Document:

Exhibit 10.22(o)

 

FOURTEENTH
LOAN MODIFICATION AGREEMENT

 

This Fourteenth Loan
Modification Agreement (this “Loan Modification Agreement”) is entered into on June 28,
2007 by and between SILICON VALLEY BANK,
a California chartered bank, with its principal place of business at 3003
Tasman Drive, Santa Clara, California 95054 and with a loan production office
located at One Newton Executive Park, Suite 200, 2221 Washington Street,
Newton, Massachusetts 02462 (“Bank”) and ASPEN TECHNOLOGY, INC.,
a Delaware corporation with offices at Ten Canal Park, Cambridge, Massachusetts
02141 for itself and as successor by merger with ASPENTECH,
INC., a Texas corporation with offices at Ten Canal Park, Cambridge,
Massachusetts 02141 (“Borrower”).

 

1.                                       DESCRIPTION
OF EXISTING INDEBTEDNESS AND OBLIGATIONS. 
Among other indebtedness and obligations which may be owing by Borrower
to Bank, Borrower is indebted to Bank pursuant to a loan arrangement dated as
of January 30, 2003, evidenced by, among other documents, a certain Loan and
Security Agreement dated as of January 30, 2003 between Borrower,
Aspentech, Inc. and Bank, as amended by a certain letter agreement dated February 14,
2003, a certain First Loan Modification Agreement dated June 27, 2003, a
certain Second Loan Modification Agreement dated September 10, 2004, a
certain Third Loan Modification Agreement dated January 28, 2005, a
certain Fourth Loan Modification Agreement dated April 1, 2005, a certain
Fifth Loan Modification Agreement dated May 6, 2005, a certain Sixth Loan
Modification Agreement dated June 15, 2005, a certain Seventh Loan
Modification Agreement dated September, 2005, a certain Eighth Amendment to
Loan and Security Agreement dated November 22, 2005, a certain Ninth Loan
Modification Agreement dated July 17, 2006, a certain Tenth Loan
Modification Agreement dated September 15, 2006, a certain Eleventh Loan
Modification Agreement dated September 27, 2006, a certain Twelfth Loan
Modification Agreement dated January 12, 2007 and a certain Thirteenth
Loan Modification Agreement dated April 13, 2007 (as amended, the “Loan
Agreement”).  Capitalized terms used but
not otherwise defined herein shall have the same meaning as in the Loan
Agreement,

 

2.                                       DESCRIPTION
OF COLLATERAL.  Repayment of the
Obligations is secured by the Collateral as described in the Loan Agreement
(together with any other collateral security granted to Bank, the “Security
Documents”).

 

Hereinafter, the Security
Documents, together with all other documents evidencing or securing the
Obligations shall be referred to as the “Existing Loan Documents.”

 

3.                                       DESCRIPTION
OF CHANGE IN TERMS.

 

Modifications
to Loan Agreement.

 

(i)                                     The
Loan Agreement shall be amended by deleting the following text appearing in the
definition of “Eligible Receivables” in Section 8 of the Loan Agreement:

 

 

“(viii) the Receivable
must not be owing from an Account Debtor located outside of the United States
or Canada that is deemed unacceptable by Silicon in its discretion;”

 

and inserting in lieu thereof
the following:

 

“(viii) the Receivable
must not be owing from an Account Debtor located outside of the United States
or Canada that is deemed unacceptable by Silicon in its discretion; provided,
further, that such Receivables shall in no event be deemed to be acceptable to
Silicon to the extent the aggregate amount of advances and other financial
accommodations based upon such Receivables exceeds $10,000,000 unless
specifically approved by Silicon in writing in each instance;”

 

(ii)                                  The
Loan Agreement shall be amended by deleting the following text appearing in Section 1
of the Schedule to the Loan Agreement:

 

(i) $25,000,000 (the “Maximum
Credit Limit;” minus

 

and inserting in lieu thereof
the following:

 

(i) $25,000,000 (or such
lesser amount necessary to ensure that the aggregate amount of the Obligations
under this Agreement plus the aggregate amount of Purchased Receivables (as
defined in the Non-Recourse Receivables Purchase Agreement between Silicon and
Borrower dated December 31, 2003, as amended and as may be further amended
and in effect from time to time) do not exceed $80,000,000) (the “Maximum
Credit Limit”); minus

