Document:

Exhibit 10.15(k)

 

ELEVENTH AMENDMENT TO
NON-RECOURSE RECEIVABLES PURCHASE AGREEMENT

 

This Eleventh Amendment to Non-Recourse
Receivables Purchase Agreement (this “Amendment”) is entered into as of June 28,
2007, by and between SILICON VALLEY BANK,
a California-chartered bank, with its principal place of business at 3003
Tasman Drive, Santa Clara, California 95054 and with a loan production office
located at One Newton Executive Park, Suite 200, 2221 Washington Street,
Newton, Massachusetts 02462 (“Buyer”) and ASPEN TECHNOLOGY, INC.,
a Delaware corporation with offices at Ten Canal Park, Cambridge, Massachusetts
02141 (“Seller”).

 

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

 

2.                                      DESCRIPTION OF
CHANGE IN TERMS.

 

Modification to Purchase
Agreement.

 

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

 

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

 

“                                          “OFAC”
has the meaning set forth in Section 6.1(h).”

 

 

B.                                    The Purchase
Agreement shall be amended by deleting Section 2.1 thereof and inserting
in lieu thereof the following Section 2.1:

 

“2.1                         Sale
and Purchase.  Subject to
the terms and conditions of this Agreement, with respect to each Purchase,
effective on each applicable Purchase Date, Seller agrees to sell to Buyer and
Buyer agrees to buy from Seller all right, title, and interest (but none of the
obligations with respect to) of the Seller to the payment of all sums owing or
to be owing from the Account Debtors under each Purchased Receivable to the
extent of the Purchased Receivable Amount for such Purchased Receivable.

 

Each purchase and sale hereunder shall be in the
sole discretion of Buyer and Seller.  In
any event, Buyer will not (i) purchase any Receivables in excess of an
aggregate outstanding amount exceeding Sixty-Five Million Dollars
($65,000,000.00), or (ii) purchase any Receivables under this Agreement
after October 16, 2007.  The
purchase of each Purchased Receivable may be evidenced by an assignment or bill
of sale in a form acceptable to Buyer.”

 

C.                                    The Purchase
Agreement shall be amended by deleting the following text appearing in Section 6.1
thereof:

 

“                                          (g)                                  No Account
Debtor set forth on the applicable Schedule with respect to such Purchased
Receivable has objected to the payment for, or the quality or the quantity of
the subject matter of, the Purchased Receivable, each such Account Debtor is
liable for the amount set forth on such Schedule.”

 

and inserting in lieu thereof the following:

 

“                                          (g)                                  Seller and each
Account Debtor set forth on the applicable Schedule with respect to such
Purchased Receivable each comply in all material respects with all applicable
laws, regulations and governmental rules, and that each Purchased Receivable is
legally enforceable in accordance with its terms;

 

(h)                                 Seller is in compliance with
all applicable laws, regulations and governmental requirements and guidance
with respect to anti-money laundering and anti-terrorist financing and all
applicable regulations issued or enforced by the United States Treasury
Department’s Office of Foreign Assets Control (“OFAC”).  Seller specifically represents and warrants
that, as of the date the Purchased Receivable is purchased by Buyer, no party
to any Purchased Receivable is listed on the Specially Designated Nationals (as
defined in any OFAC regulations) list or any similar 

 

 

list maintained by OFAC, and that the Purchased Receivable does not
involve or relate to a country subject to United States sanctions and
embargoes; and

 

(i)                                     No Account Debtor set forth
on the applicable Schedule with respect to such Purchased Receivable has
objected to the payment for, or the quality or the quantity of the subject
matter of, the Purchased Receivable, each such Account Debtor is liable for the
amount set forth on such Schedule.”

 

D.                                    The Purchase
Agreement shall be amended by inserting the following text appearing at the end
of Section 8(b) thereof:

 

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

 

3.                                      FEES.  Seller shall pay to Buyer a modification fee
of $40,625.00, which fee shall be due on the date hereof and shall be deemed
fully earned as of the date hereof. 
Seller shall also reimburse Buyer for all legal fees and expenses
incurred in connection with this Amendment.

