Document:

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                                                                    Exhibit 10.3

                     EXPORT-IMPORT BANK OF THE UNITED STATES
                        WORKING CAPITAL GUARANTEE PROGRAM

                               BORROWER AGREEMENT

         THIS BORROWER AGREEMENT (this "Agreement") is made and entered into by
the entities identified as Borrower on the signature page hereof (jointly and
severally and individually and collectively, the "Borrower") in favor of the
Export-Import Bank of the United States ("Ex-Im Bank") and the institution
identified as Lender on the signature page hereof ("Lender").

                                    RECITALS

         Borrower has requested that Lender establish a Loan Facility in favor
of Borrower for the purposes of providing Borrower with pre-export working
capital to finance the manufacture, production or purchase and subsequent export
sale of Items.

         It is a condition to the establishment of such Loan Facility that Ex-Im
Bank guarantee the payment of ninety percent (90%) of certain credit
accommodations subject to the terms and conditions of a Master Guarantee
Agreement, the Loan Authorization Agreement, and to the extent applicable, the
Delegated Authority Letter Agreement.

         Borrower is executing this Agreement for the benefit of Lender and
Ex-Im Bank in consideration for and as a condition to Lender's establishing the
Loan Facility and Ex-Im Bank's agreement to guarantee such Loan Facility
pursuant to the Master Guarantee Agreement.

         NOW, THEREFORE, Borrower hereby agrees as follows:

                                    ARTICLE I
                                   DEFINITIONS

         1.1 DEFINITION OF TERMS. As used in this Agreement, including the
Recitals to this Agreement and the Loan Authorization Agreement, the
following terms shall have the following meanings:

              "Accounts Receivable" shall mean all of Borrower's now owned or
         hereafter acquired (a) "accounts" (as such term is defined in the UCC),
         other receivables, book debts and other forms of obligations, whether
         arising out of goods sold or services rendered or from any other
         transaction; (b) rights in, to and under all purchase orders or
         receipts for goods or services; (c) rights to any goods represented or
         purported to be represented by any of the foregoing (including unpaid
         sellers' rights of rescission, replevin, reclamation and stoppage in
         transit and rights to returned, reclaimed or repossessed goods); (d)
         moneys due or to become due to such Borrower under all purchase orders
         and contracts for the sale of goods or the performance of services or
         both by Borrower (whether or not yet earned by performance on the part
         of Borrower), including the proceeds of the foregoing; (e) any notes,
         drafts, letters of credit, insurance proceeds or other instruments,
         documents and writings evidencing or supporting the foregoing; and (f)
         all collateral security and guarantees of any kind given by any other
         Person with respect to any of the foregoing.

              "Advance Rate" shall mean the rate specified in Section 5(C) of
         the Loan Authorization Agreement for each category of Collateral.

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              "Business Day" shall mean any day on which the Federal Reserve
         Bank of New York is open for business.

              "Buyer" shall mean a Person that has entered into one or more
         Export Orders with Borrower.

              "Collateral" shall mean all property and interest in property in
         or upon which Lender has been granted a Lien as security for the
         payment of all the Loan Facility Obligations including the Collateral
         identified in Section 6 of the Loan Authorization Agreement and all
         products and proceeds (cash and non-cash) thereof.

              "Commercial Letters of Credit" shall mean those letters of credit
         subject to the UCP payable in Dollars and issued or caused to be issued
         by Lender on behalf of Borrower under a Loan Facility for the benefit
         of a supplier(s) of Borrower in connection with Borrower's purchase of
         goods or services from the supplier in support of the export of the
         Items.

              "Country Limitation Schedule" shall mean the schedule published
         from time to time by Ex-Im Bank and provided to Borrower by Lender
         which sets forth on a country by country basis whether and under what
         conditions Ex-Im Bank will provide coverage for the financing of export
         transactions to countries listed therein.

              "Credit Accommodation Amount" shall mean, the sum of (a) the
         aggregate outstanding amount of Disbursements and (b) the aggregate
         outstanding face amount of Letter of Credit Obligations.

              "Credit Accommodations" shall mean, collectively, Disbursements
         and Letter of Credit Obligations.

              "Debarment Regulations" shall mean, collectively, (a) the
         Governmentwide Debarment and Suspension (Nonprocurement) regulations
         (Common Rule), 53 Fed. Reg. 19204 (May 26, 1988), (b) Subpart 9.4
         (Debarment, Suspension, and Ineligibility) of the Federal Acquisition
         Regulations, 48 C.F.R. 9.400-9.409 and (c) the revised Governmentwide
         Debarment and Suspension (Nonprocurement) regulations (Common Rule), 60
         Fed. Reg. 33037 (June 26, 1995).

              "Delegated Authority Letter Agreement" shall mean the Delegated
         Authority Letter Agreement, if any, between Ex-Im Bank and Lender.

              "Disbursement" shall mean, collectively, (a) an advance of a
         working capital loan from Lender to Borrower under the Loan Facility,
         and (b) an advance to fund a drawing under a Letter of Credit issued or
         caused to be issued by Lender for the account of Borrower under the
         Loan Facility.

              "Dollars" or "$" shall mean the lawful currency of the United
         States.

              "Effective Date" shall mean the date on which (a) the Loan
         Documents are executed by Lender and Borrower or the date, if later, on
         which agreements are executed by Lender and Borrower adding the Loan
         Facility to an existing working capital loan arrangement between Lender
         and Borrower and (b) all of the conditions to the making of the initial
         Credit Accommodations under the Loan Documents or any amendments
         thereto have been satisfied.

              "Eligible Export-Related Accounts Receivable" shall mean an
         Export-Related Account Receivable which is acceptable to Lender and
         which is deemed to be eligible pursuant to the Loan Documents, but in
         no event shall Eligible Export-Related Accounts Receivable include any
         Account Receivable:

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                   (a) that does not arise from the sale of Items in the
              ordinary course of Borrower's business;

                   (b) that is not subject to a valid, perfected first priority
              Lien in favor of Lender;

                   (c) as to which any covenant, representation or warranty
              contained in the Loan Documents with respect to such Account
              Receivable has been breached;

                   (d) that is not owned by Borrower or is subject to any right,
              claim or interest of another Person other than the Lien in favor
              of Lender;

                   (e) with respect to which an invoice has not been sent;

                   (f) that arises from the sale of defense articles or defense
              services;

                   (g) that is due and payable from a Buyer located in a country
              with which Ex-Im Bank is prohibited from doing business as
              designated in the Country Limitation Schedule;

                   (h) that does not comply with the requirements of the Country
              Limitation Schedule;

