Document:

Exhibit 10.22(f)

 

FIFTH LOAN MODIFICATION
AGREEMENT

 

This Fifth Loan Modification Agreement (the “Loan
Modification Agreement”) is entered into as of May 6, 2005, by and among (i) SILICON VALLEY BANK, a California chartered bank, with its
principal place of business at 3003 Tasman Drive, Santa Clara, California 95054
and with a loan production office located at One Newton Executive Park, Suite 200,
2221 Washington Street, Newton, Massachusetts 02462 (“Bank”) and (ii) ASPEN TECHNOLOGY, INC., a Delaware corporation with offices
at Ten Canal Park, Cambridge, Massachusetts 02141 and ASPENTECH,
INC., a Texas corporation with offices at Ten Canal Park, Cambridge,
Massachusetts 02141 (jointly and severally, individually and collectively, “Borrower”).

 

1.                                      DESCRIPTION OF
EXISTING INDEBTEDNESS AND OBLIGATIONS.  Among other indebtedness and obligations
which may be owing by Borrower to Bank, Borrower is indebted to Bank pursuant
to a loan arrangement dated as of January 30, 2003, evidenced by, among
other documents, a certain Loan and Security Agreement dated as of January 30,
2003 between Borrower and Bank, as amended by a certain letter agreement dated February 14,
2003, a certain First Loan Modification Agreement dated June 27, 2003, a
certain Second Loan Modification Agreement dated September 10, 2004, a
certain Third Loan Modification Agreement dated January 28, 2005, and as
further amended by a certain Fourth Loan Modification Agreement (the “Fourth
Amendment”) dated April 1, 2005 (as amended, the “Loan Agreement”).  Capitalized terms used but not otherwise
defined herein shall have the same meaning as in the Loan Agreement.

 

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

 

Hereinafter, the Security Documents, together
with all other documents evidencing or securing the Obligations including the
Export-Import Bank Loan and Security Agreement dated as of January 30,
2003, as amended, shall be referred to as the “Existing Loan Documents”.

 

3.                                      DESCRIPTION OF
CHANGE IN TERMS.

 

Modifications to Loan Agreement.

 

(i)            The Loan Agreement
shall be amended by deleting the following text appearing in Section 3 of
the Schedule thereto:

 

“Collateral
Handling Fee:  $2,000.00 ($1,000.00 when
not borrowing and Borrower has advised Silicon that it has elected to be on “non-borrowing
reporting status” pursuant to Section 6, below) per month, payable in
arrears.  Notwithstanding the foregoing,
if Borrower maintains at least $4,000,000.00 on deposit with Silicon during
such period in a non-interest bearing account, no Collateral Handling Fee shall
be due hereunder.”

 

and
inserting in lieu thereof the following:

 

 

“Collateral
Handling Fee:  $2,000.00 ($1,000.00 when
not borrowing and Borrower has advised Silicon that it has elected to be on “non-borrowing
reporting status” pursuant to Section 6, below) per month, payable in
arrears.”

 

(ii)           The Loan Agreement
shall be amended by deleting the following text appearing in Section 3 of
the Schedule thereto:

 

“Unused
Line Fee:  In the event, in any calendar
month (or portion thereof at the beginning and end of the term hereof), the
average daily principal balance of the Loans outstanding (including Letters of
Credit, Cash Management Services and the FX Reserve) during the month is less
than the amount of the Maximum Credit Limit, Borrower shall pay Silicon an
unused line fee in an amount equal to 0.25% per annum on the difference between
the amount of the Maximum Credit Limit and the average daily principal balance
of the Loans outstanding (including Letters of Credit, Cash Management Services
and the FX Reserve) during the month, which unused line fee shall be computed
and paid monthly, in arrears, on the first day of the following month.  Notwithstanding the foregoing, if Borrower
maintains at least $4,000,000.00 on deposit with Silicon during such month in a
non-interest bearing account, no Unused Line Fee shall be due hereunder.”

