Document:

Exhibit
10.1

 

EXECUTION
COPY

 

 

 

LOAN AGREEMENT

 

Dated as of June 15, 2005

 

among

 

ASPEN TECHNOLOGY RECEIVABLES II LLC,

 

as the Borrower,

 

ASPEN TECHNOLOGY, INC.,

 

as the initial
Servicer,

 

THE VARIOUS LENDERS FROM TIME TO TIME PARTY HERETO,

 

and

 

GUGGENHEIM CORPORATE FUNDING, LLC,

 

as the Agent

 

 

 

 

	
  EXHIBIT I

  	
   

  	
  -

  	
   

  	
  Definitions

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  EXHIBIT II

  	
   

  	
  -

  	
   

  	
  Credit and Collection Policy

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  EXHIBIT III

  	
   

  	
  -

  	
   

  	
  Form of Contract

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SCHEDULE A

  	
   

  	
  -

  	
   

  	
  Lenders

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SCHEDULE B

  	
   

  	
  -

  	
   

  	
  List of Closing Documents

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SCHEDULE C

  	
   

  	
  -

  	
   

  	
  Offices Where Records are Kept

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SCHEDULE D

  	
   

  	
  -

  	
   

  	
  Schedule of Pool Receivables

  

 

 

LOAN AGREEMENT

 

THIS LOAN AGREEMENT (this “Agreement”) is entered into as of June 15,
2005, among ASPEN TECHNOLOGY RECEIVABLES II LLC, a Delaware limited liability
company (the “Borrower”), ASPEN TECHNOLOGY, INC., a Delaware corporation
(“Aspen”), as initial servicer (in such capacity, together with its
successors and permitted assigns in such capacity, the “Servicer”), the
lenders listed on Schedule A to this
Agreement, and GUGGENHEIM CORPORATE FUNDING, LLC (“Guggenheim”), as
Agent for the benefit of the Secured Parties (in such capacity, together with
its successors and permitted assigns in such capacity, the “Agent”).  Unless otherwise indicated, capitalized terms
used in this Agreement are defined in Exhibit I.

 

PRELIMINARY STATEMENTS

 

WHEREAS, the Borrower has requested the Lenders, and the Lenders have
agreed, subject to the terms and conditions contained in this Agreement, to
extend a term loan on the Closing Date to the Borrower on the terms and
conditions set forth in this Agreement which shall secured by the Pool Assets
of the Borrower.

 

NOW, THEREFORE, in consideration of the premises and the mutual
agreements herein contained, the parties hereto, intending to be legally bound
hereby, agree as follows:

 

2

 

ARTICLE I

 

THE LOANS

 

SECTION 1.01.                                         Subject
to the satisfaction of the conditions precedent set forth in Article V,
each Lender hereby agrees, on the terms and conditions set forth in this
Agreement, to make a term loan (each a “Loan”) to the Borrower in the
amount of its Commitment.  The aggregate
principal amount of the Loans made to the Borrower hereunder on the Closing
Date shall be in an amount equal to the Commitment Amount. Each Lender shall
make its Loan available to the Agent at the Agent’s Office in same day funds on
the Closing Date.  Upon receipt by the
Agent of such funds, the Agent will make such funds available to the
Borrower.  Each Lender’s obligation
hereunder shall be several, such that the failure of any Lender to make a
payment in connection with Loan hereunder shall not relieve any other Lender of
its obligation hereunder, if any, to make payment for its Loan. No amounts
repaid with respect to the Loans may be reborrowed.

 

ARTICLE II

 

INTEREST

 

SECTION 2.01.                                         Interest Rates. 
The Borrower hereby promises to pay interest on the unpaid principal
amount of the Loans to the Agent for the ratable benefit of the Lenders for the
period commencing on the Closing Date and ending on the Final Payout Date are
paid in full, at a rate equal to the Applicable Rate; provided, at all
times from and after the occurrence of an Event of Default, interest shall
accrue at a rate equal to the Default Rate, payable on demand.  

 

SECTION 2.02.                                         Interest
Payment Dates.  Interest accrued on
each Loan shall be payable on each Settlement Date, on the Maturity Date and, if
the Maturity Date and the Final Payout Date occur on different dates, the Final
Payout Date.

 

SECTION 2.03.                                         Computation of Interest and Fees.  All interest and fees payable to the Lenders
or the Agent shall be computed on the basis of the actual number of days
(including the first day but excluding the last day) occurring during the
period for which such interest or fee is payable over a year comprised of 360
days.

 

ARTICLE III

 

DISTRIBUTIONS

 

SECTION 3.01.                                         Payments.  On
the Maturity Date, the Borrower shall immediately repay in full (a) the unpaid
principal amount of the Loans, (b) all accrued and unpaid interest and (c) all
other outstanding Obligations.  On each
Settlement Date, the Obligations shall be paid or reduced to the extent
available from Collections distributed to the Agent for the benefit of the
Lenders in accordance with the terms of Section 3.02, 3.03
and 3.04.  The Borrower shall

 

3

 

not have the right to make any
prepayment of the outstanding principal amount of the Loans other than as
contemplated in the two immediately preceding sentences.

 

SECTION 3.02.                                         Distribution Procedures.

 

The parties hereto will take the following actions with respect to each
Settlement Date, Settlement Reporting Date or Reporting Date, as applicable:

 

(a)                                  Servicer
Report and Settlement Report.  On or
prior to each Reporting Date, the Servicer shall deliver to the Agent and the
Backup Servicer a Servicer Report in respect of the calendar month then most
recently ended. On or prior to each Settlement Reporting Date, the Servicer
shall deliver to the Agent and the Backup Servicer a Settlement Report in
respect of the Settlement Period then most recently ended.

 

(b)                                 Interest;
Other Amounts Due.  On each
Settlement Reporting Date, the Agent shall notify the Servicer of (i) the
amount of interest that shall have accrued in respect of the Loans during the
period from the immediately preceding Settlement Date (or, in the case of the
initial Settlement Reporting Date, from the Closing Date) to the Settlement
Date immediately following such Settlement Reporting Date, and (ii) all fees
and other amounts that shall have accrued and be payable by the Borrower under
this Agreement and the other Transaction Documents on such Settlement Date.

 

(c)                                  Settlement
Date Procedure.  On each Settlement
Date, the Servicer, on the basis of the express instructions provided by the
Agent, shall distribute from amounts then available in the Collateral Account,
the following amounts in the following order:

 

first, to the Backup Servicer, an amount equal
to the Backup Servicing Fee accrued during the Settlement Period then most
recently ended (plus, if applicable, the amount of Backup Servicer Fees payable
on any prior Settlement Date to the extent such amount has been paid to the
Backup Servicer);

 

second, to the Servicer, to be distributed to
Aspen, an amount equal the Collections received during such Settlement Period
certified by the Servicer as being due to applicable taxing authorities in
connection with state or local sales taxes (or the equivalent thereof) (plus,
if applicable, the amount of such taxes payable on any prior Settlement Date to
the extent such amount has not been paid to the Servicer); provided,
that, the aggregate amount distributed to the Servicer pursuant to this clause
second on all Settlement Dates during the term of this Agreement shall not
exceed $250,000;

 

third, to the Agent, for the benefit of the
Lenders, an amount equal to the interest in respect of the Loans that shall have
accrued and then be unpaid as of such Settlement Date including, if applicable,
any previously accrued interest not paid on a prior Settlement Date, which
amount shall be distributed ratably by the Agent to the applicable Lenders for
application to such interest; 

 

fourth, to the Agent, for the sole benefit of
the Agent, the Agency Fee accrued during the Settlement Period then most
recently ended (plus, if applicable, the amount of

 

4

 

Agency Fees payable on any prior Settlement
Date to the extent such amount has not been paid to the Servicer); 

 

fifth, to the Servicer, an amount equal to the
Servicer’s Fees accrued during the Settlement Period then most recently ended
(plus, if applicable, the amount of the Servicer’s Fees payable on any prior
Settlement Date to the extent such amount has not been paid to the Servicer); provided,
that, following the replacement of the initial Servicer in accordance with Section 8.01,
the Agent may in its sole discretion distribute the Servicer Fee then in effect
in clause first above;

 

sixth, to the Servicer, to be distributed to
the appropriate Persons, an amount equal to the any cash collections or other
cash proceeds (other than investment income) deposited into the Collateral
Account during any Settlement Period ending prior to the Settlement Period then
most recently ended and not constituting Collections, to the extent such
collections or proceeds were not previously forwarded by the Servicer to the
appropriate Person in accordance with Section 8.06(b) during the
Settlement Period in which such items were deposited into the Collateral
Account;

 

seventh, unless an Event of Default shall have
occurred and is continuing, to the Borrower or the Servicer, as applicable, an
amount equal to any Collections remitted to the Collateral Account during such
Settlement Period to the extent such Collections represent recoveries in
respect of Deemed Collections theretofore deposited by the Borrower or the
Servicer, as applicable, in accordance with Section 3.03 (plus, if
applicable, the amount of any such amounts payable on any prior Settlement Date
to the extent such amount has not been paid to the Borrower or the Servicer);

 

eighth, to the Agent, for the benefit of the
Lenders and the Agent, an amount equal to all other Obligations (other than
principal on the Loans) then accrued and payable by the Borrower to the Lenders
or the Agent under this Agreement and the other Transaction Documents on such
Settlement Date;

 

ninth, to the Agent, for the benefit of the
Lenders, all remaining amounts in the Collateral Account, which amounts shall
be distributed ratably by the Agent to the Lenders for application to the
outstanding principal amount of the Loans; 
and

 

tenth,                 to the Borrower,
any remaining amounts.

 

SECTION 3.03.                                         Deemed
Collections.

 

(a)                                  Borrower’s
Deemed Collections.  Except as
otherwise provided in Section 3.04, if on any day:

 

(i)                                     the Outstanding Balance of any Pool Receivable is reduced,
cancelled or terminated as a result of:

 

5

 

(A)                              any
defective, rejected or returned software, goods or services, any cash discount,
or any incorrect billing or other adjustment by the Borrower, the Transferor,
Aspen or any Affiliate thereof, or

 

(B)                                any
failure on the part of the Borrower, the Transferor, Aspen or any Affiliate
thereof to deliver or provide any software, upgrades, supplements, refinements,
goods or maintenance or other services contemplated to be delivered or provided
under or in connection with any related Contract, or

 

(C)                                any
setoff in respect of any claim by the Obligor thereof against the Borrower, the
Transferor, Aspen or any Affiliate thereof (whether such claim arises out of
the same or a related or an unrelated transaction) or by reason of becoming
subject to any dispute, offset, counterclaim or defense whatsoever (except the
discharge in bankruptcy of the Obligor thereof or such Obligor’s financial
inability to pay), or

 

(D)                               any obligation of the Borrower, the Transferor, Aspen or any
Affiliate thereof to pay to the related Obligor any rebate or refund, or

 

(E)                                 any
action taken by the Borrower, the Transferor, Aspen or any of its Affiliates
(i) outside, in the case of Aspen, the scope of any authorized collection
services Aspen may then be providing as Servicer, and (ii) other than a
Supersede-and-Replace transaction authorized under Section 3.04 and
in connection with which an eligible Superseding Receivable replaces the
affected Receivable, or

 

(ii)                                  any
of the representations or warranties of the Borrower set forth in Section 6.13
were not true when made with respect to any Pool Receivable, or

 

(iii)                               any
of the representations or warranties of the Borrower set forth in Section 6.12
are no longer true with respect to any Pool Receivable and, with respect to Section 6.12(c),
not remedied at the discretion of the Agent,

 

then, on such
day, the Borrower shall be deemed to have received a Collection of such Pool
Receivable:

 

(I)            in
the case of clause (i) above, in the amount of such reduction,
cancellation or termination; and

 

(II)        in the case of clause (ii) or clause (iii)
above, in the amount of the full Outstanding Balance of such Pool Receivable.

 

(b)                                 Servicer
Deemed Collections.  If on any day:

 

6

 

(i)                                     the
Outstanding Balance of any Pool Receivable is reduced, cancelled or terminated
as a result of any failure on the part of the Servicer to perform its
obligations as “Servicer” hereunder in accordance with the terms hereof; or

 

(ii)                                  the
aggregate amount available in the Collateral Account immediately prior to any
Settlement Date for purposes of the distributions contemplated in Section 3.02
shall be less than the aggregate amount of Collections that shall have been
remitted by Obligors and received by Aspen on the Pool Receivables since the
immediately preceding Settlement Date by reason of any failure or inability on
the part of the Servicer to cause a transfer of such Collections to the
Collateral Account,

 

then,
on such day, the Servicer shall be deemed to have received a Collection of the
related Pool Receivable in the amount of such reduction, cancellation or
termination or in the amount of such remittance, as applicable.

 

(c)                                  Deposit
of Deemed Collections.  The Borrower
or the Servicer, as applicable, shall deposit into the Collateral Account in
cash in immediately available funds each Deemed Collection promptly following
the date it first becomes aware of any of the circumstances described above and
in any event no later than the immediately following Settlement Date.

 

SECTION 3.04.                                         Supersede-and-Replace Receivables.

 

(a)                                  In
connection with the expansion of a licensing arrangement with an Obligor, such
Obligor may request for purposes of administrative convenience that Aspen enter
into an amended and restated Contract, the effect of which is to supersede and
replace (a “Supersede-and-Replace”) the then outstanding receivables
under the original Contract with such Obligor.

 

(b)                                 Subject
to the following terms and conditions, the Lenders and the Agent agree to
accept from the Borrower, in lieu of the Deemed Collection that would otherwise
be required under Section 3.03 upon any Supersede-and-Replace
relating to a Pool Receivable (a “Replaced Receivable”), the new Pool
Receivable (the “Superseding Receivable”) arising in connection with
such Supersede-and-Replace:

 

(i)                                     Not less than two
Business Days prior to giving effect to a Supersede-and-Replace, Borrower shall
provide the Agent written notice (a “S&R Notice”) setting forth (A)
the identity of the affected Pool Receivable, (B) the terms of the Superseding
Receivable becoming effective upon causing such Pool Receivable to become a
Replaced Receivable, (C) a certification that the proposed
Supersede-and-Replace is being undertaken at the request of the applicable
Obligor and otherwise in accordance with the customary practice and procedures
of Aspen, (D) a description, in such detail as may be reasonably requested by
the Agent, demonstrating compliance by Borrower with the terms of this Section 3.04(b),
and (E) the date (the applicable “S&R Date”)  on which such Supersede-and-Replace is
scheduled to occur;

 

(ii)                                  The Replaced
Receivable shall not have been a Delinquent Receivable at any time following
the Closing Date;

 

7

 

(iii)                               The Outstanding Balance
of the Replaced Receivable immediately prior to the applicable S&R Date,
when added to the aggregate Outstanding Balance of all other Pool Receivables
that shall have become Replaced Receivables under this Section 3.04(b),
in each case as determined on its respective S&R Date, shall not exceed an
amount equal to ten percent (10%) of the aggregate Outstanding Balance of all
Pool Receivables as of the first day of such PSA Year.  For purposes of this clause (iii), “PSA
Year” shall mean, initially, the period commencing on the date hereof and
ending twelve months after the Closing Date, and thereafter each successive
period of twelve months commencing on an anniversary of the date hereof and
ending on the immediately following anniversary of the date hereof;

 

(iv)                              The
Superseding Receivable shall satisfy each of the following criteria as of the
S&R Date: 

 

(A)                              such Superseding Receivable is due from the same Obligor as
the related Replaced Receivable;

 

(B)                                the term of the Contract for the Superseding Receivable
equals or exceeds the term of the Contract for the related Replaced Receivable;

 

(C)                                the periodic payments required under the Contract for the
Superseding Receivable occur no less frequently than the periodic payments
required under the Contract for the related Replaced Receivable;

 

(D)                               each
periodic payment required under the Contract for the Superseding Receivable
equals or exceeds the amount of the periodic payment that would have been due
on the corresponding date under the Contract for the related Replaced
Receivable;  and

 

(E)                                 the Superseding Receivable is an Eligible Receivable and
otherwise satisfies as of the S&R Date each of the representations and
warranties made by Borrower hereunder with respect to the Pool Receivables as
of the Closing Date.

 

(v)                                 On the applicable
S&R Date, no Event of Default or Unmatured Event of Default shall have
occurred and be continuing.

 

(vi)                              On
the applicable S&R Date, (A) the Replaced Receivable shall be deemed
amended, superseded and replaced by the Superseding Receivable and (B) the
Superseding Receivable shall be deemed to constitute proceeds of the Replaced
Receivable.

 

The issuance
by Borrower of an S&R Notice shall constitute a representation and warranty
by Borrower that each of the statements set forth in Section 3.04(b)
in respect of the applicable Superseding Receivable and the applicable Replaced
Receivable is true and correct on the date of such S&R Notice and on the
applicable S&R Date.  From and after
an S&R Date, the Superseding Receivable shall constitute a Pool Receivable
for all purposes of this Agreement.

 

8

 

SECTION 3.05.                                         Payments and Computations, Etc.

 

(a)                                  Payments.  All amounts to be paid or deposited by the
Borrower or the Servicer to the Agent or any other Person hereunder shall be
paid or deposited in accordance with the terms hereof no later than
1:00 p.m. (New York City time) on the day when due in lawful money of the
United States of America in same day funds (i) in the case of amounts to be
paid or deposited in respect of accrued and unpaid interest or in reduction of
the Loans, to the Agent at the following account (or such other account as the
Agent shall notify the Borrower in writing from time to time):

 

	
  Bank Name:

  	
   

  	
  Harris Trust and Savings Bank

  
	
  A.B.A. Number:

  	
   

  	
  071-000-288

  
	
  Account Number:

  	
   

  	
  277-936-1

  
	
  Account
  Name:

  	
   

  	
  Guggenheim
  Corporate Funding, LLC

  

 

(b)                                 Late
Payments.  The Borrower or the
Servicer, as applicable, shall, to the extent permitted by law, pay to the
applicable Secured Party interest on all amounts other than principal not paid
or deposited when due by it hereunder at a rate equal to the Default Rate,
payable on demand, provided, however, that such interest rate
shall not at any time exceed the maximum rate permitted by applicable law.  For purposes of clarification, interest on
the principal outstanding balance of the Loans shall accrue at the rate
specified in Section 2.01.

 

(c)                                  Rescission.
No amounts paid hereunder shall be considered paid by any distribution if at
any time such distribution is rescinded or otherwise returned for any reason.

 

ARTICLE IV

 

INCREASED COSTS, FEES 

 

SECTION 4.01.                                         Fees.  The
Borrower shall pay to the Agent certain fees, payable on such dates and in such
amounts as are set forth in that certain fee letter dated the date hereof from
the Agent to the Borrower (as amended from time to time, the “Fee Letter”).

 

SECTION 4.02.                                         Increased Costs; Requirements of Law.  (a)  If
any Affected Party determines that the existence of or compliance with (i) any
law or regulation or any change therein or in the interpretation or application
thereof, in each case adopted, issued or occurring after the date of this
Agreement or (ii) any request, guideline or directive from any central bank or
other Governmental Authority (whether or not having the force of law) issued or
occurring after the date of this Agreement affects or would affect the amount
of capital required or expected to be maintained by such Affected Party and
such Affected Party determines that the amount of such capital is increased by
or based upon the existence of any commitment maintain the investment in the
Loans related to this Agreement and other commitments of the same type related
to this Agreement, then, upon demand by such Affected Party (with a copy to the
Agent and including a reasonable detail and calculation of the amounts related
to such demand), the Borrower shall immediately pay to the Agent, for the
account of such Affected Party, from time

 

9

 

to time as specified by such
Affected Party, additional amounts sufficient to compensate such Affected Party
in the light of such circumstances, to the extent that such Affected Party
reasonably determines such increase in capital to be allocable to the existence
of any of such commitments.  A
certificate as to such amounts and the reasons therefor submitted to the
Borrower and the Agent by such Affected Party shall be conclusive and binding
for all purposes, absent manifest error.

 

(b)                                 If,
due to either (i) the introduction of or any change in or in the interpretation
of any law or regulation or (ii) compliance with any guideline or request from
any central bank or other Governmental Authority (whether or not having the
force of law), in each case occurring after the date of this Agreement, there
shall be any increase in the cost to any Affected Party of agreeing to maintain
the Loans, then, upon demand by such Affected Party (including a reasonable detail
and calculation of the amounts related to such demand), the Borrower shall
immediately pay to the Agent, for the account of such Affected Party, from time
to time as specified, additional amounts sufficient to compensate such Affected
Party for such increased costs. A certificate as to such amounts and the
reasons therefor submitted to the Borrower by such Affected Party shall be
conclusive and binding for all purposes, absent manifest error.

 

(c)                                  In
the event that any Affected Party determines that the existence of or
compliance with (i) any law or regulation or any change therein or in the
interpretation or application thereof, in each case adopted, issued or
occurring after the date of this Agreement or (ii) any request, guideline or
directive from any central bank or other Governmental Authority (whether or not
having the force of law) issued or occurring after the date of this Agreement:

 

(i)                                     does
or shall subject such Affected Party to any tax of any kind whatsoever with
respect to this Agreement, any increase in the Loans or any portion thereof, or
does or shall change the basis of taxation of payments to such Affected Party
on account of principal, interest or any other amounts payable hereunder
(excluding taxes imposed on the overall net income of such Affected Party, and
franchise taxes imposed on such Affected Party, by the jurisdiction under the
laws of which such Affected Party is organized or a political subdivision
thereof); or

 

(ii)                                  does
or shall impose, modify or hold applicable any reserve, special deposit,
compulsory loan or similar requirement against assets held by, or deposits or
other liabilities in or for the account of, purchases, advances or loan by, or
other credit extended by, or any other acquisition of funds by, any office of such
Affected Party; 

 

and the result of any of the foregoing is (x) to increase the cost to
such Affected Party of acting as Agent or as a Lender or of agreeing to fund or
maintain the Loans (or interests therein) or (y) to reduce any amount
receivable hereunder (whether directly or indirectly), then, in any such case,
upon demand by such Affected Party the Borrower shall pay the Agent, for the
account of such Affected Party, any additional amounts necessary to compensate
such Affected Party for such additional cost or reduced amount receivable.  A certificate from such Affected Party to the
Borrower certifying, in reasonably specific detail, the basis for, calculation
of, and amount of such additional costs or reduced amount receivable shall be
conclusive in the absence of manifest

 

10

 

error; provided,
however, that no Affected Party shall be required to disclose any
confidential or tax planning information in any such certificate.

