Document:

Exhibit 10.3

 

EXECUTION
COPY

 

 

PURCHASE AND
SALE AGREEMENT

 

Dated as of June 15,
2005

 

between

 

ASPEN
TECHNOLOGY,  INC.

 

as Seller

 

and

 

ASPEN
TECHNOLOGY RECEIVABLES I LLC

 

as Purchaser

 

 

 

TABLE OF
CONTENTS

 

	
  ARTICLE I

  	
  AGREEMENT
  TO PURCHASE AND SELL

  	
   

  
	
   

  	
   

  	
   

  
	
  1.1

  	
  Agreement to Purchase and Sell

  	
   

  
	
  1.2

  	
  Timing of Purchase

  	
   

  
	
  1.3

  	
  Consideration for Purchases

  	
   

  
	
  1.4

  	
  Intentions of Parties

  	
   

  
	
  1.5

  	
  No Assumption of Obligations

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE II

  	
  PURCHASE
  PRICE

  	
   

  
	
   

  	
   

  	
   

  
	
  2.1

  	
  Receivables Schedule

  	
   

  
	
  2.2

  	
  Purchase Price

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE III

  	
  PAYMENT
  OF PURCHASE PRICE

  	
   

  
	
   

  	
   

  	
   

  
	
  3.1

  	
  Purchase Price Payment

  	
   

  
	
  3.2

  	
  Settlement as to Transferred Receivables

  	
   

  
	
  3.3

  	
  Settlement as to Dilution

  	
   

  
	
  3.4

  	
  Supersede and Replace Receivables

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE IV

  	
  CONDITIONS OF PURCHASES

  	
   

  
	
   

  	
   

  	
   

  
	
  4.1

  	
  Conditions
  Precedent to Purchase

  	
   

  
	
  4.2

  	
  Certification
  as to Representations and Warranties

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE V

  	
  REPRESENTATIONS AND WARRANTIES OF ASPEN

  	
   

  
	
   

  	
   

  	
   

  
	
  5.1

  	
  Organization
  and Good Standing

  	
   

  
	
  5.2

  	
  Due
  Qualification

  	
   

  
	
  5.3

  	
  Power and
  Authority; Due Authorization

  	
   

  
	
  5.4

  	
  Valid Sale;
  Binding Obligations

  	
   

  
	
  5.5

  	
  No
  Violation

  	
   

  
	
  5.6

  	
  Proceedings

  	
   

  
	
  5.7

  	
  Bulk Sales
  Act

  	
   

  
	
  5.8

  	
  Government
  Approvals

  	
   

  
	
  5.9

  	
  Financial
  Condition

  	
   

  
	
  5.10

  	
  Litigation

  	
   

  
	
  5.11

  	
  Margin
  Regulations

  	
   

  
	
  5.12

  	
  Quality of
  Title

  	
   

  

 

i

 

	
  5.13

  	
  Perfection
  and Priority

  	
   

  
	
  5.14

  	
  Eligible
  Receivables

  	
   

  
	
  5.15

  	
  Accuracy
  of Information

  	
   

  
	
  5.16

  	
  Offices

  	
   

  
	
  5.17

  	
  Capitalization

  	
   

  
	
  5.18

  	
  Trade
  Names

  	
   

  
	
  5.19

  	
  Taxes

  	
   

  
	
  5.20

  	
  Compliance with Applicable Laws

  	
   

  
	
  5.21

  	
  Reliance on Separate Legal Identity

  	
   

  
	
  5.22

  	
  Investment Company Act, Etc

  	
   

  
	
  5.23

  	
  Solvency

  	
   

  
	
  5.24

  	
  Collection Account and the SPV Account

  	
   

  
	
  5.25

  	
  Aspen
  Software

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE VI

  	
  COVENANTS OF ASPEN

  	
   

  
	
   

  	
   

  	
   

  
	
  6.1

  	
  Affirmative
  Covenants

  	
   

  
	
  6.2

  	
  Reporting
  Requirements

  	
   

  
	
  6.3

  	
  Negative
  Covenants

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE VII

  	
  ADDITIONAL RIGHTS AND OBLIGATIONS

  	
   

  
	
   

  	
   

  	
   

  
	
  7.1

  	
  Rights of
  the Purchaser

  	
   

  
	
  7.2

  	
  Responsibilities
  of Aspen

  	
   

  
	
  7.3

  	
  Further
  Action Evidencing Purchases

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE VIII

  	
  INDEMNIFICATION

  	
   

  
	
   

  	
   

  	
   

  
	
  8.1

  	
  Indemnities
  by Aspen

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE IX

  	
  MISCELLANEOUS

  	
   

  
	
   

  	
   

  	
   

  
	
  9.1

  	
  Amendments,
  etc

  	
   

  
	
  9.2

  	
  Notices,
  etc

  	
   

  
	
  9.3

  	
  No Waiver;
  Cumulative Remedies

  	
   

  
	
  9.4

  	
  Binding
  Effect; Assignability

  	
   

  
	
  9.5

  	
  Governing
  Law

  	
   

  
	
  9.6

  	
  Costs,
  Expenses and Taxes

  	
   

  

 

ii

 

	
  9.7

  	
  Waiver of
  Jury Trial

  	
   

  
	
  9.8

  	
  Consent To
  Jurisdiction; Waiver Of Immunities

  	
   

  
	
  9.9

  	
  Captions
  and Cross References; Incorporation by Reference

  	
   

  
	
  9.10

  	
  Execution
  in Counterparts

  	
   

  
	
  9.11

  	
  Acknowledgment
  and Agreement

  	
   

  
	
   

  	
   

  
	
  EXHIBIT A
  — Form of Contract

  	
   

  
	
   

  	
   

  
	
  EXHIBIT B
  — Office Locations

  	
   

  
	
   

  	
   

  
	
  EXHIBIT C
  – Credit and Collection Policy

  	
   

  
	
   

  	
   

  
	
  SCHEDULE I
  – Schedule of Transferred Receivables

  	
   

  
	
   

  	
   

  
	
  SCHEDULE II
  – Schedule of Exchange Rates

  	
   

  

 

 

iii

 

PURCHASE AND
SALE AGREEMENT

 

THIS PURCHASE
AND SALE AGREEMENT (as amended, restated, supplemented or otherwise modified
from time to time, this “Agreement”), dated as of June 15, 2005, is
between ASPEN TECHNOLOGY, INC., a Delaware corporation, as seller (“Aspen”),
and ASPEN TECHNOLOGY RECEIVABLES I LLC, a Delaware limited liability company,
as purchaser (the “Purchaser”).

 

PRELIMINARY
STATEMENTS

 

Aspen proposes to sell, assign and transfer
all of its right, title and interest in and to certain Receivables and Related Security
to the Purchaser, and the Purchaser has agreed to purchase, accept and acquire
such Receivables and Related Security.

 

The Purchaser proposes to sell, assign and
transfer all of its right, title and interest in and to the Receivables and
Related Security acquired by it hereunder to the Secondary Purchaser under the
terms of the Purchase and Resale Agreement, and it is understood that the
Secondary Purchaser shall be obtaining funding to give effect to its purchase
under the Purchase and Resale Agreement from certain Lenders in accordance with
the terms of the Loan Agreement.

 

Aspen and the Purchaser enter into this
Agreement to set forth the terms and conditions on which the Receivables and
Related Security shall be sold by Aspen to the Purchaser, and purchased by the
Purchaser from Aspen, and the rights and benefits to be accorded the Purchaser
and its successors and assigns (including, without limitation, the Secondary
Purchaser and the Lenders) in connection therewith.

 

NOW,
THEREFORE, in consideration of the premises and the mutual agreements herein
contained, the parties hereto agree as follows:

 

DEFINITIONS

 

The following
terms used herein have the respective meanings indicated below:

 

“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.

 

“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.

 

1

 

“Agent”
means Guggenheim Corporate Funding, LLC, or any other Person that shall then be
acting as “Agent” for the benefit of the Lenders under, and in accordance with
the terms of, the Loan Agreement.

 

“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.

 

“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.

 

“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 Aspen’s
books as uncollectible, (iii) which has been identified by Aspen 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.

 

“Collected
FX Amount” has the meaning set forth in Section 1.6.

 

“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 National Valley Bank as the depository
institution at which the Collection Account is maintained.

 

“Collections”
means, with respect to any Transferred Receivable, all funds which are received
by the Purchaser, 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,

 

2

 

finance
charges, interest and all other charges) in respect of such Transferred
Receivable, or applied to such amounts owed by such Obligor(s).

 

“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 which
is attached hereto as Exhibit C.

 

“Cutoff
Date” means May 31, 2005.

 

“Deemed
Collection” means any amount as to which Aspen is deemed to have received a
Collection as described in Sections 3.2 or 3.3 hereof.

 

“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 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,

 

(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 on the applicable date of determination, 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 Transferred
Receivables on the Closing Date;

 

3

 

(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 Receivables that constitute Eligible
Receivables on such date by reason of this clause (b) would not exceed an
amount equal to 78% of the aggregate Outstanding Balance of all Transferred Receivables
on the Closing Date;

 

(viii)     which
arises under a Contract in substantially the form set forth on Exhibit A 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 its 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 Purchaser or any of its assigns to exercise its rights under this
Agreement, including, without limitation, its right to review the Contract, and
(c) is otherwise freely assignable,

 

(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
interestholder 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

 

4

 

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)    Aspen,
immediately prior to giving effect to the sale and assignment thereof
hereunder, has good and marketable title thereto free and clear of any Adverse
Claim, and upon giving effect to the sale and assignment thereof hereunder, the
Purchaser shall acquire good and marketable title thereto free and clear of any
Adverse Claim (other than any Adverse Claim which may have been created by the
Purchaser in connection with the transactions contemplated in the Purchase and
Resale Agreement).

 

“Event of
Default” shall have the meaning assigned to such term in the Loan
Agreement.

 

“Exchange
Amount” has the meaning set forth in Section 1.6.

 

 “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.

 

“Final
Payout Date” means the date on which all principal, interest and other
obligations and liabilities of the Secondary Purchaser to the Lenders and the
Agent under the Loan Agreement shall have been repaid in full and the Loan
Agreement terminated.

 

“FX Rights”
has the meaning set forth in Section 1.6.

 

“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.

 

“Lender”
means any Person from time to time party to the Loan Agreement as a “Lender”
thereunder.

 

“Loan
Agreement” means that certain Loan Agreement, dated as of the date hereof,
among the Secondary Purchaser, as borrower, Aspen, as the servicer, certain “Lenders”
party thereto, and Guggenheim Corporate Funding, LLC, as “Agent” for the
Lenders party thereto, as such agreement may be amended, restated, supplemented
or otherwise modified from time to time.

 

5

 

“Non-USD
Receivables” has the meaning set forth in Section 1.6.

 

“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.

 

 “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.

 

“Program FX
Contracts” has the meaning set forth in Section 1.6.

 

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

 

“Purchase
and Sale Indemnified Amounts” shall have the meaning assigned to such term
in Section 8.1 hereof.

 

“Purchase
and Sale Indemnified Party” shall have the meaning assigned to such term in
Section 8.1 hereof.

 

“Purchase
Price” shall have the meaning assigned to such term in Section 2.1
hereof.

 

 “Purchaser” shall have the meaning
assigned to such term in the Preamble to this Agreement.

 

 “Receivable”
means all indebtedness and other obligations owed to Aspen and identified on Schedule I
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 Schedule” means a list provided by
Aspen to the Purchaser on or prior to the date hereof, setting forth each
Receivable proposed to be a Transferred Receivable on giving effect to this
Agreement, 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 Aspen and the Purchaser, with
the consent of the Agent, may agree, as such agreement shall be evidenced by
payment on the part of the Purchaser of the Purchase Price.

 

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

 

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

 

6

 

(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
Transferred Receivable, whether pursuant to the Contract related to such
Transferred Receivable or otherwise;

 

(iv)          all UCC financing statements covering
any collateral (if any) securing payment of such Transferred 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 Transferred Receivable whether pursuant
to the Contract related to such Transferred 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;  and

 

(vii)         all proceeds of such Transferred
Receivable and of any of the foregoing.

 

“Replaced
Receivable” shall have the meaning assigned to such term in Section 3.4(b) hereof.

 

“Reporting
Date” means the fifth day of each calendar month or, if such day is not a
Business Day in any calendar month, the next following day that is a Business
Day in such calendar month.

 

“S&R
Date” shall have the meaning assigned to such term in Section 3.4(b) hereof.

 

“S&R
Notice” shall have the meaning assigned to such term in Section 3.4(b) hereof.

 

“Secondary
Purchaser” means Aspen Technology Receivables II LLC, a limited liability
company organized under the laws of Delaware.

 

“Servicer”
means, at any time, the Person then designated to perform the obligations of “Servicer”
under and in connection with the Loan Agreement.

 

“Servicer
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 Aspen;

 

(ii)           the ability of Aspen to perform its
obligations under this Agreement or any other Transaction Document to which
Aspen is a party;

 

7

 

(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 Transferred Receivables or the
related Contracts; or

 

(iv)          the existence, perfection, priority or
enforceability of the Purchaser’s interest in a material portion of the
Transferred Receivables or Related Security.

 

“SPV
Account” means (i) that certain depository account in the name of
Aspen Technology Receivables II LLC, 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 or the Purchaser as the “SPV Account” or
the “Collateral Account.”

 

“Supersede
and Replace” shall have the meaning assigned to such term in Section 3.4(b) hereof.

 

“Superseding
Receivable” shall have the meaning assigned to such term in Section 3.4(b) hereof.

