) Borrower or any Guarantor (i) applies for, consents to or suffers
the appointment of, or the taking of possession by, a receiver, custodian,
trustee, liquidator or similar fiduciary of itself or of all or a substantial
part of its property or calls a meeting of its creditors, (ii) admits in writing
its inability, or is generally unable, to pay its debts as they become due or
ceases
<PAGE>

                                      -15-

operations of its present business, (iii) makes a general assignment for the
benefit of creditors, (iv) commences a voluntary case under any state or federal
bankruptcy laws (as now or hereafter in effect), (v) is adjudicated as bankrupt
or insolvent, (vi) files a petition seeking to take advantage of any other law
providing for the relief of debtors, (vii) acquiesces to, or fails to have
dismissed within thirty (30) days, any petition filed against it in any
involuntary case under such bankruptcy laws, or (vii) takes any action for the
purpose of effecting any of the foregoing;

          (b) any Lien in any of the Collateral, granted or intended by the Loan
Documents to be granted to Lender, ceases to be a valid, enforceable, perfected,
first priority Lien (or a lesser priority if expressly permitted pursuant to
Section 6 of the Loan Authorization Agreement) subject only to Permitted Liens;

          (c) the issuance of any levy, assessment, attachment, seizure or Lien,
other than a Permitted Lien, against any of the Collateral which is not stayed
or lifted within thirty (30) calendar days;

          (d) any proceeding is commenced by or against Borrower or any
Guarantor for the liquidation of its assets or dissolution;

          (e) any litigation is filed against Borrower or any Guarantor which
has had or could reasonably be expected to have a Material Adverse Effect and
such litigation is not withdrawn or dismissed within thirty (30) calendar days
of the filing thereof;

          (f) any default or event of default under the Loan Documents;

          (g) any failure to comply with any terms of the Loan Authorization
Agreement;

          (h) any material provision of any Loan Document or this Agreement for
any reason ceases to be valid, binding and enforceable in accordance with its
terms;

          (i) any event which has had or could reasonably be expected to have a
Material Adverse Effect; or

          (j) the Credit Accommodation Amount exceeds the applicable Export-
Related Borrowing Base.

2.12      Insurance.  Borrower will at all times carry property, liability and
          ---------
other insurance, with insurers acceptable to Lender, in such form and amounts,
and with such deductibles and other provisions, as Lender shall require, and
Borrower will provide evidence of such insurance to Lender, so that Lender is
satisfied that such insurance is, at all times, in full force and effect. Each
property insurance policy shall name Lender as loss payee and shall contain a
lenders loss payable endorsement in form acceptable to Lender and each liability
insurance policy shall name Lender as an additional insured. All policies of
insurance shall provide that they may not be cancelled or changed without at
least ten (10) days' prior written notice to Lender and shall otherwise be in
form and substance satisfactory to Lender. Borrower will promptly deliver to
Lender copies of all reports made to insurance companies.
<PAGE>

                                      -16-

2.13      Taxes. Borrower has timely filed all tax returns and reports required
          -----
by applicable law, has timely paid all applicable taxes, assessments, deposits
and contributions owing by Borrower and will timely pay all such items in the
future as they became due and payable. Borrower may, however, defer payment of
any contested taxes; provided, that Borrower (a) in good faith contests
Borrowers obligation to pay such taxes by appropriate proceedings promptly and
diligently instituted and conducted; (b) notifies Lender in writing of the
commencement of, and any material development in, the proceedings; (c) posts
bonds or takes any other steps required to keep the contested taxes from
becoming a Lien upon any of the Collateral, and (d) maintains adequate reserves
therefor in conformity with GAAP.

2.14      Compliance with Laws.  Borrower represents and warrants that it has
          --------------------
complied in all material respects with all provisions of all applicable laws and
regulations, including those relating to Borrower's ownership of real or
personal property, the conduct and licensing of Borrower's business, the payment
and withholding of taxes, ERISA and other employee matters, safety and
environmental matters.

2.15      Negative Covenants. Without the prior written consent of Ex-Im Bank
          ------------------
and Lender, Borrower shall not (a) merge, consolidate or otherwise combine with
any other Person; (b) acquire all or substantially all of the assets or capital
stock of any other Person; (c) sell, lease, transfer, convey, assign or
otherwise dispose of any of its assets, except for the sale of Inventory in the
ordinary course of business and the disposition of obsolete equipment in the
ordinary course of business; (d) create any Lien on the Collateral except for
Permitted Liens; (e) make any material changes in its organizational structure
or identity; or enter into any agreement to do any of the foregoing.

2.16      Reborrowings and Repayment Terms. (a) If the Loan Facility is a
          --------------------------------
Revolving Loan Facility, provided that Borrower is not in default under any of
the Loan Documents, Borrower may borrow, repay and reborrow amounts under the
Loan Facility until the close of business on the Final Disbursement Date. Unless
the Revolving Loan Facility is renewed or extended by Lender with the consent of
Ex-Im Bank, Borrower shall pay in full the outstanding Loan Facility Obligations
and all accrued and unpaid interest thereon no later than the first Business Day
after the Final Disbursement Date.

