Document:

Exhibit 10.13(b)

 

RIDER NO. 2 TO VENDOR
PROGRAM AGREEMENT

BETWEEN

GENERAL ELECTRIC CAPITAL CORPORATION (“GE CAPITAL”)

AND

ASPEN TECHNOLOGY, INC. (“ASPEN”)

DATED AS OF MARCH 29, 1990

 

THIS
RIDER NO. 2 is hereby incorporated into and made a part of the
above referenced Vendor Program Agreement, as amended from time to time (the “Agreement”),
and is subject to all of the terms and provisions thereof.

 

CONTEXT OF AGREEMENT

 

A.                                    GE CAPITAL and
ASPEN have entered into the Agreement to establish a customer financing
capability to support ASPEN’s licensing of Software in the United States.

 

B.                                    ASPEN, in
addition to licensing Software in the United States, licenses Software to
Customers who are domiciled and carry on business in Canada (“Canadian
Customers”).

 

C.                                    General
Electric Capital Canada Inc., Vendor Financial Services Division (“GECAN”), is
a corporation incorporated under the laws of Canada, and has a principal place
of business at 2300 Meadowvale Blvd., Mississauga, Ontario, L5N 5P9.  GECAN is an affiliate of GE CAPITAL.

 

D.                                    ASPEN has
requested that GE CAPITAL and GECAN enter into a strategic alliance with ASPEN
to provide a customer financing capability to support the license of Software
by ASPEN in Canada.  GE CAPITAL and GECAN
are willing to enter into such a strategic alliance in accordance with the
terms and conditions of the Agreement, as amended, supplemented or modified in
accordance with the terms and conditions of this Rider No. 2.

 

E.                                     It is the
intention of the parties to this Rider No. 2 that, for the purposes of
conducting the Program in Canada, a relationship shall be established between
ASPEN and GECAN similar to the relationship between ASPEN and GE CAPITAL which
shall be governed by the provisions of the Agreement, subject to certain
modifications required to accommodate the Canadian segment of the Program (the “Canadian
Program”).

 

NOW,
THEREFORE, for valuable consideration exchanged among them,
the parties to this Rider No. 2 hereby agree as follows:

 

1.                                      Definitions.  All capitalized terms used in this Rider No. 2
shall have the meanings given to them in the Agreement unless otherwise defined
herein.

 

2.                                      Parties
to Canadian Program. 
Except as otherwise specifically indicated herein, for purposes of this
Rider No. 2 only, all references in the Agreement to GE CAPITAL shall be
deemed to refer to and include GECAN. 
For purposes of this Rider No. 2 only, GECAN is hereby made a party
to the Agreement.

 

 

3.                                      Canadian
Transactions.  ASPEN shall
from time to time enter into and complete Transactions with Canadian Customers
(“Canadian Transactions”) under the Canadian Program in accordance with the
provisions of this Rider No. 2.

 

4.                                      Incorporation
of Agreement Provisions.  All of the terms and conditions of the
Agreement shall apply to the Canadian Program and are incorporated herein by
reference, subject only to the modifications described in this Rider No. 2.

 

5.                                      Canadian
Program Modifications.  For
purposes only of the Canadian Program and Canadian Transactions entered into
pursuant thereto:

 

(a)                                 Except as
otherwise specifically indicated herein, GECAN shall perform the functions of
GE CAPITAL set out in the Agreement, with a view to operating the Canadian
Program in a manner which is separate from, but parallel to and consistent
with, the Program;

 

(b)                                 All references
in the Agreement to the term “Transactions” shall be deemed to include Canadian
Transactions;

 

(c)                                  All dollar
amounts referred to in the Agreement shall be deemed to be United States dollar
amounts if the underlying Canadian Transaction is denominated in United States
dollars and shall be deemed to be Canadian dollar amounts if the underlying
Canadian Transaction is denominated in Canadian dollars;

 

(d)                                 All payments of
the Discounted Value of a Canadian Transaction shall be made by GECAN to ASPEN;

 

(e)                                  All references
in the Agreement to American statutes and statutory documents shall be deemed
to refer to the equivalent federal and provincial or territorial statutes and
documents of the appropriate jurisdictions in Canada;

 

(f)                                   All references
in the Agreement to Title 11 of the United States Code shall be deemed to be
references to the debt reorganization and debtor protection provisions of the Bankruptcy
and Insolvency Act (Canada) or the Companies’ Creditors Arrangement Act
(Canada), as appropriate, or any successor or other federal or provincial or
territorial statute having similar effect;

 

(g)                                  All references
in the Agreement to “sales taxes” are deemed to include all applicable
provincial or territorial and federal sales taxes, goods and services taxes and
value added taxes;

 

(h)                                 Section 8
of the Agreement is hereby amended by inserting the following sentence
immediately following the first sentence thereof:

 

“ASPEN shall indemnify and hold harmless each
of GE CAPITAL and GECAN, and each of its affiliates, subsidiaries, employees,
officers, directors and agents from and against any losses, claims,
liabilities, demands, and expenses whatsoever including without limitation
reasonable attorneys’ fees and costs, by or against GE CAPITAL or GECAN,
arising out of or in connection with any 

 

2

 

failure of ASPEN to be duly qualified to do
business in all provinces and territories of Canada and to be duly licensed
under all applicable Canadian and provincial statutes to carry on its business
or to enter into and complete the transactions contemplated by the Agreement”;
and

 

(i)                                     Section 11(e) of
the Agreement is hereby amended by adding the following clause: “; provided
that the Agreement, as it relates to the Canadian Program, shall be construed
in accordance with the laws (other than the choice of law provisions) of the
Province of Ontario.”