 

(iii)                               The
Loan Agreement shall be amended by deleting the following text appearing in Section 4
of the Schedule to the Loan Agreement:

 

“MATURITY
DATE

 

(Section 6.1): July 16,
2007”

 

and inserting in lieu thereof
the following:

 

“MATURITY
DATE

 

(Section 6.1): October 16,
2007”

 

(iv)                              The
Loan Agreement shall be amended by deleting Section 5(a) of the
Schedule thereto in its entirety and inserting in lieu thereof the following:

 

“a.  Minimum Tangible Net Worth:

 

2

 

Borrower shall at all times
maintain, to be tested monthly, as of the last day of each month, a Tangible
Net Worth of not less than the sum of (i) plus (ii) below:

 

(i)

 

(a)          from April 1, 2005
through and including April 30, 2005 - $35,000,000;

 

(b)         from May 1, 2005 through and including May 31,
2005 - $25,000,000;

 

(c)          from June 1, 2005 through and including June 30,
2005 - $21,000,000;

 

(d)         from July 1, 2005 through and including July 31,
2005 - $14,000,000;

 

(e)          from August 1, 2005 through and
including August 31, 2005 - $7,000,000;

 

(f)            from September 1, 2005 through and
including September 30, 2005 - $21,000,000;

 

(g)         from October 1, 2005 through and
including October 31, 2005 - $14,000,000;

 

(h)         from
November 1, 2005 through and including November 30, 2005 -
$7,000,000;

 

(i)             from
December 1, 2005 through and including December 31, 2005 -
$26,000,000;

 

(j)             from
January 1, 2006 through and including January 31, 2006 - $19,000,000;

 

(k)          from
February 1, 2006 through and including February 28, 2006-$l2,000,000;

 

(l)             from
March 1, 2006 through and including March 31, 2006 - $31,000,000;

 

(m)       from
April 1, 2006 through and including April 30, 2006 -$24,000,000;

 

(n)         from
May 1, 2006 through and including May 31, 2006 - $17,000,000;

 

3

 

(o)         from June 1, 2006 through and including June 30,
2006 - $36,000,000;

 

(p)         from July 1, 2006 through and including July 31,
2006 - $29,000,000;

 

(q)         from August 1, 2006 through and including
August 31, 2006 - $22,000,000;

 

(r)            from September 1, 2006 through and
including September 30, 2006 - $41,000,000;

 

(s)          from October 1, 2006 through and
including October 31, 2006 - $34,000,000;

 

(t)            from November 1, 2006 through and
including November 30, 2006 - $27,000,000;

 

(u)         from December 1, 2006 through and
including December 31, 2006 - $40,000,000;

 

(v)         from January 1, 2007 through and
including January 31, 2007 - $32,000,000;

 

(w)       from February 1, 2007 through and including
February 28, 2007 - $24,000,000;

 

(x)           from March 1, 2007 through and
including March 31, 2007 - $40,000,000;

 

(z)           from April 1, 2007 through and
including April 30, 2007 - $32,000,000;

 

(aa)    from May 1, 2007 through and including May 31,
2007 - $24,000,000;

 

(bb)  from June 1, 2007 through and including June 30,
2007 - $60,000,000;

 

(cc)    from July 1, 2007 through and including July 31,
2007 - $52,000,000;

 

(dd)  from August 1, 2007 through and including August 31,
2007 - $54,000,000;

 

(ee)    from September 1, 2007 and thereafter -
$60,000,000;

 

(ii) 75% of all
consideration received after July 1, 2005 from proceeds from the issuance
of any equity securities of the Borrower (other than (i) 

 

4

 

the issuance of stock options,
restricted stock or other stock-based awards under the Borrower’s director or
employee stock incentive plans, or (ii) stock purchases under the Borrower’s
employee stock purchase plan).”

