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 FULL RATCHET AMENDMENT AND EXTENSION AGREEMENT
 

 This Full Ratchet Amendment and Extension Agreement (the “Agreement”) is entered into as of July 30, 2010 by and between Broadcast International, Inc., a Utah corporation (the “Company”), and Castlerigg Master Investments Ltd. (the “Holder”).
 A.
 The Company and the Holder are parties to, among other agreements, a Senior Secured Convertible Note dated December 21, 2007 as amended March 31, 2010, executed by the Company in favor of the Holder, a copy of which is attached hereto and by this reference incorporated herein (the “Note”), a Warrant to Purchase Common stock dated December 21, 2007 (the “Warrant”) and a Registration Rights Agreement dated December 21, 2007 (the “Registration Rights Agreement”).
 B.
 The Note and the Warrant contain provisions that adjust the conversion price of the Note and the exercise price of the Warrant in the event capital is raised by the Company at prices less than the current Conversion Price and Exercise Price.
 C.
 The Company is in the process of raising additional capital and, in connection therewith, has requested that the Holder modify the adjustment of Conversion Price and Exercise Price provisions of the Note and Warrant, respectively.
 NOW, THEREFORE, for good and valuable consideration, the parties agree as follows:
 1.
 Consideration.  In consideration of the Holder entering into this Agreement, the Company agrees to issue to the Holder: (a) 2,000,000 shares of restricted Common Stock, which shall be issued within one week of the execution and delivery of this Agreement by both parties (the “Initial Shares”) and (b) 800,000 shares of restricted Common Stock, which shall be issued upon consummation of a Qualified Financing Transaction (as defined below) (the “Subsequent Shares” and together with the Initial Shares, the “Shares”).
 2.          Amendments to the Note.  
 (a)
 Section (1) of the Note is hereby deleted and replaced in its entirety as follows:
 (1) PAYMENTS OF PRINCIPAL.  On the Maturity Date, the Company shall pay to the Holder an amount in cash representing all outstanding Principal, accrued and unpaid Interest and accrued and unpaid Late Charges, if any, on such Principal and Interest.  The “Maturity Date” shall be June 21, 2012; provided, however, if the Company has not consummated a Qualified Financing Transaction (as defined below) on or before September 30, 2010, then the Maturity Date shall automatically be restored to its original date of December 21, 2010 without further notice or action by the Holder; and, provided further the Maturity Date may be extended at the option of the Holder (i) in the event that, and for so long as, an Event of Default (as defined in Section 4(a)) shall have occurred and be continuing on the Maturity Date (as may be extended pursuant to this Section 1) or any event that shall have occurred and be continuing that with the passage of time and the failure to cure would result in an Event of Default and (ii) through the date that is ten (10) Business Days after the consummation of a Change of Control in the event that a Change of Control is publicly announced or a Change of Control Notice (as defined in Section 5(b)) is delivered prior to the Maturity Date.  Other than as specifically permitted by this Note, the Company may not prepay any portion of the outstanding 
 