 

6.                                      Term
and Termination of Canadian Program.  The Canadian Program will commence upon
execution of this Rider No. 2 and will continue from such effective date
for the duration of the term of the Agreement, unless sooner terminated by any
of the parties hereto in accordance with the applicable provisions of Section 10
of the Agreement.  For greater certainty,
the Canadian Program may be terminated either before or contemporaneously with
the Program.

 

7.                                      Notices.  Notices to GECAN under the Agreement shall be
deemed to have been given if sent to the address set forth in Recital C above
in accordance with Section 11(d) of the Agreement.

 

8.                                      Language.  The parties hereto state their express wish
that this Agreement as well as all documentation contemplated hereby or
pertaining hereto or to be executed in connection herewith be drawn in the
English language; les parties aux presentes expriment leur desir explicite a
reffet que cette entente, de meme que tous documents envisages par les
presentes ou y ayant trait qui seront signes relativement aux presentes solent
rediges en anglais.

 

9.                                      Prior
Canadian Transactions.  The
parties specifically agree that each and every Canadian Transaction which has
been approved or entered into by GECAN prior to the date hereof shall be deemed
to be a Canadian Transaction which is governed by and subject to the provisions
of the Agreement, as amended by this Rider No. 2.

 

10.                               No
Other Amendments.  The
provisions of this Rider No. 2 are in addition to the provisions of the
Agreement, as previously amended, and, except as they are modified by the
provisions of this Rider No. 2, the provisions of the Agreement remain in
full force and effect.

 

IN
WITNESS WHEREOF, the parties have caused this Rider No. 2 to
be executed by their duly authorized representatives on the date set forth
below.

 

	
  ASPEN
  TECHNOLOGY, INC.

  	
  GENERAL ELECTRIC CAPITAL

  CANADA INC.

  
	
   

  	
   

  
	
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3

 

	
  GENERAL
  ELECTRIC CAPITAL CORPORATION

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
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4Exhibit
10.14

 

March 25, 1992

 

Aspen
Technology, Inc. 

251 Vassar Street

Cambridge, Massachusetts 02139

 

Gentlemen:

 

We understand
that you are engaged in the development, licensing and financing of computer
software systems, and that you may from time to time offer to us for purchase
software license financing contracts arising out of such business.  This letter sets forth the price we will pay
for, and the terms and conditions which will be applicable to, any such contracts
or other agreements that we may elect to purchase from you.

 

1.                                       Definitions.

 

The following
terms, wherever used in this Agreement, shall have the meanings ascribed to
them in this paragraph:

 

(a)                                  “Adjustment
Amount” means the amount determined in accordance with paragraph 1(n) or
paragraph 1(o) hereto.  The
Adjustment Amount compensates us for the initial direct costs we incurred when
purchasing the Contract to which it relates.

 

(b)                                 “Balance
of Payment” of a Contract at any time means the total Payments then due and to
become due under the Contract.

 

(c)                                  “Contract”
means a non-cancelable full pay-out financing agreement arising out of the
licensing of Software.

 

(d)                                 “Currency
Exchange Agreement” means any agreement entered into between us and a third
party providing, in effect, for the payment to the third party from us of the
amount of International Currency Payments under an International Contract, and
also providing for the payment to us by the third party, at Chicago, Illinois
of specified U.S. dollar amounts at the time of our payment of the
International Currency to the third party.

 

(e)                                  “Discount
Rate” for any Contract purchased by us means the rate used to determine our
purchase price for the Contract.

 

(f)                                    “Domestic
Contract” means a dollar-denominated Contract which is not an International
Contract.

 

(g)                                 “Eligible
Contract” means a Contract purchased by us which meets all of the requirements
set forth in paragraph 5; provided, however, that notwithstanding
that a Contract is otherwise an Eligible Contract, upon a breach of the covenant
set forth in paragraph 6(e), or a breach of any of your other covenants or
agreements which breach remains unremedied thirty 

 

 

(30) days after notice from us,
the Contract and all other Contracts shall cease to be Eligible Contracts.

 

(h)                                 “International
Contract” means a Contract under which the Obligor is an entity organized under
the laws of, and/or is conducting business such that the Software covered under
the Contract will be used in a jurisdiction other than the United States of
America.

 

(i)                                     “International
Currency” means a currency other than United States dollar.

 

(j)                                     “Obligor”
means any party obligated in respect of a Contract other than the developer or
licensor of the Software covered thereby.

 

(k)                                  “Obligor
Default” means:  (i) failure of an
Obligor under any Domestic Contract to make a Payment within thirty (30) days
of the due date of the due date of that Payment; (ii) the failure of an
Obligor under any International Contract to make a Payment within forty-five
(45) days of the due date of that Payment; (iii) the making by any Obligor
of an assignment of all or a substantial part of its assets for the benefit of
creditors, or institution of any proceeding by or against any Obligor alleging
that the Obligor is insolvent or unable to pay its debts as they mature if such
proceeding is not withdrawn or dismissed within sixty (60) days after its
institution; (iv) entry of any final judgment (which under generally
accepted accounting principles would be deemed material) against any Obligor remaining
unsatisfied for a period of thirty (30) days if such judgment is deemed by us
to be a material factor in the creditworthiness of the Obligor; (v) dissolution,
merger, consolidation or transfer of a substantial part of the property of any
Obligor which is a corporation or a partnership, if such dissolution, merger,
consolidation or transfer is deemed by us to be a material adverse factor in
determining the creditworthiness of such Obligor; or (vii) falsity in any
material respect as of the date made in any statement, representation or
warranty of any Obligor in connection with any Contract.

