Document:

Exhibit 10.9

 

AMENDED AND RESTATED

DIRECT FINANCE AND SERVICES ADDENDUM

TO LETTER AGREEMENT

 

This Amended and Restated Direct Finance and Services
Addendum to Letter Agreement (“Addendum”) is entered into by and among
Aspen Technology, Inc. (“AspenTech”), Fleet Business Credit, LLC,
formerly known as Sanwa Business Credit Corporation (“FBC”), Fleet
Business Credit (UK) Limited (“FBC-UK”) and Fleet Business Credit (Deutschland)
GmbH (“FBC-Germany”) effective as of December 30, 2004.  The terms of this Addendum are supplemental
to the Letter Agreement (as defined below), and form a part of the Letter
Agreement, which will remain in full force and effect except as provided in
this Addendum.  This Addendum amends,
restates, and replaces and supercedes the existing Direct Finance and Services
Addendum to Letter Agreement, dated as of March 29, 1999 (the “Existing
Direct Finance Addendum”).

 

WHEREAS, AspenTech and FBC are parties to that certain letter agreement dated as
of March 25, 1992, as amended by a First Amendment dated as of March 3,
1994, a Second Amendment dated as of January 1, 1997, the Existing Direct
Finance Addendum, a Third Amendment dated as of March 28, 2003 (the “Letter
Agreement”); and

 

WHEREAS, AspenTech, FBC, FBC-UK and FBC-Germany are
parties to an Accession Agreement dated September 30, 2002 and a Side
Agreement dated April 22, 2003; and

 

WHEREAS, AspenTech and FBC wish to restate the provision of a method under which
AspenTech, subject to the terms of the Letter Agreement as supplemented by this
Addendum, may refer to FBC those customers which desire to finance their
acquisition of AspenTech software and services, with financing documentation to
be originated and compiled by AspenTech; and

 

WHEREAS, AspenTech and FBC also wish to provide for purchase financing and
direct financing of services that are provided in conjunction with AspenTech
software products; and

 

WHEREAS, FBC-UK and FBC-Germany wish to consent to the
terms of this Addendum,

 

NOW THEREFORE, in consideration of the premises
and for other good and valuable consideration the receipt of which is hereby
acknowledged, AspenTech and FBC hereby agree as follows:

 

1.                                       Definitions.

 

(a)                                  Capitalized Terms. 
Capitalized terms used in this Addendum will have the same meaning given
under the Letter Agreement, as amended, except as provided in Section 1(c) below.

 

 

(b)                                 Additional Definitions.  The
following terms will have the meanings given to them in this Section:

 

“Acquisition Cost” for
any Software financed for an Obligor by FBC and covered by a Direct Finance
Contract, means an amount equal to the amount (net of rebates and credits)
which AspenTech charges for such Software, less the amount of any down payments
or credits, and/or unpaid refinancing or “take-out” liabilities associated with
such Software.

 

“Closing Date” has the
meaning given in Section 2(f).

 

“Direct Finance Contract”
means a non-cancelable full pay-out financing agreement arising out of the
licensing and provision of Software, which is a direct agreement between the
Obligor and FBC.  A Direct Finance
Contract is a “Contract” under the Letter Agreement.

 

“Software Agreements” has
the meaning given in Section 2(e).

 

(c)                                  Replacement Definitions.  The
definition of “Software” provided under the Letter Agreement is replaced by the
following definition:

 

“Software” means software
products licensed by AspenTech under license agreements with Obligors and
services, such as maintenance, support, consulting and special applications
development, which are provided to by AspenTech to Obligors under the terms of
such license agreements.

 

2.                                       Direct Finance Transactions.

 

(a)                                  Offers; Origination. 
AspenTech may advise its prospective Obligors about direct financing
opportunities under this Addendum.  FBC
may in its sole discretion elect to finance or decline to finance an Obligor’s
acquisition of AspenTech Software.

 

(b)                                 Financed Amount.  The amount to be financed for
Software under direct financings will not exceed the actual license fee,
service fee for and/or cost of such Software to the Obligor.