                   (i) that is due and payable more than one hundred eighty
              (180) days from the date of the invoice;

                   (j) that is not paid within sixty (60) calendar days from its
              original due date, unless it is insured through Ex-Im Bank export
              credit insurance for comprehensive commercial and political risk,
              or through Ex-Im Bank approved private insurers for comparable
              coverage, in which case it is not paid within ninety (90) calendar
              days from its due date;

                   (k) that arises from a sale of goods to or performance of
              services for an employee of Borrower, a stockholder of Borrower, a
              subsidiary of Borrower, a Person with a controlling interest in
              Borrower or a Person which shares common controlling ownership
              with Borrower;

                   (l) that is backed by a letter of credit unless the Items
              covered by the subject letter of credit have been shipped;

                   (m) that Lender or Ex-Im Bank, in its reasonable judgment,
              deems uncollectible for any reason;

                   (n) that is due and payable in a currency other than Dollars,
              except as may be approved in writing by Ex-Im Bank;

                   (o) that is due and payable from a military Buyer, except as
              may be approved in writing by Ex-Im Bank;

                   (p) that does not comply with the terms of sale set forth in
              Section 7 of the Loan Authorization Agreement;

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                   (q) that is due and payable from a Buyer who (i) applies for,
              suffers, or consents to the appointment of, or the taking of
              possession by, a receiver, custodian, trustee or liquidator of
              itself or of all or a substantial part of its property or calls a
              meeting of its creditors, (ii) admits in writing its inability, or
              is generally unable, to pay its debts as they become due or ceases
              operations of its present business, (iii) makes a general
              assignment for the benefit of creditors, (iv) commences a
              voluntary case under any state or federal bankruptcy laws (as now
              or hereafter in effect), (v) is adjudicated as bankrupt or
              insolvent, (vi) files a petition seeking to take advantage of any
              other law providing for the relief of debtors, (vii) acquiesces
              to, or fails to have dismissed, any petition which is filed
              against it in any involuntary case under such bankruptcy laws, or
              (viii) takes any action for the purpose of effecting any of the
              foregoing;

                   (r) that arises from a bill-and-hold, guaranteed sale,
              sale-and-return, sale on approval, consignment or any other
              repurchase or return basis or is evidenced by chattel paper;

                   (s) for which the Items giving rise to such Account
              Receivable have not been shipped and delivered to and accepted by
              the Buyer or the services giving rise to such Account Receivable
              have not been performed by Borrower and accepted by the Buyer or
              the Account Receivable otherwise does not represent a final sale;

                   (t) that is subject to any offset, deduction, defense,
              dispute, or counterclaim or the Buyer is also a creditor or
              supplier of Borrower or the Account Receivable is contingent in
              any respect or for any reason;

                   (u) for which Borrower has made any agreement with the Buyer
              for any deduction therefrom, except for discounts or allowances
              made in the ordinary course of business for prompt payment, all of
              which discounts or allowances are reflected in the calculation of
              the face value of each respective invoice related thereto; or

                   (v) for which any of the Items giving rise to such Account
              Receivable have been returned, rejected or repossessed.

              "Eligible Export-Related Inventory" shall mean Export-Related
         Inventory which is acceptable to Lender and which is deemed to be
         eligible pursuant to the Loan Documents, but in no event shall Eligible
         Export-Related Inventory include any Inventory:

                   (a) that is not subject to a valid, perfected first priority
              Lien in favor of Lender;

                   (b) that is located at an address that has not been disclosed
              to Lender in writing;

                   (c) that is placed by Borrower on consignment or held by
              Borrower on consignment from another Person;

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                   (d) that is in the possession of a processor or bailee, or
              located on premises leased or subleased to Borrower, or on
              premises subject to a mortgage in favor of a Person other than
              Lender, unless such processor or bailee or mortgagee or the lessor
              or sublessor of such premises, as the case may be, has executed
              and delivered all documentation which Lender shall require to
              evidence the subordination or other limitation or extinguishment
              of such Person's rights with respect to such Inventory and
              Lender's right to gain access thereto;

                   (e) that is produced in violation of the Fair Labor Standards
              Act or subject to the "hot goods" provisions contained in 29
              US.C.Section 215 or any successor statute or section;

                   (f) as to which any covenant, representation or warranty with
              respect to such Inventory contained in the Loan Documents has been
              breached;

                   (g) that is not located in the United States;

                   (h) that is demonstration Inventory;

                   (i) that consists of proprietary software (i.e. software
              designed solely for Borrower's internal use and not intended for
              resale);

                   (j) that is damaged, obsolete, returned, defective, recalled
              or unfit for further processing;

                   (k) that has been previously exported from the United States;

                   (l) that constitutes defense articles or defense services;

                   (m) that is to be incorporated into Items destined for
              shipment to a country as to which Ex-Im Bank is prohibited from
              doing business as designated in the Country Limitation Schedule;

                   (n) that is to be incorporated into Items destined for
              shipment to a Buyer located in a country in which Ex-Im Bank
              coverage is not available for commercial reasons as designated in
              the Country Limitation Schedule, unless and only to the extent
              that such Items are to be sold to such country on terms of a
              letter of credit confirmed by a bank acceptable to Ex-Im Bank; or

                   (o) that is to be incorporated into Items whose sale would
              result in an Account Receivable which would not be an Eligible
              Export-Related Account Receivable.

              "Eligible Person" shall mean a sole proprietorship, partnership,
         limited liability partnership, corporation or limited liability company
         which (a) is domiciled, organized, or formed, as the case may be, in
         the United States; (b) is in good standing in the state of its
         formation or otherwise authorized to conduct business in the United
         States; (c) is not currently suspended or debarred from doing business
         with the United States government or any instrumentality, division,
         agency or department thereof; (d) exports or plans to export Items; (e)
         operates and has operated as a going concern for at least one (1) year;
         (f) has a positive tangible net worth determined in accordance with
         GAAP; and (g) has revenue generating operations relating to its core
         business activities for at least one year.

              "ERISA" shall mean the Employee Retirement Income Security Act of
         1974 and the rules and regulations promulgated thereunder.

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              "Export Order" shall mean a written export order or contract for
         the purchase by the Buyer from Borrower of any of the Items.

              "Export-Related Accounts Receivable" shall mean those Accounts
         Receivable arising from the sale of Items which are due and payable to
         Borrower in the United States.

              "Export-Related Accounts Receivable Value" shall mean, at the date
         of determination thereof, the aggregate face amount of Eligible
         Export-Related Accounts Receivable less taxes, discounts, credits,
         allowances and Retainages, except to the extent otherwise permitted by
         Ex-Im Bank in writing.

