Document:

Exhibit
10.3

ELEVENTH
LOAN MODIFICATION AGREEMENT

This Eleventh Loan Modification Agreement (this “Loan
Modification Agreement”) is entered into as of September 27, 2006, by and
among (i) SILICON VALLEY BANK, a
California chartered bank, with its principal place of business at
3003 Tasman Drive, Santa Clara, California 95054 and with a loan
production office located at One Newton Executive Park, Suite 200, 2221
Washington Street, Newton, Massachusetts 
02462 (“Bank”) and (ii) ASPEN
TECHNOLOGY, INC., a Delaware corporation with offices at Ten Canal
Park, Cambridge, Massachusetts 02141, for itself and as successor by merger to ASPENTECH, INC., formerly a Texas
corporation with offices at Ten Canal Park, Cambridge, Massachusetts 02141 (“Borrower”)

1.                                       DESCRIPTION
OF EXISTING INDEBTEDNESS AND OBLIGATIONS.  Among other indebtedness and obligations which
may be owing by Borrower to Bank, Borrower is indebted to Bank pursuant to a
loan arrangement dated as of January 30, 2003, evidenced by, among other
documents, a certain Loan and
Security Agreement dated as of January 30, 2003 between Borrower and Bank, as
amended , as amended by a certain letter agreement dated February 14, 2003, a
certain First Loan Modification Agreement dated June 27, 2003, a certain Second
Loan Modification Agreement dated September 10, 2004, a certain Third Loan
Modification Agreement dated January 28, 2005, a certain Fourth Loan
Modification Agreement dated April 1, 2005, a certain Fifth Loan Modification
Agreement dated May 6, 2005, a certain Sixth Loan Modification Agreement dated
June 15, 2005, a certain Seventh Loan Modification Agreement dated September,
2005, a certain Eighth Amendment to Loan and Security Agreement dated November
22, 2005, a certain Ninth Loan Modification Agreement dated July 17, 2006, and
as further amended by a certain Tenth Loan Modification Agreement dated
September 15, 2006 (as amended, the “Loan Agreement”).  Capitalized terms used but not otherwise
defined herein shall have the same meaning as in the Loan Agreement.

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

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

3.                                       MODIFICATION/CONSENT
TO KEY TRANSACTION AND RELEASE. 
Silicon hereby understands that the Borrower and certain of its
subsidiaries that have been or are to be formed intend to enter into certain
transactions with Key Equipment Finance, Inc., as agent, and others party to
the documents evidencing the Key Transactions (“Key”), which include (i)
entering into a Purchase and Sale Agreement (the “P&S Agreement”) between
the Borrower and Aspen Technology Funding 2006 - I LLC (“Aspen I”), whereby the
Borrower will sell, transfer and assign to Aspen I certain Transferred
Receivables, Related Security, Contracts and Collections (as such terms are
defined in the P&S Agreement) with respect thereto and other proceeds
thereof (collectively, the “Transferred Assets”), (ii) entering into a Purchase
and Re-Sale Agreement (the “P&RS Agreement”) between Aspen I and Aspen
Technology Funding 2006 - II LLC (“Aspen II”), whereby the Aspen I will sell,
transfer and assign to Aspen II the Transferred Assets, and (iii) entering into
a Loan Agreement, and related Security Agreement (the “Key Financing Agreement”),
between Aspen II and Key, whereby Key shall advance to Aspen II one or more
loans (all such transactions and related transactions being referred to as the “Key
Transactions”).  Silicon has been
provided with copies of the P&S Agreement, the P&RS Agreement and the Key
Financing Agreements, and hereby consents, notwithstanding any prohibitions in
any of the Existing Loan Documents, to the Key Transactions, including, without
limitation, the sale, transfer and assignment of the Transferred Assets from
the Borrower to Aspen I and then to Aspen II, free and clear of any lien or security
interest of Silicon, on or before September 30, 2006, and the pledge of the
Transferred Assets to Key in connection with the Key Financing Agreements (the
substantive terms and conditions of which are detailed on EXHIBIT A annexed
hereto), provided (i) such sale of the Transferred Assets is made on a “true
sale”, non-recourse basis consistent with Borrower’s past practices (except as
otherwise specifically contemplated by the Key Transactions), (ii) on or before
the date hereof, Silicon has been furnished with a schedule, with reasonable 

 

detail, identifying the specific Receivables to be
sold, and (iii) no such Receivables are included for borrowing hereunder as an
Eligible Receivable from and after the date of such sale.  Silicon specifically acknowledges and agrees
that it shall retain no interest in or to the Transferred Assets, or the
payments remitted in connection therewith, and Silicon will release any and all
such interest in the Transferred Assets as provided in that certain Partial
Release and Acknowledgement Agreement substantially in the form attached hereto
as Exhibit B annexed hereto.  Silicon
hereby confirms that from and after the date hereof, none of the Transferred
Assets shall be “Collateral” or “Receivables” under any of the Existing Loan
Documents, and more specifically, but without limitation, none of the
Transferred Assets shall be “Intellectual Property” under those certain
Negative Pledge Agreements between the Borrower and Silicon, dated January 30,
2003, as amended and in effect from time to time.

