Document:

EXHIBIT 10.14

CONFIDENTIAL

Terms of Extended EVP Post Close Incentive Program

Participants:                                                                              Vanessa
Wittman and Brad Sonnenberg (“EVPs”)

Existing Program:                                                    The
Extended EVP Post Close Incentive Program outlined herein is intended to be in
lieu of the PKERP.(1)  The Extended EVP
Post Close Incentive Program is in addition to, and not in lieu of, any
applicable compensation and benefits programs of the Company, other than the
PKERP, in which the EVPs participate prior to the Post Close Period.

Employment Period:                                      The Post Close
Period will be from August 1, 2006 through December 31, 2006 (the “Post
Close Period”).  In the event the
Company is required to file a Form 10-K, at the sole discretion of the
Creditors’ Committee, the EVPs may continue to be employed by the Company from
January 1, 2007 through March 31, 2007 (the “Extended Post Close Period”).  If it seeks to employ the EVPs during the
Extended Post Close Period, the Creditors’ Committee or Plan Administrator (as
applicable) must notify the EVPs, in writing, no later than November 15, 2006.

EVP Bonus:                                                                                 Subject
to the termination provisions below, EVPs employed during the Post Close Period
will receive a bonus (the “Post-Close Bonus”) equal to five months of
Adjusted Base Salary (as defined in the PKERP Motion).

Subject to the termination provisions below, EVPs
employed during the Extended Post Close Period will receive a bonus (the “Extended
Post-Close Bonus”) equal to three months of Adjusted Base Salary.

Such bonuses shall be paid net of any amounts required
to be withheld under applicable federal, state, or local income tax laws.

Payment of such bonuses will be conditioned on
execution and delivery by the EVP of a general release of claims against the
Company and the Plan Administrator relating to claims, if any, accrued up to
the execution of such release, and shall provide that such release does not
extend to (a) compensation or benefits to be provided by, or any other
obligation otherwise due to be performed by, the Company or the Plan
Administrator

 

(1)                                  The
“PKERP” refers to the incentive program that was the subject of the Debtors’
Motion for Order Pursuant to Sections 105(a) and 363(b) of the Bankruptcy Code
Authorizing Implementation of Post-Closing Incentive Program and Granting
Related Relief, which was approved by the Bankruptcy Court on July 26, 2006
(the “PKERP Order”).  The other relief
granted pursuant to the PKERP Order (e.g., the payment of Adjusted Base
Salary) shall remain in effect and is not intended to be superseded by the
terms herein.

 

in the future, and (b) claims for indemnification or
the like, including without limitation, any claims based on indemnification
agreements, the Company’s  by-laws, plan
of reorganization, or other governance documents, as well as any claims under
the Company’s directors’ and officers’ insurance policies.  The Company and Plan Administrator shall
simultaneously execute and deliver to the EVPs general releases of claims, if
any, accrued up to the execution of such release, and shall provide that such
release does not extend to any obligation otherwise due to be performed by the
EVPs in the future.

Timing of Payment:                                         Subject to the
termination provisions below:

·                                          50%
of an EVP’s Post Close Bonus will be paid on the date that is the earlier of:
(i) the end of the Post Close Period; and (ii) the Effective Date of a Plan of
Reorganization for substantially all of the Debtors (the “Effective Date”);
and

·                                          The
remaining 50% of each EVP’s Post Close Bonus will be paid at the end of the
Post Close Period.

·                                          100%
of an EVP’s Extended Post-Close Bonus (if applicable) will be paid at the end
of the Extended Post Close Period.

Termination:                                                                             The
Company or Plan Administrator (as applicable) may terminate one or both EVPs
prior to the end of the Post Closing Period (or the end of the Extended Post
Close Period, as applicable) only (i) for cause, (ii) upon mutual agreement
between the EVP and the Company (“Mutual Termination”), or (iii) as a
result of the EVP’s death or disability. 
The terms “cause” and “disability” shall have the meanings assigned to
them in the EVPs’ existing employment agreements (the “Existing EVP
Agreements”).  Following any
termination by an EVP, the Company, or Plan Administrator, each EVP will be
entitled to receive his or her accrued but unpaid Adjusted Base Salary and
benefits through the date of termination, such amount to be paid not later than
8 days following the date of such termination. 
Following a Mutual Termination or termination for death or disability,
an EVP will be entitled to receive his or her aggregate Post-Close Bonus (and
Extended Post-Close Bonus, as applicable) not later than 8 days following the
date of termination.

In the event the Company or Plan Administrator seeks
to terminate one or both EVPs without cause and such EVPs do not agree to a
Mutual Termination, the Company or Plan Administrator may, at any time during
the Post Closing Period (or the Extended Post Close Period, as applicable), require the EVP not to attend his or her work
provided that the EVP shall be entitled to receive his or her Adjusted Base
Salary and benefits during any such period and for purposes of this Extended
EVP Post Close

 2
 

 

Incentive Program
will remain an employee of the Company during such period.

If the Effective Date occurs prior to the end of either
the Post Close Period or the Extended Post Close Period, as applicable, the
EVPs may elect to voluntarily terminate their employment (an “Effective Date
Termination”).  In such case and at
the sole discretion of the Creditors’ Committee, the EVPs shall remain
available to consult for the Company from the date of the Effective Date
Termination through the three month anniversary of the Effective Date
Termination.  In the event of an
Effective Date Termination, the Creditors’ Committee will notify the EVPs if
they will be required to serve as a consultant on the date of such
termination.  In the event of an
Effective Date Termination, the EVPs shall be entitled to receive the pro rata share of their Post-Close Bonus and/or Extended
Post-Close Bonus, as applicable, that relates to the period between 8/01/06 and
the date of Effective Date Termination. 
In the event an EVP terminates his or her employment for “Good Reason”
(other than an Effective Date Termination), such EVP shall be entitled to be
paid on such termination date his or her aggregate Post-Close Bonus (and
Extended Post-Close Bonus, as applicable) and his or her aggregate Adjusted
Base Salary from such termination through the end of the Post Close Period (and
Extended Post Close Period, as applicable).

Except in the event of an Effective Date Termination
or termination for “Good Reason,” EVPs who voluntarily terminate their
employment prior to the end of either the Post Close Period or Extended Post
Close Period, as applicable, will forfeit any unpaid bonus amounts.

If interim bonus payments previously have been made
pursuant to the section captioned “Timing” above, the bonus payments provided
for in this section on “Termination” shall be paid only to the extent of the
excess of such bonuses payable on termination over such previously paid interim
bonuses.

Consulting Period:                                             At the
sole discretion of the Creditors’ Committee, and in the event that the EVPs
will not be employed by the Company throughout the Extended Post Close Period,
each EVP agrees to consult for the Company for a period beginning at
termination of employment and ending the earlier of (a) three months following
the termination of employment and (b) March 31, 2007 (the “Consulting Period”).  Except in the event of an Effective Date Termination,
the Creditors’ Committee will notify the EVPs if they will be required to serve
as consultants during the Consulting Period no later than 30 days prior to the
end of the Post Close Period.  The
Consulting Period may be terminated by the Company or the Plan Administrator by
delivering written notice to the EVP no less than 30 days prior to the date on
which the Consulting Period will terminate.

 3
 

 

Consulting Fees:                                                      In
consideration of the agreement to consult, EVPs will continue to be paid the pro rata portion of their annual Adjusted Base Salary every
two weeks.  The Company and the EVP will
enter into a customary consulting agreement which contains customary expense
reimbursement and indemnity provisions.

Severance:                                                                                      On
the date on which the Court approves the Extended EVP Post Close Incentive
Program, the Company will pay to each EVP the severance (the “Severance
Payments”) provided for in the Existing EVP Agreements in cases of a
termination by the Company without cause.

The Existing EVP Agreements will be amended to provide
that an Effective Date Termination will be included in the definition of “Good
Reason.”

Notwithstanding anything herein to the contrary, upon
receipt of the Severance Payments, the EVPs shall not be entitled to any
additional severance payment pursuant to the Existing EVP Agreements or
otherwise.

Indemnity:                                                                                       The
Company shall (a) provide indemnification agreements to the EVPs containing
customary terms (in no event less favorable to the EVPs than those provided to
the Company’s directors) and (b) maintain by-laws that provide for exculpation
and indemnification to the maximum extent permitted by Delaware law.

Miscellaneous:                                                               The
EVPs will remain on the Company’s health plan until the date that their
employment is terminated.  Thereafter,
the EVPs will be entitled to COBRA coverage under the terms of their Existing
EVP Agreements for the period specified in their existing employment agreements
plus an additional period equal to the length of time during which the EVP
serves as a consultant.

Court Approval:                                                         The
Creditors’ Committee and the Debtors shall file a joint motion seeking approval
of the relief related to the EVPs.

Please acknowledge your
agreement with the foregoing terms.

 

	
  

  	
   

  
	
  Authorized
  Representative of the

  
	
  Official
  Committee of Unsecured Creditors

  

 

 4
 

 

Agreed to:

	
   

  	
  ADELPHIA COMMUNICATIONS CORPORATION

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Jerry Rybin,
  VP – HR

  	
   

  
	
   

  	
   

  
	
   

  	
  Date:

  	
  10/4/06

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  BRAD SONNENBERG

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/ Brad M.
  Sonnenberg

  	
   

  
	
   

  	
   

  
	
   

  	
  Date

  	
  10/4/06

  	
   

  
							

 

 5Exhibit 10.1

 

LOAN AGREEMENT

Dated as of September 27, 2006

Among

ASPEN TECHNOLOGY FUNDING 2006-II LLC,

as the Borrower,

ASPEN TECHNOLOGY, INC.,

as the initial Servicer,

PORTFOLIO FINANCIAL SERVICING COMPANY, INC.

as the Back-up Servicer

and

KEY EQUIPMENT FINANCE INC.

as the Agent

and

KEYBANK NATIONAL ASSOCIATION

as a Liquidity Bank

and

RELATIONSHIP FUNDING COMPANY, LLC

as CP Issuer

 

 

TABLE OF
CONTENTS

	
   

   	
    

   	
   

   	
    

   	
   Page

   	
    

   
	
  ARTICLE
  I

  	
   

  	
  THE LOANS

  	
   

  	
  1

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 1.01

  	
   

  	
  Funding Procedures

  	
   

  	
  1

  	
   

  
	
  Section 1.02

  	
   

  	
  Borrowing Procedures

  	
   

  	
  2

  	
   

  
	
  Section 1.03

  	
   

  	
  Notes

  	
   

  	
  3

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE
  II

  	
   

  	
  INTEREST

  	
   

  	
  4

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 2.01

  	
   

  	
  Interest Rates

  	
   

  	
  4

  	
   

  
	
  Section 2.02

  	
   

  	
  Interest

  	
   

  	
  4

  	
   

  
	
  Section 2.03

  	
   

  	
  Interest Rates and
  Fees: Rates, Payments, and Calculations

  	
   

  	
  5

  	
   

  
	
  Section 2.04

  	
   

  	
  Computation of Interest
  and Fees

  	
   

  	
  5

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE
  III

  	
   

  	
  DISTRIBUTIONS

  	
   

  	
  6

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 3.01

  	
   

  	
  Payments

  	
   

  	
  6

  	
   

  
	
  Section 3.02

  	
   

  	
  Distribution Procedures

  	
   

  	
  6

  	
   

  
	
  Section 3.03

  	
   

  	
  Deemed Collections

  	
   

  	
  8

  	
   

  
	
  Section 3.04

  	
   

  	
  Supersede-and-Replace
  Receivables

  	
   

  	
  9

  	
   

  
	
  Section 3.05

  	
   

  	
  Payments and
  Computations, Etc.; Pro Rata Treatment

  	
   

  	
  11

  	
   

  
	
  Section 3.06

  	
   

  	
  Payments to Borrower

  	
   

  	
  11

  	
   

  
	
  Section 3.07

  	
   

  	
  Liquidity Reserve
  Account

  	
   

  	
  11

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE
  IV

  	
   

  	
  INCREASED COSTS, FEES

  	
   

  	
  12

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 4.01

  	
   

  	
  Fees

  	
   

  	
  12

  	
   

  
	
  Section 4.02

  	
   

  	
  Increased Cost and
  Reduced Return

  	
   

  	
  12

  	
   

  
	
  Section 4.03

  	
   

  	
  Funding Losses;
  Breakage Costs

  	
   

  	
  13

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE
  V

  	
   

  	
  CONDITIONS PRECEDENT

  	
   

  	
  14

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 5.01

  	
   

  	
  Conditions to Closing

  	
   

  	
  14

  	
   

  
	
  Section 5.02

  	
   

  	
  Conditions Precedent to
  all Extensions of Loans on each Funding Date

  	
   

  	
  15

  	
   

  
	
  Section 5.03

  	
   

  	
  Term

  	
   

  	
  16

  	
   

  
	
  Section 5.04

  	
   

  	
  Final Pay-out Date

  	
   

  	
  17

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE
  VI

  	
   

  	
  REPRESENTATIONS AND
  WARRANTIES

  	
   

  	
  17

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 6.01

  	
   

  	
  Organization and Good
  Standing

  	
   

  	
  17

  	
   

  
	
  Section 6.02

  	
   

  	
  Due Qualification

  	
   

  	
  17

  	
   

  
	
  Section 6.03

  	
   

  	
  Power and Authority;
  Due Authorization

  	
   

  	
  17

  	
   

  
	
  Section 6.04

  	
   

  	
  Binding Obligations

  	
   

  	
  18

  	
   

  
	
  Section 6.05

  	
   

  	
  No Violation

  	
   

  	
  18

  	
   

  
	
  Section 6.06

  	
   

  	
  No Proceedings

  	
   

  	
  18

  	
   

  

 

 i
 

 

 

	
   

   	
    

   	
    

   	
    

   	
   Page

   	
    

   
	
  Section 6.07

  	
   

  	
  Bulk Sales Act

  	
   

  	
  18

  	
   

  
	
  Section 6.08

  	
   

  	
  Government Approvals

  	
   

  	
  18

  	
   

  
	
  Section 6.09

  	
   

  	
  Financial Condition

  	
   

  	
  18

  	
   

  
	
  Section 6.10

  	
   

  	
  Litigation

  	
   

  	
  19

  	
   

  
	
  Section 6.11

  	
   

  	
  Margin Regulations

  	
   

  	
  19

  	
   

  
	
  Section 6.12

  	
   

  	
  Quality of Title

  	
   

  	
  19

  	
   

  
	
  Section 6.13

  	
   

  	
  Eligible Receivables

  	
   

  	
  20

  	
   

  
	
  Section 6.14

  	
   

  	
  Accuracy of Information

  	
   

  	
  20

  	
   

  
	
  Section 6.15

  	
   

  	
  Offices

  	
   

  	
  20

  	
   

  
	
  Section 6.16

  	
   

  	
  Capitalization

  	
   

  	
  20

  	
   

  
	
  Section 6.17

  	
   

  	
  Trade Names

  	
   

  	
  20

  	
   

  
	
  Section 6.18

  	
   

  	
  Subsidiaries

  	
   

  	
  20

  	
   

  
	
  Section 6.19

  	
   

  	
  Ownership

  	
   

  	
  20

  	
   

  
	
  Section 6.20

  	
   

  	
  Activities

  	
   

  	
  20

  	
   

  
	
  Section 6.21

  	
   

  	
  Taxes

  	
   

  	
  21

  	
   

  
	
  Section 6.22

  	
   

  	
  Compliance with
  Applicable Laws; Licenses, etc

  	
   

  	
  21

  	
   

  
	
  Section 6.23

  	
   

  	
  Investment Company Act

  	
   

  	
  21

  	
   

  
	
  Section 6.24

  	
   

  	
  Credit and Collection
  Policy

  	
   

  	
  21

  	
   

  
	
  Section 6.25

  	
   

  	
  Possession of Licenses
  and Permits; Compliance with Requirements of Law

  	
   

  	
  21

  	
   

  
	
  Section 6.26

  	
   

  	
  Access to Collateral
  Account

  	
   

  	
  22

  	
   

  
	
  Section 6.27

  	
   

  	
  Aspen Software

  	
   

  	
  22

  	
   

  
	
  Section 6.28

  	
   

  	
  Solvency

  	
   

  	
  22

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE
  VII

  	
   

  	
  GENERAL COVENANTS

  	
   

  	
  23

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 7.01

  	
   

  	
  Affirmative Covenants

  	
   

  	
  23

  	
   

  
	
  Section 7.02

  	
   

  	
  Reporting Requirements

  	
   

  	
  28

  	
   

  
	
  Section 7.03

  	
   

  	
  Negative Covenants of
  the Borrower and the Servicer

  	
   

  	
  29

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE
  VIII

  	
   

  	
  ADMINISTRATION AND
  COLLECTION

  	
   

  	
  30

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 8.01

  	
   

  	
  Designation of Servicer

  	
   

  	
  30

  	
   

  
	
  Section 8.02

  	
   

  	
  Duties and
  Representations of Servicer

  	
   

  	
  31

  	
   

  
	
  Section 8.03

  	
   

  	
  Backup Servicer

  	
   

  	
  34

  	
   

  
	
  Section 8.04

  	
   

  	
  Rights of the Agent

  	
   

  	
  37

  	
   

  
	
  Section 8.05

  	
   

  	
  Responsibilities of the
  Borrower and the Servicer

  	
   

  	
  38

  	
   

  
	
  Section 8.06

  	
   

  	
  Further Action
  Evidencing Loan

  	
   

  	
  39

  	
   

  
	
  Section 8.07

  	
   

  	
  Application of
  Collections

  	
   

  	
  39

  	
   

  
	
  Section 8.08

  	
   

  	
  Maintenance of the
  Collateral Account and Liquidity Reserve Account

  	
   

  	
  40

  	
   

  
	
  Section 8.09

  	
   

  	
  Bank Secrecy Act

  	
   

  	
  40

  	
   

  
	
  Section 8.10

  	
   

  	
  Usage Renewal Keys

  	
   

  	
  41

  	
   

  
	
  Section 8.11

  	
   

  	
  Original Documentation

  	
   

  	
  41

  	
   

  

 

 ii
 

 

 

	
  

  	
   

  	
   

  	
   

  	
  Page

  	
   

  
	
  ARTICLE
  IX

  	
   

  	
  EVENTS OF DEFAULT

  	
   

  	
  41

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 9.01

  	
   

  	
  Events of Default

  	
   

  	
  41

  	
   

  
	
  Section 9.02

  	
   

  	
  Remedies

  	
   

  	
  43

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE
  X

  	
   

  	
  THE AGENT

  	
   

  	
  43

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 10.01

  	
   

  	
  Appointment and
  Authorization

  	
   

  	
  43

  	
   

  
	
  Section 10.02

  	
   

  	
  Delegation of Duties

  	
   

  	
  44

  	
   

  
	
  Section 10.03

  	
   

  	
  Exculpatory Provisions

  	
   

  	
  44

  	
   

  
	
  Section 10.04

  	
   

  	
  Reliance by Agent

  	
   

  	
  44

  	
   

  
	
  Section 10.05

  	
   

  	
  Notice of Certain
  Events

  	
   

  	
  44

  	
   

  
	
  Section 10.06

  	
   

  	
  Non-Reliance on Agent

  	
   

  	
  45

  	
   

  
	
  Section 10.07

  	
   

  	
  Agent and Affiliates

  	
   

  	
  45

  	
   

  
	
  Section 10.08

  	
   

  	
  Indemnification

  	
   

  	
  45

  	
   

  
	
  Section 10.09

  	
   

  	
  Successor Agent

  	
   

  	
  45

  	
   

  
	
  Section 10.10

  	
   

  	
  Withholding Taxes

  	
   

  	
  46

  	
   

  
	
  Section 10.11

  	
   

  	
  Non-Reliance on Agent
  and Other Lenders

  	
   

  	
  46

  	
   

  
	
  Section 10.12

  	
   

  	
  Patriot Act Notice

  	
   

  	
  46

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE
  XI

  	
   

  	
  ASSIGNMENT OF LOANS

  	
   

  	
  47

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 11.01

  	
   

  	
  Restrictions on
  Assignments

  	
   

  	
  47

  	
   

  
	
  Section 11.02

  	
   

  	
  Rights and Obligations
  of Assignee

  	
   

  	
  47

  	
   

  
	
  Section 11.03

  	
   

  	
  Evidence of Assignment

  	
   

  	
  47

  	
   

  
	
  Section 11.04

  	
   

  	
  Assignments by
  Liquidity Banks

  	
   

  	
  47

  	
   

  
	
  Section 11.05

  	
   

  	
  Assignment by CP Issuer

  	
   

  	
  48

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE
  XII

  	
   

  	
  INDEMNIFICATION

  	
   

  	
  48

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 12.01

  	
   

  	
  Indemnities by the
  Borrower

  	
   

  	
  48

  	
   

  
	
  Section 12.02

  	
   

  	
  Indemnities by the
  Servicer

  	
   

  	
  50

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE
  XIII

  	
   

  	
  MISCELLANEOUS

  	
   

  	
  51

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 13.01

  	
   

  	
  Amendments, Etc

  	
   

  	
  51

  	
   

  
	
  Section 13.02

  	
   

  	
  Notices, Etc

  	
   

  	
  51

  	
   

  
	
  Section 13.03

  	
   

  	
  No Waiver; Remedies

  	
   

  	
  52

  	
   

  
	
  Section 13.04

  	
   

  	
  Binding Effect;
  Survival

  	
   

  	
  53

  	
   

  
	
  Section 13.05

  	
   

  	
  Costs, Expenses and
  Taxes

  	
   

  	
  53

  	
   

  
	
  Section 13.06

  	
   

  	
  No Proceedings;
  Limitation on Payments

  	
   

  	
  53

  	
   

  
	
  Section 13.07

  	
   

  	
  Confidentiality of
  Program Information

  	
   

  	
  54

  	
   

  
	
  Section 13.08

  	
   

  	
  Confidentiality of
  Borrower Information

  	
   

  	
  55

  	
   

  
	
  Section 13.09

  	
   

  	
  Captions and Cross
  References

  	
   

  	
  56

  	
   

  
	
  Section 13.10

  	
   

  	
  Integration

  	
   

  	
  57

  	
   

  

 

 iii
 

 

 

	
  

  	
   

  	
   

  	
   

  	
  Page

  	
   

  
	
  Section 13.11

  	
   

  	
  Governing Law

  	
   

  	
  57

  	
   

  
	
  Section 13.12

  	
   

  	
  Waiver of Jury Trial

  	
   

  	
  57

  	
   

  
	
  Section 13.13

  	
   

  	
  Consent To Jurisdiction

  	
   

  	
  57

  	
   

  
	
  Section 13.14

  	
   

  	
  Execution in
  Counterparts

  	
   

  	
  57

  	
   

  
	
  Section 13.15

  	
   

  	
  Nonrecourse Nature of
  Transactions

  	
   

  	
  58

  	
   

  
	
  Section 13.16

  	
   

  	
  No Bankruptcy Petition
  Against CP Issuer

  	
   

  	
  58

  	
   

  
	
  Section 13.17

  	
   

  	
  Right of Setoff

  	
   

  	
  58

  	
   

  

 

	
  EXHIBIT I

  	
  —

  	
  Definitions

  
	
  EXHIBIT II

  	
  —

  	
  Credit And Collection Policy

  
	
  EXHIBIT III

  	
  —

  	
  Form Of Contract

  
	
  EXHIBIT IV

  	
  —

  	
  Form of Borrowing Request

  
	
  EXHIBIT V

  	
  —

  	
  Form of CP Issuer Note

  
	
  EXHIBIT VI

  	
  —

  	
  Form of Liquidity Bank Note

  
	
  SCHEDULE A

  	
  —

  	
  Offices Where Records Are Kept

  
	
  SCHEDULE B

  	
  —

  	
  Schedule Of Pool Receivables

  
	
  SCHEDULE C

  	
  —

  	
  Authorized Officers

  

 

 iv

 

LOAN AGREEMENT

THIS LOAN AGREEMENT (this “Agreement”) is
entered into as of September 27, 2006, among ASPEN TECHNOLOGY FUNDING 2006-II
LLC, a Delaware limited liability company (the “Borrower”), ASPEN
TECHNOLOGY, INC., a Delaware corporation (“Aspen”), as initial servicer
(in such capacity, together with its successors and permitted assigns in such
capacity, the “Servicer”), PORTFOLIO FINANCIAL SERVICING COMPANY, INC.,
a Delaware corporation, as back-up servicer (in such capacity, together with
its successors and assigns in such capacity, the “Back-up Servicer”) and
KEY EQUIPMENT FINANCE INC., as Agent for the benefit of the Secured Parties (in
such capacity, together with its successors and permitted assigns in such
capacity, the “Agent”), KEYBANK NATIONAL ASSOCIATION, as initial
Liquidity Bank (in such capacity, together with its successors and assigns in
such capacity, the “Liquidity Bank” and, together with such other
Liquidity Banks as may from time to time become party hereto, the “Liquidity
Banks”), and RELATIONSHIP FUNDING COMPANY, LLC, as CP Issuer (in such
capacity, together with its successors and permitted assigns in such capacity,
the “CP Issuer”).  Unless
otherwise indicated, capitalized terms used in this Agreement are defined in Exhibit
I.

PRELIMINARY STATEMENTS

WHEREAS, the Borrower has requested the Lenders, and
the Lenders have agreed, subject to the terms and conditions contained in this
Agreement, to extend Loans to the Borrower on the terms and conditions set
forth in this Agreement which shall secured by the Pool Assets of the Borrower.

WHEREAS, the CP Issuer may, in its sole discretion,
make secured loans to the Borrower, and the Liquidity Banks are prepared to
make such loans, upon the terms and subject to the conditions set forth herein;

NOW, THEREFORE, in consideration of the premises and
the mutual agreements herein contained, the parties hereto, intending to be
legally bound hereby, agree as follows:

ARTICLE
I

THE LOANS

SECTION
1.01       Funding Procedures

(a)           Subject to the satisfaction of the
conditions precedent set forth in Article V, the Lenders hereby
agree, on the terms and conditions set forth in this Agreement and at the sole
discretion of the Agent and the Lenders, to advance loans (each a “Loan”)
to the Borrower during the Revolving Period in the aggregate principal amount
at any time outstanding not to exceed each Lender’s Commitment of an amount
equal to the lesser of the (i) Commitment Amount or (ii) the Borrowing Base, provided
that, each  Lender shall not be required
to make any Loan to the Borrower under this Agreement unless all of the
requirements and conditions set forth in Article V have been satisfied.  All Loans may be borrowed, repaid and
reborrowed only in accordance with the terms of this Agreement.  During the Revolving Period, subject to the
terms of this Agreement, the Borrower may reborrow in an amount up to the
Availability, subject 

 

 

to mandatory reductions set forth in Sections 3.06 and
3.07 hereof.  The Revolving Period shall
terminate upon the occurrence of a Termination Event.  Notwithstanding anything to the contrary
contained herein, neither the CP Issuer nor any Liquidity Bank shall have any
obligation to make any new Loan on any Funding Date, and the CP Issuer or a
Liquidity Bank, as applicable, may make additional Loans hereunder solely if it
elects in its sole discretion to do so.

(b)           Subject to Section 1.01(a), each
Lender shall make its Loan available in the amount of such Lender’s Pro Rata
Share to the Agent at the Agent’s Office in same day funds upon each borrowing
hereunder.  Upon receipt by the Agent of
such funds, the Agent will make such funds available to the Borrower.

(c)           Amounts borrowed pursuant to this Section
1.01 shall be repaid in accordance with Article III hereof and, subject to
the terms and conditions of Article V of this Agreement, subsequent Loans will
be extended to the Borrower, provided that, no Termination Event has occurred
and is continuing, and the other conditions set forth in Article V are
satisfied.

(d)           After the occurrence of a Termination
Event, the Borrower shall no longer be permitted to borrow under this Article I
and the outstanding Loans shall be repaid based on the amortization of the
underlying Pool Receivables in accordance with Article III.  For the avoidance of doubt, the occurrence of
a Termination Event shall not mean that all of the outstanding Loans are
accelerated and are then immediately due and payable.

(e)           For the avoidance of doubt, if the CP
Issuer has sold or otherwise transferred all or any portion of any Loan
pursuant to a Liquidity Agreement, the portion of such Loan so transferred
shall not be considered to be funded by the CP Issuer for purposes of this
Agreement.

SECTION
1.02       Borrowing Procedures

(a)           Borrowing Request.  Borrower may make a Borrowing Request for a
Loan only once each month and, except with respect to the initial Borrowing
Request on the Initial Funding Date, such request may only be for a Loan to be
made on a Payment Date.  Borrower may not
make a Borrowing Request for a Loan, and the Lenders will not extend a Loan, in
an amount less than $5,000,000, unless previously agreed in writing by the
Agent and CP Issuer.  Any Borrowing
Request that does not comply with requirements set forth in this Section
1.02 shall be of no effect.

(b)           Monthly Payment Date Procedures.  (i)  In
contemplation of each Payment Date, the Borrower shall provide or cause to be
provided to the Agent (A) a Servicer Report (to be provided by the Reporting
Date), and (B) if the Payment Date is to be a Funding Date, a Borrowing Request
(to be provided no later than Noon (New York City time) on the second Business
Day prior to a Funding Date);

(ii)           not later than 3:00 p.m. (New York
City time) on the second Business Day before a Payment Date, the Agent will
provide to the CP Issuer and each Liquidity Bank;

 2
 

 

 

(A)          If
the Payment Date is a proposed Funding Date, a copy of the final Borrowing
Request, to the extent received by the Agent; and

(B)           Otherwise,
a copy of the applicable Servicer Report;

(iii)          not later than 3:00 p.m. (New York
City time) on a Payment Date that is a Funding Date, based on a final approved
Borrowing Request and upon satisfaction prior to such time by the Borrower of
the applicable conditions set forth in Sections 1.01 and 1.02 and Article V and
subject to the other terms and conditions of this Agreement, the CP Issuer will
initiate a wire to the account of the Agent in freely transferable U.S. dollars
and in immediately available funds, an amount equal to each Loan which the CP
Issuer has agreed to make on such date and the Agent, assuming it has received
such amount, will on the same day make such amount, to extent received,
available to the Borrower in freely transferable U.S. dollars and in
immediately available funds by wiring the amount of such Loan to the account of
the Borrower;

provided that, Agent shall not
request any Lender to make, and no Lender shall consider making, any Loan if
Agent shall have actual knowledge that (1) one or more of the applicable
conditions precedent set forth in Article V will not be satisfied on the
applicable Funding Date for the Loan unless such condition has been waived, or
(2) the requested Loan would exceed the Availability on such Funding Date.