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 Principal, accrued and unpaid Interest or accrued and unpaid Late Charges on Principal and Interest, if any.  Notwithstanding any provision of this Section 1 to the contrary, the Holder may, at its option and in its sole discretion, deliver a written notice to the Company at least two (2) days prior to the Maturity Date electing to have the payment of all or any portion of the Principal and Interest payable on the Maturity Date deferred (such amount deferred, the “Deferral Amount”) up to a date that is two (2) years after the Maturity Date, which date shall thereafter be the “Maturity Date” for all purposes hereunder.  Any notice delivered by the Holder pursuant to this Section 1 shall set forth (i) the Deferral Amount and (ii) the date that such Deferral Amount shall now be payable.  For purposes of this Note, the term "Qualified Financing Transaction" shall mean one or more or a series of financing transactions in which the Company raises gross proceeds not less than $6,000,000 (Six Million Dollars) pursuant to the issuance of equity securities provided that such securities are junior in all rights to this Note and are otherwise issued on terms satisfactory to the Holder in its sole discretion.  
 (b)
 Section 4(a)(xviii) of the Note is hereby amended in its entirety to read  as follows:
 (xviii)   the failure of the Company to maintain a balance of cash and marketable securities equal to or greater than $950,000 (Nine  Hundred-Fifty Thousand Dollars); provided, however, this subsection (xviii) shall not be effective unless the Company has consummated a Qualified Financing Transaction on or before September 30, 2010; and, provided further that this subsection (xviii) will only be effective from and after the time of consummation of such Qualified Financing Transaction.
 (c)
 Adjustment of Conversion Price.  Paragraph 7 of the Note shall be amended to include a new subparagraph (e), which shall read as follows:
 Adjustment of Conversion Price.  In the event a Qualified Financing Transaction is consummated on or before September 30, 2010, the provisions of paragraphs 7(a)-7(d) of the Note shall not apply to the sales of Common Stock sold in the Qualified Financing Transaction, and the Conversion Price of the Note shall be reduced to $1.80; provided, however, this paragraph 7(e) shall not be effective unless the Company has consummated a Qualified Financing Transaction on or before September 30, 2010.  In the event the Company issues Common Stock before September 30, 2010, but has not raised sufficient funds to qualify as a Qualified Financing Transaction, the Conversion Price shall be determined in accordance with Paragraph 7(a) for the sale of such shares of Common Stock.
 3.
 Amendment to Warrant .  Paragraph 2 of the Warrant shall be amended to include a new subparagraph (e), which shall read as follows:
 Adjustment of Exercise Price. In the event a Qualified Financing Transaction is consummated on or before September 30, 2010, the provisions of paragraphs 2(a)-2(d) of the Warrant shall not apply to the sales of Common Stock sold in the Qualified Financing Transaction, but the Exercise Price of the Note shall be reduced to $1.80 and the number of Warrant Shares issuable upon exercise shall be increased to 5,208,333; provided, however, this paragraph 2(e) shall not be effective unless the Company has consummated a Qualified Financing Transaction on or before September 30, 2010.  In the event the Company issues Common Stock before September 30, 2010, but has not raised sufficient funds to qualify as a Qualified Financing Transaction, the Exercise Price and the number 
 

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 of Warrant Shares shall be determined in accordance with Paragraph 7(a) for the sale of such shares of Common Stock.
 4.
 Notice Under Warrant and Note.  The Holder hereby notifies the Company that the Maximum Percentage under (i) Paragraph 1(f) of the Warrant and (ii) Paragraph 3(d)(i) of the Note is increased to 9.99% as of the date in which the Initial Shares are issued to the Holder.
 5.
 Limitation on Consideration.  The Company agrees that it shall not grant the Initial Shares or Subsequent Shares to the extent that such grant would provide the Holder with an ownership percentage of the Company in excess of the Maximum Percentage as increased in Section 4 above.
 6.
 Waiver of Registration Rights .  Holder agrees that it will not exercise its registration rights under the Registration Rights Agreement at any time from the date of this Agreement until the earlier of September 30, 2010 or the date that is 10 days after the Company files an S-1 Registration Statement registering some or all of the Shares sold in a Qualified Financing Transaction and such S-1 Registration Statement is declared effective by the SEC.
       