 

“Transaction
Documents” means, collectively, this Agreement, the Purchase and Resale
Agreement, the Loan Agreement and each other instrument, document or agreement
executed in connection with any of the foregoing.

 

“Transferred
Receivable” shall have the meaning assigned to such term in Section 1.1(a) hereof
and shall include, without limitation, each Superseding Receivable transferred
to the Purchaser in accordance with Section 3.4(b).

 

“Transferred
Non-USD Receivables” has the meaning set forth in Section 1.6.

 

“UCC”
means the Uniform Commercial Code, as in effect in any applicable jurisdiction.

 

“Unmatured
Event of Default” shall have the meaning assigned to such term in the Loan
Agreement.

 

ARTICLE I

AGREEMENT TO PURCHASE AND SELL

 

1.1           Agreement to Purchase and Sell.  On the terms and subject to the conditions
set forth in this Agreement, and in consideration of the Purchase Price, Aspen
agrees to sell, assign and transfer, and does hereby sell, assign and transfer,
to the Purchaser, and the Purchaser agrees to purchase, accept and acquire, and
does hereby purchase, accept and acquire from Aspen, all of Aspen’s right,
title and interest in, to and under: (a) each Receivable listed on the
Receivables Schedule (such Receivables, collectively, the “Transferred
Receivables”); (b) all related rights under Contracts and all Related
Security with respect to the Transferred Receivables; and (c) all
Collections with respect to and other proceeds thereof (as defined in the UCC)
received on or after the date hereof. 
All purchases hereunder shall be made without recourse, but shall be
made

 

8

 

pursuant to
and in reliance upon the representations, warranties and covenants of Aspen set
forth herein.

 

1.2           Timing of Purchase.  The sale, assignment and transfer by Aspen to
the Purchaser, and the purchase, acceptance and acquisition by the Purchaser
from Aspen, of the Transferred Receivables and Related Security shall, subject
to the satisfaction of the conditions precedent set forth in Article IV,
occur on the date hereof.

 

1.3           Consideration for Purchases.  On the terms and subject to the conditions
set forth in this Agreement, the Purchaser agrees to make the Purchase Price
payment to Aspen in accordance with Article III.

 

1.4           Intentions of Parties.  It is the intention of the parties hereto
that the conveyance of Aspen’s right, title and interest in, to and under the
Transferred Receivables and Related Security by Aspen to the Purchaser as
provided in Section 1.1 shall constitute an absolute transfer
conveying good title, free and clear of any Adverse Claim (other than any
Adverse Claim created under the Transaction Documents) and that the Transferred
Receivables and Related Security shall not be part of Aspen’s bankruptcy estate
in the event of an Insolvency Event with respect to Aspen.  It is also the intention of the parties that
this Agreement constitutes a sale of accounts or payment intangibles within the
meaning of Article 9 of the UCC but it is not intended that such
conveyance be deemed a pledge of the Transferred Receivables and Related
Security by Aspen to the Purchaser to secure a debt or other obligation of
Aspen.  If, however, notwithstanding the
intention of the parties, the conveyance provided for in Section 1.1
is determined to be a transfer for security, then this Agreement shall also be
deemed to be, and hereby is, a “security agreement” within the meaning of Article 9
of the UCC and Aspen hereby grants to the Purchaser a duly perfected, first
priority security interest within the meaning of the UCC in all of Aspen’s
right, title and interest in, to and under the Transferred Receivables and
Related Security, now existing and hereafter created, to secure the prompt and
complete payment of all obligations of Aspen hereunder, including the
obligation of Aspen to remit to the Purchaser all Collections and other
proceeds of the Transferred Receivables and Related Security.  The Purchaser shall have, in addition to all
other rights and remedies that it may have under this Agreement, all other
rights and remedies provided to a secured creditor under the UCC and any other
applicable law which rights and remedies shall be cumulative.

 

1.5           No Assumption of Obligations.  Neither the Purchaser nor any of its assigns
have any obligation or liability to any Obligor or other customer or client of
Aspen (including any obligation to perform any of the obligations of Aspen in
respect of maintenance or otherwise under any of the Contracts relating to the
Transferred Receivables) with respect to any of the Transferred Receivables,
Related Security or Aspen Software.

 

1.6           Hedging
Arrangements.

 

(a)           Aspen,
in the ordinary course of its business, enters into foreign exchange contracts
(“Program FX Contracts”) in respect of its receivables that are
denominated in a currency other than U.S. Dollars (the “Non-USD Receivables”).  The Transferred Receivables include certain
Non-USD Receivables (the “Transferred Non-USD Receivables”).  The Purchase Price in respect of the
Transferred Non-USD Receivables has been calculated with a view toward

 

9

 

providing to
the Purchaser the benefits of the exchange arrangements available to Aspen
under the Program FX Contracts now in effect. 
Due to limitations on its ability to assign all or a portion of the
Program FX Contracts to the Purchaser, Aspen has agreed in lieu thereof to
provide the foreign exchange facility contemplated in this Section 1.6.

 

(b)           On
any date prior to the Final Payout Date, Aspen agrees that on delivery to Aspen
or its designated agent of any Collections on the Transferred Non-USD
Receivables, Aspen shall thereupon make available to the Purchaser or its
designee an amount in U.S. Dollars (the applicable “Exchange Amount”)
equivalent to the amount in the foreign currency delivered to Aspen (the
related “Collected FX Amount”), calculated on the basis of the exchange
rates set forth in Schedule II. 
The obligation of Aspen to deliver to the Purchaser or its designee the
applicable Exchange Amount in respect of any Collected FX Amount shall be
unconditional and irrevocable, notwithstanding any amendment, replacement,
supplement or other modification to the Program FX Contracts occurring after
the date hereof, any inability of Aspen to avail itself of the Program FX
Contracts in order to procure the related Exchange Amount or the occurrence or
existence of any other circumstance or event.  
Aspen acknowledges that, in connection with any assignment by the
Purchaser of any of the Transferred Receivables, the Purchaser shall be
assigning its rights under this Section 1.6 (the “FX Rights”)  to its assignee and such assignee shall be
entitled to the full benefits of the FX Rights.

 

ARTICLE II

PURCHASE PRICE

 

2.1           Receivables Schedule.  On or prior to the Closing Date, Aspen shall
deliver to the Purchaser and the Agent the Receivables Schedule, which shall
identify each Receivable proposed to be a Transferred 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 Receivables proposed to be Transferred Receivables hereunder
shall be an amount not less than $83,421,360.

 

2.2           Purchase Price.   The purchase price (the “Purchase Price”)
payable by the Purchaser on the date hereof in accordance with the terms of Article III
shall be an amount agreed upon by Aspen and the Purchaser.  Aspen and the Purchaser agree that the
Purchase Price represents the fair market value thereof of the Transferred
Receivables as of the Closing Date.

 

ARTICLE III

PAYMENT OF PURCHASE PRICE

 

3.1           Purchase Price Payment.  On the terms and subject to the conditions
set forth in this Agreement, the Purchaser agrees to pay to Aspen on the
Closing Date a portion of the Purchase Price for the purchase to be made from
Aspen with respect to the Transferred Receivables in cash in the amount of
$43,750,000, representing the proceeds of the on-sale of the Transferred
Receivables to the Secondary Purchaser under the Purchase and Resale Agreement,

 

10

 

with the
understanding that such amount shall be equal to the Loans made to the
Secondary Purchaser on the Closing Date under the Loan Agreement, net of any
such amounts required thereunder to be funded as reserves or paid as
expenses.  To the extent such net proceeds
received by the Purchaser under the Purchase and Resale Agreement are not
sufficient to pay the full Purchase Price for the Transferred Receivables and
Related Security, Aspen hereby makes a capital contribution to the Purchaser of
all Transferred Receivables and Related Security for which the Purchase Price
is not paid in cash on the Closing Date.

 

3.2           Settlement as to Transferred
Receivables.  If (a) on the day
that any Receivable is transferred hereunder the representation and warranty
set forth in Section 5.14 was not true with respect to such
Receivable, or (b) on any day any of the representations or warranties set
forth in either Section 5.12 or Section 5.13 is not or
is no longer true with respect to a Transferred Receivable, then Aspen shall be
deemed to have received a Collection in an amount equal to the Outstanding
Balance of the affected Receivable (plus any accrued interest or finance
charges thereon), which amount shall constitute a Deemed Collection.  Aspen shall deposit the amount of such Deemed
Collection into the SPV Account promptly following the date it first becomes
aware of any of the circumstances described above, and in any event by no later
than the immediately following Reporting Date.

 

3.3           Settlement as to Dilution.  Except as otherwise provided in Section 3.4,
if on any day the Outstanding Balance of any Transferred Receivable is reduced,
cancelled or terminated as a result of:

 

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

 

(B)           any failure on the
part of 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,

 

(C)           any setoff in
respect of any claim by the Obligor thereof against 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
Aspen or any Affiliate thereof to pay to the related Obligor any rebate or
refund; or

 

(E)           any action taken by
Aspen or any of its Affiliates outside the scope of any authorized collection
services it may then be providing as Servicer and other than a
Supersede-and-Replace transaction authorized under Section 3.4(b) and
in connection with which an eligible Superseding Receivable replaces the
affected Receivable,

 

11

 

then, on such day, Aspen shall be deemed to have received a Collection
of such Transferred Receivable in the amount of such reduction, cancellation or
termination, and such amount shall constitute a Deemed Collection.  Aspen shall deposit into the SPV 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 by no later than the immediately following Reporting Date.

 

3.4           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 Purchaser agrees to accept from
Aspen, in lieu of the Deemed Collection that would otherwise be required under Section 3.3
upon any Supersede-and-Replace relating to a Transferred Receivable (a “Replaced
Receivable”), the new 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,
Aspen shall provide the Purchaser, the Secondary Purchaser and the Agent
written notice (an “S&R Notice”) setting forth (A) the identity
of the affected Transferred Receivable, (B) the terms of the Superseding
Receivable becoming effective upon causing such Transferred 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 Purchaser or the Agent, demonstrating compliance by Aspen with the terms
of this Section 3.4(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;

 

(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 Transferred Receivables that shall have become Replaced Receivables under
this Section 3.4(b) on any prior date during the PSA Year in
which such S&R Date occurs, shall not exceed an amount equal to ten percent
(10%) of the aggregate Outstanding Balance of all Transferred 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
date hereof, 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;

 

12

 

(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 Aspen
hereunder with respect to the Transferred 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; (B) the
Superseding Receivable shall be deemed to constitute proceeds of the Replaced
Receivable and, accordingly, all right, title and interest of Aspen in and to
such Superseding Receivable shall be deemed to have been quitclaim, sold,
assigned or otherwise transferred by Aspen to the Purchaser and (C) to the
extent an arm’s length purchase price for the Superseding Receivable would
exceed the value of the extinguished Replaced Receivable, such excess shall be
deemed to have been a contribution by Aspen to the capital of the Purchaser.

 

(c)           Rescission.  The issuance by Aspen of an S&R Notice
shall constitute a representation and warranty by Aspen that each of the
statements set forth in Section 3.4(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 Transferred Receivable for
all purposes of this Agreement.

 

13

 

ARTICLE IV

CONDITIONS OF PURCHASES

 

4.1           Conditions Precedent to Purchase.  The purchase hereunder is subject to the
condition precedent that the Purchaser shall have received, on or before the
Closing Date, evidence (i) of the execution and delivery by each of the
parties thereto of each of the other Transaction Documents to be executed and
delivered in connection herewith and (ii) that each of the conditions
precedent to the execution, delivery and effectiveness of such other
Transaction Documents has been satisfied to the Purchaser’s satisfaction.

 

4.2           Certification as to
Representations and Warranties. 
Aspen, by accepting the cash portion of the Purchase Price contemplated
in Section 3.1, shall be deemed to have certified that the
representations and warranties contained in Article V are true and
correct on the Closing Date and that no Event of Default or Unmatured Event of
Default shall have occurred and is then continuing or would result from the
consummation of the transactions contemplated in any of the Transaction
Documents.

 

ARTICLE V

REPRESENTATIONS AND WARRANTIES OF ASPEN

 

In order to
induce the Purchaser to enter into this Agreement and to make purchases
hereunder, Aspen, in its capacity as seller under this Agreement, hereby makes
the representations and warranties set forth in this Article V (i) on
the Closing Date and (ii) with respect to any transfer of a Superseding
Receivable under Section 3.4(b), on the applicable S&R Date.

 

5.1           Organization and Good Standing.  Aspen has been duly organized and is validly
existing as a corporation in good standing under the laws of the state of its
incorporation, 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 and had at all relevant times, and now has, all necessary
power, authority, and legal right to originate the Receivables and Related
Security to be owned or transferred by it under the Transaction Documents,
transfer its rights therein to the Purchaser hereunder and perform its
obligations under the Transaction Documents.

 

5.2           Due Qualification.  Aspen is duly licensed or qualified to do
business as a foreign corporation in good standing, and has obtained all
necessary licenses and approvals, in all jurisdictions in which (a) the
ownership, lease or license of its property or the conduct of its business
requires such licensing or qualification and (b) the failure to be so
licensed or qualified is reasonably likely to have a Servicer Material Adverse
Effect.

 

5.3           Power and Authority; Due
Authorization.  Aspen has (a) all
necessary power, authority and legal right (i) to execute and deliver, and
perform its obligations under, each Transaction Document to which it is a
party, (ii) to carry out the terms of the Transaction Documents to which
it is a party and (iii) to originate, acquire, own, sell and assign
Receivables on the terms and subject to the conditions herein and therein
provided; and (b) duly authorized

 

14

 

the execution, delivery and performance of
this Agreement and the other Transaction Documents by all necessary corporate
action.