          (b) If the Loan Facility is a Transaction Specific Loan Facility,
Borrower shall, within two (2) Business Days of the receipt thereof, pay to
Lender (for application against the outstanding Loan Facility Obligations and
accrued and unpaid interest thereon) all checks, drafts, cash and other
remittances it may receive in payment or on account of the Export-Related
Accounts Receivable or any other Collateral, in precisely the form received
(except for the endorsement of Borrower where necessary). Pending such deposit,
Borrower shall hold such amounts in trust for Lender separate and apart and
shall not commingle any such items of payment with any of its other funds or
property.

<PAGE>

                                      -17-

2.17      Cross Default. Borrower shall be deemed in default under the Loan
          -------------
Facility if Borrower fails to pay when due any amount payable to Lender under
any loan or other credit accommodations to Borrower whether or not guaranteed by
Ex-Im Bank.

2.18      Munitions List. If any of the Items are articles, services, or related
          --------------
technical data that are listed on the United States Munitions List (part 121 of
title 22 of the Code of Federal Regulations), Borrower shall send a written
notice promptly, but in any event within five (5) Business Days, of Borrower
learning thereof to Lender describing the Items(s) and the corresponding invoice
amount.

2.19      Suspension and Debarment, etc.  On the date of this Agreement neither
          -----------------------------
Borrower nor its Principals are (a) debarred, suspended, proposed for debarment
with a final determination still pending, declared ineligible or voluntarily
excluded (as such terms are defined under any of the Debarment Regulations
referred to below) from participating in procurement or nonprocurement
transactions with any United States federal government department or agency
pursuant to any of the Debarment Regulations or (b) indicted, convicted or had a
civil judgment rendered against Borrower or any of its Principals for any of the
offenses listed in any of the Debarment Regulations.  Unless authorized by Ex-Im
Bank, Borrower will not knowingly enter into any transactions in connection with
the Items with any person who is debarred, suspended, declared ineligible or
voluntarily excluded from participation in procurement or nonprocurement
transactions with any United States federal government department or agency
pursuant to any of the Debarment Regulations.  Borrower will provide immediate
written notice to Lender if at any time it learns that the certification set
forth in this Section 2.19 was erroneous when made or has become erroneous by
reason of changed circumstances.

                                  ARTICLE III
                              RIGHTS AND REMEDIES

3.01      Indemnification.  Upon Ex-Im Bank's payment of a Claim to Lender in
          ---------------
connection with the Loan Facility pursuant to the Master Guarantee Agreement,
Ex-Im Bank may assume all rights and remedies of Lender under the Loan Documents
and may enforce any such rights or remedies against Borrower, the Collateral and
any Guarantors.  Borrower shall hold Ex-Im Bank and Lender harmless from and
indemnify them against any and all liabilities, damages, claims, costs and
losses incurred or suffered by either of them resulting from (a) any materially
incorrect certification or statement knowingly made by Borrower or its agent to
Ex-Im Bank or Lender in connection with the Loan Facility, this Agreement, the
Loan Authorization Agreement or any other Loan Documents or (b) any material
breach by Borrower of the terms and conditions of this Agreement, the Loan
Authorization Agreement or any of the other Loan Documents.  Borrower also
acknowledges that any statement, certification or representation made by
Borrower in connection with the Loan Facility is subject to the penalties
provided in Article 18 U.S.C. Section 1001.

3.02      Liens. Borrower agrees that any and all Liens granted by it to Lender
          -----
are also hereby granted to Ex-Im Bank to secure Borrower's obligation, however
arising, to reimburse Ex-Im
<PAGE>

                                      -18-

Bank for any payments made by Ex-Im Bank pursuant to the Master Guarantee
Agreement. Lender is authorized to apply the proceeds of, and recoveries from,
any property subject to such Liens to the satisfaction of Loan Facility
Obligations in accordance with the terms of any agreement between Lender and Ex-
Im Bank.

                                  ARTICLE IV
                                 MISCELLANEOUS

4.01      Governing Law. This Agreement and the Loan Authorization Agreement and
          -------------
the obligations arising under this Agreement and the Loan Authorization
Agreement shall be governed by, and construed in accordance with, the law of the
state governing the Loan Documents.

4.02      Notification. All notices required by this Agreement shall be given in
          ------------
the manner and to the parties provided for in the Loan Agreement.

4.03      Partial Invalidity. If at any time any of the provisions of this
          ------------------
Agreement becomes illegal, invalid or unenforceable in any respect under the law
of any jurisdiction, neither the legality, the validity nor the enforceability
of the remaining provisions hereof shall in any way be affected or impaired.

4.04      Waiver of Jury Trial.  BORROWER HEREBY KNOWINGLY, VOLUNTARILY AND
          --------------------
INTENTIONALLY WAIVES ANY AND ALL RIGHTS IT MAY HAVE TO A TRIAL BY JURY IN
RESPECT OF ANY ACTION, SUIT, PROCEEDING OR OTHER LITIGATION BROUGHT TO RESOLVE
ANY DISPUTE ARISING UNDER, ARISING OUT OF OR IN CONNECTION WITH THIS AGREEMENT,
THE LOAN AUTHORIZATION AGREEMENT, ANY LOAN DOCUMENT, OR ANY OTHER AGREEMENT,
DOCUMENT OR INSTRUMENT EXECUTED OR DELIVERED IN CONNECTION HEREWITH OR THEREWITH
OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER VERBAL OR
WRITTEN), OR ACTIONS OR OMISSIONS OF LENDER, EX-IM BANK, OR ANY OTHER PERSON,
RELATING TO THIS AGREEMENT, THE LOAN AUTHORIZATION AGREEMENT OR ANY OTHER LOAN
DOCUMENT.

