Document:

Exhibit 10.15(m)

 

THIRTEENTH AMENDMENT TO
NON-RECOURSE RECEIVABLES PURCHASE AGREEMENT

 

This Thirteenth Amendment to Non-Recourse
Receivables Purchase Agreement (this “Amendment”) is entered into as December 12,
2007, by and between SILICON VALLEY BANK,
a California-chartered bank, with its principal place of business at 3003
Tasman Drive, Santa Clara, California 95054 and with a loan production office
located at One Newton Executive Park, Suite 200, 2221 Washington Street,
Newton, Massachusetts 02462 (“Buyer”) and ASPEN TECHNOLOGY, INC.,
a Delaware corporation with offices at Ten Canal Park, Cambridge, Massachusetts
02141 (“Seller”).

 

1.                                      DESCRIPTION OF
EXISTING AGREEMENT.  Reference
is made to a certain Non-Recourse Receivables Purchase Agreement by and between
Buyer and Seller dated as of December 31, 2003, as amended by a certain
First Amendment to Non-Recourse Receivables Purchase Agreement dated June 30,
3004, as further amended by a certain Second Amendment to Non-Recourse
Receivables Purchase Agreement dated September 30, 2004, as further
amended by a certain Third Amendment to Non-Recourse Receivables Purchase
Agreement dated December 31, 2004, as further amended by a certain Fourth
Amendment to Non-Recourse Receivables Purchase Agreement dated March 8,
2005, as further amended by a certain Fifth Amendment to Non-Recourse
Receivables Purchase Agreement dated March 31, 2005, as further amended by
a certain Sixth Amendment to Non-Recourse Receivables Purchase Agreement dated December 29,
2005, as further amended by a certain Seventh Amendment to Non-Recourse
Receivables Purchase Agreement dated as of July 17, 2006, as further
amended by a certain Eighth Amendment to Non-Recourse Receivables Purchase
Agreement dated as of September 15, 2006, as further amended by a certain
Ninth Amendment to Non-Recourse Receivables Purchase Agreement dated as of January 12,
2007, as further amended by a certain Tenth Amendment to Non-Recourse
Receivables Purchase Agreement dated as of April 13, 2007, as further
amended by a certain Eleventh Amendment to “Non-Recourse Receivables Purchase
Agreement dated as of June 28, 2007, and as further amended by a certain
Twelfth Amendment to Non-Recourse Receivables Purchase Agreement dated as of October 16,
2007 (as further amended from time to time, the “Purchase Agreement”).  Capitalized terms used but not otherwise
defined herein shall have the same meaning as in the Purchase Agreement.

 

2.                                      DESCRIPTION OF
CHANGE IN TERMS.

 

Modification to Purchase
Agreement

 

A.                                    The Purchase
Agreement shall be amended by inserting the following new definition, appearing
alphabetically in Section  1 thereto (and thereby amending the existing
numbering in Section 1):

 

“                                          “Surplus”
has the meaning set forth in Section 8(b) hereof.”

 

 

B.                                    The Purchase
Agreement shall be amended by deleting the following text appearing in Section 8(b) hereof:

 

“In addition, in the event that the Buyer
receives payment of a Purchased Receivable in an amount less than the United
States dollar value of the Total Purchased Receivables Amount for such
Purchased Receivable as set forth on the Schedule solely and directly due to
fluctuations in foreign exchange rates (the “Deficiency”), then the Seller
shall immediately indemnify Buyer for the Deficiency in an amount equal to the
Deficiency.”

 

and
inserting in lieu thereof the following:

 

“In addition, in the event that the Buyer
receives payment of a Purchased Receivable in an amount less than the United
States dollar value of the Total Purchased Receivables Amount for such
Purchased Receivable as set forth on the Schedule solely and directly due to
fluctuations in foreign exchange rates (the “Deficiency”), then the Seller
shall immediately indemnify Buyer for the Deficiency in an amount equal to the
Deficiency in an amount equal to the Deficiency.  In the event that the Buyer receives payment
of a Purchased Receivable in an amount greater than the United States dollar
value of the Total Purchased Receivables Amount for such Purchased Receivable as
set forth on the Schedule solely and directly due to fluctuations in foreign
exchange rates (the “Surplus”), then the Buyer shall immediately turn over to
the Seller an amount equal to the Surplus.”

 

3.                                      FEES.  Seller shall reimburse Buyer for all legal
fees and expenses incurred in connection with this Amendment

 

4.                                      CONSISTENT
CHANGES.  The Purchase Agreement is
hereby amended wherever necessary to reflect the changes described above.

 

5.                                      RATIFICATION OF
DOCUMENTS.  Seller
hereby ratifies, confirms, and reaffirms all terms and conditions of the
Purchase Agreement.

