Document:

Exhibit 10.22(j)

NINTH LOAN MODIFICATION AGREEMENT

 

This Ninth
Loan Modification Agreement (this “Loan Modification Agreement”) is entered
into as of July     , 2006, by and between SILICON VALLEY BANK, a California chartered
bank, with its principal place of business at 3003 Tasman Drive, Santa
Clara, California 95054 and with a loan production office located at One Newton
Executive Park, Suite 200, 2221 Washington Street, Newton,
Massachusetts  02462 (“Bank”) and ASPEN TECHNOLOGY, INC., a Delaware corporation
with offices at Ten Canal Park, Cambridge, Massachusetts 02141 for itself and
as successor by merger with ASPENTECH, INC.,
a Texas corporation  with offices at Ten
Canal Park, Cambridge, Massachusetts 02141 (“Borrower”).

 

1.                                       DESCRIPTION
OF EXISTING INDEBTEDNESS AND OBLIGATIONS. Among other indebtedness and
obligations which may be owing by Borrower to Bank, Borrower is indebted to
Bank pursuant to a loan arrangement dated as of January 30, 2003,
evidenced by, among other documents,  a
certain Loan and Security Agreement dated as of January 30, 2003 between
Borrower, Aspentech, Inc. and Bank, as amended by a certain letter
agreement dated February 14, 2003, a certain First Loan Modification
Agreement dated June 27, 2003, a certain Second Loan Modification
Agreement dated September 10, 2004, a certain Third Loan Modification
Agreement dated January 28, 2005, a certain Fourth Loan Modification
Agreement dated April 1, 2005, a certain Fifth Loan Modification Agreement
dated May 6, 2005, a certain Sixth Loan Modification Agreement dated June 15,
2005, a certain Seventh Loan Modification Agreement dated September, 2005, and
as further amended by a certain Eighth Amendment to Loan and Security Agreement
dated November 22, 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 4
of the Schedule to the Loan Agreement:

 

“MATURITY DATE

 

(Section 6.1):                           July 15,
2006”

 

and inserting in lieu
thereof the following:

 

“MATURITY DATE

 

(Section 6.1):                           September 13,
2006”

 

(ii)                                  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;

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(k) from February 1,
2006 through and including February 28, 2006 - $12,000,000;

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(iii)                               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:

 

2

 

 “c. Adjusted Quick Ratio:

 

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

 

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

 

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

 

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

 

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

 

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

 

(f) from September 1,
2005 through and including September 30, 2005 - 1.15 to 1.0;

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(o) from June 1,
2006 through and including June 30, 2006 - 1.30 to 1.0;”

 

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

 

(q) from August 
1, 2006 through and including August 31, 2006 - 1.25 to 1.0.

 

4.                                       FEES.  Borrower shall pay to Bank a modification fee
of $4,166.67, which fee shall be due on the date hereof and shall be deemed
fully earned as of the date hereof.  Borrower
shall also reimburse Bank for all legal fees and expenses incurred in
connection with this amendment to the Existing Loan Documents.

 

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

 

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

 

3

 

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

 

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

 

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

 

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

 

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

 

[Remainder of page intentionally
left blank.]

 

4

 

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

 

	
   

  	
  BORROWER:

  
	
   

  	
   

  
	
   

  	
  ASPEN
  TECHNOLOGY, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
  Title:

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  BANK:

  
	
   

  	
   

  
	
   

  	
  SILICON VALLEY
  BANK

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
  Title:

  	
   

  	
   

  
								

 

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

 

	
  ASPENTECH SECURITIES
  CORP.

  
	
   

  
	
   

  
	
  By:

  	
   

  	
   

  
	
  Name:

  	
   

  	
   

  
	
  Title:Exhibit 10.22(n)

THIRTEENTH LOAN MODIFICATION AGREEMENT

 

This Thirteenth Loan
Modification Agreement (this “Loan Modification Agreement”) is entered into on April 13,
2007 by and between SILICON VALLEY BANK,
a California chartered bank, with its principal place of business at 3003
Tasman Drive, Santa Clara, California 95054 and with a loan production office
located at One Newton Executive Park, Suite 200, 2221 Washington Street,
Newton, Massachusetts 02462 (“Bank”) and ASPEN TECHNOLOGY, INC.,
a Delaware corporation with offices at Ten Canal Park, Cambridge, Massachusetts
02141 for itself and as successor by merger with ASPENTECH,
INC., a Texas corporation with offices at Ten Canal Park, Cambridge,
Massachusetts 02141 (“Borrower”).