              "Export-Related Borrowing Base" shall mean, at the date of
         determination thereof, the sum of (a) the Export-Related Inventory
         Value multiplied by the Advance Rate applicable to Export-Related
         Inventory set forth in Section 5(C)(1) of the Loan Authorization
         Agreement, (b) the Export-Related Accounts Receivable Value multiplied
         by the Advance Rate applicable to Export-Related Accounts Receivable
         set forth in Section 5(C)(2) of the Loan Authorization Agreement, (c)
         if permitted by Ex-Im Bank in writing, the Retainage Value multiplied
         by the Retainage Advance Rate set forth in Section 5(C)(3) of the Loan
         Authorization Agreement and (d) the Other Assets Value multiplied by
         the Advance Rate applicable to Other Assets set forth in Section
         5(C)(4) of the Loan Authorization Agreement.

              "Export-Related Borrowing Base Certificate" shall mean a
         certificate in the form provided or approved by Lender, executed by
         Borrower and delivered to Lender pursuant to the Loan Documents
         detailing the Export-Related Borrowing Base supporting the Credit
         Accommodations which reflects, to the extent included in the
         Export-Related Borrowing Base, Export-Related Accounts Receivable,
         Eligible Export-Related Accounts Receivable, Export-Related Inventory
         and Eligible Export-Related Inventory balances that have been
         reconciled with Borrower's general ledger, Accounts Receivable aging
         report and Inventory schedule.

              "Export-Related General Intangibles" shall mean those General
         Intangibles necessary or desirable to or for the disposition of
         Export-Related Inventory.

              "Export-Related Inventory" shall mean the Inventory of Borrower
         located in the United States that has been purchased, manufactured or
         otherwise acquired by Borrower for resale pursuant to Export Orders.

              "Export-Related Inventory Value" shall mean, at the date of
         determination thereof, the lower of cost or market value of Eligible
         Export-Related Inventory of Borrower as determined in accordance with
         GAAP.

              "Final Disbursement Date" shall mean, unless subject to an
         extension of such date agreed to by Ex-Im Bank, the last date on which
         Lender may make a Disbursement set forth in Section 10 of the Loan
         Authorization Agreement or, if such date is not a Business Day, the
         next succeeding Business Day; PROVIDED, HOWEVER, to the extent that
         Lender has not received cash collateral or an indemnity with respect to
         Letter of Credit Obligations outstanding on the Final Disbursement
         Date, the Final Disbursement Date with respect to an advance to fund a
         drawing under a Letter of Credit shall be no later than thirty (30)
         Business Days after the expiry date of the Letter of Credit related
         thereto.

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              "GAAP" shall mean the generally accepted accounting principles
         issued by the American Institute of Certified Public Accountants as in
         effect from time to time.

              "General Intangibles" shall mean all intellectual property and
         other "general intangibles" (as such term is defined in the UCC)
         necessary or desirable to or for the disposition of Inventory.

              "Guarantor" shall mean each Person, if any, identified in Section
         3 of the Loan Authorization Agreement who shall guarantee (jointly and
         severally if more than one) the payment and performance of all or a
         portion of the Loan Facility Obligations.

              "Guaranty Agreement" shall mean a valid and enforceable agreement
         of guaranty executed by each Guarantor in favor of Lender.

              "Inventory" shall mean all "inventory" (as such term is defined in
         the UCC), now or hereafter owned or acquired by Borrower, wherever
         located, including all inventory, merchandise, goods and other personal
         property which are held by or on behalf of Borrower for sale or lease
         or are furnished or are to be furnished under a contract of service or
         which constitute raw materials, work in process or materials used or
         consumed or to be used or consumed in Borrower's business or in the
         processing, production, packaging, promotion, delivery or shipping of
         the same, including other supplies.

              "ISP" shall mean the International Standby Practices-ISP98,
         International Chamber of Commerce Publication No. 590 and any
         amendments and revisions thereof.

              "Issuing Bank" shall mean the bank that issues a Letter of Credit,
         which bank is Lender itself or a bank that Lender has caused to issue a
         Letter of Credit by way of guarantee.

              "Items" shall mean the finished goods or services which are
         intended for export from the United States, as specified in Section
         4(A) of the Loan Authorization Agreement.

              "Letter of Credit" shall mean a Commercial Letter of Credit or a
         Standby Letter of Credit.

              "Letter of Credit Obligations" shall mean all outstanding
         obligations incurred by Lender, whether direct or indirect, contingent
         or otherwise, due or not due, in connection with the issuance or
         guarantee by Lender or the Issuing Bank of Letters of Credit.

              "Lien" shall mean any mortgage, security deed or deed of trust,
         pledge, hypothecation, assignment, deposit arrangement, lien, charge,
         claim, security interest, security title, easement or encumbrance, or
         preference, priority or other security agreement or preferential
         arrangement of any kind or nature whatsoever (including any lease or
         title retention agreement, any financing lease having substantially the
         same economic effect as any of the foregoing, and the filing of, or
         agreement to give, any financing statement perfecting a security
         interest under the UCC or comparable law of any jurisdiction) by which
         property is encumbered or otherwise charged.

              "Loan Agreement" shall mean a valid and enforceable agreement
         between Lender and Borrower setting forth the terms and conditions of
         the Loan Facility.

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              "Loan Authorization Agreement" shall mean the Loan Authorization
         Agreement entered into between Lender and Ex-Im Bank or the Loan
         Authorization Notice setting forth certain terms and conditions of the
         Loan Facility, a copy of which is attached hereto as Annex A.

              "Loan Authorization Notice" shall mean the Loan Authorization
         Notice executed by Lender and delivered to Ex-Im Bank in accordance
         with the Delegated Authority Letter Agreement setting forth the terms
         and conditions of each Loan Facility.

              "Loan Documents" shall mean the Loan Authorization Agreement, the
         Loan Agreement, this Agreement, each promissory note (if applicable),
         each Guaranty Agreement, and all other instruments, agreements and
         documents now or hereafter executed by Borrower or any Guarantor
         evidencing, securing, guaranteeing or otherwise relating to the Loan
         Facility or any Credit Accommodations made thereunder.

              "Loan Facility" shall mean the Revolving Loan Facility, the
         Transaction Specific Loan Facility or the Transaction Specific
         Revolving Loan Facility established by Lender in favor of Borrower
         under the Loan Documents.