          IN WITNESS WHEREOF, Borrower has caused this Agreement to be duly
executed as of the 21/st/ day of January, 2000.

BORROWER:  MATRIXONE, INC.

By: /s/ Moe Castonguay
   ----------------------------
    Moe Castonguay, CFO
<PAGE>

                                      -19-

ACKNOWLEDGED:

LENDER:  SILICON VALLEY BANK

By: /s/ Jonathan Gray
   ----------------------------
Jonathan Gray, SVP
<PAGE>

                                      -20-

ANNEXES:

Annex A   -    Loan Authorization Agreement or Loan Authorization Notice<PAGE>

                                                                   Exhibit 10.24
                                                                   -------------

                              EXPORT-IMPORT BANK

                          LOAN AND SECURITY AGREEMENT

                                    BETWEEN

                              SILICON VALLEY BANK

                                      AND

                                MATRIXONE, INC.

                               JANUARY 21, 2000
<PAGE>

          This EXPORT-IMPORT BANK LOAN AND SECURITY AGREEMENT dated January 21,
2000, between SILICON VALLEY BANK ("Bank"), a California state-chartered bank
with its principal place of business at 3003 Tasman Drive, Santa Clara, CA 95054
and with a loan production office located at Wellesley Office Park, 40 William
Street, Suite 350, Wellesley, MA 02481, doing business under the name Silicon
Valley East ("Bank"), and MATRIXONE, INC., a Delaware corporation with its
principal place of business at Two Executive Drive, Chelmsford, MA 01824
("Borrower"), provides the terms on which Bank will lend to Borrower and
Borrower will repay Bank.  The parties agree as follows:

1.    ACCOUNTING AND OTHER TERMS
      --------------------------

      Accounting terms not defined in this Exim Agreement will be construed
following GAAP Calculations and determinations must be made following GAAP.  The
term "financial statements" includes the notes and schedules.  The terms
"including" and "includes" always mean "including (or includes) without
limitation" in this or any Loan Document.  This Exim Agreement shall be
construed to impart upon Bank a duty to act reasonably at all times.

2.    LOAN AND TERMS OF PAYMENT
      -------------------------

2.1   Credit Extensions.

      Borrower will pay Bank the unpaid principal amount of all Credit
Extensions and interest on the unpaid principal amount of the Credit Extensions.

2.1.1 Revolving Advances.

      (a) Bank will make Advances not exceeding (i) the Exim Committed Line or
the Borrowing Base, whichever is less. Borrowing Base means an amount equal to
the sum of NINETY percent (90%) of Exim Eligible Foreign Accounts. Amounts
borrowed under this Section may be repaid and reborrowed during the term of this
Exim Agreement.

      (b) To obtain an Advance, Borrower must notify Bank by facsimile or
telephone by 3:00 p.m. East Coast time on the Business Day the Advance is to be
made.  Borrower must promptly confirm the notification by delivering to Bank the
Payment/Advance Form attached as Exhibit B.  Bank will credit Advances to
Borrower's deposit account.  Bank may make Credit Extensions under this Exim
Agreement based on instructions from a Responsible Officer or his or her
designee or without instructions if the Credit Extensions are necessary to meet
Obligations which have become due.  Bank may rely on any telephone notice given
by a person whom Bank believes is a Responsible Officer or designee.  Borrower
will indemnify Bank for any loss suffered by Bank from that reliance.

      (c) The Exim Committed Line terminates on the Exim Maturity Date, then all
Advances and other amounts due under this Exim Agreement are immediately
payable.
<PAGE>

                                      -2-

2.2   Overadvances.

      If Borrower's Obligations under Section 2.1.1 exceed the lesser of either
(i) the Exim Committed Line or (ii) the Borrowing Base, Borrower must
immediately pay Bank the excess.

2.3   Interest Rate, Payments.

      (a) Interest Rate. Advances accrue interest on the outstanding principal
balance at a per annum rate of ONE-HALF (0.5) percentage point above the Prime
Rate. After an Event of Default, Obligations accrue interest at 5 percent above
the rate effective immediately before the Event of Default. The interest rate
increases or decreases when the Prime Rate changes. Interest is computed on a
360 day year for the actual number of days elapsed.

      (b) Payments. Interest due on the Exim Committed Line is payable on the
FIRST calendar day of each month. Bank may debit any of Borrower's deposit
accounts including Account Number 700442770 for principal and interest payments
or any amounts Borrower owes Bank. Bank will notify Borrower when it debits
Borrower's accounts. These debits are not a set-off. Payments received after
3:00 p.m. East Coast time are considered received at the opening of business on
the next Business Day. When a payment is due on a day that is not a Business
Day, the payment is due the next Business Day and additional fees or interest
accrue.

2.4   Fees.

      Borrower will pay:

      (a) Exim Bank Facility Fee. A fully earned, nonrefundable Facility Fee of
$12,500 due on the Closing Date; and

      (b) Bank Expenses. All Bank Expenses incurred through and after the date
of this Exim Agreement, (including reasonable attorneys' fees and expenses)
payable when due.

2.5   Use of Proceeds.

      Borrower will use the proceeds of the Advances only for the purposes
specified in the Borrower Agreement.  Borrower will not use the proceeds of the
Advances for any purpose prohibited by the Borrower Agreement.