 

6.                                      CONTINUING
VALIDITY.  Seller
understands and agrees that in modifying the Purchase Agreement, Buyer is
relying upon Seller’s representations, warranties, and agreements, as set forth
in the Purchase Agreement.  Except as
expressly modified pursuant to this Amendment, the terms of the Purchase
Agreement remain unchanged and in full force and effect.  Buyer’s agreement to modifications to the
Purchase Agreement pursuant to this Amendment in no way shall obligate Buyer to
make any future modifications to the Purchase Agreement.

 

7.                                      NO DEFENSES OF
SELLER.  Seller hereby acknowledges and
agrees that Seller has no offsets, defenses, claims, or counterclaims against
Buyer with respect to the Purchase Agreement or otherwise, and that if Seller
now has, or ever did have, any offsets, 

 

 

defenses, claims, or counterclaims against Buyer,
whether known or unknown, at law or in equity, all of them are hereby expressly
WAIVED and Seller hereby RELEASES Buyer from any liability thereunder.

 

8.                                      COUNTERSIGNATURE.  This Amendment shall become effective only
when it shall have been executed by Seller and Buyer.

 

[remainder of page is intentionally left blank]

 

 

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

 

	
  SELLER:

  	
   

  	
  BUYER:

  
	
   

  	
   

  	
   

  
	
  ASPEN
  TECHNOLOGY, INC.

  	
   

  	
  SILICON
  VALLEY BANK

  
	
   

  	
   

  	
   

  
	
  By:

  	
   

  	
  /s/
  Brad Miller

  	
   

  	
  By:

  	
   

  	
  /s/
  John K. Peck

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Name:

  	
   

  	
  Brad
  Miller

  	
   

  	
  Name:

  	
   

  	
  John
  K. Peck

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Title:

  	
   

  	
  SUP-CFO

  	
   

  	
  Title:

  	
   

  	
  SVPExhibit 10.22(a)

 

February 14,
2003

 

Silicon Valley Bank

3003 Tasman Drive

Santa Clara, CA 95054

Attn: Commercial Finance Division, Division Credit Manager

 

Silicon Valley Bank

One Newton Executive Park, Suite 200

2221 Washington Street

Newton, MA 02462

Attn:  John V. Atanasoff

 

Re:          Aspen
Technology — Schedule to Loan and Security Agreement

 

Reference is made in this letter agreement to
the Loan and Security Agreement, dated as of January 30, 2003 (the “Loan
Agreement”), by and among Aspen Technology, Inc., AspenTech, Inc. and
Hyprotech Company (each, a “Borrower,” and collectively, the “Borrowers”) and
Silicon Valley Bank (“SVB”).  Terms used
and not otherwise defined in this letter agreement have the meanings given them
in the Loan Agreement.

 

Pursuant to Section 9.10 (Amendment) of
the Loan Agreement, the Borrowers and SVB hereby amend the Loan Agreement,
effective as of January 30, 2003, by amending and restating the Schedule
to Loan and Security Agreement in the form attached hereto as Exhibit A
(the “Restated Schedule”).  Each of the
Borrowers and SVB acknowledge and agree that the Restated Schedule shall
supersede and replace the original Schedule to Loan and Security Agreement in
its entirety.  Except as otherwise
expressly provided in this letter agreement, all of the terms, conditions and
provisions of the Loan Agreement shall remain in full force and effect.

 

Each of the Borrowers and SVB acknowledge and
agree that all references to the Loan Agreement shall be references to the Loan
Agreement as amended hereby.

 

The Borrowers hereby request that you
acknowledge your agreement with the terms of this letter agreement by signing
below and returning a copy of this letter to Christine Duffy, Treasurer of
Aspen Technology, Inc., by February 14, 2003.

 

	
   

  	
  Very
  truly yours,

  
	
   

  	
   

  
	
   

  	
  ASPEN
  TECHNOLOGY, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Lisa
  W. Zappala

  
	
   

  	
   

  	
  Senior
  Vice President and

  
	
   

  	
   

  	
  Chief
  Financial Officer

  

 

 

 

	
   

  	
  ASPENTECH,
  INC.

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Lisa
  W. Zappala

  
	
   

  	
   

  	
  Treasurer

  

 

 

	
   

  	
  HYPROTECH
  COMPANY

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  D.E.
  Moult

  
	
   

  	
   

  	
  Chief
  Financial Officer

  

Agreed and acknowledged:

 

SILICON VALLEY BANK

 

	
  By:

  	
   

  	
   

  
	
   

  	
  John
  V. Atanasoff

  
	
   

  	
  Vice
  President

  

 

 

EXHIBIT
A

 

Schedule to Loan and
Security AgreementExhibit 10.22(d)

 

THIRD LOAN MODIFICATION
AGREEMENT

 

This Third Loan Modification Agreement (this “Loan
Modification Agreement”) is entered into as of January 28, 2005, by and
among (i) SILICON VALLEY BANK, a California
chartered bank, with its principal place of business at 3003 Tasman Drive,
Santa Clara, California 95054 and with a loan production office located at One
Newton Executive Park, Suite 200, 2221 Washington Street, Newton,
Massachusetts 02462, doing business under the name “Silicon Valley East” (“Bank”)
and (ii) ASPEN TECHNOLOGY, INC., a Delaware
corporation with offices at Ten Canal Park, Cambridge, Massachusetts 02141 and ASPENTECH, INC., a Texas corporation with offices at Ten
Canal Park, Cambridge, Massachusetts 02141 (jointly and severally, individually
and collectively, “Borrower”).