              "Loan Facility Obligations" shall mean all loans, advances, debts,
         expenses, fees, liabilities, and obligations for the performance of
         covenants, tasks or duties or for payment of monetary amounts (whether
         or not such performance is then required or contingent, or amounts are
         liquidated or determinable) owing by Borrower to Lender, of any kind or
         nature, present or future, arising in connection with the Loan
         Facility.

              "Loan Facility Term" shall mean the number of months from the
         Effective Date to the Final Disbursement Date as originally set forth
         in the Loan Authorization Agreement.

              "Master Guarantee Agreement" shall mean the Master Guarantee
         Agreement between Ex-Im Bank and Lender, as amended, modified,
         supplemented and restated from time to time.

              "Material Adverse Effect" shall mean a material adverse effect on
         (a) the business, assets, operations, prospects or financial or other
         condition of Borrower or any Guarantor, (b) Borrower's ability to pay
         or perform the Loan Facility Obligations in accordance with the terms
         thereof, (c) the Collateral or Lender's Liens on the Collateral or the
         priority of such Lien or (d) Lender's rights and remedies under the
         Loan Documents.

              "Maximum Amount" shall mean the maximum principal balance of
         Credit Accommodations that may be outstanding at any time under the
         Loan Facility specified in Section 5(A) of the Loan Authorization
         Agreement.

              "Other Assets" shall mean the Collateral, if any, described in
         Section 5(C)(4) of the Loan Authorization Agreement.

              "Other Assets Value" shall mean, at the date of determination
         thereof, the value of the Other Assets as determined in accordance with
         GAAP.

              "Permitted Liens" shall mean (a) Liens for taxes, assessments or
         other governmental charges or levies not delinquent, or, being
         contested in good faith and by appropriate proceedings and with respect
         to which proper reserves have been taken by

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         Borrower; PROVIDED, THAT, the Lien shall have no effect on the priority
         of the Liens in favor of Lender or the value of the assets in which
         Lender has such a Lien and a stay of enforcement of any such Lien shall
         be in effect; (b) deposits or pledges securing obligations under
         worker's compensation, unemployment insurance, social security or
         public liability laws or similar legislation; (c) deposits or pledges
         securing bids, tenders, contracts (other than contracts for the payment
         of money), leases, statutory obligations, surety and appeal bonds and
         other obligations of like nature arising in the ordinary course of
         Borrower's business; (d) judgment Liens that have been stayed or
         bonded; (e) mechanics', workers', materialmen's or other like Liens
         arising in the ordinary course of Borrower's business with respect to
         obligations which are not due; (f) Liens placed upon fixed assets
         hereafter acquired to secure a portion of the purchase price thereof,
         provided, that, any such Lien shall not encumber any other property of
         Borrower; (g) security interests being terminated concurrently with the
         execution of the Loan Documents; (h) Liens in favor of Lender securing
         the Loan Facility Obligations; and (i) Liens disclosed in Section 6(D)
         of the Loan Authorization Agreement.

              "Person" shall mean any individual, sole proprietorship,
         partnership, limited liability partnership, joint venture, trust,
         unincorporated organization, association, corporation, limited
         liability company, institution, public benefit corporation, entity or
         government (whether national, federal, provincial, state, county, city,
         municipal or otherwise, including any instrumentality, division,
         agency, body or department thereof), and shall include such Person's
         successors and assigns.

              "Principals" shall mean any officer, director, owner, partner, key
         employee, or other Person with primary management or supervisory
         responsibilities with respect to Borrower or any other Person (whether
         or not an employee) who has critical influence on or substantive
         control over the transactions covered by this Agreement.

              "Retainage" shall mean that portion of the purchase price of an
         Export Order that a Buyer is not obligated to pay until the end of a
         specified period of time following the satisfactory performance under
         such Export Order.

              "Retainage Accounts Receivable" shall mean those portions of
         Eligible Export-Related Accounts Receivable arising out of a Retainage.

              "Retainage Advance Rate" shall mean the percentage rate specified
         in Section 5(C)(3) of the Loan Authorization Agreement as the Advance
         Rate for the Retainage Accounts Receivable of Borrower.

              "Retainage Value" shall mean, at the date of determination
         thereof, the aggregate face amount of Retainage Accounts Receivable,
         less taxes, discounts, credits and allowances, except to the extent
         otherwise permitted by Ex-Im Bank in writing.

              "Revolving Loan Facility" shall mean the credit facility or
         portion thereof established by Lender in favor of Borrower for the
         purpose of providing pre-export working capital in the form of loans
         and/or Letters of Credit to finance the manufacture, production or
         purchase and subsequent export sale of Items pursuant to Loan Documents
         under which Credit Accommodations may be made and repaid on a
         continuous basis based solely on the Export-Related Borrowing Base
         during the term of such credit facility.

              "Special Conditions" shall mean those conditions, if any, set
         forth in Section 13 of the Loan Authorization Agreement.

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              "Specific Export Orders" shall mean those Export Orders specified
         in Section 5(D) of the Loan Authorization Agreement.

              "Standby Letter of Credit" shall mean those letters of credit
         subject to the ISP or UCP issued or caused to be issued by Lender for
         Borrower's account that can be drawn upon by a Buyer only if Borrower
         fails to perform all of its obligations with respect to an Export
         Order.

              "Transaction Specific Loan Facility" shall mean a credit facility
         or a portion thereof established by Lender in favor of Borrower for the
         purpose of providing pre-export working capital in the form of loans
         and/or Letters of Credit to finance the manufacture, production or
         purchase and subsequent export sale of Items pursuant to Loan Documents
         under which Credit Accommodations are made based solely on the
         Export-Related Borrowing Base relating to Specific Export Orders and
         once such Credit Accommodations are repaid they may not be reborrowed.

              "Transaction Specific Revolving Loan Facility" shall mean a
         Revolving Credit Facility established to provide financing of Specific
         Export Orders.

              "UCC" shall mean the Uniform Commercial Code as the same may be in
         effect from time to time in the jurisdiction in which Borrower or
         Collateral is located.

              "UCP" shall mean the Uniform Customs and Practice for Documentary
         Credits (1993 Revision), International Chamber of Commerce Publication
         No. 500 and any amendments and revisions thereof.

              "U.S." or "United States" shall mean the United States of America
         and its territorial possessions.

              "U.S. Content" shall mean with respect to any Item all the labor,
         materials and services which are of U.S. origin or manufacture, and
         which are incorporated into an Item in the United States.

              "Warranty" shall mean Borrower's guarantee to Buyer that the Items
         will function as intended during the warranty period set forth in the
         applicable Export Order.

              "Warranty Letter of Credit" shall mean a Standby Letter of Credit
         which is issued or caused to be issued by Lender to support the
         obligations of Borrower with respect to a Warranty or a Standby Letter
         of Credit which by its terms becomes a Warranty Letter of Credit.