 

(v)                                 The
loan Agreement shall be amended by deleting Section 5(c) of the
Schedule thereto in its entirety and inserting in lieu thereof the following:

 

“c.  Adjusted Quick Ratio:

 

Borrower shall maintain, at all
times, to be tested monthly, an Adjusted Quick Ratio of at least:

 

(a) from April 1,
2005 through and including April 30, 2005 - 1.35 to 1.0;

 

(b)         from May 1, 2005
through and including May 31, 2005 - 1.20 to 1.0;

 

(c)          from June 1,-2005
through and including June 30, 2005 - 1.15 to 1.0;

 

(d)         from July 1, 2005 through
and including July 31, 2005 - 1.05 to 1.0;

 

(e)          from August 1, 2005
through and including August 31, 2005 - 0.95 to 1.0;

 

(f)            from September 1,
2005 through and including September 30, 2005 - 1.1.5 to 1.0;

 

(g)         from October 1, 2005
through and including October 31, 2005 - 1.05 to 1.0;

 

(h)         from November 1,
2005 through and including November 30, 2005 - 0.95 to 1.0;

 

(i)             from December 1,
2005 through and including December 31, 2005 — 1.20 to 1.0

 

(j)             from January 1,
2006 through and including January 31, 2006 - 1.10 to 1.0;

 

(k)          from February 1,
2006 through and including February 28, 2006 - 1.00 to 1.0;

 

(1)          from March 1, 2006
through and including March 31, 2006 - 1.25 to 1.0;

 

5

 

(m)       from April 1, 2006 through
and including April 30, 2006 - 1.15 to 1.0;

 

(n)         from May 1, 2006
through and including May 31, 2006 — 1.05 to 1.0;

 

(o)         from June 1, 2006
through December 31, 2006 - 1.25 to 1.0;

 

(p)         from January 1, 2007
through and including February 28, 2007 -1.15 to 1.0;

 

(q)         from March 1, 2007
through and including March 31, 2007 - 1.25 to 1.0;

 

(r)            from April 1,
2007 through and including May 31, 2007 - 1.15 to 1.0; and

 

(s)          from June 1, 2007
and thereafter - 1.50 to 1.0.”

 

4.                                       FEES.  Borrower shall pay to Bank a modification fee
of $22,500.00, which fee shall be due on the date hereof and shall be deemed
fully earned as of the date hereof. 
Borrower shall also reimburse Bank for all legal fees and expenses
incurred in connection with this amendment to the Existing Loan Documents.

 

5.                                       RATIFICATION
OF NEGATIVE PLEDGE.  Borrower hereby
ratifies, confirms and reaffirms, all and singular, the terms and conditions of
a certain Negative Pledge Agreements each dated as of January 30, 2003
between Borrower and Bank, and acknowledges, confirms and agrees that said
Negative Pledge Agreement shall remain in full force and effect.

 

6.                                       RATIFICATION
OF PERFECTION CERTIFICATES.  Borrower
hereby ratifies, confirms and reaffirms, all and singular, the terms and
disclosures contained in certain Perfection Certificates each dated as of January 30,
2003, as amended and affected by Schedule 1 to the Fourth Amendment and Exhibit A
to the Fourth Amendment and acknowledges, confirms and agrees the disclosures
and information therein, in Schedule 3.10 to the Loan Agreement, in on Schedule
1 annexed to the Tenth Loan Modification Agreement, and/or in connection with
the formation of subsidiaries as contemplated by the Guggenheim Transactions
and the Key Transactions (as defined in the Sixth Loan Modification Agreement
and the Eleventh Loan Modification Agreement, respectively), have not changed
as of the date hereof.

 

7.                                       CONSISTENT
CHANGES.  The Existing Loan Documents
are hereby amended wherever necessary to reflect the changes described above.

 

8.                                       RATIFICATION
OF LOAN DOCUMENTS.  Borrower hereby
ratifies, confirms, and reaffirms all terms and conditions of all security or
other collateral granted to the Bank, and confirms that the indebtedness
secured thereby includes, without limitation, the Obligations.

 

6

 

9.                                       NO
DEFENSES OF BORROWER.  Borrower
hereby acknowledges and agrees that Borrower has no offsets, defenses, claims,
or counterclaims against Bank with respect to the Obligations, or otherwise,
and that if Borrower now has, or ever did have, any offsets, defenses, claims,
or counterclaims against Bank, whether known or unknown, at law or in equity,
all of them are hereby expressly WAIVED and Borrower hereby RELEASES Bank from
any liability thereunder.