3.    CONDITIONS OF LOANS
      -------------------

3.1   Conditions Precedent to Initial Credit Extension.  Bank's obligation to
make the initial Credit Extension is subject to the condition precedent that it
receive the agreements, documents and fees it requires.

3.2   Conditions Precedent to all Credit Extensions.  Bank's obligations to make
each Credit Extension, including the initial Credit Extension, is subject to the
following:

<PAGE>

                                      -3-

      (a) timely receipt of any export purchase order and a Borrowing Base
Certificate relating to the request;

      (b) receipt of a Payment/Advance Form;

      (c) the representations and warranties in Section 5 must be materially
true on the date of the Payment/Advance Form and on the effective date of each
Credit Extension and no Event of Default may have occurred and be continuing, or
result from the Credit Extension. Each Credit Extension is Borrower's
representation and warranty on that date that the representations and warranties
of Section 5 remain true; and

      (d) the Exim Guarantee will be in full force and effect.

4.    CREATION OF SECURITY INTEREST
      -----------------------------

4.1   Grant of Security Interest.

      Borrower grants Bank a continuing security interest in all presently
existing and later acquired Collateral to secure all Obligations and performance
of each of Borrower's duties under the Loan Documents.  Except for Permitted
Liens, any security interest will be a first priority security interest in the
Collateral.  Bank may place a "hold" on any deposit account pledged as
Collateral.

5.    REPRESENTATIONS AND WARRANTIES
      ------------------------------

      Borrower represents and warrants as follows:

5.1   Domestic Loan Documents.

      The representations and warranties contained in the Domestic Loan
Documents, which are incorporated into this Agreement, are true and correct.

6.    AFFIRMATIVE COVENANTS
      ---------------------

      Borrower will do all of the following:

6.1   Domestic Loan Documents.

      Borrower will comply with all the provisions of the Domestic Loan
Documents.

6.2   EXIM Insurance.

      If required by Bank, Borrower will obtain, and pay when due all premiums
with respect to, and maintain uninterrupted foreign credit insurance. In
addition, Borrower will execute in favor of Bank an assignment of proceeds of
any insurance policy obtained by Borrower and issued by Exim Bank insuring
against comprehensive commercial and political risk (the "EXIM Bank Policy").
The insurance proceeds from the EXIM Bank Policy assigned or paid to Bank will
be applied to the balance outstanding under this Exim Agreement. Borrower will
<PAGE>

                                      -4-

immediately notify Bank and Exim Bank in writing upon submission of any claim
under the Exim Bank Policy. Then Bank will not be obligated to make any further
Credit Extensions to Borrower without prior approval from Exim Bank.

6.3  Borrower Agreement.

     Borrower will comply with all terms of the Borrower Agreement. If any
provision of the Borrower Agreement conflicts with any provision contained in
this Exim Agreement, the more strict provision, with respect to the Borrower,
will control.

6.4  Terms of Sale.

     Borrower will cause all sales of products on which the Credit Extensions
are based to be (i) supported by one or more irrevocable letters of credit in an
amount and of matter, naming a beneficiary and issued by a financial institution
acceptable to Bank or (ii) on open account to creditworthy buyers that have
written preapproval from Bank and Exim Bank.

6.5  Reporting Requirements.

     Borrower shall deliver all reports, certificates and other documents to
Bank as provided in the Borrower Agreement. In addition, Borrower shall comply
with the reporting requirements set forth in the Domestic Loan Documents.

6.6  Further Assurances.

     Borrower will 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 Exim Agreement.

7.   NEGATIVE COVENANTS
     ------------------

     Borrower will not do any of the following:

7.1  Domestic Loan Documents.

     Violate or fail to comply with the Domestic Loan Documents.

7.2  Borrower Agreement.

     Violate or fail to comply with any provision of the Borrower Agreement.

7.3  Exim Agreement.

     Take an action, or permit any action to be taken, that causes, or could be
expected to cause, the Exim Guarantee to not be in full force and effect.
<PAGE>

                                      -5-

8.   EVENTS OF DEFAULT
     -----------------

     Any one of the following is an Event of Default:

8.1  Payment Default.

     If Borrower fails to pay any of the Obligations when due;

8.2  Covenant Default.

     If Borrower violates any covenant in this Exim Agreement or in any of the
Domestic Loan Documents or the Borrower Agreement or an Event of Default occurs
under this Exim Agreement or the Domestic Loan Documents.

8.3  Exim Guarantee.

     If the Exim Guarantee ceases for any reason to be in full force and
effect, or if the Exim Bank declares the Exim Guarantee void or revokes any
obligations under the Exim Guarantee.

9.   BANK'S RIGHTS AND REMEDIES
     --------------------------

9.1  Rights and Remedies.

     When an Event of Default occurs and continues Bank may, without notice or
demand, do any or all of the following in accordance with applicable law:

     (a) Declare all Obligations immediately due and payable (but if an Event of
Default described in Section 8.5 of the Domestic Loan Documents occurs all
Obligations are immediately due and payable without any action by Bank);

     (b) Stop advancing money or extending credit for Borrowers benefit under
this Exim Agreement or under any other agreement between Borrower and Bank;

     (c) Settle or adjust disputes and claims directly with account debtors for
amounts, on terms and in any order that Bank considers advisable;

     (d) Make any payments and do any acts it considers necessary or reasonable
to protect its security interest in the Collateral. Borrower will assemble the
Collateral if Bank requires and make it available as Bank designates. Bank may
enter premises where the Collateral is located, take and maintain possession of
any part of the Collateral, and pay, purchase, contest, or compromise any Lien
which appears to be prior or superior to its security interest and pay all
expenses incurred. Borrower grants Bank a license to enter and occupy any of its
premises, without charge, to exercise any of Bank's rights or remedies;

     (e) 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;
<PAGE>

                                      -6-

     (f) Ship, reclaim, recover, store, finish, maintain, repair, prepare for
sale, advertise for sale, and sell the Collateral; and

     (g) Dispose of the Collateral according to the Code.