 

5.4           Valid Sale; Binding Obligations.  Each sale or contribution of Receivables and
Related Security made by Aspen pursuant to this Agreement shall constitute a
valid sale, contribution, transfer, and assignment thereof to the Purchaser,
enforceable against creditors of, and purchasers from, Aspen; and this
Agreement and each other Transaction Document constitutes a legal, valid, and
binding obligation of Aspen, 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.

 

5.5           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 (a) 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 (i) Aspen’s
certificate of incorporation or by-laws, or (ii) any indenture,
receivables purchase agreement, loan agreement, mortgage, deed of trust, or
other material agreement or instrument to which it is a party or by which it is
bound, (b) result in the creation or imposition of any Adverse Claim upon
any of its properties pursuant to the terms of any such indenture, purchase
agreement, loan agreement, mortgage, deed of trust, or other agreement or
instrument, other than the Transaction Documents, or (c) violate any law
or any order, rule, or regulation applicable to it of any court or of any
federal, state or foreign regulatory body, administrative agency, or other
governmental instrumentality having jurisdiction over it or any of its
properties, except where such violation could not reasonably be expected to
have a Servicer Material Adverse Effect.

 

5.6           Proceedings.  There is no action, suit, proceeding or
investigation pending or, to the knowledge of Aspen, threatened before any
court, regulatory body, arbitrator, administrative agency, or other tribunal or
governmental instrumentality (a) asserting the invalidity of any
Transaction Document, (b) seeking to prevent the conveyance of the
Transferred Receivables to the Purchaser or the consummation of any of the
other transactions contemplated by this Agreement or any other Transaction
Document, or (c) seeking any determination or ruling that is reasonably
likely to have a Servicer Material Adverse Effect.

 

5.7           Bulk Sales Act.  No transaction contemplated hereby requires
compliance with any bulk sales act or similar law.

 

5.8           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 Aspen’s due execution, delivery and performance of this
Agreement or any Transaction Document to which it is a party, except for the
filing of the UCC financing statements referred to in Section 5.13.

 

5.9           Financial Condition.  The audited consolidated balance sheets of
Aspen, as at June 30, 2004 and the unaudited consolidated balance sheets
of Aspen as at March 31, 2005 and, in each case, the related consolidated
statements of earnings and cash flows, copies of which

 

15

 

have been
furnished to Purchaser and the Agent, have been prepared in accordance with
generally accepted accounting principles, consistently applied, and present
fairly the consolidated financial condition of Aspen and its consolidated
subsidiaries as at the dates thereof and the results of their operations for
the respective period then ended.  As of
the Closing Date, since March 31, 2005, no event has occurred that has
had, or is reasonably likely to have, a Servicer Material Adverse Effect.

 

5.10         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 Aspen, no threat by any Person
has been made to attempt to obtain any such decision that is reasonably likely
to prevent Aspen from conducting a material part of its business operations.

 

5.11         Margin Regulations.  No use of any funds acquired by Aspen under
this Agreement will 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.

 

5.12         Quality of Title.

 

(a)           Immediately
prior to conveyance hereunder, each Transferred Receivable (together with the
Related Security with respect thereto) is owned by Aspen free and clear of any
Adverse Claim.  Immediately following
each conveyance of Transferred Receivables and Related Security hereunder, the
Purchaser shall have acquired a valid and perfected ownership interest free and
clear of any Adverse Claim in such Transferred Receivables and Related Security.

 

(b)           No
effective financing statement or other instrument similar in effect covering
any Transferred Receivable or any Related Security is on file in any recording
office except such as may be filed in favor of the Purchaser or Aspen, as the
case may be, in accordance with this Agreement, in favor of the Secondary
Purchaser in accordance with the Purchase and Resale Agreement or in favor of
the Agent in accordance with the Loan Agreement.

 

(c)           The
rights granted hereunder to the Purchaser are sufficient to transfer good and
marketable title to the Transferred Receivables and Related Security without
the necessity of the Purchaser or any of its designees or assigns holding any
interest in the Aspen Software in order to give effect thereto.

 

5.13         Perfection and Priority.

 

(a)           This
Agreement creates a valid and continuing security interest (as defined in UCC Section 1-201)
in the Receivables stated to be transferred by Aspen to the Purchaser hereunder
in favor of the Purchaser, which security interest is prior to all other
Adverse Claims and is enforceable as such against creditors of and purchasers
from Aspen.

 

(b)           Aspen
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 conveyance of Transferred Receivables from Aspen to the
Purchaser hereunder.

 

16

 

(c)           Other
than the transfer of the Transferred Receivables to the Purchaser under this
Agreement, Aspen has not pledged, assigned, sold, granted a security interest
in, or otherwise conveyed any of the Transferred Receivables or Related
Security to any other Person.  Aspen has
not authorized the filing of any financing statement against Aspen that may include
a description of collateral covering the Transferred Receivables or Related
Security other than any financing statement related to the conveyance of the
Transferred Receivables and Related Security pursuant to this Agreement or that
has been terminated.

 

5.14         Eligible Receivables.  Each Receivable transferred by Aspen
hereunder is an Eligible Receivable on the date of transfer.

 

5.15         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 Aspen or any of its
Affiliates to the Purchaser, any Lender or the Agent in connection with this
Agreement or any Transaction Document or any transaction contemplated hereby or
thereby was inaccurate in any material respect as of the date it was dated or
(except as otherwise disclosed at such time) as of the date so furnished, or
contained or will contain any material misstatement of fact or omitted to state
any material fact or any fact necessary, in light of the circumstances under
which such statements were made, to make such information not materially
misleading.

 

5.16         Offices.  Aspen’s principal place of business and chief
executive office is located at the address set forth in Section 9.2,
and the offices where Aspen keeps all its books, records and documents
evidencing the Transferred Receivables, the related Contracts and all other
agreements related to such Transferred Receivables are located at the addresses
specified in Exhibit B (or at such other locations, notified to the
Purchaser and the Agent in accordance with Section 6.1(f), in
jurisdictions where all action required by Section 7.3 has been
taken and completed).

 

5.17         Capitalization.  All of the membership or other equity
interests of the Purchaser are owned (beneficially and of record), free and
clear of any Adverse Claim, by Aspen.

 

5.18         Trade Names.  Aspen does not use 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 and “Aspen” or “Aspen
Tech” when used in abbreviated form. 
From and after the date that fell five (5) years before the date
hereof, Aspen has not been known by any legal name other than its corporate
name as of the date hereof, nor has Aspen been the subject of any merger or
other corporate reorganization.

 

5.19         Taxes.  Aspen 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 any such taxes which are
being diligently contested in good faith by appropriate proceedings and for
which adequate reserves in accordance with generally accepted accounting
principles, consistently applied, shall have been set aside on its books.

 

17

 

5.20         Compliance with
Applicable Laws. 
Aspen 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 Transferred
Receivables, the Contracts and the Related Security), except where failure to
comply is not reasonably likely to have a Servicer Material Adverse
Effect.  Aspen has not 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,
which violation or failure to obtain would be reasonably likely to have a
Servicer Material Adverse Effect.

 

5.21         Reliance on
Separate Legal Identity.  Aspen is aware that the Lenders and the Agent
are entering into the Transaction Documents to which they are parties in
reliance upon each of the Purchaser’s and the Secondary Purchaser’s identity
being that of a discrete legal entity, separate from Aspen.

 

5.22         Investment Company Act, Etc.  Aspen is not 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.

 

5.23         Solvency.  On the Closing Date and on each S&R Date,
immediately prior to and after giving effect to the transfer of Receivables
hereunder occurring on such date:

 

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

 

(b)           the fair value and present fair
saleable value of Aspen’s assets is greater than the amount that will be
required to pay Aspen’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)           Aspen is able to pay all of its
liabilities as such liabilities mature; and

 

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

 

For purposes
of this Section 5.23:

 

(i)            the amount of Aspen’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;

 

18

 

(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.

 

5.24         Collection Account
and the SPV Account.  At all times prior to the Closing Date, each
Obligor was been instructed by Aspen to remit all payments on the Transferred
Receivables and Related Security directly to the Collection Account and from
and after the Closing Date, each Obligor will be instructed to remit all
payments on the Transferred Receivables and Related Security directly to the
SPV Account.  Aspen has not granted any
Person, other than the Purchaser and its assignees as contemplated by this
Agreement, dominion and control of the SPV Account, or the right to take
dominion and control of the related lock-box or the SPV Account at a future
time or upon the occurrence of a future event.

 

5.25         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 Adverse Claim on any of
the Transferred Receivables, and such owner or licensor does not otherwise have
any property interest in any Transferred Receivable.

 

ARTICLE VI

COVENANTS OF ASPEN

 

6.1           Affirmative Covenants.  From the date hereof until the Final Payout
Date, Aspen covenants and agrees, unless the Purchaser and the Agent shall
otherwise consent in writing, that it shall:

 

(a)           Compliance
with Laws, Etc.  Comply in all
material respects with all applicable laws, rules, regulations and orders of
all governmental authorities (including those with respect to the Transferred
Receivables and the Contracts and other agreements related thereto).

 

(b)           Preservation
of Corporate Existence.  Preserve and
maintain its corporate existence, rights, franchises and privileges in the
jurisdiction of its incorporation, and qualify and remain qualified in good
standing as a foreign corporation in each jurisdiction where the failure to
preserve and maintain such existence, rights, franchises, privileges and
qualification would have a Servicer Material Adverse Effect.

 

19

 

(c)           Receivables
Review.  (i) At any time and
from time to time during regular business hours, permit the Purchaser or the
Agent or any of their respective agents or representatives, upon at least two
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 Aspen relating to the
Transferred Receivables and Contracts and other agreements and (B) to
visit Aspen’s offices and properties for the purpose of examining such
materials described in the foregoing clause (A) and discussing
matters relating to the Transferred Receivables or Aspen’s performance
hereunder with any of the officers or employees of Aspen 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 internal auditors or
employees or agents of the Agent to conduct, at Aspen’s expense, a review of
its books and records; provided, however, that unless an Event of
Default or an Unmatured Event of Default has occurred and is continuing,  Aspen shall not be required to pay the expenses
associated with more than two audits of Aspen’s books and records in any
calendar year and the aggregate amount in respect of any single audit of Aspen
shall not exceed $25,000.

 

(d)           Keeping
of Records and Books of Account. 
Maintain an ability to recreate records evidencing the Transferred
Receivables in the event of the destruction of the originals thereof.

 

(e)           Performance
and Compliance with Transferred Receivables and Contracts.  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 and all other
agreements related to the Transferred Receivables.

 

(f)            Location
of Records.  Keep its principal place
of business and chief executive office, and the offices where it keeps its
records concerning the Transferred Receivables and all rights under the related
Contracts and other agreements related to such Transferred Receivables (and, to
the extent that Aspen retains originals thereof, all original documents
relating thereto), at the address(es) referred to in Exhibit B or,
upon 30 days’ prior written notice to the Purchaser and the Agent, at such
other locations in jurisdictions where all action required by Section 7.3
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 Transferred Receivable and the related
Contract.

 

(h)           Separate
Corporate Existence of the Purchaser. 
Comply with each of the covenants of the Servicer set forth in Section 7.01(i) of
the Loan Agreement.

 

(i)            Maintain
Security Interests.  Take all
reasonably necessary actions to maintain the first priority perfected security
interest and ownership interest of the Purchaser in the Transferred Receivables
and Related Security.

 

(j)            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

 

20

 

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 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.

 

(k)           Collections.  Implement and maintain adequate measures to
provide standing instructions to each Obligor on any Transferred Receivables to
remit all payments in connection with such Transferred Receivable to the SPV
Account. Aspen will cause the Collection Account Bank to acknowledge the
ownership by the Purchaser and its designated assigns of, and to release any
Adverse Claims and waive and set-off rights the Collection Account Bank might
have against, the Transferred Receivables and all proceeds thereof.  In the event any payments relating to
Transferred Receivables are remitted directly to Aspen or any Affiliate
thereof, Aspen will forthwith remit (or will cause all such payments to be
remitted) directly to the SPV Account, and, at all times prior to such
remittance, Aspen will itself hold or, if applicable, will cause such payments
to be held in trust for the exclusive benefit of the Purchaser, the Secondary
Purchaser, the Lenders and the Agent. 
Aspen will not grant any Adverse Claim on, or the right to take dominion
and control of, the SPV 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 and the Loan
Agreement.  Aspen 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 Transferred Receivables
during the period from the Cut-Off Date to the date hereof.

 

6.2           Reporting Requirements.  From the date hereof until the first day
following the Final Payout Date, Aspen will, unless the Agent shall otherwise
consent in writing, furnish to the Purchaser and the Agent:

 

(a)           Adverse
Claims.  As soon as possible and in
any event within three Business Days of Aspen’s having knowledge thereof,
notice of the assertion on the part of any Person of the existence of an
Adverse Claim against the Transferred Receivables, the Related Security, the
SPV Account or the Collection Account, other than any Adverse Claim permitted
under the Transaction Documents.

 

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

 

(c)           Other.  Promptly, from time to time, such other
information, documents, records or reports respecting the Transferred
Receivables, or the condition or operations, financial or otherwise of Aspen,
or Aspen’s performance as seller hereunder that the Purchaser or the Agent may
from time to time reasonably request.