 

10.                                 CONTINUING
VALIDITY.  Borrower understands and
agrees that in modifying the existing Obligations, Bank is relying upon
Borrower’s representations, warranties, and agreements, as set forth in the
Existing Loan Documents, after giving effect to this Loan Modification
Agreement and the Waiver Agreement entered into between Borrower and Bank dated
as of the date hereof.  Except as
expressly modified pursuant to this Loan Modification Agreement, the terms of
the Existing Loan Documents remain unchanged and in full force and effect.  Bank’s agreement to modifications to the
existing Obligations pursuant to this Loan Modification Agreement in no way
shall obligate Bank to make any future modifications to the Obligations.  Nothing in this Loan Modification Agreement
shall constitute a satisfaction of the Obligations.  It is the intention of Bank and Borrower to
retain as liable parties all makers of Existing Loan Documents, unless the
party is expressly released by Bank in writing.

 

11.                                 COUNTERSIGNATURE.  This Loan Modification Agreement shall become
effective only when it shall have been executed by Borrower and Bank.

 

[Remainder
of page intentionally left blank.]

 

7

 

This Loan Modification
Agreement “is executed as a sealed instrument under the laws of the
Commonwealth of Massachusetts as of the date first written above.

 

	
   

  	
  BORROWER:

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  ASPEN TECHNOLOGY, INC.

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
      /s/

  	
   

  
	
   

  	
  Name:

  	
  Leo S. Vannoni

  	
   

  
	
   

  	
  Title:

  	
  Treasurer

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  BANK:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  SILICON VALLEY BANK

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
      /s/

  	
   

  
	
   

  	
  Name:

  	
  Michael Tramack

  	
   

  
	
   

  	
  Title:

  	
  Senior Vice President

  	
   

  
											

 

The undersigned, ASPENTECH
SECURITIES CORP., a Massachusetts corporation, ratifies, confirms and
reaffirms, all and singular, the terms and conditions of a certain Unlimited
Guaranty dated January 30, 2003 (the “Guaranty”) and a certain Security
Agreement dated as of January 30, 2003 (the “Security Agreement”) and
acknowledges, confirms and agrees that the Guaranty and Security Agreement
shall remain in full force and effect and shall in no way be limited by the
execution of this Loan Modification Agreement, or any other documents,
instruments and/or agreements executed and/or delivered in connection herewith.

 

	
  ASPENTECH SECURITIES CORP.

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
      /s/

  	
   

  
	
  Name:

  	
  Leo S. Vannoni

  	
   

  
	
  Title:

  	
  Treasurer

  	
   

  
						

 

8Exhibit 10.22(p)

 

FIFTEENTH LOAN
MODIFICATION AGREEMENT

 

This Fifteenth Loan
Modification Agreement (this “Loan Modification Agreement”) is entered into on August 30,
2007 by and between SILICON VALLEY BANK,
a California chartered bank, with its principal place of business at 3003
Tasman Drive, Santa Clara, California 95054 and with a loan production office
located at One Newton Executive Park, Suite 200, 2221 Washington
Street, Newton, Massachusetts 02462 (“Bank”) and ASPEN
TECHNOLOGY, INC., a Delaware corporation with offices at Ten Canal
Park, Cambridge, Massachusetts 02141 for itself and as successor by merger with
ASPENTECH, INC., a Texas corporation
with offices at Ten Canal Park, Cambridge, Massachusetts 02141 (“Borrower”).