 

(d)                                 Failure
on the part of any Affected Party to demand compensation for any amount
pursuant to this Section 4.02 with respect to any period shall not
constitute a waiver of such Affected Party’s right to demand compensation with
respect to such period; provided, that, an Affected Party may not make
any demand under this Section 4.02 in respect of any amount
incurred by such Affected Party if the date of such demand occurs on a date
later than 90 days following the date such Affected Party first became aware of
the incurrence of such amount.

 

ARTICLE V

 

CONDITIONS PRECEDENT

 

The making of the Loans hereunder is subject to the condition precedent
that the Agent shall have received, on or before the Closing Date, the
following, each (unless otherwise indicated) dated the Closing Date and in form
and substance satisfactory to the Agent:

 

(a)                                  A
copy of the resolutions of the Board of Directors of the Borrower, the Board of
Directors of the Transferor and the Board of Directors of Aspen, as applicable,
approving this Agreement and the other Transaction Documents, as applicable, to
be delivered by each such Person, certified by its respective Secretary or
Assistant Secretary;

 

(b)                                 A
good standing certificate for each of the Borrower, the Transferor and Aspen
issued by the Secretary of State of its state of organization and the state
where its chief executive office and principal place of business is located;

 

(c)                                  A
certificate of the Secretary or Assistant Secretary of each of the Borrower,
the Transferor and Aspen certifying the names and true signatures of the
officers authorized on its behalf to sign this Agreement and the other
Transaction Documents, to be delivered by such Person;

 

(d)                                 The
articles of incorporation or organizational documents of each of the Borrower,
the Transferor and Aspen, duly certified by the Secretary of State of its
jurisdiction of organization, as of a recent date acceptable to Agent, together
with a copy of its by-laws and/or operating agreement, duly certified by its
Secretary or an Assistant Secretary;

 

(e)                                  Evidence
that UCC-1 financing statements have been filed in all appropriate recording
offices naming Aspen, the Transferor and the Borrower as debtors and the Agent
as the secured party or assignee secured party, as may be necessary or, in the
opinion of the Agent, desirable under the UCC or any comparable law of all
appropriate jurisdictions to perfect the Agent’s interests in the Pool Assets;

 

(f)                                    A
search report listing all effective financing statements that name Aspen, the
Transferor or the Borrower as debtor and that are filed in the jurisdictions in
which filings were made pursuant to subsection (e) above and in
such other jurisdictions that the Agent shall reasonably request, together with
copies of such financing statements and copies of all financing

 

11

 

statements necessary to release
all security interests and other rights of any Person in the Pool Assets
previously granted by the Transferor, Aspen or the Borrower;

 

(g)                                 Duly
executed copies of the Transaction Documents;

 

(h)                                 A
Receivables Schedule identifying each Pool Receivable, the Obligor thereon
and the Outstanding Balance thereof as of the Cutoff Date.  The aggregate Outstanding Balance as of the
Cutoff Date of the Pool Receivables shall be an amount not less than
$83,421,360;

 

(i)                                     Evidence
reasonably acceptable to the Agent of a satisfactory completion of an audit of
the Pool Receivables by Ernst & Young LLP; 

 

(j)                                     The
Fee Letter, duly executed by the Aspen and the Borrower, and receipt of payment
of all documented fees, expenses, costs (including legal fees and disbursements
of one law firm selected by the Agent and audit fees and disbursements of one
audit firm selected by the Agent) due on or before the Closing Date pursuant
thereto; 

 

(k)                                  A
certificate signed by a the chief executive officer, the chief financial
officer or the treasurer of each of the Borrower, the Transferor and Aspen,
stating in such Person’s capacity as such officer of such entity that on the
Closing Date (i) no Event of Default or Unmatured Event of Default has occurred
and is continuing, (ii) all of the representations and warranties made by such
Person in Article VI of this Agreement (or, in the case of the
Transferor, Article V of the Purchase and Resale Agreement) are true and
correct as of the Closing Date; and

 

(l)                                     Such
other approvals, opinions or documents listed on Schedule B hereto
and as the Agent may reasonably request.

 

ARTICLE VI

 

REPRESENTATIONS AND WARRANTIES

 

The
Borrower hereby represents and warrants as to itself, and the Servicer hereby
represents and warrants as to itself, as follows (i) on the Closing Date, (ii)
on each Settlement Date and (iii) with respect to any Superseding Receivables,
on the S&R Date applicable to such Superseding Receivable:

 

SECTION 6.01.                                         Organization and Good Standing.  Each of the Borrower and the Servicer has
been duly organized and is validly existing as a limited liability company or
corporation, as applicable, in good standing under the laws of its state of
organization, with power and authority to own its properties and to conduct its
business as such properties are presently owned and such business is presently
conducted.  Borrower had at all relevant
times, and now has, all necessary power, authority, and legal right to acquire
and own the Receivables to be owned or transferred by it under the Transaction
Documents and perform its obligations under the Transaction Documents.

 

12

 

SECTION 6.02.                                         Due Qualification. 
Each of the Borrower and the Servicer is duly licensed or qualified to
do business as a foreign limited liability company or corporation, as
applicable, in good standing, and has obtained all necessary licenses and
approvals, in all applicable jurisdictions except, with respect to the
Servicer, where the failure to so qualify or obtain such licenses or approvals
could not reasonably be expected to have a Material Adverse Effect.

 

SECTION 6.03.                                         Power and Authority; Due Authorization.  Each of the Borrower and the Servicer (i) has
all necessary power, authority and legal right to (A) execute and deliver this
Agreement and the other Transaction Documents to which it is a party, (B) carry
out the terms of the Transaction Documents to which it is a party, and (C) in
the case of the Borrower, pledge the Pool Assets and borrow the Loans on the
terms and conditions herein provided and (ii) has duly authorized by all
necessary corporate or limited liability company action (A) the execution,
delivery and performance of this Agreement and the other Transaction Documents
and (B) with respect to the Borrower, the borrowing, and granting of a security
interest in the Pool Assets therefor, on the terms and conditions herein
provided.

 

SECTION 6.04.                                         Binding Obligations. 
This Agreement and each other Transaction Document constitutes a legal,
valid and binding obligation of the Borrower or the Servicer (as applicable)
enforceable in accordance with its terms, except as enforceability may be
limited by bankruptcy, insolvency, reorganization, or other similar laws
affecting the enforcement of creditors’ rights generally and by general
principles of equity, regardless of whether such enforceability is considered
in a proceeding in equity or at law.

 

SECTION 6.05.                                         No
Violation.  The consummation of the
transactions contemplated by this Agreement and the other Transaction Documents
and the fulfillment of the terms hereof or thereof will not (i) conflict with,
result in any breach of any of the terms and provisions of, or constitute (with
or without notice or lapse of time or both) a default under, (A) the articles
of incorporation or other organizational documents or by-laws of the Borrower
or the Servicer, (B) with respect to the Servicer, any indenture, receivables
purchase agreement, loan agreement, mortgage, deed of trust, or other material
agreement or instrument to which the Servicer is a party or by which it or any
of its properties is bound or (C) with respect to the Borrower, any indenture,
receivables purchase agreement, loan agreement, mortgage, deed of trust, or
other agreement or instrument to which the Borrower is a party or by which it
or any of its properties is bound, (ii) result in the creation or
imposition of any Adverse Claim upon any of their respective properties
pursuant to the terms of any such indenture, purchase agreement, loan
agreement, mortgage, deed of trust, or other agreement or instrument, other
than this Agreement, or (iii) violate any law or any order, rule, or regulation
applicable to the Borrower or the Servicer of any court or of any federal or
state regulatory body, administrative agency, or other governmental
instrumentality having jurisdiction over the Borrower or the Servicer or any of
its properties, except, in the case of the Servicer, where such violation could
not reasonably be expected to have a Material Adverse Effect.

 

SECTION 6.06.                                         No
Proceedings.  There are no
proceedings or investigations pending, or, to the knowledge of the Borrower or
the Servicer, threatened, before any court, regulatory body, administrative
agency, or other tribunal or governmental instrumentality (i)

 

13

 

asserting the invalidity of this Agreement or any
other Transaction Document, (ii) seeking to prevent the assignment of any Pool
Assets or the consummation of any of the other transactions contemplated by
this Agreement or any other Transaction Document, or (iii) seeking any
determination or ruling that is reasonably likely to have a Material Adverse
Effect or seeking to adversely affect the federal income tax attributes of the
Loans hereunder.

 

SECTION 6.07.                                         Bulk Sales Act. 
No transaction contemplated by the Transaction Documents requires
compliance with any bulk sales act or similar law.

 

SECTION 6.08.                                         Government Approvals. 
No authorization or approval or other action by, and no notice to or
filing with, any governmental authority or regulatory body is required for the
due execution, delivery and performance by the Borrower or the Servicer of this
Agreement or any other Transaction Document, except for the filing of
the UCC financing statements referred to in Article V, all of
which, at the time required in Article V, shall have been duly made
and shall be in full force and effect.

 

SECTION 6.09.                                         Financial Condition. 
The audited consolidated balance sheets of the Servicer, as at June 30,
2004 and the unaudited consolidated balance sheets of the Servicer as at March 31,
2005 and, in each case, the related consolidated statements of earnings and
cash flows, copies of which have been furnished to the Agent, have been
prepared in accordance with generally accepted accounting principles,
consistently applied, and present fairly the consolidated financial condition
of Servicer and its consolidated subsidiaries as at the dates thereof and the
results of their operations for the respective period then ended.  Since March 31, 2005, no event has
occurred that has had or is reasonably likely to have a Material Adverse
Effect.

 

SECTION 6.10.                                         Litigation.  No
injunction, decree or other decision has been issued or made by any court,
governmental agency or instrumentality thereof that prevents, and, to the
knowledge of the Borrower or the Servicer, no threat by any Person has been
made to attempt to obtain any such decision that is reasonably likely to prevent,
the Borrower or the Servicer from conducting a material part of its business
operations.

 

SECTION 6.11.                                         Margin Regulations. 
The use of all funds obtained by the Borrower under this Agreement will
not conflict with or contravene any of Regulations T, U and X promulgated by
the Board of Governors of the Federal Reserve System from time to time.

 

SECTION 6.12.                                         Quality of Title. 

 

(a)                                  Each
Pool Asset is owned by the Borrower free and clear of any Adverse Claim (other
than any Adverse Claim in favor of the Agent); the Security Agreement creates a
valid and perfected first priority security interest (as defined in UCC Section 1-201)
in favor of the Agent (for the benefit of the Secured Parties) in each Pool
Asset, free and clear of any Adverse Claim (other than any Adverse Claim in
favor of the Agent) as security for the Obligations; and no financing statement
or other instrument similar in effect covering any Pool Receivable, any other

 

14

 

Pool
Asset or any other asset or property of the Borrower is on file in any
recording office except such as may be filed in favor of Agent in accordance
with this Agreement. 

 

(b)                                 The
Borrower has caused the filing of all appropriate financing statements in the
proper filing offices in the appropriate jurisdictions under applicable law in
order to perfect the security interest of the Agent, for the benefit of the
Lenders, in the Pool Assets.

 

(c)                                  Other
than the grant of the security interest in the Pool Assets to the Agent, for
the benefit of the Lenders under the Security Agreement, the Borrower has not
pledged, assigned, sold, granted a security interest in, or otherwise conveyed
any of the Pool Assets or any of its other assets or properties to any other
Person.  The Borrower has not authorized
the filing of any financing statement by any other Person other than the Agent.

 

(d)                                 The
rights granted hereunder and under the Security Agreement to the Agent and the
Secured Parties are sufficient to enable the Agent and the Secured Parties, on
the exercise of their secured creditor remedies in respect of the Pool Assets
in accordance with the Transaction Documents and applicable law, to transfer
good and marketable title to the Pool Assets without the necessity of the Agent
or the Secured Parties holding any interest in the Aspen Software in order to
give effect thereto.

 

SECTION 6.13.                                         Eligible Receivables. 
Each Pool Receivable is an Eligible Receivable on the date the same is
stated to be transferred to the Borrower under the Purchase and Resale
Agreement.

 

SECTION 6.14.                                         Accuracy of Information.  All information set forth on the Receivables
Schedule, including the Outstanding Balance, payment status and payment terms of each Receivable identified thereon, is true
and correct in all material respects. No written information, exhibit,
financial statement, document, book, record or report furnished or to be
furnished by or on behalf of the Borrower, the Transferor, the Servicer, Aspen
or any of its Affiliates to any Lender or the Agent in connection with this
Agreement or any other Transaction Document was inaccurate in any material
respect as of the date it was dated or (except as otherwise disclosed to the
Lender, and the Agent at such time) as of the date so furnished, or contained or
will contain any material misstatement of fact or omitted to state a material
fact or any fact necessary, in light of the circumstances under which such
statements were made, to make the statements contained therein not materially
misleading.

 

SECTION 6.15.                                         Offices.  The
chief place of business and chief executive office of the Borrower and the
Servicer are located at the addresses referred to in Section 13.02,
and the offices where each of the Borrower and the Servicer keeps all its
books, records and documents evidencing Pool Receivables and Contracts and all
other agreements related to such Pool Receivables are located at the addresses
specified in Schedule C (or at such other locations, notified to
the Agent in accordance with Section 7.01(f), in jurisdictions
where all action required by Section 8.05 has been taken and
completed).

 

15

 

SECTION 6.16.                                         Capitalization. 
All of the membership or other equity interests of the Borrower are
owned (beneficially and of record), free and clear of any Adverse Claim, by the
Transferor.

 

SECTION 6.17.                                         Trade Names. 
The Borrower does not use, and has not at any time used, any trade name,
fictitious name, assumed name or “doing business as” name or other name under
which it has or is doing business other than its actual corporate name.

 

SECTION 6.18.                                         Subsidiaries. 
The Borrower has no Subsidiaries. 

 

SECTION 6.19.                                         Ownership. 
Aspen owns 100% of the equity of the Transferor.  The Transferor owns 100% of the equity of the
Borrower.

 

SECTION 6.20.                                         Activities. 
The Borrower is not engaged in any transactions other than the
transactions contemplated by this Agreement and the other Transaction Documents
to which it is a party.  The Transferor
is not engaged in any transactions other than the transactions contemplated by
the Transaction Documents to which it is a party.  

 

SECTION 6.21.                                         Taxes.  Each of
the Borrower and the Servicer has filed all tax returns and reports required by
law to have been filed by it and has paid all taxes and governmental charges
thereby shown to be owing, except, with respect to the Servicer, any such taxes
or charges that are being diligently contested in good faith by appropriate
proceedings and for which adequate reserves in accordance with GAAP shall have
been set aside on its respective books.

 

SECTION 6.22.                                         Compliance with Applicable Laws; Licenses, etc.  Each of the Borrower and the Servicer is in
compliance in all material respects with the requirements of all applicable
laws, rules, regulations, and orders of all governmental authorities
(including, without limitation, the Federal Consumer Credit Protection Act, as
amended, Regulation Z of the Board of Governors of the Federal Reserve System,
as amended, laws, rules and regulations relating to usury, truth-in-lending,
fair credit billing, fair credit reporting, equal credit opportunity, fair debt
collection practices and privacy and all other consumer laws, rules and
regulations applicable to the Receivables and other Pool Assets), except, with
respect to the Servicer, where failure to comply is not reasonably likely to
have a Material Adverse Effect.  Neither
the Borrower nor the Servicer has failed to obtain any licenses, permits,
franchises or other governmental authorizations necessary to the ownership of
its properties or to the conduct of its business, except, with respect to the
Servicer, where the violation or failure to obtain could not be reasonably
likely to have a Material Adverse Effect.

 

SECTION 6.23.                                         Investment
Company Act, Etc.  Neither the
Borrower nor the Servicer is an “investment company” within the meaning of the
Investment Company Act of 1940, as amended, or a “holding company”, or a “subsidiary
company”, of a “holding company”, or an “affiliate” of a “holding company”, or
of a “subsidiary company” of a “holding company”, within the meaning of the
Public Utility Holding Company Act of 1935, as amended.

 

16

 

SECTION 6.24.                                         Credit and Collection Policy.  The Credit and Collection Policy, attached
hereto as Exhibit II, is in full force and effect as of the date of this
Agreement and has not been modified or amended, except, as of any date after
the date hereof, in accordance with Section 7.03(c) and the
Servicer is in compliance in all material respects with the policies and
procedures therein.  

 

SECTION 6.25.                                         Collection Account and Collateral Account.

 

(a)                                  At
all times prior to the Closing Date, each Obligor was instructed by Aspen, as
the originator of the Pool Receivables, to remit all payments on the Pool
Receivables and Related Security directly to the Collection Account.  Aspen has been irrevocably instructed by the
Transferor to transfer on a daily basis all amounts representing such payments
from the Collection Account to the Collateral Account.  

 

(b)                                 Adequate
measures have been taken to implement on the date hereof a program to provide
instructions to each Obligor by not later than the Notice Compliance Date
(First) to remit all payments on the Pool Receivables and Related Security
directly to the Collateral Account. 
Neither Borrower nor Aspen has granted any Person, other than the Agent
as contemplated by this Agreement, dominion and control of the Collateral
Account, or the right to take dominion and control of the related lock-box or
the Collateral Account at a future time or upon the occurrence of a future
event.

 

SECTION 6.26.                                         Aspen Software. 
In the case of any software of the type described in clause (i)(B) or (i)(C) of the definition herein of “Aspen Software”,
the obligation of Aspen to compensate or otherwise pay the owner or licensor to
Aspen of such software, whether in the nature of royalties or otherwise, is not
secured by any Advance Claim on any of the Pool Receivables, and such owner or
licensor does not otherwise have any property interest in any Pool Receivable.

 

SECTION 6.27.                                         Solvency.  On
the Closing Date and on each S&R Date, immediately prior to and after
giving effect to the grant of a security interest in the applicable Receivables
occurring on such date:

 

(a)                                  the fair value and present fair saleable value of Borrower’s
total assets is greater than the Borrower’s total liabilities (including
contingent and unliquidated liabilities) at such time;

 

(b)                                 the
fair value and present fair saleable value of the Borrower’s assets is greater
than the amount that will be required to pay the Borrower’s probable liability
on its existing debts as they become absolute and matured (“debts,” for this
purpose, includes all legal liabilities, whether matured or unmatured, liquidated
or unliquidated, absolute, fixed, or contingent);

 

(c)                                  The
Borrower is able to pay all of its liabilities as such liabilities mature; and

 

(d)                                 The
Borrower does not have unreasonably small capital with which to engage in its
current and in its anticipated business.

 

17

 

For purposes of this Section 6.27:

 

(i)                                     the
amount of the Borrower’s contingent or unliquidated liabilities at any time
shall be that amount which, in light of all the facts and circumstances then
existing, represents the amount which can reasonably be expected to become an
actual or matured liability;

 

(ii)                                  the “fair value” of an asset shall be the amount which may
be realized within a reasonable time either through collection or sale of such
asset at its regular market value;

 

(iii)                               the “regular market value” of an asset shall be the amount
which a capable and diligent business person could obtain for such asset from
an interested buyer who is willing to purchase such asset under ordinary selling
conditions; and

 

(iv)                              the “present fair saleable value” of an asset means the
amount which can be obtained if such asset is sold with reasonable promptness
in an arm’s-length transaction in an existing and not theoretical market.

 

ARTICLE VII

 

GENERAL COVENANTS

 

SECTION 7.01.                                         Affirmative
Covenants.  From the date hereof
until the Final Payout Date, the Borrower hereby covenants and agrees as to itself, and the Servicer covenants and agrees as to itself,
unless the Agent shall otherwise consent in writing, that it shall:

 

(a)                                  Compliance
with Laws, Etc.  Comply, and, in the
case the Servicer, not take or omit to take any action, on behalf of the
Borrower, that would cause the Borrower to fail to comply, in all material
respects with all applicable laws, rules, regulations and orders of all
governmental authorities (including those which relate to the Pool Receivables
and the Contracts).

 

(b)                                 Preservation
of Corporate Existence.  Preserve and
maintain its corporate existence, rights, franchises and privileges in the
jurisdiction of its organization, and qualify and remain qualified in good
standing as a foreign limited liability company or corporation, as applicable,
in each jurisdiction in which its business is conducted except, with respect to
the Servicer, where the failure to preserve and maintain such existence,
rights, franchises, privileges and qualification could not reasonably be
expected to have a Material Adverse Effect.

 

(c)                                  Audits.  (i) At any time and from time to time during
regular business hours, permit the Agent or any of their agents or
representatives, upon at least five Business Days’ prior notice (provided that
no such notice shall be required if an Event of Default or Unmatured Event of
Default shall have occurred and be continuing) (A) to examine and make
copies of and abstracts from all books, records and documents (including,
without limitation, computer tapes and disks) in the possession or under the
control of the Borrower or the Servicer relating to Pool Assets, including, without
limitation, the Contracts and other agreements, and (B) to visit the

 

18

 

offices
and properties of the Borrower or the Servicer for the purpose of examining
such materials described in clause (i)(A) above, and to discuss matters
relating to Pool Assets or the Borrower’s or the Servicer’s performance
hereunder with any of the officers or employees of the Borrower or the Servicer
having knowledge of such matters; and (ii) without limiting the provisions of clause
(i) next above, from time to time on request of the Agent, permit auditors
or employees or agents of the Agent to conduct, at the Borrower’s or the
Servicer’s expense, a review of the Borrower’s or the Servicer’s books and
records; provided, however, neither the Servicer nor the Borrower
shall be required to pay the expenses associated with more than two audits of
such Person’s books and records in any calendar year and the aggregate amount
in respect of any single audit of the Servicer and the Borrower, on a combined
basis, shall not exceed $25,000.