 

and
inserting in lieu thereof the following:

 

“Unused
Line Fee:  In the event, in any calendar
month (or portion thereof at the beginning and end of the term hereof), the
average daily principal balance of the Loans outstanding (including Letters of
Credit, Cash Management Services and the FX Reserve) during the month is les
than the amount of the Maximum Credit Limit, Borrower shall pay Silicon and
unused line fee in an amount equal to 0.25% per annum on the difference between
the amount of the Maximum Credit Limit and the average daily principal balance
of the Loans outstanding (including Letters of Credit, Cash Management Services
and the FX Reserve) during the month, which unused line fee shall be computed
and paid monthly, in arrears, on the first day of the following month.”

 

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

 

“a. Minimum Tangible Net Worth:

 

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

 

(i)

 

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

 

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

 

 

2

 

(c)                                  from June 1,
2005 through and including June 30, 2005 - $40,000,000;

 

(d)                                 from July 1,
2005 through and including July 31, 2005 - $30,000,000;

 

(e)                                  from August 1,
2005 through and including August 31, 2005 - $20,000,000;

 

(f)                                   from September 1,
2005 through and including September 30, 2005 - $40,000,000;

 

(g)                                  from October 1,
2005 through and including October 31, 2005 - $30,000,000;

 

(h)                                 from November 1,
2005 through and including November 30, 2005 - $20,000,000;

 

(i)                                     from December 1,
2005 through and including December 31, 2005 - $45,000,000;

 

(j)                                    from January 1,
2006 through and including January 31, 2006 - $35,000,000;

 

(k)                                 from February 1,
2006 through and including February 28, 2006 - $25,000,000;

 

(l)                                     from March 1,
2006 through and including March 31, 2006 - $50,000,000;

 

(m)                             from April 1,
2006 through and including April 30, 2006 - $40,000,000;

 

(n)                                 from May 1,
2006 through and including May 31, 2006 - $30,000,000; and

 

(o)                                 from June 1,
2006 through and including June 30, 2006 - $55,000,000.

 

(ii)           75% of all
consideration received after March 1, 2005 from proceeds from the issuance
of any equity securities of the Borrower (other than (i) the issuance of
stock options, restricted stock or other stock-based awards under the Borrower’s
director or employee stock incentive plans, or (ii) stock purchases under
the Borrower’s employee stock purchase plan).”

 

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

 

3

 

“c. Adjusted Quick Ratio:

 

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

 

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

 

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

 

(c)                                  from June 1,
2005 through and including June 30, 2005 – 1.30 to 1.0;

 

(d)                                 from July 1,
2005 through and including July 31, 2005 – 1.15 to 1.0;

 

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

 

(f)                                   from September 1,
2005 through and including September 30, 2005 – 1.25 to 1.0;

 

(g)                                  from October 1,
2005 through and including October 31, 2005 – 1.10 to 1.0;

 

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

 

(i)                                     from December 1,
2005 through and including December 31, 2005 – 1.30 to 1.0;

 

(j)                                    from January 1,
2006 through and including January 31, 2006 – 1.15 to 1.0;

 

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

 

(l)                                     from March 1,
2006 through and including March 31, 2006 – 1.35 to 1.0;

 

(m)                             from April 1,
2006 through and including April 30, 2006 – 1.20 to 1.0;

 

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

 

(o)                                 from June 1,
2006 through and including June 30, 2006 – 1.40 to 1.0.

 

4

 

4.                                      REVOCATION OF
CONSENT IN FOURTH AMENDMENT; REVISED CONSENT TO PAYMENT OF SUBORDINATED DEBT.

 

(a)                                 Paragraph No 4
of the Fourth Amendment is hereby deleted in its entirety.