 

(c)                                  Limitations on Direct Finance Contracts.  Each
Direct Finance Contract shall be in the form attached hereto as Exhibit A,
except as specifically approved in writing by FBC.

 

(d)                                 Credit Acceptance.  FBC will
in its sole discretion determine the acceptability of the Obligor’s credit
under proposed transactions and will advise AspenTech of FBC’s credit
determination.  If FBC does not approve
the creditworthiness of an Obligor under a proposed transaction within thirty
(30) business days, the proposed transaction will be deemed rejected.  Credit approvals by FBC shall be in writing
and shall be valid for a period of ninety (90) days from their issuance unless
a different time is specified in writing by FBC, and will be subject to

 

 

any
terms specified by FBC in connection with the approval.  Credit approval may be revoked if FBC
determines, in its sole discretion, that (i) a change has occurred in the
structure of the proposed transaction from that represented by AspenTech to FBC
at the time of its approval, (ii) there has occurred a material adverse
change (as determined by FBC) in the creditworthiness or business condition of
the Obligor, or (iii) any of the materials, information, statements and/or
representations provided to FBC in connection with its credit review or
approval are false, misleading or incomplete to any material extent. FBC will
promptly notify AspenTech, in writing, of any revocation.

 

(e)                                  Conditions to Financing.  In the
event FBC agrees to directly finance any AspenTech Software, all of the
following conditions must be satisfied at or prior to the Closing Date with
respect to such financing:

 

(1)                                  No material change shall have occurred to
AspenTech’s business or financial status since the date of this Addendum which
prevent AspenTech from meeting its obligations under the Letter Agreement, this
Addendum or any Assignment and its obligations (if any) with respect to any
Software covered by any Software Agreement;

 

(2)                                  This Addendum must be in full force and effect
and shall not have expired, or been terminated or revoked;

 

(3)                                  AspenTech must not be in breach of any of its
obligations under this Addendum.

 

(4)                                  FBC must have approved the credit of the and such
approval shall not have been revoked;

 

(5)                                  AspenTech must have originated and compiled, and
FBC must have received:

 

(i)                                     The original Direct Finance Contract, any
schedules, riders and attachments thereto, all fully executed by the Obligor;

 

(ii)                                  Evidence that the software components of the
Software covered or financed under the Direct Finance Contract have been
shipped to, and that such software components have been accepted in accordance
with and as defined by the terms and conditions of the Software Agreements;

 

(iii)                               A copy of any license or other agreements between
AspenTech and the Obligor with respect to the Software, (“Software
Agreements”), certified as true, accurate and correct by AspenTech; and

 

(iv)                              Such other guaranties, documents, instruments and
agreements as required under FBC’s credit approval or as FBC may otherwise
reasonably require.

 

 

(f)                                    Closing.  Except as otherwise mutually
agreed to by AspenTech and FBC, each closing shall occur on a mutually agreed
upon business day following the satisfaction of all of the conditions precedent
to purchase set forth in Section 2(e) (the “Closing Date”).  On each Closing Date, FBC shall pay to
AspenTech the aggregate Acquisition Cost for all Software being financed on
such Closing Date.

 

(g)                                 No Assumption by FBC.  FBC
shall not be deemed to have assumed any of AspenTech’s, any licensor’s, or any
service provider’s obligations with respect to any Software.

 

3.                                       Warranties as to the Direct Finance Contracts. 
AspenTech warrants that all of the following are true and correct with
respect to all Software financed under this Addendum and the Direct Finance
Contract and related agreements covering such Software.  These warranties will, for Direct Finance
Contracts, supersede and replace the eligibility provisions of the Letter
Agreement:

 

(a)                                  Bona Fide Transaction; Acceptance.  The Direct
Finance Contract arises from a bona fide financing of the Software described in
the Direct Finance Contract; as of the Closing Date, the software components of
the Software have been shipped to, and accepted in accordance with and as
defined by the terms and conditions of the Software Agreements, by the Obligor;

 