 

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

 

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

 

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

 

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

 

 

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

 

[remainder of page is
intentionally left blank]

 

 

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

 

	
  SELLER:

  	
   

  	
  BUYER:

  
	
   

  	
   

  	
   

  
	
  ASPEN
  TECHNOLOGY, INC.

  	
   

  	
  SILICON
  VALLEY BANK

  
	
   

  	
   

  	
   

  
	
  By:

  	
   

  	
  /s/
  Leo S. Vannoni

  	
   

  	
  By:

  	
   

  	
  /s/
  Michael Tramack

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Name:

  	
   

  	
  Leo
  S. Vannoni

  	
   

  	
  Name:

  	
   

  	
  Michael
  Tramack

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Title:

  	
   

  	
  Treasurer

  	
   

  	
  Title:

  	
   

  	
  Senior
  Vice PresidentExhibit 10.15(l)

 

TWELFTH AMENDMENT TO
NON-RECOURSE RECEIVABLES PURCHASE AGREEMENT

 

This Twelfth Amendment to Non-Recourse
Receivables Purchase Agreement (this “Amendment”) is entered into as of October 16,
2007, by and between SILICON VALLEY BANK,
a California-chartered bank, with its principal place of business at 3003
Tasman Drive, Santa Clara, California 95054 and with a loan production office
located at One Newton Executive Park, Suite 200, 2221 Washington Street,
Newton, Massachusetts 02462 (“Buyer”) and ASPEN TECHNOLOGY, INC.,
a Delaware corporation with offices at Ten Canal Park, Cambridge, Massachusetts
02141 (“Seller”).

 

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

 

2.                                      DESCRIPTION OF
CHANGE IN TERMS.

 

Modification to Purchase
Agreement.

 

A.                                    The Purchase
Agreement shall be amended by deleting Section 2.1 thereof and inserting
in lieu thereof the following Section 2.1:

 

“2.1                         Sale and Purchase.  Subject to the terms and conditions of this
Agreement, with respect to each Purchase, effective on each applicable Purchase
Date, Seller agrees to sell to Buyer and Buyer agrees to buy from Seller all
right, title, and interest (but none of the obligations with respect to) of the
Seller to the payment of all sums owing or to be owing from the Account Debtors
under each 

 

 

Purchased Receivable to the extent of the
Purchased Receivable Amount for such Purchased Receivable.

 

Each purchase and sale
hereunder shall be in the sole discretion of Buyer and Seller.  In any event, Buyer will not (i) purchase
any Receivables in excess of an aggregate outstanding amount exceeding
Sixty-Five Million Dollars ($65,000,000.00), or (ii) purchase any
Receivables under this Agreement after February 15, 2008.  The purchase of each Purchased Receivable may
be evidenced by an assignment or bill of sale in a form acceptable to Buyer.”

 

3.                                      FEES.  Seller shall pay to Buyer a modification fee
of $54, 200.00, which fee shall be due on the date hereof and shall be deemed
fully earned as of the date hereof. 
Seller shall also reimburse Buyer for all legal fees and expenses
incurred in connection with this Amendment.

 

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

 

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

 

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

 

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

 

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

 

[remainder of page is intentionally left blank]

 

 

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

 

	
  SELLER:

  	
   

  	
  BUYER:

  
	
   

  	
   

  	
   

  
	
  ASPEN
  TECHNOLOGY, INC.

  	
   

  	
  SILICON
  VALLEY BANK

  
	
   

  	
   

  	
   

  
	
  By:

  	
   

  	
  /s/
  Bradley Miller

  	
   

  	
  By:

  	
   

  	
  /s/
  Michael Tramack

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Name:

  	
   

  	
  Bradley
  Miller

  	
   

  	
  Name:

  	
   

  	
  Michael
  Tramack

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Title:

  	
   

  	
  CFO

  	
   

  	
  Title:

  	
   

  	
  SVP

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