Document:

EXHIBIT 10.5

 

SIXTH
LOAN MODIFICATION AGREEMENT

 

This Sixth Loan Modification Agreement (this “Loan
Modification Agreement”) is entered into as of June 15, 2005, by and among
(i) SILICON VALLEY BANK, a
California chartered bank, with its principal place of business at
3003 Tasman Drive, Santa Clara, California 95054 and with a loan
production office located at One Newton Executive Park, Suite 200, 2221
Washington Street, Newton, Massachusetts 
02462 (“Bank”) and (ii) ASPEN
TECHNOLOGY, INC., a Delaware corporation with offices at Ten Canal
Park, Cambridge, Massachusetts 02141 and ASPENTECH,
INC., a Texas corporation with offices at Ten Canal Park, Cambridge,
Massachusetts 02141 (jointly and severally, individually and collectively, “Borrower”)

 

1.                                       DESCRIPTION
OF EXISTING INDEBTEDNESS AND 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 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, and as
further amended by a certain Fifth Loan Modification Agreement (the “Fifth
Amendment”) dated May 6, 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,
and all other agreements, documents and instruments executed and delivered in
connection therewith, all of which shall be referred to collectively as the “Existing
Loan Documents”.

 

3.                                       DESCRIPTION
OF CHANGE IN TERMS.

 

Modifications to
Loan Agreement.

 

(i)                                     Section 4.4
of the Loan Agreement is hereby amended by deleting the following text
appearing therein:

 

“Borrower shall cause the
Account Debtors to remit all Receivables owned by Borrower to Silicon and
Silicon shall hold all payments on, and proceeds of, Receivables in a lockbox
account, or such other “blocked account” as Silicon may specify, pursuant to a
blocked account agreement in such form as Silicon may reasonably require.  All such payments on, and proceeds of,
Receivables shall be first applied to the Obligations in such order as Silicon
shall determine, with the excess, if any, deposited on a daily basis into an
operating account of Borrower with Silicon. “

 

and inserting in lieu thereof the
following:

 

“Borrower shall
cause the Account Debtors to remit all Receivables to Silicon and Silicon shall
hold all payments on, and proceeds of, Receivables in a lockbox account, cash
collateral account, and/or such other “blocked account” as Silicon may specify
(collectively, the Lockbox Account”), pursuant to such blocked account
agreements in such form as Silicon may reasonably require.  Prior to the occurrence of a Default, all
such payments on, and proceeds of,

 

 

Receivables, as well as
any and all other payments deposited into the Lockbox Account, shall be held by
Silicon in the Lockbox Account, to be disbursed by Silicon as instructed by
Borrower pursuant to a reconciliation and disbursement authorization (the “Disbursement
Authorization”) furnished to Silicon by Borrower or as otherwise provided
hereinbelow.  Borrower shall deliver to
Silicon a Disbursement Authorization, in form satisfactory to Silicon, no less
frequently than on or before 11:00 a.m. on Monday of each week with respect to
the prior week’s receipts/deposits. 
Borrower warrants and represents that each such Disbursement
Authorization shall include a direction that all such payments on, and proceeds
of, Receivables are to be applied by Silicon to the Obligations in such order
as Silicon shall determine, with the excess, if any, deposited into Borrower’s
operating account maintained with Silicon. 
Such Disbursement Authorization shall also include a direction that any
other payments deposited into the Lockbox Account which do not constitute a
portion of Silicon’s Collateral shall be deposited into Borrower’s operating
account or such other account as may be directed by Borrower.  In the event Borrower fails to furnish
Silicon with the Disbursement Authorization on or before 11:00 on Monday of any
week, Silicon may apply such payments on, and proceeds of, Receivables to the
Obligations in such order as Silicon shall determine. Upon request of Silicon, and in addition to all reports
required to be delivered by Borrower to Silicon, Borrower shall deliver to
Silicon such additional reports concerning the collection of Receivables in
such form and on such frequency as Silicon shall require in its discretion.”