(b)                                 Software Complies With License and Laws.  The
Software complies with the requirements of any applicable license or other
agreement and any applicable laws and regulations and AspenTech has an
unconditional, non-terminable right to license, relicense or sublicense the
software components of the Software covered under the Direct Finance Contract
for the full term of the Direct Finance Contract;

 

(c)                                  Counterparts.  All original counterparts of the
Direct Finance Contract and any related agreements have been delivered to FBC
as of the Closing Date, together with complete fully executed copies of all
Software license agreements and other agreements entered into in connection
with the Software and Direct Finance Contract; the Direct Finance Contract and
related agreements accurately set forth the name of the Obligor, the Software
financed under the Direct Finance Contract, and the term, Payments and other
details of the related transaction;

 

(d)                                 Form of Direct Finance Contract.  Except
as specifically approved in writing by FBC, the Direct Finance Contract is
unaltered from the form attached hereto as Exhibit A;

 

(e)                                  Unimpaired Right to License Software. 
AspenTech has good title to and an unimpaired fully paid right to
license the Software for the full term of the Direct Finance Contract, subject
only to the interest of the Obligor and the interest, if any, of the developer
or third-party licensor of the Software to whom or which all license fees and/or
royalties relating to the Software have been or will be fully paid on such a
basis as to maintain, for the full term of the Direct Finance Contract, the
Obligor’s license and Software rights with respect to sublicensed and
re-licensed Software;

 

 

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

 

(g)                                 No Default.  As of the Closing Date, there
existed no event of default, or event which with the passage of time or giving
of notice, or both, would become an event of default under terms of the Direct
Finance Contract or any license or other agreement covering the Software, and
Aspen had no knowledge of any fact that may impair the Direct Finance Contract’s
validity;

 

(h)                                 No Offsets, Etc.  There
exist no setoffs, counterclaims or defenses on the part of any Obligor under
the Direct Finance Contract or any Obligor Guaranty which arise out AspenTech’s
acts or omissions or which are based upon any alleged breach by AspenTech of
any warranty, representation or obligation under the Software Agreements.

 

(i)                                     Taxes.  All taxes, assessments, fines,
fees and other liabilities relating to the Software and which have been assessed
or accrued prior to our purchase have been paid when due, and all filings in
respect of any such taxes, assessments, fines, fees and other liabilities have
been timely made;

 

(j)                                     No Licensor or Provider Default.  Neither
AspenTech, nor any developer, licensor or provider of the Software is in
default of any of AspenTech’s or such developer’s, licensor’s or provider’s
material obligations with respect to the Software or imposed by applicable law,
rule or regulation with respect to the Direct Finance Contract and the
related Software;

 

(k)                                  No Impairment.  Aspen has not amended or modified, directly
or indirectly, any Direct Finance Contract, any Payments thereunder, or any
related Obligor Guaranty; Aspen has not made any statements to any Obligor
under the Direct Finance Contract which waive or alter the terms of the Direct
Finance Contract or could have the effect of waiving or modifying the terms of
the Direct Finance Contract.

 

(l)                                     Termination Right.  AspenTech acknowledges that FBC may provide
under the Direct Finance Contract that the Obligor’s license and right to use
and receive the Software financed under the Direct Finance Contract may be
terminated by FBC or AspenTech (at FBC’s request) in the event of non-payment
or breach of the Direct Finance Contract by the Obligor.

 

4.                                       Covenants.

 

Until the termination of this Addendum and for as long
as any Direct Finance Contract remains outstanding, AspenTech will:

 

(a)                                  Performance of Obligations.  Maintain
all rights to license Software financed under the Direct Finance Contracts for
the full term of the Direct Finance Contracts and perform

 

 

or
cause to be performed all of AspenTech’s or any developer’s, service provider’s
or licensor’s obligations arising by contract or imposed by applicable law, rule or
regulation with respect to the Software.