 

(d)                                 Keeping
of Records and Books of Account. 
Maintain and implement administrative and operating procedures
(including, without limitation, an ability to recreate records evidencing the
Pool Receivables in the event of the destruction of the originals thereof), and
keep and maintain all documents, books, records and other information
reasonably necessary or advisable for the collection of all Pool Receivables
(including, without limitation, records adequate to permit the daily
identification of each Pool Receivable and all Collections of and adjustments
to each Pool Receivable).

 

(e)                                  Performance
and Compliance with Receivables, Contracts and Transaction Documents.  At its expense, timely and fully perform and
comply in all material respects with all provisions, covenants and other
promises required to be observed by it under the Contracts related to the Pool
Receivables, all other agreements related to such Pool Receivables and each
Transaction Document.

 

(f)                                    Location
of Records.  Keep its chief place of
business and chief executive office, and the offices where it keeps its records
concerning the Pool Receivables and Contracts and all other agreements related
to such Pool Receivables (and, to the extent that the Servicer retains
originals thereof, all original documents relating thereto), at the addresses
referred to in Schedule C or, upon 30 days’ prior written notice to
the Agent, at such other locations in jurisdictions where all action required
by Section 8.05 shall have been taken and completed.

 

(g)                                 Credit
and Collection Policies.  Comply in
all material respects with the Credit and Collection Policy in regard to each
Pool Receivable and the related Contract.

 

(h)                                 Collections.  

 

(i)                                     Implement
and maintain adequate measures to provide standing instructions to each Obligor
by not later than the Notice Compliance Date (First) to remit all payments in
connection with the Pool Receivables to the Collateral Account. The Borrower
will (i) instruct the Collection Account Bank to promptly (and in any event
within three Business Days (or, in the case of any unapplied funds, within five
Business Days) of receipt of funds in the Collection Account), to (A) promptly
identify the funds constituting Collections, (B) segregate such Collections
from the other funds on deposit in the Collection Account and (C) transfer all
such Collections to the Collateral Account

 

19

 

and (ii) promptly
(and in any event within one Business Day) deposit into the Collateral Account
all Collections received directly by the Borrower or the Servicer and at all
times prior to such deposit, the Borrower or the Servicer, as applicable, will
itself hold such payments in trust for the exclusive benefit of the Agent and
the Lenders.  Neither the Borrower nor
the Servicer shall grant any Adverse Claim on, or the right to take dominion
and control of, the Collateral Account to any Person at any time, whether
presently or at a future time or upon the occurrence of a future event, except
to the Agent as contemplated by this Agreement. 
Each of the Servicer and the Borrower shall properly maintain the
Collateral Account and take all such actions as are reasonably necessary to
preserve its existence.  Neither the
Borrower nor the Servicer shall permit any funds to be remitted to the
Collateral Account other than Collections.

 

(ii)                                  Borrower
will cause the Collateral Account to be subject at all times to an account
control agreement in form and substance acceptable to the Agent that is in full
force and effect.  The Borrower will
maintain exclusive ownership, dominion and control (subject to the terms of
this Agreement) of the Collateral Account and shall not grant any Adverse Claim
on, or the right to take dominion and control of the Collateral Account or the
related lockbox to any Person at any time, whether presently or at a future
time or upon the occurrence of a future event, except to the Agent as
contemplated by this Agreement.

 

(iii)                               Borrower
will, within one Business Day after the date hereof, cause to be remitted to
the Collateral Account all Collections remitted by any Obligor on the Pool
Receivables during the period from the Cut-Off Date to the date hereof. 

 

(i)                                     Separate
Corporate Existence.  The Servicer
and Borrower hereby acknowledge that the Lenders and the Agent are entering
into the transactions contemplated by this Agreement and the other Transaction
Documents in reliance upon each of the Borrower’s and the Transferor’s identity
being that of a discrete legal entity, separate from Aspen.  Therefore, from and after the date hereof,
the Borrower and the Servicer shall take all steps required to maintain and
continue the Borrower’s identity as a separate legal entity and to make it
apparent to third Persons that the Borrower is an entity with assets and
liabilities distinct from those of Aspen, the Transferor and any other Person,
and is not a division of Aspen, the Transferor or any other Person.  Without limiting the generality of the
foregoing, the Borrower and the Servicer shall take such actions as shall be
required in order that:

 

(i)                                     The
Borrower will be a special-purpose limited liability company whose activities
are restricted in its limited liability company agreement to owning the Pool
Assets, entering into the Transaction Documents to which it is a party,
borrowing under this Agreement and conducting such other activities as it deems
necessary or appropriate to carry out its primary activities;

 

(ii)                                  Not
less than one member of the Borrower’s Board of Directors (the “Independent
Director”) shall be an individual who is not, and has not been for the five
years preceding the Closing Date, (i) a direct, indirect or beneficial
stockholder, officer, director (other than as a director of the Borrower and
the Transferor), employee, affiliate

 

20

 

or associate of
the Borrower, the Transferor or Aspen or any of their Affiliates, (ii) a
customer or supplier of the Borrower, the Transferor or Aspen or any of their
Affiliates (other than a supplier to which the Borrower, the Transferor or
Aspen and their Affiliates has paid no more than $50,000 in Aspen’s and its
Affiliates’ then-current fiscal year or any of the three immediately preceding
fiscal years); or (iii) a customer or supplier of the Borrower, the Transferor,
Aspen or any of their Affiliates whose (A) sales to the Borrower, the
Transferor, Aspen or any of their Affiliates, in the case of a supplier,
represent a material portion of such supplier’s gross sales; or (B) accounts
receivable owing to the Borrower, the Transferor, Aspen or any of their
Affiliates, in the case of a customer, represent a material portion of such
customer’s total accounts receivable. 
The limited liability company agreement of the Borrower shall provide
that (i) Borrower’s Board of Directors shall not approve, or take any
other action to cause the filing of, a voluntary bankruptcy petition with
respect to the Borrower unless the Independent Director shall approve the
taking of such action in writing prior to the taking of such action, and
(ii) such provision cannot be amended without the prior written consent of
the Independent Director;

 

(iii)                               The
Independent Director shall not at any time serve as a trustee in bankruptcy for
the Borrower, the Transferor, Aspen or any Affiliate thereof;

 

(iv)                              Any
employee, consultant or agent of the Borrower will be compensated from funds of
the Borrower, as appropriate, for services provided to the Borrower.  Except as otherwise provided herein, the
Borrower will engage no agents other than a Servicer for the Pool Receivables,
which Servicer will be fully compensated for services rendered to the Borrower
by payment of the Servicer’s Fee;

 

(v)                                 The
Borrower will contract with the Servicer to perform all operations required on
a daily basis to service its Pool Receivables. 
The Borrower will pay the Servicer a monthly fee based on the level of
Pool Receivables being serviced by Servicer reasonably equivalent to the fee
which would be required by an independent third-party servicer;

 

(vi)                              The
Borrower will not incur any material indirect or overhead expenses for items
shared among the Borrower, the Transferor and Aspen (or any other Affiliate
thereof).  To the extent, if any, that
the Borrower, the Transferor and Aspen (or any other Affiliate thereof) share
items of expenses such as legal, auditing and other professional services, such
expenses will be allocated to the extent practical on the basis of actual use
or the value of services rendered, and otherwise on a basis reasonably related
to the actual use or the value of services rendered, it being understood that
Aspen shall pay all expenses relating to the preparation, negotiation,
execution and delivery of the Transaction Documents, including, without
limitation, legal fees;

 

(vii)                           The
Borrower’s operating expenses will not be paid by the Transferor, Aspen or any
other Affiliate thereof except as permitted under the terms of this Agreement
or otherwise consented to by the Agent;

 

21

 

(viii)                        The
Borrower will have its own separate phone extension and stationery;

 

(ix)                                The
Borrower’s books and records will be maintained separately from those of the
Transferor, Aspen and any other Affiliate thereof;

 

(x)                                   All
audited financial statements of the Transferor, Aspen or any Affiliate thereof
that are consolidated to include the Borrower will contain detailed notes
clearly stating that (A) all of the Borrower’s assets are owned by the
Borrower, (B) all of the Transferor’s assets are owned by the Transferor,
(C) the Borrower is a separate legal entity and (D) the Transferor is a
separate legal entity;

 

(xi)                                The
Borrower’s assets will be maintained in a manner that facilitates their
identification and segregation from those of Aspen, the Transferor or any
Affiliate thereof;

 

(xii)                             The
Borrower will strictly observe corporate formalities in its dealings with the
Transferor, Aspen or any Affiliate thereof, and funds or other assets of the
Borrower will not be commingled with those of the Transferor, Aspen or any
Affiliate thereof.  The Borrower shall
not maintain joint bank accounts or other depository accounts to which the
Transferor, Aspen or any Affiliate thereof (other than Aspen in its capacity as
Servicer) has independent access.  Other
than to the extent on deposit in the Collection Accounts or as otherwise
contemplated hereunder, none of the Borrower’s funds will at any time be pooled
with any funds of Aspen or any Affiliate thereof; 

 

(xiii)                          The
Borrower will maintain arm’s-length relationships with the Transferor, Aspen
and any Affiliate thereof.  Any Person
that renders or otherwise furnishes services to the Borrower will be
compensated thereby at market rates for such services it renders or otherwise
furnishes thereto except as otherwise provided in this Agreement.  Except as contemplated in the Transaction
Documents, neither the Borrower nor Aspen will be or will hold itself out to be
responsible for the debts of the other or the decisions or actions respecting
the daily business and affairs of the other; and

 

(xv)                            The
Borrower will take such other actions as are necessary on its part to ensure
that the facts and assumptions set forth in the opinion letter issued by Mirick
O’Connell, DeMallie & Lougee, LLP, as counsel for Borrower, in connection
with the closing of this Agreement and relating to substantive consolidation
issues, and in the certificates accompanying such opinion, remain true and
correct in all material respects at all times.

 

(j)                                     Maintain
Security Interests.  Take all
reasonably necessary or desirable actions requested by the Agent to maintain
the first priority perfected security interest of the Agent in the Pool Assets.

 

(k)                                  Payment
of Taxes and Other Obligations.  Pay
all taxes, assessments, and governmental charges or levies imposed upon it or
upon its income or profits, or upon any properties belonging to it, and all
other monetary obligations, prior to the date on which penalties attach
thereto, and all lawful claims which, if unpaid, might become a lien or charge
upon any of

 

22

 

its
property; provided that it shall not be required to pay any such tax,
assessment, charge, levy, claim or monetary obligation which is being contested
in good faith and by appropriate proceedings which shall operate to stay the
enforcement thereof.  

 

(l)                                     Performance
and Enforcement of Transaction Documents. 
The Borrower will, and will require the Transferor to, perform each of
their respective obligations and undertakings under and pursuant to the
Purchase and Resale Agreement and each of the other Transaction Documents to
which it is party, will purchase Pool Assets thereunder in strict compliance
with the terms thereof and will use its best efforts to enforce the rights and
remedies accorded to it under the Purchase and Resale Agreement and the other
Transaction Documents.  The Borrower will
take all actions to perfect and enforce its rights and interests (and the
rights and interests of the Agent and the Lenders as pledgees of the Borrower)
under the Purchase and Resale Agreement and the other Transaction Documents as
the Agent may from time to time reasonably request, including, without
limitation, making claims to which it may be entitled under any indemnity,
reimbursement or similar provision contained in the Transaction Documents.

 

SECTION 7.02.                                         Reporting Requirements.  From the date hereof until the Final Payout
Date, each of the Borrower and the Servicer shall, unless the Agent shall
otherwise consent in writing, furnish to the Agent:

 

(a)                                  Adverse
Claims.  As soon as possible and in
any event within three Business Days of the Borrower or the Servicer having
knowledge thereof, notice of the assertion on the part of any Person of the
existence of an Adverse Claim against the Pool Assets, other than any Adverse
Claim permitted under the Transaction Documents.

 

(b)                                 Quarterly
Financial Statements.  As soon as
available and in any event within 45 days after the end of each of the first
three fiscal quarters of each fiscal year of the Servicer, copies of the
unaudited financial statements of the Servicer and its Subsidiaries prepared on
a consolidated basis in conformity with GAAP, duly certified by the chief
financial officer or chief accounting officer of the Servicer;

 

(c)                                  Annual
Financial Statements.  As soon as
available and in any event within 90 days after the end of each fiscal year of
the Servicer, copies of the audited financial
statements of Aspen and its Subsidiaries prepared on a consolidated basis in
conformity with GAAP and duly certified by independent certified public
accountants of recognized standing reasonably satisfactory to the Agent;

 

(d)                                 Reports
to Holders and Exchanges.  Promptly
upon the Agent’s request, copies of any notice, request for consent, financial
statements, certification, or other communication under or in connection with
any Transaction Document and copies of any reports which the Servicer, the
Transferor or the Borrower sends to any of its securityholders (in such
capacity), and any reports or registration statements that Aspen, the
Transferor or the Borrower files with the Securities and Exchange Commission or
any national securities exchange other than registration statements relating to
employee benefit plans and to registrations of securities for selling
securities;

 

23

 

(e)                                  Events
of Default.  As soon as possible and
in any event within one Business Day after the occurrence of each Event of
Default and each Unmatured Event of Default, a written statement setting forth
details of such event and the action that it proposes to take with respect
thereto;

 

(f)                                    Litigation.  As soon as possible and in any event within
three Business Days of the Borrower or the Servicer having knowledge thereof,
notice of (i) any litigation, investigation or proceeding commenced against the
Borrower, (ii) any litigation, investigation or proceeding commenced against
the Servicer which is reasonably likely to have a Material Adverse Effect,
(iii) any material adverse development in previously disclosed litigation and
(iv) any judgment, award, fine or assessment against the Borrower or, if in
excess of $1,000,000, against the Servicer;

 

(g)                                 Material
Events.  Prior to its effective date,
notice of any material change in the character of the Borrower’s or the
Servicer’s business or any event or circumstance which has or is reasonably
likely to have a Material Adverse Effect; and

 

(h)                                 Other.  Promptly, from time to time, such other
information, documents, records or reports respecting the Pool Assets or the
condition or operations, financial or otherwise, of the Borrower or the
Servicer as the Agent may from time to time reasonably request.

 

SECTION 7.03.                                         Negative Covenants of the Borrower and the Servicer.  From the date hereof until the Final Payout
Date, the Borrower and the Servicer each severally agrees, as to itself,
without the prior written consent of the Agent:

 

(a)                                  Sales,
Liens, Etc.  (i) The Borrower will
not, except as otherwise provided herein or in the Security Agreement, sell,
assign (by operation of law or otherwise) or otherwise dispose of, or create or
suffer to exist any Adverse Claim upon or with respect to any of its assets or
properties, including, without limitation, any Pool Asset, any interest therein,
the Collateral Account, or any right to receive income or proceeds from or in
respect of any of the foregoing and (ii) the Servicer will not assert any
interest in the Pool Assets.

 

(b)                                 Extension
or Amendment of Pool Receivables. 
Neither the Borrower nor the Servicer will, except as otherwise
permitted in Section 3.04(b) or Section 8.02(c),
extend, amend or otherwise modify the terms of any Pool Receivable, or amend,
modify or waive any term or condition of any Contract related thereto.

 

(c)                                  Change in Business
or Credit and Collection Policy. 
Neither the Borrower nor the Servicer will make any material change in
the character of its business or in the Credit and Collection Policy, in each
case without the prior written consent of the Agent, which consent shall not be
unreasonably withheld if such change is not reasonably likely to have a
Material Adverse Effect.

 

(d)                                 Change
in Payment Instructions to Obligors and the Collection Account Bank.  Neither the Borrower nor the Servicer will
terminate the Collection Account Bank or the Collateral Account Bank or make
any change in its instructions to Obligors regarding payments to be made on the
Pool Receivables or Related Security to the Collateral Account or payments to

 

24

 

be made to the Collateral Account
Bank.  Neither the Borrower nor the
Servicer will make any change in its instructions to the Collection Account
Bank regarding payments to be made to the Collateral Account required pursuant
to Section 7.01(h) hereof.

 

(e)                                  Deposits
to Collateral Account.  Neither the
Borrower nor the Servicer shall deposit or otherwise credit, or cause or permit
to be so deposited or credited, to the Collateral Account cash or cash proceeds
other than Collections.  To the extent
that any funds not constituting Collections are nonetheless deposited therein,
the Servicer shall promptly identify the same and cause such funds to be
remitted to the appropriate Person.

 

(f)                                    Restricted
Payments by the Borrower.  The
Borrower will not (i) purchase or redeem any of its equity interests or (ii)
declare or pay any dividends thereon, or make any distribution to its members
or set aside any funds for any such purpose, except that the Borrower
may pay dividends to its members or set aside funds for such purpose as
provided by law, so long as (A) such funds are not required to be distributed
to any other Person in accordance with Section 3.02, (B) no Event
of Default or Unmatured Event of Default has occurred and (C) is continuing,
and after giving effect thereto, the Borrower’s net worth is positive at such
time.

 

(g)                                 Borrower
Debt.  The Borrower will not incur or
permit to exist any Debt, except (A) Debt of the Borrower to the Transferor
incurred in accordance with the Purchase and Resale Agreement, (B) as
contemplated by the Transaction Documents and (C) other current accounts
payable arising in the ordinary course of business and not overdue in an
aggregate amount at any time outstanding not to exceed $25,000.

 

(h)                                 Negative
Pledges.  The Borrower will not enter
into or assume any agreement (other than this Agreement and the other
Transaction Documents) prohibiting the creation or assumption of any Adverse
Claim upon any Pool Assets or any of its other assets or property, whether now
owned or hereafter acquired, except as contemplated by the Transaction
Documents, or otherwise prohibiting or restricting any transaction contemplated
hereby or by the other Transaction Documents.

 

(i)                                     Corporate
Changes.  The Borrower will not
change its name, state of incorporation or organization, or its “location” (as
defined in 9-307 of the UCC) in which it keeps its records, unless it has given
the Agent at least 30 days’ prior written notice thereof and has taken all
steps necessary to continue the perfection of the Agent’s security interest,
including the filing of amendments to the UCC financing statements. 

 

(j)                                     Merger,
Acquisitions, Sales, Etc.  The
Borrower will not be a party to any merger or consolidation, or purchase or
otherwise acquire all or substantially all of the assets or any stock of any
class of, or any partnership or joint venture interest in, any other Person,
or, except in the ordinary course of its business, sell, transfer, convey or
lease all or any substantial part of its assets (other than pursuant to this
Agreement and the other Transaction Documents). 

 

(k)                                  Amendments
to the Transaction Documents. 
Without the prior written consent of the Agent, the Borrower will not
consent to or enter into any amendment or modification of, or supplement to any
Transaction Document.  

 

25

 

ARTICLE VIII

 

ADMINISTRATION AND COLLECTION

 

SECTION 8.01.                                         Designation
of Servicer.

 

(a)                                  Aspen
as Initial Servicer.  The servicing,
administering and collection of the Pool Receivables and other Pool Assets
shall be conducted by the Person designated as Servicer hereunder from time to
time in accordance with this Section 8.01.  Until the Agent gives to Aspen a Successor
Servicer Notice, Aspen is hereby designated as, and hereby agrees to perform
the duties and obligations of, Servicer pursuant to the terms hereof.  Aspen agrees that it will not voluntarily
resign as Servicer without the consent of the Agent.

 

(b)                                 Successor
Notice; Servicer Termination Event. 
Upon Aspen’s receipt of a notice from the Agent of the Agent’s
designation of a new Servicer at any time following the occurrence and during
the continuance of a Servicer Termination Event (a “Successor Servicer
Notice”), Aspen agrees that it will terminate its activities as Servicer
hereunder in a manner that the Agent reasonably believes will facilitate the
transition of the performance of such activities to the Backup Servicer or, if
the Backup Servicer is unable to serve as Servicer, to another entity
designated by the Agent and, at the direction of the Agent, such successor
shall assume Aspen’s obligations to service and administer the Pool Assets, on
the terms and subject to the conditions herein set forth, and Aspen shall use
its best efforts to assist the Backup Servicer or such designee of the Agent in
assuming such obligations.  Such
cooperation shall include access to and transfer of related records (including
all Contracts) necessary or desirable to collect the Pool Receivables and the
Related Security.  

 

SECTION 8.02.                                         Duties of
Servicer.

 

(a)                                  Appointment;
Duties in General.  Each of the Borrower,
the Lenders and the Agent hereby appoints the Servicer as its agent, as from
time to time designated pursuant to Section 8.01, to enforce its
rights and interests in and under the Pool Assets, the Pool Receivables, the
Related Security and the rights under the Contracts related to the Pool
Receivables.  The Servicer shall take or
cause to be taken all such actions as may be necessary or advisable to collect
each Pool Asset from time to time, all in accordance with applicable laws,
rules and regulations, with reasonable care and diligence, and in accordance
with the Credit and Collection Policy.

 

(b)                                 Collections.  The Servicer shall instruct all Obligors to
cause all Collections of Pool Receivables to be deposited directly into the
Collateral Account.  In the case of any
Collection remitted to the Collection Account, the Servicer will (i) instruct
the Collection Account Bank, promptly and in any event within three Business
Days (or, in the case of unapplied funds, five Business Days) of receipt of
funds in the Collection Account, to (A) promptly identify the funds
constituting Collections, (B) segregate such Collections from the other funds
on deposit in the Collection Account and (C) transfer all such Collections to
the Collateral Account and (ii) promptly (and in any event within three
Business Days) deposit into the Collateral Account all Collections received
directly by the Servicer.  From and after
the

 

26

 

occurrence
and continuation of a Servicer Termination Event, the Agent may request that
the Servicer, and the Servicer thereupon promptly shall, instruct all Obligors
with respect to the Pool Receivables to remit all payments thereon to a
different depositary account specified by the Agent and, at all times
thereafter, Borrower and the Servicer shall not deposit or otherwise credit,
and shall not permit any other Person to deposit or otherwise credit to the
Collateral Account or such new depositary account any cash or payment item
other than Collections.