 5. 
 Ratification.  The parties hereto acknowledge and agree that the Note and the Warrant, as amended and modified by this Agreement, is hereby ratified and reaffirmed in all respects as of the date hereof, whereby the Note and the Warrant shall continue in full force and effect in accordance with their  terms.  All capitalized terms not defined herein shall have the meanings given to such terms in the Note and the Warrant.
 6. 
 Securities Law Compliance.  The Holder hereby represents, warrants and acknowledges to the Company as follows:
 (a)
 It is an “accredited investor” (as such term is defined in paragraph (a) of Rule 501 of Regulation D under the Securities Act of 1933, as amended (the “1933 Act”)), and has such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of an investment in the Shares and making an informed investment decision.
 (b)
 It understands that the Shares have not been registered under the 1933 Act or any applicable state securities laws, and that the sale and issuance of the Shares are being made in reliance on one or more exemptions from registration under the 1933 Act and under applicable registration exemptions from state securities laws.
 (c)
 It acknowledges that no agency, governmental authority, regulatory body, stock market or other entity (including, without limitation, the Securities and Exchange Commission or any state securities commission) has made any finding or determination as to the merit for investment in, nor have any such agencies or governmental authorities made any recommendation or endorsement with respect to, the Shares.
 (d)
 It is acquiring the Shares for its own account, for investment purposes only, and not with a view to any resale or distribution in violation of the registration requirements 
 

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 of the 1933 Act; and the Holder will not offer, sell or otherwise transfer any of the Shares except under circumstances which will not result in a violation of the 1933 Act.
 (e)
 It has been given a reasonable opportunity to review all documents, books and records of the Company pertaining to the investment represented by the Shares, has been supplied with all additional information concerning the Company and the Shares that it has requested, has had a reasonable opportunity to ask questions of and receive answers from the Company or its representatives concerning this investment, all such questions have been answered to its full satisfaction.
 (f)
 It acknowledges that no purchase of the Shares has resulted from any general solicitation or general advertising (as such terms are used in Regulation D under the 1933 Act), including advertisements, articles, press releases, notices or other communications published in any newspaper, magazine or similar media or broadcast over radio or television or any seminar or meeting whose attendees have been invited by general solicitation or general advertising.
 (g)
 It acknowledges that there are significant restrictions and limitations on the transferability of the Shares.  It consents to the Company giving instructions to its transfer agent and/or registrar in order to implement the restrictions and limitations on transfer as required under the 1933 Act and as set forth herein.
 (h)
 Until such time as the same is no longer required under applicable requirements of the 1933 Act or applicable state securities laws, stock certificates representing the Shares, and all certificates issued in exchange therefor or in substitution thereof, shall bear a legend in substantially the following form:
 "THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "1933 ACT").  THE HOLDER HEREOF, BY ACCEPTING SUCH SECURITIES, AGREES FOR THE BENEFIT OF THE ISSUER THAT SUCH SECURITIES MAY BE OFFERED, SOLD OR OTHERWISE TRANSFERRED ONLY (A) TO THE ISSUER, (B) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE 1933 ACT AND IN COMPLIANCE WITH APPLICABLE STATES SECURITIES LAWS, (C) IN ACCORDANCE WITH RULE 144 UNDER THE 1933 ACT AND IN COMPLIANCE WITH ANY APPLICABLE STATE SECURITIES LAWS, OR (D) IN ACCORDANCE WITH ANY OTHER EXEMPTION UNDER THE 1933 ACT AND IN COMPLIANCE WITH ANY APPLICABLE STATE SECURITIES LAWS UPON THE DELIVERY OF A LEGAL OPINION, REASONABLY SATISFACTORY TO THE ISSUER, TO THE FOREGOING EFFECT.”
 

 7. 
 Miscellaneous.
 (a)
 Successors and Assigns.  This Agreement shall be binding upon and shall inure to the benefit of the Company and the Holder and their respective successors and assigns; provided, however, that the foregoing shall not authorize any assignment by the Company of its rights or duties hereunder.
 

 (b)
 Integration.  This Agreement and any documents executed in connection herewith or pursuant hereto contain the entire agreement between the parties with respect to the subject matter hereof and supersede all prior agreements, understandings, offers and negotiations, 
 

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 oral or written, with respect thereto and no extrinsic evidence whatsoever may be introduced in any judicial or arbitration proceeding, if any, involving this Agreement.
 