9.2  Power of Attorney.

     Effective only when an Event of Default occurs and continues, Borrower
irrevocably appoints Bank as its lawful attorney to: (i) endorse Borrower's name
on any checks or other forms of payment or security; (ii) sign Borrower's name
on any invoice or bill of lading for any Account or drafts against account
debtors, (iii) make, settle, and adjust all claims under Borrower's insurance
policies; (iv) settle and adjust disputes and claims about the Accounts directly
with account debtors, for amounts and on terms Bank determines reasonable and
(v) transfer the Collateral into the name of Bank or a third party as the Code
permits.  Bank may exercise the power of attorney to sign Borrower's name on any
documents necessary to perfect or continue the perfection of any security
interest regardless of whether an Event of Default has occurred.  Bank's
appointment as Borrower's attorney in fact, and all of Bank's rights and powers,
coupled with an interest, are irrevocable until all Obligations have been fully
repaid and performed and Bank's obligation to provide Credit Extensions
terminates.

9.3  Accounts Collection.

     When an Event of Default occurs and continues, Bank may notify any Person
owing Borrower money of Bank's security interest in the funds and verify the
amount of the Account. Borrower must collect all payments in trust for Bank and,
if requested by Bank, immediately deliver the payments to Bank in the form
received from the account debtor, with proper endorsements for deposit.

9.4  Bank Expenses.

     If Borrower fails to pay any amount or furnish any required proof of
payment to third persons Bank may make all or part of the payment or obtain
insurance policies required in Section 6.5, and take any action under the
policies Bank deems prudent. Any amounts paid by Bank are Bank Expenses and
immediately due and payable, bearing interest at the then applicable rate and
secured by the Collateral. No payments by Bank are deemed an agreement to make
similar payments in the future or Bank's waiver of any Event of Default.

9.5  Bank's Liability for Collateral.

     If Bank complies with reasonable banking practices and applicable law it is
not liable for: (a) the safekeeping of the Collateral; (b) any loss or damage to
the Collateral; (c) any diminution in the value of the Collateral; or (d) any
act or default of any carrier, warehouseman, bailee, or other person. Borrower
bears all risk of loss, damage or destruction of the Collateral.

<PAGE>

                                      -7-

9.6  Remedies Cumulative.

     Bank's rights and remedies under this Exim Agreement, the Loan Documents,
and all other agreements are cumulative. Bank has all rights and remedies
provided under the Code, by law, or in equity. Bank's exercise of one right or
remedy is not an election, and Bank's waiver of any Event of Default is not a
continuing waiver. Bank's delay is not a waiver, election, or acquiescence. No
waiver is effective unless signed by Bank and then is only effective for the
specific instance and purpose for which it was given.

9.7  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 guarantees held by Bank on which Borrower is
liable.

9.8  Exim Direction.

     Upon the occurrence of an Event of Default, Exim Bank shall have right to
(i) direct Bank to exercise the remedies specified in Section 9.1 and (ii)
request that Bank accelerate the maturity of any other loans to Borrower.

9.9  Exim Notification.

     Bank has the right to immediately notify Exim Bank in writing if it has
knowledge of any of the following events: (1) any failure to pay any amount due
under this Exim Agreement; (2) the Borrowing Base is less than the sum of the
outstanding Credit Extensions; (3) any failure to pay when due any amount
payable to Bank under any Loan owing by Borrower to Bank; (4) the filing of an
action for debtor's relief by, against or on behalf of Borrower; (5) any
threatened or pending material litigation against Borrower, or any dispute
involving Borrower.

     If Bank sends a notice to Exim Bank, Bank has the right to send Exim Bank a
written report on the status of events covered by the notice every 30 days after
the date of the original notification, until Bank files a claim with Exim Bank
or the defaults have been cured (but no Credit Extensions may be required during
the cure period unless Exim Bank gives its written approval). If directed by
Exim Bank, Bank will have the right to exercise any rights it may have against
the Borrower to demand the immediate repayment of all amounts outstanding under
the Exim Loan Documents.

10.  NOTICES
     -------

     All notices or demands by any party about this Exim Agreement or any
other related agreement must be in writing and be personally delivered or sent
by an overnight delivery service, by certified mail, postage prepaid, return
receipt requested, or by telefacsimile at the addresses first written above.  A
Party may change its notice address by giving the other Party written notice.
<PAGE>