(c)           Notation.  Agent shall record on its books the principal
amount of the Loans owing to the Lenders from time to time and such records
shall, absent manifest error, conclusively be presumed to be correct and
accurate.

SECTION 1.03       Notes.  (a) 
All outstanding Loans funded by the CP Issuer shall be evidenced by the
CP Issuer Note. All outstanding Loans funded by each Liquidity Bank shall be
evidenced by a Liquidity Bank Note.  If a
Liquidity Bank makes a Loan to continue a Loan previously funded by the CP
Issuer, upon the CP Issuer’s receipt of funds in accordance with the CP Issuer’s
instructions in the amount of the Liquidity Bank’s Loan, the outstanding
principal balance of the CP Issuer Note will be reduced by the amount of the
Loan no longer being funded by the CP Issuer and the outstanding principal
balance of the applicable Liquidity Bank Note will be increased by the amount
of the Loan made by the related Liquidity Bank for such purpose.  The converse will be true with respect to any
Loan that the CP Issuer makes to continue a Loan previously funded by a
Liquidity Bank.  The Borrower hereby
irrevocably authorizes the Agent, on behalf of the CP Issuer in connection with
the CP Issuer Note and on behalf of each Liquidity Bank in connection with each
Liquidity Bank Note to make (or cause to be made) appropriate notations on the
grid attached to such Note (or on any continuation of such grid, or at their
option, in its records), which notations, if made, shall evidence, inter alia,
the date of, the outstanding principal of, and the interest rate applicable to
the Loans evidenced thereby. Such notations shall be presumptive evidence of
the subject matter thereof absent manifest error; provided, however, that the
failure to make any such notations shall not limit or otherwise affect any
obligations of the Borrower hereunder or under the Notes.

(b)           Although the Notes shall be dated the
Closing Date, interest in respect thereof shall be payable only for the periods
during which Loans are outstanding thereunder. 
In addition, although the stated principal amount of each Note shall be
equal to the Commitment 

 3
 

 

 

Amount or a portion thereof, as applicable, each Note
shall be enforceable with respect to the Borrower’s obligation to pay the
principal thereof only to the extent of the unpaid principal amount of the
Loans outstanding thereunder at the time such enforcement shall be sought.

ARTICLE
II

INTEREST

SECTION 2.01       Interest Rates.  As further specified in Section 2.03 below,
the Borrower hereby promises to pay on each Payment Date interest on the unpaid
principal amount of the Loans outstanding during the related Interest Period to
the Agent for the benefit of the Lenders throughout the term of this Agreement
until all amounts of interest are paid in full, at a rate equal to the
applicable interest rate in accordance with Section 2.02(a); provided  that,
at all times from and after the occurrence of a Termination Event, as further
specified in Section 2.02(d), interest shall accrue at a rate equal to the
Default Rate, payable on demand.

SECTION 2.02       Interest.  (a) 
The Borrower hereby promises to pay interest on the unpaid principal
amount of the Loans for each day during each Interest Period until the Loans
are paid in full at a rate per annum equal to:

(i)            if a Loan or a portion of a Loan is
at the time funded or maintained by the CP Issuer, the sum of the CP Index for
such day plus the Spread for such day;

(ii)           if a Loan or a portion of a Loan is
at the time funded or maintained by a Liquidity Bank, the sum of the Alternate
Rate for such day plus the Spread for such day; or

(iii)          notwithstanding the provisions of the
preceding clauses (i) and (ii), if a Termination Event has occurred and is
continuing, at the Default Rate.

(b)           Accrued interest in respect of each
Loan shall be payable in arrears on each Payment Date as more fully described
in Article III, at maturity (whether by acceleration, demand or otherwise) and
on the Final Pay-out Date on demand.

(c)           The Agent shall promptly (but in any
event, within two Business Days) notify the Servicer and the Borrower of the
Alternate Rate applicable to each Loan made by the Liquidity Banks (i) for each
Interest Period, and (ii) whenever the Liquidity Banks make a Loan to continue
a Loan previously funded by the CP Issuer. 
All notices to the Borrower pursuant to this paragraph may, so long as
the Servicer is Aspen, be provided to the Servicer, as agent of the Borrower,
provided that, if the Servicer is not Aspen, then such notices shall be
provided to the Borrower.

(d)           Any interest (to the extent permitted
by law), fees or other amounts payable hereunder which are not paid on the due
date thereof (including interest payable pursuant to this clause (d), to
the extent permitted by law) shall accrue interest (after as well as before
judgment) at the Default Rate from time to time in effect from and including
the due date thereof to but excluding the date such amount is actually paid.

 4
 

 

 

If, by the terms of this Agreement or the Note, the
Borrower at any time is required or obligated to pay interest at a rate in
excess of the maximum rate permitted by applicable law, the applicable rate of
interest shall be deemed to be immediately reduced to such maximum rate and the
portion of all prior interest payments in excess of such maximum rate shall be
applied and shall be deemed to have been payments made in reduction of the
principal of the related Loan and under the Note.

SECTION
2.03       Interest Rates and Fees:
Rates, Payments, and Calculations.

(a)           Interest Payment Dates.  Interest accrued on each Loan shall be
payable on each Payment Date and on the Final Payout Date (subject to earlier
maturity upon acceleration upon the occurrence of an Event of Default).

(b)           Payment.  Interest, any Lender Expenses and all fees
payable hereunder or under any of the other Transaction Documents shall be due
and payable, in arrears, on the applicable Payment Date in accordance with
Article III.  Borrower hereby authorizes
Agent, from time to time without prior notice to Borrower, to charge all
interest and fees (when due and payable), all Lender Expenses (as and when
incurred), and all other payments as and when due and payable under any
Transaction Document to the account to the Borrower, and any amounts charged to
Borrower that are not paid when due shall thereafter constitute Loans hereunder
and shall accrue interest at the rate then applicable to Loans hereunder.

SECTION
2.04       Computation of Interest and
Fees.

(a)           Except to the extent otherwise
expressly provided herein or in the Transaction Document providing for such
calculation, interest and periodic fees shall be calculated on the basis of a
360 day year and the actual number of days elapsed.  The CP Issuer shall submit to the Agent and
the Borrower five Business Days prior to each Payment Date (i) notice of
an estimate of the applicable CP Index for the applicable Interest Period
ending on each Payment Date, and (ii) simultaneously with any demand by the CP
Issuer therefor, notice of the amount of any Breakage Costs then payable to the
CP Issuer.  If requested by the Agent or
the Borrower, each such notice shall include reasonable detail supporting the
calculations made by the CP Issuer with respect to the foregoing amounts.  The Agent shall notify each of the Servicer
and the Borrower of the determination of the Cost of Funds Rate(s) to be used
in calculating interest for each Interest Period within the time frames
specified in Section 1.02(b); provided that, in the case of the CP Index, that
the CP Issuer has timely provided such information to the Agent. All notices to
the Borrower pursuant to this paragraph may be provided to the Servicer, as
agent of the Borrower unless (i) the Agent has received written notice from an
Authorized Person of the Borrower that the Servicer is no longer serving as the
Borrower’s agent for such purpose, or (ii) if Aspen is not the Servicer.  The Agent shall promptly deliver any such
notice that it receives to the CP Issuer.

(b)           In the event the applicable interest
rate is changed from time to time hereafter in accordance with Section 2.02,
the rates of interest hereunder based upon the interest rate automatically and
immediately shall be increased or decreased by an amount equal to such change
in the applicable interest rate.

 5

 

 

ARTICLE
III

DISTRIBUTIONS

SECTION 3.01       Payments.  On each Payment Date, one hundred percent
(100%) of all Collections on deposit in the Collateral Account (together with
funds on deposit in the Liquidity Reserve Account on such date and without
giving effect to any payments to replenish the Liquidity Reserve Account as set
forth in Section 3.02(c)(vi)) shall be applied to the outstanding balance of
the Loans as set forth in Section 3.02. 
On the Final Payout Date, the Borrower shall immediately repay in full
(a) any and all of the remaining unpaid principal amount of the Loans, (b) any
and all accrued and unpaid interest and (c) all other outstanding Obligations
(subject to earlier maturity upon acceleration upon the occurrence of an Event
of Default).  On each Payment Date, the
Obligations shall be paid or reduced to the extent available from Collections
distributed to the Agent for the benefit of the Lenders in accordance with the
terms of Section 3.02, 3.03 and 3.04.  The Borrower shall not have the right to make
any prepayment of the outstanding principal amount of the Loans other than on a
Payment Date and as contemplated in the two immediately preceding sentences.

SECTION 3.02       Distribution Procedures.  The parties hereto will take the following
actions with respect to each Payment Date, or Reporting Date, as applicable:

(a)           Servicer Report.  On or prior to each Reporting Date, the
Servicer shall deliver to the Agent and the Backup Servicer a Servicer Report
in respect of the calendar month then most recently ended.

(b)           Interest; Other Amounts Due.  On each Reporting Date, the Agent shall
notify the Servicer of (i) the amount of interest that shall have accrued in
respect of the Loans during the immediately prior Interest Period, and
(ii) all fees and other amounts that shall have accrued and be payable by
the Borrower under this Agreement and the other Transaction Documents on such
Payment Date.

(c)           Payment Date Procedure.  On each Payment Date, the Servicer, on the
basis of the express instructions provided by the Agent and based on the
applicable Servicer Report, shall, distribute from amounts then available in
the Collateral Account and the Liquidity Reserve Account, the following amounts
in the following order:

(i)            unless an Event of Default shall
have occurred and is continuing, to the Borrower or the Servicer, as
applicable, an amount equal to any Collections remitted to the Collateral
Account during such Collection Period to the extent such Collections represent
recoveries in respect of Deemed Collections theretofore deposited by the
Borrower or the Servicer, as applicable, in accordance with Section 3.03 (plus,
if applicable, the amount of any such amounts payable on any prior Payment Date
to the extent such amount has not been paid to the Borrower or the Servicer);

(ii)           to the Backup Servicer, an amount
equal to the Backup Servicing Fee accrued during the Collection Period then
most recently ended (plus, if applicable, the 

 6
 

 

 

amount of Backup Servicer Fees payable on any prior
Payment Date to the extent such amount has been paid to the Backup Servicer);

(iii)          to the Servicer, to be distributed to
Aspen, an amount equal to the Collections received during such Collection
Period certified by the Servicer as being due to applicable taxing authorities
in connection with state or local sales taxes (or the equivalent thereof)
(plus, if applicable, the amount of such taxes payable on any prior Payment
Date to the extent such amount has not been paid to the Servicer); provided,
that, the Servicer shall provide a reconciliation in form acceptable to Agent
to validate the amount of taxes paid by the Obligors during such Collection
Period;

(iv)          to the Agent, for the benefit of the
Lenders, an amount equal to the interest in respect of the Loans that shall
have accrued and then be unpaid as of such Payment Date including, if
applicable, any previously accrued interest not paid on a prior Payment Date,
to be paid by 11:00 a.m. on the applicable Payment Date;

(v)           to the Agent, for the sole benefit of
the Agent, the Agency Fee and any other fees due from the Borrower under the
Fee Letter accrued during the Collection Period then most recently ended (plus,
if applicable, the amount of Agency Fees payable on any prior Payment Date to
the extent such amount has not been paid to the Agent);

(vi)          to the Liquidity Reserve Account, an
amount up to the Required Liquidity Reserve Amount;

(vii)         to the Servicer, an amount equal to the
Servicer’s Fees accrued during the Collection Period then most recently ended
(plus, if applicable, the amount of the Servicer’s Fees payable on any prior
Payment Date to the extent such amount has not been paid to the Servicer); provided,
that, following the replacement of the initial Servicer in accordance with Section 8.01,
the Agent may in its sole discretion distribute the Servicer Fee then in effect
in clause (ii) above;

(viii)        to the Servicer, to be distributed to
the appropriate Persons, an amount equal to the any cash collections or other
cash proceeds (other than investment income) deposited into the Collateral
Account during any Collection Period ending prior to the Collection Period then
most recently ended and not constituting Collections, to the extent such
collections or proceeds were not previously forwarded by the Servicer to the
appropriate Person in accordance with Section 8.07(b) during the
Collection Period in which such items were deposited into the Collateral
Account;

(ix)           to the Agent, for the benefit of the
Lenders and the Agent, an amount equal to all other Obligations (other than
principal on the Loans) then accrued and payable by the Borrower to the Lenders
or the Agent under this Agreement and the other Transaction Documents on such
Payment Date;

(x)            to the Borrower, any amounts due in
accordance with Section 3.06 with respect to an Administrative Pool of
Receivables;

 7
 

 

 

(xi)           to the Agent, for the benefit of the
Lenders, all remaining amounts in the Collateral Account, which amounts shall
be distributed ratably by the Agent to the Lenders for application to the
outstanding principal amount of the Loans, provided that, to the extent that
any such payment would result in an Excess Principal Payment during the
applicable Collection Period, such amount shall be retained in the Collateral
Account and shall be used to make payments in accordance with this Section
3.02(c) on the next succeeding Payment Date; and

(xii)          to the Borrower, any remaining
amounts.

Except as provided above, no amounts on any Payment
Date shall be paid to the Borrower out of Collections deposited in the
Collateral Account under this Section 3.02(c) as long as any Loans remain
outstanding on such date.

SECTION
3.03       Deemed Collections.

(a)           Borrower’s Deemed Collections.  Except as otherwise provided in Section 3.04,
if on any day:

(i)            the Outstanding Balance of any Pool
Receivable is reduced, cancelled or terminated as a result of:

(A)          any defective, rejected or returned
software, goods or services, any cash discount, or any incorrect billing or
other adjustment by the Borrower, the Transferor, Aspen or any Affiliate thereof,
or

(B)           any failure on the part of the
Borrower, the Transferor, Aspen or any Affiliate thereof to deliver or provide
any software, upgrades, supplements, refinements, goods or maintenance or other
services contemplated to be delivered or provided under or in connection with
any related Contract, or

(C)           any setoff in respect of any claim by
the Obligor thereof against the Borrower, the Transferor, Aspen or any
Affiliate thereof (whether such claim arises out of the same or a related or an
unrelated transaction) or by reason of becoming subject to any dispute, offset,
counterclaim or defense whatsoever (except the discharge in bankruptcy of the
Obligor thereof or such Obligor’s financial inability to pay), or

(D)          any obligation of the Borrower, the
Transferor, Aspen or any Affiliate thereof to pay to the related Obligor any
rebate or refund, or

(E)           any action taken by the Borrower, the
Transferor, Aspen or any of its Affiliates (i) outside, in the case of Aspen,
the scope of any authorized collection services Aspen may then be providing as
Servicer, and (ii) other than a Supersede-and-Replace transaction authorized
under Section 3.04 and in connection with which an eligible
Superseding Receivable replaces the affected Receivable, or

 8
 

 

 

(ii)           any of the representations or
warranties of the Borrower set forth in Section 6.13 were not true
when made with respect to any Pool Receivable, or

(iii)          any of the representations or
warranties of the Borrower set forth in Section 6.12 are no longer
true with respect to any Pool Receivable and, with respect to Section 6.12(c),
not remedied at the discretion of the Agent,

then, on such day, the Borrower shall be deemed to
have received a Collection of such Pool Receivable:

(I)            in
the case of clause (i) above, in the amount of such reduction,
cancellation or termination; and

(II)           in
the case of clause (ii) or clause (iii) above, in the amount of
the full Outstanding Balance of such Pool Receivable.

(b)           Servicer Deemed Collections.  If on any day:

(i)            the Outstanding Balance of any Pool
Receivable is reduced, cancelled or terminated as a result of any failure on
the part of the Servicer to perform its obligations as “Servicer” hereunder in
accordance with the terms hereof; or

(ii)           the aggregate amount available in the
Collateral Account immediately prior to any Payment Date for purposes of the
distributions contemplated in Section 3.02 shall be less than the
aggregate amount of Collections that shall have been remitted by Obligors and
received by Aspen on the Pool Receivables since the immediately preceding
Payment Date by reason of any failure or inability on the part of the Servicer
to cause a transfer of such Collections to the Collateral Account;

then, on such day, the Servicer shall be deemed to
have received a Collection of the related Pool Receivable in the amount of such
reduction, cancellation or termination or in the amount of such remittance, as
applicable.

(c)           Deposit of Deemed Collections.  The Borrower or the Servicer, as applicable,
shall deposit into the Collateral Account in cash in immediately available
funds each Deemed Collection promptly following the date it first becomes aware
of any of the circumstances described above and in any event no later than the
immediately following Payment Date.

SECTION
3.04       Supersede-and-Replace
Receivables.

(a)           In connection with the expansion of a
licensing arrangement with an Obligor, such Obligor may request for purposes of
administrative convenience that Aspen enter into an amended and restated
Contract, the effect of which is to supersede and replace (a “Supersede-and-Replace”)
the then outstanding receivables under the original Contract with such Obligor.

 9
 

 

 

(b)           Subject to the following terms and
conditions, the Lenders and the Agent agree to accept from the Borrower, in lieu
of the Deemed Collection that would otherwise be required under Section 3.03
upon any Supersede-and-Replace relating to a Pool Receivable (a “Replaced
Receivable”), the new Pool Receivable (the “Superseding Receivable”)
arising in connection with such Supersede-and-Replace:

(i)            Not less than two Business Days
prior to giving effect to a Supersede-and-Replace, Borrower shall provide the
Agent written notice (a “S&R Notice”) setting forth (A) the identity
of the affected Pool Receivable, (B) the terms of the Superseding Receivable
becoming effective upon causing such Pool Receivable to become a Replaced
Receivable, (C) a certification that the proposed Supersede-and-Replace is
being undertaken at the request of the applicable Obligor and otherwise in
accordance with the customary practice and procedures of Aspen, (D) a
description, in such detail as may be reasonably requested by the Agent,
demonstrating compliance by Borrower with the terms of this Section 3.04(b),
and (E) the date (the applicable “S&R Date”)  on which such Supersede-and-Replace is
scheduled to occur;

(ii)           The Replaced Receivable shall not
have been a Delinquent Receivable at any time;

(iii)          The Outstanding Balance of the
Replaced Receivable immediately prior to the applicable S&R Date, when added
to the aggregate Outstanding Balance of all other Pool Receivables that shall
have become Replaced Receivables under this Section 3.04(b), in
each case as determined on its respective S&R Date, shall not exceed an
amount equal to ten percent (10%) of the aggregate Outstanding Balance of all
Pool Receivables as of the first day of such PSA Year.  For purposes of this clause (iii), “PSA
Year” shall mean, initially, the period commencing on the date hereof and
ending twelve months after the date of its inclusion in the Pool Receivables,
and thereafter each successive period of twelve months commencing on an
anniversary of the date hereof and ending on the immediately following
anniversary of the date hereof;

(iv)          The Superseding Receivable shall
satisfy each of the following criteria as of the S&R Date:

(A)          such Superseding Receivable is due
from the same Obligor as the related Replaced Receivable;

(B)           the term of the Contract for the
Superseding Receivable equals or exceeds the term of the Contract for the
related Replaced Receivable;

(C)           the periodic payments required under
the Contract for the Superseding Receivable occur no less frequently than the
periodic payments required under the Contract for the related Replaced
Receivable;

(D)          each periodic payment required under
the Contract for the Superseding Receivable equals or exceeds the amount of the
periodic payment that would have been due on the corresponding date under the
Contract for the related Replaced Receivable; and

 10
 

 

 

(E)           the Superseding Receivable satisfies
the definition of Eligible Receivable (except items (vii) and (viii) of the
definition thereof) and otherwise satisfies as of the S&R Date each of the
representations and warranties made by Borrower hereunder with respect to the
Pool Receivables as of the date of its inclusion in the Pool Receivables,
provided that, the inclusion of any maintenance or service components of any
Contract during the first year of such Contract will not cause such Superseding
Receivable to fail to qualify as an Eligible Receivable for purposes of this
Section 3.04.

(v)           On the applicable S&R Date, no
Event of Default or Unmatured Event of Default shall have occurred and be
continuing.

(vi)          On the applicable S&R Date, (A)
the Replaced Receivable shall be deemed amended, superseded and replaced by the
Superseding Receivable and (B) the Superseding Receivable shall be deemed to
constitute proceeds of the Replaced Receivable.

The issuance by Borrower of an S&R Notice shall
constitute a representation and warranty by Borrower that each of the
statements set forth in Section 3.04(b) in respect of the
applicable Superseding Receivable and the applicable Replaced Receivable is
true and correct on the date of such S&R Notice and on the applicable
S&R Date.  From and after an S&R
Date, the Superseding Receivable shall constitute a Pool Receivable for all
purposes of this Agreement.

SECTION
3.05       Payments and Computations,
Etc.; Pro Rata Treatment.  The
Borrower shall make arrangements with the Agent such that all payments of principal
of, or interest on, the Loans and of all fees, and all amounts to be paid by or
on behalf of the Borrower hereunder, shall be paid to the Agent no later than
11:00 a.m. (New York City time) in each case on the day when due in lawful
money of the United States of America in same day funds to the Agent.  Funds received by the Agent after the
applicable time specified above on the date when due, will be deemed to have
been received by the Agent on the next following Business Day and shall accrue
interest at the Default Rate until paid in accordance with Section 2.02.  

SECTION 3.06       Payments to Borrower.  After the time at which an Administrative
Pool of Receivables has been identified by the Servicer, on any Payment Date on
which a Termination Event has not occurred and all of the conditions to funding
set forth in Section 5.02 have been satisfied, to the extent that the amount of
Loans secured by the applicable Pool Receivables comprising such Administrative
Pool of Receivables has been paid in full, the Collections related to such Pool
Receivables may be paid to the Borrower at the level of priority set forth in
Section 3.02(c)(x).  Upon the occurrence
and continuance of a Termination Event on a Payment Date, the provisions of
this Section 3.06 will not be available to the Borrower.

SECTION
3.07       Liquidity Reserve Account.

(a)           On the Initial Funding Date, the
Borrower has made a payment of $317,672 into the Liquidity Reserve Account from
funds received by the Borrower after the Initial Cut-off Date on account of the
Pool Receivables.  On each Payment Date
and subject to Section 3.02, the Agent shall withdraw funds from the Liquidity
Reserve Account as such 

 11
 

 

 

amounts are required to make the payments on a Payment
Date in accordance with Section 3.02(c).

(b)           Prior to each Payment Date the Agent
shall transfer from the Liquidity Reserve Account to the Collateral Account the
amount specified in the Servicer Report representing investment earnings from
Permitted Investments on amounts held in the Liquidity Reserve Account as of
the related Reporting Date.

(c)           In the event that after giving effect
to all the disbursements required to be made on any Payment Date, the funds in
the Liquidity Reserve Account exceed the Required Liquidity Reserve Amount, the
Agent shall deposit, not later than the end of business on such Payment Date,
an amount equal to such excess into the Collateral Account.

(d)           Upon the Final Payout Date, any
balance remaining in the Liquidity Reserve Account shall be paid to the
Borrower.

(e)           For the avoidance of doubt, amounts
held in the Liquidity Account constitute “Loans” for purposes of this
Agreement, provided that, such amounts shall not be computed as part of Advance
Rate or Borrowing Base and, provided further that, such amounts shall bear interest
at a rate equal to the CP Index plus .40%.

ARTICLE
IV

INCREASED COSTS, FEES

SECTION 4.01       Fees.  The Borrower shall pay to the Advisor certain
fees, payable on such dates and in such amounts as are set forth in that
certain fee letter dated the date hereof from the Agent to the Borrower (as
amended from time to time, the “Fee Letter”).

SECTION 4.02       Increased Cost and Reduced Return.  If the adoption after the date hereof of any
applicable law, rule or regulation, or accounting principle, or any change
therein after the date hereof, or any change in the interpretation or
administration thereof by any Governmental Authority or Accounting Authority
charged with the interpretation or administration thereof, or compliance by any
Conduit Funding Source, the Agent or any Lender (collectively, the “Funding
Parties”) with any request or directive (whether or not having the force of
law) after the date hereof of any such Governmental Authority or Accounting
Authority (a) subjects any Funding Party to any charge or withholding on or in
connection with a Funding Document or any Receivable, (b) changes the basis of
taxation of payments to any of the Funding Parties of any amounts payable under
any of the Funding Documents (except for taxes imposed on or measured by the
overall net income of such Funding Party), (c) imposes, modifies or deems
applicable any reserve, assessment, insurance charge, special deposit or
similar requirement against assets of, deposits with or for the account of, or
any credit extended by, any of the Funding Parties, (d) has the effect of
reducing the rate of return on such Funding Party’s capital to a level below
that which such Funding Party could have achieved but for such adoption, change
or compliance (taking into consideration such Funding Party’s policies
concerning capital adequacy as of the Closing Date) or (e) imposes any other
condition, and the result of any of the foregoing is (x) to impose a cost on,
or increase the cost to, any Funding 

 12
 

 

 

Party of its commitment under any Funding Document or
of purchasing, maintaining or funding any interest acquired under any Funding
Document, (y) to reduce the amount of any sum received or receivable by, or to
reduce the rate of return of, any Funding Party under any Funding Document or
(z) to require any payment calculated by reference to the amount of interests
held or amounts received by it hereunder, then, upon demand by the Agent, the
Borrower shall pay to the Agent for the account of the Person such additional
amounts as will compensate the Agent or such Lender (or, in the case of the CP
Issuer, will enable the CP Issuer to compensate any Conduit Funding Source) for
such increased cost or reduction.

SECTION 4.03       Funding Losses; Breakage Costs.  (a) 
The Borrower hereby agrees that upon demand by any Funding Party (which
demand shall be accompanied by a statement setting forth the basis for the
calculations of the amount being claimed, but may be presented by the Agent on
behalf of such Funding Party) the Borrower will indemnify such Funding Party
against any out of pocket net loss or expense which such Funding Party shall
sustain or incur (including any out of pocket net loss or expense incurred by
reason of the liquidation or reemployment of deposits or other funds acquired
by such Funding Party to fund or maintain any Loan made any Lender to the
Borrower), as reasonably determined by such Funding Party, as a result of (i)
any payment or prepayment (including any mandatory prepayment) of any Loan on a
date other than a Payment Date for such Loan, (ii) any prepayment of any Loan
on a Payment Date which exceeds the sum of (a) the principal component of the
payments due from Obligors under the Contracts during the current Interest
Period as reflected in the Servicer Report delivered in connection with the
immediately preceeding Payment Date that has been reviewed and approved by the
CP Issuer plus (b) an amount, of which the CP Issuer shall have received
two Business Days’ notice of the payment thereof, equal to $7,500,000,
(iii) any failure of the Borrower to borrow any Loan on a date specified
therefor in a related Borrowing Request, or (iv)  any change of the Cost
of Funds Rate applicable to a Loan accruing interest at the Alternate Rate as
provided in the definition of the term “Cost of Funds Rate”.  Such written statement shall, in the absence
of manifest error, be conclusive and binding for all purposes.  Any amounts described in clauses (i) or (ii)
of the first sentence of this subsection (a) shall be an “Excess Principal
Payment”.  For the avoidance of doubt,
any prepayments will be out of Collections deposited in the Collateral Account
and paid on each Payment Date pursuant to Section 3.02(c).

(b)           Without limiting the generality of
Section 4.03(a), but without duplication of amounts payable thereunder, if the
CP Issuer receives a payment in excess of amounts stipulated in item (ii) of
Section 4.03(a), the Borrower shall, on the day on which such payment is made,
and in addition to the amount of any payment in excess of the amount stipulated
in item (ii) of Section 4.03(a), pay to the CP Issuer any Breakage Costs and
any other breakage costs or funding losses authorized under Section 4.03(a).

(c)           A certificate as to any amounts
referred to in this Section 4.03 payable to a Funding Party, submitted to the
Borrower (with a copy to the Agent) by such Funding Party (or submitted by the
Agent to the Borrower on behalf of a Funding Party), setting forth the
calculation thereof in reasonable detail, shall, in the absence of manifest
error, be conclusive and binding for all purposes.  Failure on the part of any Funding Party to
demand compensation for any amount to this Section 4.03 with respect to any
period shall not constitute a waiver of such Funding Party’s right to demand
compensation with respect to such period. 
The foregoing 

 13
 

 

 

certificate shall be provided to the Borrower (with a
copy to the Agent) no later than 90 days from the time at which a Funding Party
shall be aware that the Borrower is obligated to make a payment under Section
4.02 or 4.03 and such amount payable has been calculated by such Funding
Party.  The Agent will provide the
Borrower with notice that the Borrower is obligated to make a payment under
Section 4.02 (i) at the time at which the Agent is aware of such obligation and
such obligation has been calculated by the applicable Funding Party or (ii) at
the later of (A) the time at which the Agent reasonably should have been aware
of such obligation and such calculation, or (B) the end of the current Interest
Period.