 

(l)                                     “Obligor
Guaranty” means any guaranty given to you (or under which you have rights) by
any person or entity guaranteeing the payment and/or performance of a Contract
purchased by us.

 

(m)                               “Payment”
means any payment, whether or not earned by performance, receivable by the
developer or licensor of the Software on account of a Contract purchased by us.

 

(n)                                 “Repurchase
Price” of a Domestic Contract purchased by us means, at any time, the sum of (i) the
present value of the Balance of Payment of the Contract at that time,
calculated using the Discount Rate for such Contract, plus (ii) an
Adjustment Amount for such Contract equal to one percent (1.0%) of the amount,
determined under clause (i) of this sentence.

 

(o)                                 “Repurchase
Price” of an International Contract means the sum of (i) the greater of (A) the
present value, calculated using the Discount Rate for such Contract, of the
dollar payments due under the Contract or due to us under any Currency Exchange
Agreement existing with respect to such Contract, plus, if any Currency
Exchange Agreement which has been entered into with the Contract is terminated
or canceled in connection with the repurchase or our inability to transfer the
Payments due- under the Contract to our counterparty under the Currency
Exchange Agreement, the amount payable to our counterparty under such Currency
Exchange Agreement on account of the termination or breakage of the Currency
Exchange Agreement, or 

 

2

 

(B) the amount of lump sum
dollar payment quoted or contracted for by us under a Currency Exchange
Agreement to acquire the amount(s) of International Currency Payments due
from us to our counterparty under a currency Exchange Agreement entered
into-with respect to the Contract, plus (ii) an Adjustment Amount equal to
one percent (1%) of the greater of items (A) or (B) in clause (i) of
this sentence plus (iii) the amount, if any of costs, fees or
expenses incurred by us in connection with the Contract which have not been
reimbursed by the Obligor thereunder, plus (iv) interest at the rate of     
percent (12%) per annum on any expense, fee, cost or expenditure made or
incurred by us with respect to the Contract from the date of incurrence through
the date of your payment thereof.

 

(p)                                 “Software”
means software products licensed by you under license agreements with Obligors.

 

2.                                       Purchase Price.

 

(a)                                  You
may, but shall not be required to, offer us the right to purchase any Domestic
Contract that you execute and we may elect to purchase or decline to purchase
any Domestic Contract so offered.  If we
for any reason refuse to buy any Domestic Contract offered to us within ten (10) days
after the offer has been made, then you may offer the Contract to any other
purchaser.  The purchase price of a
Domestic Contract shall be computed as of the date of purchase by discounting
the Balance of Payment at the then applicable Discount Rate set forth in Schedule
A attached hereto and made a part hereof (as the same may from time to time be
revised by us by written revisions which we shall provide to you).

 

(b)                                 You
may offer us the right to purchase any International Contract that you execute
and we may elect to purchase or decline to purchase any International Contract
so offered, provided however, that you will not be required to offer,
and we will be under no obligation of any kind to consider the purchase of
International Contracts denominated in any International Currency or involving
any nation or jurisdiction not previously approved by us in writing.  If we for any reason refuse to buy any
International Contract offered to us within ten (10) days after the offer
has been made, then you may offer the International Contract to another
purchaser, unless we shall have entered into any Currency Exchange
Agreement in anticipation of our purchase of such International Contract, in
which case an additional five (5) days shall be allowed to us to purchase
the Contract prior to your offering such Contract to a third party.  The purchase price Oran International
Contract shall be computed as of the date of purchase by discounting, at the
then applicable Discount Rate set forth in Schedule A hereto, either (i) the
Balance of Payment (net of any special costs of collection, transfer or receipt
which are to be incurred with respect thereto) of dollar-denominated
International Contracts, or (ii) the amount of net dollar payments quoted
to us or contracted for by us under a Currency Exchange Agreement in exchange
for the Balance of Payment (net of any special costs of collection, transfer or
receipt which are to be incurred with respect thereto) of International
Currency-denominated International Contracts.

 

(c)                                  On
the date of our purchase of a Contract we will first apply the proceeds
representing the purchase price to be paid by us against any payments you are
then required to make to us under the terms of this Agreement and then we will
pay any remainder to you in cash.

 

3

 

3.                                       Assignment of Contracts, Payments and
Equipment.

 

At the time of
our purchase of a Contract, you will assign to us all of your right, title and
interest in, to and under (i) all Payments due and to become due under or
with respect to the Contract and in, to and under the Contract insofar as the
Contract relates to the Payments, the right to receive payments, and/or the
licensor’s or financer’s right to enforce Payment obligations or avail itself
of remedies in the event of any breach of the Contract, (ii) all Obligor
Guaranties, and (iii) all general intangibles (as defined in the Uniform
Commercial Code) relating to or arising out of items (i) and (ii) above.

 

4.                                       Representations and Warranties.

 

You hereby
represent and warrant (each representation and warranty shall be considered as
having been restated and ratified in connection with the sale of a Contract to
us as an inducement to us to purchase the Contract) that, as of the date of
this Agreement:

 

(a)                                  You
are a corporation duly organized, validly existing and in good standing under
the laws of Massachusetts and you are duly qualified and in good standing as a
foreign corporation authorized to do business in each state or jurisdiction
where such qualification is necessary.

 

(b)                                 You
are duly authorized to execute and deliver this Agreement, and are and will (as
long as this Agreement is in effect and thereafter until payment in full of all
amounts due and owing us pursuant to any Contract or this Agreement) continue
to be, duly authorized to perform all of your obligations under this Agreement
and under each instrument and document delivered in connection with this
Agreement.