         1.2 RULES OF CONSTRUCTION. For purposes of this Agreement, the
following additional rules of construction shall apply, unless specifically
indicated to the contrary: (a) wherever from the context it appears appropriate,
each term stated in either the singular or plural shall include the singular and
the plural, and pronouns stated in the masculine, feminine or neuter gender
shall include the masculine, the feminine and the neuter; (b) the term "or" is
not exclusive; (c) the term "including" (or any form thereof) shall not be
limiting or exclusive; (d) all references to statutes and related regulations
shall include any amendments of same and any successor statutes and regulations;
(e) the words "this Agreement", "herein", "hereof", "hereunder" or other words
of similar import refer to this Agreement as a whole including the schedules,
exhibits, and

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annexes hereto as the same may be amended, modified or supplemented; (f) all
references in this Agreement to sections, schedules, exhibits, and annexes shall
refer to the corresponding sections, schedules, exhibits, and annexes of or to
this Agreement; and (g) all references to any instruments or agreements,
including references to any of the Loan Documents, or the Delegated Authority
Letter Agreement shall include any and all modifications, amendments and
supplements thereto and any and all extensions or renewals thereof to the extent
permitted under this Agreement.

         1.3 INCORPORATION OF RECITALS. The Recitals to this Agreement are
incorporated into and shall constitute a part of this Agreement.

                                   ARTICLE II
                             OBLIGATIONS OF BORROWER

         Until payment in full of all Loan Facility Obligations and termination
of the Loan Documents, Borrower agrees as follows:

         2.1 USE OF CREDIT ACCOMMODATIONS. (a) Borrower shall use Credit
Accommodations only for the purpose of enabling Borrower to finance the cost of
manufacturing, producing, purchasing or selling the Items. Borrower may not use
any of the Credit Accommodations for the purpose of: (i) servicing or repaying
any of Borrower's pre-existing or future indebtedness unrelated to the Loan
Facility (unless approved by Ex-Im Bank in writing); (ii) acquiring fixed assets
or capital goods for use in Borrower's business; (iii) acquiring, equipping or
renting commercial space outside of the United States; (iv) paying the salaries
of non U.S. citizens or non-U.S. permanent residents who are located in offices
outside of the United States; or (v) in connection with a Retainage or Warranty
(unless approved by Ex-Im Bank in writing).

              (b) In addition, no Credit Accommodation may be used to finance
         the manufacture, purchase or sale of any of the following:

                   (i) Items to be sold or resold to a Buyer located in a
              country as to which Ex-Im Bank is prohibited from doing business
              as designated in the Country Limitation Schedule;

                   (ii) that part of the cost of the Items which is not U.S.
              Content unless such part is not greater than fifty percent (50%)
              of the cost of the Items and is incorporated into the Items in the
              United States;

                   (iii) defense articles or defense services; or

                   (iv) without Ex-Im Bank's prior written consent, any Items to
              be used in the construction, alteration, operation or maintenance
              of nuclear power, enrichment, reprocessing, research or heavy
              water production facilities.

         2.2 LOAN DOCUMENTS AND LOAN AUTHORIZATION AGREEMENT. (a) Each Loan
Document and this Agreement have been duly executed and delivered on behalf of
Borrower, and each such Loan Document and this Agreement are and will continue
to be a legal and valid obligation of Borrower, enforceable against it in
accordance with its terms.

                                       11

<PAGE>

              (b) Borrower shall comply with all of the terms and conditions of
         the Loan Documents, this Agreement and the Loan Authorization
         Agreement.

         2.3 EXPORT-RELATED BORROWING BASE CERTIFICATES AND EXPORT ORDERS. In
order to receive Credit Accommodations under the Loan Facility, Borrower shall
have delivered to Lender an Export-Related Borrowing Base Certificate as
frequently as required by Lender but at least within the past thirty (30)
calendar days and a copy of the Export Order(s) (or, for Revolving Loan
Facilities, if permitted by Lender, a written summary of the Export Orders)
against which Borrower is requesting Credit Accommodations. If Lender permits
summaries of Export Orders, Borrower shall also deliver promptly to Lender
copies of any Export Orders requested by Lender. In addition, so long as there
are any Credit Accommodations outstanding under the Loan Facility, Borrower
shall deliver to Lender at least once each month no later than the twentieth
(20th) day of such month or more frequently as required by the Loan Documents,
an Export-Related Borrowing Base Certificate.

         2.4 EXCLUSIONS FROM THE EXPORT-RELATED BORROWING BASE. In determining
the Export-Related Borrowing Base, Borrower shall exclude therefrom Inventory
which is not Eligible Export-Related Inventory and Accounts Receivable which are
not Eligible Export-Related Accounts Receivable. Borrower shall promptly, but in
any event within five (5) Business Days, notify Lender (a) if any then existing
Export-Related Inventory no longer constitutes Eligible Export-Related Inventory
or (b) of any event or circumstance which to Borrower's knowledge would cause
Lender to consider any then existing Export-Related Accounts Receivable as no
longer constituting an Eligible Export-Related Accounts Receivable.

         2.5 FINANCIAL STATEMENTS. Borrower shall deliver to Lender the
financial statements required to be delivered by Borrower in accordance with
Section 11 of the Loan Authorization Agreement.

         2.6 SCHEDULES, REPORTS AND OTHER STATEMENTS. Borrower shall submit to
Lender in writing each month (a) an Inventory schedule for the preceding month
and (b) an Accounts Receivable aging report for the preceding month detailing
the terms of the amounts due from each Buyer. Borrower shall also furnish to
Lender promptly upon request such information, reports, contracts, invoices and
other data concerning the Collateral as Lender may from time to time specify.

         2.7 ADDITIONAL SECURITY OR PAYMENT. (a) Borrower shall at all times
ensure that the Export-Related Borrowing Base equals or exceeds the Credit
Accommodation Amount. If informed by Lender or if Borrower otherwise has actual
knowledge that the Export-Related Borrowing Base is at any time less than the
Credit Accommodation Amount, Borrower shall, within five (5) Business Days,
either (i) furnish additional Collateral to Lender, in form and amount
satisfactory to Lender and Ex-Im Bank or (ii) pay to Lender an amount equal to
the difference between the Credit Accommodation Amount and the Export-Related
Borrowing Base.