 

(b)                                 License Transfers to Successors, Etc. 
AspenTech will permit Software to be transferred freely, at no
additional charge, to any Obligor’s successor or to any purchaser of the
business or assets of an Obligor, subject only to any site, term, user number
and/or similar restrictions specified in the Software Agreements and such
successor’s or purchaser’s agreement to be bound by any Software agreement that
is effective against the Obligor.

 

(c)                                  License Transfer.  AspenTech
agrees to any transfer and assignment of the Software license and related
software support and maintenance from the Obligor to FBC and further agrees to
any subsequent transfer and assignment of such Software License and related
software support and maintenance from FBC to a third party, provided such
transfer and assignment complies with the Export Administration Act.

 

(d)                                 FBC Authorized to Terminate, Transfer and
Reinstate.  AspenTech irrevocably grants and licenses to
FBC the right to effect and carry out any termination, transfer and/or
reinstatement of Software rights as may be required of AspenTech under Sections
(a)-(c).  All such actions taken by FBC
will have the same force and effect as if taken by AspenTech.

 

5.                                       “Software” May Include Services.  The Letter Agreement will be construed to
cover and permit financing service products that are included in this Addendum’s
definition of Software.  Letter Agreement
references to Software, development and licensing, and provisions that apply to
Software, development and licensing will be broadly construed to constitute
parallel references to services and the provision of services.

 

6.                                       Indemnities. 

 

(a)                                  Section 3 Warranties.  If any
of the warranties specified in Section 3 shall not be true, correct or
satisfied, FBC may request or demand that AspenTech indemnify FBC for losses,
not to exceed the license and support fees received by AspenTech in connection
with the Software financed under the Direct Finance Contract, incurred by FBC
associated with a breach of such warranties. 
This indemnity is not intended to cover, and will not apply to, without
limitation, FBC’s loss of investment or non-receipt of payments resulting
solely from an Obligor’s financial inability to pay.

 

(b)                                 Software Claims Indemnity. 
AspenTech agrees to indemnify FBC for and save it harmless from any
losses, damages, penalties, claims, costs, expenses (including court costs and
reasonable attorneys’ fees) or liabilities which may be brought, incurred,
assessed or adjudged against FBC, not caused by FBC’s negligence or willful
misconduct, related to or arising from any breach by AspenTech of any of its
representations, warranties, covenants or other obligations or agreements
contained in this Addendum or any Software Agreement.

 

7.                                       Override of Certain Sections of Letter Agreement
(Concerning Direct Finance Contracts Only).  With respect to any Direct
Finance Contracts, the provisions of this Addendum supersede

 

 

and
control over the Letter Agreement. 
Sections 2, 3, 5, 8, 9, 10, 11, 11A, and 12 of the Letter Agreement will
not apply to Direct Finance Contracts.

 

8.                                       Termination.

 

This Addendum shall continue in effect until terminated
and may be terminated by either party at any time upon thirty (30) days’
written notice to the other, provided, however, that all indemnities and all of
the rights and obligations of the parties which apply to any Direct Finance
Contracts entered into prior to such termination shall survive such termination
until two (2) years after the later of (i) such time as the Net
Contract Balance of all Direct Finance Contracts (after giving effect to all
recoveries and payments received on account of the Direct Finance Contracts)
has been reduced to zero, or (ii) termination of this Addendum.

 

9.                                       Miscellaneous.

 

(a)                                  Interest on Overdue AspenTech Obligations.
AspenTech shall pay FBC interest at a rate equal to eighteen percent (18%) per
annum or the maximum rate permitted by applicable law on any payments due to
FBC from AspenTech which are more than 30 days past due.

 

(b)                                 Misdirected Payments.  If
AspenTech receives a Payment on account of a Direct Finance Contract, AspenTech
agrees to receive the amount in trust for FBC and promptly forward the Payment
to FBC in kind.

 

(c)                                  Authority.  AspenTech represents and warrants
(each representation and warranty shall be considered as having been made
concurrently with any financing by FBCC, as an inducement to FBC to enter into
such financing) that it is duly authorized to execute and deliver this
Addendum, and is and will (as long as this Addendum is in effect and thereafter
until FBC receives full payment of all amounts due under the Direct Finance
Contracts and the Agreement) continue to be, duly authorized to originate the
Direct Finance Contracts and perform all of its obligations under this
Addendum.