ARTICLE
V

CONDITIONS PRECEDENT

SECTION 5.01       Conditions to Closing.  The making of the Loans hereunder is subject
to the condition precedent that the Agent shall have received, on or before the
Closing Date, the following, in form and substance satisfactory to the Agent:

(a)           A copy of the resolutions of the
Board of Directors of the Borrower, the Board of Directors of the Transferor
and the Board of Directors of Aspen, as applicable, approving this Agreement
and the other Transaction Documents, as applicable, to be delivered by each
such Person, certified by its respective Secretary or Assistant Secretary;

(b)           A good standing certificate for each
of the Borrower, the Transferor and Aspen issued by the Secretary of State of
its state of organization and the state where its chief executive office and
principal place of business is located;

(c)           A certificate of the Secretary or
Assistant Secretary of each of the Borrower, the Transferor and Aspen
certifying the names and true signatures of the officers authorized on its
behalf to sign this Agreement and the other Transaction Documents, to be
delivered by such Person;

(d)           The articles of incorporation or
organizational documents of each of the Borrower, the Transferor and Aspen,
duly certified by the Secretary of State of its jurisdiction of organization,
as of a recent date acceptable to Agent, together with a copy of its by-laws
and/or operating agreement, duly certified by its Secretary or an Assistant
Secretary;

(e)           Evidence that UCC-1 financing
statements have been filed (or will be filed shortly thereafter) in all
appropriate recording offices naming Aspen, the Transferor and the Borrower as
debtors and the Agent as the secured party or assignee secured party, as may be
necessary or, in the opinion of the Agent, desirable under the UCC or any
comparable law of all appropriate jurisdictions to perfect the Agent’s
interests in the Pool Assets;

(f)            A search report listing all
effective financing statements that name Aspen, the Transferor or the Borrower
as debtor and that are filed in the jurisdictions in which filings were made
pursuant to subsection (e) above and in such other jurisdictions
that the Agent shall reasonably request, together with copies of such financing
statements and copies of all financing statements necessary to release all
security interests and other rights of any Person in the Pool Assets previously
granted by the Transferor, Aspen or the Borrower;

 14
 

 

 

(g)           Duly executed copies of the
Transaction Documents and the Liquidity Agreement;

(h)           A Receivables Schedule identifying
each Pool Receivable, as well as the payment terms, frequency of payments,
maturity date of the relevant Contract, the Obligor thereon and the Outstanding
Balance thereof as of the Initial Cut-Off Date. 
The aggregate Outstanding Balance as of the Initial Cut-Off Date of the
Pool Receivables shall be an amount not less than $41,600,000;

(i)            The Fee Letter, duly executed by
Aspen and the Borrower, and receipt of payment of all documented fees,
expenses, costs (including legal fees and disbursements of one law firm
selected by the Agent and audit fees and disbursements of one audit firm
selected by the Agent) due on or before the Closing Date pursuant thereto;

(j)            A certificate signed by a the chief
executive officer, the president, the chief financial officer, any vice
president, or the treasurer of each of the Borrower, the Transferor and Aspen,
stating in such Person’s capacity as such officer of such entity that on the
Closing Date (i) no Event of Default or Unmatured Event of Default has occurred
and is continuing, (ii) all of the representations and warranties made by such
Person in Article VI of this Agreement (or, in the case of the
Transferor, Article V of the Purchase and Resale Agreement) are true and
correct as of the Closing Date; and

(k)           Such other approvals, opinions or
documents as the Agent or the CP Issuer may reasonably request.

SECTION
5.02       Conditions Precedent to all
Extensions of Loans on each Funding Date. 
The extension of Loans on each Funding Date (but not with respect to the
Loans extended on the Initial Funding Date) hereunder by each Lender shall be
subject to the following conditions precedent:

(a)           (i) This Agreement and the other
Transaction Documents are still effective and legally binding on Borrower and
the other Persons that are parties to this Agreement or any of the other
Transaction Documents and (ii) the Liquidity Agreement is still effective
and legally binding on the Persons that are parties thereto;

(b)           the representations and warranties
contained in this Agreement and the other Transaction Documents shall be true
and correct in all material respects on and as of the date of such extension of
credit, as though made on and as of such date (except to the extent that such
representations and warranties relate solely to an earlier date);

(c)           no Termination Event shall have
occurred and be continuing on the date of such extension of credit, nor shall
either of these events result from the making thereof;

(d)           no injunction, writ, restraining
order, or other order of any nature restricting or prohibiting, directly or
indirectly, the extending of such credit shall have been issued and remain in
force by any Governmental Authority against Borrower, Agent, any Lender, or any
of their Affiliates;

 15

 

 

(e)           no Material Adverse Effect shall have
occurred;

(f)            The Borrower shall have delivered to
the Agent a Borrowing Request, together with copies of all documentation
required in the form of Borrowing Request, including the applicable Servicer
Report.

(g)           Borrower shall not have commenced or
be a party to any Insolvency Event;

(h)           A Receivables Schedule identifying
each Pool Receivable (which is being funded by a Loan on such Funding Date), as
well as the payment terms, frequency of payments, maturity
date of the relevant Contract, the Obligor thereon and the Outstanding Balance
thereof as of the applicable Subsequent Cut-Off Date;

(i)            On such Funding Date, the amount of
the aggregate principal amount of Loans outstanding is less than the amount of
the Borrowing Base as of such Payment Date (after application of the Collection
Amount related to such Payment Date pursuant to Section 3.02);

(j)            The making of the Loans on such
Funding Date will not violate any Requirement of Law applicable to any Secured
Party;

(k)           As of the Funding Date, each
Receivable included in the calculation of the Borrowing Base is an Eligible
Receivable;

(l)            The Agent shall have received
payment of all unpaid fees due to the Agent and all expenses of the Agent, in
each case, for which the Borrower has been invoiced, including the reasonable
fees and disbursements of its counsel, up to and including the applicable
Funding Date; and

(m)          Upon the occurrence and continuance of
a Foreign Credit Excess on such Funding Date, (i) Borrower shall have
maintained Additional Pool Receivables in the amount of the excess of the
Outstanding Balance of Pool Receivables with Obligors located in countries
rated below Investment Grade over 10% of the aggregate Outstanding Balance of
the Pool Receivables or (ii) the Agent shall have adjusted the Advance
Rate Percentage in accordance with the proviso to the definition of Advance
Rate Percentage (for the avoidance of doubt, this adjustment will only apply to
Loans extended on an applicable Funding Date and shall not apply to any Loans
outstanding prior to such Funding Date).

SECTION 5.03       Term.  The Revolving Period shall continue for a
term ending on the earlier of (i) the date that is 364 days after the Closing
Date or the date of the most recent extension of Revolving Period pursuant to
this Section 5.03, (ii) the date that all the Obligations and all other amounts
due and payable to Agent and Lenders under this Agreement or any of the other
Transaction Documents have been paid in full, (iii) the occurrence of a
Termination Event, and (iv) the third (3rd) anniversary of the Closing
Date, which date may be extended for additional 364 day periods upon the
agreement of the Borrower and the Lenders with the consent of the CP Issuer in
its sole and absolute discretion.  After
the occurrence of a Termination Event, the Borrower shall no longer be
permitted to borrow under this Article I and the outstanding Loans shall be
repaid based on the amortization of the underlying Pool 

 16
 

 

 

Receivables in accordance with Article III.  For the avoidance of doubt, the occurrence of
a Termination Event shall not mean that all of the outstanding Loans are
accelerated and are then immediately due and payable.

SECTION 5.04       Final Pay-out Date.  After the Final Pay-out Date, when all amounts
due hereunder or under the other Transaction Documents have been paid in full,
the Agent will, at Borrower’s sole expense, execute and deliver any termination
statements, lien releases, mortgage releases, re-assignments of trademarks,
discharges of security interests, and other similar discharge or release
documents (and, if applicable, in recordable form) as are reasonably necessary
to release, as of record, Agent’s Liens and all notices of security interests
and liens previously filed by Agent with respect to such amounts.

ARTICLE
VI

REPRESENTATIONS AND WARRANTIES

The Borrower hereby represents and warrants as to
itself, and the Servicer hereby represents and warrants as to itself, as
follows (i) the Initial Funding Date, (ii) on each Payment Date and (iii) with
respect to any Superseding Receivables, on the S&R Date applicable to such
Superseding Receivable:

SECTION 6.01       Organization and Good Standing.  Each of the Borrower and the Servicer has
been duly organized and is validly existing as a limited liability company or
corporation, as applicable, in good standing under the laws of its state of
organization, with power and authority to own its properties and to conduct its
business as such properties are presently owned and such business is presently conducted.  Borrower had at all relevant times, and now
has, all necessary power, authority, and legal right to acquire and own the
Receivables to be owned or transferred by it under the Transaction Documents
and perform its obligations under the Transaction Documents.

SECTION 6.02       Due Qualification.  Each of the Borrower and the Servicer is duly
licensed or qualified to do business as a foreign limited liability company or
corporation, as applicable, in good standing, and has obtained all necessary
licenses and approvals, in all applicable jurisdictions except, with respect to
the Servicer, where the failure to so qualify or obtain such licenses or
approvals could not reasonably be expected to have a Material Adverse Effect.

SECTION 6.03       Power and Authority; Due Authorization.  Each of the Borrower and the Servicer (i) has
all necessary power, authority and legal right to (A) execute and deliver this
Agreement and the other Transaction Documents to which it is a party, (B) carry
out the terms of the Transaction Documents to which it is a party, and (C) in
the case of the Borrower, pledge the Pool Assets and borrow the Loans on the
terms and conditions herein provided and (ii) has duly authorized by all
necessary corporate or limited liability company action (A) the execution,
delivery and performance of this Agreement and the other Transaction Documents
and (B) with respect to the Borrower, the borrowing, and granting of a security
interest in the Pool Assets therefor, on the terms and conditions herein provided.

 17
 

 

 

SECTION 6.04       Binding Obligations.  This Agreement and each other Transaction
Document constitutes a legal, valid and binding obligation of the Borrower or
the Servicer (as applicable) enforceable in accordance with its terms, except
as enforceability may be limited by bankruptcy, insolvency, reorganization, or
other similar laws affecting the enforcement of creditors’ rights generally and
by general principles of equity, regardless of whether such enforceability is
considered in a proceeding in equity or at law.

SECTION 6.05       No Violation.  The consummation of the transactions
contemplated by this Agreement and the other Transaction Documents and the
fulfillment of the terms hereof or thereof will not (i) conflict with, result
in any breach of any of the terms and provisions of, or constitute (with or
without notice or lapse of time or both) a default under, (A) the articles of
incorporation or other organizational documents or by-laws of the Borrower or
the Servicer, (B) with respect to the Servicer, any indenture, receivables
purchase agreement, loan agreement, mortgage, deed of trust, or other material
agreement or instrument to which the Servicer is a party or by which it or any
of its properties is bound or (C) with respect to the Borrower, any indenture,
receivables purchase agreement, loan agreement, mortgage, deed of trust, or
other agreement or instrument to which the Borrower is a party or by which it
or any of its properties is bound, (ii) result in the creation or
imposition of any Adverse Claim upon any of their respective properties
pursuant to the terms of any such indenture, purchase agreement, loan
agreement, mortgage, deed of trust, or other agreement or instrument, other
than this Agreement, or (iii) violate any law or any order, rule, or regulation
applicable to the Borrower or the Servicer of any court or of any federal or
state regulatory body, administrative agency, or other governmental
instrumentality having jurisdiction over the Borrower or the Servicer or any of
its properties, except, in the case of the Servicer, where such violation could
not reasonably be expected to have a Material Adverse Effect.

SECTION 6.06       No Proceedings.  There are no proceedings or investigations
pending, or, to the knowledge of the Borrower or the Servicer, threatened,
before any court, regulatory body, administrative agency, or other tribunal or
governmental instrumentality (i) asserting the invalidity of this Agreement or
any other Transaction Document, (ii) seeking to prevent the assignment of any
Pool Assets or the consummation of any of the other transactions contemplated
by this Agreement or any other Transaction Document, or (iii) seeking any
determination or ruling that is reasonably likely to have a Material Adverse
Effect or seeking to adversely affect the federal income tax attributes of the
Loans hereunder.

SECTION 6.07       Bulk Sales Act.  No transaction contemplated by the
Transaction Documents requires compliance with any bulk sales act or similar
law.

SECTION 6.08       Government Approvals.  No authorization or approval or other action
by, and no notice to or filing with, any governmental authority or regulatory
body is required for the due execution, delivery and performance by the
Borrower or the Servicer of this Agreement or any other Transaction Document, except
for the filing of the UCC financing statements referred to in Article V,
all of which, at the time required in Article V, shall have been
duly made and shall be in full force and effect.

SECTION 6.09       Financial Condition.  The audited consolidated balance sheets of
the Servicer, as at June 30, 2006, as reflected in the Form 10-K with
respect to the 

 18
 

 

 

Servicer to be filed on or about September 28,
2006, and the related consolidated statements of earnings and cash flows,
copies of which have been furnished to the Agent, have been prepared in
accordance with generally accepted accounting principles, consistently applied,
and present fairly the consolidated financial condition of Servicer and its
consolidated subsidiaries as at the dates thereof and the results of their
operations for the respective period then ended.  Since June 30, 2006, no event has occurred
that has had or is reasonably likely to have a Material Adverse Effect, except
as identified and disclosed in the Form 10-K with respect to the Servicer
to be filed on or about September 28, 2006.

SECTION 6.10       Litigation.  No injunction, decree or other decision has
been issued or made by any court, governmental agency or instrumentality
thereof that prevents, and, to the knowledge of the Borrower or the Servicer,
no threat by any Person has been made to attempt to obtain any such decision
that is reasonably likely to prevent, the Borrower or the Servicer from
conducting a material part of its business operations.

SECTION 6.11       Margin Regulations.  The use of all funds obtained by the Borrower
under this Agreement will not conflict with or contravene any of Regulations T,
U and X promulgated by the Board of Governors of the Federal Reserve System
from time to time.  No proceeds of any
Loan will be used, directly or indirectly, by the Borrower for the purpose of
purchasing or carrying any Margin Stock or for the purpose of reducing or
retiring any Debt which was originally incurred to purchase or carry Margin
Stock.

SECTION
6.12       Quality of Title.

(a)           Each Pool Asset is owned by the
Borrower free and clear of any Adverse Claim (other than any Adverse Claim in
favor of the Agent); the Security Agreement creates a valid and perfected first
priority security interest (as defined in UCC Section 1-201) in favor of
the Agent (for the benefit of the Secured Parties) in each Pool Asset, free and
clear of any Adverse Claim (other than any Adverse Claim in favor of the Agent)
as security for the Obligations; and no financing statement or other instrument
similar in effect covering any Pool Receivable, any other Pool Asset or any
other asset or property of the Borrower is on file in any recording office
except such as may be filed in favor of Agent in accordance with this
Agreement.

(b)           The Borrower has caused the filing of
all appropriate financing statements in the proper filing offices in the
appropriate jurisdictions under applicable law in order to perfect the security
interest of the Agent, for the benefit of the Lenders, in the Pool Assets, to
the extent that such security interest can be perfected by filing.

(c)           Other than the grant of the security
interest in the Pool Assets to the Agent, for the benefit of the Lenders under
the Security Agreement, the Borrower has not pledged, assigned, sold, granted a
security interest in, or otherwise conveyed any of the Pool Assets or any of
its other assets or properties to any other Person.  The Borrower has not authorized the filing of
any financing statement by any other Person other than the Agent.

(d)           The rights granted hereunder and
under the Security Agreement to the Agent and the Secured Parties are
sufficient to enable the Agent and the Secured Parties, on the 

 19
 

 

 

exercise of their secured creditor remedies in respect
of the Pool Assets in accordance with the Transaction Documents and applicable
law, to transfer good and marketable title to the Pool Assets without the
necessity of the Agent or the Secured Parties holding any interest in the Aspen
Software in order to give effect thereto.

(e)           All representations and warranties of
the Borrower in the Security Agreement are true and correct.

SECTION 6.13       Eligible Receivables.  Each Pool Receivable is an Eligible
Receivable on the date the same is stated to be transferred to the Borrower
under the Purchase and Resale Agreement.

SECTION 6.14       Accuracy of Information.  All information set forth on the Receivables
Schedule, including the Outstanding Balance, payment status and payment terms
of each Receivable identified thereon, is true and correct in all material
respects.  Except to the extent modified
by the Form 10-K with respect to the Servicer to be filed on or about
September 28, 2006, no written information, exhibit, financial statement,
document, book, record or report furnished or to be furnished by or on behalf
of the Borrower, the Transferor, the Servicer, Aspen or any of its Affiliates
to the Lenders or the Agent in connection with this Agreement or any other
Transaction Document was inaccurate in any material respect as of the date it
was dated or (except as otherwise disclosed to the Lenders, and the Agent at
such time) as of the date so furnished, or contained or will contain any
material misstatement of fact or omitted to state a material fact or any fact
necessary, in light of the circumstances under which such statements were made,
to make the statements contained therein not materially misleading.

SECTION 6.15       Offices.  The chief place of business and chief
executive office of the Borrower and the Servicer are located at the addresses
referred to in Section 13.02, and the offices where each of the
Borrower and the Servicer keeps all its books, records and documents evidencing
Pool Receivables and Contracts and all other agreements related to such Pool
Receivables are located at the addresses specified in Schedule A
(or at such other locations, notified to the Agent in accordance with Section 7.01(f),
in jurisdictions where all action required by Section 8.05 has been
taken and completed).

SECTION 6.16       Capitalization.  All of the membership or other equity interests
of the Borrower are owned (beneficially and of record), free and clear of any
Adverse Claim, by the Transferor.

SECTION 6.17       Trade Names.  The Borrower does not use, and has not at any
time used, any trade name, fictitious name, assumed name or “doing business as”
name or other name under which it has or is doing business other than its
actual corporate name.

SECTION 6.18       Subsidiaries.  The Borrower has no Subsidiaries.

SECTION 6.19       Ownership.  Aspen owns 100% of the equity of the
Transferor.  The Transferor owns 100% of
the equity of the Borrower.

SECTION 6.20       Activities.  The Borrower is not engaged in any
transactions other than the transactions contemplated by this Agreement and the
other 

 20
 

 

 

Transaction Documents to which it is a party.  The Transferor is not engaged in any
transactions other than the transactions contemplated by the Transaction
Documents to which it is a party.

SECTION 6.21       Taxes.  Each of the Borrower and the Servicer has
filed all tax returns and reports required by law to have been filed by it and
has paid all taxes and governmental charges thereby shown to be owing, except,
with respect to the Servicer, any such taxes or charges that are being
diligently contested in good faith by appropriate proceedings and for which
adequate reserves in accordance with GAAP shall have been set aside on its
respective books.

SECTION 6.22       Compliance with Applicable Laws;
Licenses, etc.  Each of the Borrower
and the Servicer is in compliance in all material respects with the
requirements of all applicable laws, rules, regulations, and orders of all
governmental authorities (including, without limitation, the Federal Consumer
Credit Protection Act, as amended, Regulation Z of the Board of Governors of
the Federal Reserve System, as amended, laws, rules and regulations relating to
usury, truth-in-lending, fair credit billing, fair credit reporting, equal
credit opportunity, fair debt collection practices and privacy and all other
consumer laws, rules and regulations applicable to the Receivables and other
Pool Assets), except, with respect to the Servicer, where failure to comply is
not reasonably likely to have a Material Adverse Effect.  Neither the Borrower nor the Servicer has
failed to obtain any licenses, permits, franchises or other governmental
authorizations necessary to the ownership of its properties or to the conduct
of its business, except, with respect to the Servicer, where the violation or
failure to obtain could not be reasonably likely to have a Material Adverse
Effect.

SECTION 6.23       Investment Company Act.  Neither the Borrower nor the Servicer is an “investment
company” within the meaning of the Investment Company Act of 1940, as amended.

SECTION 6.24       Credit and Collection Policy.  The Credit and Collection Policy, attached
hereto as Exhibit II, is in full force and effect as of the date of this
Agreement and has not been modified or amended, except, as of any date after
the date hereof, in accordance with Section 7.03(c) and the
Servicer is in compliance in all material respects with the policies and
procedures therein.

SECTION 6.25       Possession of Licenses and Permits;
Compliance with Requirements of Law. 
The Borrower possesses all Governmental Licenses required to be
possessed by the Borrower, and has made all necessary registrations and filings
required to be made by the Borrower with, each Governmental Authority and each
other Person necessary to conduct the business now operated by it or required
in connection with the execution, delivery and performance of the Transaction
Documents to which it is a party or by which it may be bound except for such
registrations and filings would not reasonably be expected to result in a
Material Adverse Effect.  All of such
necessary Governmental Licenses are valid and in full force and effect.  The Borrower has not received any notice of
proceedings related to the revocation or modification in a manner materially
adverse to it of any such Governmental License. 
The Borrower is in compliance with all applicable Requirements of Law
except for such requirements as would not reasonably be expected to result in a
Material Adverse Effect.

 21
 

 

 

SECTION
6.26       Access to Collateral Account.

Neither Borrower nor Servicer has granted any Person,
other than the Agent as contemplated by this Agreement, dominion and control of
the Collateral Account, or the right to take dominion and control of the
related lock-box or the Collateral Account at a future time or upon the
occurrence of a future event.

SECTION 6.27       Aspen Software.  In the case of any software of the type described
in clause (i)(b) or (i)(c) of the definition herein of “Aspen Software”, the
obligation of Aspen to compensate or otherwise pay the owner or licensor to
Aspen of such software, whether in the nature of royalties or otherwise, is not
secured by any Adverse Claim on any of the Pool Receivables, and such owner or
licensor does not otherwise have any property interest in any Pool Receivable.

SECTION
6.28       Solvency.  On the Initial Funding Date, on each Funding Date and on each S&R Date, immediately
prior to and after giving effect to the grant of a security interest in the
applicable Receivables occurring on such date:

(a)           the fair value and present fair
saleable value of Borrower’s total assets is greater than the Borrower’s total
liabilities (including contingent and unliquidated liabilities) at such time;

(b)           the fair value and present fair
saleable value of the Borrower’s assets is greater than the amount that will be
required to pay the Borrower’s probable liability on its existing debts as they
become absolute and matured (“debts,” for this purpose, includes all legal
liabilities, whether matured or unmatured, liquidated or unliquidated,
absolute, fixed, or contingent);

(c)           The Borrower is able to pay all of
its liabilities as such liabilities mature; and

(d)           The Borrower does not have
unreasonably small capital with which to engage in its current and in its
anticipated business.

For purposes of this Section 6.27:

(i)            the amount of the Borrower’s
contingent or unliquidated liabilities at any time shall be that amount which,
in light of all the facts and circumstances then existing, represents the
amount which can reasonably be expected to become an actual or matured
liability;

(ii)           the “fair value” of an asset shall be
the amount which may be realized within a reasonable time either through
collection or sale of such asset at its regular market value;

(iii)          the “regular market value” of an asset
shall be the amount which a capable and diligent business person could obtain
for such asset from an interested buyer who is willing to purchase such asset
under ordinary selling conditions; and

 22

 

 

(iv)          the “present fair saleable value” of
an asset means the amount which can be obtained if such asset is sold with
reasonable promptness in an arm’s-length transaction in an existing and not
theoretical market.

ARTICLE
VII

GENERAL COVENANTS

SECTION
7.01       Affirmative Covenants.  From the Initial Funding Date hereof until
the Final Payout Date, the Borrower hereby covenants and agrees as to itself,
and the Servicer covenants and agrees as to itself, unless the Agent shall
otherwise consent in writing, that it shall:

(a)           Compliance with Laws, Etc.  Comply, and, in the case the Servicer, not
take or omit to take any action, on behalf of the Borrower, that would cause
the Borrower to fail to comply, in all material respects with all applicable
laws, rules, regulations and orders of all governmental authorities (including
those which relate to the Pool Receivables and the Contracts).

(b)           Preservation of Corporate
Existence.  Preserve and maintain its
corporate existence, rights, franchises and privileges in the jurisdiction of
its organization, and qualify and remain qualified in good standing as a
foreign limited liability company or corporation, as applicable, in each
jurisdiction in which its business is conducted except, with respect to the
Servicer, where the failure to preserve and maintain such existence, rights,
franchises, privileges and qualification could not reasonably be expected to
have a Material Adverse Effect.

(c)           Audits.  (i) At any time and from time to time during
regular business hours, permit the Agent or any of their agents or
representatives, upon at least five Business Days’ prior notice (provided that
no such notice shall be required if an Event of Default or Unmatured Event of
Default shall have occurred and be continuing) (A) to examine and make
copies of and abstracts from all books, records and documents (including,
without limitation, computer tapes and disks) in the possession or under the
control of the Borrower or the Servicer relating to Pool Assets, including,
without limitation, the Contracts and other agreements, and (B) to visit the
offices and properties of the Borrower or the Servicer for the purpose of
examining such materials described in clause (i)(A) above, and to
discuss matters relating to Pool Assets or the Borrower’s or the Servicer’s
performance hereunder with any of the officers or employees of the Borrower or
the Servicer having knowledge of such matters; and (ii) without limiting the
provisions of clause (i) next above, from time to time on request of the
Agent, permit auditors or employees or agents of the Agent to conduct, at the
Borrower’s or the Servicer’s expense, a review of the Borrower’s or the
Servicer’s books and records; provided, however, neither the
Servicer nor the Borrower shall be required to pay the expenses associated with
more than two audits of such Person’s books and records in any calendar year
and the aggregate amount in respect of any single audit of the Servicer and the
Borrower, on a combined basis, shall not exceed $25,000.

(d)           Keeping of Records and Books of
Account.  Maintain and implement
administrative and operating procedures (including, without limitation, an
ability to recreate 

 23
 

 

 

records evidencing the Pool Receivables in the event
of the destruction of the originals thereof), and keep and maintain all
documents, books, records and other information reasonably necessary or
advisable for the collection of all Pool Receivables (including, without
limitation, records adequate to permit the daily identification of each Pool
Receivable and all Collections of and adjustments to each Pool Receivable).

(e)           Performance and Compliance with
Receivables, Contracts and Transaction Documents.  At its expense, timely and fully perform and
comply in all material respects with all provisions, covenants and other
promises required to be observed by it under the Contracts related to the Pool
Receivables, all other agreements related to such Pool Receivables and each
Transaction Document.

(f)            Location of Records.  Keep its chief place of business and chief executive
office, and the offices where it keeps its records concerning the Pool
Receivables and Contracts and all other agreements related to such Pool
Receivables (and, to the extent that the Servicer retains originals thereof,
all original documents relating thereto), at the addresses referred to in Schedule A
or, upon 30 days’ prior written notice to the Agent, at such other locations in
jurisdictions where all action required by Section 8.05 shall have
been taken and completed.

(g)           Credit and Collection Policies.  Comply in all material respects with the
Credit and Collection Policy in regard to each Pool Receivable and the related
Contract.

(h)           Collections.

(i)            Following the Initial Funding Date,
shall instruct each Obligor to remit all payments in connection with the Pool
Receivables directly to the Collateral Account. 
In the event that any Obligor payments are not remitted directly to the
Collateral Account, but are instead paid to a Collection Account or are received
directly by the Borrower or the Servicer, the Borrower will identify the funds
constituting Collections and either transfer and deposit, or cause the
applicable bank maintaining the Collection Account to transfer and deposit,
promptly, but, in any event, within two Business Days, such Collections into
the Collateral Account, provided that, with respect to funds with regard to
which the Borrower and the Servicer do not have sufficient information to
immediately identify such funds as Collections, such Collections shall be
identified, transferred to, and deposited in, the Collateral Account within
five Business Days, provided further that, such five Business Day requirement
in the previous proviso may be waived by the Agent in its sole and absolute
discretion.  At  all times prior to such deposit, the Borrower
or the Servicer, as applicable, will itself hold such payments in trust for the
exclusive benefit of the Agent and the Lenders 
Neither the Borrower nor the Servicer shall grant any Adverse Claim on,
or the right to take dominion and control of, the Collateral Account to any
Person at any time, whether presently or at a future time or upon the
occurrence of a future event, except to the Agent as contemplated by this
Agreement.  Each of the Servicer and the
Borrower shall properly maintain the Collateral Account and take all such
actions as are reasonably necessary to preserve its existence.  Neither the Borrower nor the Servicer shall
permit any funds to be remitted to the Collateral Account other than
Collections.

(ii)           Following the Initial Funding Date,
Borrower will cause the Collateral Account to be subject at all times to an
account control agreement in form and 

 24
 

 

 

substance acceptable to the Agent that is in full
force and effect.  The Borrower will
maintain exclusive ownership, dominion and control (subject to the terms of
this Agreement) of the Collateral Account and shall not grant any Adverse Claim
on, or the right to take dominion and control of the Collateral Account or the
related lockbox to any Person at any time, whether presently or at a future
time or upon the occurrence of a future event, except to the Agent as
contemplated by this Agreement.

(iii)          (a) Borrower will, within two Business
Days after the Initial Funding Date hereof, cause to be remitted to the
Collateral Account all Collections remitted by any Obligor on the Pool
Receivables during the period from the Initial Cut-Off Date with respect to
Initial Pool Receivables, and (b) Borrower will, within two Business Days after
the Funding Date with respect to any Pool Receivables, cause to be remitted to
the Collateral Account all Collections remitted by any Obligor on such
subsequent Pool Receivables during the period from the Subsequent cut-Off Date
with respect to subsequent Pool Receivables to the Funding Date for such
subsequent Pool Receivables.

(iv)          Servicer will maintain specific
collection and billing procedures for each relevant country with respect to the
Pool Receivables other than the U.S. and will provide a copy of such procedures
and any updated versions of such procedures to the Agent and Backup Servicer
and shall provide the Agent and Back-up Servicer with a description of any
modifications to such procedures.