              (b) For purposes of this Agreement, in determining the
         Export-Related Borrowing Base there shall be deducted from the
         Export-Related Borrowing Base (i) an amount equal to twenty-five
         percent (25%) of the outstanding face amount of Commercial Letters of
         Credit and Standby Letters of Credit and (ii) one hundred percent
         (100%) of the face amount of Warranty Letters of Credit less the amount
         of cash collateral held by Lender to secure Warranty Letters of Credit.

                                       12

<PAGE>

              (c) Unless otherwise approved in writing by Ex-Im Bank, for
         Revolving Loan Facilities (other than Transaction Specific Revolving
         Loan Facilities), Borrower shall at all times ensure that the
         outstanding principal balance of the Credit Accommodations that is
         supported by Export-Related Inventory does not exceed sixty percent
         (60%) of the sum of the total outstanding principal balance of the
         Disbursements and the undrawn face amount of all outstanding Commercial
         Letters of Credit. If informed by Lender or if Borrower otherwise has
         actual knowledge that the outstanding principal balance of the Credit
         Accommodations that is supported by Inventory exceeds sixty percent
         (60%) of the sum of the total outstanding principal balance of the
         Disbursements and the undrawn face amount of all outstanding Commercial
         Letters of Credit, Borrower shall, within five (5) Business Days,
         either (i) furnish additional non-Inventory Collateral to Lender, in
         form and amount satisfactory to Lender and Ex-Im Bank, or (ii) pay down
         the applicable portion of the Credit Accommodations so that the above
         described ratio is not exceeded.

         2.8 CONTINUED SECURITY INTEREST. Borrower shall not change (a) its name
or identity in any manner, (b) the location of its principal place of business,
(c) the location of any of the Collateral or (d) the location of any of the
books or records related to the Collateral, in each instance without giving
thirty (30) days prior written notice thereof to Lender and taking all actions
deemed necessary or appropriate by Lender to continuously protect and perfect
Lender's Liens upon the Collateral.

         2.9 INSPECTION OF COLLATERAL. Borrower shall permit the representatives
of Lender and Ex-Im Bank to make at any time during normal business hours
inspections of the Collateral and of Borrower's facilities, activities, and
books and records, and shall cause its officers and employees to give full
cooperation and assistance in connection therewith.

         2.10 GENERAL INTANGIBLES. Borrower represents and warrants that it
owns, or is licensed to use, all General Intangibles necessary to conduct its
business as currently conducted except where the failure of Borrower to own or
license such General Intangibles could not reasonably be expected to have a
Material Adverse Effect.

         2.11 NOTICE OF CERTAIN EVENTS. Borrower shall promptly, but in any
event within five (5) Business Days, notify Lender in writing of the occurrence
of any of the following:

              (a) Borrower or any Guarantor (i) applies for, consents to or
         suffers the appointment of, or the taking of possession by, a receiver,
         custodian, trustee, liquidator or similar fiduciary of itself or of all
         or a substantial part of its property or calls a meeting of its
         creditors, (ii) admits in writing its inability, or is generally
         unable, to pay its debts as they become due or ceases operations of its
         present business, (iii) makes a general assignment for the benefit of
         creditors, (iv) commences a voluntary case under any state or federal
         bankruptcy laws (as now or hereafter in effect), (v) is adjudicated as
         bankrupt or insolvent, (vi) files a petition seeking to take advantage
         of any other law providing for the relief of debtors, (vii) acquiesces
         to, or fails to have dismissed within thirty (30) days, any petition
         filed against it in any involuntary case under such bankruptcy laws, or
         (vii) takes any action for the purpose of effecting any of the
         foregoing;

                                       13

<PAGE>

              (b) any Lien in any of the Collateral, granted or intended by the
         Loan Documents to be granted to Lender, ceases to be a valid,
         enforceable, perfected, first priority Lien (or a lesser priority if
         expressly permitted pursuant to Section 6 of the Loan Authorization
         Agreement) subject only to Permitted Liens;

              (c) the issuance of any levy, assessment, attachment, seizure or
         Lien, other than a Permitted Lien, against any of the Collateral which
         is not stayed or lifted within thirty (30) calendar days;

              (d) any proceeding is commenced by or against Borrower or any
         Guarantor for the liquidation of its assets or dissolution;

              (e) any litigation is filed against Borrower or any Guarantor
         which has had or could reasonably be expected to have a Material
         Adverse Effect and such litigation is not withdrawn or dismissed within
         thirty (30) calendar days of the filing thereof;

              (f) any default or event of default under the Loan Documents;

              (g) any failure to comply with any terms of the Loan Authorization
         Agreement;

              (h) any material provision of any Loan Document or this Agreement
         for any reason ceases to be valid, binding and enforceable in
         accordance with its terms;

              (i) any event which has had or could reasonably be expected to
         have a Material Adverse Effect; or

              (j) the Credit Accommodation Amount exceeds the applicable
         Export-Related Borrowing Base.

         2.12 INSURANCE. Borrower will at all times carry property, liability
and other insurance, with insurers acceptable to Lender, in such form and
amounts, and with such deductibles and other provisions, as Lender shall
require, and Borrower will provide evidence of such insurance to Lender, so that
Lender is satisfied that such insurance is, at all times, in full force and
effect. Each property insurance policy shall name Lender as loss payee and shall
contain a lender's loss payable endorsement in form acceptable to Lender and
each liability insurance policy shall name Lender as an additional insured. All
policies of insurance shall provide that they may not be cancelled or changed
without at least ten (10) days' prior written notice to Lender and shall
otherwise be in form and substance satisfactory to Lender. Borrower will
promptly deliver to Lender copies of all reports made to insurance companies.

         2.13 TAXES. Borrower has timely filed all tax returns and reports
required by applicable law, has timely paid all applicable taxes, assessments,
deposits and contributions owing by Borrower and will timely pay all such items
in the future as they became due and payable. Borrower may, however, defer
payment of any contested taxes; provided, that Borrower (a) in good faith
contests Borrower's obligation to pay such taxes by appropriate proceedings
promptly and diligently instituted and conducted; (b) notifies Lender in writing
of the commencement of,

                                       14

<PAGE>

and any material development in, the proceedings; (c) posts bonds or takes any
other steps required to keep the contested taxes from becoming a Lien upon any
of the Collateral; and (d) maintains adequate reserves therefor in conformity
with GAAP.

         2.14 COMPLIANCE WITH LAWS. Borrower represents and warrants that it has
complied in all material respects with all provisions of all applicable laws and
regulations, including those relating to Borrower's ownership of real or
personal property, the conduct and licensing of Borrower's business, the payment
and withholding of taxes, ERISA and other employee matters, safety and
environmental matters.