 

(d)                                 Scope, Ratification.  This
Addendum provides specific terms and conditions which apply supplementally to
the Letter Agreement for Direct Finance Contracts only.  Except as specifically provided in this
Addendum, and then only with respect to Direct Finance Contracts, the Letter
Agreement is effective and is hereby ratified and confirmed.

 

(e)                                  Not Applicable to International Contracts.  This
Addendum will not apply to International Contracts.  Direct Finance Contracts will not be offered
for international transactions unless Aspen and FBC specifically agree in
writing.

 

(f)                                    Severability.  Any provision of this Addendum
which is prohibited by or is unlawful or unenforceable under any applicable law
of any jurisdiction, such provision shall, as to such jurisdiction, be
ineffective to the extent of such prohibition or unenforceability without
invalidating the remaining provisions hereof; provided, however, that any such
prohibition in any jurisdiction shall not invalidate such provision in any
other jurisdiction; provided, further, that where the provisions of any such
applicable law may be waived, they hereby are waived by

 

 

AspenTech
and FBC to the full extent permitted by applicable law to the end and that this
Addendum shall be deemed to be a valid and binding agreement in accordance with
its terms.

 

(g)                                 Counterparts.  This Addendum may be executed in
any number of counterparts, and each such counterpart shall be deemed to be an
original, but all such counterparts together shall constitute one and the same
Addendum.

 

(h)                                 Governing Law.  This Addendum shall be construed
and governed according to the laws of (but not the choice of law rules of)
the State of Illinois.

 

IN WITNESS WHEREOF, the parties hereto have caused their
duly authorized officers to execute this Addendum, and to amend and completely
restate the existing Direct Finance Addendum to Letter Agreement, effective as
of December 30, 2004.

 

	
   

  	
  ASPEN TECHNOLOGY, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
    /s/  Leo S. Vannoni

  	
   

  
	
   

  	
  Title:

  	
  VP and Treasurer

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  FLEET BUSINESS CREDIT, LLC

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
    /s/ 
  Phillip Raby

  	
   

  
	
   

  	
  Title:

  	
  Credit Manager

  	
   

  
								

 

 

Consent

 

FBC-UK and FBC-Germany have reviewed and hereby consent to
the foregoing Amended and Restated Direct Finance and Services Addendum to
Letter Agreement.

 

	
  Fleet Business Credit (UK) Limited

  	
   

  
	
   

  	
   

  
	
  By: 

  	
     /s/ Phillip Raby

  	
   

  
	
  Its:

  	
   

  	
   

  
	
   

  	
   

  
	
  Fleet Business Credit (Deutschland) GmbH

  
	
   

  	
   

  
	
  By:

  	
    /s/ Phillip Raby

  	
   

  
	
  Its:EXHIBIT 10.79

 

SEVENTH
LOAN MODIFICATION AGREEMENT

 

This Seventh Loan Modification Agreement (this “Loan
Modification Agreement”) is entered into as of September 13, 2005, by and between
SILICON VALLEY BANK, a California
chartered bank, with its principal place of business at 3003 Tasman Drive,
Santa Clara, California 95054 and with a loan production office located at One
Newton Executive Park, Suite 200, 2221 Washington Street, Newton,
Massachusetts 02462 (“Bank”) and ASPEN
TECHNOLOGY, INC., a Delaware corporation with offices at Ten Canal
Park, Cambridge, Massachusetts 02141 for itself and as successor by merger with
ASPENTECH, INC., a Texas
corporation with offices at Ten Canal Park, Cambridge, Massachusetts 02141 (“Borrower”).