 

6.3           Negative Covenants.  From the date hereof until the Final Payout
Date, Aspen agrees that, unless the Purchaser and the Agent shall otherwise
consent in writing, it shall not:

 

21

 

(a)           Sales,
Adverse Claims, Etc.  (i) Except
in connection with a Supersede-and-Replace, 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 Transferred Receivable or Related Security,
or any interest therein, or any Collections thereon, the SPV Account or any
right to receive income or proceeds from or in respect of the foregoing and (ii) Aspen
will not assert any interest in the Transferred Receivables or Related
Security.

 

(b)           Extension
or Amendment of Transferred Receivables. 
Except as otherwise permitted in Section 3.4(b) hereof
or Section 8.02 of the Loan Agreement (in its capacity as
Servicer), extend, amend or otherwise modify the terms of any Transferred
Receivable, or amend, modify or waive any term or condition of any Contract
related thereto.

 

(c)           Change in Business or Credit and
Collection Policy.  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
Servicer Material Adverse Effect.

 

(d)           Change
in Payment Instructions to Obligors. 
Make any change in its instructions to Obligors regarding payments to be
made to the Purchaser other than any changes in instructions necessary to
ensure that such payments are made to the SPV Account (as opposed to the
Collection Account or any other location).

 

(e)           Deposits to SPV Account.  Deposit or otherwise credit, or cause or
permit to be so deposited or credited, to the SPV Account cash or cash proceeds
other than Collections.

 

(f)            Corporate
Changes.  Change its name, state of
incorporation 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 Purchaser’s security interest and ownership interest
hereunder, including the filing of amendments to the UCC financing statements.

 

ARTICLE VII

ADDITIONAL RIGHTS AND OBLIGATIONS IN

 

RESPECT OF THE RECEIVABLES

 

7.1           Rights of the Purchaser.  Aspen hereby authorizes the Purchaser or its
designees or assignees to take any and all steps in Aspen’s name necessary or
desirable, in their respective determination, to collect all amounts due under
any and all Transferred Receivables and Related Security, including, without
limitation, endorsing Aspen’s name on checks and other instruments representing
Collections and enforcing such Transferred Receivables and Related Security and
the provisions of the related Contracts that concern payment and/or enforcement
of rights to payment.

 

22

 

7.2           Responsibilities of Aspen.  Anything herein to the contrary
notwithstanding:

 

(a)           Aspen
shall continue to provide fully and timely all maintenance and other services
required under the terms of the Contracts or in connection with any standing
relationship between Aspen and the Obligor on any Transferred Receivable.  Neither the Purchaser nor any of its assigns
assumes any responsibility or liability for the performance of any such
services or obligations.

 

(b)           Aspen
shall perform its obligations hereunder, and the exercise by the Purchaser or
its designee or assignee of its rights hereunder shall not relieve Aspen from
such obligations.

 

(c)           Aspen
hereby grants to each of the Agent and the Servicer (if other than Aspen) an
irrevocable power of attorney, with full power of substitution, coupled with an
interest, to take in the name of Aspen all steps necessary or advisable to
indorse, negotiate or otherwise realize on any writing or other right of any
kind held or transmitted by Aspen or transmitted or received by the Purchaser
(whether or not from Aspen) in connection with any Transferred Receivable and
Related Security.  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.

 

(d)           Aspen
hereby covenants and agrees to indicate in its books and records on the Closing
Date that the Transferred Receivables have been conveyed to the Purchaser.

 

(e)           Aspen
acknowledges that, under the terms of the Loan Agreement, the  Servicer has been directed to
implement a means by which the Collections on the Transferred Receivables may
be (i) promptly identified following remittance thereof to the Collection
Account, (ii) segregated from all other funds then held in the Collection
Account and (iii) transferred to the SPV Account, which account shall be
under the control of the Agent.  Aspen
shall cooperate fully and timely with the Servicer in implementing the measures
described above, including facilitating on a daily basis the identification of
all remittances made to the Collection Account. 
Aspen shall have no right or interest in the SPV Account or in any
amounts from time to time held in the SPV Account, and shall not permit any
funds to be remitted to the SPV Account other than Collections.

 

7.3           Further Action Evidencing
Purchases.  Aspen 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 Purchaser or
the Agent may reasonably request in order to perfect, protect or more fully
evidence the Transferred Receivables and the Related Security acquired by the
Purchaser hereunder, or to enable the Purchaser to exercise or enforce any of
its rights hereunder.  Without limiting
the generality of the foregoing, upon the request of the Purchaser or the
Agent, Aspen will (i) execute and file such financing or continuation
statements, or amendments thereto or assignments thereof, and such other
instruments or notices, as may be necessary or appropriate in the reasonable
judgment of the Purchaser or the Agent; (ii) mark its data processing
records to show that the Transferred Receivables have been assigned to the
Purchaser; and (iii) mark invoices relating to the Transferred Receivables
to show that the Transferred Receivables have been assigned to the Purchaser.

 

23

 

Aspen hereby
authorizes the Purchaser or its designee or assignee to file one or more
financing or continuation statements, and amendments thereto and assignments
thereof, relative to all or any of the Transferred Receivables (and the Related
Security).  If Aspen fails to perform any
of its agreements or obligations under this Agreement, the Purchaser or its
designee or assignee may (but shall not be required to) itself perform, or
cause performance of, such agreement or obligation, and the expense of the
Purchaser or its designee incurred in connection therewith shall be payable by
Aspen as provided in Section 9.6.

 

ARTICLE VIII

INDEMNIFICATION

 

8.1           Indemnities by Aspen.  Without limiting any other rights which any
such Person may have hereunder or under applicable law, Aspen hereby agrees to
indemnify the Purchaser, the Secondary Purchaser, the Lenders, the Agent, each
of their respective Affiliates and each of their respective officers,
directors, shareholders, controlling persons, employees and agents (each of the
foregoing Persons being individually called a “Purchase and Sale Indemnified
Party”), forthwith on demand, from and against any and all damages, losses,
claims, judgments, liabilities and related costs and expenses, including
reasonable attorneys’ fees and disbursements (all of the foregoing being
collectively called “Purchase and Sale Indemnified Amounts”) awarded
against or incurred by any of them arising out of or as a result of the
following:

 

(a)           the transfer by Aspen of an interest in any Transferred
Receivable or Related Security to any Person other than the Purchaser;

 

(b)           the
breach of any representation or warranty made by Aspen under or in connection
with this Agreement or any other Transaction Document, or any information or
report delivered by Aspen pursuant hereto or thereto which shall have been
false or incorrect in any material respect when made or deemed made;

 

(c)           the
failure by Aspen or any of its Affiliates to comply with any applicable law, rule or
regulation with respect to any Receivable or the related Contract, or the
nonconformity of any Receivable or the related Contract with any such
applicable law, rule or regulation;

 

(d)           the
failure of Aspen to own or hold sufficient rights in the software the license
of which is the subject of any Transferred Receivable to the extent necessary to  cause such
Transferred Receivable to (i) constitute a valid and binding obligation,
enforceable by Aspen against the applicable Obligor, (ii) be owned by
Aspen free and clear of any Adverse Claim and (iii) to be transferable by
Aspen as contemplated in this Agreement;

 

(e)           the failure to vest and maintain vested in the Purchaser an
ownership interest in the Transferred Receivables and the Related Security free
and clear of any Adverse Claim;

 

(f)            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

 

24

 

applicable laws with respect to any
Transferred Receivables or Related Security whether at the time of any purchase
or at any subsequent time;

 

(g)           any
dispute, claim, offset or defense (other than discharge in bankruptcy) of the
Obligor to the payment of any Receivable (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 merchandise or services (maintenance or otherwise)
related to any such Receivable or the furnishing of or failure to furnish such
software, merchandise or services;

 

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

 

(i)            any
failure of Aspen to perform its duties or obligations in accordance with the
provisions of the Transaction Documents, including, without limitation, any
failure of Aspen to deliver any Exchange Amount in accordance with Section 1.6;

 

(j)            the commingling by Aspen of Collections of Receivables at
any time with other funds;

 

(k)           any litigation or proceeding related to this Agreement or
the use of proceeds of any Loan; and

 

(l)            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 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 purchase or ownership of the Receivables or any Related Security connected
with any such Receivables;

 

excluding,
however, Purchase and Sale 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 such Purchase and Sale
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.

 

If for any
reason the indemnification provided above in this Section 8.1 is
unavailable to a Purchase and Sale Indemnified Party or is insufficient to hold
such Purchase and Sale Indemnified Party harmless, then Aspen shall contribute
to the amount paid or payable by such Purchase and Sale Indemnified Party to
the maximum extent permitted under applicable law.

 

25

 

ARTICLE IX

MISCELLANEOUS

9.1           Amendments, etc.

 

(a)           The
provisions of this Agreement may from time to time be amended, modified or
waived, if such amendment, modification or waiver is in writing and consented
to by Aspen, the Purchaser and the Agent.

 

(b)           No
failure or delay on the part of the Purchaser, Servicer, Aspen or any third
party beneficiary in exercising any power or right hereunder shall operate as a
waiver thereof, nor shall any single or partial exercise of any such power or
right preclude any other or further exercise thereof or the exercise of any
other power or right.  No notice to or
demand on the Purchaser or Aspen in any case shall entitle it to any notice or
demand in similar or other circumstances. 
No waiver or approval under this Agreement shall, except as may
otherwise be stated in such waiver or approval, be applicable to subsequent
transactions.  No waiver or approval
under this Agreement shall require any similar or dissimilar waiver or approval
thereafter to be granted hereunder.

 

9.2           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, (i) if personally delivered or sent by express mail or courier
or if sent by certified mail, when received, and (ii) if transmitted by
facsimile, when sent, receipt confirmed by telephone or electronic means.

 

If to Aspen:

 

Aspen Technology, Inc.

Ten Canal Park

Cambridge, Massachusetts 02141-2201

Attention:    Charles F. Kane,
Chief Financial Officers

Telephone No.:  (617) 949-1522

Facsimile
No.:   (617) 949-1711

 

If to the
Purchaser:

 

Aspen Technology Receivables I 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:

 

To the address
specified in Section 13.02 of the Loan Agreement

 

26

 

9.3           No Waiver; Cumulative Remedies.  The remedies herein provided are cumulative
and not exclusive of any remedies provided by law.

 

9.4           Binding Effect; Assignability.  This Agreement shall be binding upon and
inure to the benefit of the Purchaser, Aspen and their respective successors
and permitted assigns.  Aspen may not
assign its rights hereunder or any interest herein without the prior consent of
the Purchaser and the Agent.  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 date after the Final Payout Date on which the Purchaser has received
payment in full for all Transferred Receivables and Related Security conveyed
pursuant to Section 1.1 hereof. 
The rights and remedies with respect to any breach of any representation
and warranty made by Aspen pursuant to Article V and the
indemnification and payment provisions of Article VIII and Section 9.6
shall be continuing and shall survive any termination of this Agreement.

 

9.5           Governing Law.  THIS AGREEMENT SHALL BE GOVERNED BY, AND
CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

 

9.6           Costs, Expenses and Taxes.  In addition to the obligations of Aspen under
Article VIII, Aspen agrees to pay on demand:

 

(a)           all reasonable costs and expenses in connection with the
enforcement against Aspen of this Agreement and the other Transaction Documents
executed by Aspen; and

 

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

 

9.7           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 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.

 

9.8           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 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)

 

27

 

WAIVES, TO THE FULLEST EXTENT IT MAY EFFECTIVELY DO SO, THE
DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH ACTION OR
PROCEEDING.

 

9.9           Captions and Cross References;
Incorporation by Reference.  The
various captions (including, without limitation, the table of contents) in this
Agreement are included for convenience only and shall not affect the meaning or
interpretation of any provision of this Agreement.  References in this Agreement to any
underscored Section or Exhibit are to such Section or Exhibit of
this Agreement, as the case may be.  The
Exhibits hereto are hereby incorporated by reference into and made a part of
this Agreement.

 

9.10         Execution in Counterparts.  This Agreement may be executed in any number
of counterparts and by 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.

 

9.11         Acknowledgment and Agreement.  By execution below, Aspen expressly
acknowledges and agrees that all of the Purchaser’s rights, title, and
interests in, to, and under this Agreement shall be assigned by (i) the
Purchaser to the Secondary Purchaser under the Purchase and Resale Agreement,
and (ii) the Secondary Purchaser to the Agent pursuant to the Security
Agreement, and Aspen consents to each such assignment.  Each of the parties hereto acknowledges and
agrees that the Lenders and the Agent and the Indemnified Parties are third
party beneficiaries of the rights of the Purchaser arising hereunder and under
the other Transaction Documents to which Aspen is a party.

 

9.12         No
Proceedings.  Aspen hereby agrees
that it will not institute against the Purchaser, or join any other Person in
instituting against the Purchaser, 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” (as such term is defined in the Loan Agreement)
shall have been outstanding. This Section 9.12 shall survive
termination of this Agreement.

 

[signature page follows]

 

28

 

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, INC.

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By

  	
  /s/ Charles F. Kane

  
	
   

  	
  Name: 

  	
  Charles F.
  Kane

  
	
   

  	
  Title: 

  	
  Chief
  Financial Officer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  ASPEN TECHNOLOGY RECEIVABLES I LLC

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By

  	
  /s/ Charles F. Kane

  
	
   

  	
  Name: 

  	
  Charles F.
  Kane

  
	
   

  	
  Title: 

  	
  Vice
  President

  
									

 

29

 

EXHIBIT A

 

FORM OF CONTRACT

 

[Exhibit omitted]

 

 

EXHIBIT B

 

OFFICE LOCATIONS

 

Aspen Technology, Inc.