 

(c)                                  Modification
of Receivables.  So long as no Event
of Default shall have occurred and be continuing, the Servicer, may, solely in
accordance with the Credit and Collection Policy and, if applicable, Section 3.04,
extend the maturity or adjust the Outstanding Balance of, or defer payment of,
or otherwise modify the terms of any Pool Receivable as the Servicer may
determine to be appropriate to maximize Collections thereof, provided, that (i)
such extension, adjustment or modification would not impair the collectibility
of such Pool Receivable and (ii) that such extension, adjustment or
modification shall not alter the status of such Pool Receivable as a Delinquent
Receivable or Charged-Off Receivable or limit the rights of the Agent or the
Purchasers Lenders under this Agreement. 
Notwithstanding anything to the contrary contained herein, at any time
after the occurrence and during the continuance of an Event of Default, the
Agent shall have the absolute and unlimited right to direct the Servicer to commence
or settle any legal action with respect to any Receivable or to foreclose upon
or repossess any other Pool Assets.  

 

(d)                                 Reports.  In addition to the Servicer Reports and the
Settlement Reports required in accordance with Section 3.02(a), the
Servicer shall prepare and forward to the Agent such reports in respect of the
Pool Receivables and Collections as the Agent may from time to time reasonably
request.

 

(e)                                  Documents
and Records.  The Borrower shall
deliver to Servicer, and the Servicer shall hold in trust for the Borrower and
Agent in accordance with their respective interests, copies of all material
documents, instruments and records (including, without limitation, computer
tapes or disks) that evidence or relate to the Pool Assets to the extent
necessary to perform its servicing responsibilities hereunder.

 

(f)                                    Termination.  The Servicer’s authorization under this
Agreement shall terminate upon the Final Payout Date.

 

(g)                                 Power
of Attorney.  The Borrower hereby
grants to Servicer an irrevocable power of attorney, with full power of
substitution, coupled with an interest, to take in the name of the Borrower all
steps which are necessary or advisable to endorse, negotiate or otherwise
realize on any writing or other right of any kind held or transmitted by the
Borrower in connection with any Receivable. 
Such power of attorney shall continue in full force and effect until the
earlier to occur of the delivery of a Successor Servicing Notice to such
Servicer and the Final Payout Date, at which time such power of attorney shall
be of no further force and effect. 

 

(h)                                 Monitoring
of Receivables.  If requested by the
Agent, the Servicer shall implement operating procedures to enable the daily
identification of each Pool Receivable, the

 

27

 

Outstanding
Balance thereof, and the date when payment is due thereon and all Collections
of and adjustments to each Pool Receivable. 

 

(i)                                     Collections
on Non-USD Receivables.  In the case
of any Collections remitted in a currency other than U.S. Dollars (“Non-USD
Collections”), the Servicer shall, unless the Agent otherwise directs,
advise Aspen of its receipt of such Non-USD Collections and its intention to
exercise the FX Rights with a view toward effecting an exchange of such Non-USD
Collections for the applicable “Exchange Amount” with respect thereto
determined in accordance with Section 1.6 of the Purchase and Sale
Agreement.  On receiving assurances
satisfactory to the Servicer that Aspen will forthwith remit the applicable
Exchange Amount to the Servicer in exchange for such Non-USD Collections, the
Servicer shall deliver such Non-USD Collections to Aspen.  In the event the Servicer is advised or
otherwise determines that Aspen shall not be able or willing to cause the
exchange of any Non-USD Collections for the related Exchange Amount to occur on
a same-day basis, the Servicer shall so advise the Agent and until such time as
it receives instructions from the Agent as to the timing and disposition of
such Non-USD Collections, the Servicer shall cause such Non-USD Collections to
remain in the Collateral Account. 

 

(j)                                     Payment
Instructions to Obligors.  The
Servicer hereby agrees use its best efforts to ensure that each Obligor remits
all Collections on Pool Receivables and other proceeds in respect of the Pool
Assets directly to the Collateral Account (as opposed to the Collection Account
or any other location) as soon as possible.

 

SECTION 8.03.                                         Rights of
the Agent.

 

(a)                                  Notice
to Obligors.  At any time prior to
the Notification Compliance Date (Second) and, from and after the Notification
Compliance Date (Second), upon the occurrence and during the continuation of an
Event of Default, the Agent may at any time notify the Obligors of Pool
Receivables, or any of them, of the security interest of the Agent in the Pool
Receivables and other Pool Assets and direct such Obligors to remit payments on
the Pool Receivables to the Collateral Account or such other location as the
Agent may elect.

 

(b)                                 Notice
to Collateral Account Bank. At any time following the earlier to occur of
(i) an Event of Default (which has not otherwise been waived) and (ii) the
Maturity Date, the Agent is hereby authorized to give notice to the Collateral
Account Bank that the Servicer and the Borrower shall no longer be permitted
access to the lock-boxes and related accounts.

 

(c)                                  Rights
on Servicer Transfer Event.  At any time following the designation of
a Servicer other than Aspen pursuant to Section 8.01:

 

(i)                                     The
Agent may direct the Obligors of Pool Receivables, or any of them, to pay all
amounts payable under any Pool Receivable directly to the new Servicer or such
other address specified by the Agent.

 

(ii)                                  Aspen
and the Borrower shall, at the Agent’s request, (A) assemble all of the
documents, instruments and other records (including, without limitation,
computer tapes and disks) which evidence the Pool Receivables, and copies of
the Contracts and

 

28

 

Related Security,
or which are otherwise reasonably necessary or desirable to service such Pool
Assets, and make the same available to the successor Servicer at a place
selected by the Agent, and (B) segregate all cash, checks and other instruments
received by it from time to time constituting Collections of Pool Assets in a
manner reasonably acceptable to the Agent and, promptly upon receipt, remit all
such cash, checks and instruments, duly endorsed or with duly executed
instruments of transfer, to the successor Servicer.

 

(iii)                               Each
of the Borrower, Aspen and the Secured Parties hereby authorize the Agent, and
grant to the Agent an irrevocable power of attorney to take any and all steps
in the Borrower’s or Aspen’s name and on behalf of the Borrower, Aspen and the
Secured Parties which are reasonably necessary or desirable, in the
determination of the Agent to collect all amounts due under any and all Pool
Assets, including, without limitation, endorsing the Borrower’s or Aspen’s name
on checks and other instruments representing Collections and enforcing such
Pool Assets; provided that the Agent shall not exercise its rights under
such power of attorney unless an Event of Default shall have occurred and not
been otherwise waived.  Such power of
attorney shall continue in full force and effect until the Final Payout Date,
at which time such power of attorney shall be of no further force and effect.

 

SECTION 8.04.                                         Responsibilities
of the Borrower and the Servicer. 
Anything herein to the contrary notwithstanding:

 

(a)                                  Pool
Assets.  Each of the Servicer and the
Borrower shall perform all of its obligations under the Pool Assets and under
the related agreements, to the same extent as if the Pool Assets had not been
pledged to the Agent under the Security Agreement, and the exercise by the
Agent or its designee of its rights under the Transaction Documents shall not
relieve the Servicer, Aspen, the Transferor or the Borrower from such
obligations.

 

(b)                                 Limitation
of Liability.  Neither the Agent nor
any of the Secured Parties shall have any obligation or liability to perform or
otherwise in respect of any of the obligations of the Borrower, the Servicer,
Aspen or the Transferor with respect to any Aspen Software or any Pool Assets.

 

SECTION 8.05.                                         Further
Action Evidencing Loan.

 

(a)                                  Further
Assurances.  Each of the Servicer and
the Borrower agrees to mark its master data processing records evidencing the
Pool Receivables with a legend, acceptable to the Agent, evidencing that the
Pool Assets have been pledged in accordance with the Security Agreement.  Each of the Servicer and the Borrower agrees
that from time to time, at its expense, it will promptly execute and deliver
all further instruments and documents, and take all further action that the
Agent or its designee may reasonably request in order to perfect, protect or
more fully evidence the Loans hereunder, or to enable Secured Parties or the
Agent or its designee to exercise or enforce any of their respective rights
hereunder or under any Transaction Document. 
Without limiting the generality of the foregoing, the Borrower will (i)
upon the request of the Agent or its designee execute and file such financing
or continuation statements, or amendments

 

29

 

thereto
or assignments thereof, and such other instruments or notices, as may be
necessary or appropriate in the reasonable judgment of the Agent; (ii) mark its
data processing records to show that the Pool Receivables have been pledged to
the Agent; and (iii) at any time prior to the Notification Compliance Date (Second)
and, from and after the Notification Compliance Date (Second), upon the
occurrence and during the continuation of an Event of Default, mark invoices
relating to the Pool Receivables to show that the Pool Receivables have been
pledged to the Agent.

 

(b)                                 Additional
Financing Statements; Performance by Agent. 
The Borrower hereby authorizes the Agent or its designee to file one or
more financing or continuation statements, and amendments thereto and
assignments thereof, relative to all or any of the Pool Assets now existing or
hereafter arising in the name of the Borrower. 
If the Borrower fails to perform any of its agreements or obligations
under this Agreement, the Agent or its designee may (but shall not be required
to) itself perform, or cause performance of, such agreement or obligation, and
the reasonable expenses of the Agent or its designee incurred in connection
therewith shall be payable by the Borrower as provided in Section 13.05.

 

SECTION 8.06.                                         Application
of Collections. 

 

(a)                                  Any
payment by an Obligor in respect of any indebtedness owed by it to the Borrower
shall, except as otherwise required by the underlying Contract or law, be
applied, first, as a Collection of any billed payments owed on any Pool
Receivable or Receivables then outstanding of such Obligor in the order of the
age of such payments, starting with the oldest, second, as a Collection
of any other principal outstanding on any Pool Receivable or Receivables then
outstanding of such Obligor in the order of the age of such Pool Receivables,
starting with the oldest of such Pool Receivables and, third, to any
other indebtedness of such Obligor; provided, that any payment by an Obligor in
respect of Pool Receivables which were previously charged-off as uncollectible
shall be applied, first, to principal of such Pool Receivable or
Receivables, in the order of the age of such Pool Receivables, starting with
the oldest of such Pool Receivables and, second, as a Collection of any
Finance Charges of such Obligor, again in the order of the age of such Finance
Charges, starting with the oldest of such Finance Charges. 

 

(b)                                 The
Servicer shall, as soon as practicable following receipt thereof, turn over to
the appropriate Person any cash collections or other cash proceeds (other than
investment income) received in the Collateral Account not constituting
Collections; provided that, if a Settlement Date shall occur between the
date any such collections or proceeds are remitted to the Collateral Account
and the date the Servicer shall first become aware of the receipt of such
collections or proceeds, the Servicer shall only effect a turn over thereof
when as permitted under Section 3.02(c).

 

SECTION 8.07.                                         Maintenance
of the Collateral Account.  

 

(a)                                  With
the consent of the Agent, the Servicer may, so long as no Event of Default or
Unmatured Event of Default shall have occurred and then be continuing, from
time to time invest funds on deposit in the Collateral Account, reinvest
proceeds of any such investments which may mature, and invest interest or other
income received from any such investments, in

 

30

 

each
case in such Permitted Investments as the Servicer may select and notify to the
Agent.  In the event the bank maintaining
the Collateral Account shall require that a separate account (the “Investment
Account”) be maintained for purposes of giving effect to any investments
contemplated herein, it shall be a condition precedent to such investment that
such bank shall have entered into an agreement with the Agent acknowledging the
control by the Agent over, and the security interest of the Agent in, such
Investment Account and the Borrower and the Servicer shall otherwise take such
actions as may be reasonably requested by the Agent to perfect the security
interest of the Agent therein.  None of
the Agent, the Servicer, the Backup Servicer or any Secured Party shall be
liable to the Borrower for, or with respect to, any decline in value of amounts
on deposit in the Collateral Account which shall have been invested, pursuant
to this Section 8.07. 

 

(b)                                 The
Borrower hereby pledges, and grants to the Agent, for the benefit of the
Secured Parties, a security interest in all funds at any time held in the
Collateral Account and any Investment Account existing in connection therewith
(including any Permitted Investments) from time to time and all proceeds
thereof, as security for the payment of the Obligations. 

 

(c)                                  Neither
the Borrower nor any Person or entity claiming on behalf of or through the
Borrower shall have any right to withdraw any of the funds or investments held
in the Collateral Account or the Investment Account.  At the direction of the Agent, the Servicer
shall cause withdrawals to be made from the Collateral Account and the
Investment Account on each Settlement Date to give effect to the disbursements
then required to be made in accordance with Section 3.02(c).  

 

(d)                                 The
Borrower agrees that it will not (i) sell or otherwise dispose of any
interest in the Collateral Account, the Investment Account or any funds or
investments held therein, or (ii) create or permit to exist any Adverse
Claim upon or with respect to the Collateral Account, the Investment Account or
any funds or investments held therein, except as contemplated in the Transaction
Documents.

 

ARTICLE IX

 

EVENTS OF DEFAULT

 

SECTION 9.01.                                         Events of
Default.  The following events shall
be “Events of Default” hereunder:                             

 

(a)                                  (i)
Any of the Borrower or the Servicer (if the Servicer is then Aspen or one of
its Affiliates) shall fail (A) to make any payment or deposit required
hereunder when due or (B) to perform or observe any term, covenant or agreement
hereunder (other than as referred to in clause (i)(A) or (ii) of this paragraph
(a) and Section 9.01(c)) and such
failure continues for three (3) consecutive Business Days or (ii) the funds
available on any Settlement Date for distribution in accordance with Section 3.02(c)
shall be insufficient to pay all interest accrued through such Settlement Date;
or

 

31

 

(b)                                 Any
representation or warranty made or deemed to be made by the Borrower, the
Transferor, Aspen or the Servicer under or in connection with this Agreement,
the Receivables Schedule, any Servicer Report, any Settlement Report or any other
Transaction Documents shall prove to have been false or incorrect in any
material respect when made or deemed made or delivered; or

 

(c)                                  The
Borrower, the Transferor, Aspen or the Servicer shall fail to perform or
observe in any material respect any other term, covenant or agreement contained
in any of the other Transaction Documents required to be performed or observed
by it and such failure continues for five (5) consecutive Business Days; or

 

(d)                                 The
Borrower or the Transferor shall fail to pay any Debt when due or any default
shall occur and be continuing under any instrument or agreement evidencing,
securing or providing for the issuance of Debt of the Borrower or the
Transferor;

 

(e)                                  Aspen
or any of its subsidiaries shall fail to make any payment on any Debt, which
Debt is outstanding in an aggregate principal amount of $5,000,000 (a “Material
Aspen Debt”), when such payment shall have become due and payable by Aspen
or such Subsidiary; or a default shall occur and be continuing under any
instrument or agreement evidencing, securing or providing for the issuance of a
Material Aspen Debt the effect of which is to accelerate or to permit the
acceleration of the maturity of such Material Aspen Debt; or

 

(f)                                    An
Insolvency Event shall have occurred with respect to the Borrower, the
Transferor or Aspen; or

 

(g)                                 (A)
(i) Any litigation (including, without limitation, derivative actions),
arbitration proceedings or governmental proceedings is commenced against the
Transferor or the Borrower, or (ii) any material development has occurred in
any litigation (including, without limitation, derivative actions), arbitration
proceedings or governmental proceedings against Aspen which has a reasonable
likelihood of having a Material Adverse Effect or (B) the rendering against
Aspen, the Transferor, the Borrower or any of their Affiliates of one or more
judgments, decrees or orders for the payment of money in excess of $1,000,000,
in the aggregate, and the continuance of such judgment, decree or order
unsatisfied and in effect for any period of more than thirty (30) days without
a stay of execution; or

 

(h)                                 The
occurrence of any Material Adverse Effect; or

 

(i)                                     (i)
The Borrower, the Transferor or Aspen is subject to a Change in Control; or

 

(j)                                     The
Internal Revenue Service shall file notice of a lien pursuant to Section 6323
of the Internal Revenue Code with regard to any of the Pool Assets and such
lien shall not have been released within 15 Business Days, or the Pension
Benefit Guaranty Corporation shall file notice of a lien pursuant to Section 4068
of ERISA with regard to any of the Pool Assets and such lien shall not have
been released within 15 Business Days; or

 

(k)                                  Any
transfer of Pool Assets from Aspen to the Transferor under the Purchase and
Sale Agreement or from the Transferor to the Borrower under the Purchase and
Resale

 

32

 

Agreement
shall for any reason be challenged in any formal process or fail to be
characterized as being a “true sale;” or any Transaction Document shall
terminate or cease to be the valid, legal and binding obligation of the
Borrower, the Servicer, the Transferor or Aspen for any reason; or

 

(l)                                     Any
Servicer Termination Event and the Agent shall for any reason be unable to
engage on a timely basis a replacement Servicer on terms satisfactory to the
Agent; or

 

(m)                               as
of any date of determination:

 

(i)                                     the
Cumulative Defaulted Amount exceeds $4,171,068; or

 

(ii)                                  the
Delinquency Ratio exceeds 25%; or

 

(n)                                 The
Agent shall for any reason fail or cease to have a valid and perfected first
priority security interest in the Pool Assets;

 

provided
that, in the case of any of clauses (d), (e), (f), (g),
(h) or (i) above, if the event or circumstance described therein
relates solely to a default on Debt, Insolvency Event, litigation, arbitration
proceedings or governmental proceedings, change in financial condition or
operations or Change in Control by or in respect of Aspen or the Transferor,
such event or circumstance shall not constitute an “Event of Default”
hereunder unless and until the Administrative Agent shall determine in the
exercise of its sole and reasonable credit judgment that such event or
circumstance could result in either (A) a Material Adverse Effect (excluding
for this purpose clause (i) of the definition thereof to the extent it relates
to Aspen or the Transferor), (B) a material adverse effect on the rights of the
Administrative Agent or any Secured Party under this Agreement or any other
Transaction Document or (C) a material adverse change in the value of the Pool
Assets or any material part thereof.

 

SECTION 9.02.                                         Remedies.

 

(a)                                  Optional
Liquidation.  Upon the occurrence and
during the continuance of an Event of Default (other than an Event of Default
described in subsection (f) of Section 9.01), the Agent
shall, at the request, or may with the consent, of the Majority Lenders, by
notice to the Borrower declare the Maturity Date to have occurred and declare
all or any portion of the outstanding principal amount of the Loans and other
Obligations to be due and payable, whereupon the full unpaid amount of such
Loans and other Obligations which shall be so declared due and payable shall be
and become immediately due and payable, without further notice, demand or
presentment.

 

(b)                                 Automatic
Liquidation.  Upon the occurrence of
an Event of Default described in subsection (f) of Section 9.01,
the Maturity Date shall be deemed to have occurred automatically and all
outstanding Loans and all other Obligations shall become immediately and
automatically due and payable, all without presentment, demand, protest, or
notice of any kind.

 

(c)                                  Additional
Remedies.  Upon the occurrence of any
Maturity Date, the Lenders and Agent shall have, in addition to all other
rights and remedies under this Agreement or

 

33

 

otherwise,
all other rights and remedies provided under the UCC of each applicable
jurisdiction and other applicable laws, which rights shall be cumulative.

 

ARTICLE X

 

THE AGENT 

 

SECTION 10.01.                                   Appointment and
Authorization.  (a)  Each Lender hereby designates and appoints
Guggenheim Corporate Funding, LLC as the “Agent” hereunder and authorizes the
Agent to take such actions and to exercise such powers as are delegated to the
Agent hereby and to exercise such other powers as are reasonably incidental
thereto.  The Agent shall not have any
duties other than those expressly set forth herein or any fiduciary
relationship with any Lender, and no implied obligations or liabilities shall
be read into this Agreement, or otherwise exist, against the Agent.  The Agent does not assume, nor shall it be
deemed to have assumed, any obligation to, or relationship of trust or agency
with, the Borrower or the Servicer. 
Notwithstanding any provision of this Agreement or any other Transaction
Document to the contrary, in no event shall the Agent ever be required to take
any action which exposes the Agent to personal liability or which is contrary
to the provision of any Transaction Document or applicable law.  The Agent hereby agrees, for the benefit of
the Lenders, not to consent to any material amendment hereunder without the
consent of the Majority Lenders thereto.

 

(a)                                  Except
as otherwise specifically provided in this Agreement, the provisions of this Article X
are solely for the benefit of the Secured Parties, and neither the Borrower nor
the Servicer shall have any rights as a third party beneficiary or otherwise
under any of the provisions of this Article X, except that this Article X
shall not affect any obligations which any Secured Party may have to the
Borrower or the Servicer under the other provisions of this Agreement. 

 

(b)                                 In
performing its functions and duties hereunder, the Agent shall act solely as
the agent of the Lenders and does not assume nor shall be deemed to have
assumed any obligation or relationship of trust or agency with or for the
Borrower or the Servicer or any of their successors and assigns. 

 

SECTION 10.02.                                   Delegation of
Duties.  The Agent may execute any of
its duties through agents or attorneys-in-fact and shall be entitled to advice
of counsel concerning all matters pertaining to such duties.  The Agent shall not be responsible for the
negligence or misconduct of any agents or attorneys-in-fact selected by it with
reasonable care.

 

SECTION 10.03.                                   Exculpatory
Provisions.  None of the Agent or any
of its directors, officers, agents or employees shall be liable for any action
taken or omitted (i) with the consent or at the direction of the Majority
Lenders or (ii) in the absence of such Person’s gross negligence or willful
misconduct.  The Agent shall not be
responsible to any Person for (i) any recitals, representations, warranties or
other statements made by the Borrower, the Servicer, or any of their Affiliates,
(ii) the value, validity, effectiveness, genuineness, enforceability or
sufficiency of any Transaction Document, (iii) any failure of the Borrower, the
Servicer or any

 

34

 

of
their Affiliates to perform any obligation or (iv) the satisfaction of any
condition specified in Article V. 
The Agent shall not have any obligation to any Secured Party to
ascertain or inquire about the observance or performance of any agreement
contained in any Transaction Document or to inspect the properties, books or
records of the Borrower, the Servicer or any of their Affiliates.