 

1.                                       DESCRIPTION
OF EXISTING INDEBTEDNESS AND OBLIGATIONS. 
Among other indebtedness and obligations which may be owing by Borrower
to Bank, Borrower is indebted to Bank pursuant to a loan arrangement dated as
of January 30, 2003, evidenced by, among other documents, a certain Loan and
Security Agreement dated as of January 30, 2003 between Borrower,
Aspentech, Inc. and Bank, as amended by a certain letter agreement dated February 14,
2003, a certain First Loan Modification Agreement dated June 27, 2003, a
certain Second Loan Modification Agreement dated September 10, 2004, a
certain Third Loan Modification Agreement dated January 28, 2005, a
certain Fourth Loan Modification Agreement dated April 1, 2005, a certain
Fifth Loan Modification Agreement dated May 6, 2005, a certain Sixth Loan
Modification Agreement dated June 15, 2005, a certain Seventh Loan
Modification Agreement dated September, 2005, a certain Eighth Amendment to
Loan and Security Agreement dated November 22, 2005, a certain Ninth Loan
Modification Agreement dated July 17, 2006, a certain Tenth Loan
Modification Agreement dated September 15, 2006, a certain Eleventh Loan
Modification Agreement dated September 27, 2006, a certain Twelfth Loan
Modification Agreement dated January 12, 2007, a certain Thirteenth Loan
Modification Agreement dated April 13, 2007, a certain Fourteenth Loan
Modification Agreement dated June 28, 2007 and a certain Waiver Agreement
dated June 28, 2007 (as amended, the “Loan Agreement”).  Capitalized terms used but not otherwise
defined herein shall have the same meaning as in the Loan Agreement.

 

2.                                       DESCRIPTION
OF COLLATERAL.  Repayment of the
Obligations is secured by the Collateral as described in the Loan Agreement
(together with any other collateral security granted to Bank, the “Security
Documents”).

 

Hereinafter, the Security
Documents, together with all other documents evidencing or securing the
Obligations shall be referred to as the “Existing Loan Documents”.

 

3.                                       DESCRIPTION
OF CHANGE IN TERMS.

 

                                                Modifications
to Loan Agreement.

 

(i)                                     Section 6(4) of
the Schedule to the Loan Agreement shall be amended by adding the following
text at the end of the Section:

 

“; provided, however, Borrower may in lieu thereof deliver its monthly
unaudited financial statements for periods ending on a date between 

 

 

April 30, 2007 and August 31, 2007, inclusive, in draft form
as soon as available, and in any event within thirty days after the end of each
applicable month, with final forms to be delivered to Bank within three days of
the filing of such financial statements with the SEC but in no event later than
October 18, 2007.”

 

(ii)                                  Section 6(5) of
the Schedule to the Loan Agreement shall be amended by adding the following
text at the end of the Section:

 

“; provided, however, Borrower may in lieu thereof deliver its monthly
Compliance Certificates for periods ending on a date between April 30,
2007 and August 31, 2007, inclusive, in draft form.”

 

(iii)                               Section 6(7) of
the Schedule to the Loan Agreement shall be amended by adding the following
text at the end of the Section:

 

“; provided, however, Borrower may deliver its annual operating budgets
(including income statements, balance sheets and cash flow statements, by
quarter) for its fiscal year end 2008 on or before October 18, 2007.”

 

4.                                       WAIVERS.  (i) Bank hereby waives any default or
event of default arising out of Borrower’s failure to timely deliver the
operating budgets required to be delivered to Bank for the upcoming fiscal year
within thirty days prior to Borrower’s fiscal year end 2007.  As provided above, Borrower shall be required
to deliver such operating budgets to Bank on or before October 18, 2007.

 

(ii) Bank hereby waives any default or event of default arising
out of Borrower’s failure to timely deliver its monthly unaudited financial
statements and compliance certificates for periods ending on a date between April 30,
2007 and June 30, 2007, inclusive, pursuant to Section 6(4) and Section 6(5) of
the Schedule to the Loan Agreement provided that Borrower delivers such
financial statements and compliance certificates to Bank in such form as
required pursuant Section 6(4) and Section 6(5) of the
Schedule to the Loan Agreement, as modified above, upon the execution of this
Agreement but in no event later than August 31, 2007.

 

(iii) Bank hereby consents to, and waives any default or event of
default arising solely and directly from, Borrower’s transfer of funds
internationally between Borrower and certain Affiliates of Borrower prior to June 30,
2007.

 

5.                                       FEES.  Borrower shall reimburse Bank for all legal
fees and expenses incurred in connection with this amendment to the Existing
Loan Documents.