(i)            Separate Corporate Existence.  The Servicer and Borrower hereby acknowledge
that the Lenders and the Agent are entering into the transactions contemplated
by this Agreement and the other Transaction Documents in reliance upon each of
the Borrower’s and the Transferor’s identity being that of a discrete legal
entity, separate from Aspen.  Therefore, from
and after the date hereof, the Borrower and the Servicer shall take all steps
required to maintain and continue the Borrower’s identity as a separate legal
entity and to make it apparent to third Persons that the Borrower is an entity
with assets and liabilities distinct from those of Aspen, the Transferor and
any other Person, and is not a division of Aspen, the Transferor or any other
Person.  Without limiting the generality
of the foregoing, the Borrower and the Servicer shall take such actions as shall
be required in order that:

(i)            The Borrower will be a
special-purpose limited liability company whose activities are restricted in
its limited liability company agreement to owning the Pool Assets, entering
into the Transaction Documents to which it is a party, borrowing under this
Agreement and conducting such other activities as it deems necessary or
appropriate to carry out its primary activities;

(ii)           Not less than one member of the
Borrower’s Board of Directors (the “Independent Director”) shall be an
individual who is not, and has not been for the five years preceding the
Closing Date, (i) a direct, indirect or beneficial stockholder, officer,
director (other than as a director of the Borrower and the Transferor),
employee, affiliate or associate of the Borrower, the Transferor or Aspen or
any of their Affiliates, (ii) a customer or supplier of the Borrower, the
Transferor or Aspen or any of their Affiliates (other than a supplier to which
the Borrower, the Transferor or Aspen and their Affiliates has paid no more
than $50,000 in Aspen’s and its Affiliates’ then-current fiscal year or any of
the three immediately preceding fiscal years); 

 25
 

 

 

or (iii) a customer or supplier of the Borrower, the
Transferor, Aspen or any of their Affiliates whose (A) sales to the Borrower,
the Transferor, Aspen or any of their Affiliates, in the case of a supplier,
represent a material portion of such supplier’s gross sales; or (B) accounts
receivable owing to the Borrower, the Transferor, Aspen or any of their
Affiliates, in the case of a customer, represent a material portion of such
customer’s total accounts receivable. 
The limited liability company agreement of the Borrower shall provide
that (i) Borrower’s Board of Directors shall not approve, or take any
other action to cause the filing of, a voluntary bankruptcy petition with
respect to the Borrower unless the Independent Director shall approve the
taking of such action in writing prior to the taking of such action, and
(ii) such provision cannot be amended without the prior written consent of
the Independent Director;

(iii)          The Independent Director shall not at
any time serve as a trustee in bankruptcy for the Borrower, the Transferor,
Aspen or any Affiliate thereof;

(iv)          Any employee, consultant or agent of
the Borrower will be compensated from funds of the Borrower, as appropriate,
for services provided to the Borrower. 
Except as otherwise provided herein, the Borrower will engage no agents
other than a Servicer for the Pool Receivables, which Servicer will be fully
compensated for services rendered to the Borrower by payment of the Servicer’s
Fee;

(v)           The Borrower will contract with the
Servicer to perform all operations required on a daily basis to service its
Pool Receivables.  The Borrower will pay
the Servicer a monthly fee based on the level of Pool Receivables being
serviced by Servicer reasonably equivalent to the fee which would be required
by an independent third-party servicer;

(vi)          The Borrower will not incur any
material indirect or overhead expenses for items shared among the Borrower, the
Transferor and Aspen (or any other Affiliate thereof).  To the extent, if any, that the Borrower, the
Transferor and Aspen (or any other Affiliate thereof) share items of expenses
such as legal, auditing and other professional services, such expenses will be
allocated to the extent practical on the basis of actual use or the value of
services rendered, and otherwise on a basis reasonably related to the actual
use or the value of services rendered, it being understood that Aspen shall pay
all expenses relating to the preparation, negotiation, execution and delivery
of the Transaction Documents, including, without limitation, legal fees;

(vii)         The Borrower’s operating expenses will
not be paid by the Transferor, Aspen or any other Affiliate thereof except as
permitted under the terms of this Agreement or otherwise consented to by the
Agent;

(viii)        The Borrower will have its own separate
phone extension and stationery;

(ix)           The Borrower’s books and records will
be maintained separately from those of the Transferor, Aspen and any other
Affiliate thereof;

(x)            All audited financial statements of
the Transferor, Aspen or any Affiliate thereof that are consolidated to include
the Borrower will contain detailed notes clearly stating that (A) all of
the Borrower’s assets are owned by the Borrower, (B) all of the 

 26
 

 

 

Transferor’s assets are owned by the Transferor,
(C) the Borrower is a separate legal entity and (D) the Transferor is a
separate legal entity;

(xi)           The Borrower’s assets will be
maintained in a manner that facilitates their identification and segregation
from those of Aspen, the Transferor or any Affiliate thereof;

(xii)          The Borrower will strictly observe
corporate formalities in its dealings with the Transferor, Aspen or any
Affiliate thereof, and funds or other assets of the Borrower will not be
commingled with those of the Transferor, Aspen or any Affiliate thereof.  The Borrower shall not maintain joint bank
accounts or other depository accounts to which the Transferor, Aspen or any
Affiliate thereof (other than Aspen in its capacity as Servicer) has
independent access.  Other than to the
extent on deposit in any collection accounts or as otherwise contemplated
hereunder, none of the Borrower’s funds will at any time be pooled with any
funds of Aspen or any Affiliate thereof; and

(xiii)         The Borrower will maintain arm’s-length
relationships with the Transferor, Aspen and any Affiliate thereof.  Any Person that renders or otherwise
furnishes services to the Borrower will be compensated thereby at market rates
for such services it renders or otherwise furnishes thereto except as otherwise
provided in this Agreement.  Except as
contemplated in the Transaction Documents, neither the Borrower nor Aspen will
be or will hold itself out to be responsible for the debts of the other or the
decisions or actions respecting the daily business and affairs of the other.

(j)            Maintain Security Interests.  Take all reasonably necessary or desirable
actions requested by the Agent to maintain the first priority perfected
security interest of the Agent in the Pool Assets.

(k)           Payment of Taxes and Other
Obligations.  Pay all taxes,
assessments, and governmental charges or levies imposed upon it or upon its
income or profits, or upon any properties belonging to it, and all other
monetary obligations, prior to the date on which penalties attach thereto, and
all lawful claims which, if unpaid, might become a lien or charge upon any of
its property; provided that it shall not be required to pay any such
tax, assessment, charge, levy, claim or monetary obligation which is being
contested in good faith and by appropriate proceedings which shall operate to
stay the enforcement thereof.

(l)            Performance and Enforcement of
Transaction Documents.  The Borrower
will, and will require the Transferor to, perform each of their respective
obligations and undertakings under and pursuant to the Purchase and Resale
Agreement and each of the other Transaction Documents to which it is party,
will purchase Pool Assets thereunder in strict compliance with the terms
thereof and will use its best efforts to enforce the rights and remedies
accorded to it under the Purchase and Resale Agreement and the other
Transaction Documents.  The Borrower will
take all actions to perfect and enforce its rights and interests (and the
rights and interests of the Agent and the Lenders as pledgees of the Borrower)
under the Purchase and Resale Agreement and the other Transaction Documents as
the Agent may from time to time reasonably request, including, without
limitation, making claims to which it may be entitled 

 27
 

 

 

under any indemnity, reimbursement or similar
provision contained in the Transaction Documents.

SECTION
7.02       Reporting Requirements.  From the date hereof until the Final Payout Date,
each of the Borrower and the Servicer shall, unless the Agent shall otherwise
consent in writing, furnish to the Agent:

(a)           Adverse Claims.  As soon as possible and in any event within
three Business Days of the Borrower or the Servicer having knowledge thereof,
notice of the assertion on the part of any Person of the existence of an
Adverse Claim against the Pool Assets, other than any Adverse Claim permitted
under the Transaction Documents.

(b)           Quarterly Financial Statements.  As soon as available and in any event within
45 days after the end of each of the first three fiscal quarters of each fiscal
year of the Servicer, copies of the unaudited financial statements of the
Servicer and its Subsidiaries prepared on a consolidated basis in conformity with
GAAP, duly certified by the chief financial officer or chief accounting officer
of the Servicer;

(c)           Annual Financial Statements.  As soon as available and in any event within
90 days after the end of each fiscal year of the Servicer, copies of the audited financial statements
of Servicer and its Subsidiaries prepared on a consolidated basis in conformity
with GAAP and duly certified by independent certified public accountants of
recognized standing reasonably satisfactory to the Agent;

(d)           Reports to Holders and Exchanges.  Promptly upon the Agent’s request, copies of
any notice, request for consent, financial statements, certification, or other
communication under or in connection with any Transaction Document and copies
of any reports which the Servicer, the Transferor or the Borrower sends to any
of its securityholders (in such capacity), and any reports or registration
statements that Aspen, the Transferor or the Borrower files with the Securities
and Exchange Commission or any national securities exchange other than
registration statements relating to employee benefit plans and to registrations
of securities for selling securities;

(e)           Events of Default.  As soon as possible and in any event within
one Business Day after the occurrence of each Event of Default and each
Unmatured Event of Default, a written statement setting forth details of such
event and the action that it proposes to take with respect thereto;

(f)            Litigation.  As soon as possible and in any event within
three Business Days of the Borrower or the Servicer having knowledge thereof,
notice of (i) any litigation, investigation or proceeding commenced against the
Borrower, (ii) any litigation, investigation or proceeding commenced against
the Servicer which is reasonably likely to have a Material Adverse Effect,
(iii) any material adverse development in previously disclosed litigation and
(iv) any judgment, award, fine or assessment against the Borrower or, if in
excess of $1,000,000, against the Servicer;

 28
 

 

 

(g)           Material Events.  Prior to its effective date, notice of any
material change in the character of the Borrower’s or the Servicer’s business
or any event or circumstance which has or is reasonably likely to have a
Material Adverse Effect; and

(h)           Other.  Promptly, from time to time, such other
information, documents, records or reports respecting the Pool Assets or the
condition or operations, financial or otherwise, of the Borrower or the
Servicer as the Agent may from time to time reasonably request.

SECTION
7.03       Negative Covenants of the
Borrower and the Servicer.  From the
Initial Funding Date until the Final Payout Date, the Borrower and the Servicer
each severally agrees, as to itself, without the prior written consent of the
Agent:

(a)           Sales, Liens, Etc.  (i) The Borrower will not, except as
otherwise provided herein or in the Security Agreement, sell, assign (by
operation of law or otherwise) or otherwise dispose of, or create or suffer to
exist any Adverse Claim upon or with respect to any of its assets or
properties, including, without limitation, any Pool Asset, any interest
therein, the Collateral Account, or any right to receive income or proceeds
from or in respect of any of the foregoing and (ii) the Servicer will not
assert any interest in the Pool Assets.

(b)           Extension or Amendment of Pool
Receivables.  Neither the Borrower
nor the Servicer will, except as otherwise permitted in Section 3.04(b)
or Section 8.02(c), extend, amend or otherwise modify the terms of
any Pool Receivable, or amend, modify or waive any term or condition of any
Contract related thereto.

(c)           Change in Business or Credit and
Collection Policy.  Neither the
Borrower nor the Servicer will make any material change in the character of its
business or in the Credit and Collection Policy, in each case without the prior
written consent of the Agent, which consent shall not be unreasonably withheld
if such change is not reasonably likely to have a Material Adverse Effect.

(d)           Change in Payment Instructions to
Obligors and Bank.  Neither the
Borrower nor the Servicer will terminate the bank that maintains any collection
account or the Collateral Account Bank or make any change in its instructions
to Obligors regarding payments to be made on the Pool Receivables or Related
Security to the Collateral Account or payments to be made to the Collateral
Account Bank.  Neither the Borrower nor
the Servicer will make any change in its instructions to the bank that
maintains any collection account regarding payments to be made to the Collateral
Account required pursuant to Section 7.01(h) hereof.

(e)           Deposits to Collateral Account.  Neither the Borrower nor the Servicer shall
deposit or otherwise credit, or cause or permit to be so deposited or credited,
to the Collateral Account cash or cash proceeds other than Collections.  To the extent that any funds not constituting
Collections are nonetheless deposited therein, the Servicer shall promptly
identify the same and cause such funds to be remitted to the appropriate
Person.

(f)            Restricted Payments by the
Borrower.  The Borrower will not (i)
purchase or redeem any of its equity interests or (ii) declare or pay any
dividends thereon, or make any distribution to its members or set aside any
funds for any such purpose, except that the Borrower 

 29
 

 

 

may pay dividends to its members or set aside funds
for such purpose as provided by law, so long as (A) such funds are the proceeds
or payments which the Borrower has received under Section 3.02(c)(i),
3.02(c)(x) or 3.02(c)(xii), (B) such funds are not required to be distributed
to any other Person in accordance with Section 3.02, (C) no Event
of Default has occurred and (D) is continuing, and after giving effect thereto,
the Borrower’s net worth is positive at such time.

(g)           Borrower Debt.  The Borrower will not incur or permit to
exist any Debt, except (A) Debt of the Borrower to the Transferor incurred in
accordance with the Purchase and Resale Agreement, (B) as contemplated by the
Transaction Documents and (C) other current accounts specifically payable in
the ordinary course of business and not overdue in an aggregate amount of any
time outstanding not to exceed $25,000.

(h)           Negative Pledges.  The Borrower will not enter into or assume
any agreement (other than this Agreement and the other Transaction Documents)
prohibiting the creation or assumption of any Adverse Claim upon any Pool
Assets or any of its other assets or property, whether now owned or hereafter
acquired, except as contemplated by the Transaction Documents, or otherwise
prohibiting or restricting any transaction contemplated hereby or by the other
Transaction Documents.

(i)            Corporate Changes.  The Borrower will not change its name, state
of incorporation or organization, or its “location” (as defined in 9-307 of the
UCC) in which it keeps its records, unless it has given the Agent at least 30
days’ prior written notice thereof and has taken all steps necessary to
continue the perfection of the Agent’s security interest, including the filing
of amendments to the UCC financing statements.

(j)            Merger, Acquisitions, Sales, Etc.  The Borrower will not be a party to any
merger or consolidation, or purchase or otherwise acquire all or substantially
all of the assets or any stock of any class of, or any partnership or joint
venture interest in, any other Person, or, except in the ordinary course of its
business, sell, transfer, convey or lease all or any substantial part of its
assets (other than pursuant to this Agreement and the other Transaction
Documents).

(k)           Amendments to the Transaction
Documents.  Without the prior written
consent of the Agent, the Borrower will not consent to or enter into any
amendment or modification of, or supplement to any Transaction Document.

ARTICLE
VIII

ADMINISTRATION AND COLLECTION

SECTION
8.01       Designation of Servicer.

(a)           Aspen as Initial Servicer.  The servicing, administering and collection
of the Pool Receivables and other Pool Assets shall be conducted by the Person
designated as Servicer hereunder from time to time in accordance with this Section 8.01.  Until the Agent gives to Aspen a Successor Servicer
Notice, Aspen is hereby designated as, and hereby agrees to perform the duties
and obligations of, Servicer pursuant to the terms hereof.  Aspen agrees that it will not voluntarily
resign as Servicer without the consent of the Agent.

 30

 

 

(b)           Successor Notice; Servicer
Termination Event.  Upon Aspen’s
receipt of a notice from the Agent of the Agent’s designation of a new Servicer
at any time following the occurrence and during the continuance of a Servicer
Termination Event (a “Successor Servicer Notice”), Aspen agrees that it
will terminate its activities as Servicer hereunder in a manner that the Agent
reasonably believes will facilitate the transition of the performance of such
activities to the Backup Servicer or, if the Backup Servicer is unable to serve
as Servicer, to another entity designated by the Agent and, at the direction of
the Agent, such successor shall assume Aspen’s obligations to service and
administer the Pool Assets, on the terms and subject to the conditions herein
set forth, and Aspen shall use its best efforts to assist the Backup Servicer
or such designee of the Agent in assuming such obligations.  Such cooperation shall include access to and
transfer of related records (including all Contracts) necessary or desirable to
collect the Pool Receivables and the Related Security.

(c)           Merger or Consolidation of, or
Assumption of the Obligations of, Servicer. 
Any Person (a) into which Servicer may be merged or consolidated, (b)
which may result from any merger or consolidation to which Servicer shall be a
party, or (c) which may succeed to the properties and assets of Servicer
substantially as a whole, which Person in any of the foregoing cases executes
an agreement of assumption to perform every obligation of Servicer hereunder,
shall be the successor to Servicer under this Agreement without further act on
the part of any of the parties to this Agreement.

SECTION
8.02       Duties and Representations
of Servicer.

(a)           Appointment; Duties in General.  Each of the Borrower, the Lenders and the
Agent hereby appoints the Servicer as its agent, as from time to time
designated pursuant to Section 8.01, to enforce their respective
rights and interests in and under the Pool Assets, the Pool Receivables, the
Related Security and the rights under the Contracts related to the Pool
Receivables.  The Borrower additionally
appoints the Servicer, to the extent that the Servicer is Aspen, as its agent
for purposes of Article I.  The Servicer
shall take or cause to be taken all such actions as may be necessary or
advisable to collect each Pool Asset from time to time, all in accordance with
applicable laws, rules and regulations, with reasonable care and diligence, and
in accordance with the Credit and Collection Policy.

(b)           Collections.  (i) 
Following the Initial Funding Date, Servicer shall instruct all Obligors
to cause all Collections of Pool Receivables to be deposited directly into the
Collateral Account.  In the event that
any Collections are not remitted directly to the Collateral Account, but are
instead paid to a Collection Account or are received directly by the Borrower
or the Servicer, the Servicer will identify the funds constituting Collections
and either transfer and deposit, or cause the applicable bank maintaining the
Collection Account to transfer and deposit, promptly, but, in any event, within
two Business Days, such Collections into the Collateral Account, provided that,
with respect to funds with regard to which the Servicer does not have
sufficient information to immediately identify such funds as Collections, such
Collections shall be identified, transferred to, and deposited in, the
Collateral Account within five Business Days, provided further that, such five
Business Day requirement in the previous proviso may be waived by the Agent in
its sole and absolute discretion.  From
and after the occurrence and continuation of a Servicer Termination Event, the
Agent may request that the Servicer, and the Servicer thereupon promptly shall,
instruct all Obligors with respect to the Pool Receivables to remit all 

 31
 

 

 

payments thereon to a different depositary account
specified by the Agent and, at all times thereafter, Borrower and the Servicer
shall not deposit or otherwise credit, and shall not permit any other Person to
deposit or otherwise credit to the Collateral Account or such new depositary
account any cash or payment item other than Collections.

(ii)           If, notwithstanding subparagraph (i)
above, Servicer (or any Affiliate of Servicer) receives Collections related to
the Pool Receivables (including any scheduled payments or prepayments thereof,
any guaranty amounts, insurance proceeds or other recoveries and/or any other
amounts constituting proceeds derived from or with respect to the Contracts
related to the Pool Receivables), Servicer (or such Affiliate) shall remit such
amounts to Agent for deposit into the Collateral Account within two (2)
Business Days of identification thereof.

(iii)          Servicer shall hold in trust for the
benefit of Agent and Lenders any Collections it receives related to the Pool
Receivables pending remittance to the Collateral Account with the above
provisions other than payments of amounts of Deemed Collections or with respect
to an Administrative Pool of Receivables.

(c)           Modification of Receivables.  So long as no Termination Event shall have
occurred and be continuing, the Servicer, may, solely in accordance with the
Credit and Collection Policy and, if applicable, Section 3.04,
extend the maturity or adjust the Outstanding Balance of, or defer payment of,
or otherwise modify the terms of any Pool Receivable as the Servicer may
determine to be appropriate to maximize Collections thereof, provided, that (i)
such extension, adjustment or modification would not impair the collectibility
of such Pool Receivable and (ii) that such extension, adjustment or
modification shall not alter the status of such Pool Receivable as a Delinquent
Receivable or Charged-Off Receivable or limit the rights of the Agent or the
Lenders under this Agreement. 
Notwithstanding anything to the contrary contained herein, at any time
after the occurrence and during the continuance of a Termination Event, the
Agent shall have the absolute and unlimited right to direct the Servicer to
commence or settle any legal action with respect to any Receivable or to
foreclose upon or repossess any other Pool Assets.

(d)           Reports.  In addition to the Servicer Reports required
in accordance with Section 3.02(a), the Servicer shall prepare and
forward to the Agent such reports in respect of the Pool Receivables and
Collections as the Agent may from time to time reasonably request.

(e)           Documents and Records.  The Borrower shall deliver to Servicer, and
the Servicer shall hold in trust for the Borrower and Agent in accordance with
their respective interests, copies of all material documents, instruments and
records (including, without limitation, computer tapes or disks) that evidence
or relate to the Pool Assets to the extent necessary to perform its servicing
responsibilities hereunder.

(f)            Termination.  The Servicer’s authorization under this
Agreement shall terminate upon the Final Payout Date.

(g)           Power of Attorney.  The Borrower hereby grants to Servicer an
irrevocable power of attorney, with full power of substitution, coupled with an
interest, to take in 

 32
 

 

 

the name of the Borrower all steps which are necessary
or advisable to endorse, negotiate or otherwise realize on any writing or other
right of any kind held or transmitted by the Borrower in connection with any
Receivable.  Such power of attorney shall
continue in full force and effect until the earlier to occur of the delivery of
a Successor Servicing Notice to such Servicer and the Final Payout Date, at
which time such power of attorney shall be of no further force and effect.

(h)           Monitoring of Receivables.  If requested by the Agent, the Servicer shall
implement operating procedures to enable the daily identification of each Pool
Receivable, the Outstanding Balance thereof, and the date when payment is due
thereon and all Collections of and adjustments to each Pool Receivable.

(i)            Collections on Non-USD
Receivables.  In the case of any
Collections remitted in a currency other than U.S. Dollars (“Non-USD
Collections”), the Servicer shall, unless the Agent otherwise directs,
advise Aspen of its receipt of such Non-USD Collections and its intention to
exercise the FX Rights with a view toward effecting an exchange of such Non-USD
Collections for the applicable “Exchange Amount” with respect thereto
determined in accordance with Section 1.6 of the Purchase and Sale
Agreement.  On receiving assurances
satisfactory to the Servicer that Aspen will forthwith remit the applicable
Exchange Amount to the Servicer in exchange for such Non-USD Collections, the
Servicer shall deliver such Non-USD Collections to Aspen.  In the event the Servicer is advised or
otherwise determines that Aspen shall not be able or willing to cause the
exchange of any Non-USD Collections for the related Exchange Amount to occur on
a same-day basis, the Servicer shall so advise the Agent and until such time as
it receives instructions from the Agent as to the timing and disposition of
such Non-USD Collections, the Servicer shall cause such Non-USD Collections to
remain in the Collateral Account.

(j)            Payment Instructions to Obligors.  The Servicer shall use its commercially
reasonable best efforts to cause each Obligor to remit all Collections on Pool
Receivables and other proceeds in respect of the Pool Assets directly to the
Collateral Account (as opposed to any collection account or any other location).

(k)           Bank Secrecy Act.  To the best of its knowledge, Servicer (i) is
in compliance with all provisions of the United States Patriot Act (Title III
of Pub. L. 107-56 (signed into law October 26, 2001)) (including its
implementing regulations) applicable to it, (ii) the US Money Laundering
Control Act of 1986 and (iii) has not violated any United States Department of
the Treasury, Office of Foreign Asset Control (“OFAC”) regulations or any
enabling statute or executive order related thereto, or any OFAC sanction
(including engaging in any transactions with any Person listed on the Specially
Designated Nationals and Blocked Person List or other similar lists maintained
by OFAC and/or the United States Department of the Treasury, or identified in
any related executive orders issued by the President of the Untied States (each
such Person, a “Restricted Person”)).

 33
 

 

 

SECTION
8.03       Backup Servicer.

(a)           Representations of Backup Servicer.  Backup Servicer makes the following
representations and warranties:

(i)            Backup Servicer has been duly
organized and is validly existing as a corporation duly organized and validly
existing in good standing under the laws of the State of Delaware, with power
and authority to own its properties and to conduct its business as such
properties shall be currently owned and such business is presently conducted.

(ii)           Backup Servicer has the power and
authority to execute and deliver this Agreement and to carry out its respective
terms, and the execution, delivery, and performance of this Agreement shall
have been duly authorized by Backup Servicer by all necessary corporate action.

(iii)          This Agreement constitutes a legal,
valid, and binding obligation of Backup Servicer enforceable in accordance with
its respective terms, except as enforceability may be limited by bankruptcy,
insolvency, reorganization, or other similar laws affecting the enforcement of
creditors’ rights in general and by general principles of equity, regardless of
whether such enforceability shall be considered in a proceeding in equity or at
law.

(iv)          The entering into of this Agreement
and the performance by Backup Servicer of its obligations under such agreements
and the consummation of the transactions herein and therein contemplated will
not (i) conflict with the organizational documents of Backup Servicer or result
in a breach of any of the terms or provisions of, or constitute a default
under, any agreement, mortgage, deed of trust or other such instrument to which
Backup Servicer is a party or by which it is bound; (ii) result in the creation
or imposition of any lien, charge or encumbrance upon any of the property or
assets of Backup Servicer pursuant to the terms of any material agreement,
mortgage, deed of trust or other agreement or instrument to which it is a party
or by which it is bound or to which any of its property or assets is subject;
or (iii) result in any violation of any statute or any order, rule or
regulation of any court or any regulatory authority or other governmental
agency or body having jurisdiction over it or any of its properties.

(v)           There are no proceedings or
investigations pending or, to Backup Servicer’s best knowledge, threatened
before any court, regulatory body, administrative agency, or other governmental
instrumentality having jurisdiction over Backup Servicer or its properties (i)
asserting the invalidity of this Agreement, (ii) seeking to prevent the
consummation of any of the transactions contemplated by this Agreement, or
(iii) seeking any determination or ruling that might materially and adversely
affect the performance by Backup Servicer of its obligations under, or the
validity or enforceability of, this Agreement.

(vi)          Backup Servicer has and shall preserve
its qualification to do business as a foreign corporation in each jurisdiction
in which such qualification is or shall be 

 34
 

 

 

necessary or desirable to enable it to perform its
duties as Backup Servicer and successor Servicer under this Agreement, except
where the failure to so qualify would not have a Material Adverse Effect.

(vii)         Backup Servicer has operated its
business in accordance with all applicable laws and regulations and it is not
in violation of any such laws or regulations other than such violations which
singly or in the aggregate do not, and, with the passage of time will not, have
a material adverse affect on its business or assets, or its ability to perform
its obligations under this Agreement.

(b)           Merger or Consolidation of, or
Assumption of the Obligations of, Backup Servicer.  Any Person (a) into which Backup Servicer may
be merged or consolidated, (b) which may result from any merger or
consolidation to which Backup Servicer shall be a party, or (c) which may
succeed to the properties and assets of Backup Servicer substantially as a
whole, which Person in any of the foregoing cases executes an agreement of
assumption to perform every obligation of Backup Servicer hereunder, shall be
the successor to Backup Servicer under this Agreement without further act on
the part of any of the parties to this Agreement.

(c)           Backup Servicer Resignation and
Removal.

(i)            Backup Servicer shall not resign
from its obligations and duties under this Agreement except (a) as required in
this Section 8.03, (b) upon determination that the performance of its duties
shall no longer be permissible under Applicable Law (any such determination
permitting the resignation of Backup Servicer shall be evidenced by an Opinion
of Counsel to such effect delivered to Agent), or (c) with the prior written
consent of Agent, but only if, in any such case, a replacement Backup Servicer
is found that (i) is experienced in the business of acting as servicer with
respect to financial agreements of the type comprising the Transferred
Receivables and (ii) will provide backup servicing and agree to become the
successor Servicer on the same terms as then in effect under this Agreement.

(ii)           Servicer may, with the prior written
consent of Agent, terminate Backup Servicer for cause.

(iii)          Upon Backup Servicer’s resignation or
termination pursuant to this Section 8.03, notice thereof shall be provided to
Agent and the Secured Parties, and Backup Servicer shall comply with the
provisions of this Agreement until the acceptance of a successor Backup
Servicer acceptable to Agent.

(d)           Obligations of Backup Servicer.

(i)            Backup Servicer shall serve in a
reserve capacity to Servicer, and shall be willing to assume the duties of
Servicer on direction from Agent.  In its
capacity as Backup Servicer, Backup Servicer shall perform the following
duties:

(A)          receive from Servicer a tape or other
electronic transmission of the initial Pool Receivables sold to Borrower;

 35
 

 

 

(B)           utilize such information to create
Obligor account files on Backup Servicer’s primary contract accounting system;

(C)           on a monthly basis, receive from
Servicer a tape or other electronic transmission which provides detailed
information for all Pool Receivables purchased by Borrower during the preceding
month and update its primary contract accounting system for any new Transferred
Receivables;

(D)          on a monthly basis, receive from
Servicer a tape or other electronic transmissions which includes all updated
information for all of the Pool Receivables owned by Borrower;

(E)           on a monthly basis, receive from
Servicer a detailed summary of all Collections received in respect of the Pool
Receivables owned by Borrower;

(F)           compare the Receivables Pool and the
amount of Collections from the tape or other electronic transmission received
from Servicer to the information on Backup Servicer’s contract accounting
system and reconcile any differences with Servicer; and

(G)           if a Servicer Termination Event has
occurred and is continuing, Backup Servicer shall be required to prepare and
deliver the Servicer Report to Agent.

(ii)           Other than as specifically set forth
elsewhere in this Agreement or in any other Transaction Document, Backup
Servicer shall have no obligation to supervise, verify, monitor or administer
the performance of Servicer and shall have no liability for any action taken or
omitted by Servicer.

(iii)          Backup Servicer shall consult fully
with Servicer as may be necessary from time to time to perform or carry out
Backup Servicer’s obligations hereunder, including the obligation to succeed at
any time to the duties and obligations of Servicer as servicer under Section
8.02.

(e)           Backup Servicer Compensation.  As compensation for the performance of its
obligations as Backup Servicer under this Agreement and the other Transaction
Documents to which it is a party, Backup Servicer shall be entitled to receive
Backup Servicer Fee.  In the event the
Backup Servicer takes over as Servicer pursuant to Section 8.01, the Backup
Servicer shall receive the Servicer’s Fee.

(f)            Duties and Responsibilities.

(i)            Backup Servicer shall perform such
duties and only such duties as are specifically set forth in this Agreement and
the other Transaction Document to which it is a party, and no implied covenants
or obligations shall be read into this Agreement against Backup Servicer.