 (c)
  Course of Dealing; Waivers.  No course of dealing on the part of the Holder or its partners or affiliates, nor any failure or delay in the exercise of any right by the Holder, shall operate as a waiver thereof, and any single or partial exercise of any such right shall not preclude any later exercise of any such right.  The Holder’s failure at any time to require strict performance by the Company of any provision shall not affect any right of the Holder thereafter to demand strict compliance and performance.  Any suspension or waiver of a right must be in writing signed by the Holder.
 

 (d)
 Notices.  All notices or demands by any party relating to this Agreement shall be provided as set forth in the Note.
 

 (e)
 Time is of the Essence.  Time is of the essence as to each and every term and provision of this Agreement.
 

 (f)
 Counterparts.  This Agreement may be signed in counterparts and all of such counterparts when properly executed by the appropriate parties thereto together shall serve as a fully executed document, binding upon the parties.
 

 (g)
 Legal Effect.  If any provision of this Agreement conflicts with applicable law, such provision shall be deemed severed from this Agreement, and the balance of this Agreement shall remain in full force and effect.
 

 (h)
 Governing Law.  This Agreement shall be governed by, and construed and enforced in accordance with, and all questions concerning the construction, validity, interpretation and performance of this Agreement shall be governed by, the laws of the State of New York without regard to principles of conflicts of laws that would cause the application of the laws of any jurisdictions other than the State of New York.   
 

 IN WITNESS WHEREOF, the undersigned have executed this Agreement as of the first date above written.
 

 THE COMPANY:
 BROADCAST INTERNATIONAL, INC.
 

 

 

 By:/s/ Rodney M. Tiede                           
 Name:  Rodney M. Tiede
 Title:    President & CEO
 

 

 THE HOLDER:
 CASTLERIGG MASTER INVESTMENTS LTD.
 By Sandell Asset Management Corp. its investment manager
 

 By:_/s/ Serge Adam_____________
 Name:_Serge Adam_________________________
 Title:  _Senior Managing Director_______________
 

 5EXHIBIT 10.20ac

 

TWENTY-EIGHTH LOAN MODIFICATION AGREEMENT

 

This
Twenty-eighth Loan Modification Agreement (this “Loan
Modification Agreement”) is entered into on the Twenty-eighth Loan
Modification Effective Date, 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 200 Wheeler Road, Burlington,
Massachusetts 01803 for itself and as successor by merger with ASPENTECH, INC., a Texas corporation
with offices at 200 Wheeler Road, Burlington, Massachusetts 01803 (“Borrower”).

 

1.                                       DESCRIPTION OF
EXISTING INDEBTEDNESS AND OBLIGATIONS.  Among other indebtedness and obligations
which may be owing by Borrower to Bank, Borrower is indebted to Bank pursuant
to a loan arrangement dated as of January 30, 2003, evidenced by, among
other documents,  a certain Loan
and Security Agreement dated as of January 30, 2003 between Borrower,
Aspentech, Inc. and Bank, as amended by a certain letter agreement dated February 14,
2003, a certain First Loan Modification Agreement dated June 27, 2003, a
certain Second Loan Modification Agreement dated September 10, 2004, a
certain Third Loan Modification Agreement dated January 28, 2005, a
certain Fourth Loan Modification Agreement dated April 1, 2005, a certain
Fifth Loan Modification Agreement dated May 6, 2005, a certain Sixth Loan
Modification Agreement dated June 15, 2005, a certain Seventh Loan
Modification Agreement dated September, 2005, a certain Eighth Amendment to
Loan and Security Agreement dated November 22, 2005, a certain Ninth Loan
Modification Agreement dated July 17, 2006, a certain Tenth Loan
Modification Agreement dated September 15, 2006, a certain Eleventh Loan
Modification Agreement dated September 27, 2006, a certain Twelfth Loan
Modification Agreement dated January 12, 2007, a certain Thirteenth Loan
Modification Agreement dated April 13, 2007, a certain Fourteenth Loan
Modification Agreement dated June 28, 2007, a certain Waiver Agreement
dated June 28, 2007, a certain Fifteenth Loan Modification Agreement dated
August 30, 2007, a certain Sixteenth Loan Modification Agreement dated October 16,
2007, a certain Seventeenth Loan Modification Agreement dated December 28,
2007,  a certain Eighteenth Loan
Modification Agreement dated January 24, 2008, a certain Nineteenth Loan
Modification Agreement dated April 11, 2008, a certain Twentieth Loan
Modification Agreement dated May 15, 2008, a certain Twenty-first Loan
Modification Agreement dated June 13, 2008, a certain Twenty-second Loan
Modification Agreement dated July 15, 2008, a certain Twenty-third Loan
Modification Agreement, dated September 30, 2008, a certain Twenty-fourth
Loan Modification Agreement, dated as of November 17, 2008, a certain
Twenty-fifth Loan Modification Agreement, dated as of January 15, 2009, a
certain Twenty-sixth Loan Modification Agreement, dated as of May 15, 2009
and a certain Twenty-seventh Loan Modification Agreement, dated as of November 3,
2009 (as amended, the “Loan Agreement”).  Capitalized terms used but not otherwise
defined herein shall have the same meaning as in the Loan Agreement.