                                      -8-

11.  CHOICE OF LAW, VENUE AND JURY TRIAL WAIVER
     ------------------------------------------

     The laws of the Commonwealth of Massachusetts shall apply to this
Agreement. Any references in the Borrower Agreement to the laws of the State of
New York, shall be deemed a reference to the laws of the Commonwealth of
Massachusetts. BORROWER ACCEPTS FOR ITSELF AND IN CONNECTION WITH ITS
PROPERTIES, UNCONDITIONALLY, THE NON-EXCLUSIVE JURISDICTION OF ANY STATE OR
FEDERAL COURT OF COMPETENT JURISDICTION IN THE COMMONWEALTH OF MASSACHUSETTS IN
ANY ACTION, SUIT, OR PROCEEDING OF ANY KIND AGAINST IT WHICH ARISES OUT OF OR BY
REASON OF THIS EXIM AGREEMENT; PROVIDED, HOWEVER, THAT IF FOR ANY REASON BANK
CANNOT AVAIL ITSELF OF THE COURTS OF THE COMMONWEALTH OF MASSACHUSETTS, BORROWER
ACCEPTS JURISDICTION OF THE COURTS AND VENUE 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 EXIM AGREEMENT, THE LOAN DOCUMENTS
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 EXIM AGREEMENT. EACH PARTY HAS REVIEWED THIS WAIVER WITH ITS COUNSEL.

12.  GENERAL PROVISIONS
     ------------------

12.1 Successors and Assigns.

     This Exim Agreement binds and is for the benefit of the successors and
permitted assigns of each party.  Borrower may not assign this Exim Agreement or
any rights under it without Bank's prior written consent which may be granted or
withheld in Bank's discretion.  Prior to an Event of Default, Bank may not
assign this Exim Agreement or any rights under it without Borrower's prior
written consent which may shall not be unreasonably withheld or delayed.  Bank
has the right, without the consent of or notice to Borrower, to sell, transfer,
negotiate, or grant participation in all or any part of, or any interest in,
Bank's obligations, rights and benefits under this Exim Agreement.

12.2 Indemnification.

     Borrower will indemnify, defend and hold harmless Bank and its officers,
employees, and agents against: (a) all obligations, demands, claims, and
liabilities asserted by any other party in connection with the transactions
contemplated by the Loan Documents; and (b) all losses or Bank Expenses
incurred, or paid by Bank from, following, 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.

12.3 Time of Essence.

     Time is of the essence for the performance of all obligations in this Exim
Agreement.
<PAGE>

                                      -9-

12.4 Severability of Provision.

     Each provision of this Exim Agreement is severable from every other
provision in determining the enforceability of any provision.

12.5 Amendments in Writing, Integration.

     All amendments to this Exim Agreement must be in writing. This Exim
Agreement represents the entire agreement about this subject matter and
supersedes prior negotiations or agreements. All prior agreements,
understandings, representations, warranties, and negotiations between the
parties about the subject matter of this Exim Agreement merge into this Exim
Agreement and the Loan Documents.

12.6 Counterparts.

     This Exim Agreement may be executed in any number of counterparts and by
different parties on separate counterparts, each of which, when executed and
delivered, are an original, and all taken together, constitute one Agreement.

12.7 Survival.

     All covenants, representations and warranties made in this Exim Agreement
continue in full force while any Obligations remain outstanding. The obligations
of Borrower in Section 12.2 to indemnify Bank will survive until all statutes of
limitations for actions that may be brought against Bank have run.

12.8 Countersignature.

     This Agreement shall become effective only when it shall have been executed
by Borrower and Bank (provided, however, in no event shall this Agreement become
effective until signed by an officer of Bank in California).

13.  DEFINITIONS
     -----------

13.1 Definitions.

     Except as otherwise defined, terms that are capitalized in this Exim
Agreement will have the same meaning assigned in the Domestic Loan Documents. In
this Agreement:

     "Advance" or "Advances" is a loan advance (or advances) under the Exim
Committed Line.

     "Borrower Agreement" is the Export-Import Bank of the United States Working
Capital Guarantee Program Borrower Agreement between Borrower and Bank.

     "Borrowing Base" is defined in Section 2.1
<PAGE>

                                      -10-

     "Credit Extension" is each Advance, Exim Letter of Credit, or any other
extension of credit by Bank for Borrower's benefit.

     "Current Liabilities" are the aggregate amount of Borrowers Total
Liabilities which mature within one (1) year.

     "Domestic Loan Documents" are the Loan and Security Agreement dated as of
December 29, 1998, as amended, and any documents or instruments executed in
connection therewith.

     "Exim Bank" is the Export-Import Bank of the United States.

     "Exim Bank Expenses" are all audit fees and expenses; reasonable costs or
expenses (including reasonable attorneys' fees and expenses) for preparing,
negotiating, administering, defending and enforcing the Exim Loan Documents
(including appeals or Insolvency Proceedings) and the fees that the Bank pays to
the Exim Bank in consideration of the issuance of the Exim Guarantee.

     "Exim Committed Line" is $1,000,000.

     "Exim Eligible Foreign Accounts" are Accounts payable in United States
Dollars that arise in the ordinary course of Borrowers business from Borrower's
sale of Eligible Foreign Inventory (i) that the account debtor does not have its
principal place of business in the United States and (ii) that have been
assigned and comply with all of Borrower's representations and warranties in
Section 5.2; but Bank may change eligibility standards by giving Borrower 30
             ---
days prior written notice.  Unless Bank agrees otherwise in writing, Exim
Eligible Foreign Accounts will not include:

     (a) Accounts that the account debtor has not paid within 180 days of
     invoice date;

     (b) Accounts which are more than sixty (60) calendar days past the original
     due date, unless it is insured through Exim Bank export credit insurance
     for comprehensive commercial and political risk, or through Exim Bank
     approved private insurers for a comparable coverage, in which case ninety
     (90) calendar days shall apply;