 

(b)                                 Notwithstanding
the terms of the Existing Loan Documents to the contrary, including, without
limitation, Section 5.5 of the Loan Agreement, Borrower may not redeem,
retire, purchase or otherwise acquire, directly or indirectly, any of Borrower’s
stock, and/or any of Borrower’s 5 1⁄4% Convertible Subordinated Debentures or
other subordinated debt instruments; provided, however, Bank hereby consents to
Borrower’s proposed repayment on or before June 15, 2005 of Borrower’s 5
1⁄4% Convertible Subordinated Debentures, provided that, at the time of such
payment: (i) no Borrower is then in Default or would be in Default after
giving effect to such payment, (ii) Borrower will be in pro-forma
compliance with each of the financial covenants set forth in Section 5 of
the Schedule to the Loan Agreement after giving effect to the making of such
payment, (iii) Borrower will have, after giving effect to such payment, at
least $40,000,000.00 in Cash/Excess Availability, (iv) such payment does
not exceed $56,745,000 (plus accrued interest), and (v) Borrower delivers
to Bank a written notice at least two (2) business days prior to making
such payment, which notice contains the appropriate reports and calculation
evidencing Borrower’s pro-forma compliance with each of the financial covenants
set forth in Section 5 of the Schedule to the Loan Agreement after giving
effect to the making of such payment as well as evidence that Borrower will
have Cash/Excess Availability of at least $40,000,000.00 after giving effect to
the making of such payment.  As used
herein, “Cash/Excess Availability” shall mean (i) Borrower’s cash deposits
maintained with Bank, plus (ii) Borrower’s excess “availability” under the
Loan Agreement (net of Loans, Letters of Credit or other indebtedness due and
owing by Borrower to Bank), as determined by Silicon based upon the Credit
Limit restrictions set forth in Section 1 of the Schedule to the Loan
Agreement).

 

5.                                      WAIVER.  Bank hereby waives Borrower’s existing
defaults under the Existing Loan Documents by virtue of Borrower’s failure to
comply with the Tangible Net Worth covenant set forth in Section 5(a) of
the Schedule to the Loan Agreement (in effect prior to the date of this Loan
Modification Agreement) as of the months of March 2005 and April 2005.  Bank’s waiver of Borrower’s compliance with
said covenant shall apply only to the foregoing specific periods and shall
apply only to the requirements in effect prior to the date of this Loan
Modification Agreement and, accordingly, shall not apply to the revised
requirement for April 2005 set forth in this Loan Modification Agreement.

 

5

 

6.                                     FEES.  Borrower shall pay to Bank a modification fee
of $75,000.00 which fee shall be due on the date hereof and shall be deemed
fully earned as of the date hereof.  The
Borrower shall also reimburse Bank for all legal fees and expenses incurred in
connection with this amendment to the Existing Loan Documents.

 

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

 

8.                                     RATIFICATION OF
PERFECTION CERTIFICATES. 
Borrower hereby ratifies, confirms and reaffirms, all and singular, the
terms and disclosures contained in certain Perfection Certificates each dated
as of January 30, 2003, as amended and affected by Schedule 1 to the
Fourth Amendment and Exhibit A to the Fourth Amendment and acknowledges,
confirms and agrees the disclosures and information therein has not changed as
of the date hereof.

 

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

 

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

 

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

 

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

 

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

 

[Remainder of page intentionally
left blank.]

 

6

 

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

 

 

	
   

  	
  BORROWER:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  ASPEN
  TECHNOLOGY, INC.

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
  Title:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  ASPENTECH,
  INC.

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
  Title:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  BANK:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  SILICON
  VALLEY BANK

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
  Title:

  	
   

  	
   

  
										

 

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

 

	
  ASPENTECH
  SECURITIES CORP.

  	
   

  
	
   

  	
   

  
	
  By:

  	
   

  	
   

  
	
  Name:

  	
   

  	
   

  
	
  Title:

  	
   

  	
   

  
					

 

7Exhibit 10.22(i)

 

EIGHTH AMENDMENT

TO

LOAN AND SECURITY AGREEMENT

 

THIS EIGHTH
AMENDMENT to Loan and Security Agreement (this “Amendment”) is
entered into this 30th day of December, 2005, by and among Silicon Valley Bank
(“Bank”), Aspen Technology, Inc., a Delaware corporation and AspenTech, Inc.,
a Texas corporation (jointly and severally, “Borrower”) whose address is Ten
Canal Park, Cambridge, Massachusetts 02141.