 

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

 

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

 

3.                                       DESCRIPTION OF
CHANGE IN TERMS.

 

Modifications to Loan Agreement.

 

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

 

“MATURITY
DATE

 

 

(Section 6.1): May 15, 2010”

 

and inserting in lieu thereof the following:

 

“MATURITY
DATE

 

(Section 6.1): November 15, 2010”

 

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

 

“Notwithstanding the forgoing, from the
Twenty-eighth Loan Modification Effective Date through and including November 15,
2010, testing of the Tangible Net Worth financial covenant shall be waived.”

 

(iii)                               The Loan
Agreement shall be amended by inserting the following text at the end of Section 5(c) of
the Schedule to the Loan Agreement:

 

“Notwithstanding the foregoing, from the
Twenty-eighth Loan Modification Effective Date through and including November 15,
2010, testing of the Adjusted Quick Ratio financial covenant shall be waived.”

 

(iv)                              The Loan
Agreement shall be amended by deleting the following text appearing in Section 6(4) of
the Schedule to the Loan Agreement:

 

“4.           Monthly
unaudited financial statements, as soon as available, and in any event within
thirty (30) days after the end of each month; provided, however,  Bank hereby waives receipt of Borrower’s monthly unaudited
financial statements effective for each of the monthly periods ending April 30,
2007 through and including the monthly period ending April 30, 2010.”

 

and inserting in lieu thereof the following:

 

“4.           Monthly
unaudited financial statements, as soon as available, and in any event within
thirty (30) days after the end of each month; provided, however,  Bank hereby waives receipt of Borrower’s monthly unaudited
financial statements effective for each of the monthly periods ending April 30,
2007 through and including the monthly period ending October 31, 2010.”

 

(v)                                 The Loan
Agreement shall be amended by deleting the following text appearing in Section 6(5) of
the Schedule to the Loan Agreement:

 

“5.           Monthly
Compliance Certificates, within thirty (30) days after the end of each month,
in such form as Silicon shall reasonably specify, signed by the Chief Financial
Officer of Borrower, certifying that as of the end of such month Borrower was
in full compliance with all of the terms and conditions of this Agreement, and
setting forth calculations showing compliance with the financial covenants set
forth in this Agreement and such other information as Silicon shall reasonably
request, including, without limitation, a statement that at the end of such
month there were no held checks; provided, however, (i) Borrower
may in lieu thereof deliver its monthly Compliance Certificates for the period
ending on a date between April 30, 2007 and November 30, 2007,
inclusive, in draft form, provided  further that Borrower may
deliver its monthly Compliance Certificates for the periods ending on June 30,
2007 and September 30, 2007 in final form, as soon as available, and in
any event no later than May 15, 2008, (ii) Borrower 