     (c) Credit balances over 180 days from invoice date;

     (d) Accounts evidenced by a letter of credit until the date of shipment of
     the items covered by the subject letter of credit;

     (e) Accounts for which the account debtor is a federal, state or local
     government entity or any department, agency, or instrumentality;

     (f) Accounts for which Borrower owes the account debtor, but only up to the
     amount owed (sometimes called "contra" accounts, accounts payable, customer
     deposits or credit accounts);
<PAGE>

                                      -11-

     (g) Accounts for demonstration or promotional equipment, or in which goods
     are consigned, sales guaranteed, sale or return, sale on approval, bill and
     hold, or other terms if account debtor's payment may be conditional;

     (h) Accounts for which the account debtor is Borrower's Affiliate, officer,
     employee, or agent;

     (i) Accounts in which the account debtor disputes liability or makes any
     claim and Bank believes there may be a basis for dispute (but only up to
     the disputed or claimed amount), or if the Account Debtor is subject to an
     Insolvency Proceeding, or becomes insolvent, or goes out of business;

     (j) Accounts generated by the sale of products purchased for military
     purposes;

     (k) Accounts generated by the sales of Inventory which constitute defense
     articles or defense services;

     (l) Accounts excluded from the Borrowing Base under the Borrower Agreement.

     (m) Accounts for which Bank or Exim Bank determines collection to be
     doubtful.

     "Exim Guarantee" is that certain Master Guarantee Agreement or other
agreement, as amended from time to time, the terms of which are incorporated
into this Exim Agreement.

     "Exim Loan Documents" is the Exim Agreement, any note or notes executed by
Borrower or any other agreement entered into in connection with this Exim Loan
Agreement, pursuant to which Exim Bank guarantees Borrower's obligations under
this Exim Agreement.

     "Exim Maturity Date" is December 28, 2000.

     "Export Order" is a written export order or contract for the purchase by
the buyer from the Borrower of any finished goods or services which are intended
for export.

     "Indebtedness" is (a) indebtedness for borrowed money or the deferred price
of property or services, such as reimbursement and other obligations for surety
bonds and letters of credit, (b) obligations evidenced by notes, bonds,
debentures or similar instruments, (c) capital lease obligations and (d)
Contingent Obligations.

     "Loan Documents" are, collectively, this Exim Agreement, the Domestic Loan
Documents, any note, or notes or guaranties executed by Borrower or guarantor in
connection with this Exim Agreement or the Domestic Loan Documents, and any
other present or future agreement between Borrower and/or for the benefit of
Bank in connection with this Exim Agreement or the Domestic Loan Documents, all
as amended, extended or restated.

     "Obligations" are debts, principal, interest, Bank Expenses and other
amounts Borrower owes Bank now or later, including letters of credit and
exchange contracts and including interest
<PAGE>

                                      -12-

accruing after Insolvency Proceedings begin and debts, liabilities, or
obligations of Borrower assigned to Bank and the Obligations of Borrower under
the Domestic Loan Documents.

     "Schedule" is any attached schedule of exceptions.

     IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
executed as a sealed instrument as of the date first set forth above.

"Borrower"                          "Bank"

MATRIXONE, INC.                     SILICON VALLEY BANK doing business as
                                    SILICON VALLEY EAST

By: /s/ Moe Castonguay              By: /s/ Jonathan Gray
    ------------------                  -----------------
    Moe Castonguay, CFO                 Jonathan Gray

                                    SILICON VALLEY BANK

                                    By: /s/ Maggie Garcia
                                        -----------------
                                        Maggie Garcia

                                    Title: Loan Documentation Officer
                                           --------------------------
                                    (Signed in Santa Clara County, California)
<PAGE>

                 EXHIBIT A TO EXIM LOAN AND SECURITY AGREEMENT

     The Collateral consists of all of Borrowers right, title and interest in
and to the following:

     All of Borrowers export-related Accounts, and

     All proceeds, accessions, replacements, additions, together with Borrower's
Books relating to the foregoing and any and all claims, rights and interests in
any of the above and all substitutions therefor.
<PAGE>

                                     -14-

                 EXHIBIT B TO EXIM LOAN AND SECURITY AGREEMENT

                  LOAN PAYMENT/ADVANCE TELEPHONE REQUEST FORM
         DEADLINE FOR SAME DAY PROCESSING IS 3:00 P.M., EAST COAST TIME

TO: CENTRAL CLIENT SERVICE DIVISION              DATE:_______________
FAX #: (781) 431-0755                            TIME: ______________
FROM: _______________________________________________________________
                                BORROWER'S NAME
FROM: _______________________________________________________________
                           AUTHORIZED SIGNER'S NAME
AUTHORIZED SIGNATURE: _______________________________________________
PHONE: ______________________________________________________________
FROM ACCOUNT  ______________________             TO ACCOUNT  ________

<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------
REQUESTED TRANSACTION TYPE                             REQUEST DOLLAR AMOUNT
--------------------------                             ---------------------
<S>                                                    <C>
PRINCIPAL INCREASE (ADVANCE)                           $ _____________________________
PRINCIPAL PAYMENT (ONLY)                               $ _____________________________
INTEREST PAYMENT (ONLY)                                $ _____________________________
PRINCIPAL AND INTEREST (PAYMENT)                       $ _____________________________
OTHER INSTRUCTIONS:___________________________________________________________________
--------------------------------------------------------------------------------------
</TABLE>

All representations and warranties of Borrower stated in the Exim Loan and
Security Agreement dated as of January 14, 2000, as may be amended from time to
time, are true, correct and complete in all material respects as of the date of
the telephone request for and Credit Extension confirmed by this Advance
Request; provided, however, that those representations and warranties expressly
referring to another date shall be true, correct and complete in all material
respects as of such date.