 

SECTION 10.04.                                   Reliance by Agent.  (a) 
The Agent shall in all cases be entitled to rely, and shall be fully
protected in relying, upon any document or other writing or conversation
reasonably believed by it to be genuine and correct and to have been signed,
sent or made by the proper Person and upon advice and statements of legal
counsel (including counsel to the Borrower), independent accountants and other
experts selected by it.  The Agent shall
in all cases be fully justified in failing or refusing to take any action under
any Transaction Document unless it shall first receive such advice or
concurrence of the Majority Lenders and assurance of its indemnification, as it
deems appropriate.

 

(b)                                 The
Agent shall in all cases be fully protected in acting, or in refraining from
acting, under this Agreement in accordance with a request of the Majority
Lenders, and such request and any action taken or failure to act pursuant
thereto shall be binding upon all Secured Parties.

 

SECTION 10.05.                                   Notice of
Termination Events.  The Agent shall
not be deemed to have knowledge or notice of the occurrence of any Event of
Default or Unmatured Event of Default unless it has received notice from any
Lender, the Servicer or the Borrower stating that an Event of Default or
Unmatured Event of Default has occurred hereunder and describing such Event of
Default or Unmatured Event of Default. 
In the event that the Agent receives such a notice, it shall promptly
give notice thereof to each Lender.  In
the event that a Lender receives such a notice (other than from the Agent), it
shall promptly give notice thereof to the Agent.  

 

SECTION 10.06.                                   Non-Reliance on
Agent.  Each Lender expressly
acknowledges that none of the Agent, the Lenders or any of their respective
officers, directors, employees, agents, attorneys-in-fact or Affiliates has
made any representations or warranties to it and that no act by any other
Lender or the Agent hereafter taken, including any review of the affairs of the
Borrower or the Servicer, shall be deemed to constitute any representation or
warranty by such other Lender or the Agent, as applicable.  Each Lender represents and warrants to the other
Lenders and the Agent that, independently and without reliance upon the Agent
or any Lender and based on such documents and information as it has deemed
appropriate, it has made and will continue to make its own appraisal of and
investigation into the business, operations, property, prospects, financial and
other conditions and creditworthiness of the Borrower, the Servicer and the
Receivables and its own decision to enter into this Agreement and to take, or
omit, action under any Transaction Document. 
Except for items specifically required to be delivered hereunder, the
Agent shall not have any duty or responsibility to provide any Lender with any
information concerning the Borrower or the Servicer or any of their Affiliates
that comes into the possession of the Agent or any of its officers, directors,
employees, agents, attorneys-in-fact or Affiliates.

 

35

 

SECTION 10.07.                                   Agent and
Affiliates.  Each of the Lenders, the
Agent and their Affiliates may extend credit to, accept deposits from and generally
engage in any kind of banking, trust, debt, entity or other business with the
Borrower, or the Servicer or any of their Affiliates.

 

SECTION 10.08.                                   Indemnification.  Each Lender shall indemnify and hold harmless
the Agent and its officers, directors, employees, representatives and agents
(to the extent not reimbursed by the Borrower or the Servicer and without
limiting the obligation of the Borrower or the Servicer to do so), ratably in
accordance with its Commitment from and against any and all liabilities,
obligations, losses, damages, penalties, judgments, settlements, costs,
expenses and disbursements of any kind whatsoever (including in connection with
any investigative or threatened proceeding, whether or not the Agent or such
Person shall be designated a party thereto) that may at any time be imposed on,
incurred by or asserted against the Agent or such Person as a result of, or
related to, any of the transactions contemplated by the Transaction Documents
or the execution, delivery or performance of the Transaction Documents or any
other document furnished in connection therewith (but excluding any such
liabilities, obligations, losses, damages, penalties, judgments, settlements,
costs, expenses or disbursements resulting solely from the gross negligence or
willful misconduct of the Agent or such Person as finally determined by a court
of competent jurisdiction).

 

SECTION 10.09.                                   Successor Agent.  The Agent may, upon at least thirty
(30) days notice to the Borrower and each Lender, resign as Agent.  Such resignation shall not become effective
until a successor agent reasonably acceptable to Borrower is appointed by the
Majority Lenders and has accepted such appointment.  Upon such acceptance of its appointment as
Agent hereunder by a successor Agent, such successor Agent shall succeed to and
become vested with all the rights and duties of the retiring Agent, and the
retiring Agent shall be discharged from its duties and obligations under the
Transaction Documents.  After any
retiring Agent’s resignation hereunder, the provisions of Article XII
and this Article X shall inure to its benefit as to any actions
taken or omitted to be taken by it while it was the Agent.

 

ARTICLE XI

 

ASSIGNMENT OF LOANS

 

SECTION 11.01.                                   Restrictions on
Assignments.

 

(a)                                  Neither
the Borrower nor the Servicer may assign its rights, or delegate its duties,
hereunder or any interest herein without the prior written consent of the
Agent.  The Agent, subject to Section 10.09,
or any Lenders may assign their respective rights hereunder to any Person
without the prior written consent of the Borrower, the Servicer, the Agent or
any other Lender.  Each such assignor
may, in connection with such assignment, disclose to the applicable assignee
any information relating to the Borrower, the Servicer or the Pool Receivables
furnished to such assignor by or on behalf of the Borrower, the Servicer or the
Agent. 

 

36

 

(b)                                 Any
Lender may at any time grant to one or more banks or other institutions participating
interests or a security interest in its interest under the Transaction
Documents.  The Borrower agrees that each
such Person shall be entitled to the benefits of Section 4.02
with respect to its participating interest. Each Lender granting any such
interest may, in connection with such grant, disclose to the applicable
assignee any information relating to the Borrower, the Servicer or the Pool
Receivables furnished to such Lender by or on behalf of the Borrower, the
Servicer or the Agent, subject to a conventional confidentiality arrangement of
the type then prevailing in the market for grants of such type and enforceable
by the Borrower.

 

(c)                                  Without
limiting any other rights that may be available under applicable law, the
rights of each Lender may be enforced through it or by its agents.

 

SECTION 11.02.                                   Rights and
Obligations of Assignee.  Upon the
assignment by a Lender in accordance with this Article XI, the
assignee receiving such assignment shall have all of the rights and obligations
of a Lender with respect to the Transaction Documents; including,
without limitation, the confidentiality obligations set forth in Section 13.07
hereof and the requirement to provide the tax forms contemplated in Section 12.01(d).  

 

SECTION 11.03.                                   Evidence of Assignment.  Any assignment by a Lender hereunder to any
Person may be evidenced by such instruments or documents as may be reasonably
satisfactory to such Lender, the Agent and the assignee.  

 

37

 

ARTICLE XII

 

INDEMNIFICATION

 

SECTION 12.01.                                   Indemnities by
the Borrower.

 

(a)                                  General
Indemnity.  Without limiting any
other rights which any such Person may have hereunder or under applicable law,
the Borrower hereby agrees to indemnify each of the Agent, the Lenders, each of
their respective Affiliates, and all successors, transferees, participants and
assigns thereof and all officers, directors, shareholders, controlling persons,
employees and agents of any of the foregoing (each an “Indemnified Party”),
forthwith on demand, from and against any and all damages, losses, claims,
liabilities and related costs and expenses, including reasonable attorneys’
fees and disbursements (all of the foregoing being collectively referred to as “Indemnified
Amounts”) awarded against or incurred by any of them arising out of or
relating to the Transaction Documents or the transactions contemplated thereby,
excluding, however, Indemnified Amounts (i) to the extent
determined by a court of competent jurisdiction to have resulted from gross
negligence or willful misconduct on the part of any such Indemnified Party and
(ii) to the extent constituting recourse for Receivables which are
uncollectible due to the bankruptcy, insolvency or financial inability to pay
of the relevant Obligor.  Without
limiting the foregoing, the Borrower shall indemnify each Indemnified Party for
Indemnified Amounts arising out of or relating to:

 

(i)                                     the
transfer by the Borrower of any interest in any Pool Asset other than the grant
of a security interest to the Agent pursuant to the Security Agreement;

 

(ii)                                  any
representation or warranty made by the Borrower or the Servicer under or in
connection with any Transaction Document, any Servicer Report, any Settlement
Report or any other information or report delivered by or on behalf of the
Borrower or the Servicer pursuant hereto, which shall have been false,
incorrect or misleading in any material respect when made or deemed made;

 

(iii)                               the
failure by the Borrower or the Servicer or any of their affiliates to comply
with any applicable law, rule or regulation with respect to any Pool Asset or
the nonconformity of any Pool Asset with any such applicable law, rule or
regulation;

 

(iv)                              the
failure of the Borrower to own or hold sufficient rights in the software the
license of which is the subject of any Pool Receivable to the extent necessary
to cause such Pool Receivable to (A) constitute a valid and binding obligation,
enforceable by Borrower against the applicable Obligor, (B) be owned by
Borrower free and clear of any Adverse Claim and (C) to be pledged by the
Borrower as contemplated in this Agreement and the Security Agreement;

 

(v)                                 the
failure to grant and maintain granted in the Agent a first priority perfected
security interest in the Pool Assets free and clear of any Adverse Claim;

 

(vi)                              the
failure to file, or any delay in filing, financing statements or other similar
instruments or documents under the UCC of any applicable jurisdiction or other

 

38

 

applicable laws
with respect to any Pool Asset, whether at the time of any Loans or at any time
thereafter;

 

(vii)                           any
dispute, claim, offset or defense (other than discharge in bankruptcy of an
Obligor) of an Obligor to the payment of any Receivable in, or purporting to be
in, the Receivables Pool (including, without limitation, a defense based on
such Receivable or the related Contract not being a legal, valid and binding
obligation of such Obligor enforceable against it in accordance with its
terms), or any other claim resulting from the licensing of software, the sale
of the merchandise or services (maintenance or otherwise) related to such
Receivable or the furnishing or failure to furnish such merchandise or
services;

 

(viii)                        any
failure of Aspen, as Servicer or otherwise, to perform its duties or
obligations in accordance with the provisions of the Transaction Documents,
including, without limitation, any failure by Aspen to deliver any “Exchange
Amount” to the Agent or delivery by the Servicer of the Agent of any “Collected
FX Amount” (as each such term is defined in the Purchase and Sale Agreement);

 

(ix)                                any
failure by Aspen to originate any Receivable in accordance with the Credit and
Collection Policy or any applicable law, rule or regulation;

 

(x)                                   any
claim, investigation, litigation or proceeding arising out of or in connection
with merchandise or services that are the subject of any Pool Receivable; 

 

(xi)                                the
failure of any Receivable included in the calculation of the Net Pool Balance
as an Eligible Receivable to be an Eligible Receivable;

 

(xii)                             any
tax or governmental fee or charge (but not including taxes upon or measured by
net income), all interest and penalties thereon or with respect thereto, and
all documented out-of-pocket costs and expenses, including the reasonable fees
and expenses of counsel in defending against the same, which may arise by
reason of the making of any Loans or any other interest in the Pool
Receivables;

 

(xiii)                          the
commingling by the Borrower or Aspen of Collections of Pool Receivables at any
time with other funds; or

 

(xiv)                         any
litigation or proceeding related to this Agreement or any other Transaction
Document or the use of proceeds of any Loan.

 

(b)                                 Contest
of Tax Claim; After-Tax Basis.  If
any Indemnified Party shall have notice of any attempt to impose or collect any
tax or governmental fee or charge for which indemnification will be sought from
the Borrower under Section 12.01(a)(xii), such Indemnified Party
shall give prompt and timely notice of such attempt to the Borrower and the
Borrower shall have the right, at its expense, to participate in any
proceedings resisting or objecting to the imposition or collection of any such
tax, governmental fee or charge. 
Indemnification hereunder shall be in an amount necessary to make the
Indemnified Party whole after taking into account any tax consequences to the
Indemnified Party of the payment of any of the aforesaid taxes and

 

39

 

the
receipt of the indemnity provided hereunder or of any refund of any such tax
previously indemnified hereunder, including the effect of such tax or refund on
the amount of tax measured by net income or profits which is or was payable by
the Indemnified Party.

 

(c)                                  Contribution.  If for any reason the indemnification
provided above in this Section 12.01 is unavailable to an
Indemnified Party or is insufficient to hold an Indemnified Party harmless,
then the Borrower shall contribute to the amount paid or payable by such
Indemnified Party as a result of such loss, claim, damage or liability in such
proportion as is appropriate to reflect not only the relative benefits received
by such Indemnified Party on the one hand and the Borrower on the other hand
but also the relative fault of such Indemnified Party as well as any other
relevant equitable considerations.

 

(d)                                 Tax
Forms.  If a Lender is not created or
organized under the laws of the United States or a political subdivision
thereof, such Lender shall deliver to the Borrower, with a copy to the Agent, (i)
within fifteen (15) days after the Closing Date, two (or such other number as
may from time to time be prescribed by applicable laws) duly completed copies
of IRS Form W-8BEN or Form W-8ECI (or any successor forms or other certificates
or statements that may be required from time to time by the relevant United
States taxing authorities or applicable laws), as appropriate, to permit the
Borrower to make payments hereunder for the account of such Lender without
deduction or withholding of United States federal income or similar Taxes and
(ii) upon the obsolescence of or after the occurrence of any event requiring a
change in, any form or certificate previously delivered pursuant to this Section 12.01(d),
copies (in such numbers as may from time to time be prescribed by applicable
laws or regulations) of such additional, amended or successor forms,
certificates or statements as may be required under applicable laws or
regulations to permit the Borrower and the Servicer to make payments hereunder
for the account of such Lender without deduction or withholding of United
States federal income or similar Taxes.

 

SECTION 12.02.                                   Indemnities by
the Servicer.  Without limiting any
other rights that any Indemnified Party may have hereunder or under applicable
law, the Servicer hereby agrees to indemnify each Indemnified Party from and
against any and all Indemnified Amounts arising out of or resulting from
(whether directly or indirectly): (a) the failure of any information contained
in any Servicer Report to be true and correct, or the failure of any other
information provided to any such Indemnified Party by the Servicer to be true
and correct, (b) the failure of any representation, warranty or statement made
or deemed made by the Servicer under or in connection with this Agreement or
any other Transaction Document to which it is a party to have been true and
correct as of the date made or deemed made, (c) the failure by the Servicer to
comply with any applicable law, rule or regulation, including with respect to
any Pool Receivable or the related Contracts, or (d) any failure of the
Servicer to perform its duties or obligations in accordance with the provisions
hereof or any other Transaction Document to which it is a party; excluding,
however, Indemnified Amounts (i) to the extent determined by a court of
competent jurisdiction to have resulted from gross negligence or willfull
misconduct on the part of such Indemnified Party and (ii) to the extent
constituting recourse for Receivables which are uncollectible due to the
bankruptcy, insolvency or financial inability to pay of the relevant Obligor.

 

40

 

ARTICLE XIII

 

MISCELLANEOUS

 

SECTION 13.01.                                   Amendments, Etc.  No amendment or waiver of any provision of
this Agreement nor consent to any departure by the Borrower or the Servicer
therefrom shall in any event be effective unless the same shall be in writing
and signed by the Borrower, the Agent, the Servicer and the Majority Lenders,
and then such waiver or consent shall be effective only in the specific
instance and for the specific purpose for which given; provided,
however, that no such amendment, waiver or
consent shall:

 

(a)                                  waive
any condition set forth in Article V
without the written consent of each Lender;

 

(b)                                 extend
the Maturity Date without the written consent of each Lender;

 

(c)                                  postpone
any date fixed by this Agreement or any other Transaction Document for any
payment of principal, interest, fees or other amounts due to the Lenders (or
any of them) hereunder or under any other Transaction Document without the
written consent of each Lender directly affected thereby;

 

(d)                                 reduce
the principal of, or the rate of interest specified herein on the Loans;

 

(e)                                  change
any provision of this Section or the definitions of “Majority Lenders” or
any other provision hereof specifying the number or percentage of Lenders
required to amend, waive or otherwise modify any rights hereunder or make any
determination or grant any consent hereunder, without the written consent of
each Lender; or

 

(f)                                    provide
for the release the Agent’s security interest on all or any material portion of
the Pool Assets without the consent of all Lenders.

 

SECTION 13.02.                                   Notices, Etc.  All notices and other communications provided
for hereunder shall, unless otherwise stated herein, be in writing (including
facsimile communication) and shall be personally delivered or sent by express
mail or courier or by certified mail, postage prepaid, or by facsimile, to the
intended party at the address or facsimile number of such party set forth below
or at such other address or facsimile number as shall be designated by such
party in a written notice to the other parties hereto.  All such notices and communications shall be
effective, (a) if personally delivered or sent by express mail or courier or if
sent by certified mail, when received, and (b) if transmitted by
facsimile, when sent, receipt confirmed by telephone or electronic means.

 

If to the Servicer:

 

Aspen Technology, Inc.

Ten Canal Park

Cambridge, Massachusetts 02141-2201

Attention:   Charles F. Kane,
Chief Financial Officer

 

41

 

Telephone No.:  (617) 949-1522

Facsimile No.:   (617)
949-1711

 

If to the Borrower:

 

Aspen Technology Receivables II, LLC

c/o Aspen Technology, Inc.

Ten Canal Park

Cambridge, Massachusetts 02141-2201

Attention:   Charles F. Kane,
Vice-President

Telephone No.:  (617) 949-1522

Facsimile No.:   (617)
949-1711

 

If to the Agent:

 

Guggenheim Corporate Funding, LLC

135 East 57th Street

New York, New York 10022

Attention: 
Aspen Relationship Manager

Telephone No.:  (212) 651-9450

Facsimile No.:   (212)
644-8396

 

If to any Lender:

 

To the address specified below such Lender’s
name on the signature pages hereto.

 

SECTION 13.03.                                   No Waiver;
Remedies.  No failure on the part of
the Agent, any Affected Party, any Indemnified Party, or any Lender to
exercise, and no delay in exercising, any right hereunder shall operate as a
waiver thereof; nor shall any single or partial exercise of any right hereunder
preclude any other or further exercise thereof or the exercise of any other
right.  The remedies herein provided are
cumulative and not exclusive of any remedies provided by law.

 

SECTION 13.04.                                   Binding Effect;
Survival.  This Agreement shall be
binding upon and inure to the benefit of the parties hereto and their
respective successors and assigns, and the provisions of Section 4.02
and Article XII shall inure to the benefit of the Affected Parties
and the Indemnified Parties, respectively, and their respective successors and
assigns; provided, however, nothing in the foregoing shall be
deemed to authorize any assignment not permitted by Section 11.01.  This Agreement shall create and constitute
the continuing obligations of the parties hereto in accordance with its terms,
and shall remain in full force and effect until the Final Payout Date.  The rights and remedies with respect to any
breach of any representation and warranty made by the Borrower or the Servicer
pursuant to Article VI and the indemnification and payment
provisions of Article XII and Sections 4.02, and each of Sections
13.05, 13.06, 13.07, 13.08 and 13.15 shall
be continuing and shall survive any termination of this Agreement.

 

42

 

SECTION 13.05.                                   Costs, Expenses
and Taxes.  In addition to their
respective obligations under Article XII, each of the Servicer and
the Borrower, jointly and severally, agrees to pay on demand:

 

(a)                                  all
reasonable documented out-of-pocket costs and expenses incurred by the Agent
and the Lenders and their respective Affiliates in connection with the
negotiation, preparation, execution and delivery, the administration (including
periodic auditing) or the enforcement of, or any actual or claimed breach of,
or any amendment, waiver or modification of, this Agreement and the other
Transaction Documents, including, without limitation (i) the reasonable fees
and expenses of counsel to any of such Persons incurred in connection with any
of the foregoing or in advising such Persons as to their respective rights and
remedies under any of the Transaction Documents, and (ii) subject to Section 7.03(g),
all reasonable out-of-pocket expenses (including reasonable fees and expenses
of independent accountants), incurred in connection with any review of the
Borrower’s or the Servicer’s books and records either prior to the execution
and delivery hereof or pursuant to the provisions hereof.

 

(b)                                 all
stamp and other taxes and fees payable or determined to be payable in
connection with the execution, delivery, filing and recording of this Agreement
or the other Transaction Documents, and agrees to indemnify each Indemnified
Party against any liabilities with respect to or resulting from any delay in
paying or omission to pay such taxes and fees.

 

SECTION 13.06.                                   No Proceedings;
Limitation on Payments.

 

(a)                                  Each
of the parties hereto hereby agrees that it will not institute against the
Borrower, or join any other Person in instituting against the Borrower, any
insolvency proceeding (namely, any proceeding of the type referred to in the
definition of Insolvency Event) so long as there shall not have elapsed one
year plus one day since the last day on which the Obligations shall have been
outstanding.

 

(b)                                 Notwithstanding
any provisions contained in this Agreement to the contrary, the parties hereto
acknowledge and agree that all amounts payable by the Borrower hereunder and
under the other Transaction Documents from the proceeds of the Pool Assets
shall be paid in accordance with the priorities set forth in Section 3.02(c).

 

(c)                                  This
Section 13.06 shall survive termination of this Agreement.

 

SECTION 13.07.                                   Confidentiality
of Program Information.