 

2

 

may deliver its monthly Compliance Certificate for
the periods ending December 31, 2007 and March 31, 2008, in draft
form, as soon as available, and in any event no later than June 15, 2008,
with final forms to be delivered to Bank as soon as available but in no event
later than February 15, 2009, and (iii) Borrower may deliver its
monthly Compliance Certificate for the period ended June 30, 2008 as soon
as available but in no event later than July 31, 2009.  Bank hereby waives receipt of Borrower’s
monthly Compliance Certificates (x) for the periods ending October 31,
2007, November 30, 2007, January 31, 2008, February 29, 2008, April 30,
2008, May 31, 2008, July 31, 2008, August 31, 2008 and October 31,
2008 and (y) receipt of Borrower’s monthly Compliance Certificate for the
period ending December 31, 2007, in draft form, on or before January 31,
2008; provided, further, that Borrower shall not be required to
deliver the monthly Compliance Certificates otherwise required hereunder for
the monthly periods ending November 30, 2008, January 31, 2009, February 28,
2009, April 30, 2009, May 30, 2009, July 31, 2009, August 31,
2009 October 31, 2009, November 30, 2009, January 31, 2010, February 28,
2010 and April 30, 2010; and Borrower shall deliver its monthly Compliance
Certificates (x) for the monthly period coinciding with the fiscal
quarters ending September 30, 2008, December 31, 2008, March 31,
2009 and June 30, 2009, as soon as available, and in any event on or
before November 30, 2009; (y) for the monthly period coinciding with
the fiscal quarters ending September 30, 2009 and December 31, 2009,
as soon as available, and in any event on or before March 15, 2010; and (z) for
the monthly period coinciding the fiscal quarter ending March 31, 2010,
within five (5) days of filing the quarterly financial statements of the
Borrower pursuant to Section 6(6) for such fiscal quarter with the
SEC.  Notwithstanding the foregoing,
Borrower shall promptly deliver such information as Bank shall reasonably
request to enable Bank to verify Borrower’s compliance with the financial
covenants contained in Section 5 of the Schedule to the Loan Agreement.”

 

and inserting in lieu thereof the following:

 

“5.           Monthly
Compliance Certificates, within thirty (30) days after the end of each month,
in such form as Silicon shall reasonably specify, signed by the Chief Financial
Officer of Borrower, certifying that as of the end of such month Borrower was
in full compliance with all of the terms and conditions of this Agreement, and
setting forth calculations showing compliance with the financial covenants set
forth in this Agreement and such other information as Silicon shall reasonably
request, including, without limitation, a statement that at the end of such month
there were no held checks; provided, however, (i) Borrower
may in lieu thereof deliver its monthly Compliance Certificates for the period
ending on a date between April 30, 2007 and November 30, 2007,
inclusive, in draft form, provided  further that Borrower may
deliver its monthly Compliance Certificates for the periods ending on June 30,
2007 and September 30, 2007 in final form, as soon as available, and in
any event no later than May 15, 2008, (ii) Borrower may deliver its
monthly Compliance Certificate for the periods ending December 31, 2007
and March 31, 2008, in draft form, as soon as available, and in any event
no later than June 15, 2008, with final forms to be delivered to Bank as
soon as available but in no event later than February 15, 2009, and (iii) Borrower
may deliver its monthly Compliance Certificate for the period ended June 30,
2008 as soon as available but in no event later than July 31, 2009.  Bank hereby waives receipt of Borrower’s
monthly Compliance Certificates (x) for the periods ending October 31,
2007, November 30, 2007, January 31, 2008, February 29, 2008, April 30,
2008, May 31, 2008, July 31, 2008, August 31, 2008 and October 31,
2008 and (y) receipt of Borrower’s monthly Compliance Certificate for the
period ending December 31, 2007, in draft form, on or before January 31,
2008; provided, further, that Borrower shall not be required to
deliver the monthly Compliance Certificates otherwise required hereunder for
the monthly periods ending November 30, 2008, January 31, 2009, February 28,
2009, April 30, 2009, 