Ten Canal Park

Cambridge,
Massachusetts 02141-2201

 

ii

 

EXHIBIT C

 

CREDIT AND COLLECTION POLICY

 

[Exhibit omitted]

 

iii

 

SCHEDULE I

 

SCHEDULE OF TRANSFERRED RECEIVABLES

 

[Schedule omitted]

 

iv

 

SCHEDULE II

 

SCHEDULE OF EXCHANGE RATES

 

[Schedule omitted]

 

vEXHIBIT 10.4

 

EXECUTION COPY

 

 

PURCHASE AND
RESALE AGREEMENT

Dated as of June 15, 2005

between

ASPEN TECHNOLOGY RECEIVABLES I LLC

as Seller

and

ASPEN TECHNOLOGY RECEIVABLES II LLC

as Purchaser

 

 

TABLE OF CONTENTS

 

	
  ARTICLE I

  	
  AGREEMENT
  TO PURCHASE AND SELL

  	
   

  
	
   

  	
   

  	
   

  
	
  1.1

  	
  Agreement to Purchase and Sell

  	
   

  
	
  1.2

  	
  Timing of Purchase

  	
   

  
	
  1.3

  	
  Consideration for Purchases

  	
   

  
	
  1.4

  	
  Intentions of Parties

  	
   

  
	
  1.5

  	
  No Assumption of Obligations

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE II

  	
  PURCHASE
  PRICE

  	
   

  
	
   

  	
   

  	
   

  
	
  2.1

  	
  Receivables Schedule

  	
   

  
	
  2.2

  	
  Purchase Price

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE III

  	
  PAYMENT
  OF PURCHASE PRICE

  	
   

  
	
   

  	
   

  	
   

  
	
  3.1

  	
  Purchase Price Payment

  	
   

  
	
  3.2

  	
  Settlement as to Transferred Receivables

  	
   

  
	
  3.3

  	
  Settlement as to Dilution

  	
   

  
	
  3.4

  	
  Supersede and Replace Receivables

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE IV

  	
  CONDITIONS
  OF PURCHASES

  	
   

  
	
   

  	
   

  	
   

  
	
  4.1

  	
  Conditions Precedent to Purchase

  	
   

  
	
  4.2

  	
  Certification as to Representations and
  Warranties

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE V

  	
  REPRESENTATIONS AND WARRANTIES OF ASPEN

  	
   

  
	
   

  	
   

  	
   

  
	
  5.1

  	
  Organization
  and Good Standing

  	
   

  
	
  5.2

  	
  Due
  Qualification

  	
   

  
	
  5.3

  	
  Power and
  Authority; Due Authorization

  	
   

  
	
  5.4

  	
  Valid Sale;
  Binding Obligations

  	
   

  
	
  5.5

  	
  No
  Violation

  	
   

  
	
  5.6

  	
  Proceedings

  	
   

  
	
  5.7

  	
  Bulk Sales
  Act

  	
   

  
	
  5.8

  	
  Government
  Approvals

  	
   

  
	
  5.9

  	
  Financial
  Condition

  	
   

  
	
  5.10

  	
  Litigation

  	
   

  
	
  5.11

  	
  Margin
  Regulations

  	
   

  
	
  5.12

  	
  Quality of
  Title

  	
   

  

 

i

 

	
  5.13

  	
  Perfection
  and Priority

  	
   

  
	
  5.14

  	
  Eligible
  Receivables

  	
   

  
	
  5.15

  	
  Accuracy
  of Information

  	
   

  
	
  5.16

  	
  Offices

  	
   

  
	
  5.17

  	
  Capitalization

  	
   

  
	
  5.18

  	
  Trade
  Names

  	
   

  
	
  5.19

  	
  Taxes

  	
   

  
	
  5.20

  	
  Compliance with Applicable Laws

  	
   

  
	
  5.21

  	
  Reliance on Separate Legal Identity

  	
   

  
	
  5.22

  	
  Investment Company Act, Etc

  	
   

  
	
  5.23

  	
  Solvency

  	
   

  
	
  5.24

  	
  Collection Account and the SPV Account

  	
   

  
	
  5.25

  	
  Aspen
  Software

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE VI

  	
  COVENANTS OF SELLER

  	
   

  
	
   

  	
   

  	
   

  
	
  6.1

  	
  Affirmative
  Covenants

  	
   

  
	
  6.2

  	
  Reporting
  Requirements

  	
   

  
	
  6.3

  	
  Negative
  Covenants

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE VII

  	
  ADDITIONAL RIGHTS AND OBLIGATIONS

  	
   

  
	
   

  	
   

  	
   

  
	
  7.1

  	
  Rights of
  the Purchaser

  	
   

  
	
  7.2

  	
  Responsibilities
  of Seller

  	
   

  
	
  7.3

  	
  Further
  Action Evidencing Purchases

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE VIII

  	
  INDEMNIFICATION

  	
   

  
	
   

  	
   

  	
   

  
	
  8.1

  	
  Indemnities
  by Seller

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE IX

  	
  MISCELLANEOUS

  	
   

  
	
   

  	
   

  	
   

  
	
  9.1

  	
  Amendments,
  etc

  	
   

  
	
  9.2

  	
  Notices,
  etc

  	
   

  
	
  9.3

  	
  No Waiver;
  Cumulative Remedies

  	
   

  
	
  9.4

  	
  Binding
  Effect; Assignability

  	
   

  
	
  9.5

  	
  Governing
  Law

  	
   

  
	
  9.6

  	
  Costs,
  Expenses and Taxes

  	
   

  

 

ii

 

	
  9.7

  	
  Waiver of
  Jury Trial

  	
   

  
	
  9.8

  	
  Consent To
  Jurisdiction; Waiver Of Immunities

  	
   

  
	
  9.9

  	
  Captions
  and Cross References; Incorporation by Reference

  	
   

  
	
  9.10

  	
  Execution
  in Counterparts

  	
   

  
	
  9.11

  	
  Acknowledgment
  and Agreement

  	
   

  
	
   

  	
   

  	
   

  
	
  EXHIBIT A
  – Form of Contract

  	
   

  
	
   

  	
   

  
	
  EXHIBIT B
  — Office Locations

  	
   

  
	
   

  	
   

  
	
  EXHIBIT C
  – Credit and Collection Policy

  	
   

  
	
   

  	
   

  
	
  SCHEDULE I
  – Schedule of Transferred Receivables

  	
   

  

 

iii

 

PURCHASE AND
RESALE AGREEMENT

 

THIS PURCHASE
AND RESALE AGREEMENT (as amended, restated, supplemented or otherwise modified
from time to time, this “Agreement”), dated as of June 15, 2005, is
between ASPEN TECHNOLOGY RECEIVABLES I LLC, a Delaware limited liability
company, as seller (“Seller”), and ASPEN TECHNOLOGY RECEIVABLES II LLC,
a Delaware limited liability company, as purchaser (the “Purchaser”).

 

PRELIMINARY
STATEMENTS

 

Seller proposes to sell, assign and transfer
all of its right, title and interest in and to certain Receivables and Related
Security to the Purchaser, and the Purchaser has agreed to purchase, accept and
acquire such Receivables and Related Security and it is understood that the
Purchaser shall be obtaining funding to give effect to its purchase hereunder
from certain Lenders in accordance with the terms of the Loan Agreement.

 

Seller and the Purchaser enter into this
Agreement to set forth the terms and conditions on which the Receivables and
Related Security shall be sold by Seller to the Purchaser, and purchased by the
Purchaser from Seller, and the rights and benefits to be accorded the Purchaser
and its successors and assigns (including, without limitation, the Lenders) in
connection therewith.

 

NOW,
THEREFORE, in consideration of the premises and the mutual agreements herein
contained, the parties hereto agree as follows:

 

DEFINITIONS

 

The following
terms used herein have the respective meanings indicated below:

 

“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.

 

“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.

 

“Agent”
means Guggenheim Corporate Funding, LLC, or any other Person that shall then be
acting as “Agent” for the benefit of the Lenders under, and in accordance with
the terms of, the Loan Agreement.

 

“Aspen”
means Aspen Technology, Inc., a Delaware corporation.

 

1

 

“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.

 

“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.

 

“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 Seller’s
books as uncollectible, (iii) which has been identified by Seller 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.

 

 “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 National Valley Bank as the depository
institution at which the Collection Account is maintained.

 

“Collections”
means, with respect to any Transferred Receivable, all funds which are received
by the Purchaser, Aspen, Seller 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 Transferred Receivable, or applied to
such amounts owed by such Obligor(s).

 

“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.

 

2

 

“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 which is attached hereto as Exhibit C.

 

 “Cutoff Date” means May 31, 2005.

 

“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
Collection” means any amount as to which Seller is deemed to have received
a Collection as described in Sections 3.2 or 3.3 hereof.

 

“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 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,

 

(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,

 

3

 

(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 Transferred 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
Receivables that constitute Eligible Receivables on such date by reason of this
clause (b) would not exceed an amount equal to 78% of the aggregate
Outstanding Balance of all Transferred Receivables on the Closing Date;

 

(viii)                which arises
under a Contract in substantially the form set forth on Exhibit A
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 its 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 Purchaser or any of its assigns to exercise its rights under this
Agreement, including, without limitation, its right to review the Contract, and
(c) is otherwise freely assignable,

 

(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

 

4

 

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
interestholder 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)               Aspen,
immediately prior to giving effect to the sale and assignment thereof
hereunder, has good and marketable title thereto free and clear of any Adverse
Claim, and upon giving effect to the sale and assignment thereof hereunder, the
Purchaser shall acquire good and marketable title thereto free and clear of any
Adverse Claim (other than any Adverse Claim which may have been created by the
Purchaser in connection with the transactions contemplated in the Loan Agreement).

 

 “Event of Default” shall have the
meaning assigned to such term in the Loan Agreement.

 

“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.

 

“Final
Payout Date” means the date on which all principal, interest and other
obligations and liabilities of the Purchaser to the Lenders and the Agent under
the Loan Agreement shall have been repaid in full and the Loan Agreement
terminated.

 

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

 

 “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

 

5

 

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.

 

“Lender”
means any Person from time to time party to the Loan Agreement as a “Lender”
thereunder.

 

“Loan
Agreement” means that certain Loan Agreement, dated as of the date hereof,
among the Purchaser, as borrower, Aspen, as the servicer, certain “Lenders”
party thereto, and Guggenheim Corporate Funding, LLC, as “Agent” for the
Lenders party thereto, as such agreement may be amended, restated, supplemented
or otherwise modified from time to time.

 

 “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.

 

 “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.

 

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

 

“Purchase
and Sale Indemnified Amounts” shall have the meaning assigned to such term
in Section 8.1 hereof.

 

“Purchase
and Sale Indemnified Party” shall have the meaning assigned to such term in
Section 8.1 hereof.

 

“Purchase
Price” shall have the meaning assigned to such term in Section 2.1
hereof.

 

 “Purchaser” shall have the meaning
assigned to such term in the Preamble to this Agreement.

 

 “Receivable”
means all indebtedness and other obligations owed to Seller and identified on Schedule I
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.

 

6

 

“Receivables Schedule” means a list provided by
Seller to the Purchaser on or prior to the date hereof, setting forth each
Receivable proposed to be a Transferred Receivable on giving effect to this
Agreement, 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 Seller and the Purchaser, with
the consent of the Agent, may agree, as such agreement shall be evidenced by
payment on the part of the Purchaser of the Purchase Price.

 

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

 

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

 

(ii)           all of Seller’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
Transferred Receivable, whether pursuant to the Contract related to such
Transferred Receivable or otherwise;

 

(iv)          all UCC financing statements covering
any collateral (if any) securing payment of such Transferred 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 Transferred Receivable whether pursuant
to the Contract related to such Transferred 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 Seller’s right, title and
interest in, to and under the Purchase and Sale Agreement, including, without
limitation, the FX Rights thereunder; and

 

(viii)        all proceeds of such Transferred
Receivable and of any of the foregoing.

 

“Replaced
Receivable” shall have the meaning assigned to such term in Section 3.4(b) hereof.

 

“Reporting
Date” means the fifth day of each calendar month or, if such day is not a
Business Day in any calendar month, the next following day that is a Business
Day in such calendar month.

 

“S&R
Date” shall have the meaning assigned to such term in Section 3.4(b) hereof.

 

7

 

“S&R
Notice” shall have the meaning assigned to such term in Section 3.4(b) hereof.

 

 “Servicer” means, at any time, the
Person then designated to perform the obligations of “Servicer” under and in
connection with the Loan Agreement.

 

“Servicer
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 Aspen;

 

(ii)           the ability of Aspen to perform its
obligations under any Transaction Document to which Aspen is a party;

 

(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 Transferred Receivables or the
related Contracts; or

 

(iv)          the existence, perfection, priority or
enforceability of the Purchaser’s interest in a material portion of the
Transferred Receivables or Related Security.

 

“SPV
Account” means (i) that certain depository account in the name of
Aspen Technology Receivables II LLC, 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 or the Purchaser as the “SPV
Account” or the “Collateral Account.”

 

“Supersede
and Replace” shall have the meaning assigned to such term in Section 3.4(b) hereof.

 

“Superseding
Receivable” shall have the meaning assigned to such term in Section 3.4(b) hereof.

 

“Transaction
Documents” means, collectively, this Agreement, the Purchase and Sale
Agreement, the Loan Agreement and each other instrument, document or agreement
executed in connection with any of the foregoing.

 

“Transferred
Receivable” shall have the meaning assigned to such term in Section 1.1(a) hereof
and shall include, without limitation, each Superseding Receivable transferred
to the Purchaser in accordance with Section 3.4(b).