 

(c)                                  The
execution and delivery of this Agreement by you does not, and the performance
by you of your obligations under this Agreement will not, conflict with any
provision of law, rule or regulation or of your charter or by-laws or of
any agreement or court or administrative order, judgment or decree binding upon
you

 

(d)                                 You
have delivered to us copies of (i) your most recent annual audited
financial statements, prepared and certified by an independent firm of
certified public accountants satisfactory to us, in conformity with generally
accepted accounting principles applied on a basis consistent with that of the
preceding fiscal year and presenting fairly your financial condition as at such
date, and the results of your operations for the twelve (12) month period then
ended and (ii) your most recent quarterly financial statements, prepared
in conformity with generally accepted accounting principles applied on a basis
consistent with that of the preceding fiscal quarter and presenting fairly your
financial condition as at such date and the results of your operations for the
quarter then ended, certified as true and correct by your chief financial
officer; and since the date of the above described financial statements there
has been no material adverse change in your financial condition.

 

(e)                                  You
have delivered to us a schedule of material litigation or governmental
proceedings pending against you (including estimates of the dollar amounts
involved).  Other than any liability
incident to the litigation or proceedings disclosed in such schedule, you have
no 

 

4

 

contingent liabilities not
provided for or disclosed in the financial statements referred to in paragraph
4(d).

 

(f)                                    Your
chief executive office and principal place of business is located at the
address set forth on the first page hereof unless another address is
specified here:                                                                                                                           .

 

5.                                       Eligibility Requirements.

 

In order for a
Contract to be an Eligible Contract, all of the following must be true and
correct with respect to the Contract, the Payments due under the Contract and
the Software covered by the Contract:

 

(a)                                  The
Obligor under the Contract has waived all defenses against the assignee of the
licensor;

 

(b)                                 The
Contract arises from a bona fide, financing of the Software described in the
Contract and the Software is in all respects in accord with the requirements of
the Contract and has been delivered to, installed and unqualifiedly accepted by
the Obligor-licensee under the Contract;

 

(c)                                  The
Contract and the related Software comply with all applicable laws and
regulations (including, without limitation, interest/usury laws); the Contract
is genuine, valid, enforceable in accordance with its terms, accurately describes
the related Software and the Payments due under the Contract, and is in all
respects what it purports to be; the Contract, the Payments due under the
Contract and all proceeds thereof are not subject to any lien, claim, or
security interest except the interest of the Obligor-licensee of the Software;
you have an unconditional, non-terminable right to license, relicense or
sublicense the Software covered under the Contract for the full term of the
Contract; and the Contract is one which we are and will continue to be
authorized by law to purchase and hold;

 

(d)                                 At
the time of our purchase of the Contract, you had (i) good title to the
Contract, the Payments due under the Contract, and each Obligor Guaranty
related to the Contract, free of all liens, claims or security interests; (ii) and
an unimpaired right to license the related Software, subject only to the
interest of the Obligor-licensee thereof; and (iii) all legal power, right
and authority to sell the Payments due under the Contract, all remedies and
rights of enforcement relating to such Payments, all related general
intangibles and all Obligor Guaranties to us;

 

(e)                                  Good
title to the Payments due under the Contract, all remedies and rights of
enforcement relating to such Payments, all related general intangibles and all
Obligor Guaranties, and all proceeds thereof free of all liens, claims or
security interests, shall be vested in us by the Assignment executed by you
relating to the Contract;

 

(f)                                    All
counterparts of the Contract have been clearly marked to indicate that only one
counterpart is the “Original” and assignable, and that counterpart will be
delivered to us at the time of our purchase;

 

5

 

(g)                                 At
the time of our purchase of the Contract, you have informed us in writing of
all agreements entered into between you and the Obligor in connection with the
Contract and/or the Software and of all agreements between you and any party
from which you have received a right to license, relicense or sublicense the
Software covered by the Contract, and fully executed copies (all original
copies if requested by us) of all those agreements will be delivered to use
simultaneously with delivery of the Contract;

 

(h)                                 Each
party to the Contract or any Obligor Guaranty has all the legal capacity, power
and right required for it to enter into the Contract or Obligor Guaranty and
any supplemental agreements, and to perform its obligations thereunder; all
such actions have received all corporate or governmental authorization required
by any applicable charter, by-law, constitution, law, rule or regulation;

 

(i)                                     At
the time of our purchase of the Contract no event of default, or event which
with the passage of time or giving of notice, or both, would become an event of
default under terms of the Contract, existed and you had no knowledge of any
fact that may impair the Contract’s validity;

 

(j)                                     There
exist no setoffs, counterclaims or defenses on the part of any Obligor under
the Contract or any Obligor Guaranty to any claims against or obligations of
any Obligor thereunder;

 

(k)                                  You
have not done anything that might impair the value of the Contract or any
related Obligor Guaranty or any of our rights under the Contract, any related
Obligor Guaranty, or with respect to the Software covered by the Contract or
Payments due under the Contract;

 

(l)                                     All
taxes, assessments, fines, fees and other liabilities relating to the Contract,
the Payments due under the Contract, the related Software, or any related
Obligor Guaranty have been paid when due, and all filings in respect of any
such taxes, assessments, fines, fees and other liabilities have been timely
made;

 

(m)                               Neither
you, nor any developer or licensor of the Software is in default of any of your
or such developer’s or licensor’s obligations under the Contract or arising by
contract or imposed by applicable law, rule or regulation with respect to
the Contract and the related Software;

 

(n)                                 You
have taken, at your expense, all steps from time to time necessary or deemed by
us to be desirable to perfect (and continue the perfection of) our security
interest in the Contract, the Payments covered by the Contract and all proceeds
thereof;

 

(o)                                 Neither
the Contract nor any related Obligor Guaranty has been, or will be, terminated,
canceled, altered, modified, changed or amended without our prior written
consent;