 

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

 

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

 

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

 

3.                                       DESCRIPTION
OF CHANGE IN TERMS.

 

Modifications
to Loan Agreement.

 

(i)                                     Borrower
and Bank agree that the Exim Agreement is hereby terminated and that Borrower
shall have no right to request that Bank make any Advance or other extension of
credit pursuant to the Exim Agreement.

 

 

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

 

(viii) the Receivable must
not be owing from an Account Debtor located outside the United States or Canada
(unless pre-approved by Silicon in its discretion in writing, or backed by a
letter of credit satisfactory to Silicon, or FCIA insured satisfactory to
Silicon);

 

and inserting in lieu thereof
the following:

 

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

 

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

 

(i) $15,000,000
(the “Maximum Credit Limit”); minus

 

and inserting in lieu thereof
the following:

 

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

 

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

 

(i) 70% (which percentage
may increase pursuant to the results of Silicon’s field audit of Borrower’s
Receivables in accordance with the Advance Rate Chart) (the “Domestic Advance
Rate”) of the amount of the Borrower’s Eligible Receivables (as defined in Section 8
above); plus

 

and inserting in lieu thereof
the following:

 

(i) 80% of the amount of
the Borrower’s Eligible Receivables (as defined in Section 8 above); plus

 

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

 

“Letter of
Credit/FX Contract/Cash Management Services Sublimit

 

(Section 1.5, 1.6, 1.7):
$15,000,000.00”

 

and inserting in lieu thereof
the following:

 

“Letter of
Credit/FX Contract/Cash Management Services Sublimit

 

(Section 1.5, 1.6, 1.7):
$25,000,000.00”

 

2

 

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

 

“MATURITY DATE

 

(Section 6.1):                           April 16,
2007”

 

and inserting in lieu thereof
the following:

 

“MATURITY DATE

 

(Section 6.1):                           July 16,
2007”

 

(vii)                           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;

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

3

 

(k)                      from
February 1, 2006 through and including February 28, 2006 -
$12,000,000;

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(bb)                from June 1, 2007 through and
including June 30, 2007 - $40,000,000;

 

(cc)                  from July 1, 2007 and thereafter
- $32,000,000;

 

(ii) 75% of all
consideration received after July 1, 2005 from proceeds from the issuance
of any equity securities of the Borrower (other than (i) the issuance of
stock options, restricted stock or other stock-based awards under the Borrower’s

 

4

 

director or employee stock
incentive plans, or (ii) stock purchases under the Borrower’s employee
stock purchase plan).”

 

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

 

“c.
Adjusted Quick Ratio:

 

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

 

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

 

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

 

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

 

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

 

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

 

(f)                        from
September 1, 2005 through and including September 30, 2005 - 1.15 to
1.0;

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

5

 

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

 

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

 

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

 

(s)                      from
June 1, 2007 through and including June 30, 2007 - 1.25 to 1.0; and

 

(t)                        from
July 1, 2007 through and including July 31, 2007 - 1.15 to 1.0.”

 

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

 

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

 

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

 

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

 

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

 

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

 

6

 

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

 

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

 

[Remainder
of page intentionally left blank.]

 

7

 

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

 

	
   

  	
  BORROWER:

  
	
   

  	
   

  
	
   

  	
  ASPEN TECHNOLOGY, INC.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Leo S. Vannoni

  
	
   

  	
  Name:

  	
  LEO S. VANNONI

  
	
   

  	
  Title:

  	
  TREASURER

  
	
   

  	
   

  
	
   

  	
  BANK:

  
	
   

  	
   

  
	
   

  	
  SILICON VALLEY BANK

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Michael Tramank

  
	
   

  	
  Name:

  	
  Michael Tramank

  
	
   

  	
  Title:

  	
  Senior Vice President

  

 

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

 

 

	
  ASPENTECH SECURITIES CORP.

  	
   

  
	
   

  	
   

  
	
  By:

  	
  /s/ Leo S. Vannoni

  	
   

  
	
  Name:

  	
  LEO S. VANNONI

  	
   

  
	
  Title:

  	
  TREASURER

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