 

 “UCC” means the Uniform Commercial
Code, as in effect in any applicable jurisdiction.

 

“Unmatured
Event of Default” shall have the meaning assigned to such term in the Loan
Agreement.

 

8

 

ARTICLE I

AGREEMENT TO PURCHASE AND SELL

 

1.1           Agreement to Purchase and Sell.  On the terms and subject to the conditions
set forth in this Agreement, and in consideration of the Purchase Price, Seller
agrees to sell, assign and transfer, and does hereby sell, assign and transfer,
to the Purchaser, and the Purchaser agrees to purchase, accept and acquire, and
does hereby purchase, accept and acquire from Seller, all of Seller’s right,
title and interest in, to and under: (a) each Receivable listed on the
Receivables Schedule (such Receivables, collectively, the “Transferred
Receivables”); (b) all related Contracts and all Related Security with
respect to the Transferred Receivables; and (c) all Collections with
respect to and other proceeds thereof (as defined in the UCC) received on or
after the date hereof.  All purchases
hereunder shall be made without recourse, but shall be made pursuant to and in
reliance upon the representations, warranties and covenants of Seller set forth
herein.

 

1.2           Timing of Purchase.  The sale, assignment and transfer by Seller
to the Purchaser, and the purchase, acceptance and acquisition by the Purchaser
from Seller, of the Transferred Receivables and Related Security shall, subject
to the satisfaction of the conditions precedent set forth in Article IV,  occur on the date hereof.

 

1.3           Consideration for Purchases.  On the terms and subject to the conditions
set forth in this Agreement, the Purchaser agrees to make the Purchase Price
payment to Seller in accordance with Article III.

 

1.4           Intentions of Parties.  It is the intention of the parties hereto
that the conveyance of Seller’s right, title and interest in, to and under the
Transferred Receivables and Related Security by Seller to the Purchaser as
provided in Section 1.1 shall constitute an absolute transfer
conveying good title, free and clear of any Adverse Claim (other than any
Adverse Claim created under the Transaction Documents) and that the Transferred
Receivables and Related Security shall not be part of Seller’s bankruptcy
estate in the event of an Insolvency Event with respect to Seller.  It is also the intention of the parties that
this Agreement constitutes a sale of accounts or payment intangibles within the
meaning of Article 9 of the UCC but it is not intended that such
conveyance be deemed a pledge of the Transferred Receivables and Related
Security by Seller to the Purchaser to secure a debt or other obligation of
Seller.  If, however, notwithstanding the
intention of the parties, the conveyance provided for in Section 1.1
is determined to be a transfer for security, then this Agreement shall also be
deemed to be, and hereby is, a “security agreement” within the meaning of Article 9
of the UCC and Seller hereby grants to the Purchaser a duly perfected, first
priority security interest within the meaning of the UCC in all of Seller’s
right, title and interest in, to and under the Transferred Receivables and
Related Security, now existing and hereafter created, to secure the prompt and
complete payment of all obligations of Seller hereunder, including the
obligation of Seller to remit to the Purchaser all Collections and other
proceeds of the Transferred Receivables and Related Security.  The Purchaser shall have, in addition to all
other rights and remedies that it may have under this Agreement, all other
rights and remedies provided to a secured creditor under the UCC and any other
applicable law which rights and remedies shall be cumulative.

 

9

 

1.5           No Assumption of Obligations.  Neither the Purchaser nor any of its assigns
have any obligation or liability to any Obligor or other customer or client of
Seller (including any obligation to perform any of the obligations of Seller in
respect of maintenance or otherwise under any of the Contracts relating to the
Transferred Receivables) with respect to any of the Transferred Receivables,
Related Security or Aspen Software.

 

ARTICLE II

PURCHASE PRICE

 

2.1           Receivables Schedule.  On or prior to the Closing Date, Seller shall
deliver to the Purchaser and the Agent the Receivables Schedule, which shall
identify each Receivable proposed to be a Transferred 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 Receivables proposed to be Transferred Receivables hereunder
shall be an amount not less than $83,421,360.

 

2.2           Purchase Price.   The purchase price (the “Purchase Price”)
payable by the Purchaser on the date hereof in accordance with the terms of Article III
shall be an amount equal to an amount agreed upon by the Seller and the
Purchaser.  Seller and the Purchaser
agree that the Purchase Price represents the fair market value thereof of the
Transferred Receivables as of the Closing Date.

 

ARTICLE III

PAYMENT OF PURCHASE PRICE

 

3.1           Purchase Price Payment.  On the terms and subject to the conditions
set forth in this Agreement, the Purchaser agrees to pay to Seller on the
Closing Date a portion of the Purchase Price for the purchase to be made from
Seller with respect to the Transferred Receivables in the amount of
$43,750,000, representing an amount to the Loans made to the Purchaser on the
Closing Date under the Loan Agreement, net of any such amounts required
thereunder to be funded as reserves or paid as expenses.  To the extent such net proceeds received by
the Purchaser under the Loan Agreement are not sufficient to pay the full
Purchase Price for the Transferred Receivables and Related Security, Seller hereby
makes a capital contribution to the Purchaser of all Transferred Receivables
and Related Security for which the Purchase Price is not paid in cash on the
Closing Date.

 

3.2           Settlement as to Transferred
Receivables.  If (a) on the day
that any Receivable is transferred hereunder the representation and warranty
set forth in Section 5.14 was not true with respect to such
Receivable, or (b) on any day any of the representations or warranties set
forth in either Section 5.12 or Section 5.13 is not or
is no longer true with respect to a Transferred Receivable, then Seller shall
be deemed to have received a Collection in an amount equal to the Outstanding
Balance of the affected Receivable (plus any accrued interest or finance
charges

 

10

 

thereon),
which amount shall constitute a Deemed Collection.  Seller shall deposit the amount of such
Deemed Collection into the SPV Account promptly following the date it first
becomes aware of any of the circumstances described above, and in any event by
no later than the immediately following Reporting Date.

 

3.3           Settlement as to Dilution.  Except as otherwise provided in Section 3.4,
if on any day the Outstanding Balance of any Transferred Receivable is reduced,
cancelled or terminated as a result of:

 

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

 

(B)           any failure on the
part of Aspen, Seller 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,

 

(C)           any setoff in
respect of any claim by the Obligor thereof against Aspen, Seller 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
Aspen, Seller or any Affiliate thereof to pay to the related Obligor any rebate
or refund; or

 

(E)           any action taken by
Aspen, Seller or any of its Affiliates outside the scope of any authorized
collection services it may then be providing as Servicer and other than a
Supersede-and-Replace transaction authorized under Section 3.4(b) and
in connection with which an eligible Superseding Receivable replaces the
affected Receivable,

 

then, on such day, Seller shall be deemed to have received a Collection
of such Transferred Receivable in the amount of such reduction, cancellation or
termination, and such amount shall constitute a Deemed Collection.  Seller shall deposit into the SPV 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 by no later than the immediately following Reporting Date.

 

3.4           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.

 

11

 

(b)           Subject
to the following terms and conditions, the Purchaser agrees to accept from
Seller, in lieu of the Deemed Collection that would otherwise be required under
Section 3.3 upon any Supersede-and-Replace relating to a
Transferred Receivable (a “Replaced Receivable”), the new 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,
Seller shall provide the Purchaser and the Agent written notice (an “S&R
Notice”) setting forth (A) the identity of the affected Transferred
Receivable, (B) the terms of the Superseding Receivable becoming effective
upon causing such Transferred 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 Purchaser or the Agent,
demonstrating compliance by Seller with the terms of this Section 3.4(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;

 

(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 Transferred Receivables that shall have become Replaced Receivables under
this Section 3.4(b) on any prior date during the PSA Year in
which such S&R Date occurs, shall not exceed an amount equal to ten percent
(10%) of the aggregate Outstanding Balance of all Transferred 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
date hereof, 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

 

12

 

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 Seller
hereunder with respect to the Transferred 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; (B) the
Superseding Receivable shall be deemed to constitute proceeds of the Replaced
Receivable and, accordingly, all right, title and interest of Seller in and to
such Superseding Receivable shall be deemed to have been quitclaim, sold,
assigned or otherwise transferred by Seller to the Purchaser and (C) to
the extent an arm’s length purchase price for the Superseding Receivable would
exceed the value of the extinguished Replaced Receivable, such excess shall be
deemed to have been a contribution by Seller to the capital of the Purchaser.

 

(c)           Rescission.  The issuance by Seller of an S&R Notice
shall constitute a representation and warranty by Seller that each of the
statements set forth in Section 3.4(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 Transferred Receivable for
all purposes of this Agreement.

 

ARTICLE IV

 

CONDITIONS OF PURCHASES

 

4.1           Conditions Precedent to Purchase.  The purchase hereunder is subject to the
condition precedent that the Purchaser shall have received, on or before the
Closing Date, evidence (i) of the execution and delivery by each of the
parties thereto of each of the other Transaction Documents to be executed and delivered
in connection herewith and (ii) that each of the conditions precedent to
the execution, delivery and effectiveness of such other Transaction Documents
has been satisfied to the Purchaser’s satisfaction.

 

4.2           Certification as to
Representations and Warranties. 
Seller, by accepting the cash portion of the Purchase Price contemplated
in Section 3.1, shall be deemed to have certified that the
representations and warranties contained in Article V are true and
correct on the Closing Date and that no Event of Default or Unmatured Event of
Default shall have occurred and is then continuing or would result from the
consummation of the transactions contemplated in any of the Transaction
Documents.

 

13

 

ARTICLE V

 

REPRESENTATIONS AND WARRANTIES OF SELLER

 

In order to
induce the Purchaser to enter into this Agreement and to make purchases
hereunder, Seller, in its capacity as seller under this Agreement, hereby makes
the representations and warranties set forth in this Article V (i) on
the Closing Date and (ii) with respect to any transfer of a Superseding
Receivable under Section 3.4(b), on the applicable S&R Date.

 

5.1           Organization and Good Standing.  Seller has been duly organized and is validly
existing as a corporation in good standing under the laws of the state of its
incorporation, 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 and had at all relevant times, and now has, all necessary
power, authority, and legal right to originate the Receivables and Related
Security to be owned or transferred by it under the Transaction Documents,
transfer its rights therein to the Purchaser hereunder and perform its
obligations under the Transaction Documents.

 

5.2           Due Qualification.  Seller is duly licensed or qualified to do
business as a foreign corporation in good standing, and has obtained all
necessary licenses and approvals, in all jurisdictions in which the ownership,
lease or license of its property or the conduct of its business requires such
licensing or qualification.

 

5.3           Power and Authority; Due
Authorization.  Seller has (a) all
necessary power, authority and legal right (i) to execute and deliver, and
perform its obligations under, each Transaction Document to which it is a
party, (ii) to carry out the terms of the Transaction Documents to which
it is a party and (iii) to originate, acquire, own, sell and assign
Receivables on the terms and subject to the conditions herein and therein
provided; and (b) duly authorized the execution, delivery and performance
of this Agreement and the other Transaction Documents by all necessary
corporate action.

 

5.4           Valid Sale; Binding Obligations.  Each sale or contribution of Receivables and
Related Security made by Seller pursuant to this Agreement shall constitute a
valid sale, contribution, transfer, and assignment thereof to the Purchaser,
enforceable against creditors of, and purchasers from, Seller; and this
Agreement and each other Transaction Document constitutes a legal, valid, and
binding obligation of Seller, 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.

 

5.5           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 (a) 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 (i) Seller’s
certificate of limited liability company agreement or certificate of formation,
or (ii) any indenture, receivables purchase agreement, loan agreement,
mortgage, deed of trust, or other agreement or

 

14

 

instrument to
which it is a party or by which it is bound, (b) result in the creation or
imposition of any Adverse Claim upon any of its properties pursuant to the
terms of any such indenture, purchase agreement, loan agreement, mortgage, deed
of trust, or other agreement or instrument, other than the Transaction
Documents, or (c) violate any law or any order, rule, or regulation
applicable to it of any court or of any federal, state or foreign regulatory
body, administrative agency, or other governmental instrumentality having
jurisdiction over it or any of its properties.

 

5.6           Proceedings.  There is no action, suit, proceeding or
investigation pending or, to the knowledge of Seller, threatened before any
court, regulatory body, arbitrator, administrative agency, or other tribunal or
governmental instrumentality (a) asserting the invalidity of any
Transaction Document, (b) seeking to prevent the conveyance of the
Transferred Receivables to the Purchaser or the consummation of any of the
other transactions contemplated by this Agreement or any other Transaction
Document or (c) seeking any determination or ruling that is reasonably
likely to have a Servicer Material Adverse Effect.

 

5.7           Bulk Sales Act.  No transaction contemplated hereby requires
compliance with any bulk sales act or similar law.

 

5.8           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 Seller’s due execution, delivery and performance of this
Agreement or any Transaction Document to which it is a party, except for the
filing of the UCC financing statements referred to in Section 5.13.

 

5.9           Financial Condition.  The audited consolidated balance sheets of Aspen,
as at June 30, 2004 and the unaudited consolidated balance sheets of Aspen
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
Purchaser and the Agent, have been prepared in accordance with generally
accepted accounting principles, consistently applied, and present fairly the
consolidated financial condition of Aspen and its consolidated subsidiaries as
at the dates thereof and the results of their operations for the respective
period then ended.  As of the Closing
Date, since March 31, 2005, no event has occurred that has had, or is
reasonably likely to have, a Servicer Material Adverse Effect.