 

(p)                                 At
the time of our purchase of the Contract, no amounts have been prepaid on the
Contract except advance payments which are required by the terms of the
Contract;

 

(q)                                 The
Obligor-licensee under the Contract has no contractual right to cancel,
terminate or suspend performance under the Contract; and

 

6

 

(r)                                    If
the Contract is an International Contract, (i) the Contract is strictly
enforceable by us against the Obligor(s) thereunder in jurisdiction(s) in
which the Obligor is organized and existing and in which the Software is used, (ii) the
Obligor is subject to the jurisdiction of courts in the United States of
America, (iii) a judgment or decree rendered against the Obligor-licensee
in any such United States jurisdiction will be capable of being recognized,
enforced and executed upon in any applicable jurisdiction against such
Obligor-licensee, (iv) neither execution and delivery of, payment or
performance of, transfer of payments thereunder to the United States, nor the
assignment or enforcement of the Contract, or the remedies thereunder or
required herein, do or shall require any governmental consents, approvals or
licensees or are subject to any applicable requisitions, restrictions, taxes,
fines, fees or imposts of any kind, unless all of the same have been paid or
provided for prior to the purchase of the Contract by us, and (v) all
Payments thereunder shall be net of all taxes, fees, imposts or governmental
charges of any kind with respect to the Contract and/or the exportation of
Payments to the United States, provided however, that the Contract shall
not be deemed ineligible in connection with clauses (i)-(iii) above unless
we in our sole discretion determine that it may be necessary to enforce the
Contract through judicial proceedings in order to obtain the full benefits and
protections provided under the Contract.

 

6.                                       Covenants.

 

Until the
termination of this Agreement and for as long as we hold any Contract purchased
under this Agreement, you agree that you will:

 

(a)                                  Furnish
to us:  (i) as soon as available,
but not later than sixty (60) days after the end of each quarter (except the
last) of each fiscal year, quarterly unaudited financial statements concerning
your business, prepared in accordance with generally accepted accounting
principles applied on a basis consistent with that of the preceding fiscal
quarter, presenting fairly your financial condition as at the end of that
quarter and containing such data as may be requested by us, and certified as
true and correct by your chief financial officer; (ii) as soon as
available, but not later than one hundred-twenty (120) days after the end of
each fiscal year, a copy of your annual audit report for that year, prepared in
conformity with generally accepted accounting principles applied on a basis
consistent with that of the preceding fiscal year and presenting fairly your
financial condition as at the end of that fiscal year and the results of your
operations for the twelve (12) month period then ended and signed by
independent certified public accountants of recognized standing or otherwise
satisfactory to us; and (iii) from time to time any other information as
we may reasonably request;

 

(b)                                 Notify
us promptly upon your learning of (i) any change in the name of the
Obligor under any Contract purchased by us; (ii) the default or violation
of any provision of a Contract purchased by us or other related document by any
Obligor thereunder or the occurrence of event which with notice or the passage
of time would constitute a default under any Contract purchased by us; (iii) any
and all litigation of which you have knowledge concerning you or any Obligor
which might reasonably be construed to affect adversely our interest in a
Contract purchased by us or the Payments under the Contract; (iv) any
matter which may adversely affect your right to license, sublicense or rel i
tense, or the Obligor’s rights as licensee of any Software covered under a
Contract purchased by us or any of our rights under this Agreement;

 

7

 

(c)                                  Permit
us reasonable access to your books and records as they relate to Contracts
purchased by us;

 

(d)                                 Make
or cause to be made all filings in respect of, and pay or cause to be paid when
due, all taxes, assessments, fines, fees and other liabilities (including all
taxes and other claims in respect to the Contracts and the related Software),
except and so long as (i) such taxes, assessments, fines, fees and other
liabilities are contested in good faith, with due diligence and by appropriate
proceedings; (ii) a reserve therefore has been established and is being
maintained and such reserve is in an amount determined to be adequate, under
generally accepted accounting principles, by independent accountants of
recognized national standing; and (iii) failure to pay the same does not
adversely affect our rights under this Agreement or under a Contract purchased
by us or our interest in the related Software;

 

(e)                                  Not
(i) cease to engage in substantially the same line of business in which
you are engaged on the date of this Agreement, (ii) cease to engage in the
development and licensing of Software, or (iii) sell, transfer or convey a
substantial part of your assets or effect or be a party to any merger or
consolidation unless the same shall not, in our sole determination, adversely
affect your financial condition or capacity or your ability to perform your
obligations under Contracts purchased by us or with respect to the Software
covered by such Contracts (all such determinations shall be made not later than
thirty (30) days after your request therefor, and if not made by us within such
time, shall be deemed to be a determination by us of no adverse affect);

 

(f)                                    Perform
all your obligations arising by contract or imposed by applicable law, rule or
regulation with respect to the Contracts and the related Software, including,
without limitation, providing maintenance and service of the Software in
accordance with your standard practice and policy;

 

(g)                                 Notify
us at least ten (10) days prior to your (i) changing the location of
your principal place of business or chief executive office or (ii) opening
or closing any places of business in any jurisdictions where such openings or
closings might affect the place where a UCC financing statement or similar
document would need to be filed in order to perfect or protect our interest in
any Contract or Payment; and

 

(h)                                 From
time to time execute and deliver such further documents and do such further
acts and things as we may reasonably request in order to fully effect the
purposes of this Agreement and to protect our interest in the Contracts and the
Payments.