 

(ii)                                  The
Loan Agreement shall be amended by deleting the following text appearing in Section 3
of the Schedule thereto:

 

“Collateral Handling Fee:           $2,000.00 ($1,000.00 when not borrowing and
Borrower has advised Silicon that it has elected to be on “non-borrowing
reporting status” pursuant to Section 6, below) per month, payable in
arrears.”

 

and inserting in lieu thereof the
following:

 

“Collateral Handling Fee:           $2,000.00 (which fee
may be increased to no more than $4,000.00 in Silicon’s reasonable judgment
upon 30 days’ prior written notice to Borrower) per month, payable in arrears.”

 

4.                                       CONSENT
TO GUGGENHEIM CORPORATE FUNDING, LLC TRANSACTION AND RELEASE.  Silicon hereby understands that the Borrower
and certain of its subsidiaries that have been or are to be formed intend to
enter into certain transactions with Guggenheim Corporate Funding, LLC (“Guggenheim”),
which include (i) entering into a Purchase and Sale Agreement (the “P&S
Agreement”) between the Borrower and Aspen Technology Receivables I LLC (“Aspen
I”), whereby the Borrower will sell, transfer and assign to Aspen I certain
Transferred Receivables, Related Security, Contracts and Collections (as such
terms are defined in the P&S Agreement) with respect thereto and other
proceeds thereof (collectively, the “Transferred Assets”), (ii) entering into a
Purchase and Re-Sale Agreement (the “P&RS Agreement”) between Aspen I and Aspen
Technology Receivables II LLC (“Aspen II”), whereby the Aspen 1 will sell,
transfer and assign to Aspen II the Transferred Assets, and (iii) entering into
a Loan Agreement, and related Security Agreement (the “Guggenheim Financing
Agreement”), between Aspen II and Guggenheim, whereby Guggenheim shall advance
to Aspen II a term loan (all such transactions and related transactions being
referred to as the “Guggenheim Transactions”).  Silicon has been provided with copies of the
P&S Agreement, the P&RS Agreement and the Guggenheim Financing
Agreements, and hereby consents, notwithstanding any prohibitions in any of the
Existing Loan Documents, to the Guggenheim Transactions, including, without
limitation, the sale, transfer and assignment of the Transferred Assets from
the Borrower to Aspen I and then to Aspen II, free and clear of any lien or
security interest of Silicon, on or before June 15, 2005, and the pledge of
the Transferred Assets to Guggenheim in connection with the Guggenheim
Financing Agreements (the substantive terms and conditions of which are
detailed on EXHIBIT A annexed hereto), provided (i) such sale of the Transferred
Assets is made on a

 

2

 

“true sale”, non-recourse
basis consistent with Borrower’s past practices (except as otherwise
specifically contemplated by the Guggenheim Transactions, (ii) on or before the
date hereof, Silicon has been furnished with a schedule, with reasonable detail,
identifying the specific Receivables to be sold, and (iii) no such Receivables
are included for borrowing hereunder as an Eligible Receivable from and after
the date of such sale.  Silicon
specifically acknowledges and agrees that it shall retain no interest in
or to the Transferred Assets, or the payments remitted in connection therewith,
and Silicon will release any and all such interest in the Transferred Assets as
provided in that certain Partial Release and Acknowledgement Agreement
substantially in the form attached hereto as Exhibit B annexed hereto.  Silicon hereby confirms that from and after
the date hereof, none of the Transferred Assets shall be “Collateral” or “Receivables”
under any of the Existing Loan Documents, and more specifically, but without
limitation, none of the Transferred Assets shall be “Intellectual Property”
under those certain Negative Pledge Agreements between the Borrower and
Silicon, dated January 30, 2003, as amended and in effect from time to time.

 

5.                                       REVOCATION
OF CONSENT IN FIFTH AMENDMENT; REVISED CONSENT TO PAYMENT OF SUBORDINATED DEBT.

 

(a)                                  Paragraph
No 4 (b) of the Fifth Amendment is hereby deleted in its entirety.