 

5.10         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 Seller, no threat by any Person
has been made to attempt to obtain any such decision that is reasonably likely
to prevent Seller from conducting a material part of its business operations.

 

5.11         Margin Regulations.  No use of any funds acquired by Seller under
this Agreement will 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.

 

5.12         Quality of Title.

 

(a)           Immediately
prior to conveyance hereunder, each Transferred Receivable (together with the
Related Security with respect thereto) is owned by Seller free and clear of any
Adverse Claim.  Immediately following
each conveyance of Transferred Receivables and

 

15

 

Related
Security hereunder, the Purchaser shall have acquired a valid and perfected
ownership interest free and clear of any Adverse Claim in such Transferred
Receivables and Related Security.

 

(b)           No
effective financing statement or other instrument similar in effect covering
any Transferred Receivable or any Related Security is on file in any recording
office except such as may be filed in favor of the Purchaser or Seller, as the
case may be, in accordance with this Agreement or in favor of the Agent in
accordance with the Loan Agreement.

 

(c)           The
rights granted hereunder to the Purchaser are sufficient to transfer good and
marketable title to the Transferred Receivables and Related Security without
the necessity of the Purchaser or any of its designees or assigns holding any
interest in the Aspen Software in order to give effect thereto.

 

5.13         Perfection and Priority.

 

(a)           This
Agreement creates a valid and continuing security interest (as defined in UCC Section 1-201)
in the Receivables stated to be transferred by Seller to the Purchaser
hereunder in favor of the Purchaser, which security interest is prior to all
other Adverse Claims and is enforceable as such against creditors of and
purchasers from Seller.

 

(b)           Seller
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 conveyance of Transferred Receivables from Seller to the
Purchaser hereunder.

 

(c)           Other
than the transfer of the Transferred Receivables to the Purchaser under this
Agreement, Seller has not pledged, assigned, sold, granted a security interest
in, or otherwise conveyed any of the Transferred Receivables or Related
Security to any other Person.  Seller has
not authorized the filing of any financing statement against Seller that may
include a description of collateral covering the Transferred Receivables or
Related Security other than any financing statement related to the conveyance
of the Transferred Receivables and Related Security pursuant to this Agreement
or that has been terminated.

 

5.14         Eligible Receivables.  Each Receivable transferred by Seller
hereunder is an Eligible Receivable on the date of transfer.

 

5.15         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 Seller or any of its
Affiliates to the Purchaser, any Lender or the Agent in connection with this
Agreement or any Transaction Document or any transaction contemplated hereby or
thereby was inaccurate in any material respect as of the date it was dated or
(except as otherwise disclosed at such time) as of the date so furnished, or
contained or will contain any material misstatement of fact or omitted to state
any material fact or any fact necessary, in light of the circumstances under
which such statements were made, to make such information not materially
misleading.

 

16

 

5.16         Offices.  Seller’s principal place of business and
chief executive office is located at the address set forth in Section 9.2,
and the offices where Seller keeps all its books, records and documents
evidencing the Transferred Receivables, the related Contracts and all other
agreements related to such Transferred Receivables are located at the addresses
specified in Exhibit B (or at such other locations, notified to the
Purchaser and the Agent in accordance with Section 6.1(f), in
jurisdictions where all action required by Section 7.3 has been
taken and completed).

 

5.17         Capitalization.  All of the membership or other equity
interests of the Purchaser are owned (beneficially and of record), free and
clear of any Adverse Claim, by Seller.

 

5.18         Trade Names.  Seller does not use 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.

 

5.19         Taxes.  Seller 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 any such taxes which are
being diligently contested in good faith by appropriate proceedings and for
which adequate reserves in accordance with generally accepted accounting
principles, consistently applied, shall have been set aside on its books.

 

5.20         Compliance with
Applicable Laws. 
Seller 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 Transferred Receivables,
the Contracts and the Related Security). 
Seller has not 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.

 

5.21         Reliance on
Separate Legal Identity.  Seller is aware that the Lenders and the
Agent are entering into the Transaction Documents to which they are parties in
reliance upon each of Seller’s and the Purchaser’s identity being that of a
discrete legal entity, separate from Aspen.

 

5.22         Investment Company Act, Etc.  Seller is not 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.

 

5.23         Solvency.  On the Closing Date and on each S&R Date,
immediately prior to and after giving effect to the transfer of Receivables
hereunder occurring on such date:

 

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

 

17

 

(b)           the fair value and present fair
saleable value of Seller’s assets is greater than the amount that will be
required to pay Seller’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)           Seller is able to pay all of its
liabilities as such liabilities mature; and

 

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

 

For purposes
of this Section 5.23:

 

(i)            the amount of Seller’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.

 

5.24         Collection Account
and the SPV Account.  At all times prior to the Closing Date, each
Obligor was been instructed by Aspen to remit all payments on the Transferred
Receivables and Related Security directly to the Collection Account and from
and after the Closing Date, each Obligor will be instructed to remit all
payments on the Transferred Receivables and Related Security directly to the
SPV Account.  Seller has not granted any
Person, other than the Purchaser and its assignees as contemplated by this
Agreement, dominion and control of the SPV Account, or the right to take
dominion and control of the related lock-box or the SPV Account at a future
time or upon the occurrence of a future event.

 

5.25         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 or the Seller to compensate or otherwise pay
the owner or licensor to Aspen or the Seller of such software, whether in the
nature of royalties or otherwise, is not secured by any Adverse Claim on any of
the Transferred Receivables, and such owner or licensor does not otherwise have
any property interest in any Transferred Receivable.

 

18

 

ARTICLE VI

COVENANTS OF SELLER

 

6.1           Affirmative Covenants.  From the date hereof until the Final Payout
Date, Seller covenants and agrees, unless the Purchaser and the Agent shall
otherwise consent in writing, that it shall:

 

(a)           Compliance
with Laws, Etc.  Comply in all
material respects with all applicable laws, rules, regulations and orders of
all governmental authorities (including those with respect to the Transferred
Receivables and the Contracts and other agreements related thereto).

 

(b)           Preservation
of Corporate Existence.  Preserve and
maintain its corporate existence, rights, franchises and privileges in the
jurisdiction of its incorporation, and qualify and remain qualified in good
standing as a foreign corporation in each jurisdiction in which its business is
conducted.

 

(c)           Receivables
Review.  (i) At any time and
from time to time during regular business hours, permit the Purchaser or the
Agent or any of their respective agents or representatives, upon at least two
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 Seller relating to the
Transferred Receivables and Contracts and other agreements and (B) to
visit Seller’s offices and properties for the purpose of examining such
materials described in the foregoing clause (A) and discussing
matters relating to the Transferred Receivables or Seller’s performance
hereunder with any of the officers or employees of Seller 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 internal auditors or
employees or agents of the Agent to conduct, at Seller’s expense, a review of
its books and records; provided, however, that unless an Event of
Default or an Unmatured Event of Default has occurred and is continuing,  Seller shall not be required to pay the
expenses associated with more than two audits of Seller’s books and records in
any calendar year and the aggregate amount in respect of any single audit of
Seller shall not exceed $25,000.

 

(d)           Keeping
of Records and Books of Account. 
Maintain an ability to recreate records evidencing the Transferred
Receivables in the event of the destruction of the originals thereof.

 

(e)           Performance
and Compliance with Transferred Receivables and Contracts.  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 and all other
agreements related to the Transferred Receivables.

 

(f)            Location
of Records.  Keep its principal place
of business and chief executive office, and the offices where it keeps its
records concerning the Transferred

 

19

 

Receivables
and all rights under the related Contracts and other agreements related to such
Transferred Receivables (and, to the extent that Seller retains originals
thereof, all original documents relating thereto), at the address(es)
referred to in Exhibit B or, upon 30 days’ prior written notice to
the Purchaser and the Agent, at such other locations in jurisdictions where all
action required by Section 7.3 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 Transferred Receivable and the related
Contract.

 

6.2           Separate Corporate Existence.  Seller hereby acknowledges 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 Seller’s and the
Purchaser’s identity being that of a discrete legal entity, separate from
Aspen.  Therefore, from and after the
date hereof, Seller shall take all steps required to maintain and continue
Seller’s identity as a separate legal entity and to make it apparent to third
Persons that Seller is an entity with assets and liabilities distinct from
those of Aspen, the Purchaser and any other Person, and is not a division of
Aspen, the Purchaser or any other Person. 
Without limiting the generality of the foregoing, Seller shall take such
actions as shall be required in order that:

 

(i)            Seller will be a special-purpose
limited liability company whose activities are restricted in its limited
liability company agreement to owning the Transferred Receivables, the
Collections and the Related Security, entering into the Transaction Documents
to which it is a party, purchasing assets from Aspen pursuant to the Purchase
and Sale Agreement, selling the Transferred Receivables, the Collections and
the Related Security 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 Seller’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 Seller and the Purchaser), employee, affiliate or associate of
Seller, Purchaser or Aspen or any of their Affiliates, (ii) a customer or
supplier of Seller, the Purchaser or Aspen or any of their Affiliates (other
than a supplier to which Seller, the Purchaser 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 Seller, the Purchaser, Aspen or any of their Affiliates
whose (A) sales to Seller, the Purchaser, 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 Seller,
the Purchaser, 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
Seller shall provide that (i) Seller’s Board of Directors shall not
approve, or take any other action to cause the filing of, a voluntary
bankruptcy petition with respect to Seller 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;

 

20

 

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

 

(iv)          Any employee,
consultant or agent of Seller will be compensated from funds of Seller, as
appropriate, for services provided to Seller. 
Except as otherwise provided herein, Seller will engage no agents;

 

(v)           Seller will not incur any material
indirect or overhead expenses for items shared among Seller, the Purchaser and
Aspen (or any other Affiliate thereof). 
To the extent, if any, that Seller, the Purchaser 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;

 

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

 

(vii)         Seller will have its own separate phone
extension and stationery;

 

(viii)        Seller’s books and records will be
maintained separately from those of the Purchaser, Aspen and any other
Affiliate thereof;

 

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

 

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

 

(xi)           Seller will strictly observe
corporate formalities in its dealings with the Purchaser, Aspen or any
Affiliate thereof, and funds or other assets of Seller will not be commingled
with those of the Purchaser, Aspen or any Affiliate thereof.  Other than the Collection Account, Seller
shall not maintain joint bank accounts or other depository accounts to which
the Purchaser, 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 Seller’s funds will at any time be
pooled with any funds of Aspen or any Affiliate thereof;

 

(xii)          Seller will maintain arm’s-length
relationships with the Purchaser, Aspen and any Affiliate thereof.  Any Person that renders or otherwise
furnishes services to Seller will be compensated thereby at market rates for
such services it renders or

 

21

 

otherwise
furnishes thereto except as otherwise provided in this Agreement.  Except as contemplated in the Transaction
Documents, Seller will not hold itself out to be responsible for the debts of
the other or the decisions or actions respecting the daily business and affairs
of Aspen or the Purchaser; and

 

(xiii)         Seller 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 Seller, 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..

 

(a)           Maintain
Security Interests.  Take all
reasonably necessary actions to maintain the first priority perfected security
interest and ownership interest of the Purchaser in the Transferred Receivables
and Related Security.

 

(b)           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 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.

 

(c)           Collections.  Implement and maintain adequate measures to
provide standing instructions to each Obligor on any Transferred Receivables to
remit all payments in connection with such Transferred Receivable to the SPV
Account. Seller will cause the Collection Account Bank to acknowledge the
ownership by the Purchaser and its designated assigns of, and to release any
Adverse Claims and waive and set-off rights the Collection Account Bank might
have against, the Transferred Receivables and all proceeds thereof.  In the event any payments relating to
Transferred Receivables are remitted directly to Seller or any Affiliate
thereof, Seller will forthwith remit (or will cause all such payments to be
remitted) directly to the SPV Account, and, at all times prior to such
remittance, Seller will itself hold or, if applicable, will cause such payments
to be held in trust for the exclusive benefit of the Purchaser, the Lenders and
the Agent.  Seller will not grant any
Adverse Claim on, or the right to take dominion and control of, the SPV 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 and the Loan Agreement.

 

6.3           Reporting Requirements.  From the date hereof until the first day
following the Final Payout Date, Seller will, unless the Agent shall otherwise
consent in writing, furnish to the Purchaser and the Agent:

 

(a)           Adverse
Claims.  As soon as possible and in
any event within three Business Days of Seller’s having knowledge thereof,
notice of the assertion on the part of any Person of the existence of an
Adverse Claim against the Transferred Receivables, the Related Security, the
SPV Account or the Collection Account, other than any Adverse Claim permitted
under the Transaction Documents.

 

22

 

(b)           Litigation.  As soon as possible and in any event within
three Business Days of Seller having knowledge thereof, notice of any
litigation, investigation or proceeding commenced against Seller; and

 

(c)           Other.  Promptly, from time to time, such other
information, documents, records or reports respecting the Transferred
Receivables, or the condition or operations, financial or otherwise of Seller,
or Seller’s performance as seller hereunder that the Purchaser or the Agent may
from time to time reasonably request.

 

6.4           Negative
Covenants.  From the date hereof
until the Final Payout Date, Seller agrees that, unless the Purchaser and the
Agent shall otherwise consent in writing, it shall not:

 

(a)           Sales,
Adverse Claims, Etc.  (i) Except
in connection with a Supersede-and-Replace, 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 Transferred Receivable or Related Security,
or any interest therein, or any Collections thereon, the SPV Account or any
right to receive income or proceeds from or in respect of the foregoing and (ii) Seller
will not assert any interest in the Transferred Receivables or Related
Security.