         2.15 NEGATIVE COVENANTS. Without the prior written consent of Ex-Im
Bank and Lender, Borrower shall not (a) merge, consolidate or otherwise combine
with any other Person; (b) acquire all or substantially all of the assets or
capital stock of any other Person; (c) sell, lease, transfer, convey, assign or
otherwise dispose of any of its assets, except for the sale of Inventory in the
ordinary course of business and the disposition of obsolete equipment in the
ordinary course of business; (d) create any Lien on the Collateral except for
Permitted Liens; (e) make any material changes in its organizational structure
or identity; or (f) enter into any agreement to do any of the foregoing.

         2.16 REBORROWINGS AND REPAYMENT TERMS. (a) If the Loan Facility is a
Revolving Loan Facility, provided that Borrower is not in default under any of
the Loan Documents, Borrower may borrow, repay and reborrow amounts under the
Loan Facility until the close of business on the Final Disbursement Date. Unless
the Revolving Loan Facility is renewed or extended by Lender with the consent of
Ex-Im Bank, Borrower shall pay in full the outstanding Loan Facility Obligations
and all accrued and unpaid interest thereon no later than the first Business Day
after the Final Disbursement Date.

              (b) If the Loan Facility is a Transaction Specific Loan Facility,
         Borrower shall, within two (2) Business Days of the receipt thereof,
         pay to Lender (for application against the outstanding Loan Facility
         Obligations and accrued and unpaid interest thereon) all checks,
         drafts, cash and other remittances it may receive in payment or on
         account of the Export-Related Accounts Receivable or any other
         Collateral, in precisely the form received (except for the endorsement
         of Borrower where necessary). Pending such deposit, Borrower shall hold
         such amounts in trust for Lender separate and apart and shall not
         commingle any such items of payment with any of its other funds or
         property.

         2.17 CROSS DEFAULT. Borrower shall be deemed in default under the Loan
Facility if Borrower fails to pay when due any amount payable to Lender under
any loan or other credit accommodations to Borrower whether or not guaranteed by
Ex-Im Bank.

         2.18 MUNITIONS LIST. If any of the Items are articles, services, or
related technical data that are listed on the United States Munitions List (part
121 of title 22 of the Code of Federal Regulations), Borrower shall send a
written notice promptly, but in any event within five (5) Business Days, of
Borrower learning thereof to Lender describing the Items(s) and the
corresponding invoice amount.

         2.19 SUSPENSION AND DEBARMENT, ETC. On the date of this Agreement
neither Borrower nor its Principals are (a) debarred, suspended, proposed for
debarment with a final determination

                                       15

<PAGE>

still pending, declared ineligible or voluntarily excluded (as such terms are
defined under any of the Debarment Regulations referred to below) from
participating in procurement or nonprocurement transactions with any United
States federal government department or agency pursuant to any of the Debarment
Regulations or (b) indicted, convicted or had a civil judgment rendered against
Borrower or any of its Principals for any of the offenses listed in any of the
Debarment Regulations. Unless authorized by Ex-Im Bank, Borrower will not
knowingly enter into any transactions in connection with the Items with any
person who is debarred, suspended, declared ineligible or voluntarily excluded
from participation in procurement or nonprocurement transactions with any United
States federal government department or agency pursuant to any of the Debarment
Regulations. Borrower will provide immediate written notice to Lender if at any
time it learns that the certification set forth in this Section 2.19 was
erroneous when made or has become erroneous by reason of changed circumstances.

                                  ARTICLE III
                               RIGHTS AND REMEDIES

         3.1 INDEMNIFICATION. Upon Ex-Im Bank's payment of a Claim to Lender in
connection with the Loan Facility pursuant to the Master Guarantee Agreement,
Ex-Im Bank may assume all rights and remedies of Lender under the Loan Documents
and may enforce any such rights or remedies against Borrower, the Collateral and
any Guarantors. Borrower shall hold Ex-Im Bank and Lender harmless from and
indemnify them against any and all liabilities, damages, claims, costs and
losses incurred or suffered by either of them resulting from (a) any materially
incorrect certification or statement knowingly made by Borrower or its agent to
Ex-Im Bank or Lender in connection with the Loan Facility, this Agreement, the
Loan Authorization Agreement or any other Loan Documents or (b) any material
breach by Borrower of the terms and conditions of this Agreement, the Loan
Authorization Agreement or any of the other Loan Documents. Borrower also
acknowledges that any statement, certification or representation made by
Borrower in connection with the Loan Facility is subject to the penalties
provided in Article 18 U.S.C. Section 1001.

         3.2 LIENS. Borrower agrees that any and all Liens granted by it to
Lender are also hereby granted to Ex-Im Bank to secure Borrower's obligation,
however arising, to reimburse Ex-Im Bank for any payments made by Ex-Im Bank
pursuant to the Master Guarantee Agreement. Lender is authorized to apply the
proceeds of, and recoveries from, any property subject to such Liens to the
satisfaction of Loan Facility Obligations in accordance with the terms of any
agreement between Lender and Ex-Im Bank.

                                   ARTICLE IV
                                  MISCELLANEOUS

         4.1 GOVERNING LAW. This Agreement and the Loan Authorization Agreement
and the obligations arising under this Agreement and the Loan Authorization
Agreement shall be governed by, and construed in accordance with, the law of the
state governing the Loan Documents.

         4.2 NOTIFICATION. All notices required by this Agreement shall be given
in the manner and to the parties provided for in the Loan Agreement.

                                       16

<PAGE>

         4.3 PARTIAL INVALIDITY. If at any time any of the provisions of this
Agreement becomes illegal, invalid or unenforceable in any respect under the law
of any jurisdiction, neither the legality, the validity nor the enforceability
of the remaining provisions hereof shall in any way be affected or impaired.

         4.4 WAIVER OF JURY TRIAL. BORROWER HEREBY KNOWINGLY, VOLUNTARILY AND
INTENTIONALLY WAIVES ANY AND ALL RIGHTS IT MAY HAVE TO A TRIAL BY JURY IN
RESPECT OF ANY ACTION, SUIT, PROCEEDING OR OTHER LITIGATION BROUGHT TO RESOLVE
ANY DISPUTE ARISING UNDER, ARISING OUT OF OR IN CONNECTION WITH THIS AGREEMENT,
THE LOAN AUTHORIZATION AGREEMENT, ANY LOAN DOCUMENT, OR ANY OTHER AGREEMENT,
DOCUMENT OR INSTRUMENT EXECUTED OR DELIVERED IN CONNECTION HEREWITH OR THEREWITH
OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER VERBAL OR
WRITTEN), OR ACTIONS OR OMISSIONS OF LENDER, EX-IM BANK, OR ANY OTHER PERSON,
RELATING TO THIS AGREEMENT, THE LOAN AUTHORIZATION AGREEMENT OR ANY OTHER LOAN
DOCUMENT.