 36
 

 

 

(ii)           In the absence of bad faith or
negligence on its part, Backup Servicer may conclusively rely as to the truth
of the statements and the correctness of the opinions expressed therein, upon
certificates or opinions furnished to Backup Servicer and conforming to the
requirements of this Agreement; but in the case of any such certificates or
opinions, which by any provision hereof are specifically required to be
furnished to Backup Servicer, Backup Servicer shall be under a duty to examine
the same and to determine whether or not they conform to the requirements of this
Agreement.  Neither Backup Servicer nor
any of its officers, employees or agents shall be liable to Servicer, Borrower,
Agent or the Secured Parties for any action taken or for refraining from the
taking of any action in accordance with customary industry standards for
servicing leases and loans of the type which comprise the Pool Receivables, or
for mistakes or errors in judgment; provided, however, that (i) this provision
shall not protect Backup Servicer from liability to Servicer, Borrower, Agent or
the Secured Parties for any losses, claims, liabilities, or damages incurred by
such party by reason of willful misconduct or gross negligence of Backup
Servicer in the performance of its duties and obligations hereunder, and (ii)
in the event that Backup Servicer becomes the successor Servicer hereunder,
Backup Servicer’s duties and responsibilities as Servicer will be as set forth
elsewhere in this Agreement and it will no longer be subject to the terms of
this Section 8.03.  Subject to the
preceding sentence, in no event will Backup Servicer be liable to Servicer,
Borrower, Agent or the Secured Parties for any losses, claims, liabilities or
damages incurred by such party arising out of or relating to the acts or
omissions of Backup Servicer in reliance in good faith on any document which is
prepared or furnished to it by Servicer or by such other party.  No damages shall be assessed or charged
against Backup Servicer when any delay or breach on its part is caused by the
failure of Servicer, Borrower, Agent or the Secured Parties to furnish input or
information required of such party, the failure of any utility or
communications company to furnish services or for any other reasons beyond the
control of Backup Servicer.

(iii)          Notwithstanding anything contained in
this Agreement to the contrary, Backup Servicer shall only be required to
perform its obligations in the time and manner set forth in this Agreement if,
and to the extent, any information which is required to be delivered to Backup
Servicer or any information on which Backup Servicer is authorized to rely on,
is delivered to Backup Servicer in accordance with provisions of this Agreement
or is provided to Backup Servicer in a format that is reasonably acceptable to
Backup Servicer, as applicable; provided, however, that nothing in this
paragraph shall be construed to relieve Backup Servicer of its obligations
under this Agreement if the failure to appropriately deliver or provide any
such information to Backup Servicer is remedied or is otherwise reasonably
available to Backup Servicer without undue cost or time.

(iv)          The terms of this Section 8.03 shall
survive the termination of Backup Servicer’s obligations hereunder.

SECTION
8.04       Rights of the Agent.

(a)           Notice to Collateral Account Bank.
At any time following the occurrence and during the continuance of an Event of
Default, the Agent is hereby authorized to give notice 

 37
 

 

 

to the Collateral Account Bank that the Servicer and
the Borrower shall no longer be permitted access to the Collateral Account.

(b)           Rights on Servicer Transfer Event.  At any time following the designation of a
Servicer other than Aspen pursuant to Section 8.01:

(i)            The Agent may direct the Obligors of
Pool Receivables, or any of them, to pay all amounts payable under any Pool Receivable
directly to the new Servicer or such other address specified by the Agent.

(ii)           Aspen and the Borrower shall, at the
Agent’s request, (A) assemble all of the documents, instruments and other
records (including, without limitation, computer tapes and disks) which
evidence the Pool Receivables, and copies of the Contracts and Related
Security, or which are otherwise reasonably necessary or desirable to service
such Pool Assets, and make the same available to the successor Servicer at a
place selected by the Agent, and (B) segregate all cash, checks and other
instruments received by it from time to time constituting Collections of Pool
Assets in a manner reasonably acceptable to the Agent and, promptly upon
receipt, remit all such cash, checks and instruments, duly endorsed or with
duly executed instruments of transfer, to the successor Servicer.

(iii)          Each of the Borrower, Aspen and the
Secured Parties hereby authorize the Agent, and grant to the Agent an
irrevocable power of attorney to take any and all steps in the Borrower’s or
Aspen’s name and on behalf of the Borrower, Aspen and the Secured Parties which
are reasonably necessary or desirable, in the determination of the Agent to
collect all amounts due under any and all Pool Assets, including, without
limitation, endorsing the Borrower’s or Aspen’s name on checks and other
instruments representing Collections and enforcing such Pool Assets; provided
that the Agent shall not exercise its rights under such power of attorney
unless an Event of Default shall have occurred and not been otherwise
waived.  Such power of attorney shall
continue in full force and effect until the Final Payout Date, at which time
such power of attorney shall be of no further force and effect.

SECTION
8.05       Responsibilities of the
Borrower and the Servicer.  Anything
herein to the contrary notwithstanding:

(a)           Pool Assets.  Each of the Servicer and the Borrower shall
perform all of its obligations under the Pool Assets and under the related
agreements, to the same extent as if the Pool Assets had not been pledged to
the Agent under the Security Agreement, and the exercise by the Agent or its
designee of its rights under the Transaction Documents shall not relieve the
Servicer, Aspen, the Transferor or the Borrower from such obligations.

(b)           Limitation of Liability.  Neither the Agent nor any of the Secured
Parties shall have any obligation or liability to perform or otherwise in
respect of any of the obligations of the Borrower, the Servicer, Aspen or the
Transferor with respect to any Aspen Software or any Pool Assets.

 38

 

 

SECTION
8.06       Further Action Evidencing
Loan.

(a)           Further Assurances.  Each of the Servicer and the Borrower agrees
to mark its master data processing records evidencing the Pool Receivables with
a legend, acceptable to the Agent, evidencing that the Pool Assets have been
pledged in accordance with the Security Agreement.  Each of the Servicer and the Borrower agrees
that from time to time, at its expense, it will promptly execute and deliver
all further instruments and documents, and take all further action that the
Agent or its designee may reasonably request in order to perfect, protect or
more fully evidence the Loans hereunder, or to enable Secured Parties or the
Agent or its designee to exercise or enforce any of their respective rights
hereunder or under any Transaction Document. 
Without limiting the generality of the foregoing, the Borrower will (i)
upon the request of the Agent or its designee execute and file such financing
or continuation statements, or amendments thereto or assignments thereof, and
such other instruments or notices, as may be necessary or appropriate in the
reasonable judgment of the Agent; (ii) mark its data processing records to show
that the Pool Receivables have been pledged to the Agent; and (iii) at any
time, upon the occurrence and during the continuation of an Event of Default, a
Servicer Termination Event or a Termination Event, mark invoices relating to
the Pool Receivables to show that the Pool Receivables have been pledged to the
Agent.

(b)           Additional Financing Statements;
Performance by Agent.  The Borrower
hereby authorizes the Agent or its designee to file one or more financing or
continuation statements, and amendments thereto and assignments thereof,
relative to all or any of the Pool Assets now existing or hereafter arising in
the name of the Borrower.  If the
Borrower fails to perform any of its agreements or obligations under this
Agreement, the Agent or its designee may (but shall not be required to) itself
perform, or cause performance of, such agreement or obligation, and the
reasonable expenses of the Agent or its designee incurred in connection
therewith shall be payable by the Borrower as provided in Section 13.05.

SECTION
8.07       Application of Collections.

(a)           Any payment by an Obligor in respect
of any indebtedness owed by it to the Borrower shall, except as otherwise
required by the underlying Contract or law, be applied, first, as a
Collection of any billed payments owed on any Pool Receivable or Receivables
then outstanding of such Obligor in the order of the age of such payments,
starting with the oldest, second, as a Collection of any other principal
outstanding on any Pool Receivable or Receivables then outstanding of such
Obligor in the order of the age of such Pool Receivables, starting with the
oldest of such Pool Receivables and, third, to any other indebtedness of
such Obligor; provided, that any payment by an Obligor in respect of Pool
Receivables which were previously charged-off as uncollectible shall be
applied, first, to principal of such Pool Receivable or Receivables, in
the order of the age of such Pool Receivables, starting with the oldest of such
Pool Receivables and, second, as a Collection of any Finance Charges of
such Obligor, again in the order of the age of such Finance Charges, starting
with the oldest of such Finance Charges.

(b)           The Servicer shall, as soon as
practicable following receipt thereof, turn over to the appropriate Person any
cash collections or other cash proceeds (other than investment income) received
in the Collateral Account not constituting Collections; provided that,
if a Payment Date shall occur between the date any such collections or proceeds
are remitted to the 

 39
 

 

 

Collateral Account and the date the Servicer shall
first become aware of the receipt of such collections or proceeds, the Servicer
shall only effect a turn over thereof when as permitted under Section 3.02(c).

SECTION
8.08       Maintenance of the
Collateral Account and Liquidity Reserve Account.

(a)           With the consent of the Agent, the
Servicer may, so long as no Event of Default or Unmatured Event of Default
shall have occurred and then be continuing, from time to time invest funds on
deposit in the Collateral Account and the Liquidity Reserve Account, reinvest
proceeds of any such investments which may mature, and invest interest or other
income received from any such investments, in each case in such Permitted
Investments as the Servicer may select and notify to the Agent.  In the event the bank maintaining the
Collateral Account or the Liquidity Reserve Account shall require that a
separate account (the “Investment Account”) be maintained for purposes
of giving effect to any investments contemplated herein, it shall be a
condition precedent to such investment that such bank shall have entered into
an agreement with the Agent acknowledging the control by the Agent over, and
the security interest of the Agent in, such Investment Account and the Borrower
and the Servicer shall otherwise take such actions as may be reasonably
requested by the Agent to perfect the security interest of the Agent
therein.  None of the Agent, the
Servicer, the Backup Servicer or any Secured Party shall be liable to the
Borrower for, or with respect to, any decline in value of amounts on deposit in
the Collateral Account or the Liquidity Reserve Account which shall have been
invested, pursuant to this Section 8.08.

(b)           The Borrower hereby pledges, and
grants to the Agent, for the benefit of the Secured Parties, a security
interest in all funds at any time held in the Collateral Account, the Liquidity
Reserve Account and any Investment Account existing in connection therewith
(including any Permitted Investments) from time to time and all proceeds
thereof, as security for the payment of the Obligations.

(c)           Neither the Borrower nor any Person
or entity claiming on behalf of or through the Borrower shall have any right to
withdraw any of the funds or investments held in the Collateral Account, the
Liquidity Reserve Account or the Investment Account.  At the direction of the Agent, the Servicer
shall cause withdrawals to be made from the Collateral Account, the Liquidity
Reserve Account and the Investment Account on each Payment Date to give effect
to the disbursements then required to be made in accordance with Section 3.02(c).

(d)           The Borrower agrees that it will not
(i) sell or otherwise dispose of any interest in the Collateral Account,
the Liquidity Reserve Account, the Investment Account or any funds or
investments held therein, or (ii) create or permit to exist any Adverse
Claim upon or with respect to the Collateral Account, the Liquidity Reserve
Account, the Investment Account or any funds or investments held therein,
except as contemplated in the Transaction Documents.

SECTION 8.09       Bank Secrecy Act.  Servicer shall not knowingly (i) in a manner
which would violate the laws of the United States (other than pursuant to a
license issued by OFAC) lease, or consent to any sublease of, any equipment or
other goods to any Person that 

 40
 

 

 

is a Restricted Person; or (ii) derive more than a de minimis amount of its assets or operating income from
investments in or transactions with any such Restricted Person.

SECTION 8.10       Usage Renewal Keys.  To the extent that any of the Contracts
contain “usage renewal keys” and any such Contracts become Delinquent Accounts,
the “usage renewal keys” with respect to such Contracts will not be issued by
the Servicer to any Obligor or any other Person without the prior consent of
the Agent.

SECTION 8.11       Original Documentation.  Upon the occurrence of a Servicer Termination
Event, at the direction of the Agent, the Servicer at its expense shall
transfer the original Contracts related to the Pool Receivables for custody
with a custodian that is acceptable to the Agent in its sole discretion and
Servicer shall maintain the Contracts with such custodian required pursuant to
this Section 8.11 until the Final Payout Date and all fees for such custodian
shall be paid by Servicer.

ARTICLE
IX

EVENTS OF DEFAULT

SECTION
9.01       Events of Default.  The following events shall be “Events of
Default” hereunder:

(a)           (i) Any of the Borrower or the
Servicer (if the Servicer is then Aspen or one of its Affiliates) shall fail
(A) to make any payment or deposit required hereunder when due or (B) to
perform or observe any term, covenant or agreement hereunder (other than as
referred to in clause (i)(A) or (ii) of this paragraph (a) and Section 9.01(c))
and such failure continues for three (3) consecutive Business Days or (ii) the
funds available on any Payment Date for distribution in accordance with Section 3.02(c)
shall be insufficient to pay all interest accrued through such Payment Date; or

(b)           Any representation or warranty made
or deemed to be made by the Borrower, the Transferor, Aspen or the Servicer
under or in connection with this Agreement, the Receivables Schedule, any
Servicer Report, or any other Transaction Documents shall prove to have been
false or incorrect in any material respect when made or deemed made or
delivered; or

(c)           The Borrower, the Transferor, Aspen
or the Servicer shall fail to perform or observe in any material respect any
other term, covenant or agreement contained in any of the other Transaction
Documents required to be performed or observed by it and such failure continues
for five (5) consecutive Business Days; or

(d)           The Borrower or the Transferor shall
fail to pay any Debt when due or any default shall occur and be continuing
under any instrument or agreement evidencing, securing or providing for the
issuance of Debt of the Borrower or the Transferor;

(e)           Aspen or any of its subsidiaries
shall fail to make any payment on any Debt, which Debt is outstanding in an
aggregate principal amount of $5,000,000 (a “Material Aspen Debt”), when
such payment shall have become due and payable by Aspen or such Subsidiary; or
a default shall occur and be continuing under any instrument or agreement 

 41
 

 

 

evidencing, securing or providing for the issuance of
a Material Aspen Debt the effect of which is to accelerate or to permit the
acceleration of the maturity of such Material Aspen Debt; or

(f)            An Insolvency Event shall have
occurred with respect to the Borrower, the Transferor or Aspen; or

(g)           (A) (i) Any litigation (including,
without limitation, derivative actions), arbitration proceedings or
governmental proceedings is commenced against the Transferor or the Borrower,
or (ii) any material development has occurred in any litigation (including,
without limitation, derivative actions), arbitration proceedings or
governmental proceedings against Aspen which has a reasonable likelihood of
having a Material Adverse Effect or (B) the rendering against Aspen, the
Transferor, the Borrower or any of their Affiliates of one or more judgments,
fines, decrees or orders for the payment of money in excess of $1,000,000, in
the aggregate, and the continuance of such judgment, decree or order
unsatisfied and in effect for any period of more than thirty (30) days without
a stay of execution; or

(h)           The occurrence of any Material
Adverse Effect; or

(i)            (i) The Borrower, the Transferor or
Aspen is subject to a Change in Control; or

(j)            The Internal Revenue Service shall
file notice of a lien pursuant to Section 6323 of the Internal Revenue
Code with regard to any of the Pool Assets and such lien shall not have been
released within 15 Business Days, or the Pension Benefit Guaranty Corporation
shall file notice of a lien pursuant to Section 4068 of ERISA with regard
to any of the Pool Assets and such lien shall not have been released within 15
Business Days; or

(k)           Any transfer of Pool Assets from
Aspen to the Transferor under the Purchase and Sale Agreement or from the
Transferor to the Borrower under the Purchase and Resale Agreement shall for
any reason be challenged in any formal process or fail to be characterized as
being a “true sale;” or any Transaction Document shall terminate or cease to be
the valid, legal and binding obligation of the Borrower, the Servicer, the
Transferor or Aspen for any reason; or

(l)            Any Servicer Termination Event and
the Agent shall for any reason be unable to engage on a timely basis a
replacement Servicer on terms satisfactory to the Agent; or

(m)          as of any date of determination the
Delinquency Ratio exceeds 25%; or

(n)           The Agent shall for any reason fail
or cease to have a valid and perfected first priority security interest in the
Pool Assets;

provided that, in the case of any of
clauses (d), (e), (f), (g), (h) or (i)
above, if the event or circumstance described therein relates solely to a
default on Debt, Insolvency Event, litigation, arbitration proceedings or
governmental proceedings, change in financial condition or operations or Change
in Control by or in respect of Aspen or the Transferor, such event or
circumstance shall not constitute an “Event of Default” hereunder unless
and until the Agent shall determine in the exercise of its sole and reasonable
credit judgment that such event or circumstance could 

 42
 

 

 

result in either (A) a Material Adverse Effect
(excluding for this purpose clause (i) of the definition thereof to the extent
it relates to Aspen or the Transferor), (B) a material adverse effect on the
rights of the Agent or any Secured Party under this Agreement or any other
Transaction Document or (C) a material adverse change in the value of the Pool
Assets or any material part thereof.

SECTION
9.02       Remedies.

(a)           Optional Liquidation.  Upon the occurrence and during the
continuance of an Event of Default (other than an Event of Default described in
subsection (f) of Section 9.01), the Agent shall, at
the request, or may with the consent, of the Lenders, by notice to the Borrower
declare all or any portion of the outstanding principal amount of the Loans and
other Obligations to be due and payable, whereupon the full unpaid amount of
such Loans and other Obligations which shall be so declared due and payable shall
be and become immediately due and payable, without further notice, demand or
presentment.

(b)           Automatic Liquidation.  Upon the occurrence of an Event of Default
described in subsection (f) of Section 9.01, all
outstanding Loans and all other Obligations shall automatically become
immediately and automatically due and payable, all without presentment, demand,
protest, or notice of any kind.

(c)           Additional Remedies.  Upon the occurrence of an Event of Default,
the Lenders and Agent shall have, in addition to all other rights and remedies
under this Agreement or otherwise, all other rights and remedies provided under
the UCC of each applicable jurisdiction and other applicable laws, which rights
shall be cumulative.

ARTICLE
X

THE AGENT

SECTION 10.01     Appointment and Authorization.  (a) 
Each  Lender hereby designates and
appoints Key Equipment Finance Inc., as the “Agent” hereunder and authorizes
the Agent to take such actions and to exercise such powers as are delegated to
the Agent hereby and to exercise such other powers as are reasonably incidental
thereto.  The Agent shall not have any
duties other than those expressly set forth herein or any fiduciary
relationship with the Lenders, and no implied obligations or liabilities shall
be read into this Agreement, or otherwise exist, against the Agent.  The Agent does not assume, nor shall it be
deemed to have assumed, any obligation to, or relationship of trust or agency
with, the Borrower or the Servicer. 
Notwithstanding any provision of this Agreement or any other Transaction
Document to the contrary, in no event shall the Agent ever be required to take
any action which exposes the Agent to personal liability or which is contrary
to the provision of any Transaction Document or applicable law.  The Agent hereby agrees, for the benefit of
the Lenders, not to consent to any material amendment hereunder without the
consent of the Lenders.

(b)           Except as otherwise specifically
provided in this Agreement, the provisions of this Article X are
solely for the benefit of the Secured Parties, and neither the Borrower nor the
Servicer shall have any rights as a third party beneficiary or otherwise under 

 43
 

 

 

any of the provisions of this Article X, except that this Article X shall not affect any
obligations which any Secured Party may have to the Borrower or the Servicer
under the other provisions of this Agreement.

(c)           In performing its functions and
duties hereunder, the Agent shall act solely as the agent of the Lenders and
does not assume nor shall be deemed to have assumed any obligation or
relationship of trust or agency with or for the Borrower or the Servicer or any
of their successors and assigns.

SECTION 10.02     Delegation of Duties.  The Agent may execute any of its duties
through agents or attorneys-in-fact and shall be entitled to advice of counsel
concerning all matters pertaining to such duties.  The Agent shall not be responsible for the
negligence or misconduct of any agents or attorneys-in-fact selected by it with
reasonable care.

SECTION 10.03     Exculpatory Provisions.  None of the Agent or any of its directors,
officers, agents or employees shall be liable for any action taken or omitted
(i) with the consent or at the direction of the Lenders or (ii) in the absence
of such Person’s gross negligence or willful misconduct.  The Agent shall not be responsible to any
Person for (i) any recitals, representations, warranties or other statements
made by the Borrower, the Servicer, or any of their Affiliates, (ii) the value,
validity, effectiveness, genuineness, enforceability or sufficiency of any
Transaction Document, (iii) any failure of the Borrower, the Servicer or any of
their Affiliates to perform any obligation or (iv) the satisfaction of any
condition specified in Article V. 
The Agent shall not have any obligation to any Secured Party to
ascertain or inquire about the observance or performance of any agreement
contained in any Transaction Document or to inspect the properties, books or
records of the Borrower, the Servicer or any of their Affiliates.

SECTION 10.04     Reliance by Agent.  (a) 
The Agent shall in all cases be entitled to rely, and shall be fully
protected in relying, upon any document or other writing or conversation
reasonably believed by it to be genuine and correct and to have been signed,
sent or made by the proper Person and upon advice and statements of legal
counsel (including counsel to the Borrower), independent accountants and other
experts selected by it.  The Agent shall
in all cases be fully justified in failing or refusing to take any action under
any Transaction Document unless it shall first receive such advice or
concurrence of the Lenders and assurance of its indemnification, as it deems
appropriate.

(b)           The Agent shall in all cases be fully
protected in acting, or in refraining from acting, under this Agreement in
accordance with a request of the Lenders, and such request and any action taken
or failure to act pursuant thereto shall be binding upon all Secured Parties.

SECTION 10.05     Notice of Certain Events.  The Agent shall not be deemed to have
knowledge or notice of the occurrence of any Termination Event, Event of
Default or Unmatured Event of Default unless it has received notice from any
Lenders, the Servicer or the Borrower stating that a Termination Event, Event
of Default or Unmatured Event of Default has occurred hereunder and describing
such Termination Event, Event of Default or Unmatured Event of Default.  In the event that the Agent receives such a
notice, it shall promptly give notice 

 44
 

 

 

thereof to each Lender.  In the event that any Lender receives such a
notice (other than from the Agent), it shall promptly give notice thereof to
the Agent.

SECTION 10.06     Non-Reliance on Agent.  Each Lender expressly acknowledge that none
of the Agent, or any of their respective officers, directors, employees,
agents, attorneys-in-fact or Affiliates has made any representations or
warranties to it and that no act by the Agent hereafter taken, including any
review of the affairs of the Borrower or the Servicer, shall be deemed to
constitute any representation or warranty by such other Lender or the Agent, as
applicable.  Each Lender represents and
warrants to the Agent that, independently and without reliance upon the Agent
and based on such documents and information as it has deemed appropriate, it
has made and will continue to make its own appraisal of and investigation into
the business, operations, property, prospects, financial and other conditions
and creditworthiness of the Borrower, the Servicer and the Receivables and its
own decision to enter into this Agreement and to take, or omit, action under
any Transaction Document.  Except for
items specifically required to be delivered hereunder, the Agent shall not have
any duty or responsibility to provide the Lenders with any information concerning
the Borrower or the Servicer or any of their Affiliates that comes into the
possession of the Agent or any of its officers, directors, employees, agents,
attorneys-in-fact or Affiliates.

SECTION 10.07     Agent and Affiliates.  The 
Lenders, the Agent and their Affiliates may extend credit to, accept
deposits from and generally engage in any kind of banking, trust, debt, entity
or other business with the Borrower, or the Servicer or any of their
Affiliates.

SECTION 10.08     Indemnification.  The Lenders (other than the CP Issuer) shall
indemnify and hold harmless the Agent and its officers, directors, employees,
representatives and agents (to the extent not reimbursed by the Borrower or the
Servicer and without limiting the obligation of the Borrower or the Servicer to
do so), from and against any and all liabilities, obligations, losses, damages,
penalties, judgments, settlements, costs, expenses and disbursements of any
kind whatsoever (including in connection with any investigative or threatened
proceeding, whether or not the Agent or such Person shall be designated a party
thereto) that may at any time be imposed on, incurred by or asserted against
the Agent or such Person as a result of, or related to, any of the transactions
contemplated by the Transaction Documents or the execution, delivery or
performance of the Transaction Documents or any other document furnished in
connection therewith (but excluding any such liabilities, obligations, losses,
damages, penalties, judgments, settlements, costs, expenses or disbursements
resulting solely from the gross negligence or willful misconduct of the Agent
or such Person as finally determined by a court of competent jurisdiction).

SECTION 10.09     Successor Agent.  The Agent may, upon at least thirty
(30) days notice to the Borrower and the Lenders, resign as Agent.  Such resignation shall not become effective
until a successor agent reasonably acceptable to Borrower is appointed by the
Lenders and has accepted such appointment. 
Upon such acceptance of its appointment as Agent hereunder by a
successor Agent, such successor Agent shall succeed to and become vested with
all the rights and duties of the retiring Agent, and the retiring Agent shall
be discharged from its duties and obligations under the Transaction Documents.  After any retiring Agent’s resignation 

 45
 

 

 

hereunder, the provisions of Article XII
and this Article X shall inure to its benefit as to any actions
taken or omitted to be taken by it while it was the Agent.

SECTION
10.10     Withholding Taxes.  All payments made by the Borrower hereunder
shall be made without withholding for or on account of any present or future
taxes (other than taxes imposed on or based on overall net income on the
recipient or any franchise tax, branch profits or similar tax).  If any such withholding is so required, the
Borrower shall make the withholding, pay the amount withheld to the appropriate
authority before penalties attach thereto or interest accrues thereon and pay
such additional amount as may be necessary to ensure that the net amount
actually received by each Lender and the Agent free and clear of such taxes
(including such taxes on such additional amount) is equal to the amount that
Lenders or the Agent (as the case may be) would have received had such
withholding not been made.  If the Agent
or any Lender pays any such taxes, penalties or interest the Borrower shall
reimburse the Agent or such Lenders for that payment on demand.  If the Borrower pays any such taxes,
penalties or interest, it shall deliver official tax receipts evidencing that
payment or certified copies thereof to the Lenders or Agent on whose account
such withholding was made (with a copy to the Agent if not the recipient of the
original) on or before the thirtieth day after payment.

SECTION 10.11     Non-Reliance on Agent and Other Lenders.  Each Lender expressly acknowledges that
neither Agent nor any of its officers, directors, employees, agents,
attorneys-in-fact or affiliates had made any representations or warranties to
it and that no act by Agent or any affiliate thereof hereafter taken, including
any review of the affairs of Aspen or Borrower shall be deemed to constitute
any representation or warranty by Agent to any Lender.  Each Lender represents to Agent that it has,
independently and without reliance upon Agent or any other Person, and based on
such documents and information as it has deemed appropriate, made its own
appraisal of and investigation into the business, assets, operations, property,
financial and other conditions, prospects and creditworthiness of Aspen and
Borrower and made its own decision to make its purchases hereunder and enter
into this Agreement.  Each Lender also
represents that it will, independently and without reliance upon Agent or any
other Person, and based on such documents and information as it shall deem
appropriate at the time, continue to make its own credit analysis, appraisals
and decisions in taking or not taking action under this Agreement, and to make
such investigation as it deems necessary to inform itself as to the business,
assets, operations, property, financial and other conditions, prospects and
creditworthiness of Aspen and Borrower. 
Except for notices, reports, and other documents expressly required to
be furnished by Agent hereunder, Agent shall not have any duty or
responsibility to provide Borrower or any Lender with any credit or other
information concerning the business, operations, assets, property, financial or
other conditions, prospects or creditworthiness of Aspen or Borrower which may
come into the possession of Agent or any of its officers, directors, employees,
agents, attorneys-in-fact or affiliates.

SECTION 10.12     Patriot Act Notice. Each Lender and
the Agent (for itself and not on behalf of any other party) hereby notifies
each of the other parties to this Agreement that, pursuant to the requirements
of the Patriot Act, such Lender and the Agent are required to obtain, verify
and record information that identifies the parties to this Agreement, which
information includes the name and address of such other parties and other
information that will allow such Lender or the Agent, as applicable, to
identify such other parties in accordance with the Patriot Act.  The Borrower shall provide, to the extent
commercially reasonable,

 46

 

 

such information and take such actions as are reasonably requested by
the Agent or a Lender in order to assist the Agent or such Lender in
maintaining compliance with the Patriot Act.

ARTICLE
XI

ASSIGNMENT OF LOANS

SECTION
11.01     Restrictions on Assignments.

(a)           Neither the Borrower nor the Servicer
may assign its rights, or delegate its duties, hereunder or any interest herein
without the prior written consent of the Agent. 
The Agent, subject to Section 10.09, or any Lender may
assign their respective rights hereunder to any Person without the prior
written consent of the Borrower, the Servicer, the Agent or any Lender.  Each such assignor may, in connection with
such assignment, disclose to the applicable assignee any information relating
to the Borrower, the Servicer or the Pool Receivables furnished to such
assignor by or on behalf of the Borrower, the Servicer or the Agent.

(b)           Any Lender may at any time grant to
one or more banks or other institutions participating interests or a security
interest in its interest under the Transaction Documents.  The Borrower agrees that each such Person
shall be entitled to the benefits of Section 4.02 with respect to
its participating interest. Any Lender granting any such interest may, in
connection with such grant, disclose to the applicable assignee any information
relating to the Borrower, the Servicer or the Pool Receivables furnished to
such Lender by or on behalf of the Borrower, the Servicer or the Agent, subject
to a conventional confidentiality arrangement of the type then prevailing in
the market for grants of such type and enforceable by the Borrower.

(c)           Without limiting any other rights
that may be available under applicable law, the rights of the any Lender may be
enforced through it or by its agents.

SECTION 11.02     Rights and Obligations of Assignee.  Upon the assignment by a Lender in accordance
with this Article XI, the assignee receiving such assignment shall
have all of the rights and obligations of the 
Lenders with respect to the Transaction Documents; including,
without limitation, the confidentiality obligations set forth in Section 13.07
hereof and the requirement to provide the tax forms contemplated in Section 10.10(b).

SECTION 11.03     Evidence of Assignment.  Any assignment by the  Lenders hereunder to any Person may be
evidenced by such instruments or documents as may be reasonably satisfactory to
the  Lenders, the Agent and the assignee.