 

(b)           Extension
or Amendment of Transferred Receivables. 
Except as otherwise permitted in Section 3.4(b) hereof
or Section 8.02 of the Loan Agreement (in its capacity as
Servicer), extend, amend or otherwise modify the terms of any Transferred
Receivable, or amend, modify or waive any term or condition of any Contract
related thereto.

 

(c)           Change in Business or Credit and
Collection Policy.  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
Servicer Material Adverse Effect.

 

(d)           Change
in Payment Instructions to Obligors. 
Make any change in its instructions to Obligors regarding payments to be
made to the Purchaser other than any changes in instructions necessary to
ensure that such payments are made to the SPV Account (as opposed to the
Collection Account or any other location).

 

(e)           Deposits to SPV Account.  Deposit or otherwise credit, or cause or
permit to be so deposited or credited, to the SPV Account cash or cash proceeds
other than Collections.

 

(f)            Corporate
Changes.  Change its name, state of
incorporation 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 Purchaser’s security interest and ownership interest
hereunder, including the filing of amendments to the UCC financing statements.

 

(g)           Restricted
Payments by Seller.  Seller 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 Seller 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.
2, (B) no Event

 

23

 

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.

 

(h)           Debt.   Seller will not incur or permit to exist any
Debt, except (A) Debt of the Seller to Aspen incurred in accordance with
the Purchase and Sale 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.

 

(i)            Negative
Pledges.  Seller 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
Transferred Receivables, Related Security or Collections 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.

 

(j)            Merger,
Acquisitions, Sales, Etc.  Seller
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 Purchaser and the Agent, Seller
will not consent to or enter into any amendment or modification of, or
supplement to any Transaction Document.

 

ARTICLE VII

ADDITIONAL RIGHTS AND OBLIGATIONS IN

 

RESPECT OF THE RECEIVABLES

 

7.1           Rights of the Purchaser.  Seller hereby authorizes the Purchaser or its
designees or assignees to take any and all steps in Seller’s name necessary or
desirable, in their respective determination, to collect all amounts due under
any and all Transferred Receivables and Related Security, including, without
limitation, endorsing Seller’s name on checks and other instruments
representing Collections and enforcing such Transferred Receivables and Related
Security and the provisions of the related Contracts that concern payment
and/or enforcement of rights to payment.

 

7.2           Responsibilities of Seller.  Anything herein to the contrary
notwithstanding:

 

(a)           Seller
shall continue to provide fully and timely all maintenance and other services
required under the terms of the Contracts or in connection with any standing
relationship between Seller and the Obligor on any Transferred Receivable.  Neither the Purchaser nor any of its assigns
assumes any responsibility or liability for the performance of any such
services or obligations.

 

24

 

(b)           Seller
shall perform its obligations hereunder, and the exercise by the Purchaser or
its designee or assignee of its rights hereunder shall not relieve Seller from
such obligations.

 

(c)           Seller
hereby grants to each of the Agent and the Servicer (if other than Aspen) an
irrevocable power of attorney, with full power of substitution, coupled with an
interest, to take in the name of Seller all steps necessary or advisable to
indorse, negotiate or otherwise realize on any writing or other right of any
kind held or transmitted by Seller or transmitted or received by the Purchaser
(whether or not from Seller) in connection with any Transferred Receivable and
Related Security.  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.

 

(d)           Seller
hereby covenants and agrees to indicate in its books and records on the Closing
Date that the Transferred Receivables have been conveyed to the Purchaser.

 

(e)           Seller
acknowledges that, under the terms of the Loan Agreement, the Servicer has been
directed to implement a means by which the Collections on the Transferred
Receivables may be (i) promptly identified following remittance thereof to
the Collection Account, (ii) segregated from all other funds then held in
the Collection Account and (iii) transferred to the SPV Account, which
account shall be under the control of the Agent.  Seller shall cooperate fully and timely with
the Servicer in implementing the measures described above, including
facilitating on a daily basis the identification of all remittances made to the
Collection Account.  Seller shall have no
right or interest in the SPV Account or in any amounts from time to time held
in the SPV Account, and shall not permit any funds to be remitted to the SPV
Account other than Collections.

 

7.3           Further Action Evidencing
Purchases.  Seller 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 Purchaser or
the Agent may reasonably request in order to perfect, protect or more fully
evidence the Transferred Receivables and the Related Security acquired by the
Purchaser hereunder, or to enable the Purchaser to exercise or enforce any of
its rights hereunder.  Without limiting
the generality of the foregoing, upon the request of the Purchaser or the Agent,
Seller will (i) execute and file such financing or continuation
statements, or amendments thereto or assignments thereof, and such other
instruments or notices, as may be necessary or appropriate in the reasonable
judgment of the Purchaser or the Agent; (ii) mark its data processing
records to show that the Transferred Receivables have been assigned to the
Purchaser; and (iii) mark invoices relating to the Transferred Receivables
to show that the Transferred Receivables have been assigned to the Purchaser.

 

Seller hereby
authorizes the Purchaser or its designee or assignee to file one or more
financing or continuation statements, and amendments thereto and assignments
thereof, relative to all or any of the Transferred Receivables (and the Related
Security).  If Seller fails to perform
any of its agreements or obligations under this Agreement, the Purchaser or its
designee or assignee may (but shall not be required to) itself perform, or
cause performance of, such agreement or obligation, and the expense of the
Purchaser or its designee incurred in connection therewith shall be payable by
Seller as provided in Section 9.6.

 

25

 

ARTICLE VIII

INDEMNIFICATION

 

8.1           Indemnities by Seller.  Without limiting any other rights which any
such Person may have hereunder or under applicable law, Seller hereby agrees to
indemnify the Purchaser, the Lenders, the Agent, each of their respective
Affiliates and each of their respective officers, directors, shareholders,
controlling persons, employees and agents (each of the foregoing Persons being
individually called a “Purchase and Sale Indemnified Party”), forthwith
on demand, from and against any and all damages, losses, claims, judgments,
liabilities and related costs and expenses, including reasonable attorneys’
fees and disbursements (all of the foregoing being collectively called “Purchase
and Sale Indemnified Amounts”) awarded against or incurred by any of them
arising out of or as a result of the following:

 

(a)           the transfer by Seller of an interest in any Transferred
Receivable or Related Security to any Person other than the Purchaser;

 

(b)           the
breach of any representation or warranty made by Seller under or in connection
with this Agreement or any other Transaction Document, or any information or
report delivered by Seller pursuant hereto or thereto which shall have been
false or incorrect in any material respect when made or deemed made;

 

(c)           the
failure by Seller or any of its Affiliates to comply with any applicable law, rule or
regulation with respect to any Receivable or the related Contract, or the
nonconformity of any Receivable or the related Contract with any such
applicable law, rule or regulation;

 

(d)           the
failure of Seller to own or hold sufficient rights in the software the license
of which is the subject of any Transferred Receivable to the extent necessary
to cause such Transferred Receivable to (i) constitute a valid and binding
obligation, enforceable by Seller against the applicable Obligor, (ii) be
owned by Seller free and clear of any Adverse Claim and (iii) to be
transferable by Seller as contemplated in this Agreement;

 

(e)           the failure to vest and maintain vested in the Purchaser an
ownership interest in the Transferred Receivables and the Related Security free
and clear of any Adverse Claim;

 

(f)            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
applicable laws with respect to any Transferred Receivables or Related Security
whether at the time of any purchase or at any subsequent time;

 

(g)           any
dispute, claim, offset or defense (other than discharge in bankruptcy) of the
Obligor to the payment of any Receivable (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 merchandise or services (maintenance or otherwise) related to

 

26

 

any such Receivable or the furnishing of or
failure to furnish such software, merchandise or services;

 

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

 

(i)            any
failure of Aspen 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);

 

(j)            the commingling by Seller of Collections of Receivables at
any time with other funds;

 

(k)           any litigation or proceeding related to this Agreement or
the use of proceeds of any Loan; and

 

(l)            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 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 purchase or ownership of the Receivables or any Related Security connected
with any such Receivables;

 

excluding,
however, Purchase and Sale 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 such Purchase and Sale
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.

 

If for any
reason the indemnification provided above in this Section 8.1 is
unavailable to a Purchase and Sale Indemnified Party or is insufficient to hold
such Purchase and Sale Indemnified Party harmless, then Seller shall contribute
to the amount paid or payable by such Purchase and Sale Indemnified Party to
the maximum extent permitted under applicable law.

 

ARTICLE IX

MISCELLANEOUS

 

9.1           Amendments, etc.

 

(a)           The
provisions of this Agreement may from time to time be amended, modified or
waived, if such amendment, modification or waiver is in writing and consented
to by Seller, the Purchaser and the Agent.

 

(b)           No
failure or delay on the part of the Purchaser, Servicer, Seller or any third
party beneficiary in exercising any power or right hereunder shall operate as a
waiver thereof, nor shall any single or partial exercise of any such power or
right preclude any other or

 

27

 

further exercise thereof or the exercise of
any other power or right.  No notice to
or demand on the Purchaser or Seller in any case shall entitle it to any notice
or demand in similar or other circumstances. 
No waiver or approval under this Agreement shall, except as may
otherwise be stated in such waiver or approval, be applicable to subsequent
transactions.  No waiver or approval
under this Agreement shall require any similar or dissimilar waiver or approval
thereafter to be granted hereunder.

 

9.2           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, (i) if personally delivered or sent by express mail or courier
or if sent by certified mail, when received, and (ii) if transmitted by
facsimile, when sent, receipt confirmed by telephone or electronic means.

 

If to Seller:

 

Aspen Receivables I 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
Purchaser:

 

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:

 

To the address
specified in Section 13.02 of the Loan Agreement

 

9.3           No Waiver; Cumulative Remedies.  The remedies herein provided are cumulative
and not exclusive of any remedies provided by law.

 

9.4           Binding Effect; Assignability.  This Agreement shall be binding upon and
inure to the benefit of the Purchaser, Seller and their respective successors
and permitted assigns.  Seller may not
assign its rights hereunder or any interest herein without the prior consent of
the Purchaser and the Agent.  This
Agreement shall create and constitute the continuing obligations

 

28

 

of the parties
hereto in accordance with its terms, and shall remain in full force and effect
until the date after the Final Payout Date on which the Purchaser has received
payment in full for all Transferred Receivables and Related Security conveyed
pursuant to Section 1.1 hereof. 
The rights and remedies with respect to any breach of any representation
and warranty made by Seller pursuant to Article V and the
indemnification and payment provisions of Article VIII and Section 9.6
shall be continuing and shall survive any termination of this Agreement.

 

9.5           Governing Law.  THIS AGREEMENT SHALL BE GOVERNED BY, AND
CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

 

9.6           Costs, Expenses and Taxes.  In addition to the obligations of Seller
under Article VIII, Seller agrees to pay on demand:

 

(a)           all reasonable costs and expenses in connection with the
enforcement against Seller of this Agreement and the other Transaction
Documents executed by Seller; and

 

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

 

9.7           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 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.

 

9.8           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 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.

 

9.9           Captions and Cross References;
Incorporation by Reference.  The
various captions (including, without limitation, the table of contents) in this
Agreement are included for convenience only and shall not affect the meaning or
interpretation of any provision of this

 

29

 

Agreement. 
References in this Agreement to any underscored Section or Exhibit are
to such Section or Exhibit of this Agreement, as the case may
be.  The Exhibits hereto are hereby
incorporated by reference into and made a part of this Agreement.

 

9.10         Execution in Counterparts.  This Agreement may be executed in any number
of counterparts and by 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.

 

9.11         Acknowledgment and Agreement.  By execution below, Seller expressly
acknowledges and agrees that all of the Purchaser’s rights, title, and
interests in, to, and under this Agreement shall be assigned by the Purchaser
to the Agent pursuant to the Security Agreement, and Seller consents to each
such assignment.  Each of the parties hereto
acknowledges and agrees that the Lenders and the Agent and the Indemnified
Parties are third party beneficiaries of the rights of the Purchaser arising
hereunder and under the other Transaction Documents to which Seller is a party.

 

9.12         No
Proceedings.

 

(a)           Seller
hereby agrees that it will not institute against the Purchaser, or join any
other Person in instituting against the Purchaser, 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” (as such term is defined in the Loan
Agreement) shall have been outstanding.

 

(b)           The
Purchaser hereby agrees that it will not institute against Seller, or join any
other Person in instituting against Seller, 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” (as such term is defined in the Loan Agreement)
shall have been outstanding.

 

(c)           This
Section 9.12 shall survive termination of this Agreement.

 

[signature page follows]

 

30

 

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 I LLC

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By

  	
  /s/ Charles F. Kane

  	
   

  
	
   

  	
  Name: 

  	
  Charles F. Kane

  
	
   

  	
  Title: 

  	
  Vice
  President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  ASPEN TECHNOLOGY RECEIVABLES II LLC

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By

  	
  /s/ Charles F. Kane

  	
   

  
	
   

  	
  Name: 

  	
  Charles F.
  Kane

  
	
   

  	
  Title: 

  	
  Vice
  President

  
									

 

31

 

EXHIBIT A

 

FORM OF CONTRACT

 

[Exhibit omitted]

 

 

EXHIBIT B

 

OFFICE LOCATIONS

 

Aspen Technology Receivables I LLC

Ten Canal Park

Cambridge,
Massachusetts 02141-2201

 

i

 

EXHIBIT C

 

CREDIT AND COLLECTION POLICY

 

[Exhibit omitted]

 

iii

 

SCHEDULE I

 

SCHEDULE OF TRANSFERRED RECEIVABLES

 

[Schedule omitted]

 

iv

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