 

RECITALS

 

A.            Bank and Borrower have
entered into that certain Loan and Security Agreement dated as of January 30,
2003, as amended by that certain First Loan Modification Agreement by and
between Bank and Borrower dated as of June 27, 2003, that certain Second
Loan Modification Agreement by and between Bank and Borrower dated as of September 10,
2004, that certain Third Loan Modification Agreement by and between Bank and
Borrower dated as of January 28, 2005, that certain Fourth Loan
Modification Agreement by and between Bank and Borrower dated as of April 1,
2005, that certain Fifth Loan Modification Agreement by and between Bank and
Borrower dated as of May 6, 2005, that certain Sixth Loan Modification
Agreement by and between Bank and Borrower dated as of June 15, 2005, and
that certain Seventh Loan Modification Agreement by and between Bank and
Borrower dated as of September, 2005 (as the same may from time to time be
further amended, modified, supplemented or restated, the “Loan Agreement”).

 

B.            Bank has extended credit to
Borrower for the purposes permitted in the Loan Agreement.

 

C.            Borrower has requested that
Bank amend the Loan Agreement to increase the amount available to be borrowed
under the borrowing base.

 

D.            Bank has agreed to so amend
certain provisions of the Loan Agreement, but only to the extent, in accordance
with the terms, subject to the conditions and in reliance upon the
representations and warranties set forth below.

 

AGREEMENT

 

NOW,
THEREFORE, in consideration of the foregoing recitals and
other good and valuable consideration, the receipt and adequacy of which is
hereby acknowledged, and intending to be legally bound, the parties hereto
agree as follows:

 

1.             Definitions.  Capitalized terms used but not defined in
this Amendment shall have the meanings given to them in the Loan Agreement.

 

2.             Amendment
to Loan Agreement.

 

2.1          Section 1.  (Credit Limit).  Borrower hereby reaffirms that Bank has an
existing security interest in all assets of the Borrower (except for
Intellectual Property, pursuant 

 

 

to the Loan Agreement), including, without
limitation, Borrower’s certificate of deposit account #8800061180 and all other
deposit accounts.  In consideration of
Bank entering into this Amendment and allowing Loans under the Loan Agreement
to exceed the amounts stated in item “(B)” of Section 1 entitled Credit
Limit of the Schedule to Loan and Security Agreement (but at no time exceeding
the Maximum Credit Limit) (the “Overadvance Amount”), Borrower will establish a
certificate of deposit in a minimum amount equal to 100% of the Overadvance
Amount (and shall be in excess of the cash required under the “Minimum Cash or
Excess Availability” covenant) (the “Additional CD”) which Additional CD
balance shall be increased, released and decreased proportionately, monthly
with the outstanding balances of Overadvance Amount.  Borrower acknowledges that Bank will place a
hold on the Additional CD.  Borrower
understands that in addition to all of the rights and.  remedies that may be available by law to Bank
upon an Event of Default, Bank may liquidate and obtain all funds in and from
the any certificates of deposit or other deposit accounts to pay any and all
obligations owing to Bank.

 

3.             Limitation
of Amendment.

 

3.1          The amendment set forth in Section 2, above, is effective for the purposes set
forth herein and shall be limited precisely as written and shall not be deemed
to (a) be a consent to any amendment, waiver or modification of any other
term or condition of any Loan Document, or (b) otherwise prejudice any
right or remedy which Bank may now have or may have in the future under or in
connection with any Loan Document.

 

3.2          This Amendment shall be
construed in connection with and as part of the Loan Documents and all terms,
conditions, representations, warranties, covenants and agreements set forth in
the Loan Documents, except as herein amended, are hereby ratified and confirmed
and shall remain in full force and effect.