SECTION 11.04     Assignments by Liquidity Banks.  Any Liquidity Bank may assign to one or more
financial institutions (“Purchasing Liquidity Banks”), acceptable to the Agent
in its sole discretion, any portion of its Liquidity Limit as a Liquidity Bank
hereunder and Loans pursuant to a supplement hereto (a “Transfer Supplement”)
in form satisfactory to the Agent and the CP Issuer executed by the assignee
Liquidity Bank, the assignor Liquidity Bank, the CP Issuer, and the Agent,
provided that, the Liquidity Banks may not make an assignment to a financial
institution not organized under the laws of the United States.  Any such assignment by a Liquidity Bank must
be for an amount of at least $100,000. 
Each assignee Liquidity Bank shall pay to the Agent any reasonable fees
and expenses consistent with the Agent’s standard 

 47
 

 

 

procedures with respect to such assignments. Any
partial assignment will be deemed an assignment of an identical percentage of
such selling Liquidity Bank’s share of the outstanding Loans and its Liquidity
Limit as a Liquidity Bank hereunder. 
Upon the execution and delivery to the Agent of the Transfer Supplement
and payment by the assignee Liquidity Bank to the assignor Liquidity Bank of
the agreed purchase price, such assignor Liquidity Bank shall be released from
its obligations hereunder to the extent of such assignment and such assignee
Liquidity Bank shall for all purposes be a Liquidity Bank party hereto and
shall have all the rights and obligations of a Liquidity Bank hereunder to the
same extent as if it were an original party hereto with a Liquidity Limit as a
Liquidity Bank, any share in the outstanding Loans or other amounts described
in the Transfer Supplement.

SECTION 11.05     Assignment by CP Issuer.  Each party hereto agrees and consents (i) to
the CP Issuer’s assignment, participation, grant of security interests in or
other transfers of any portion of, or any of its beneficial interest in, the
Loans and (ii) to the complete assignment by the CP Issuer of all of its rights
and obligations hereunder to any Person, and upon such assignment the CP Issuer
shall be released from all obligations and duties hereunder to the extent
accruing thereafter; provided, however, that the CP Issuer may not, without the
prior consent of the Required Liquidity Banks and, prior to the occurrence of a
Termination Event, the Borrower, which consent of the Borrower shall not be
unreasonably withheld, transfer any of its rights hereunder or under the
Liquidity Agreement, unless the assignee (i) is a Liquidity Bank, or (ii) (A)
is an entity whose principal business is the purchase or financing of assets
similar to the Receivables, (B) is an Affiliate of the initial CP Issuer, and
(C)  issues commercial paper with credit
ratings substantially identical to the Ratings from at least two of the three
Rating Agencies.  The CP Issuer shall
promptly notify each party hereto of any such assignment, provided further
that, the CP Issuer may not assign to a financial institution not organized
under the laws of the United States. 
Upon such an assignment of any portion of the CP Issuer’s interest in
the Loans, the assignee will have all of the rights of the CP Issuer hereunder
relate to such CP Issuer.

ARTICLE
XII

INDEMNIFICATION

SECTION
12.01     Indemnities by the Borrower.

(a)           General Indemnity.  Without limiting any other rights which any
such Person may have hereunder or under applicable law, the Borrower hereby
agrees to indemnify each of the Agent, each of the Lenders, each of the Funding
Parties, each of their respective Affiliates, and all successors, transferees,
participants and assigns thereof and all officers, directors, shareholders,
controlling persons, employees and agents of any of the foregoing (each an “Indemnified
Party”), forthwith on demand, from and against any and all damages, losses,
claims, liabilities and related costs and expenses, including reasonable attorneys’
fees and disbursements (all of the foregoing being collectively referred to as “Indemnified
Amounts”) awarded against or incurred by any of them arising out of or
relating to the Transaction Documents or the transactions contemplated thereby,
excluding, however, Indemnified Amounts (i) to the extent
determined by a court of competent jurisdiction to have resulted from gross
negligence or willful misconduct on the part of any such Indemnified Party and
(ii) to the extent constituting recourse for Receivables which are
uncollectible due to the bankruptcy, insolvency 

 48
 

 

 

or financial inability to pay of the relevant
Obligor.  Without limiting the foregoing,
the Borrower shall indemnify each Indemnified Party for Indemnified Amounts
arising out of or relating to:

(i)            the transfer by the Borrower of any
interest in any Pool Asset other than the grant of a security interest to the
Agent pursuant to the Security Agreement;

(ii)           any representation or warranty made
by the Borrower or the Servicer under or in connection with any Transaction
Document, any Servicer Report, or any other information or report delivered by
or on behalf of the Borrower or the Servicer pursuant hereto, which shall have
been false, incorrect or misleading in any material respect when made or deemed
made;

(iii)          the failure by the Borrower or the
Servicer or any of their affiliates to comply with any applicable law, rule or
regulation with respect to any Pool Asset or the nonconformity of any Pool
Asset with any such applicable law, rule or regulation;

(iv)          the failure of the Borrower to own or
hold sufficient rights in the software the license of which is the subject of
any Pool Receivable to the extent necessary to cause such Pool Receivable to
(A) constitute a valid and binding obligation, enforceable by Borrower against
the applicable Obligor, (B) be owned by Borrower free and clear of any Adverse
Claim and (C) to be pledged by the Borrower as contemplated in this Agreement
and the Security Agreement;

(v)           the failure to grant and maintain granted
in the Agent a first priority perfected security interest in the Pool Assets
free and clear of any Adverse Claim;

(vi)          the failure to file, or any delay in
filing, financing statements or other similar instruments or documents under
the UCC of any applicable jurisdiction or other applicable laws with respect to
any Pool Asset, whether at the time of any Loans or at any time thereafter;

(vii)         any dispute, claim, offset or defense
(other than discharge in bankruptcy of an Obligor) of an Obligor to the payment
of any Receivable in, or purporting to be in, the Receivables Pool (including,
without limitation, a defense based on such Receivable or the related Contract
not being a legal, valid and binding obligation of such Obligor enforceable
against it in accordance with its terms), or any other claim resulting from the
licensing of software, the sale of the merchandise or services (maintenance or
otherwise) related to such Receivable or the furnishing or failure to furnish
such merchandise or services;

(viii)        any failure of Aspen, as Servicer or
otherwise, to perform its duties or obligations in accordance with the
provisions of the Transaction Documents, including, without limitation, any
failure by Aspen to deliver any “Exchange Amount” to the Agent or delivery by
the Servicer of the Agent of any “Collected FX Amount” (as each such term is
defined in the Purchase and Sale Agreement);

 49
 

 

 

(ix)           any failure by Aspen to originate any
Receivable in accordance with the Credit and Collection Policy or any
applicable law, rule or regulation;

(x)            any claim, investigation, litigation
or proceeding arising out of or in connection with merchandise or services that
are the subject of any Pool Receivable;

(xi)           the failure of any Receivable
included in the calculation of the Net Pool Balance as an Eligible Receivable
to be an Eligible Receivable;

(xii)          any tax or governmental fee or charge
(but not including taxes upon or measured by net income), all interest and
penalties thereon or with respect thereto, and all documented out-of-pocket
costs and expenses, including the reasonable fees and expenses of counsel in
defending against the same, which may arise by reason of the making of any
Loans or any other interest in the Pool Receivables;

(xiii)         the commingling by the Borrower or
Aspen of Collections of Pool Receivables at any time with other funds; or

(xiv)        any litigation or proceeding related to
this Agreement or any other Transaction Document or the use of proceeds of any
Loan.

(b)           Contest of Tax Claim; After-Tax
Basis.  If any Indemnified Party
shall have notice of any attempt to impose or collect any tax or governmental
fee or charge for which indemnification will be sought from the Borrower under Section 12.01(a)(xii),
such Indemnified Party shall give prompt and timely notice of such attempt to
the Borrower and the Borrower shall have the right, at its expense, to
participate in any proceedings resisting or objecting to the imposition or
collection of any such tax, governmental fee or charge.  Indemnification hereunder shall be in an
amount necessary to make the Indemnified Party whole after taking into account
any tax consequences to the Indemnified Party of the payment of any of the
aforesaid taxes and the receipt of the indemnity provided hereunder or of any
refund of any such tax previously indemnified hereunder, including the effect
of such tax or refund on the amount of tax measured by net income or profits
which is or was payable by the Indemnified Party.

(c)           Contribution.  If for any reason the indemnification provided
above in this Section 12.01 is unavailable to an Indemnified Party
or is insufficient to hold an Indemnified Party harmless, then the Borrower
shall contribute to the amount paid or payable by such Indemnified Party as a
result of such loss, claim, damage or liability in such proportion as is
appropriate to reflect not only the relative benefits received by such
Indemnified Party on the one hand and the Borrower on the other hand but also
the relative fault of such Indemnified Party as well as any other relevant
equitable considerations.

SECTION 12.02     Indemnities by the Servicer.  Without limiting any other rights that any
Indemnified Party may have hereunder or under applicable law, the Servicer
hereby agrees to indemnify each Indemnified Party from and against any and all
Indemnified Amounts arising out of or resulting from (whether directly or
indirectly): (a) the failure of any information contained in any Servicer
Report to be true and correct, or the failure of any other information provided
to any such Indemnified Party by the Servicer to be true and correct, (b) the
failure of any representation, warranty or statement made or deemed made by the
Servicer 

 50
 

 

 

under or in connection with this Agreement or any
other Transaction Document to which it is a party to have been true and correct
as of the date made or deemed made, (c) the failure by the Servicer to comply
with any applicable law, rule or regulation, including with respect to any Pool
Receivable or the related Contracts, or (d) any failure of the Servicer to
perform its duties or obligations in accordance with the provisions hereof or
any other Transaction Document to which it is a party; excluding, however,
Indemnified Amounts (i) to the extent determined by a court of competent
jurisdiction to have resulted from gross negligence or willful misconduct on
the part of such Indemnified Party and (ii) to the extent constituting recourse
for Receivables which are uncollectible due to the bankruptcy, insolvency or
financial inability to pay of the relevant Obligor or otherwise due to any
failure of payment on the part of an Obligor.

ARTICLE
XIII

MISCELLANEOUS

SECTION 13.01     Amendments, Etc.  No amendment or waiver of any provision of
this Agreement nor consent to any departure by the Borrower or the Servicer
therefrom shall in any event be effective unless the same shall be in writing
and signed by the Borrower, the Agent, the Servicer and each Lender, and then
such waiver or consent shall be effective only in the specific instance and for
the specific purpose for which given; provided, however, that no
such amendment, waiver or consent shall:

(a)           waive any condition set forth in
Article V without the written consent of the Lenders;

(b)           extend the term of this Agreement
pursuant to Section 5.03 without the written consent of the Lenders;

(c)           postpone any date fixed by this
Agreement or any other Transaction Document for any payment of principal,
interest, fees or other amounts due to the Lenders hereunder or under any other
Transaction Document without the written consent of the Lenders;

(d)           reduce the principal of, or the rate
of interest specified herein on the Loans;

(e)           change any provision of this Section
or any other provision hereof or make any determination or grant any consent
hereunder, without the written consent of the Lenders; or

(f)            provide for the release the Agent’s
security interest on all or any material portion of the Pool Assets without the
consent of the Lenders.

SECTION 13.02     Notices, Etc.  All notices and other communications provided
for hereunder shall, unless otherwise stated herein, be in writing (including
facsimile communication) and shall be personally delivered or sent by express
mail or courier or by certified mail, postage prepaid, or by facsimile, to the
intended party at the address or facsimile number of such party set forth below
or at such other address or facsimile number as shall be designated by such
party in a written notice to the other parties hereto.  All such notices and communications shall be
effective, (a) if personally delivered or sent by express mail or courier 

 51
 

 

 

or if sent by certified mail, when received, and
(b) if transmitted by facsimile, when sent, receipt confirmed by telephone
or electronic means.

If to the
Servicer:

Aspen Technology, Inc.

Ten Canal Park

Cambridge, Massachusetts 02141-2201

Attention:  Leo Vannoni

Telephone No.: (617) 949-1139

Facsimile No.: (617) 949-1711

If to the
Borrower:

Aspen Technology Funding 2006-II LLC

c/o Aspen Technology, Inc.

Ten Canal Park

Cambridge, Massachusetts 02141-2201

Attention:  Leo Vannoni

Telephone No.: (617) 949-1139

Facsimile No.:  (617) 949-1711

If to the Agent:

Key Equipment Finance Inc.

1000 South MacCaslin Blvd.

Superior, CO  80027

Attention:  Don Davis

Telephone No.:  (720) 304-1061

Facsimile No.:   (720) 304-1470

If to the Back-Up
Servicer:

Portfolio Financial Servicing Company, Inc.

2121 SW Broadway, 2nd Floor

Portland, OR  97201

Attention:  Brad A. McInnes

Telephone No.:  (503) 721-3221

Facsimile No.:   (503) 274-0439

If to any Lender:

To the address specified below such Lender’s name on the signature pages
hereto.

SECTION 13.03     No Waiver; Remedies.  No failure on the part of the Agent, any
Affected Party, any Indemnified Party, or any Lenders to exercise, and no delay
in exercising, any right hereunder shall operate as a waiver thereof; nor shall
any single or partial 

 52
 

 

 

exercise of any right hereunder preclude any other or
further exercise thereof or the exercise of any other right.  The remedies herein provided are cumulative
and not exclusive of any remedies provided by law.

SECTION 13.04     Binding Effect; Survival.  This Agreement shall be binding upon and
inure to the benefit of the parties hereto and their respective successors and
assigns, and the provisions of Section 4.02 and Article XII
shall inure to the benefit of the Affected Parties and the Indemnified Parties,
respectively, and their respective successors and assigns; provided, however,
nothing in the foregoing shall be deemed to authorize any assignment not
permitted by Section 11.01. 
This Agreement shall create and constitute the continuing obligations of
the parties hereto in accordance with its terms, and shall remain in full force
and effect until the Final Payout Date. 
The rights and remedies with respect to any breach of any representation
and warranty made by the Borrower or the Servicer pursuant to Article VI
and the indemnification and payment provisions of Article XII and Sections
4.02, and each of Sections  13.05, 13.06, 13.07,
13.08,  13.15 and 13.16 shall be continuing and shall survive
any termination of this Agreement.

SECTION 13.05     Costs, Expenses and Taxes.  In addition to their respective obligations
under Article XII, each of the Servicer and the Borrower, jointly
and severally, agrees to pay on demand:

(a)           all reasonable documented
out-of-pocket costs and expenses incurred by the Agent and the Lenders and
their respective Affiliates in connection with the negotiation, preparation,
execution and delivery, the administration (including periodic auditing) or the
enforcement of, or any actual or claimed breach of, or any amendment, waiver or
modification of, this Agreement, the Liquidity Agreement and the other
Transaction Documents, including, without limitation (i) the reasonable fees
and expenses of counsel to any of such Persons incurred in connection with any
of the foregoing or in advising such Persons as to their respective rights and
remedies under any of the Transaction Documents or the Liquidity Agreement, and
(ii) subject to Section 7.03(g), all reasonable out-of-pocket
expenses (including reasonable fees and expenses of independent accountants),
incurred in connection with any review of the Borrower’s or the Servicer’s
books and records either prior to the execution and delivery hereof or pursuant
to the provisions hereof.

(b)           all stamp and other taxes and fees
payable or determined to be payable in connection with the execution, delivery,
filing and recording of this Agreement, the Liquidity Agreement or the other
Transaction Documents, and agrees to indemnify each Indemnified Party against
any liabilities with respect to or resulting from any delay in paying or
omission to pay such taxes and fees.

SECTION
13.06     No Proceedings; Limitation on
Payments.

(a)           Each of the parties hereto hereby
agrees that it will not institute against the Borrower, or join any other
Person in instituting against the Borrower, any insolvency proceeding (namely,
any proceeding of the type referred to in the definition of Insolvency Event)
so long as there shall not have elapsed one year plus one day since the last
day on which the Obligations shall have been outstanding.

 53
 

 

 

(b)           Notwithstanding any provisions
contained in this Agreement to the contrary, the parties hereto acknowledge and
agree that all amounts payable by the Borrower hereunder and under the other
Transaction Documents from the proceeds of the Pool Assets shall be paid in
accordance with the priorities set forth in Section 3.02(c).

(c)           This Section 13.06 shall
survive termination of this Agreement.

SECTION
13.07     Confidentiality of Program
Information.

(a)           Confidential Information.  Each of the Borrower and the Servicer
acknowledges that the Agent regards the structure of the transactions
contemplated by this Agreement to be proprietary, and each such party severally
agrees that:

(i)            it will not disclose without the
prior written consent of the Agent (other than to the directors, employees,
auditors, counsel or affiliates (collectively, “representatives” of such
party), each of whom shall be informed by such party of the confidential nature
of the Program Information (as defined below) and of the terms of this Section 13.07,
(A) any information regarding the pricing in, or copies of, this Agreement or
any transaction contemplated hereby, or (C) any information which is furnished
by the Agent to such party and which is not otherwise available to the general
public (the information referred to in clauses (A) and (B) is
collectively referred to as the “Program Information”); provided,
however, that such party may disclose any such Program Information (I)
to any other party to the Transaction Documents for the purposes contemplated
hereby, (II) as may be required by any municipal, state, federal or other
regulatory body having or claiming to have jurisdiction over such party, (III)
in order to comply with any law, order, regulation, regulatory request or
ruling applicable to such party, (IV) subject to subsection (c), in
the event such party is legally compelled (by interrogatories, requests for
information or copies, subpoena, civil investigative demand or similar process)
to disclose any such Program Information or (V) to file copies of the
Transaction Documents with the Securities Exchange Commission to the extent
required by law, rule or regulation; provided, that the Borrower and the
Servicer agree to use their commercially reasonable efforts to maintain the
confidentiality of the terms of the Fee Letter, the interest rates hereunder or
any other terms or provisions identified by the Agent as containing
confidential commercial or financial information.

(ii)           it will use the Program Information
solely for the purposes of evaluating, administering and enforcing the
transactions contemplated by this Agreement and making any necessary business
judgments with respect thereto; and

(iii)          it will, upon demand, return (and
cause each of its representatives to return) to the Agent, all documents or
other written material received from the Agent, as the case may be, in
connection with (a)(i)(B) or (C) above and all copies thereof
made by such party which contain the Program Information.

(b)           Availability of Confidential
Information.  This Section 13.07
shall be inoperative as to such portions of the Program Information which are
or become generally available to the public or such party on a nonconfidential basis
from a source other than the 

 54
 

 

 

Agent or were known to such party on a nonconfidential
basis prior to its disclosure by the Agent.

(c)           Legal Compulsion to Disclose.  In the event that any party or anyone to whom
such party or its representatives transmits the Program Information is
requested or becomes legally compelled (by interrogatories, requests for
information or documents, subpoena, civil investigative demand or similar
process) to disclose any of the Program Information, such party will:

(i)            provide the Agent with prompt
written notice so that the Agent may seek a protective order or other
appropriate remedy and/or waive compliance with the provisions of this Section 13.07;
and

(ii)           unless the Agent waives compliance by
such party with the provisions of this Section 13.07, make a timely
objection to the request or confirmation to provide such Program Information on
the basis that such Program Information is confidential and subject to the
agreements contained in this Section 13.07.

In the event that such protective order or other
remedy is not obtained, or the Agent waives compliance with the provisions of
this Section 13.07, such party will furnish only that portion of
the Program Information which (in such party’s good faith judgment) is legally
required to be furnished and will exercise reasonable efforts to obtain
reliable assurance that confidential treatment will be accorded the Program
Information.

(d)           Survival.  This Section 13.07 shall survive
termination of this Agreement.

SECTION
13.08     Confidentiality of Borrower
Information.

(a)           Confidential Information.  Each party hereto acknowledges that the
Borrower and the Servicer regard certain information provided to the Agent and
the Lenders to be confidential, and each such party severally agrees that:

(i)            it will not disclose without the
prior written consent of Borrower or the Servicer (other than to the directors,
employees, auditors, counsel or affiliates (collectively, “representatives” of
such party), each of whom shall be informed by such party of the confidential
nature of the Borrower Information (as defined below) and of the terms of this Section 13.08,
(A) any non-public information regarding the Borrower, Aspen or the Servicer,
or (B) any information which is furnished by the Borrower or Servicer to such
party and which is not otherwise available to the general public (the
information referred to in clauses (A) and (B) is collectively
referred to as the “Borrower Information”); provided, however,
that such party may disclose any such Borrower Information (I) to any other
party to the Transaction Documents for the purposes contemplated hereby, (II)
as may be required by any municipal, state, federal or other regulatory body
having or claiming to have jurisdiction over such party, (III) in order to
comply with any law, order, regulation, regulatory request or ruling applicable
to such party, and to the Rating Agencies or any other rating agency that rates
the commercial paper notes of the CP Issuer, (IV) to any providers of
program-wide credit enhancement for the CP Issuer and to investors in
commercial paper notes of the CP Issuer, but only to 

 55
 

 

 

the extent of confirming the involvement of Aspen in
the commercial paper notes of the CP Issuer, upon an inquiry by such providers
or investors, and any additional disclosures regarding either the Borrower or
Aspen to such providers or investors will require the prior written
consent  of the Borrower and Aspen, and
(V) to any prospective or actual successor, assignee or participant (subject to
a conventional confidentiality arrangement of a type then prevailing in the
market for assignments of such type and enforceable by the Borrower);

(ii)           it will use the Borrower Information
solely for the purposes of evaluating, administering and enforcing the transactions
contemplated by this Agreement and making any necessary business judgments with
respect thereto; and

(iii)          it will, upon demand, return (and
cause each of its representatives to return) to the Borrower or the Servicer,
all documents or other written material received from the Borrower or the
Servicer, as the case may be, and all copies thereof made by such party which
contain the Borrower Information.

(b)           Availability of Confidential
Information.  This Section 13.08
shall be inoperative as to such portions of the Borrower Information which are
or become generally available to the public or such party on a nonconfidential
basis from a source other than the Borrower or the Servicer or were known to
such party on a nonconfidential basis prior to its disclosure by the Borrower
or the Servicer.

(c)           Legal Compulsion to Disclose.  In the event that any party or anyone to whom
such party or its representatives transmits the Borrower Information is
requested or becomes legally compelled (by interrogatories, requests for
information or documents, subpoena, civil investigative demand or similar
process) to disclose any of the Borrower Information, such party will

(i)            provide the Borrower and the
Servicer with prompt written notice so that the Borrower or the Servicer may
seek a protective order or other appropriate remedy and/or waive compliance
with the provisions of this Section 13.08; and

(ii)           unless the Borrower or the Servicer
waives compliance by such party with the provisions of this Section 13.08,
make a timely objection to the request or confirmation to provide such Borrower
Information on the basis that such Borrower Information is confidential and
subject to the agreements contained in this Section 13.08.

In the event that such protective order or other
remedy is not obtained, or the Borrower or the Servicer waives compliance with
the provisions of this Section 13.08, such party will furnish only
that portion of the Borrower Information which (in such party’s good faith
judgment) is legally required to be furnished and will exercise reasonable
efforts to obtain reliable assurance that confidential treatment will be
accorded the Borrower Information.

(d)           Survival.  This Section 13.08 shall survive
termination of this Agreement.

SECTION 13.09     Captions and Cross References.  The various captions (including, without
limitation, the table of contents) in this Agreement are provided solely for 

 56
 

 

 

convenience of reference and shall not affect the
meaning or interpretation of any provision of this Agreement.  Unless otherwise indicated, references in
this Agreement to any Section, Schedule or Exhibit are to such
Section of or Schedule or Exhibit to this Agreement, as the case may
be, and references in any Section, subsection, or clause to any subsection,
clause or subclause are to such subsection, clause or subclause of such
Section, subsection or clause.

SECTION 13.10     Integration.  This Agreement, together with the other
Transaction Documents, contains a final and complete integration of all prior
expressions by the parties hereto with respect to the subject matter hereof and
shall constitute the entire understanding among the parties hereto with respect
to the subject matter hereof, superseding all prior oral or written
understandings.

SECTION
13.11     Governing Law.  THIS AGREEMENT, INCLUDING THE RIGHTS AND
DUTIES OF THE PARTIES HERETO, SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE
WITH, THE LAWS OF THE STATE OF NEW YORK, EXCEPT TO THE EXTENT THAT THE
PERFECTION OF THE SECURITY INTERESTS OF THE AGENT IN THE POOL ASSETS IS
GOVERNED BY THE LAWS OF THE JURISDICTION OTHER THAN THE STATE OF NEW YORK.

SECTION
13.12     Waiver of Jury Trial.  EACH PARTY HERETO HEREBY EXPRESSLY WAIVES ANY
RIGHT TO A TRIAL BY JURY IN ANY ACTION OR PROCEEDING TO ENFORCE OR DEFEND ANY
RIGHTS UNDER THIS AGREEMENT, ANY OTHER TRANSACTION DOCUMENT OR ANY AMENDMENT,
INSTRUMENT OR DOCUMENT DELIVERED OR WHICH MAY IN THE FUTURE BE DELIVERED IN
CONNECTION HEREWITH OR ARISING FROM ANY BANKING OR OTHER RELATIONSHIP EXISTING
IN CONNECTION WITH THIS AGREEMENT OR ANY OTHER TRANSACTION DOCUMENT AND AGREES
THAT ANY SUCH ACTION OR PROCEEDING SHALL BE TRIED BEFORE A COURT AND NOT A JURY
TRIAL.

SECTION
13.13     Consent To Jurisdiction.  EACH PARTY HERETO HEREBY ACKNOWLEDGES AND
AGREES THAT IT IRREVOCABLY (i) SUBMITS TO THE JURISDICTION, FIRST, OF ANY
UNITED STATES FEDERAL COURT, AND SECOND, IF FEDERAL JURISDICTION IS NOT
AVAILABLE, OF ANY NEW YORK STATE COURT, IN EITHER CASE SITTING IN NEW YORK, NEW
YORK IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT,
(ii) AGREES THAT ALL CLAIMS IN RESPECT OF SUCH ACTION OR PROCEEDING MAY BE
HEARD AND DETERMINED ONLY IN SUCH NEW YORK STATE OR FEDERAL COURT AND NOT IN
ANY OTHER COURT, AND (iii) WAIVES, TO THE FULLEST EXTENT IT MAY EFFECTIVELY DO
SO, THE DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH ACTION OR
PROCEEDING IN SUCH JURISDICTIONS.

SECTION 13.14     Execution in Counterparts.  This Agreement may be executed in any number
of counterparts and by the different parties hereto in separate counterparts,
each of which when so executed shall be deemed to be an original and all of
which when taken together shall constitute one and the same Agreement.

 57
 

 

 

SECTION 13.15     Nonrecourse Nature of Transactions.  Each of the parties hereto agrees to limit
its recourse against the CP Issuer for all amounts payable by the CP Issuer
under this Agreement as follows:

Notwithstanding anything
to the contrary contained in this Agreement, the obligations of the CP Issuer
under this Agreement are solely the company obligations of the CP Issuer and
shall be payable by the CP Issuer and shall constitute a claim (as defined in
Section 101 of Title 11 of the United States Bankruptcy Code) against the CP
Issuer solely to the extent of funds received by the CP Issuer in respect of
this Agreement.  In addition, the parties
hereto agree that the CP Issuer shall have no obligation to pay any party
hereto any amounts constituting fees, a reimbursement for expenses or
indemnities, (collectively, “Expense Claims”) and such Expense Claims shall not
constitute a claim against the CP Issuer (as defined in Section 101 of Title 11
of the United States Bankruptcy Code), unless or until the CP Issuer has
received amounts sufficient to pay such Expense Claims pursuant to this
Agreement and such amounts are not required to pay the principal or interest on
the Commercial Paper and any other debt securities of the CP Issuer, rated at
the request of the CP Issuer by an internationally recognized rating
agency.  The provisions of this Section
shall survive termination of this Agreement.

SECTION 13.16     No Bankruptcy Petition Against CP Issuer.  (a) Each of the parties hereto hereby
covenants and agrees prior to the date which is one year and one day after the
payment in full of all outstanding Commercial Paper and any other debt
securities of the CP Issuer, rated at the request of the CP Issuer by an
internationally recognized rating agency, it will not institute against, or
join any other Person in instituting against the CP Issuer any bankruptcy, reorganization,
arrangement, insolvency or liquidation proceeding, or other similar proceeding
under the laws of any jurisdiction.  The
provisions of this Section shall survive termination of this Agreement.

SECTION 13.17     Right of Setoff.  Following the occurrence and during the
continuance of any Event of Default at any time that any amount due and payable
by the Borrower hereunder is past due, each Secured Party is hereby authorized
(in addition to any other rights it may have) to setoff, appropriate and apply
(without presentment, demand, protest or other notice which are hereby
expressly waived) any deposits and any other indebtedness held or owing by such
Secured Party (including by any branches or agencies of such Secured Party) to,
or for the account of, the Borrower against amounts owing by the Borrower
hereunder (even if contingent or unmatured).

 58
 

 

 

IN WITNESS WHEREOF, the parties have caused this
Agreement to be executed by their respective officers thereunto duly
authorized, as of the date first above written.