 

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

 

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

 

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

 

3.                                     DESCRIPTION OF
CHANGE IN TERMS.

 

Modifications to Loan
Agreement.

 

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

 

“MATURITY DATE

 

(Section 6.1):   January 29,
2005”

 

and inserting in lieu
thereof the following:

 

“MATURITY DATE

 

(Section 6.1):   April 1,
2005”

 

(ii)                                 The Loan
Agreement shall be amended by deleting Section 5(a)(i) and (ii) of
the Schedule thereto in their entirety and inserting in lieu thereof the 

 

 

following:

 

“a.  Minimum
Tangible Net Worth:

 

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

 

(i)

 

(a)                                 from August 1,
2004 through and including August 31, 2004 - $116,000,000

 

(b)                                 from September 1,
2004 through and including September 30, 2004 - $140,000,000

 

(c)                                  from October 1,
2004 through and including October 31, 2004 - $128,000,000

 

(d)                                 from November 1,
2004 through and including November 30, 2004 - $116,000,000

 

(e)                                  from December 1,
2004 through and including December 31, 2004 - $140,000,000

 

(f)                                   from January 1,
2005 through and including January 31, 2005 - $110,000,000

 

(g)                                  from February 1,
2005 through and including February 28, 2005 - $100,000,000

 

(h)                                 from March 1,
2005 and thereafter - $120,000,000.

 

(ii)                                  75% of all
consideration received after August 1, 2004 from proceeds from the issuance
of any equity securities of the Borrower (other than (i) the issuance of
stock options, restricted stock or other stock-based awards under the Borrower’s
director or employee stock incentive plans, or (ii) stock purchases under
the Borrower’s employee stock purchase plan) and/or subordinated debt incurred
by the Borrower (net of refinanced amounts of existing subordinated debt).”

 

4.                                      FEES.  Borrower shall pay to Bank a modification fee
equal to Twenty-Five Thousand Dollars ($25,000.00), which fee shall be due on
the date hereof and shall be deemed fully earned as of the date hereof.  The Borrower shall also reimburse Bank for
all legal fees and expenses incurred in connection with this amendment to the
Existing Loan Documents.

 

 

5.                                      WAIVER.  Bank hereby waives Borrower’s failure to
comply with the Minimum Tangible Net Worth requirement set forth in Section 5(a) of
the Schedule to the Loan Agreement as of December 31, 2004.  The Bank’s waiver of Borrower’s compliance
with said foregoing affirmative covenant shall apply only to the foregoing
specific period.

 

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

 

7.                                      RATIFICATION OF
PERFECTION CERTIFICATE.  Borrower hereby
ratifies, confirms and reaffirms, all and singular, the terms and disclosures
contained in certain Perfection Certificates each dated as of January 30,
2003 and acknowledges, confirms and agrees the disclosures and information
therein has not changed as of the date hereof, except as set forth on Schedule
1 annexed hereto.

 

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

 

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

 

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

 

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

 

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

 

[Remainder of
page intentionally left blank.]

 

 

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

 

	
   

  	
  BORROWER:

  
	
   

  	
   

  
	
   

  	
  ASPEN TECHNOLOGY, INC.

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
  Title:

  	
   

  	
   

  
					

 

 

	
   

  	
  ASPENTECH, INC.

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
  Title:

  	
   

  	
   

  
					

 

 

	
   

  	
  BANK:

  
	
   

  	
   

  
	
   

  	
  SILICON VALLEY BANK, d/b/a 

  
	
   

  	
  SILICON VALLEY EAST

  

 

	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
  Title:

  	
   

  	
   

  
					

 

 

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

 

	
  ASPENTECH SECURITIES CORP.

  	
   

  
	
   

  
	
  By:

  	
   

  	
   

  
	
  Name:

  	
   

  	
   

  
	
  Title:

  	
   

  	
   

  
						

 

 

PROMISSORY NOTE

(Exim)

 

	
  $10,000,000.00

  	
   

  	
  January 28, 2005

  

 

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 dated as of January 30, 2003,
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 April 1, 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 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:

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
  Title:

  	
   

  	
   

  
					

 

 

	
   

  	
  ASPENTECH, INC.

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
  Title:

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