 

(a)                                  Confidential
Information.  Each of the Borrower
and the Servicer acknowledges that the Agent regards the structure of the
transactions contemplated by this Agreement to be proprietary, and each such
party severally agrees that:

 

(i)                                     it
will not disclose without the prior written consent of the Agent (other than to
the directors, employees, auditors, counsel or affiliates (collectively, “representatives”
of such party), each of whom shall be informed by such party of the
confidential nature of the Program Information (as defined below) and of the
terms of this Section 13.07, (A) any information regarding the
pricing in, or copies of, this Agreement

 

43

 

or any transaction
contemplated hereby, or (C) any information which is furnished by the Agent to
such party and which is not otherwise available to the general public (the
information referred to in clauses (A) and (B) is collectively
referred to as the “Program Information”); provided, however,
that such party may disclose any such Program Information (I) to any other
party to the Transaction Documents for the purposes contemplated hereby, (II)
as may be required by any municipal, state, federal or other regulatory body
having or claiming to have jurisdiction over such party, (III) in order to
comply with any law, order, regulation, regulatory request or ruling applicable
to such party, (IV) subject to subsection (c), in the event such
party is legally compelled (by interrogatories, requests for information or
copies, subpoena, civil investigative demand or similar process) to disclose
any such Program Information or (V) to file copies of the Transaction Documents
with the Securities Exchange Commission to the extent required by law, rule or
regulation; provided, that the Borrower and
the Servicer agree to use their commercially reasonable efforts to maintain the
confidentiality of the terms of the Fee Letter, the interest rates hereunder or
any other terms or provisions identified by the Administrative Agent as
containing confidential commercial or financial information.

 

(ii)                                  it
will use the Program Information solely for the purposes of evaluating,
administering and enforcing the transactions contemplated by this Agreement and
making any necessary business judgments with respect thereto; and

 

(iii)                               it
will, upon demand, return (and cause each of its representatives to return) to
the Agent, all documents or other written material received from the Agent, as
the case may be, in connection with (a)(i)(B) or (C) above and
all copies thereof made by such party which contain the Program Information.

 

(b)                                 Availability
of Confidential Information.  This Section 13.07
shall be inoperative as to such portions of the Program Information which are
or become generally available to the public or such party on a nonconfidential
basis from a source other than the Agent or were known to such party on a
nonconfidential basis prior to its disclosure by the Agent.

 

(c)                                  Legal
Compulsion to Disclose.  In the event
that any party or anyone to whom such party or its representatives transmits
the Program Information is requested or becomes legally compelled (by
interrogatories, requests for information or documents, subpoena, civil
investigative demand or similar process) to disclose any of the Program
Information, such party will:

 

(i)                                     provide
the Agent with prompt written notice so that the Agent may seek a protective
order or other appropriate remedy and/or waive compliance with the provisions
of this Section 13.07; and

 

(ii)                                  unless
the Agent waives compliance by such party with the provisions of this Section 13.07,
make a timely objection to the request or confirmation to provide such Program
Information on the basis that such Program Information is confidential and
subject to the agreements contained in this Section 13.07.

 

44

 

In the event that such protective order or other remedy is not
obtained, or the Agent waives compliance with the provisions of this Section 13.07,
such party will furnish only that portion of the Program Information which (in
such party’s good faith judgment) is legally required to be furnished and will
exercise reasonable efforts to obtain reliable assurance that confidential
treatment will be accorded the Program Information.

 

(d)                                 Survival.  This Section 13.07 shall survive
termination of this Agreement.

 

SECTION 13.08.                                   Confidentiality
of Borrower Information.

 

(a)                                  Confidential
Information.  Each party hereto
acknowledges that the Borrower and the Servicer regard certain information
provided to the Administrative Agent and the Lenders to be confidential, and
each such party severally agrees that:

 

(i)                                     it
will not disclose without the prior written consent of Borrower or the Servicer
(other than to the directors, employees, auditors, counsel or affiliates
(collectively, “representatives” of such party), each of whom shall be informed
by such party of the confidential nature of the Borrower Information (as
defined below) and of the terms of this Section 13.08, (A) any
non-public information regarding the Borrower, Aspen or the Servicer, or (B)
any information which is furnished by the Borrower or Servicer to such party
and which is not otherwise available to the general public (the information
referred to in clauses (A) and (B) is collectively referred to as
the “Borrower Information”); provided, however, that such
party may disclose any such Borrower Information (I) to any other party to the
Transaction Documents for the purposes contemplated hereby, (II) as may be
required by any municipal, state, federal or other regulatory body having or
claiming to have jurisdiction over such party, (III) in order to comply with
any law, order, regulation, regulatory request or ruling applicable to such
party and (IV) to any prospective or actual successor, assignee or participant
(subject to a conventional confidentiality arrangement of a type then
prevailing in the market for assignments of such type and enforceable by the
Borrower);

 

(ii)                                  it
will use the Borrower Information solely for the purposes of evaluating,
administering and enforcing the transactions contemplated by this Agreement and
making any necessary business judgments with respect thereto; and

 

(iii)                               it
will, upon demand, return (and cause each of its representatives to return) to
the Borrower or the Servicer, all documents or other written material received
from the Borrower or the Servicer, as the case may be, and all copies thereof
made by such party which contain the Borrower Information.

 

(b)                                 Availability
of Confidential Information.  This Section 13.08
shall be inoperative as to such portions of the Borrower Information which are
or become generally available to the public or such party on a nonconfidential
basis from a source other than the Borrower or the Servicer or were known to
such party on a nonconfidential basis prior to its disclosure by the Borrower
or the Servicer.

 

45

 

(c)                                  Legal
Compulsion to Disclose.  In the event
that any party or anyone to whom such party or its representatives transmits
the Borrower Information is requested or becomes legally compelled (by interrogatories,
requests for information or documents, subpoena, civil investigative demand or
similar process) to disclose any of the Borrower Information, such party will

 

(i)                                     provide
the Borrower and the Servicer with prompt written notice so that the Borrower
or the Servicer may seek a protective order or other appropriate remedy and/or
waive compliance with the provisions of this Section 13.08; and

 

(ii)                                  unless
the Borrower or the Servicer waives compliance by such party with the
provisions of this Section 13.08, make a timely objection to the
request or confirmation to provide such Borrower Information on the basis that
such Borrower Information is confidential and subject to the agreements
contained in this Section 13.08.

 

In the event that such protective order or other remedy is not
obtained, or the Borrower or the Servicer waives compliance with the provisions
of this Section 13.08, such party will furnish only that portion of
the Borrower Information which (in such party’s good faith judgment) is legally
required to be furnished and will exercise reasonable efforts to obtain
reliable assurance that confidential treatment will be accorded the Borrower
Information.

 

(d)                                 Survival.  This Section 13.08 shall survive
termination of this Agreement.

 

SECTION 13.09.                                   Captions and
Cross References.  The various
captions (including, without limitation, the table of contents) in this
Agreement are provided solely for convenience of reference and shall not affect
the meaning or interpretation of any provision of this Agreement.  Unless otherwise indicated, references in
this Agreement to any Section, Schedule or Exhibit are to such Section of
or Schedule or Exhibit to this Agreement, as the case may be, and
references in any Section, subsection, or clause to any subsection, clause or
subclause are to such subsection, clause or subclause of such Section, subsection or
clause.

 

SECTION 13.10.                                   Integration.  This Agreement, together with the other
Transaction Documents, contains a final and complete integration of all prior
expressions by the parties hereto with respect to the subject matter hereof and
shall constitute the entire understanding among the parties hereto with respect
to the subject matter hereof, superseding all prior oral or written
understandings.

 

SECTION 13.11.                                   Governing
Law.  THIS AGREEMENT, INCLUDING THE RIGHTS AND
DUTIES OF THE PARTIES HERETO, SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE
WITH, THE LAWS OF THE STATE OF NEW YORK, EXCEPT TO THE EXTENT THAT THE
PERFECTION OF THE SECURITY INTERESTS OF THE AGENT IN THE POOL ASSETS IS
GOVERNED BY THE LAWS OF THE JURISDICTION OTHER THAN THE STATE OF NEW YORK.

 

SECTION 13.12.                                   Waiver Of
Jury Trial.  EACH PARTY HERETO HEREBY EXPRESSLY WAIVES ANY
RIGHT TO A TRIAL BY JURY IN ANY ACTION OR PROCEEDING TO ENFORCE OR DEFEND ANY
RIGHTS UNDER THIS

 

46

 

AGREEMENT,
ANY OTHER TRANSACTION DOCUMENT OR ANY AMENDMENT, INSTRUMENT OR DOCUMENT
DELIVERED OR WHICH MAY IN THE FUTURE BE DELIVERED IN CONNECTION HEREWITH OR
ARISING FROM ANY BANKING OR OTHER RELATIONSHIP EXISTING IN CONNECTION WITH THIS
AGREEMENT OR ANY OTHER TRANSACTION DOCUMENT AND AGREES THAT ANY SUCH ACTION OR
PROCEEDING SHALL BE TRIED BEFORE A COURT AND NOT A JURY TRIAL.

 

SECTION 13.13.                                   Consent
To Jurisdiction.  EACH PARTY
HERETO HEREBY ACKNOWLEDGES AND AGREES THAT IT IRREVOCABLY (i) SUBMITS TO THE
JURISDICTION, FIRST, OF ANY UNITED STATES FEDERAL COURT, AND SECOND, IF FEDERAL
JURISDICTION IS NOT AVAILABLE, OF ANY NEW YORK STATE COURT, IN EITHER CASE
SITTING IN NEW YORK, NEW YORK IN ANY ACTION OR PROCEEDING ARISING OUT OF OR
RELATING TO THIS AGREEMENT, (ii) AGREES THAT ALL CLAIMS IN RESPECT OF SUCH
ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED ONLY IN SUCH NEW YORK STATE OR
FEDERAL COURT AND NOT IN ANY OTHER COURT, AND (iii) WAIVES, TO THE FULLEST
EXTENT IT MAY EFFECTIVELY DO SO, THE DEFENSE OF AN INCONVENIENT FORUM TO THE
MAINTENANCE OF SUCH ACTION OR PROCEEDING IN SUCH JURISDICTIONS.

 

SECTION 13.14.                                   Execution in
Counterparts.  This Agreement may be
executed in any number of counterparts and by the different parties hereto in
separate counterparts, each of which when so executed shall be deemed to be an
original and all of which when taken together shall constitute one and the same
Agreement.

 

SECTION 13.15.                                   No Recourse.  The obligations of each Secured Party under
the Transaction Documents are solely the corporate obligations of such Secured
Party.  No claim may be made by the
Borrower or the Servicer or any other Person against any Secured Party or their
respective Affiliates, directors, officers, employees, attorneys or agents for
any special, indirect, consequential or punitive damages in respect of any
claim for breach of contract or any other theory of liability arising out of or
related to the transactions contemplated by the Agreement or any other
Transaction Document, or any act, omission or event occurring in connection
therewith; and each of the Borrower and the Servicer hereby waives, releases,
and agrees not to sue upon any claim for any such damages, whether or not
accrued and whether or not known or suspected to exist in its favor.  This Section 13.15 shall survive
the termination of this Agreement.

 

SECTION 13.16.                                   Right of Setoff.  Following the occurrence and during the
continuance of any Event of Default at any time that any amount due and payable
by the Borrower hereunder is past due, each Secured Party is hereby authorized
(in addition to any other rights it may have) to setoff, appropriate and apply
(without presentment, demand, protest or other notice which are hereby
expressly waived) any deposits and any other indebtedness held or owing by such
Secured Party (including by any branches or agencies of such Secured Party) to,
or for the account of, the Borrower against amounts owing by the Borrower hereunder
(even if contingent or unmatured).

 

47

 

SECTION 13.17.                                   Sharing of
Recoveries.  Each Lender agrees that
if it receives any recovery, through set off, judicial action or otherwise, on
any amount payable or recoverable hereunder in a greater proportion than should
have been received hereunder or otherwise inconsistent with the provisions
hereof, then the recipient of such recovery shall purchase for cash an interest
in amounts owing to the other Lenders, without representation or warranty
except for the representation and warranty that such interest is being sold by
each such other Lender free and clear of any Adverse Claim created or granted
by such other Lender, in the amount necessary to create proportional
participation by the Lender in such recovery. 
If all or any portion of such amount is thereafter recovered from the
recipient, such purchase shall be rescinded and the purchase price restored to
the extent of such recovery, but without interest.

 

[signature pages follow]

 

48

 

IN WITNESS WHEREOF, the parties have caused this Agreement to be
executed by their respective officers thereunto duly authorized, as of the date
first above written.

 

	
   

  	
  ASPEN TECHNOLOGY
  RECEIVABLES II LLC,

  as Borrower

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Charles F. Kane

  	
   

  
	
   

  	
  Name:
  Charles F. Kane

  
	
   

  	
  Title: Vice
  President

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  ASPEN
  TECHNOLOGY, INC.,

  as Servicer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Charles F. Kane

  	
   

  
	
   

  	
  Name:
  Charles F. Kane

  
	
   

  	
  Title: Chief
  Financial Officer

  

 

S-1

 

	
   

  	
  GUGGENHEIM
  CORPORATE FUNDING, LLC,

  as Agent

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Todd Boehly

  	
   

  
	
   

  	
  Name: Todd
  Boehly

  
	
   

  	
  Title:
  Attorney-in-Fact

  

 

S-2

 

	
   

  	
  MIDLAND
  NATIONAL LIFE INSURANCE

  COMPANY, as a Lender

  
	
   

  	
   

  
	
   

  	
  By: Midland
  Advisors Company, as its Agent

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Stephen D. Sautel

  	
   

  
	
   

  	
  Name:
  Stephen D. Sautel

  
	
   

  	
  Title:
  Managing Director

  
	
   

  	
   

  
	
   

  	
  Commitment:
  $33,750,000

  
	
   

  	
   

  
	
   

  	
  Address:

  
	
   

  	
   

  
	
   

  	
  c/o
  Guggenheim Partners

  
	
   

  	
  23rd Floor

  
	
   

  	
  135 E 57th
  Street

  
	
   

  	
  New York, NY
  10022

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  NORTH
  AMERICAN COMPANY FOR LIFE

  AND HEALTH INSURANCE, as a Lender

  
	
   

  	
   

  
	
   

  	
  By: Midland
  Advisors Company, as its Agent

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Stephen D. Sautel

  	
   

  
	
   

  	
  Name:
  Stephen D. Sautel

  
	
   

  	
  Title:
  Managing Director

  
	
   

  	
   

  
	
   

  	
  Commitment:
  $10,000,000

  
	
   

  	
   

  
	
   

  	
  Address:

  
	
   

  	
   

  
	
   

  	
  c/o Guggenheim Partners

  
	
   

  	
  23rd Floor

  
	
   

  	
  135 E 57th Street

  
	
   

  	
  New York, NY 10022

  

 

S-3

 

EXHIBIT I

DEFINITIONS

 

A.                                   Defined
Terms.  As used in the Agreement,
unless the context requires a different meaning, the following terms have the
meanings indicated below (such definitions to be applicable to both the
singular and plural forms of such terms):

 

“Adverse
Claim” means a lien, security interest, charge or encumbrance, or other
right or claim in, of or on any Person’s assets or properties in favor of any
other Person.

 

“Agency Fee” has the meaning set forth in the Fee Letter.

 

“Agent” has the meaning set forth in the Preamble to the
Agreement.

 

“Agent’s Office” means the office of
the Agent at 135 East 57th Street, New York, New York 10022, Attention: Aspen
Relationship Manager, or such other address as shall be designated by the Agent
in writing to the Borrower, the Servicer and the Lenders.

 

“Affected Party” means each Lender, the Agent, any assignee or
participant of any Lender, the Agent or any of their respective Affiliates.

 

“Affiliate” means, as to any
Person, any other Person that, directly or indirectly, is in control of, is
controlled by or is under common control with such Person.  For the purposes of this definition, “control”,
when used with respect to any Person, means the power to direct the management
and policies of such Person, directly or indirectly, whether through the
ownership of voting securities, by contract or otherwise, and the term “controlled”
shall have meanings correlative to the foregoing.

 

“Agreement” has the meaning set forth in the preamble.

 

“Applicable Rate” means, from the Closing Date until the Final
Payout Date, 13.00% per annum, plus such of the following increments as
may be applicable;  provided that
the Applicable Rate shall not at any time exceed 15.00% per annum:

 

(i)                                     if
the Notification Compliance Date (First) shall not have occurred prior to June 30,
2005, at all times from and after June 30, 2005 until the Notification
Compliance Date (First), 2.00% per annum;

 

(ii)                                  if
the Notification Compliance Date (Second) shall not have occurred prior to December 31,
2005, at all times from and after December 31, 2005 until the Notification
Compliance Date (Second), 2.00% per annum; and

 

(iii)                               if
the Notification Compliance Date (Third) shall not have occurred prior to June 30,
2006, at all times from and after June 30, 2006 until the Notification
Date (Third), 2.00% per annum.

 

 

“Aspen” shall have the meaning assigned in the Preamble to this
Agreement.

 

“Aspen Software” means any software, computer programs, computer
code and related materials which are (i) either

 

(a)                                  owned
exclusively by Aspen;

 

(b)                                 owned
by one of Aspen’s wholly-owned subsidiaries and licensed to Aspen on terms
which permit the sublicensing of the same by Aspen; or

 

(c)                                  owned
by a Person not affiliated with Aspen and licensed to Aspen on terms which
permit the sublicensing of the same by Aspen, and such materials are included
by Aspen in a software package otherwise comprised primarily of Aspen Software
of the type described in clauses (a) or (b) above which package has been
assembled by Aspen for license to its customers,

 

and (ii) sold or licensed by Aspen in the
ordinary course of its business to Obligors, together with any accompanying
documentation, manuals, upgrades, releases, databases, enhancements,
instructions and hardware security devices.

 

“Backup Servicer” means the Person, if any, engaged by the Agent
to serve as the “Backup Servicer” hereunder.

 

“Backup Servicing Fee” has the meaning set forth in the
definitive documentation pursuant to which the Backup Servicer is engaged by
the Agent.

 

“Bankruptcy
Code” means the United States Bankruptcy Reform Act of 1978 (11 U.S.C. § 101,
et seq.), as amended from time to time.

 

“Borrower” has the meaning set forth in the preamble to
the Agreement.

 

“Borrower Information” has the meaning set forth in Section 13.08.

 

 “Business
Day” means any day that is not a Saturday, Sunday or other day on
which banks are not authorized or required by law or executive order to close
in New York City.

 

“Change of Control” means any of
the following (i) the acquisition after the date hereof by any Person, or two
or more Persons acting in concert, of beneficial ownership (within the meaning
of Rule 13d-3 of the Securities and Exchange Commission under the Securities
Exchange Act of 1934) of an amount greater than or equal to 25% of the
outstanding shares of voting stock of Aspen, (ii) the failure at any time of
the Borrower to be a wholly-owned Subsidiary of the Transferor or (iii) the
failure at any time of the Transferor to be a wholly-owned Subsidiary of Aspen.

 

“Charged-Off
Receivable” means a Receivable: (i) as to which the Obligor thereof has
taken or suffered any Insolvency Event; (ii) which, consistent with the Credit
and Collection Policy, would be written off Borrower’s books as uncollectible,
(iii) which has been identified by

 

A-2

 

Borrower as uncollectible or (iv) as to which any payment, or part
thereof, remains unpaid for 364 days or more from the original due date for
such payment.

 

“Closing Date” means the date hereof.

 

“Collateral Account” means (i) that certain depositary account
number 3300489094 maintained by Silicon Valley Bank together with the related
postal lockbox at P.O. Box 83167, Woburn, MA 01813-3167 or (ii) any other
depositary account and related postal lockbox designated by the Agent as the “Collateral
Account”.

 

“Collateral Account Bank” means the depository institution at
which the Collateral Account is maintained.

 

“Collection Account” means that certain depositary account
number 3300388202 maintained by the Collection Account Bank together with the
related postal lockbox at P.O. Box 83048,Woburn, MA 01813-3048.

 

“Collection Account Bank” means Silicon Valley Bank as the
depository institution at which the Collection Account is maintained.

 

“Collections” means, with respect to any Pool Receivable, all
funds which are received by the Borrower, the Transferor, Aspen or the Servicer
from or on behalf of the related Obligor(s) in payment of any amounts owed
(including, without limitation, purchase or sale prices, principal, finance
charges, interest and all other charges) in respect of such Receivable or its
related security, or applied to such amounts owed by such Obligor(s).

 

“Commitment” means, with respect to each Lender, the amount
which such Lender is obligated, subject to the terms and conditions of this
Agreement, to advance under the Agreement on account of its Loan, as set forth
below its signature to the Agreement.

 

“Commitment Amount” means $43,750,000.

 

“Contract”
means, with respect to any Receivable, any and all instruments, agreements,
invoices or other writings pursuant to which such Receivable arises or which
evidences such Receivable.

 

“Credit and
Collection Policy” means, collectively, (i) the Credit Authorization
Policy, (ii) the WW Collections Procedure and (iii) the Credit Line Schedule, a
copy of each of which is attached hereto as Exhibit II.

 

“Cumulative
Defaulted Amount” means, as of any date of determination, the aggregate
Outstanding Balance of all Pool Receivables (without duplication) that shall
have become Defaulted Receivables or Charged-Off Receivables at any time during
the period from the date hereof to such date of determination, net of
recoveries on any such Pool Receivables to the extent previously included in
the calculation of Cumulative Defaulted Amount.

 

“Cutoff Date” means May 31, 2005.

 

A-3

 

“Debt” shall mean, with respect to any Person, (i) all
indebtedness of such Person for money borrowed (including all securitizations
(whether on or off-balance sheet) involving such Person or its consolidated
subsidiaries), (ii) all matured reimbursement obligations of such Person with
respect to surety bonds, letters of credit and bankers’ acceptances, (iii) all
obligations of such Person evidenced by notes, bonds, debentures or similar
instruments, (iv) all obligations of such Person to pay the deferred purchase
price of property or services (including earnouts and other similar contingent
obligations, calculated in accordance with GAAP), (v) all indebtedness created
or arising under any conditional sale or other title retention agreement with
respect to property acquired by such Person (even though the rights and
remedies of the seller or lender under such agreement in the event of default
are limited to repossession or sale of such property), (vi) all capital lease
obligations of such Person, (vii) all obligations under any interest rate
contract or other interest rate protection or hedging arrangement, (viii) all
obligations of such Person to purchase, redeem, retire, defease or otherwise
make any payment in respect of any capital stock or other equity securities
that, by their stated terms (or by the terms of any equity securities issuable
upon conversion thereof or in exchange therefor), or upon the occurrence of any
event, mature or are mandatorily redeemable, or are redeemable at the option of
the holder thereof, in whole or in part, (ix) all indebtedness referred to in
clauses (i) through (viii) above secured by any lien on any property or asset
owned or held by such Person regardless of whether the indebtedness secured
thereby shall have been assumed by such Person or is nonrecourse to the credit
of such Person, (x) any contingent obligation of such Person, and (xi) all
liabilities of such Person in respect of unfunded vested benefits under plans
covered by Title IV of ERISA.