--------------------------------------------------------------------------------
                                BANK USE ONLY:
                              TELEPHONE REQUEST:
                              -----------------
The following person is authorized to request the loan payment transfer/loan
advance on the advance designated account and is known to me.

_____________________________           _____________________________________
Authorized Requester                                    Phone #
_____________________________           _____________________________________
Received by (Bank)                                      Phone #
                         _____________________________
                          Authorized Signature (Bank)
--------------------------------------------------------------------------------
<PAGE>

                                     -15-

                 EXHIBIT C TO EXIM LOAN AND SECURITY AGREEMENT
                           BORROWING BASE CERTIFICATE

Borrower:      MatrixOne, Inc.         Bank:   Silicon Valley Bank
               Two Executive Drive             3003 Tasman Drive
               Chelmsford, MA 01824            Santa Clara, CA 95054

Commitment Amount: $1,000,000

<TABLE>
<CAPTION>
FOREIGN ACCOUNTS RECEIVABLE FROM EXPORT ACTIVITIES
<S>                                                                              <C>
1.  Foreign Accounts Receivable Book Value as of                                 $ __________
2.  Additions (please explain on reverse)                                        $ __________
3.  TOTAL FOREIGN ACCOUNTS RECEIVABLE                                            $ __________

ACCOUNTS RECEIVABLE DEDUCTIONS

4.  Accounts over 180 days from invoice date                                     $ __________
5.  Amounts over 60 days past due (unless insured, then 90 days)                 $ __________
6.  Deleted                                                                      $ __________
7.  Credit Balances over 180 days                                                $ __________
8.  Accounts not payable in the U.S. Dollars or payable in other than U.S.       $ __________
     Dollars
9.  Governmental and Military Accounts                                           $ __________
10. Contra Accounts                                                              $ __________
11. Promotion, Demo or Consignment Accounts                                      $ __________
12. Intercompany/Employee and affiliate Accounts                                 $ __________
13. Accounts in the form of UCs, if subject items have not yet been shipped      $ __________
     by Borrower
14. Accounts arising from Inventory not originally located in and shipped        $ __________
     from the U.S.
15. Accounts arising from the sale of defense articles or items                  $ __________
16. Accounts of buyers located in or from countries in which shipment is         $ __________
     prohibited
17. Other exclusions                                                             $ __________
18. TOTAL ACCOUNTS RECEIVABLE DEDUCTIONS                                         $ __________
19. Eligible Accounts (No. 3 - No. 18)                                           $ __________
20. Loan Value of Accounts (90%-Advance)                                         $ __________

BALANCES

21. Maximum Loan Amount                                                          $1,000,000
22. Total Available (Lesser of No. 20 or No. 21)                                 $ __________
23. Present balance owing on Line of Credit                                      $ __________
24. Outstanding under Sublimits ( n/a )                                          $ __________
25. RESERVE POSITION (No. 22 - (No. 23 + No. 24))                                $ __________
</TABLE>
<PAGE>

                                     -16-

The undersigned represents and warrants that as of the date hereof the foregoing
is true, complete and correct, that the information reflected in this Collateral
Schedule complies with the representations and warranties set forth in the Exim
Loan and Security Agreement, between Borrower and Bank, and executed by Borrower
and acknowledged by Bank, dated as of January 14, 2000, as may be amended from
time to time, as if all representations and warranties were made as of the date
hereof, and that Borrower is, and shall remain, in full compliance with its
agreements, covenants, and obligations under such agreements.  Such
representations and warranties include, without limitation, the following:
Borrower is using disbursements only for the purpose of enabling Borrower to
finance the cost of manufacturing, purchasing or selling items intended for
export.  Borrower is not using disbursements for the purpose of: (a) servicing
any of Borrower's unrelated preexisting or future indebtedness, (b) acquiring
fixed assets or capital goods for the use of Borrower's business; (c) acquiring,
equipping, or renting commercial space outside the United States, or (d) paying
salaries of non-U.S. citizens or non-U.S. permanent residents who are located in
the offices of the United States.  Additionally, disbursements are not being
used to finance the manufacture, purchase or sale of all of the following: (a)
Items to be sold to a buyer located in a country in which the Export Import Bank
of the United States is legally prohibited from doing business; (b) that part of
the cost of the items which is not U.S. Content unless such part is not greater
than fifty percent (50%) of the cost of the items and is incorporated into the
items in the United States; (c) defense articles or defense services or items
directly or indirectly destined for use by military organizations designed
primarily for military use (regardless of the nature or actual use of the
items); or (d) any items to be used in the construction, alteration, operation
or maintenance of nuclear power, enrichment, reprocessing, research or heavy
water production facilities.

                                  ----------------------------------------
COMMENTS:                                      BANK USE ONLY
                                  Rec'd By: ______________________
                                  Date: _________________________
                                  Reviewed By: __________________
                                  Compliance Status: Yes / No
_________________________________
                                  ----------------------------------------
By:______________________________
     Authorized Signer

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00001-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00001-of-00352.parquet"}]]