 

4.             Representations
and Warranties.  To induce
Bank to enter into this Amendment, Borrower hereby represents and warrants to
Bank as follows:

 

4.1          Immediately after giving
effect to this Amendment (a) the representations and warranties contained
in the Loan Documents are true, accurate and complete in all material respects
as of the date hereof (except to the extent such representations and warranties
relate to an earlier date, in which case they are true and correct as of such
date), and (b) no Event of Default has occurred and is continuing;

 

4.2          Borrower has the power and
authority to execute and deliver this Amendment and to perform its obligations
under the Loan Agreement, as amended by this Amendment;

 

4.3          The organizational documents
of Borrower delivered to Bank on the date of the Loan Agreement remain true,
accurate and complete and have not been amended, supplemented or restated and
are and continue to be in full force and effect;

 

4.4          The execution and delivery
by Borrower of this Amendment and the performance by Borrower of its
obligations under the Loan Agreement, as amended by this Amendment, have been
duly authorized;

 

2

 

4.5          The execution and delivery
by Borrower of this Amendment and the performance by Borrower of its
obligations under the Loan Agreement, as amended by this Amendment, do not and
will not contravene (a) any law or regulation binding on or affecting
Borrower, (b) any contractual restriction with a Person binding on
Borrower, (c) any order, judgment or decree of any court or other
governmental or public body or authority, or subdivision thereof, binding on
Borrower, or (d) the organizational documents of Borrower;

 

4.6          The execution and delivery
by Borrower of this Amendment and the performance by Borrower of its
obligations under the Loan Agreement, as amended by this Amendment, do not
require any order, consent, approval, license, authorization or validation of,
or filing, recording or registration with, or exemption by any governmental or
public body or authority, or subdivision thereof, binding on either Borrower,
except as already has been obtained or made; and

 

4.7          This Amendment has been duly
executed and delivered by Borrower and is the binding obligation of Borrower,
enforceable against Borrower in accordance with its terms, except as such
enforceability may be limited by bankruptcy, insolvency, reorganization,
liquidation, moratorium or other similar laws of general application and
equitable principles relating to or affecting creditors’ rights.

 

5.             Counterparts.  This Amendment may be executed in any number
of counterparts and all of such counterparts taken together shall be deemed to
constitute one and the same instrument.

 

6.             Effectiveness.  This Amendment shall be deemed effective upon
(a) the due execution and delivery to Bank of this Amendment by each party
hereto, and (b) Bank’s receipt of the Acknowledgment of Amendment and
Reaffirmation of Guaranty substantially in the form attached hereto as Schedule
1, duly executed and delivered by each Guarantor.

 

[Signature page follows.]

 

3

 

IN
WITNESS WHEREOF, the parties hereto have caused this Amendment to
be duly executed and delivered as of the date first written above.

 

	
  BANK

  	
   

  	
  BORROWER

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Silicon
  Valley Bank

  	
   

  	
  Aspen
  Technology, Inc.

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
   

  	
   

  	
  By:

  	
             /s/

  	
   

  
	
  Name:

  	
   

  	
   

  	
  Name:

  	
  Leo S. Vannoni

  	
   

  
	
  Title:

  	
   

  	
   

  	
  Title:

  	
  VP/Treasurer

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  AspenTech, Inc.

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
               /s/

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Leo S. Vannoni

  	
   

  
	
   

  	
   

  	
  Title:

  	
  VP/Treasurer

  	
   

  
											

 

4

 

Schedule 1

 

ACKNOWLEDGMENT OF AMENDMENT

AND REAFFIRMATION OF GUARANTY

 

Section 1.    Guarantor
hereby acknowledges and confirms that it has reviewed and approved the terms
and conditions of the Eighth Amendment to Loan and Security Agreement dated as
of even date herewith (the “Amendment”).

 

Section 2.
   Guarantor
hereby consents to the Amendment and agrees that the Guaranty relating to the
Obligations of Borrower under the Loan Agreement shall continue in full force
and effect, shall be valid and enforceable and shall not be impaired or
otherwise affected by the execution of the Amendment or any other document or
instrument delivered in connection herewith.

 

Section 3.  Guarantor represents and warrants that, after
giving effect to the Amendment, all representations and warranties contained in
the Guaranty are true, accurate and complete as if made the date hereof.

 

Dated as of December 30, 2005

 

	
  GUARANTOR

  	
  AspenTech
  Securities Corp.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
              /s/

  	
   

  
	
   

  	
  Name

  	
  Charles Kano

  	
   

  
	
   

  	
  Title:

  	
  CFO

  	
   

  
					

 

5

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