 

1.                                       DESCRIPTION
OF EXISTING INDEBTEDNESS AND OBLIGATIONS. Among other indebtedness and
obligations which may be owing by Borrower to Bank, Borrower is indebted to
Bank pursuant to a loan arrangement dated as of January 30, 2003,
evidenced by, among other documents, a
certain Loan and Security Agreement dated as of January 30, 2003 between
Borrower, Aspentech, Inc. and Bank, as amended by a certain letter
agreement dated February 14, 2003, a certain First Loan Modification
Agreement dated June 27, 2003, a certain Second Loan Modification
Agreement dated September 10, 2004, a certain Third Loan Modification
Agreement dated January 28, 2005, a certain Fourth Loan Modification
Agreement dated April 1, 2005, a certain Fifth Loan Modification Agreement
dated May 6, 2005, and as further amended by a certain Sixth Loan
Modification Agreement dated June 15, 2005 (as amended, the “Loan
Agreement”).  Capitalized terms used but
not otherwise defined herein shall have the same meaning as in the Loan
Agreement.

 

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

 

Hereinafter, the Security Documents, together with all
other documents evidencing or securing the Obligations including the
Export-Import Bank Loan and Security Agreement dated as of January 30,
2003, as amended, shall be referred to as the “Existing Loan Documents”.

 

3.                                       DESCRIPTION
OF CHANGE IN TERMS.

 

Modifications to Loan
Agreement.

 

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

 

“a.
Minimum Tangible Net Worth:

 

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

 

(i)

 

(a) from April 1, 2005 through and including April 30,
2005 - $35,000,000;

 

(b) from May 1, 2005 through and including May 31, 2005
- $25,000,000;

 

(c) from June 1, 2005 through and including June 30, 2005
- $21,000,000;

 

(d) from July 1, 2005 through and including July 31, 2005
- $14,000,000;

 

 

(e) from August 1, 2005 through and including August 31,
2005 - $7,000,000;

 

(f) from September 1, 2005 through and including September 30,
2005 - $21,000,000;

 

(g) from October 1, 2005 through and including October 31,
2005 - $14,000,000;

 

(h) from November 1, 2005 through and including November 30,
2005 - $7,000,000;

 

(i) from December 1, 2005 through and including December 31,
2005 - $26,000,000;

 

(j) from January 1, 2006 through and including January 31,
2006 - $19,000,000;

 

(k) from February 1, 2006 through and including February 28,
2006 - $12,000,000;

 

(l) from March 1, 2006 through and including March 31, 2006 -
$31,000,000;

 

(m) from April 1, 2006 through and including April 30, 2006 -
$24,000,000;

 

(n) from May 1, 2006 through and including May 31, 2006 - $17,000,000;
and

 

(o) from June 1, 2006 through and including June 30, 2006 -
$36,000,000.

 

(ii) 75% of all consideration received after July 1, 2005
from proceeds from the issuance of any equity securities of the Borrower (other
than (i) the issuance of stock options, restricted stock or other
stock-based awards under the Borrower’s director or employee stock incentive
plans, or (ii) stock purchases under the Borrower’s employee stock
purchase plan).”

 

(ii)                                  The
Loan Agreement shall be amended by deleting Section 5(c) of the Schedule thereto
in its entirety and inserting in lieu thereof the following:

 

“c. Adjusted Quick Ratio:

 

Borrower shall maintain, at all times, to be tested monthly, an
Adjusted Quick Ratio of at least:

 

(a) from April 1, 2005 through and including April 30,
2005 - 1.35 to 1.0;

 

(b) from May 1, 2005 through and including May 31, 2005
- 1.20 to 1.0;

 

(c) from June 1, 2005 through and including June 30,
2005 - 1.15 to 1.0;

 

(d) from July 1, 2005 through and including July 31,
2005 - 1.05 to 1.0;

 

(e) from August 1, 2005 through and including August 31,
2005 - 0.95 to 1.0;

 

(f) from September 1, 2005 through and including September 30,
2005 - 1.15 to 1.0;

 

(g) from October 1, 2005 through and including October 31,
2005 - 1.05 to 1.0;

 

(h) from November 1, 2005 through and including November 30,
2005 - 0.95 to 1.0;

 

(i) from December 1, 2005 through and including December 31,
2005 - 1.20 to 1.0

 