 

“Deemed Collections” means any amount as to which the Borrower
is deemed to have received a Collection as described in Section 3.03
hereof.

 

“Defaulted
Receivable” means any Receivable as to which any payment or portion thereof
shall have remained unpaid for more than 180 days.

 

“Default
Rate” means the Applicable Rate then in effect plus 2.00% per annum.

 

 “Delinquency
Ratio” means, the ratio (expressed as a percentage) with respect to
any calendar month, equal to (i) the aggregate Outstanding Balance of all Pool
Receivables that were Delinquent Receivables as of the last day of such
calendar month divided by (ii) the
aggregate payments scheduled to become due on the Pool Receivables during the
90 day period following the last day of such calendar month.

 

“Delinquent Receivable” means any Receivable as which any
payment or portion thereof shall have remained unpaid for 90 days or more from
the original due date for such payment.

 

“Eligible Receivable” means, at any time, a Pool Receivable:

 

(i)                                     the Obligor of
which (a) is a corporation or other business organization; (b) is not an
Affiliate of Aspen; and (c) is not a government or a governmental subdivision
or agency,

 

A-4

 

(ii)                                  which is not a
Charged-Off Receivable, and the Obligor of which is not the Obligor of any
Charged-Off Receivable,

 

(iii)                               which is not a
Delinquent Receivable, unless expressly identified as being a Delinquent
Receivable on the Receivables Schedule,

 

(iv)                              which by its terms is due
and payable in full no later than 66 months following the Closing Date, and
such Receivable has not been extended, rewritten or otherwise modified from the
original terms thereof except in accordance with the Credit and Collection
Policy and as expressly described on the Receivables Schedule,

 

(v)                                 which is an “account”
or “payment intangible” within the meaning of Section 9-102 of the UCC of
all applicable jurisdictions,

 

(vi)                              which is denominated and
payable only in United States dollars in the United States; provided
that a Receivable that otherwise satisfies the criteria for “Eligible
Receivable” but for this clause (vi) may constitute an Eligible Receivable
notwithstanding this clause (vi) if the Outstanding Balance thereof on the
Closing Date, when added to the aggregate Outstanding Balance of all other
Receivables that constitute Eligible Receivables as of such date by reason of
this proviso would not exceed an amount equal to 25% of the Outstanding
Balance of the Pool Receivables on the Closing Date;

 

(vii)                           the Obligor of which is
either (a) organized under the laws of the United States or any political
subdivision thereof and has its chief executive office in the United States or
(b) (1) is organized under the laws of, or has its chief executive office in,
any other jurisdiction and (2) the Outstanding Balance of such Receivable on
the Closing Date, when added to the aggregate Outstanding Balance of all other
Pool Receivables that constitute Eligible Receivables as of such date by reason
of this clause (b) would not exceed an amount equal to 78% of the aggregate
Outstanding Balance of all Pool Receivables on the Closing Date,

 

(viii)                        which arises under a Contract
in substantially the form set forth on Exhibit III hereto, which,
together with such Receivable, is in full force and effect and constitutes the
legal, valid and binding obligation of the related Obligor to make the payments
required thereunder and is otherwise enforceable against such Obligor in all
material respects in accordance with its terms,

 

(ix)                                which arises under a
Contract which (a) does not require the Obligor under such Contract to consent
to the transfer, sale or assignment of the rights and duties of Aspen or any of
its assignees under such Contract, (b) does not contain a confidentiality
provision that purports to restrict the ability of the Agent or the Lenders to
exercise its rights under this Agreement, including, without limitation, its
right to review the Contract and (c) is otherwise freely assignable,

 

A-5

 

(x)                                   which arises under a
Contract that contains an obligation to pay a specified sum of money on such
dates and in such amounts as are set forth on the Receivables Schedule,

 

(xi)                                which, together with
the Contract related thereto, does not contravene any law, rule or regulation
applicable thereto (including, without limitation, any law, rule and regulation
relating to truth in lending, fair credit billing, fair credit reporting, equal
credit opportunity, fair debt collection practices and privacy) and with
respect to which no part of the Contract related thereto is in violation of any
such law, rule or regulation,

 

(xii)                             which satisfies, in all
material respects, all applicable requirements of the Credit and Collection
Policy,

 

(xiii)                          which was generated in the
ordinary course of Aspen’s business,

 

(xiv)                         which arises solely from the
licensing or sale of Aspen Software to the related Obligor by Aspen, and not by
any other Person (in whole or in part), and Aspen had full right and power to
license or sell such Aspen Software without (i) any obligation to provide
notice to or obtain the consent of any Person and (ii) any Adverse Claim
arising in, to or against such Receivable in favor of any interest holder in
the Aspen Software or in favor of any other Person,

 

(xv)                            which is not subject to any
right of rescission, set-off, counterclaim, any other defense (including
defenses arising out of violations of usury laws) of the applicable Obligor
against Aspen or any other Adverse Claim, and the Obligor thereon holds no
right as against Aspen to cause Aspen to repurchase the Aspen Software, goods
or merchandise the license or sale of which shall have given rise to such
Receivable,

 

(xvi)                         as to which Aspen has
satisfied and fully performed all obligations on its part with respect to such
Receivable required to be fulfilled by it, other than software maintenance
obligations, and no other further action is required to be performed by any
Person with respect thereto other than payment thereon by the applicable
Obligor, and

 

(xvii)                      Borrower, immediately prior to
giving effect to the pledge thereof pursuant to the Security Agreement, has
good and marketable title thereto free and clear of any Adverse Claim, and upon
giving effect to the pledge thereof pursuant to the Security Agreement, the
Agent shall have a first priority perfected security interest therein.

 

“ERISA” means the Employee Retirement Income Security Act of
1974, as amended from time to time, and any successor statute of similar
import, together with the regulations thereunder, in each case as in effect
from time to time.  References to sections
of ERISA also refer to any successor sections.

 

A-6

 

“ERISA Affiliate” means: (a) any entity that is a
member of the same controlled group (within the meaning of Section 414(b)
of the Internal Revenue Code) as the Borrower or Aspen, (b) a trade or
business (whether or not incorporated) under common control (within the meaning
of Section 414(c) of the Internal Revenue Code) with the Borrower or
Aspen, or (c) a member of the same affiliated service group (within the
meaning of Section 414(m) of the Internal Revenue Code) as the Borrower or
Aspen, any entity described in clause (a) or any trade or business
described in clause (b).

 

“Event of Default” has the meaning set forth in Section 9.01.

 

 “Fee Letter” has the
meaning set forth in Section 4.01.

 

“Final Payout Date” means the date on which the outstanding
principal balance of the Loans has been reduced to zero and all other
Obligations payable by the Borrower under the Transaction Documents shall have
been paid in full.

 

 “Finance Charges” means,
with respect to a Contract, any finance, interest, late payment charges or
similar charges owing by an Obligor pursuant to such Contract.

 

“FX Rights” means those rights granted by Aspen to the
Transferor under Section 1.6 of the Purchase and Sale Agreement.

 

“GAAP” means the generally accepted accounting principles and
practices in the United States consistently applied.

 

“Governmental Authority” means any nation or government, any
state or other political subdivision thereof, any central bank (or similar monetary
or regulatory authority) thereof, any body or entity exercising executive,
legislative, judicial, regulatory or administrative functions of or pertaining
to government, including without limitation any court, and any Person owned or
controlled, through stock or capital ownership or otherwise, by any of the
foregoing and any.

 

“Indemnified Amounts” has the meaning set forth in Section 12.01.

 

“Indemnified Party” has the meaning set forth in Section 12.01.

 

“Insolvency Event” means the occurrence of any of the
following:  (i) a case or other
proceeding under any applicable bankruptcy, insolvency, reorganization, debt
arrangement, dissolution or other similar law now or hereafter in effect shall
be commenced by or against such Person, in any court, seeking the liquidation,
reorganization, debt arrangement, dissolution, winding up, or composition or
readjustment of debts of such Person, the appointment of a trustee, receiver,
custodian, liquidator, assignee, sequestrator or the like for such Person or all
or any substantial part of its assets, or any similar action with respect to
such Person; or (ii) such Person shall make any general assignment for the
benefit of creditors, or shall fail to, or admit in writing its inability to,
pay its debts generally as they become due; or (iii) if a corporation, limited
liability company or similar entity, its board of directors, managing committee
or controlling partners shall vote to implement any of the foregoing.

 

A-7

 

“Lenders” means the Lenders listed on Schedule A to
this Agreement, and their respective successors and assigns.

 

“Loan” has the meaning set forth in Section 1.01.

 

“Majority Lenders” means at any time, Lenders whose Commitments
aggregate more than 50% of the aggregate of the Commitments of all Lenders.

 

“Material Adverse Effect” means, with respect to any event or
circumstance, a material adverse effect on:

 

(i)  the business, assets,
operations or condition (financial or otherwise) of the Borrower, the Transferor
or Aspen;

 

(ii)  the ability of Aspen, the
Transferor or the Borrower to perform its respective obligations under the
Transaction Documents;

 

(iii)  the validity or
enforceability of this Agreement or any other Transaction Document, or the
validity, enforceability or collectibility of a material portion of the
Receivables or the related Contracts;

 

(iv)  the existence, perfection,
priority or enforceability of Agent’s security interest in a material portion
of the Pool Assets; or

 

(v)  the collectibility of the
Pool Receivables.

 

“Maturity Date” means the earliest of:

 

(a)                                  June 15,
2008;

 

(b)                                 the
date of the declaration of the Maturity Date by the Agent following the
occurrence of an Event of Default pursuant to Section 9.02(a) or
the automatic occurrence of the Maturity Date pursuant to Section 9.02(b);
and

 

(c)                                  the
Final Payout Date.

 

“Non-USD Collections” has the meaning set forth in Section 8.02(i).

 

“Notification Compliance Date (First)” means the date upon which
the Servicer has provided the Agent written evidence reasonably acceptable to
the Agent that the Servicer has sent written instructions by courier to each
Obligor directing such Obligor to remit all Collections in respect of Pool
Receivables to the Collateral Account.

 

“Notification Compliance Date (Second)” means the date upon
which the Agent shall have determined that not less than 65% of all Collections
in respect of Pool Receivables are then being remitted directly by Obligors on
an on-going basis to the Collateral Account.

 

A-8

 

“Notification Compliance Date (Third)” means the date upon which
the Agent shall have determined that not less than 90% of all Collections in
respect of Pool Receivables are then being remitted directly by Obligors on an
on-going basis to the Collateral Account.

 

“Obligations” means all obligations (monetary or otherwise) of
each of the Borrower and the Servicer (as the case may be) to the Secured
Parties and their respective successors, transferees and assigns arising under
or in connection with the Transaction Documents, in each case however created,
arising or evidenced, whether direct to indirect, absolute or contingent, now
or hereafter existing, or due or to become due.

 

“Obligor”
means a Person obligated to make payments pursuant to a Contract.

 

“Outstanding
Balance” means, in respect of any Receivable at any date of determination,
the then outstanding principal amount thereof.

 

“Pension Plan” means a “pension plan”, as such term is defined
in Section 3(2) of ERISA, which is subject to Title IV of ERISA (other
than a multiemployer plan as defined in Section 4001(a)(3) of ERISA), and
to which Aspen or the Borrower or any corporation, trade or business that is,
along with Aspen or the Borrower, a member of a controlled group of
corporations or a controlled group of trades or businesses, as described in
Sections 414(b) and 414(c), respectively, of the Internal Revenue Code of 1986,
as amended, or Section 4001 of ERISA may have any liability, including any
liability by reason of having been a substantial employer within the meaning of
Section 4063 of ERISA at any time during the preceding five years, or by
reason of being deemed to be a contributing sponsor under Section 4069 of
ERISA.

 

“Permitted Investments” means:

 

(i)                                     marketable
obligations issued or directly and fully guaranteed or insured as to full and
timely payment by the United States government or any agency or instrumentality
thereof when such marketable obligations are backed by the full faith and credit
of the United States government, but excluding any securities which are
derivatives of such obligations or any such obligations that are subject to a
call or prepayment prior to their maturity;

 

(ii)                                  time
deposits, bankers’ acceptances and certificates of deposit of any domestic
commercial bank or any United States branch or agency of a foreign commercial
bank which (x) has capital, surplus and undivided profits in excess of
$100,000,000 and which has a commercial paper or certificate of deposit rating
meeting the requirements specified in clause (iii) below (or equivalent
long-term rating) or (y) is set forth in a list (which may be updated from time
to time) (A) approved by the Agent;

 

(iii)                               commercial
paper which is rated at least as high as by A-1 by Standard & Poor’s;

 

(iv)                              secured
repurchase obligations for underlying securities of the types described in
clauses (i) and (ii) above entered into with any bank of the type described in
clause (ii) above; and

 

A-9

 

(v)                                 freely
redeemable shares in money market funds which invest solely in obligations,
bankers’ acceptances, time deposits, certificates of deposit, repurchase
agreements and commercial paper of the types described in clauses (i) through
(iv) above, without regard to the limitations as to the maturity of such
obligations, bankers’ acceptances, time deposits, certificates of deposit,
repurchase agreements or commercial paper, which money market funds are rated “AAAm”
or “AAAm-g” by Standard & Poor’s;

 

and, in any such case, the applicable
investment shall mature by not later than one Business Day prior to the next
succeeding Settlement Date.

 

“Person” means an individual, partnership, corporation
(including a business or statutory trust), joint stock company, trust,
unincorporated association, joint venture, limited liability company,
government or any agency or political subdivision thereof or any other entity.

 

“Pool Assets” means (i) all then outstanding Pool Receivables,
(ii) all right, title and interest of the Borrower in, to and under all Related
Security with respect to such Pool Receivables, (iii) all of the Borrower’s
right, title and interest in, to and under the Collateral Account, and (iv) all
Collections with respect to, and other proceeds of, the foregoing.

 

“Pool Receivable” means a Receivable in the Receivables Pool.

 

 “Program Information” has
the meaning set forth in Section 13.07.

 

“Purchase and Resale Agreement” means that certain Purchase and
Resale Agreement, dated as of the date hereof, between the Transferor, as
seller thereunder, and the Borrower, as purchaser thereunder, as such agreement
may be amended, restated, supplemented or otherwise modified from time to time.

 

“Purchase and Sale Agreement” means that certain Purchase and
Sale Agreement, dated as of the date hereof, between Aspen, as seller
thereunder, and the Transferor, as purchaser thereunder, as such agreement may
be amended, restated, supplemented or otherwise modified from time to time.

 

 “Receivable” means all indebtedness and
other obligations owed to the Seller and identified on Schedule D
hereto, whether, in any case constituting an account, chattel paper, instrument
or general intangible, and including, without limitation, the obligation to pay
any Finance Charges with respect thereto.

 

“Receivables Pool” means at any time all then outstanding
Receivables of the Borrower.

 

“Receivables Schedule” means a list provided by Borrower to the
Agent on or prior to the date hereof, setting forth each Pool Receivable, together
with such detail relating to such Receivables as the Purchaser or the Agent may
reasonably request.  The Receivables Schedule may
be in the form of a printed spread sheet, a computer tape or in such other form
as the Agent, may agree.

 

A-10

 

“Related Security” means, with respect to any Pool Receivable:

 

(i)                                     all
of Borrower’s right, title and interest in, to and under all Contracts that
relate to such Pool Receivable to the extent such right, title and interest
relates to the payment obligation of the Obligor in respect of such Pool
Receivable;

 

(ii)                                  all
of Borrower’s claims against the applicable Obligor for or in connection with
the termination of the related Contracts;

 

(iii)                               all
security deposits and other security interests or liens and property purporting
to secure payment of such Pool Receivable, whether pursuant to the Contract
related to such Pool Receivable or otherwise;

 

(iv)                              all
UCC financing statements covering the collateral securing payment of such Pool
Receivable;

 

(v)                                 all
guarantees, letters of credit and other agreements or arrangements of whatever
character from time to time supporting or securing payment of such Pool
Receivable whether pursuant to the Contract related to such Pool Receivable or
otherwise;

 

(vi)                              all
books, records and other information (including, without limitation, computer
programs, tapes, disks, punch cards, data processing software and related
property and rights) relating to such Receivable, any Related Security therefor
and the related Obligor;

 

(vii)                           all of
Borrower’s right, title and interest in, to and under the Purchase and Sale
Agreement and the Purchase and Resale Agreement, including, without limitation,
the FX Rights thereunder; and

 

(viii)                        all
proceeds of the Receivables and of any of the foregoing.

 

“Replaced Receivable” shall have the meaning assigned to such
term in Section 3.04(b) hereof.

 

“Reporting Date” means, in respect of any calendar month, the
fifth Business Day following the last day of such calendar month.

 

 “S&R Date” shall have
the meaning assigned to such term in Section 3.04(b) hereof.

 

“S&R Notice” shall have the meaning assigned to such term in
Section 3.04(b) hereof.

 

 “Secured Parties” means
Lenders, the Agent, the Indemnified Parties and the Affected Parties.

 

A-11

 

“Security Agreement” means the Security Agreement, dated as of
the Closing Date, between the Borrower and the Agent, as the same may be
amended, supplemented or otherwise modified from time to time.

 

“Servicer” has the meaning set forth in the preamble to
the Agreement.

 

“Servicer Report” means, in respect of any calendar month, a
report prepared by the Servicer and setting forth, in such detail as may be
reasonably requested by the Agent, a summary of all payments received by Aspen
or the Servicer and other activity in respect of the Pool Receivables during
the calendar month then most recently ended.

 

“Servicer Termination Event” means any of the following:

 

(i)                                     The
occurrence of any Material Adverse Effect; or

 

(ii)                                  Any
Event of Default.

 

“Servicer’s Fee” means an amount, accruing quarterly in arrears,
equal to $100,000 per annum.

 

“Settlement Date” means (i) prior to the occurrence of an Event
of Default, the fifteenth day of each March, June, September and December (or,
if such day is not a Business Day, the immediately succeeding Business Day) and
(ii) from and after the occurrence of an Event of Default, each date described
in clause (i) and each additional date as may be specified by the Agent to the
Borrower and the Servicer.

 

“Settlement Period” means a three
calendar month period ending on each August 31, November 30, February 28
(or February 29 during any leap year) and May 31; provided that (i)
the first Settlement Period shall commence on June 1, 2005 and end on August 31,
2005, and (ii) from and after the occurrence of an Event of Default, each
Settlement Period shall be of such duration as the Agent may specify to the
Servicer.

 

“Settlement Report” means, in respect of any Settlement Period,
a report prepared by the Servicer and setting forth, in such detail as may be
reasonably requested by the Agent, a summary of the distributions to be made
pursuant to Section 3.02(c) on the Settlement Date immediately
following such Settlement Period.

 

“Settlement Reporting Date” means, in respect of any Settlement
Period, the fifth Business Day following the last day of such Settlement
Period.

 

“Standard & Poor’s” means Standard & Poor’s, a division
of The McGraw-Hill Companies, Inc.

 

“Subsidiary” means, as to any Person, any other entity of which
shares of stock of each class or other equity interests having ordinary voting
power (other than stock or other equity interests having such power only be
reason of the happening of a contingency) to elect a majority of the board of
directors or other managers of such entity are at the time owned, or management

 

A-12

 

of which is otherwise controlled: (a) by such
Person, (b) by one or more Subsidiaries of such Person or (c) by such Person
and one or more Subsidiaries of such Person.

 

“Successor Servicer Notice” has the meaning set forth in Section 8.01(b).

 

“Supersede-and-Replace” shall have the meaning assigned to such
term in Section 3.04(b) hereof.

 

  “Superseding Receivable”
shall have the meaning assigned to such term in Section 3.04(b)
hereof.

 

“Taxes” means, with respect to any Person, any taxes, levies,
imposts, deductions, charges, withholdings and liabilities, now or hereafter
imposed, levied, collected, withheld or assessed by any country (or any
political subdivision thereof), excluding income or franchise taxes imposed on
it by (i) the jurisdiction under the laws of which such Person is organized (or
by any political subdivision thereof), (ii) any jurisdiction in which an office
of such Person may be located or (iii) any jurisdiction in which such Person is
already subject to tax.

 

“Transaction Documents” means the Agreement, all control
agreements related to the Collateral Account, the Purchase and Sale Agreement,
the Purchase and Resale Agreement, the Fee Letter, the Security Agreement and
all other instruments, documents and agreements executed or delivered under or
in connection with the Agreement, in each case as the same may be amended,
supplemented or otherwise modified from time to time.

 

“Transferor” means Aspen Technology Receivables I LLC, a limited
liability company organized under the laws of Delaware.

 

“UCC” means the Uniform Commercial Code as from time to time in
effect in the applicable jurisdiction.

 

“Unmatured Event of Default” means any event which, with the
giving of notice or lapse of time, or both, would become or constitute an Event
of Default.

 

B.                                     Other
Terms.  All accounting terms not
specifically defined herein shall be construed in accordance with generally
accepted accounting principles.  All
terms used in Article 9 of the UCC in the applicable jurisdiction, and not
specifically defined herein, are used herein as defined in such Article 9.  Unless the context otherwise requires, “or”
means “and/or”, and “including” (and with correlative meaning “include” and “includes”)
means including without limiting the generality of any description preceding
such term.

 

C.                                     Computation
of Time Periods.  Unless otherwise
stated in this Agreement, in the computation of a period of time from a
specified date to a later specified date, the word “from” means “from and
including” and the words “to” and “until” each means “to but excluding”.