 

(b)                                 Notwithstanding
the terms of the Existing Loan Documents to the contrary, including, without
limitation, Section 5.5 of the Loan Agreement, Borrower may not redeem,
retire, purchase or otherwise acquire, directly or indirectly, any of Borrower’s
stock, and/or any of Borrower’s 5 1/4% Convertible Subordinated Debentures or
other subordinated debt instruments; provided, however, Bank hereby consents to
Borrower’s proposed repayment on or before June 15, 2005 of Borrower’s 5
1/4% Convertible Subordinated Debentures, provided that, at the time of such
payment: (i) no Borrower is then in Default or would be in Default after giving
effect to such payment, (ii) Borrower will be in pro-forma compliance with the
Adjusted Quick Ratio covenant set forth in Section 5(c) of the Schedule to
the Loan Agreement as of the subsequent reporting period after giving effect to
the making of such payment, (iii) Borrower will have, after giving effect to
such payment, at least $40,000,000.00 in Cash/Excess Availability, (iv) such
payment does not exceed $56,745,000 (plus accrued interest), and (v) Borrower
delivers to Bank a written notice at least one (1) business day prior to making
such payment, which notice contains the appropriate reports and calculation
evidencing Borrower’s pro-forma compliance with each of the Adjusted Quick Ratio
covenant set forth in Section 5(c) of the Schedule to the Loan
Agreement after giving effect to the making of such payment as well as evidence
that Borrower will have Cash/Excess Availability of at least $40,000,000.00
after giving effect to the making of such payment.  As used herein, “Cash/Excess Availability”
shall mean (i) Borrower’s cash deposits maintained with Bank, plus (ii) Borrower’s
excess “availability” under the Loan Agreement (net of Loans, Letters of Credit
or other indebtedness due and owing by Borrower to Bank), as determined by
Silicon based upon the Credit Limit restrictions set forth in Section 1 of
the Schedule to the Loan Agreement).

 

6.                                       FEES.  Borrower shall pay to Bank a consent, waiver and
modification fee of $100,000.00, which fee shall be due on the date hereof and
shall be deemed fully earned as of the date hereof.  The Borrower shall also reimburse Bank for
all legal fees and expenses incurred in connection with this amendment to the
Existing Loan Documents.

 

7.                                       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, except that,
as provided above, from and after the date hereof, the “Intellectual Property”
as defined therein, shall not include and shall specifically exclude any
Transferred Assets.

 

3

 

8.                                       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,
other than in connection with the formation of Aspen I and Aspen II as
contemplated by the Guggenheim Transactions.

 

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

 

10.                                 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, in each case all
as modified hereby.

 

11.                                 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.

 

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

 

13.                                 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:

  	
    SVP & CFO

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  ASPENTECH, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
      /s/
  Charles F. Kane

  	
   

  
	
   

  	
  Name:

  	
   Charles F.
  Kane

  	
   

  
	
   

  	
  Title:

  	
   VP

  	
   

  
	
   

  	
   

  
	
   

  	
  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:

  	
    VPEXHIBIT 10.6

 

FOURTH
LOAN MODIFICATION AGREEMENT - EXIM

 

This Fourth Loan Modification Agreement - Exim (this “Loan
Modification Agreement’) is entered into as of June 15, 2005, by and among
(i) SILICON VALLEY BANK, a
California chartered bank, with its principal place of business at
3003 Tasman Drive, Santa Clara, California 95054 and with a loan
production office located at One Newton Executive Park, Suite 200, 2221
Washington Street, Newton, Massachusetts 
02462 (“Bank”) and (ii) ASPEN
TECHNOLOGY, INC., a Delaware corporation with offices at Ten Canal
Park, Cambridge, Massachusetts 02141 and ASPENTECH,
INC., a Texas corporation with offices at Ten Canal Park, Cambridge,
Massachusetts 02141 (jointly and severally, individually and collectively, “Borrower”)

 

1.                                       DESCRIPTION
OF EXISTING INDEBTEDNESS AND 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 Export-Import Bank Loan and Security Agreement dated as of January 30,
2003 between Borrower and Bank, as amended from time to time (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, and all other agreements, documents
and instruments executed and delivered in connection                therewith, all of which shall be
referred to collectively as the “Existing Loan Documents”.