 

	
  

  	
  ASPEN TECHNOLOGY FUNDING 2006-II LLC,

  
	
   

  	
  as Borrower

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Leo S. Vannoni

  
	
   

  	
  Name:

  	
  Leo S. Vannoni

  
	
   

  	
  Title:

  	
  Treasurer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  ASPEN TECHNOLOGY, INC.,

  as Servicer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Mark F. Fusco

  
	
   

  	
  Name:

  	
  Mark F. Fusco

  
	
   

  	
  Title:

  	
  President and Chief Executive Officer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  PORTFOLIO FINANCIAL SERVICING COMPANY, INC., 

  
	
   

  	
  as Back-up Servicer

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  s/ Jonathan Wease

  
	
   

  	
  Name:

  	
  Jonathan Wease

  
	
   

  	
  Title:

  	
  Assistant Treasurer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  KEY EQUIPMENT FINANCE,

  as Agent

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Steven T. Dixon

  
	
   

  	
  Name:

  	
  Steven T. Dixon

  
	
   

  	
  Title:

  	
  Senior Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  KEYBANK NATIONAL ASSOCIATION

  as Lender

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Paul A. Larkins

  

 

 59
 

 

 

	
  

  	
  By:

  	
  /s/ Paul A. Larkins

  
	
   

  	
  Name:

  	
  Paul A. Larkins

  
	
   

  	
  Title:

  	
  Executive Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
  Commitment: 
  $75,000,000

  
	
   

  	
   

  	
   

  
	
   

  	
  Address: 

  	
  1000 South McCaslin Blvd.

  Superior, Colorado 80027

  
	
   

  	
   

  
	
   

  	
  Attention

  	
  Don Davis

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  RELATIONSHIP FUNDING COMPANY, LLC

  
	
   

  	
  CP Issuer

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Thomas J. Irvin

  
	
   

  	
  Name:

  	
  Thomas J. Irvin

  
	
   

  	
  Title:

  	
  Manager

  
	
   

  	
   

  	
   

  
	
   

  	
  Commitment: 
  $75,000,000

  
	
   

  	
   

  	
   

  
	
   

  	
  Address:

  	
  c/o The Liberty Hampshire Company

  227 West Monroe

  Suite 4900

  Chicago, Illinois 60606

  
				

 

 60

 

 

EXHIBIT I

DEFINITIONS

Defined Terms.  As used in the Agreement, unless the context
requires a different meaning, the following terms have the meanings indicated
below (such definitions to be applicable to both the singular and plural forms
of such terms):

“Administrative Pool of Receivables” means a
set of Pool Receivables in an amount of at least $25,000,000 that has been
readily identified by the Servicer, has been sold by Aspen to Aspen Technology
Funding 2006-I LLC and by Aspen Technology Funding 2006-I LLC to the Borrower
and has been pledged to the Agent on behalf of the Lender; provided that, it is
acknowledged that the Pool Receivables sold by Aspen to the Transferor and by
the Transferor to the Borrower on the Initial Funding Date is an Administrative
Pool of Receivables.  In addition to such
pool established in connection with the Initial Funding Date, an Administrative
Pool of Receivables will be established for each calendar year in which at
least $25,000,000 of receivables has been contributed to the pool.  In the event $25,000,000 of receivables is
not contributed during a calendar year, the Administrative Pool of Receivables
will be established as of such date the $25,000,000 receivable requirement has
been met.

“Accounting Authority” means any accounting
board or authority (whether or not part of a government) which is responsible
for the establishment or interpretation of national or international accounting
principles, in each case whether foreign or domestic

“Additional Pool Receivables” means additional
Receivables in addition to, and in excess of, the aggregate Outstanding Balance
of all Eligible Receivables.

“Advance Rate
Percentage” means the lesser of (i) eighty percent (80%), or (ii) a
fraction (expressed as a percentage) equal to 1 minus the greater of (a) the
aggregate Outstanding Balance of all the Pool Receivables (as of the relevant
determination date) of Borrower’s four (4) largest Obligors or (b) the product
of the Annualized Default Rate, multiplied by the current weighted average
remaining life of the Pool Receivables, expressed in years, multiplied by 3.0, provided that, upon the occurrence and
continuance of a Foreign Credit Excess on a Funding Date on which the Borrower
has made a Funding Request, if the Borrower has not maintained Additional Pool
Receivables in the amount of the excess of the Outstanding Balance of Pool
Receivables with Obligors located in countries rated below Investment Grade
over 10% of the aggregate Outstanding Balance of the Pool Receivables, then the
Advance Rate Percentage will be reduced as of such Funding Date by a directly
proportional percentage necessary to remedy such Foreign Credit Excess on such
Funding Date (for the avoidance of doubt, the adjustment set forth in this
proviso will only apply to Loans extended on an applicable Funding Date and
shall not apply to any Loans outstanding prior to such Funding Date).

“Advisor” means
Lease Advisory Services, Inc.

“Adverse Claim” means a lien, security
interest, charge or encumbrance, or other right or claim in, of or on any
Person’s assets or properties in favor of any other Person.

 I-1
 

 

 

“Affected Party” means each Lender, the Agent,
any assignee or participant of any Lender, the Agent or any of their respective
Affiliates.

“Affiliate” means, as to any Person, any other
Person that, directly or indirectly, is in control of, is controlled by or is
under common control with such Person. 
For the purposes of this definition, “control”, when used with respect
to any Person, means the power to direct the management and policies of such
Person, directly or indirectly, whether through the ownership of voting
securities, by contract or otherwise, and the term “controlled” shall have
meanings correlative to the foregoing.

“Agency Fee” has the meaning set forth in the
Fee Letter.

“Agent” has the meaning set forth in the
Preamble to the Agreement.

“Agent’s Office” means the office of the Agent
at 1000 South MacCaslin Blvd., Superior, CO, 80027 Attention: Don Davis, or
such other address as shall be designated by the Agent in writing to the
Borrower, the Servicer and the Lender.

“Agreement” has the meaning set forth in the
preamble.

“Alternate Rate” means, for any Interest Period
or other period, an annual rate of interest equal to 1.50% plus either (a) the
Federal Funds Rate or (b) LIBOR, as selected by the Agent, in its sole
discretion.

“Annualized Default Rate” means the three (3)
month rolling average as of the last day of any Collection Period of the ratio
(expressed as a percentage), the numerator of which is the product of (i) 12
and (ii) the Outstanding Balance as of the related Reporting Date of all
Receivables that became Defaulted Receivables during such period, and the
denominator of which is the Outstanding Balance of the Receivables as of such
Reporting Date.

“Applicable Laws” means all applicable laws,
rules, regulations and orders of any Governmental Authority, including, without
limitation, Credit Protection Laws.

“Aspen” shall have the meaning assigned in the
Preamble to this Agreement.

“Aspen Software” means any software, computer
programs, computer code and related materials which are (i) either

(a)           owned
exclusively by Aspen;

(b)           owned
by one of Aspen’s wholly-owned subsidiaries and licensed to Aspen on terms
which permit the sublicensing of the same by Aspen; or

(c)           owned
by a Person not affiliated with Aspen and licensed to Aspen on terms which
permit the sublicensing of the same by Aspen, and such materials are included
by Aspen in a software package otherwise comprised primarily of Aspen Software
of the type described in clauses (a) or (b) above which package has been
assembled by Aspen for license to its customers,

 I-2
 

 

 

and (ii) sold or licensed by Aspen in the ordinary
course of its business to Obligors, together with any accompanying
documentation, manuals, upgrades, releases, databases, enhancements,
instructions and hardware security devices.

“Authorized Person”
means an officer or employee of Borrower listed on Schedule C attached hereto
(as updated by Borrower, from time to time, with not less than five days’ prior
written notice).

“Availability”
means, as of any determination date, an amount equal to the positive excess (if
any) of (i) the lesser of (a) the Commitment Amount, and (b) the
Borrowing Base, minus (ii) the balance of the outstanding Loans.

“Backup Servicer” means Portfolio Financial
Servicing Company, Inc., a Delaware corporation, or any successor corporation
or any replacement Backup Servicer.

“Backup Servicing Fee” means an amount, payable
in arrears, equal to 1/12 of .25% of the Receivables Pool as of each Payment
Date.

“Bankruptcy Code” means the United States
Bankruptcy Reform Act of 1978 (11 U.S.C. § 101, et seq.), as amended from time
to time.

“Base Rate” means for any period, an amount
equal to the average 30 day CP Index for the immediately prior calendar month.

“Borrower” has the meaning set forth in the preamble
to the Agreement.

“Borrower Information” has the meaning set
forth in Section 13.08.

“Borrowing Base”
means, as of any date of determination, the product of:

(a)           the Net Eligible Balance of the Pool
Receivables as of the relevant date including the Net Eligible Balance of any
Pool Receivables being purchased with funds derived from the relevant Loan;

multiplied by:

(b)           the
Advance Rate Percentage (for the avoidance of doubt, adjustments to the
Borrowing Base resulting from the adjustment to Advance Rate Percentage by
application of the proviso to Advance Rate Percentage will only apply to Loans
extended on an applicable Funding Date and shall not apply to any Loans outstanding
prior to such Funding Date).

“Borrowing Request”
means a completed request, authenticated by the Borrower, for a Loan under this
Agreement in substantially the form of Exhibit IV to this
Agreement.

“Breakage Costs”
means, on any date of determination, an amount payable by the Borrower, equal
to the CP Index for the then and any future applicable Interest Periods on
Commercial Paper as a consequence of an Excess Principal Payment, reduced by
the income 

 I-3
 

 

actually received by CP Issuer (or an estimate of such
income, if such income is estimable) from investing such Excess Principal
Payment until the repayment of such Commercial Paper.

“Business Day” means any day that is not a
Saturday, Sunday or other day on which banks are not authorized or required by
law or executive order to close in New York City.

“Change of Control” means any of the following
(i) the acquisition after the date hereof by any Person, or two or more Persons
acting in concert, of beneficial ownership (within the meaning of Rule 13d-3 of
the Securities and Exchange Commission under the Securities Exchange Act of
1934) of an amount greater than or equal to 25% of the outstanding shares of
voting stock of Aspen, (ii) the failure at any time of the Borrower to be a
wholly-owned Subsidiary of the Transferor or (iii) the failure at any time of
the Transferor to be a wholly-owned Subsidiary of Aspen.

“Charged-Off Receivable” means a
Receivable:  (i) as to which the Obligor
thereof has taken or suffered any Insolvency Event; (ii) which, consistent with
the Credit and Collection Policy, would be written off Borrower’s books as
uncollectible, (iii) which has been identified by Borrower as uncollectible or
(iv) as to which any payment, or part thereof, remains unpaid for 364 days or
more from the original due date for such payment.

“Closing Date” means the date hereof.

“Collateral Account” means (i) that certain
depositary account number 359681234811 maintained by
KeyBank together with the related postal lockbox at PO Box 74323, Cleveland,
Ohio 44194-4323 or (ii) any other depositary account and related postal lockbox
designated by the Agent as the “Collateral Account”.

“Collection Amount” means, for each Collection
Period, the aggregate amount of Collections for such Collection Period.

“Collections” means, with respect to any Pool
Receivable, all funds which are received by the Borrower, the Transferor, Aspen
or the Servicer from or on behalf of the related Obligor(s) in payment of any
amounts owed (including, without limitation, purchase or sale prices,
principal, finance charges, interest and all other charges) in respect of such
Receivable or its related security, or applied to such amounts owed by such
Obligor(s).

“Collection Period” means, with respect to any
Payment Date, the calendar month immediately preceding the month in which such
Payment Date occurs, except that, in the case of the first Payment Date, the
related Collection Period will be the period from the Initial Funding Date
through and including the last day of the month in which the Initial Funding
Date occurs.

“Commercial Paper” means short term promissory
notes issued by the CP Issuer in the ordinary course of its business having a
maturity date up to 364 days from the date of issuance.

“Commitment” means, with respect to each
Lender, the amount which such Lender is obligated, subject to the terms and
conditions of this Agreement, to advance under the Agreement on account of its
Loan, as set forth below its signature to the Agreement.

 I-4
 

 

 

“Commitment Amount” means $75,000,000.

“Conduit Funding Source” means any insurance
company, bank or other financial institution providing liquidity, back-up
purchase or credit support for the CP Issuer.

“Contract” means, with respect to any
Receivable, any and all instruments, agreements, invoices or other writings
pursuant to which such Receivable arises or which evidences such Receivable.

“Cost of Funds Rate” means, with respect to any
Loan (or expense or other amount payable to a Secured Party with respect to
such Loan) and Interest Period or other period, if such Loan is funded with (i)
Commercial Paper, the CP Index, and (ii) otherwise, the Alternate Rate.

“CP Index” means, for any day during an
Interest Period, the weighted average rates determined by the CP Issuer based
upon a per annum money market equivalent rate which may be paid or is payable
(i) in connection with interest rate hedges or otherwise, including any
breakage costs incurred in connection with such interest rate hedges and/or
(ii) as interest or otherwise, by large issuers of A-1/P-1 commercial paper
selected by the CP Issuer in respect of Commercial Paper issued or outstanding
from time to time during such Interest Period (or portion thereof), such rate
to be determined based on quotes from at least three nationally recognized
dealers of such commercial paper selected by the CP Issuer and assumed issuance
amounts and dates selected by the CP Issuer, which rate shall reflect and give
effect to the commissions and charges of placement agents and dealers in
respect of the issuance of such Commercial Paper; provided that if any
component of such rate is a discount rate, the CP Issuer shall for such
component use the rate resulting from converting such discount rate to an
interest bearing equivalent rate per annum. 
For the avoidance of doubt, the CP Index shall include rates that are a
result of payments received after the time they are due.  To the extent the CP Index Rate is estimated
for purposes of Section 2.03 of this Agreement and such estimate varies from
the actual rate for the relevant Interest Period, the CP Issuer shall make an
appropriate adjustment in the next succeeding notice of the CP Index under
Section 2.03.

“CP Issuer Interest Note” means a single
promissory grid note, executed and delivered by the Borrower, substantially in the
form set forth on Exhibit V hereto, with appropriate insertions, payable to the
order of the Agent, as agent for the CP Issuer.

“Credit and Collection Policy” means,
collectively, (i) the Credit Authorization Policy, (ii) the WW Collections
Procedure and (iii) the Credit Line Schedule, a copy of each of which is
attached hereto as Exhibit II.

“Credit Protection Laws” means all federal,
state and local laws in respect of the business of extending credit to
borrowers, including without limitation, the Truth in Lending Act (and
Regulation Z promulgated thereunder), Equal Credit Opportunity Act, Fair Credit
Reporting Act, Fair Debt Collection Practices Act, Gramm-Leach-Bliley Financial
Privacy Act, Real Estate Settlement Procedures Act, Home Mortgage Disclosure
Act, Fair Housing Act, anti-discrimination and fair lending laws, laws relating
to servicing procedures or maximum charges and rates of interest, and other
similar laws, each to the extent applicable, and all applicable regulations in
respect of any of the foregoing.

 I-5
 

 

 

“Debt” shall mean, with respect to any Person,
(i) all indebtedness of such Person for money borrowed (including all
securitizations (whether on or off-balance sheet) involving such Person or its
consolidated subsidiaries), (ii) all matured reimbursement obligations of such
Person with respect to surety bonds, letters of credit and bankers’
acceptances, (iii) all obligations of such Person evidenced by notes, bonds,
debentures or similar instruments, (iv) all obligations of such Person to pay
the deferred purchase price of property or services (including earnouts and
other similar contingent obligations, calculated in accordance with GAAP), (v)
all indebtedness created or arising under any conditional sale or other title
retention agreement with respect to property acquired by such Person (even
though the rights and remedies of the seller or lender under such agreement in
the event of default are limited to repossession or sale of such property),
(vi) all capital lease obligations of such Person, (vii) all obligations under
any interest rate contract or other interest rate protection or hedging
arrangement, (viii) all obligations of such Person to purchase, redeem, retire,
defease or otherwise make any payment in respect of any capital stock or other
equity securities that, by their stated terms (or by the terms of any equity
securities issuable upon conversion thereof or in exchange therefor), or upon
the occurrence of any event, mature or are mandatorily redeemable, or are
redeemable at the option of the holder thereof, in whole or in part, (ix) all
indebtedness referred to in clauses (i) through (viii) above secured by any
lien on any property or asset owned or held by such Person regardless of
whether the indebtedness secured thereby shall have been assumed by such Person
or is nonrecourse to the credit of such Person, (x) any contingent obligation
of such Person, and (xi) all liabilities of such Person in respect of unfunded
vested benefits under plans covered by Title IV of ERISA.

“Deemed Collections” means any amount as to
which the Borrower is deemed to have received a Collection as described in Section 3.03
hereof.

“Defaulted Receivable” means any Receivable as
to which any payment or portion thereof shall have remained unpaid for more than
180 days.

“Default Rate” means, with respect to a Loan,
the applicable interest rate under Section 2.02(a) then in effect for such Loan
plus 2.00% per annum.

“Delinquency Ratio” means, the ratio (expressed
as a percentage) with respect to any calendar month, equal to (i) the aggregate
Outstanding Balance of all Pool Receivables that were Delinquent Receivables as
of the last day of such calendar month divided by (ii) the Outstanding
Balance of all Pool Receivables as of the last day of such calendar month.

“Delinquent Receivable” means any Receivable as
which any payment or portion thereof shall have remained unpaid for 90 days or
more from the original due date for such payment.

“Discount Rate” means, as set as of each
Reporting Date, an amount equal to the Base Rate plus the Spread (taking into
account the Backup Servicing Fee).

“Draw Rate” means the daily average LIBOR Rate

“Eligible Receivable” means, at any time, a
Pool Receivable:

 I-6
 

 

 

(i)            the
Obligor of which (a) is a corporation or other business organization; (b) is
not an Affiliate of Aspen; and (c) is not a government or a governmental
subdivision or agency;

(ii)           which
is not a Charged-Off Receivable, and the Obligor of which is not the Obligor of
any Charged-Off Receivable;

(iii)          which
is not a Delinquent Receivable, unless expressly identified as being a
Delinquent Receivable on the Receivables Schedule and specifically approved by
the Agent for inclusion as an Eligible Receivable;

(iv)          which
by its terms is due and payable in full no later than 66 months following the
Closing Date, and such Receivable has not been extended, rewritten or otherwise
modified from the original terms thereof except in accordance with the Credit
and Collection Policy and as expressly described on the Receivables Schedule,
provided that, if the term of such Receivable is longer than 60 months, the
payments resulting from any term beyond 60 months will not be factored into the
computation of the Borrowing Base;

(v)           which
is an “account” or “payment intangible” within the meaning of Section 9-102 of
the UCC of all applicable jurisdictions;

(vi)          which
is denominated and payable only in United States dollars in the United States;
provided that a Receivable that otherwise satisfies the criteria for “Eligible
Receivable” but for this clause (vi) may constitute an Eligible Receivable
notwithstanding this clause (vi) if the Outstanding Balance thereof on the
Initial Funding Date  or the relevant
Funding Date, as applicable, when added to the aggregate Outstanding Balance of
all other Receivables that constitute Eligible Receivables as of such date by
reason of this proviso would not exceed an amount equal to 45% of the
Outstanding Balance of the Pool Receivables on the Initial Funding Date or the
relevant Funding Date, as applicable;

(vii)         for
which the Servicer has received at least one payment from the relevant Obligor
and such Receivable is not delinquent;

(viii)        at
the time at which such Receivable is initially proposed to be included in the
Pool Receivables (whether on the Initial Funding Date with respect to the
initial Pool Receivables or on any Funding Date with respect to subsequent Pool
Receivables, as applicable), such Receivable has not been rejected for
inclusion in the Pool Receivables by the Agent in its sole and absolute
discretion;

(ix)           which,
if the Obligor of such Receivable is rated below Baa3, the only amount of the
Obligor payments thereunder that will be factored as part of the computation of
the Borrowing Base is an amount up to 5% of the Outstanding Balance of Pool
Receivables as of such date;

(x)            which,
if the Obligor of such Receivable is rated Baa-Baa3 or above, the only amount
of the Obligor payments thereunder that will be factored into the 

 I-7
 

 

computation of the Borrowing Base is an amount up to
10% of the Outstanding Balance of Pool Receivables as of such date;

(xi)           which,
if the Obligor of such Receivable is rated A3 or above, the only amount of the
Obligor payments thereunder that will be factored into the computation of the
Borrowing Base is an amount up to 15% of the Outstanding Balance of Pool
Receivables as of such date;

(xii)          which,
if the Obligor on such Receivable is located in a country with a long-term debt
rating below Aaa (Moody’s) or AAA (S&P), such Receivable shall be excluded
from the computation of the Borrowing Base to the extent that the total
Eligible Receivables of all other Obligors located in that country exceeds the
maximum percentage of the Outstanding Balance of the Pool Receivables set forth
opposite such country’s rating below:

	
  Nation Rating (Moody’s / S&P)

  	
   

  	
  Maximum Percentage

  	
   

  
	
  “Aa” / “AA”

  	
   

  	
  10%

  	
   

  
	
  “A” / “A”

  	
   

  	
  5%

  	
   

  
	
  “Baa” / “BBB”

  	
   

  	
  5%

  	
   

  
	
  “Ba” / “BB”

  	
   

  	
  2.5%

  	
   

  
	
  “B” / “B”

  	
   

  	
  1.0%

  	
   

  
	
  Not Rated

  	
   

  	
  2%

  	
   

  

The Agent may in its sole
discretion agree to a request by Borrower to adjust the maximum percentage
(referenced above) permitted for a given country, provided that, such approval
must be evidenced in writing, and provided further that, the maximum percentage
(referenced above) of permitted Receivables for India will be limited to 2.5%.

(xiii)         which
arises under a Contract in substantially the form set forth on Exhibit III
hereto, which, together with such Receivable, is in full force and effect and
constitutes the legal, valid and binding obligation of the related Obligor to
make the payments required thereunder and is otherwise enforceable against such
Obligor in all material respects in accordance with its terms;

(xiv)        which
arises under a Contract which (a) does not require the Obligor under such
Contract to consent to the transfer, sale or assignment of the rights and
duties of Aspen or any of its assignees under such Contract, (b) does not
contain a confidentiality provision that purports to restrict the ability of
the Agent or the Lender to exercise its rights under this Agreement, including,
without limitation, its right to review the Contract and (c) is otherwise
freely assignable;

 I-8
 

 

 

(xv)         which
arises under a Contract that contains an obligation to pay a specified sum of
money on such dates and in such amounts as are set forth on the Receivables
Schedule;

(xvi)        which,
together with the Contract related thereto, does not contravene any Applicable
Law applicable thereto (including, without limitation, any law, rule and
regulation relating to truth in lending, fair credit billing, fair credit
reporting, equal credit opportunity, fair debt collection practices and
privacy) and with respect to which no part of the Contract related thereto is
in violation of any such Applicable Law;

(xvii)       which
satisfies, in all material respects, all applicable requirements of the Credit
and Collection Policy;

(xviii)      which
was generated in the ordinary course of Aspen’s business;

(xix)         which
arises solely from the licensing or sale of Aspen Software to the related
Obligor by Aspen, and not by any other Person (in whole or in part), and Aspen
had full right and power to license or sell such Aspen Software without (i) any
obligation to provide notice to or obtain the consent of any Person and (ii)
any Adverse Claim arising in, to or against such Receivable in favor of any
interest holder in the Aspen Software or in favor of any other Person;

(xx)          which
is not subject to litigation, any right of rescission, set-off, counterclaim,
any other defense (including defenses arising out of violations of usury laws)
of the applicable Obligor against Aspen or any other Adverse Claim, and the
Obligor thereon holds no right as against Aspen to cause Aspen to repurchase
the Aspen Software, goods or merchandise the license or sale of which shall
have given rise to such Receivable;

(xxi)         as
to which Aspen has satisfied and fully performed all obligations on its part
with respect to such Receivable required to be fulfilled by it, other than
software maintenance obligations, and no other further action is required to be
performed by any Person with respect thereto other than payment thereon by the
applicable Obligor;

(xxii)        Borrower,
immediately prior to giving effect to the pledge thereof pursuant to the
Security Agreement, has good and marketable title thereto free and clear of any
Adverse Claim, and upon giving effect to the pledge thereof pursuant to the
Security Agreement, the Agent shall have a first priority perfected security
interest therein;

(xxiii)       which
is a fixed payment obligation; and

(xxiv)       which
relates to licensing fees exclusively and not in any way related to performance
of any services.

“ERISA” means the Employee Retirement Income
Security Act of 1974, as amended from time to time, and any successor statute
of similar import, together with the regulations 

 I-9
 

 

thereunder, in each case as in effect from time to
time.  References to sections of ERISA
also refer to any successor sections.

“ERISA Affiliate” means:  (a) any entity that is a member of the
same controlled group (within the meaning of Section 414(b) of the
Internal Revenue Code) as the Borrower or Aspen, (b) a trade or business
(whether or not incorporated) under common control (within the meaning of
Section 414(c) of the Internal Revenue Code) with the Borrower or Aspen,
or (c) a member of the same affiliated service group (within the meaning
of Section 414(m) of the Internal Revenue Code) as the Borrower or Aspen,
any entity described in clause (a) or any trade or business described in
clause (b).

“Event of Default” has the meaning set forth in
Section 9.01.

“Excess Principal Payment” has the meaning set
forth in Section 4.03(a).

“Facility Structuring Fee” means an amount
payable to the Agent as set forth in the Fee Letter.

“Federal Funds Rate” means for any period, a
fluctuating interest rate per annum equal for each day during such period to
the weighted average of the overnight federal funds as in Federal Reserve Board
Statistical Release H.15 (519) or any successor or substitute publication
selected by the Agent (or, if such day is not a Business Day, for the next
preceding Business Day), or if, for any reason, such rate is not available on
any day, the rate determined, in the good faith opinion of the Agent, to be the
rate at which overnight federal funds are being offered in the national federal
funds market at 9:00 a.m. (New York City time), absent demonstrable error.

“Fee Letter” has the meaning set forth in Section 4.01.

“Final Payout Date” means the date on which the
outstanding principal balance of the Loans has been reduced to zero and all
other Obligations payable by the Borrower under the Transaction Documents shall
have been paid in full.

“Finance Charges” means, with respect to a
Contract, any finance, interest, late payment charges or similar charges owing
by an Obligor pursuant to such Contract.

“Foreign Credit Excess” means, as of any
Funding Date on which Borrower has submitted a Borrowing Request, the amount by
which the aggregate Outstanding Balance of Eligible Receivables with Obligors
located in countries rated below Investment Grade exceeds 10% of the aggregate
Outstanding Balance of the Pool Receivables as of such date (for the avoidance
of doubt, any adjustments resulting from a Foreign Credit Excess will only
apply to Loans extended on an applicable Funding Date and shall not apply to
any Loans outstanding prior to such Funding Date).

“Funding Date” means, for each Loan, any
Payment Date on which Borrower may borrow subject to Section 1.02.

“Funding Document” means the Loan Agreement or
any agreement or instrument executed by the CP Issuer and executed by or in
favor of any Liquidity Bank or Other Conduit 

 I-10
 

 

Funding Source or executed by any Liquidity Bank or
Other Conduit Funding Source at the request of the CP Issuer (including any
program letters of credit or liquidity agreements).

“Funding Party” means each of the Agent, the CP
Issuer, the Liquidity Banks, and each Other Conduit Funding Source

“FX Rights” means those rights granted by Aspen
to the Transferor under Section 1.6 of the Purchase and Sale
Agreement.

“GAAP” means the generally accepted accounting
principles and practices in the United States consistently applied.

“Governmental Authority” means any nation or
government, any state or other political subdivision thereof, any central bank
(or similar monetary or regulatory authority) thereof, any body or entity
exercising executive, legislative, judicial, regulatory or administrative
functions of or pertaining to government, including without limitation any
court, and any Person owned or controlled, through stock or capital ownership
or otherwise, by any of the foregoing and any.

“Governmental Licenses” means all permits,
licenses, franchises, approvals, orders, consents and other authorizations.

“Indemnified Amounts” has the meaning set forth
in Section 12.01.

“Indemnified Party” has the meaning set forth
in Section 12.01.

“Initial Cut-Off Date” means September 1, 2006.

“Initial Funding Date” means September 29,
2006.

“Insolvency Event” means the occurrence of any
of the following:  (i) a case or other
proceeding under any applicable bankruptcy, insolvency, reorganization, debt
arrangement, dissolution or other similar law now or hereafter in effect shall
be commenced by or against such Person, in any court, seeking the liquidation,
reorganization, debt arrangement, dissolution, winding up, or composition or
readjustment of debts of such Person, the appointment of a trustee, receiver,
custodian, liquidator, assignee, sequestrator or the like for such Person or
all or any substantial part of its assets, or any similar action with respect
to such Person; or (ii) such Person shall make any general assignment for the
benefit of creditors, or shall fail to, or admit in writing its inability to,
pay its debts generally as they become due; or (iii) if a corporation, limited
liability company or similar entity, its board of directors, managing committee
or controlling partners shall vote to implement any of the foregoing.

“Interest Period” means, the period from and
including each Payment Date to but excluding the next ensuing Payment Date; provided,
however, that the initial Interest Period shall be the period from the
Initial Funding Date to the first Payment Date. 
Notwithstanding the foregoing, any Interest Period that commences before
the Final Payout Date that would otherwise end after the Final Payout Date
shall end on the Final Payout Date.

 I-11

 

“Investment Grade” means an obligation with a
long term debt rating of at least “BBB” by S&P and at least “Baa2” by Moody’s.

“KeyBank” means KeyBank National Association.

“Lenders” mean the CP Issuer and each Liquidity
Bank.

“Lender Expenses” means all reasonable (a)
costs or expenses (including taxes, and insurance premiums) required to be paid
by Borrower under any of the Transaction Documents that are paid, advanced, or
incurred by the Lenders, (b) fees or charges paid or incurred by Agent in
connection with any Lender’s transactions with Borrower, including, fees or
charges for photocopying, notarization, couriers and messengers,
telecommunication, public record searches (including tax lien, litigation, and
UCC searches), filing, recording, publication, and appraisals (including, after
a Termination Event, Collateral appraisals), (c) costs and expenses
incurred by Agent in the disbursement of funds to Borrower, Servicer, Backup
Servicer, any hedging counterparty and the other members of any Lender (by wire
transfer or otherwise), (d) charges paid or incurred by Agent resulting from
the dishonor of any checks, (e) reasonable costs and expenses paid or incurred
by any Lender to correct any default or enforce any provision of the
Transaction Documents, or in gaining possession of, maintaining, handling,
preserving, storing, shipping, selling, preparing for sale, or advertising to
sell the Collateral, or any portion thereof, irrespective of whether a sale is
consummated, (f) audit fees and expenses of Agent related to audit examinations
of the books to the extent of the fees and charges (and up to the amount of any
limitation) contained in this Agreement, (g) reasonable costs and expenses of
third party claims or any other suit paid or incurred by any Lender in enforcing
or defending the Transaction Documents or in connection with the transactions
contemplated by the Transaction Documents or such Lender’s relationship with
Borrower, (h) Agent’s and each Lender’s reasonable costs and expenses
(including attorneys’ fees) incurred in advising, structuring, drafting,
reviewing, administering, syndicating, or amending the Transaction Documents
subject to any agreed upon limitation between Agent and Borrower, and (i) Agent’s
and each Lender’s reasonable costs and expenses (including attorneys,
accountants, consultants, and other advisors fees and expenses) incurred in
terminating, enforcing (including attorneys, accountants, consultants, and
other advisors fees and expenses incurred in connection with a “workout,” a “restructuring,”
or an Insolvency Event concerning Borrower or any of its Affiliates or in
exercising rights or remedies under the Transaction Documents), or defending
the Transaction Documents, irrespective of whether suit is brought, or in
taking any action concerning the Collateral.