 

D.                                    References.  Each reference in this Exhibit I to
any Section or Exhibit refers to such Section of or Exhibit to this
Agreement.

 

A-13

 

	
  EXHIBIT II

  	
  -

  	
  Credit and Collection Policy

  

 

[Exhibit omitted]

 

 

	
  EXHIBIT III

  	
  -

  	
  Form of Contract

  

 

[Exhibit omitted]

 

 

	
  SCHEDULE A

  	
  -

  	
  Lenders

  

 

North American Company for Life and Health
Insurance

 

Midland National Life Insurance Company

 

 

	
  SCHEDULE B

  	
  -

  	
  List of Closing Documents

  

 

[Schedule omitted]

 

 

	
  SCHEDULE C

  	
  -

  	
  Offices Where Records are Kept

  

 

Aspen Technology, Inc.

Ten Canal Park

Cambridge, Massachusetts 02141-2201

 

Aspen Technology Receivables II LLC

Ten Canal Park

Cambridge, Massachusetts 02141-2201

 

 

	
  SCHEDULE D

  	
  -

  	
  Financial Tests applicable to Aspen

  

 

[Schedule omitted]

 

A-2

 

	
  SCHEDULE E

  	
  -

  	
  Schedule of Pool Receivables

  

 

[Schedule Omitted]

 

A-3Exhibit
10.2

 

EXECUTION
COPY

 

SECURITY AGREEMENT

 

This SECURITY AGREEMENT dated as of June 15, 2005
(as amended, supplemented or otherwise modified from time to time, this “Security Agreement”), is between ASPEN
TECHNOLOGY RECEIVABLES II LLC, a Delaware limited liability company (the “Borrower”), and GUGGENHEIM CORPORATE FUNDING
LLC, as agent for the Secured Parties (in such capacity and together with its
successors and assigns, the “Agent”).

 

PRELIMINARY STATEMENT

 

The Borrower, Aspen Technology, Inc., as initial
Servicer (“Aspen”), the financial
institutions party thereto as lenders (collectively, the “Lenders”) and
the Agent have entered into a Loan Agreement, dated as of the date hereof (as
amended, restated, supplemented or otherwise modified from time to time, the “Loan Agreement”), pursuant to which the
Lenders have agreed, subject to the terms and conditions of the Loan Agreement,
to make certain financial accommodations to the Borrower; and

 

It is a condition precedent to the making of such
financial accommodations that the Borrower execute and
deliver this Security Agreement;

 

NOW, THEREFORE, the parties hereto hereby agree as
follows:

 

ARTICLE I

 

DEFINITIONS

 

SECTION 1.1.  Certain Terms.  Capitalized terms used but not defined herein
have the meanings provided in the Loan Agreement.  In addition, the following terms shall have
the following meanings:

 

“Agent” has
the meaning set forth in the introductory paragraph.

 

“Aspen” has
the meaning set forth in the preamble.

 

“Borrower” has
the meaning set forth in the introductory paragraph.

 

“Collateral”
has the meaning set forth in Section 2.1.

 

“Loan Agreement”
has the meaning set forth in the preamble.

 

“Secured Obligations”
has the meaning set forth in Section 2.2.

 

 “Security Agreement” has the meaning set forth
in the introductory paragraph.

 

SECTION 1.2.  Other Terms.  All terms used in Article 9 of the
applicable UCC and not specifically defined herein are used herein as defined
in such Article 9.

 

 

ARTICLE II

 

SECURITY INTEREST

 

SECTION 2.1.  Grant of Security.  The Borrower hereby grants to the Agent for
the benefit of the Secured Parties a security interest in, all property of the
Borrower wherever located, whether now or hereafter existing, owned, licensed,
leased, consigned, arising or acquired (the “Collateral”),
including, without limitation, all of the Borrower’s right, title and interest
in, to and under:

 

(a)  the Pool Assets, including, without
limitation, (i) the Pool Receivables, (ii) the Related Security, (iii) the
Collections, (iv) Collateral Account and (v) all funds on deposit in the
Collection Account and the Collateral Account constituting Collections of the
Pool Receivables; and

 

(b)  all accounts, chattel paper, commercial tort
claims, deposit accounts, documents, fixtures, instruments, general intangibles
(including payment intangibles), goods, instruments, investment property,
letter-of-credit rights, letters of credit, money, and supporting obligations,
securities and other investment property, all accessions, products, substitutions,
replacements and proceeds of any of the foregoing, and all other personal
property of any nature or type, in each case, wherever located and all proceeds
thereof.

 

SECTION 2.2.  Security for Obligations.  This Security Agreement secures the payment and
performance of all Obligations of the Borrower now or hereafter existing or
arising under, or in connection with, the Loan Agreement and the other
Transaction Documents, whether for principal, interest, costs, fees, expenses
or otherwise (all such obligations of the Borrower being called the “Secured Obligations”).

 

SECTION 2.3.  Continuing Security
Interest.  This Security
Agreement shall create a continuing security interest in the Collateral and
shall:

 

(a)  remain in full force
and effect until the Agent’s interest in the Collateral shall have been
released in accordance with Article VI hereof;

 

(b)  be binding upon the
Borrower, its successors, transferees and assigns; and

 

(c)  inure, together with
the rights and remedies of the Agent hereunder, to the benefit of the Agent and
each Secured Party and their respective successors, transferees and assigns.

 

ARTICLE III

 

WARRANTIES,
REPRESENTATIONS, COVENANTS AND AGREEMENTS

 

SECTION 3.1.  Warranties,
Representations, Covenants and Agreements.  The Borrower warrants, represents, covenants
and agrees with the Agent as follows:

 

2

 

(a)  There is no security agreement, financing
statement or other document or instrument creating or evidencing an Adverse
Claim now on file in any public office covering any of the Collateral, nor is
there any Adverse Claim on any of the Collateral, and until the termination of
this Security Agreement, the Borrower will not execute, authorize or permit to
be on file in any public office any financing statement covering any of the
Collateral, except as may have been or may hereafter be filed in favor of, or
assigned to, the Agent, and the Borrower further agrees that it will not grant,
permit or suffer to exist any Adverse Claim upon any of the Collateral, except
as may be granted to the Agent hereunder.

 

(b)  The Borrower shall, at its expense, make,
procure, execute and deliver such financing statements, or amendments thereof
or supplements thereto, or other instruments, certificates and supplemental
writings, and take such other actions as the Agent may from time to time
reasonably require in order to preserve and protect the first priority
perfected security interest of the Agent in the Collateral.

 

(c)  The Borrower agrees to execute and deliver
all such instruments and to do all such other things as may be necessary or
appropriate to preserve, protect and enforce the first priority perfected
security interest of the Agent in the Collateral under applicable law.

 

(d)  If any amount payable under or in connection
with any of the Collateral shall be or become evidenced by any promissory note
or other instrument, the Borrower shall deliver to the Agent such instrument,
duly endorsed in a manner reasonably satisfactory to the Agent.

 

(e)  The Borrower represents and warrants that it
is the owner of all the Collateral and has the full right, title and authority
to grant the security interest granted hereunder.

 

(f)  None of the Agent nor
any Secured Party assumes any liability for the performance of any of the
obligations of the Borrower under the Collateral or any transaction, agreement
or contract out of which the Collateral arises.

 

(g)  Upon the occurrence and during the
continuance of an Event of Default the Borrower shall, upon the request of the
Agent, promptly, at its expense:

 

(i)  Deliver, or cause to be delivered, to the
Agent (or its designee), with appropriate endorsement or assignment, all
instruments, securities, monies, checks, notes, drafts and other evidence of
indebtedness, or other property in the nature of items of payment representing
proceeds of any of the Collateral, which are then in, or may thereafter come
into, the Borrower’s possession; and

 

(ii)  Direct all parties obligated on any of the
Collateral to make all payments due or to become due thereon directly to the
Agent or to such other Person or officer as may be specified by the Agent.

 

3

 

(h)  The Borrower shall take, at its sole cost and
expense, any and reasonable all steps, and shall pay the amount of all
reasonable expenses incurred by the Agent necessary to (A) obtain, preserve,
perfect, defend and enforce the first priority perfected security interest of
the Agent in the Collateral, (B) collect the Secured Obligations, and (C)
preserve, defend, enforce and collect the Collateral.

 

(i)  The Borrower shall promptly notify the Agent
of any material change in any fact or circumstance warranted
or represented by the Borrower in this Security Agreement and promptly notify
the Agent of any claim, action or proceeding affecting title to the Collateral,
or any part thereof, or the security interests herein granted.

 

(j)  If any proceeds of the Collateral are
received by the Borrower, the Borrower covenants to forthwith deposit any such
proceeds directly into the Collateral Account promptly upon receipt.

 

(k)  The Borrower shall not change its name,
identity, jurisdiction of formation or organizational structure unless the
Borrower shall have given the Agent at least thirty (30) days’ prior written
notice thereof and shall have taken all action (or made arrangements to take
such action substantially simultaneously with such change if it is impossible
to take such action in advance) necessary or reasonably requested by the Agent
to preserve and maintain first priority perfected security interest of the
Agent in the Collateral.

 

(l)  The Collateral is owned by the Borrower free
and clear of any Adverse Claim (other than any Adverse
Claim in favor of the Agent).

 

(m)  This Security Agreement creates a valid and
continuing security interest (as defined in UCC Section 9-102) in the
Collateral in favor of the Agent, which security interest is prior to all other
Adverse Claims and is enforceable in accordance with its terms.

 

(n)  The Borrower has caused the filing of all
appropriate financing statements in the proper filing office in the appropriate
jurisdictions under applicable law in order to perfect (i) the sale of the
Receivables and other related assets from Aspen to the Transferor pursuant to
the Purchase and Sale Agreement, (ii) the sale of Receivables and other related
assets from the Transferor to the Borrower pursuant to the Purchase and Resale
Agreement, and (iii) the security interest in the Collateral granted to the Agent
hereunder.

 

(o)  The Borrower does not use, and has not at any
time used, any trade name, fictitious name, assumed name or “doing business as”
name or other name under which it has or is doing business other than its
actual corporate name.

 

(p)  The address of the Borrower’s chief executive
office is as follows:

 

c/o
Aspen Technology, Inc.

Ten Canal Park

 

4

 

Cambridge, Massachusetts
02141-2201

 

(q)  The Borrower’s (i) exact legal name, (ii)
federal employer identification number, (iii) state of organization, (iv) type of organization and (v) state of organization
identification number are, as follows:

 

	
  Legal Name

  	
   

  	
  Federal

  Employer

  Identification

  Number

  	
   

  	
  Type of

  Organization

  	
   

  	
  State of

  Organization or

  Incorporation

  	
   

  	
  State

  Organization

  Number

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Aspen Technology Receivables II LLC

  	
   

  	
  20-2991335

  	
   

  	
  Limited Liability Company

  	
   

  	
  Delaware

  	
   

  	
  3983500

  

 

ARTICLE IV

 

ATTORNEY-IN-FACT

 

SECTION 4.1.  Agent Appointed Attorney-in-Fact.  The Borrower hereby irrevocably appoints the
Agent as the Borrower’s attorney-in-fact, with full authority in the place and
stead of Borrower and in the name of the Borrower or otherwise, from time to
time in the Agent’s discretion, after the occurrence and during the
continuation of an Event of Default, to take any action and to execute any
instrument which the Agent may deem necessary or advisable to accomplish the
purposes of this Security Agreement or the other Transaction Documents,
including, without limitation:

 

(a)  to ask, demand, collect,
sue for, recover, compromise, receive and give acquittance and receipts for
moneys due and to become due under or in respect of any of the Collateral;

 

(b)  to receive, endorse,
and collect any drafts or other instruments, documents proceeds of the Collateral;

 

(c)  to file any claims or take any action or
institute any proceedings which the Agent may deem necessary or desirable for
the collection of any of the Collateral or otherwise to enforce the rights of
the Agent with respect to any of the Collateral;

 

(d)  to sell, transfer, assign or otherwise deal
in or with the Collateral or any part thereof pursuant to the terms and
conditions hereunder; and

 

(e)  to perform the
affirmative obligations of the Borrower under the Transaction Documents (including
all obligations of the Borrower pursuant to Section 3.1).

 

The Agent agrees to give the Borrower and the Servicer
written notice of the taking of any such action, but the failure to give such
notice shall not affect the rights, power or authority of the

 

5

 

Agent with respect
thereto.  The
Borrower hereby acknowledges, consents and agrees that
the power of attorney granted pursuant to this Section 4.1
is irrevocable and coupled with an interest.

 

SECTION 4.2.  Agent May Perform.  If the Borrower fails to perform any
agreement or obligation contained herein, the Agent may perform, or cause
performance of, such agreement or obligation, and the expenses of the Agent
incurred in connection therewith shall be payable by the Borrower pursuant to Section 5.2.

 

ARTICLE V

 

REMEDIES

 

SECTION 5.1.  Certain Remedies.  After any Event of Default shall have
occurred and be continuing:

 

(a)  the Agent may exercise in respect of the
Collateral, in addition to other rights and remedies provided for herein, in
the Loan Agreement or otherwise available to it, all the rights and remedies of
a secured party on default under the UCC (whether or not the UCC applies to the
affected Collateral), including, without limitation, the right to sell all or
any portion of the Collateral.

 

(b)  the Agent may notify
the Obligors with respect to the Pool Receivables, or any of them, of the Agent’s
security interest in the Collateral.

 

(c)  All Collections and other cash proceeds
received by the Agent in respect of any sale of, collections from, or
other realization upon all or any part of the Collateral shall be held by the
Agent as collateral for, and applied against, all or any part of the Secured
Obligations in the order of priority set forth in Section 3.02(c) of
the Loan Agreement.

 

SECTION 5.2.  Indemnity and Expenses.

 

(a)  The Borrower agrees to indemnify each
Indemnified Party from and against any and all claims, losses and liabilities
arising out of or resulting from this Security Agreement (including, without
limitation, enforcement of this Security Agreement), except to the extent such
claims, losses or liabilities shall have been determined by a court of
competent jurisdiction to have resulted from such Indemnified Party’s,
respectively, gross negligence or willful misconduct.

 

(b)  The Borrower agrees to pay upon demand by the
Agent, the amount of any and all reasonable out-of-pocket expenses of the
Agent, including the reasonable documented fees and disbursements of counsel
and of any experts and agents, which the Agent, may incur in connection with
(i) the administration of this Security Agreement as contemplated by the
Transaction Documents, (ii) the custody, preservation, use or operation of, or
the sale of, collection from, or other realization upon, any of the Collateral,
(iii) the exercise or enforcement of any of the rights of the Agent or the

 

6

 

Secured Parties hereunder, or (iv)
the failure by the Borrower to perform or observe any of the provisions hereof.

 

ARTICLE VI

 

RELEASE OF
COLLATERAL

 

SECTION 6.1.  Release of Collateral.  The Agent’s right, title and interest in the
Collateral shall be released and this Agreement shall terminate, in each case,
without further action, effective on the date on the Final Payout Date.  The Agent’s right, title and interest in any
Replaced Receivable shall terminate effective on the S&R Date on which the
Supersede-and-Replace related to such Replaced Receivable occurred.

 

SECTION 6.2.  Effect of Release.  When the release of any of the Collateral is
effective in accordance with Section 6.1,
all right, title and interest of the Agent in, to and under such Collateral
shall terminate and shall revert to the Borrower, its successors and assigns;
and, upon the request of the Borrower, its successors or assigns, and at the
cost and expense of the Borrower, its successors or assigns, the Agent shall
execute or authorize the filing of such UCC-3 financing statements or such
other instruments as are necessary or desirable to terminate the security
interests granted hereunder with respect to the Collateral.

 

ARTICLE VII

 

MISCELLANEOUS
PROVISIONS

 

SECTION 7.1.  Transaction Document.  This Security Agreement is a
Transaction Document executed pursuant to the Loan Agreement and shall
(unless otherwise expressly indicated herein) be construed, administered and
applied in accordance with the terms and provisions thereof.

 

SECTION 7.2.  Amendments; etc.  No amendment to any provision of this
Security Agreement shall be effective unless the same shall be in writing and
signed by the Borrower and the Agent and no waiver of any provision of this
Security Agreement nor consent to any departure by the Borrower herefrom shall
in any event be effective unless the same shall be in writing and signed by the
Agent, and then such waiver or consent shall be effective only in the specific
instance and for the specific purpose for which given.

 

SECTION 7.3.  Notices, Etc.  All notices and other communications provided
for hereunder shall, unless otherwise stated herein, be in writing (including
facsimile communication) and shall be personally delivered or sent by express
mail or courier or by certified mail, postage prepaid, or by facsimile, to the
intended party at the address or facsimile number of such party set forth in
the Loan Agreement or at such other address or facsimile number as shall be
designated by such party in a written notice to the other parties hereto.  All such notices and communications shall be
effective, (a) if personally delivered or sent by express mail or courier or if
sent by certified mail, when received, and (b) if transmitted by
facsimile, when sent, receipt confirmed by telephone or electronic means.

 

7

 

SECTION 7.4.  No Waiver; Remedies.  No failure on the part of the Agent to
exercise, and no delay in exercising, any right hereunder shall
operate as a waiver thereof; nor shall any single or partial exercise of
any right hereunder preclude any other or further exercise thereof or the
exercise of any other right.  The
remedies herein provided are cumulative and not exclusive of any remedies
provided by law.

 

SECTION 7.5.  Binding Effect; Survival.  This Security Agreement shall be binding upon
and inure to the benefit of the Borrower, the Agent and their respective
successors and assigns.  This Security
Agreement shall create and constitute the continuing obligations of the parties
hereto in accordance with its terms, and shall remain in full force and effect
until the Final Payout Date.

 

SECTION 7.6.  Captions and Cross
References.  The various
captions in this Security Agreement are provided solely for convenience of
reference and shall not affect the meaning or interpretation of any provision
of this Security Agreement.  Unless
otherwise indicated, references in this Security Agreement to any Section,
Appendix, Schedule or Exhibit are to such Section of or Appendix, Schedule or
Exhibit to this Security Agreement, as the case may be, and references in any
Section, subsection, or clause to any subsection, clause or subclause are to
such subsection, clause or subclause of such Section, subsection or
clause.

 

SECTION 7.7.  Integration.  This Agreement, together with the other
Transaction Documents, contains a final and complete integration of all prior
expressions by the parties hereto with respect to the subject matter hereof and
shall constitute the entire understanding among the parties hereto with respect
to the subject matter hereof, superseding all prior oral or written
understandings.

 

SECTION 7.8.  Governing Law.  THIS SECURITY
AGREEMENT, INCLUDING THE RIGHTS AND DUTIES OF THE PARTIES HERETO, SHALL BE
GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW
YORK, EXCEPT TO THE EXTENT THAT THE PERFECTION OF THE SECURITY INTEREST OF THE
AGENT IN THE COLLATERAL IS GOVERNED BY THE LAWS OF A JURISDICTION OTHER THAN
THE STATE OF NEW YORK.

 

SECTION 7.9.  Waiver Of Jury Trial.  EACH PARTY HERETO HEREBY EXPRESSLY WAIVES ANY
RIGHT TO A TRIAL BY JURY IN ANY ACTION OR PROCEEDING TO ENFORCE OR DEFEND ANY
RIGHTS UNDER THIS SECURITY AGREEMENT, OR ANY AMENDMENT, INSTRUMENT OR DOCUMENT
DELIVERED OR WHICH MAY IN THE FUTURE BE DELIVERED IN CONNECTION HEREWITH OR
ARISING FROM ANY BANKING OR OTHER RELATIONSHIP EXISTING IN CONNECTION WITH THIS
SECURITY AGREEMENT OR ANY OTHER TRANSACTION DOCUMENT AND AGREES THAT ANY SUCH
ACTION OR PROCEEDING SHALL BE TRIED BEFORE A COURT AND NOT A JURY TRIAL.

 

SECTION 7.10.  Consent To
Jurisdiction; Waiver Of Immunities. 
EACH PARTY HERETO HEREBY ACKNOWLEDGES AND AGREES THAT IT IRREVOCABLY (i)
SUBMITS TO THE JURISDICTION, FIRST, OF ANY UNITED STATES FEDERAL COURT, AND
SECOND, IF FEDERAL JURISDICTION IS NOT AVAILABLE, OF ANY

 

8

 

NEW YORK
STATE COURT, IN EITHER CASE SITTING IN NEW YORK, NEW YORK IN ANY ACTION OR
PROCEEDING ARISING OUT OF OR RELATING TO THIS SECURITY AGREEMENT, (ii) AGREES
THAT ALL CLAIMS IN RESPECT OF SUCH ACTION OR PROCEEDING MAY BE HEARD AND
DETERMINED ONLY IN SUCH NEW YORK STATE OR FEDERAL COURT AND NOT IN ANY OTHER
COURT, AND (iii) WAIVES, TO THE FULLEST EXTENT IT MAY EFFECTIVELY DO SO, THE
DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH ACTION OR
PROCEEDING.

 

SECTION 7.11.  Execution in Counterparts.  This Security Agreement may be executed in
any number of counterparts and by the different parties hereto in separate
counterparts, each of which when so executed shall be deemed to be an original
and all of which when taken together shall constitute one and the same Security
Agreement.

 

[SIGNATURE PAGE FOLLOWS]

 

9

 

IN WITNESS WHEREOF, each of the undersigned
have caused this Security Agreement to be duly executed and delivered by its
officer thereunto duly authorized as of the date first above written.

 

	
   

  	
  ASPEN TECHNOLOGY RECEIVABLES II LLC,

  as the Borrower

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
    /s/ Charles F. Kane

  	
   

  
	
   

  	
   

  	
  Name: Charles F. Kane

  
	
   

  	
   

  	
  Title: Vice President

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  GUGGENHEIM CORPORATE FUNDING, LLC,

  as the Agent

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
    /s/ Todd Boehly

  	
   

  
	
   

  	
   

  	
  Name: Todd Boehly

  
	
   

  	
   

  	
  Title: Attorney-in-Fact

  

 

 

Signature Page to Security
Agreement

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