 

3.                                       CONSENT
TO GUGGENHEIM CORPORATE FUNDING, LLC TRANSACTION AND RELEASE.  Silicon hereby understands that the Borrower
and certain of its subsidiaries that have been or are to be formed intend to
enter into certain transactions with Guggenheim Corporate Funding, LLC (“Guggenheim”),
which include (i) entering into a Purchase and Sale Agreement (the “P&S
Agreement”) between the Borrower and Aspen Technology Receivables I LLC (“Aspen
I”), whereby the Borrower will sell, transfer and assign to Aspen I certain
Transferred Receivables, Related Security, Contracts and Collections (as such
terms are defined in the P&S Agreement) with respect thereto and other
proceeds thereof (collectively, the “Transferred Assets”), (ii) entering into a
Purchase and Re-Sale Agreement (the “P&RS Agreement”) between Aspen I and
Aspen Technology Receivables II LLC (“Aspen II”), whereby Aspen 1 will sell,
transfer and assign to Aspen II the Transferred Assets, and (iii) entering into
a Loan Agreement, and related Security Agreement (the “Guggenheim Financing
Agreement”), between Aspen II and Guggenheim, whereby Guggenheim shall advance
to Aspen II a term loan (all such transactions and related transactions being
referred to as the “Guggenheim Transactions”). 
Silicon has been provided with copies of the P&S Agreement, the
P&RS Agreement and the Guggenheim Financing Agreements, and hereby
consents, notwithstanding any prohibitions in any of the Existing Loan Documents,
to the Guggenheim Transactions, including, without limitation, the sale,
transfer and assignment of the Transferred Assets from the Borrower to Aspen I
and then to Aspen II, free and clear of any lien or security interest of
Silicon, on or before June 15, 2005, and the pledge of the Transferred
Assets to Guggenheim in connection with the Guggenheim Financing Agreements
(the substantive terms and conditions of which are detailed on EXHIBIT A
annexed hereto), provided (i) such sale of the Transferred Assets is made on a “true
sale”, non-recourse basis consistent with Borrower’s past practices (except as
otherwise specifically contemplated by the Guggenheim Transactions, (ii) on or
before the date hereof, Silicon has been furnished with a schedule, with
reasonable detail, identifying the specific Accounts to be sold, and (iii) no
such Accounts are included for borrowing hereunder as an Exim Eligible Foreign
Account from and after the date of such sale. 
Silicon specifically acknowledges and agrees that it shall retain no
interest in or to the Transferred Assets, or the payments remitted in
connection therewith, and Silicon will release any and all such interest in the
Transferred Assets as provided in that certain Partial Release and
Acknowledgement

 

 

Agreement substantially
in the form attached hereto as Exhibit B annexed hereto.  Silicon hereby confirms that from and after
the date hereof, none of the Transferred Assets shall be “Collateral” or “Accounts”
under any of the Existing Loan Documents, and more specifically, but without
limitation, none of the Transferred Assets shall be “Intellectual Property”
under those certain Negative Pledge Agreements between the Borrower and
Silicon, dated January 30, 2003, as amended and in effect from time to
time.

 

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

 

5.                                       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, except that,
as provided above, from and after the date hereof, the “Intellectual Property”
as defined therein, shall not include and shall specifically exclude any
Transferred Assets.

 

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

 

7.                                       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, in each case all
as modified hereby.

 

8.                                       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.

 

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

 

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

 

[Remainder
of page intentionally left blank.]

 

 

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

 

	
   

  	
  BORROWER:

  
	
   

  	
   

  
	
   

  	
  ASPEN
  TECHNOLOGY, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
      /s/ Charles F. Kane

  	
   

  
	
   

  	
  Name:

  	
  Charles F. Kane

  	
   

  
	
   

  	
  Title:

  	
     SVP -
  Finance & CFO

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  ASPENTECH, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
      /s/ Charles F. Kane

  	
   

  
	
   

  	
  Name:

  	
  Charles F. Kane

  	
   

  
	
   

  	
  Title:

  	
  VP

  	
   

  
	
   

  	
   

  
	
   

  	
  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:

  	
  VP

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