 

7.                                       Agreement to Indemnify.

 

We assume no
obligation or liability to any Obligor under any Contract purchased by us and
no assignment of any Contract shall impose any such obligation or liability on
us.  You agree to indemnify and save us
harmless of, from and against any losses, damages, penalties, forfeitures,
claims, costs, expenses (including court costs and reasonable attorneys’ fees)
or liabilities which may at any time be brought, incurred, assessed or adjudged
against us, related to or arising from the Contracts and the related Software
or the collection of transmission of Payments under a Contract.

 

8

 

We will each
give the other notice of any event or condition that requires indemnification
by you hereunder, or any allegation that such event or condition exists,
promptly upon obtaining knowledge thereof. 
You agree to pay all amounts due hereunder promptly after such amount
has become due or assessed, or if contested as hereinafter provided, after such
amount has been settled or adjudicated in connection with such contest.  To the extent that you may make or provide,
as determined by us or to the satisfaction of counsel retained for the purpose
of contesting the underlying claim, for payment under this indemnity provision,
and if you are otherwise in compliance with the terms of this Agreement, you
shall have the right to select counsel subject to our reasonable concurrence,
and to control litigation related thereto, to determine the settlement of
claims thereon, and be subrogated to our rights with respect to such event or
condition.  All of the indemnities and
agreements contained in this paragraph shall survive and continue in full force
and effect notwithstanding termination of this Agreement or of any Contact
purchased by us provided however, that such indemnities and agreements
shall expire and be of no further effect after the lapse or expiration of all
statute of limitation periods applicable to the claims and events for which
indemnification is provided.

 

8.                                       Agreements Regarding Collections.

 

You agree to
promptly notify the Obligor-licensee under each Contract purchased by us, and
obtain the Obligor-licensee’s written acknowledgment, of the fact of such
purchase and direct each such Obligor-licensee, thenceforth, to make all
payments directly to us.  If, despite
such direction, you subsequently receive a Payment on account of a Contract
sold to us, you agree to hold the amount in trust for us and immediately
forward the Payment to us in kind.  You
hereby authorize us to endorse, in writing or by stamp, in your name or
otherwise any and all checks, drafts, notes, bills of exchange and orders,
howsoever received by us, representing any Payment under any Contract purchased
by us.  We may take or fail to take
whatever action with respect to collections under Contracts purchased by us as
we, in our sole discretion, shall deem proper. 
Regardless of what collection action we may or may not take, the
provisions of paragraphs 10 and 11 will remain in force and shall be unaffected
by any such action or failure to act.

 

Sales and use
taxes, and other taxes of a similar nature which we may hereafter specifically
agree to bill and collect, will be billed for by us in accordance with your
reasonable instructions and collected by us using our normal collection
methods.  Upon our receipt thereof, such
taxes shall be remitted to you monthly for payment to the appropriate taxing
authorities.  You shall at all times remain
responsible for the preparation and filing of all state and local tax returns
applicable to such taxes and for the actual payment thereof and for the
billing, collection and payment of, and the filing of returns with respect to,
all other taxes, imposts, fines and fees charged or assessed with respect to
the Contracts, Payments and/or Software.

 

9.                                       Contract Prepayments.

 

If a Contract
purchased by us is prepaid in full for any reason, we shall be entitled to
receive, in connection with the prepayment, an amount equal to the Repurchase
Price of the Contract plus, if provided for in Schedule A to this Agreement, a
prepayment fee calculated in accordance with Schedule A (as the same may be
revised by us from time to time by written 

 

9

 

revisions).  This paragraph 9
shall not apply to any Contract repurchased under paragraph 10 or 11.

 

10.                                 Repurchase of Contracts (Lack of Eligibility).

 

In the event
any Contract shall not be an Eligible Contract at the time of our purchase or
shall thereafter cease to be an Eligible contract you agree, upon demand by us,
to repurchase the Contract for cash for a price equal to the Repurchase Price
of the Contract.  After we receive the
Repurchase Price for any repurchased Contract, we will reassign to you all of
our right, title and interest in the repurchased Contract and nay Payments due
thereunder, without recourse to, and without representations or warranties by,
us of any kind whatsoever.

 

11.                                 Repurchase of contracts (Obligor Default).

 

In the event
that we give you notice of an Obligor Default under any Contract purchased by
us, and request in writing that you repurchase the defaulted Contract, you will
within ten (10) days after receipt of our request, pay to us an amount
equal to the Repurchase Price of the defaulted Contract, computed as of the time
of your payment.  After we receive the
Repurchase Price for any repurchased Contract we will reassign to you all of
our right, title and interest in the repurchased Contract and any Payments due
thereunder within recourse to, and within representations or warranties by, us
of any kind whatsoever.

 

12.                                 Fees and Reimbursements.

 

(a)                                  In
consideration of our issuance of this letter agreement and related documents,
our preparation to analyze, consider and administer Contracts to be offered to
us under this Agreement, and in consideration of other costs, expenses,
services and labor to be incurred and expended by us in connection with this
Agreement, you agree to pay to us a documentation and preparation fee (the “Fee”)in
the amount of $50,000.00, of which $25,000.00 has been fully earned by us upon
your execution of this Agreement, and the balance of which shall be refunded to
you only if we shall have purchased Contracts having an aggregate purchase
price in excess of $2,500,00.00 on or prior to March 6, 1993, or if we
shall have terminated this Agreement prior to such date (unless termination is
made in connection with an adverse change in your business or financial
condition or a breach by you of this Agreement, in which event the balance may
be retained by us).  Except as provided
in the immediately preceding sentence, this Fee shall not be refundable for any
reason whatsoever.

 

(b)                                 In
addition to the Fee, you agree to pay the amount of attorney’s and paralegal’s
fees incurred by us in the investigation of and documentation of this Agreement
and matters related hereto, provided however, that the amount of such
reimbursement due from you shall not exceed $5,000.00.