 

6.                                       RATIFICATION
OF NEGATIVE PLEDGE.  Borrower hereby
ratifies, confirms and reaffirms, all and singular, the terms and conditions of
a certain Negative Pledge Agreements each dated as of January 30, 2003
between Borrower and Bank, and acknowledges, confirms and agrees that said
Negative Pledge Agreement shall remain in full force and effect.

 

2

 

7.                                       RATIFICATION
OF PERFECTION CERTIFICATES.  Borrower
hereby ratifies, confirms and reaffirms, all and singular, the terms and
disclosures contained in certain Perfection Certificates each dated as of January 30,
2003, as amended and affected by Schedule 1 to the Fourth Amendment and Exhibit A
to the Fourth Amendment and acknowledges, confirms and agrees the disclosures
and information therein, in Schedule 3.10 to the Loan Agreement, in on
Schedule 1 annexed to the Tenth Loan Modification Agreement, and/or in
connection with the formation of subsidiaries as contemplated by the Guggenheim
Transactions and the Key Transactions (as defined in the Sixth Loan
Modification Agreement and the Eleventh Loan Modification Agreement,
respectively), have not changed as of the date hereof.

 

8.                                       CONSISTENT
CHANGES.  The Existing Loan Documents
are hereby amended wherever necessary to reflect the changes described above.

 

9.                                       RATIFICATION
OF LOAN DOCUMENTS.  Borrower hereby
ratifies, confirms, and reaffirms all terms and conditions of all security or
other collateral granted to the Bank, and confirms that the indebtedness
secured thereby includes, without limitation, the Obligations.

 

10.                                 NO
DEFENSES OF BORROWER.  Borrower
hereby acknowledges and agrees that Borrower has no offsets, defenses, claims,
or counterclaims against Bank with respect to the Obligations, or otherwise,
and that if Borrower now has, or ever did have, any offsets, defenses, claims,
or counterclaims against Bank, whether known or unknown, at law or in equity,
all of them are hereby expressly WAIVED and Borrower hereby RELEASES Bank from
any liability thereunder.

 

11.                                 CONTINUING
VALIDITY.  Borrower understands and
agrees that in modifying the existing Obligations, Bank is relying upon
Borrower’s representations, warranties, and agreements, as set forth in the
Existing Loan Documents, after giving effect to this Loan Modification
Agreement and the Waiver Agreement entered into between Borrower and Bank dated
as of the date hereof.  Except as
expressly modified pursuant to this Loan Modification Agreement, the terms of
the Existing Loan Documents remain unchanged and in full force and effect.  Bank’s agreement to modifications to the
existing Obligations pursuant to this Loan Modification Agreement in no way
shall obligate Bank to make any future modifications to the Obligations.  Nothing in this Loan Modification Agreement
shall constitute a satisfaction of the Obligations.  It is the intention of Bank and Borrower to
retain as liable parties all makers of Existing Loan Documents, unless the
party is expressly released by Bank in writing.

 

12.                                 COUNTERSIGNATURE.  This Loan Modification Agreement shall become
effective only when it shall have been executed by Borrower and Bank.

 

[Remainder
of page intentionally left blank.]

 

3

 

This Loan Modification
Agreement is executed as a sealed instrument under the laws of the Commonwealth
of Massachusetts as of the date first written above.

 

	
   

  	
  BORROWER:

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  ASPEN TECHNOLOGY, INC.

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
  Title:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  BANK:

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  SILICON VALLEY BANK

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
  Title:

  	
   

  	
   

  
													

 

 

The undersigned, ASPENTECH
SECURITIES CORP., a Massachusetts corporation, ratifies, confirms and
reaffirms, all and singular, the terms and conditions of a certain Unlimited
Guaranty dated January 30, 2003 (the “Guaranty”) and a certain Security
Agreement dated as of January 30, 2003 (the “Security Agreement”) and
acknowledges, confirms and agrees that the Guaranty and Security Agreement
shall remain in full force and effect and shall in no way be limited by the
execution of this Loan Modification Agreement, or any other documents,
instruments and/or agreements executed and/or delivered in connection herewith.

 

	
  ASPENTECH SECURITIES CORP.

  
	
   

  
	
  By:

  	
   

  	
   

  
	
  Name:

  	
   

  	
   

  
	
  Title:

  	
   

  	
   

  
					

 

4

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