2

 

(j) from January 1, 2006 through and including January 31,
2006 - 1.10 to 1.0;

 

(k) from February 1, 2006 through and including February 28,
2006 - 1.00 to 1.0;

 

(l) from March 1, 2006 through and including March 31, 2006 -
1.25 to 1.0;

 

(m) from April 1, 2006 through and including April 30, 2006 -
1.15 to 1.0;

 

(n) from May 1, 2006 through and including May 31, 2006 - 1.05
to 1.0; and

 

(o) from June 1, 2006 through and including June 30, 2006 - 1.30
to 1.0.”

 

4.                                       WAIVER.  Bank hereby waives Borrower’s existing
defaults under the Existing Loan Documents by virtue of Borrower’s failure to
comply with the Tangible Net Worth covenant set forth in Section 5(a) and
the Adjusted Quick Ratio covenant set forth in Section 5(c) of the Schedule to
the Loan Agreement (each as in effect prior to the date of this Loan
Modification Agreement) as of the months of June 2005, July 2005 and August 2005.  Bank’s waiver of Borrower’s compliance with
said covenants shall apply only to the foregoing specific periods and shall
apply only to the requirements in effect prior to the date of this Loan
Modification Agreement and, accordingly, shall not apply to the revised
requirements for June 2005, July 2005 and August 2005 set forth
in this Loan Modification Agreement.

 

5.                                       FEES.  Borrower shall reimburse Bank for all legal
fees and expenses incurred in connection with this amendment to the Existing
Loan Documents.

 

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

 

7.                                       RATIFICATION
OF PERFECTION CERTIFICATES.  Borrower
hereby ratifies, confirms and reaffirms, all and singular, the terms and
disclosures contained in certain Perfection Certificates each dated as of January 30,
2003, as amended and affected by Schedule 1 to the Fourth Amendment and Exhibit A
to the Fourth Amendment and acknowledges, confirms and agrees the disclosures
and information therein has not changed as of the date hereof.

 

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

 

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

 

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

 

11.                                 CONTINUING
VALIDITY.  Borrower understands and
agrees that in modifying the existing Obligations, Bank is relying upon
Borrower’s representations, warranties, and agreements, as set forth in the
Existing Loan Documents.  Except as
expressly modified pursuant to this Loan Modification Agreement, the terms of
the Existing Loan Documents remain unchanged and in full force and effect.  Bank’s agreement to modifications to the
existing Obligations pursuant to this Loan Modification Agreement in no way
shall obligate Bank to make any future modifications to the Obligations.  Nothing in this Loan Modification

 

3

 

Agreement shall
constitute a satisfaction of the Obligations. 
It is the intention of Bank and Borrower to retain as liable parties all
makers of Existing Loan Documents, unless the party is expressly released by
Bank in writing.

 

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

 

[Remainder
of page intentionally left blank.]

 

4

 

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

 

	
   

  	
  BORROWER:

  
	
   

  	
   

  
	
   

  	
  ASPEN
  TECHNOLOGY, INC.

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  /s/
  Charles F. Kane

  	
   

  
	
   

  	
  Name:

  	
     
  Charles F. Kane

  	
   

  
	
   

  	
  Title:

  	
  Senior
  Vice President and

  
	
   

  	
   

  	
  Chief
  Financial Officer

  
	
   

  	
   

  
	
   

  	
  BANK:

  
	
   

  	
   

  
	
   

  	
  SILICON
  VALLEY BANK

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  /s/
  Michael Tramack

  	
   

  
	
   

  	
  Name:

  	
  Michael
  Tramack

  
	
   

  	
  Title:

  	
    Relationship
  Manager

  
									

 

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

 

ASPENTECH SECURITIES CORP.

 

	
  By:

  	
   

  	
  /s/ Charles F.
  Kane

  	
   

  
	
  Name:

  	
   Charles F.
  Kane

  
	
  Title:

  	
  Senior Vice President and

  
	
   

  	
  Chief Financial
  Officer

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