 

(c)                                  The
fees and reimbursements referred to in paragraph 12(a) and 12(b) are
not commitment fees, and neither the payment of such fees and/or
reimbursements, nor any other provisions of this Agreement or otherwise shall
be construed to create a commitment on our part to consider or purchase
Contracts except in our sole discretion and as provided in and subject to the
provisions of this Agreement.

 

10

 

13.                                 Termination.

 

This Agreement
shall continue in effect until terminated and may be terminated by either party
at any time upon thirty (30) days’ written notice to the other, provided,
however, that all of the rights and obligations of the parties applicable to
the Contracts purchased by us prior to such termination shall survive such
termination.

 

14.                                 Miscellaneous.

 

(a)                                  You
agree to pay all reasonable costs and expenses, including reasonable attorneys’
and paralegal’s fees, expenses and court costs incurred by us in enforcing any
of the provisions of this Agreement or in enforcing any obligations of yours
contained in any Assignment.

 

(b)                                 You
hereby waive notice of any Obligor Default under any Contract purchased by us
and you consent that, without affecting any of your liabilities or obligations
hereunder or under any Assignment, we may agree with any Obligor as to any
modification, alteration, release, compromise, extension, waiver, consent, or
other similar or dissimilar indulgence of or with respect to any term or
condition relating to the Payments or rights under the Contract which have been
assigned to us.

 

(c)                                  Any
notice under this Agreement shall be in writing and shall be delivered in
person, by telegram or by United States first class mail, postage prepaid, and
addressed:

 

(i)                                     if
to you, at your address set forth on the first page of this Agreement;

 

(ii)                                  if
to us, at One South Wacker Drive, Chicago, Illinois 60606, Attn: President; and

 

(iii)                               to
either party at any other address.  as
such party may, by notice as herein provided, received by the other, designate
as its address for all notices under this Agreement.

 

(d)                                 This
Agreement shall be binding on, and inure to the benefit of, us and you and our
respective successors and assigns and contains our entire understanding and
agreement with respect to the subject matter hereof.  It is understood and agreed that from time to
time we may, without notice to you, (i) decide that any or all of the
purchases pursuant hereto shall be made by one or more of our affiliates,
subsidiaries, or subsidiaries of our affiliates; (ii) assign to one or
more of our affiliates, subsidiaries or subsidiaries of our affiliates, all of
our right, title and interest in any Contract purchased by us hereunder and the
Software covered by any such Contract; and (iii) assign this Agreement in
whole or in part and/or all or part of our rights and benefits under this
Agreement to any person, provided however, that we shall give you notice
of any assignment described in clause (iii) of this sentence.  If one or more of our affiliates,
subsidiaries or subsidiaries of our affiliates purchase any Contract, such
purchase or purchases shall be made under the terms and conditions of this
Agreement.

 

(e)                                  This
Agreement has been delivered for acceptance by us in Chicago, Illinois and
shall be governed by and construed in accordance with the internal laws of the
State of Illinois.  

 

11

 

You hereby (i) waive any
right to a trial by jury in any action to enforce or defend any matter arising
from or related to this Agreement; (ii) irrevocably submit to the
jurisdiction of any state or federal court located in Cook County, Illinois,
over any action or proceeding to enforce or defend any matter arising from or
related to this Agreement; (iii) irrevocably waive, to the fullest extent
you may effectively do so, the defense of an inconvenient forum to the maintenance
of any such action or proceeding; (iv) agree that a final non-appealable
judgment in any such action or proceeding shall be conclusive and may be
enforced in any other jurisdictions by suit on the judgment or in any other
manner provided by law; and (v) agree not to institute any legal action or
proceeding against us or any of our directors, officers, employees, agents or
property, concerning any matter arising out of or relating to this Agreement in
any court other than one located in Cook County, Illinois.  Nothing in this paragraph shall affect or
impair our right to serve legal process in any manner permitted by law or our
right to bring any action or proceeding against you or your property in the
courts of any other jurisdiction.

 

(f)                                    This
Agreement is not assignable by you, by operation of law or otherwise.

 

(g)                                 All
of the covenants, agreements, representations and warranties made by you in
this Agreement shall, notwithstanding any investigation by us, be deemed to be
material to and to have been relied upon by us with respect to each Contract
purchased to us pursuant to this Agreement. 
Our knowledge at any time of any breach of or non-compliance with any of
such covenants, agreements, representations or warranties shall not constitute
a waiver of any thereof by us.  None of
our rights under this Agreement will be waived except by a writing signed by us
and any such waiver will be effective only as to matters expressly set forth in
such writing.

 

(h)                                 Our
obligation to perform under this Agreement is limited by and subject to any and
all applicable laws, rules and regulations.  Wherever possible each provision of this
Agreement shall be interpreted in such manner as to be effective and valid
under applicable law, but if any provision of this Agreement shall be
prohibited or invalid under such law, such provision shall be ineffective to
the extent of such prohibition or invalidity without invalidating the remainder
of such provision or the remaining provisions of this Agreement.

 

12

 

If the
foregoing meets with your approval, kindly so indicate by your signature under
the words “Accepted and Approved” and return all copies of this Agreement, as
executed by you, to us and upon our executing the same this letter

 

 

	
   

  	
  SANWA BUSINESS CREDIT CORPORATION

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Title:

  	
   

  	
   

  
	
   

  	
   

  
	
  ACCEPTED AND
  APPROVED:

  	
   

  
	
   

  	
   

  
	
  Aspen
  Technologies, Inc.