“LIBOR Rate” means, with respect to any
Interest Period or other time period, the rate per annum (rounded upwards, if
necessary, to the next higher one hundred-thousandth of a percentage point) for
deposits in Dollars for a period equal to such Interest Period or other period,
which appears on Page 3750 of the Telerate Service (or any successor page or
successor service that displays the British Bankers’ Association Interest
Settlement Rates for Dollar deposits) as of 11:00 a.m. (London, England time)
two Business Days before the commencement of such Interest Period or other
period.  If for any Interest Period, no
such displayed rate is available (or, for any other period, if such displayed rate
is not available or the need to calculate LIBOR is not notified to the Agent at
least three Business Days before the commencement of the period for which it is
to be determined), the Agent shall determine such rate based on the rates
KeyBank is offered deposits of such duration in the London interbank market.

 I-12
 

 

 

“Liquidity Agreement” means the Liquidity
Agreement, dated as of September 27, 2006, among the CP Issuer, the Liquidity
Banks from time to time parties thereto, and the Agent.

“Liquidity Bank” or “Liquidity Provider”
means each of the financial institution(s) listed on the signature pages to the
Liquidity Agreement under the heading “Liquidity Institutions” (which consist,
initially, of the Initial Liquidity Bank) and such other financial institutions
which from time to time may become a party thereto in accordance with Section
4.5 of the Liquidity Agreement.

“Liquidity Bank Note” means, with respect to
each Liquidity Bank, a single promissory grid note, executed and delivered by
the Borrower, substantially in the form set forth on Exhibit VI hereto, with
appropriate insertions, payable to the order of the Agent, as agent for such
Liquidity Bank.

“Liquidity Limit” means, with respect to any
Liquidity Bank, the maximum principal amount of Loans that may at any time be
outstanding under the Liquidity Bank Note of such Liquidity Bank, as set forth
under such Liquidity Bank’s signature to this Agreement or the agreement by
which such Liquidity Bank became a party to this Agreement, as modified from
time to time in accordance with Section 11.04 (Assignments by Liquidity Banks)
of this Agreement.

“Liquidity Percentage” means, with respect to
any Liquidity Bank at any time, the quotient of the Liquidity Limit of such
Liquidity Bank divided by the Facility Limit.

“Liquidity Reserve Account” is the account by
that name established and maintained pursuant to Section 3.07.

“Loan” has the meaning set forth in Section 1.01.

“Margin Stock” has the meaning set forth in
Regulation U of the Federal Reserve Board.

“Material Adverse Effect” means, with respect
to any event or circumstance, a material adverse effect on:

(i)            the
business, assets, operations or condition (financial or otherwise) of the
Borrower, the Transferor, or Aspen;

(ii)           the
ability of Aspen, the Transferor or the Borrower to perform its respective
obligations under the Transaction Documents;

(iii)          the
validity or enforceability of this Agreement or any other Transaction Document,
or the validity, enforceability or collectibility of a material portion of the
Receivables or the related Contracts;

(iv)          the
existence, perfection, priority or enforceability of Agent’s security interest
in a material portion of the Pool Assets; or

(v)           the
collectibility of the Pool Receivables;

 I-13
 

 

 

provided that, notwithstanding the foregoing, the
matters disclosed in the Form 10-K with respect to the Servicer to be
filed on or about September 28, 2006 shall not constitute a Material Adverse
Effect.

“Net Eligible Balance” means an amount equal to
the Outstanding Balance of the Eligible Receivables, discounted at the Discount
Rate, minus the Outstanding Balance of Defaulted Receivables, discounted at the
Discount Rate.

“Non-USD Collections” has the meaning set forth
in Section 8.02(i).

“Notes” means, collectively, the CP Issuer Note
and the Liquidity Bank Note.

“Obligations” means all obligations (monetary
or otherwise) of each of the Borrower and the Servicer (as the case may be) to
the Secured Parties and their respective successors, transferees and assigns
arising under or in connection with the Transaction Documents, in each case
however created, arising or evidenced, whether direct to indirect, absolute or
contingent, now or hereafter existing, or due or to become due.

“Obligor” means a Person obligated to make
payments pursuant to a Contract.

“Other Conduit Funding Source” means any
insurance company, bank, or other financial institution providing liquidity,
back-up purchase, or credit support (such as a program letter of credit) for
the CP Issuer, excluding the Liquidity Banks.

“Outstanding Balance” means, in respect of any
Receivable at any date of determination, the then outstanding principal amount
thereof.

“Payment Date” means the thirteenth (13th) day
of each calendar month (or, if such day is not a Business Day, the immediately
succeeding Business Day).

“Pension Plan” means a “pension plan”, as such
term is defined in Section 3(2) of ERISA, which is subject to Title IV of
ERISA (other than a multiemployer plan as defined in Section 4001(a)(3) of
ERISA), and to which Aspen or the Borrower or any corporation, trade or
business that is, along with Aspen or the Borrower, a member of a controlled
group of corporations or a controlled group of trades or businesses, as
described in Sections 414(b) and 414(c), respectively, of the Internal Revenue
Code of 1986, as amended, or Section 4001 of ERISA may have any liability,
including any liability by reason of having been a substantial employer within
the meaning of Section 4063 of ERISA at any time during the preceding five
years, or by reason of being deemed to be a contributing sponsor under
Section 4069 of ERISA.

“Permitted Investments” means:

(i)            marketable
obligations issued or directly and fully guaranteed or insured as to full and
timely payment by the United States government or any agency or instrumentality
thereof when such marketable obligations are backed by the full faith and
credit of the United States government, but excluding any securities which are
derivatives of such obligations or any such obligations that are subject to a
call or prepayment prior to their maturity;

 I-14
 

 

 

(ii)           time
deposits, bankers’ acceptances and certificates of deposit of any domestic
commercial bank or any United States branch or agency of a foreign commercial
bank which (x) has capital, surplus and undivided profits in excess of
$100,000,000 and which has a commercial paper or certificate of deposit rating
meeting the requirements specified in clause (iii) below (or equivalent
long-term rating) or (y) is set forth in a list (which may be updated from time
to time) (A) approved by the Agent;

(iii)          commercial
paper which is rated at least as high as by A-1 by Standard & Poor’s;

(iv)          secured
repurchase obligations for underlying securities of the types described in
clauses (i) and (ii) above entered into with any bank of the type described in
clause (ii) above; and

(v)           freely
redeemable shares in money market funds which invest solely in obligations,
bankers’ acceptances, time deposits, certificates of deposit, repurchase
agreements and commercial paper of the types described in clauses (i) through
(iv) above, without regard to the limitations as to the maturity of such
obligations, bankers’ acceptances, time deposits, certificates of deposit,
repurchase agreements or commercial paper, which money market funds are rated “AAAm”
or “AAAm-g” by Standard & Poor’s;

and, in any such case, the applicable investment shall
mature by not later than one Business Day prior to the next succeeding Payment
Date.

“Person” means an individual, partnership,
corporation (including a business or statutory trust), joint stock company,
trust, unincorporated association, joint venture, limited liability company,
government or any agency or political subdivision thereof or any other entity.

“Pool Assets” means (i) all then outstanding
Pool Receivables, (ii) all right, title and interest of the Borrower in, to and
under all Related Security with respect to such Pool Receivables, (iii) all of
the Borrower’s right, title and interest in, to and under the Collateral
Account, and (iv) all Collections with respect to, and other proceeds of, the
foregoing.

“Pool Receivable” means a Receivable in the
Receivables Pool.

“Pro Rata Share” means, at any time with
respect to (i) an allocation of payments among the CP Issuer and each Liquidity
Bank, (a) the unpaid principal balance of all Loans then funded by the CP
Issuer or such Liquidity Bank which have not been repaid, divided by (b) the
aggregate outstanding principal amount of the Loans, and (ii) any Loans to be
made by the Liquidity Banks or payments to be allocated exclusively among the
Liquidity Banks, the meaning set forth in the Liquidity Agreement

“Program Information” has the meaning set forth
in Section 13.07.

“Purchase and Resale Agreement” means that
certain Purchase and Resale Agreement, dated as of the date hereof, between the
Transferor, as seller thereunder, and the Borrower, as 

 I-15
 

 

purchaser thereunder, as such agreement may be
amended, restated, supplemented or otherwise modified from time to time.

“Purchase and Sale Agreement” means that
certain Purchase and Sale Agreement, dated as of the date hereof, between
Aspen, as seller thereunder, and the Transferor, as purchaser thereunder, as
such agreement may be amended, restated, supplemented or otherwise modified
from time to time.

“Rating Agency” means Moody’s,
Standard & Poor’s and Fitch.

“Ratings” means the ratings by the Rating
Agencies of the indebtedness for borrowed money of the CP Issuer or the
Affiliate thereof from which the CP Issuer obtains funds

“Receivable” means all indebtedness and other
obligations owed to Aspen and identified on Schedule B hereto,
whether, in any case constituting an account, chattel paper, instrument or
general intangible, and including, without limitation, the obligation to pay
any Finance Charges with respect thereto.

“Receivables Pool” means at any time all then
outstanding Receivables of the Borrower.

“Receivables Schedule” has the meaning assigned
to such term in the Purchase and Sale Agreement.

“Related Security”
means, with respect to any Pool Receivable:

(i)            all
of Borrower’s right, title and interest in, to and under all Contracts that
relate to such Pool Receivable to the extent such right, title and interest
relates to the payment obligation of the Obligor in respect of such Pool
Receivable;

(ii)           all
of Borrower’s claims against the applicable Obligor for or in connection with
the termination of the related Contracts;

(iii)          all
security deposits and other security interests or liens and property purporting
to secure payment of such Pool Receivable, whether pursuant to the Contract related
to such Pool Receivable or otherwise;

(iv)          all
UCC financing statements covering the collateral securing payment of such Pool
Receivable;

(v)           all
guarantees, letters of credit and other agreements or arrangements of whatever
character from time to time supporting or securing payment of such Pool
Receivable whether pursuant to the Contract related to such Pool Receivable or
otherwise;

(vi)          all
books, records and other information (including, without limitation, computer
programs, tapes, disks, punch cards, data processing software and related
property and rights) relating to such Receivable, any Related Security therefor
and the related Obligor;

 I-16
 

 

 

(vii)         all
of Borrower’s right, title and interest in, to and under the Purchase and Sale
Agreement and the Purchase and Resale Agreement, including, without limitation,
the FX Rights thereunder; and

(viii)        all
proceeds of the Receivables and of any of the foregoing.

“Replaced Receivable” shall have the meaning
assigned to such term in Section 3.04(b) hereof.

“Reporting Date” means, in respect of any
calendar month, the seventh Business Day following the last day of such
calendar month.

“Required Liquidity Banks” means the Liquidity
Banks that, as of the date of determination, hold not less than a majority of
the outstanding principal balances of all Liquidity Banks.

“Required Liquidity Reserve Amount” means, as
of any Payment Date, an amount equal to an estimate of the interest expenses
for the next two succeeding Collection Periods, which shall be calculated by the
Agent based on the interest rate used in the Servicer Report for the most
recent Reporting Date and principal will be equal to the ending balance set
forth in the Servicer Report for the most recent Reporting Date.

“Requirements of Law” means, to any Person, any
law, statute rule, treaty, regulation or determination of an arbitrator, court
or other Governmental Authority, in each case applicable to or binding upon
such Person or any of its properties or to which such Person or any of its
properties may be bound or affected.

“Reserve Percentage” means, on any day, the
maximum percentage prescribed by the Board of Governors of the Federal Reserve
System (or any successor Governmental Authority) for determining the reserve
requirements (including any basic, supplemental, marginal, or emergency
reserves) that are in effect on such date with respect to eurocurrency funding
(currently referred to as “eurocurrency liabilities”) of Agent, but so long as
Agent is not required or directed under applicable regulations to maintain such
reserves, the Reserve Percentage shall be zero.

“Restricted Person” has the meaning set forth
in Section 8.02(K)

“Revolving Period”
means the three (3) year period beginning on the Closing Date and ending on the
third anniversary of the Closing Date which date may be extended for an
additional 364 day period upon the agreement of the Borrower and the Lender; provided,
that, the Revolving Period shall end immediately upon the occurrence of a
Termination Event.

“S&R Date” shall have the meaning assigned
to such term in Section 3.04(b) hereof.

“S&R Notice” shall have the meaning
assigned to such term in Section 3.04(b) hereof.

“Secured Parties” means the Lender, the CP
Issuer, the Agent, the and the Liquidity Banks.

 I-17
 

 

 

“Security Agreement” means the Security
Agreement, dated as of the Closing Date, between the Borrower and the Agent, as
the same may be amended, supplemented or otherwise modified from time to time.

“Servicer” has the meaning set forth in the preamble
to the Agreement.

“Servicer Report” means, in respect of any
calendar month, a report prepared by the Servicer and setting forth, in such
detail as may be reasonably requested by the Agent, a summary of all payments
received by Aspen or the Servicer and other activity in respect of the Pool
Receivables during the calendar month then most recently ended.

“Servicer Termination Event” means any of the
following:

(i)            The
occurrence of any Material Adverse Effect; or

(ii)           Any
Termination Event.

“Servicer’s Fee” means an amount, payable monthly
in arrears, equal to 1/12 of .75% of the Receivables Pool as of each Payment
Date.

“Spread” means 3.5%.

 Standard
& Poor’s” means Standard & Poor’s, a division of The McGraw-Hill
Companies, Inc.

“Subsequent Cut-Off Date” means, with respect
to each Funding Date on which Receivables are transferred to the Borrower
pursuant to the Purchase and Resale Agreement, the date specified in the
receivable Schedule with respect to such Receivables.

“Subsidiary” means, as to any Person, any other
entity of which shares of stock of each class or other equity interests having
ordinary voting power (other than stock or other equity interests having such
power only be reason of the happening of a contingency) to elect a majority of
the board of directors or other managers of such entity are at the time owned,
or management of which is otherwise controlled: (a) by such Person, (b) by one
or more Subsidiaries of such Person or (c) by such Person and one or more
Subsidiaries of such Person.

“Successor Servicer Notice” has the meaning set
forth in Section 8.01(b).

“Supersede-and-Replace” shall have the meaning
assigned to such term in Section 3.04(a) hereof.

“Superseding Receivable” shall have the meaning
assigned to such term in Section 3.04(a) hereof.

“Taxes” means, with respect to any Person, any
taxes, levies, imposts, deductions, charges, withholdings and liabilities, now
or hereafter imposed, levied, collected, withheld or assessed by any country
(or any political subdivision thereof), excluding income or franchise taxes
imposed on it by (i) the jurisdiction under the laws of which such Person is
organized (or 

 I-18
 

 

by any political subdivision thereof), (ii) any
jurisdiction in which an office of such Person may be located or (iii) any
jurisdiction in which such Person is already subject to tax.

“Termination Event” means the occurrence of any
of the following events or conditions: 
(i) an Event of Default; (ii) at any time the Delinquency Ratio exceeds
eight percent (8%) at the end of any Collection Period; (iii) at any time,
the Annualized Default Amount exceeds four percent (4%) at the end of any
Collection Period and/or (iv) Agent ceases to have a valid and enforceable
perfected first priority security interest in the Pool Receivables for any
reason.

“Transaction Documents” means the Agreement,
all control agreements related to the Collateral Account, the Purchase and Sale
Agreement, the Purchase and Resale Agreement, the Fee Letter, the Security
Agreement, and all other instruments, documents and agreements executed or delivered
under or in connection with the Agreement, in each case as the same may be
amended, supplemented or otherwise modified from time to time.  For avoidance of doubt, the Liquidity
Agreement is not a Transaction Document.

“Transferor” means “Aspen Technology Funding
2006-I LLC”, a limited liability company organized under the laws of Delaware.

“UCC” means the Uniform Commercial Code as from
time to time in effect in the applicable jurisdiction.

“Unmatured Event of Default” means any event
which, with the giving of notice or lapse of time, or both, would become or
constitute an Event of Default.

B.            Other
Terms.  All accounting terms not
specifically defined herein shall be construed in accordance with generally
accepted accounting principles.  All
terms used in Article 9 of the UCC in the applicable jurisdiction, and not
specifically defined herein, are used herein as defined in such
Article 9.  Unless the context
otherwise requires, “or” means “and/or”, and “including” (and with correlative
meaning “include” and “includes”) means including without limiting the
generality of any description preceding such term.

C.            Computation
of Time Periods.  Unless otherwise
stated in this Agreement, in the computation of a period of time from a
specified date to a later specified date, the word “from” means “from and
including” and the words “to” and “until” each means “to but excluding”.

D.            References.  Each reference in this Exhibit I to
any Section or Exhibit refers to such Section of or Exhibit to this
Agreement.

 I-19

 

 

EXHIBIT II

Credit and Collection Policy

 

 II-1

 

 

EXHIBIT III

Form of Contract

 

 III-1

 

 

EXHIBIT IV

FORM OF BORROWING REQUEST

                               ,
     

KEY EQUIPMENT FINANCE INC., as Agent

Lease Advisory Services

19100 Von Karman Avenue, Suite 250

Irvine, CA 92612

Attention: Steven T. Dixon, Managing Director

 

Re:                               Aspen
Technology Funding 2006-II LLC Loan Agreement

Ladies and Gentlemen:

The undersigned is an Officer of Aspen Technology
Funding 2006-II LLC (the “Borrower”), and
is authorized to execute and deliver this Borrowing Request on behalf of the
Borrower pursuant to the Loan Agreement, dated as of September 27, 2006 (the “Loan Agreement”), among, the Borrower, Aspen Technology,
Inc. (the “Servicer”), Portfolio Financial Servicing Company, Inc., as the
Back-up Servicer, Key Equipment Finance Inc., as agent (in such capacity, the “Agent”), Relationship Funding Company, LLC, as CP Issuer
(the “CP Issuer”) and [KeyBank National
Association and such other liquidity banks as may from time to time be parties
thereto] (the “Liquidity Banks”).  Capitalized terms not otherwise defined herein
have the meanings ascribed thereto in the Loan Agreement.  The Borrower hereby requests that a Loan be
made under the Loan Agreement on                   ,
     in the amount of $                 .
In connection with the foregoing, the undersigned hereby certifies, on behalf
of the Borrower and solely in the capacity as an officer of the Borrower, as
follows:

(i)            The
Loan Agreement and the other Transaction Documents are still effective and
legally binding on Borrower and the other Persons that are parties to the Loan
Agreement or any of the other Transaction Documents.

(ii)           the
representations and warranties contained in the Loan Agreement and the other
Transaction Documents are true and correct in all material respects on and as
of the date hereof, as though made on and as of the date hereof (except to the
extent that such representations and warranties relate solely to an earlier
date).

(iii)          No
Termination Event has occurred and is occurring. No Termination Event will
exist as a result of making the requested Loan.

(iv)          No
injunction, writ, restraining order, or other order of any nature restricting
or prohibiting, directly or indirectly, the extending of such credit has been
issued by any Governmental Authority against the Borrower or any of its Affiliates.

 IV-1
 

 

 

(v)           Attached
hereto as Schedule I is a copy of the Receivables Schedule (and the
Supplemental Receivables Schedule delivered pursuant to the Purchase and Sale
Agreement) identifying each Pool Receivable (which is being funded by a Loan on
this Funding Date), as well as the payment terms, frequency of payments, maturity date of the relevant Contract, the Obligor thereon
and the Outstanding Balance thereof as of the applicable Subsequent Cut-Off
Date.

(vi)          The
applicable Servicer Report has been delivered to the Agent.

(vii)         No
Material Adverse Effect has occurred.

(viii)        The
Borrower has delivered to the Agent this Borrowing Request together with copies
of all required documentation.

(ix)           The
Borrower has not commenced any Insolvency Event.

(x)            The
amount of the aggregate principal amount of Loans outstanding is less than the
amount of the Borrowing Base as of the date hereof (after application of the
Collection Amount related to such Payment Date pursuant to Section 3.02
of the Loan Agreement).

(xi)           To
the best of Borrower’s knowledge, no Requirements of Law to any Secured Party
are being violated as a result of this Borrowing Request.

(xii)          As
of the date hereof, each Receivable included in the calculation of the
Borrowing Base is an Eligible Receivable (except for item (viii) of the
definition thereof).

(xiii)         As
of the date hereof, the Agent has received payment of all unpaid fees due to it
and all expenses of the Agent, including the reasonable fees and disbursements
of its counsel.

(xiv)        [TO
THE EXTENT THERE IS A FOREIGN CREDIT EXCESS CONTINUING ON THE APPLICABLE
FUNDING DATE] [As of the date hereof, either, (i) Additional Pool Receivables
have been maintained in the amount of the excess of the Outstanding Balance of
Pool Receivables with Obligors located in countries rated below Investment
Grade over 10% of the aggregate Outstanding Balance of the Pool Receivables or
(ii) the Agent has adjusted the Advance Rate Percentage in accordance with
the proviso to the definition of Advance Rate Percentage.]

ASPEN TECHNOLOGY FUNDING 2006-II LLC

By:                                                                                          

      Name:

      Title:

 IV-2
 

 

 

SERVICER’S REVIEW ACKNOWLEDGMENT

The Servicer certifies that no Servicer Termination
Event exists as of the date hereof.

ASPEN TECHNOLOGY, INC.,

as Servicer

By:                                                                                          

      Name:

      Title:

 IV-3

EXHIBIT V

CP ISSUER NOTE

	
  $75,000,000.00

  	
  September 27, 2006

  

 

FOR VALUE RECEIVED, the undersigned, ASPEN TECHNOLOGY
FUNDING 2006-II LLC, a Delaware limited liability company (the “Borrower”), promises to pay to the order of KEY EQUIPMENT
FINANCE INC., as agent (in such capacity, the “Agent”)
for the benefit of RELATIONSHIP FUNDING COMPANY, LLC (the “CP Issuer”),
the principal amount of SEVENTY-FIVE MILLION DOLLARS ($75,000,000) or, if less,
the aggregate unpaid principal amount of all Loans made by the CP Issuer to the
Borrower pursuant to the Loan Agreement (hereinafter defined), whether to fund
acquisitions of Pool Receivables or to continue outstanding Loans or otherwise
in accordance with the Loan Agreement, in installments in such amounts and on
such dates as are determined pursuant to the Loan Agreement.

This promissory note is a CP Issuer Note referred to
in, and evidences indebtedness incurred under, the Loan Agreement, dated as of
September 27, 2006 (as Amended, restated, extended, and supplemented from time
to time, the “Loan Agreement”), among the
Borrower, Aspen Technology Inc. (as servicer), the Agent, the CP Issuer, and
the Liquidity Banks from time to time party thereto.  Capitalized terms not otherwise defined
herein have the meanings ascribed thereto in Exhibit A to the Loan Agreement.

The Borrower also promises to pay interest on the
unpaid principal amount hereof from time to time outstanding from the date each
Loan is made until payment in full thereof at the rates and on the dates
(whether as installments or at the time of acceleration or otherwise) set forth
in the Loan Agreement.

Payments of both principal and interest are to be made
in lawful money of the United States of America in immediately available funds
to the account within the United States designated by the CP Issuer pursuant to
the Loan Agreement.

The Agent shall (i) record on its books and records
the date and amount of each Loan made by the CP Issuer to the Borrower
hereunder and each payment or prepayment thereon (including reductions in the
principal balance of this promissory note in the principal amount of proceeds
of Loans made by the Liquidity Banks to continue to fund Loans no longer being
funded by the CP Issuer), as well as the interest rates applicable from time to
time thereto, and either endorse such information on the schedule attached
hereto, any continuation hereof, or in its business records, and (ii) prior to
any transfer of this promissory note (or at the discretion of the Agent, at any
other time), endorse such information on the schedule attached hereto or any
continuation hereof, or otherwise provide evidence of such information
contained in its business records.  The
failure of the Agent to make any such recordation on this promissory note shall
not affect the obligations of the Borrower under this promissory note or the
Loan Agreement.

Reference is made to the Loan Agreement for a
description of the security for this promissory note and for a statement of the
terms and conditions on which the Borrower is permitted and required to make
prepayments and repayments of principal of the indebtedness evidenced by this 

 V-1
 

promissory note and on which such indebtedness may be
declared to be immediately due and payable.

Except as may otherwise expressly
be provided in the Loan Agreement, the Borrower hereby expressly waives demand,
protest, notice of dishonor and all other notices of any kind.

THIS NOTE HAS BEEN
DELIVERED IN NEW YORK, NEW YORK AND SHALL BE DEEMED TO BE A CONTRACT MADE UNDER
AND GOVERNED BY THE INTERNAL LAWS OF THE STATE OF NEW YORK (INCLUDING FOR SUCH
PURPOSES SECTIONS 5-1401 AND 5-1402 OF THE GENERAL OBLIGATIONS LAW OF THE STATE
OF NEW YORK).

	
  

  	
  ASPEN TECHNOLOGY FUNDING 2006-II LLC

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 V-2
 

 

	
  Date of

  Loan

  	
  Amount of

  Loan

  	
  Date of Payment/

  Prepayment

  	
  Amount of

  Payment/

  Prepayment

  	
  Unpaid

  Balance

  	
  Notation

  Made By

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

 V-3

 

EXHIBIT VI

LIQUIDITY BANK NOTE

	
  $75,000,000.00

  	
  September 27, 2006

  

 

FOR VALUE RECEIVED, the undersigned, ASPEN TECHNOLOGY
FUNDING 2006-II LLC, a Delaware limited liability company (the “Borrower”), promises to pay to the order of KEY EQUIPMENT
FINANCE INC., as agent (in such capacity, the “Agent”)
for the benefit of KEYBANK NATIONAL ASSOCIATION (the “Liquidity
Bank”), the principal amount of SEVENTY-FIVE MILLION DOLLARS
($75,000,000) or, if less, the aggregate unpaid principal amount of all Loans
made by the Liquidity Bank to the Borrower pursuant to the Loan Agreement
(hereinafter defined), whether to fund acquisitions of Pool Receivables or to
continue outstanding Loans originally funded by the CP Issuer, or otherwise in
accordance with the Loan Agreement, in installments in such amounts and on such
dates as are determined pursuant to the Loan Agreement.

This promissory note is a Liquidity Bank Note referred
to in, and evidences indebtedness incurred under, the Loan Agreement, dated as
of September 27, 2006 (as amended, restated, extended, and supplemented from
time to time, the “Loan Agreement”),
among the Borrower, Aspen Technology, Inc. (as servicer), the Agent,
Relationship Funding Company, LLC, and the Liquidity Banks from time to time
party thereto. Capitalized terms not otherwise defined herein have the meanings
ascribed thereto in Exhibit A to the Loan Agreement.

The Borrower also promises to pay interest on the
unpaid principal amount hereof from time to time outstanding from the date each
Loan is made until payment in full thereof at the rates and on the dates
(whether as installments or at the time of acceleration or otherwise) set forth
in the Loan Agreement.

Payments of both principal and interest are to be made
in lawful money of the United States of America in immediately available funds
to the account within the United States designated by the Liquidity Bank
pursuant to the Loan Agreement.

The Agent shall (i) record on its. books and records
the date and amount of each Loan made by the Liquidity Bank to the Borrower
hereunder (including Loans made to continue to fund Loans formerly funded by
the CP Issuer) and each payment and prepayment thereon, as well as the interest
rates applicable from time to time thereto, and either endorse such information
on the schedule attached hereto, any continuation hereof, or in its business
records, and (ii) prior to any transfer of this promissory note (or at the
discretion of the Agent, at any other time), endorse such information on the
schedule attached hereto or any continuation hereof, or otherwise provide
evidence of such information contained in its business records. The failure of
the Agent to make any such recordation on this promissory note shall not affect
the obligations of the Borrower under this promissory note or the Loan
Agreement.

Reference is made to the Loan Agreement for a
description of the security for this promissory note and for a statement of the
terms and conditions on which the Borrower is permitted and required to make
prepayments and repayments of principal of the indebtedness evidenced by this 

 VI-1
 

promissory note and on which such indebtedness may be
declared to be immediately due and payable.

Except as may otherwise expressly be provided in the
Loan Agreement, the Borrower hereby expressly waives demand, protest, notice of
dishonor and all other notices of any kind.

THIS NOTE HAS BEEN DELIVERED IN NEW YORK, NEW YORK AND
SHALL BE DEEMED TO BE A CONTRACT MADE UNDER AND GOVERNED BY THE INTERNAL LAWS
OF THE STATE OF NEW YORK (INCLUDING FOR SUCH PURPOSES SECTIONS 5-1401 AND
5-1402 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK).

	
  

  	
  ASPEN TECHNOLOGY FUNDING 2006-II LLC

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

 VI-2
 

 

	
  Date of

  Loan

  	
  Amount of

  Loan

  	
  Date of Payment/

  Prepayment

  	
  Amount of

  Payment/

  Prepayment

  	
  Unpaid

  Balance

  	
  Notation

  Made By

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

 VI-3

 

SCHEDULE A

Offices Where Records are Kept

Aspen Technology, Inc.

Ten Canal Park

Cambridge, Massachusetts 02141-2201

Aspen Technology Funding II LLC

Ten Canal Park

Cambridge, Massachusetts 02141-2201

 

 A-1

 

 

SCHEDULE B

Schedule of Pool Receivables

 

 B-1

 

 

SCHEDULE C

Authorized
Officers

	
  Mark E. Fusco

  	
  —

  	
  President

  
	
   

  	
   

  	
   

  
	
  Brian E. LeClair

  	
  —

  	
  Vice President

  
	
   

  	
   

  	
   

  
	
  Leo S. Vannoni

  	
  —

  	
  Treasurer and Secretary

  

 

 C-1

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00113-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00113-of-00352.parquet"}]]