 

3

 

May 30, 2009, July 31, 2009, August 31,
2009 October 31, 2009, November 30, 2009, January 31, 2010, February 28,
2010 and April 30, 2010; and Borrower shall deliver its monthly Compliance
Certificates (x) for the monthly period coinciding with the fiscal
quarters ending September 30, 2008, December 31, 2008, March 31,
2009 and June 30, 2009, as soon as available, and in any event on or
before November 30, 2009; (y) for the monthly period coinciding with
the fiscal quarters ending September 30, 2009 and December 31, 2009,
as soon as available, and in any event on or before March 15, 2010; and (z) for
the monthly period coinciding the fiscal quarter ending March 31, 2010, within
five (5) days of filing the quarterly financial statements of the Borrower
pursuant to Section 6(6) for such fiscal quarter with the SEC.  Notwithstanding the foregoing, Borrower shall
promptly deliver such information as Bank shall reasonably request to enable
Bank to verify Borrower’s compliance with the financial covenants contained in Section 5
of the Schedule to the Loan Agreement; provided, however, that
from the Twenty-eighth Loan Modification Effective Date through and including November 15,
2010, delivery of the Compliance Certificate by Borrower to Bank shall be
waived.”

 

(vi)                              Section 8
of the Loan Agreement shall be amended by adding the following definitions
thereto, each in the appropriate alphabetical order:

 

““Twenty-eighth Loan Modification Agreement”
means that certain Twenty-eighth Loan Modification Agreement, dated as of the
Twenty-eighth Loan Modification Effective Date, by and between Borrower and
Bank.

 

“Twenty-eighth Loan Modification Effective Date”
is the date indicated on the signature page to the Twenty-eighth Loan
Modification Agreement.

 

4.                                       FEES.  Borrower shall pay to Bank an extension fee
of Fifty Thousand Dollars ($50,000.00), 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 have
not changed as of the date hereof other than as set forth in Schedule 3.10 to
the Loan Agreement, and/or in Schedule 1 annexed to the Tenth Loan Modification
Agreement.

 

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, 

 

4

 

whether known or unknown, at
law or in equity, all of them are hereby expressly WAIVED and Borrower hereby
RELEASES Bank from any liability thereunder.

 

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

 

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

 

[Remainder of page intentionally left blank.]

 

5

 

This
Loan Modification Agreement is executed as a sealed instrument under the laws
of the Commonwealth of Massachusetts as of the Twenty-eighth Loan Modification
Effective Date.

 

	
   

  	
  BORROWER:

  
	
   

  	
   

  	
   

  
	
   

  	
  ASPEN
  TECHNOLOGY, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Roger Kuebel

  
	
   

  	
  Name:

  	
  Roger
  Kuebel

  
	
   

  	
  Title:

  	
  Treasurer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Mark P. Sullivan

  
	
   

  	
  Name:

  	
  Mark
  P. Sullivan

  
	
   

  	
  Title:

  	
  Senior
  Vice President and Chief Financial Officer

  
	
   

  	
   

  	
   

  
	
   

  	
  BANK:

  
	
   

  	
   

  	
   

  
	
   

  	
  SILICON
  VALLEY BANK

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Ryan N. Ravenscroft

  
	
   

  	
  Name:

  	
  Ryan
  N. Ravenscroft

  
	
   

  	
  Title:

  	
  Vice
  President—Account Officer

  

 

Twenty-eighth Loan
Modification Effective Date: June 11, 2010.

 

[Twenty-eighth Loan
Modification Agreement Signature Page]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00176-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00176-of-00352.parquet"}]]