  	
   

  
	
   

  	
   

  
	
  By:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Title:

  	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  Attachment:
  Schedule A

  	
   

  
								

 

13

 

SCHEDULE A
ATTACHED TO AND MADE A PART OF THAT CERTAIN LETTER AGREEMENT (THE “LETTER
AGREEMENT”) DATED MARCH 28, 1992, BETWEEN ASPEN TECHNOLOGY, INC. AND SANWA
BUSINESS CREDIT CORPORATION (“SBCC”)

 

1.                                       Discount Rate.  Contracts purchased pursuant to the Letter
Agreement will be discounted to yield to SBCC the following equivalent simple
interest rates per annum:

 

	
  Size of Contract

  (determined using highest

  Discount Rate stated below)

  	
   

  	
  Interest Rates Per Annum

  
	
   

  	
   

  	
   

  
	
  $25,000.00 – $100,000.00

  	
   

  	
  12.50%

  
	
  $100,000.01 – $500,000.00

  	
   

  	
  11.25%

  
	
  $500,000.01 and greater

  	
   

  	
  11.00%

  

 

2.                                       Prepayment Fee.  If a Contract is prepaid for any reason, SBCC
will be entitled to receive, in addition to the Repurchase Price for the
Contract, a prepayment fee equal to the greater amount computed under the
following schedules:

 

Schedule 1:

 

The prepayment
fee will be equal to the Repurchase Price of the Contract multiplied by the
applicable percentage determined below.

 

	
  Prepayment Occurring During

  Months Following Date

  Contract Purchased

  	
   

  	
  Prepayment Fee as Percentage

  of Repurchase Price.

  
	
   

  	
   

  	
   

  
	
  Months 01-12

  	
   

  	
  5%

  
	
  Months 13-24

  	
   

  	
  4%

  
	
  Months 25-36

  	
   

  	
  3%

  
	
  Months 37-48

  	
   

  	
  2%

  
	
  Months 49-60

  	
   

  	
  1%

  
	
  Months 61 and thereafter

  	
   

  	
  0%

  

 

Schedule 2                                    [applicable
only to dollar-denominated Contracts and International Contracts for which the
Repurchase Price is determined on the basis of clause (i) (A) of
paragraph 1(o) of the Letter Agreement]

 

The prepayment
fee for any Contract shall be the difference between (a) the present value
of the remaining Balance of Payment calculated using the Applicable Treasury
Rate quoted most recently prior to the date such Contract is repurchased minus (b) the
present value of such remaining Balance of Payment calculated using the
Applicable Treasury Rate quoted 

 

 

most recently
prior to the date such Contract was purchased by SBCC, provided that in no
event will the prepayment fee be less than 0.

 

The “Applicable
Treasury Rate” will be the “This Week” rate quoted for “Treasury Constant
Maturities” of the applicable maturity, as determined by the following chart,
in Statistical Release H.15 (519) published by the Board of Governors of the
Federal Reserve System.  In the event
that the Board of Governors ceases publishing H.15 (519), the Applicable
Treasury Rate, will be determined using a comparable index chosen by SBCC in
good faith.

 

	
  Contract Term in Months*

  	
   

  	
  Applicable Maturity of

  Treasury Constant Maturities

  
	
   

  	
   

  	
   

  
	
  18 or less

  	
   

  	
  1-Year

  
	
  more than 18 but 48 or less

  	
   

  	
  2-Year

  
	
  More than 48 but 72 or less

  	
   

  	
  3-Year

  
	
  More than 72 but 120 or less

  	
   

  	
  5-Year

  

 

*Note: to
determine the Applicable Treasury Rate for the date the Contract was purchased
by SBCC, use the original term of the Contract. 
To determine the Applicable Treasury Rate for the date the Contract is
repurchased, use the number of whole months in the remaining term on the date
of repurchase.

 

Agreed to this
25 day of March 1992.

 

	
  ASPEN
  TECHNOLOGIES, INC.

  	
  SANWA
  BUSINESS CREDIT CORPORATION

  
	
   

  	
   

  	
   

  
	
  By:

  	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Title:

  	
   

  	
   

  	
  Title:

  	
   

  	
   

  
										

 

2

 

EXHIBIT A

 

There is
currently approximately $5000 owed to the Department of Revenue, State of
Kansas.

 

 

[CUSTOMER NAME
AND ADDRESS]

 

Dear Sirs:

 

We refer to
our Software License and Service Agreement with you dated                 
      , 200  , a copy of which is attached
(the “Contract”) and advise you that we have sold all of our rights to the
payments due under the Contract as set forth below ( the “Payments”) to Fleet
Business Credit, LLC (“Fleet”).

 

                                                DUE
DATE                                                                                    AMOUNT
DUE

 

Please note
that all requests for Service and any questions related to the Product should
still be referred to us.  AspenTech has
not transferred any of its obligations in the Contract, and all correspondence
or questions regarding training and maintenance should be directed to your
AspenTech representative.  All of the
Payments should be made directly to Fleet at Fleet Global Vendor Finance, 135
South LaSalle, Department 8210, Chicago, Illinois 60674-8210, or at such other
address as Fleet may advise you of directly.

 

AspenTech also
advises you that you should not, without Fleet’s prior written consent: (i) modify
or amend the Contract, (ii) assign, encumber or sublet your rights under
the Contract, or (iii) exercise any of your rights under the Contract
which are exercisable only with the consent of AspenTech.  Further, a copy of each notice which you are
required to give AspenTech under the terms of the Contract should also be sent
by you to Fleet at its address set forth above, or at such other address as Fleet
may hereafter notify you.

 

Thank you in
advance for your assistance and cooperation in the assignment of Payments under
the referenced Contract.

 

Very truly
yours,

 

 

Christine
Duffy

Treasurer

Aspen Technology, Inc.

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