                                       17

<PAGE>

         IN WITNESS WHEREOF, Borrower has caused this Agreement to be duly
executed as of the 30th day of January, 2003.

ASPEN TECHNOLOGY, INC.

By: /s/ LISA W. ZAPPALA
   --------------------------------
         (Signature)

Name: LISA W. ZAPPALA
   --------------------------------
         (Print or Type)

Title: Senior Vice President and
       Chief Financial Officer
   --------------------------------
       (Print or Type)

ASPENTECH, INC.

By: /s/ LISA W. ZAPPALA
   --------------------------------
         (Signature)

Name: LISA W. ZAPPALA
   --------------------------------
      (Print or Type)

Title: Treasurer
       (Print or Type)

ACKNOWLEDGED:

SILICON VALLEY BANK, d/b/a
SILICON VALLEY "EAST"

By:   /s/ JOHN V. ATANASOFF
   --------------------------------
         (Signature)

Name:  JOHN V. ATANASOFF
   --------------------------------
       (Print or Type)

Title: Vice President
   --------------------------------
       (Print or Type)

                                       18

<PAGE>

ANNEXES:

Annex A  -        Loan Authorization Agreement or Loan Authorization Notice

                                       19<PAGE>

                                                                   Exhibit 10.4

                                 PROMISSORY NOTE
                                     (Exim)

$10,000,000.00                                                 January 30, 2003

         FOR VALUE RECEIVED, the undersigned (jointly and severally,
individually and collectively, the "Borrower"), jointly and severally promises
to pay to the order of Silicon Valley Bank ("Bank"), at such place as the holder
hereof may designate, in lawful money of the United States of America, the
aggregate unpaid principal amount of all advances ("Advances") made by Bank to
Borrower, up to a maximum principal amount of Ten Million Dollars
($10,000,000.00), plus interest on the aggregate unpaid principal amount of such
Advances, at the rates and in accordance with the terms of the Export-Import
Bank Loan and Security Agreement between Borrower and Bank of even date
herewith, as amended from time to time (the "Loan Agreement") on the first
calendar day of each month after an Advance has been made. The entire principal
amount and all accrued interest shall be due and payable on January 29, 2005, or
on such earlier date, as provided for in the Loan Agreement.

         Borrower irrevocably waives the right to direct the application of any
and all payments at any time hereafter received by Bank from or on behalf of
Borrower, and Borrower irrevocably agrees that Bank shall have the continuing
exclusive right to apply any and all such payments against the then due and
owing obligations of Borrower as Bank may deem advisable. In the absence of a
specific determination by Bank with respect thereto, all payments shall be
applied in the following order: (a) then due and payable fees and expenses; (b)
then due and payable interest payments and mandatory prepayments; and (c) then
due and payable principal payments and optional prepayments.

         Bank is hereby authorized by Borrower to endorse on Bank's books and
records each Advance made by Bank under this Note and the amount of each payment
or prepayment of principal of each such Advance received by Bank; it being
understood, however, that failure to make any such endorsement (or any errors in
notation) shall not affect the obligations of Borrower with respect to Advances
made hereunder, and payments of principal by Borrower shall be credited to
Borrower notwithstanding the failure to make a notation (or any errors in
notation) thereof on such books and records.

         Borrower promises to pay Bank all reasonable costs and reasonable
expenses including all reasonable attorneys' fees, incurred in such collection
or in any suit or action to collect this Note or in any appeal thereof, unless a
final court of competent jurisdiction finds that the Bank acted with gross
negligence or willful misconduct. Borrower waives presentment, demand, protest,
notice of protest, notice of dishonor, notice of nonpayment, and any and all
other notices and demands in connection with the delivery, acceptance,
performance, default or enforcement of this Note, as well as any applicable
statute of limitations. No delay by Bank in exercising any power or right
hereunder shall operate as a waiver of any power or right. Time is of the
essence as to all obligations hereunder.

         This Note is issued pursuant to the Loan Agreement, which shall govern
the rights and obligations of Borrower with respect to all obligations
hereunder.

         The law of the Commonwealth of Massachusetts shall apply to this
Agreement. BORROWER AND BANK EACH ACCEPTS FOR ITSELF AND IN CONNECTION WITH ITS
PROPERTIES, UNCONDITIONALLY, THE NON-EXCLUSIVE JURISDICTION OF ANY STATE OR
FEDERAL COURT OF COMPETENT JURISDICTION IN THE COMMONWEALTH OF MASSACHUSETTS IN
ANY ACTION, SUIT, OR PROCEEDING OF ANY KIND, AGAINST IT WHICH ARISES OUT OF OR
BY REASON OF THIS NOTE OR THE LOAN AGREEMENT; PROVIDED, HOWEVER, THAT IF FOR ANY
REASON BANK CANNOT AVAIL ITSELF OF THE COURTS OF THE COMMONWEALTH OF
MASSACHUSETTS, BORROWER ACCEPTS JURISDICTION OF THE COURTS AND VENUE IN SANTA
CLARA COUNTY, CALIFORNIA.

         BORROWER WAIVES ITS RIGHT TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF
ACTION

<PAGE>

BASED UPON OR ARISING OUT OF ANY OF THE EXIM LOAN DOCUMENTS OR ANY OF THE
TRANSACTIONS CONTEMPLATED THEREIN, INCLUDING CONTRACT CLAIMS, TORT CLAIMS,
BREACH OF DUTY CLAIMS, AND ALL OTHER COMMON LAW OR STATUTORY CLAIMS. BORROWER
RECOGNIZES AND AGREES THAT THE FOREGOING WAIVER CONSTITUTES A MATERIAL
INDUCEMENT FOR IT TO ENTER INTO THIS AGREEMENT. BORROWER REPRESENTS AND WARRANTS
THAT IT HAS REVIEWED THIS WAIVER WITH ITS LEGAL COUNSEL AND THAT IT KNOWINGLY
AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL
COUNSEL.

                                   ASPEN TECHNOLOGY, INC.

                                   By: /s/ Lisa W. Zappala
                                       ----------------------------------------
                                   Name: Lisa W. Zappala
                                   Title: Senior Vice President and
                                          Chief Financial Officer

                                   ASPENTECH, INC.

                                   By: /s/ Lisa W. Zappala
                                       ----------------------------------------
                                       Name: Lisa W. Zappala
                                       Title:  Treasurer

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