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

5.                                       RATIFICATION
OF NEGATIVE PLEDGE.  Borrower hereby
ratifies, confirms and reaffirms, all and singular, the terms and conditions of
a certain Negative Pledge Agreements each dated as of January 30, 2003 between
Borrower and Bank, and acknowledges, confirms and agrees that said Negative
Pledge Agreement shall remain in full force and effect, except that, as
provided above, from and after the date hereof, the “Intellectual Property” as
defined therein, shall not include and shall specifically exclude any
Transferred Assets.

6.                                       RATIFICATION
OF PERFECTION CERTIFICATES.  Borrower
hereby ratifies, confirms and reaffirms, all and singular, the terms and
disclosures contained in certain Perfection Certificates each dated as of
January 30, 2003, as amended and affected by Schedule 1 to the Fourth Amendment
and Exhibit A to the Fourth Amendment and acknowledges, confirms and agrees the
disclosures and information therein has not changed as of the date hereof,
other than in connection with the formation of Aspen I and Aspen II as
contemplated by the Key Transactions.

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

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

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

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

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

[Remainder
of page intentionally left blank.]

 

 

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

	
  

  	
  BORROWER:

  
	
   

  	
   

  
	
   

  	
  ASPEN
  TECHNOLOGY, INC.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Leo S.
  Vannoni

  
	
   

  	
  Name:

  	
  Leo S. Vannoni

  
	
   

  	
  Title:

  	
  Treasurer

  
	
   

  	
   

  
	
   

  	
  BANK:

  
	
   

  	
   

  
	
   

  	
  SILICON VALLEY
  BANK

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Laura
  M. Scott

  
	
   

  	
  Name:

  	
  Laura M. Scott

  
	
   

  	
  Title:

  	
  Senior Vice
  President

  

 

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

ASPENTECH SECURITIES CORP.

	
  By:

  	
  /s/ Leo S.
  Vannoni

  	
   

  
	
  Name:

  	
  Leo S. Vannoni

  	
   

  
	
  Title:

  	
  TreasurerExhibit 10.5

SEVENTH
LOAN MODIFICATION AGREEMENT - EXIM

This Seventh Loan Modification Agreement - Exim (this “Loan
Modification Agreement’) is entered into as of September 27, 2006, by and
among (i) SILICON VALLEY BANK, a
California chartered bank, with its principal place of business at
3003 Tasman Drive, Santa Clara, California 95054 and with a loan
production office located at One Newton Executive Park, Suite 200, 2221
Washington Street, Newton, Massachusetts 
02462 (“Bank”) and (ii) ASPEN
TECHNOLOGY, INC., a Delaware corporation with offices at Ten Canal
Park, Cambridge, Massachusetts 02141, for itself and as successor by merger to ASPENTECH, INC., formerly a Texas
corporation  with offices at Ten Canal
Park, Cambridge, Massachusetts 02141 (“Borrower”)

1.                                       DESCRIPTION
OF EXISTING INDEBTEDNESS AND OBLIGATIONS. Among other indebtedness and
obligations which may be owing by Borrower to Bank, Borrower is indebted to
Bank pursuant to a loan arrangement dated as of January 30, 2003, evidenced by,
among other documents, a certain Export-Import
Bank Loan and Security Agreement dated as of January 30, 2003 between Borrower
and Bank, as amended from time to time (as amended, the “Loan Agreement”).  Capitalized terms used but not otherwise
defined herein shall have the same meaning as in the Loan Agreement.

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

Hereinafter, the Security Documents, together with all
other documents evidencing or securing the Obligations, and all other
agreements, documents and instruments executed and delivered in connection
therewith, all of which shall be referred to collectively as the “Existing Loan
Documents”.

3.                                       MODIFICATION/CONSENT
TO KEY TRANSACTION AND RELEASE. 
Silicon hereby understands that the Borrower and certain of its
subsidiaries that have been or are to be formed intend to enter into certain
transactions with Key Equipment Finance, Inc., as agent, and others party to
the documents evidencing the Key Transactions (“Key”), which include (i)
entering into a Purchase and Sale Agreement (the “P&S Agreement”) between
the Borrower and Aspen Technology Funding 2006 - I LLC (“Aspen I”), whereby the
Borrower will sell, transfer and assign to Aspen I certain Transferred
Receivables, Related Security, Contracts and Collections (as such terms are
defined in the P&S Agreement) with respect thereto and other proceeds
thereof (collectively, the “Transferred Assets”), (ii) entering into a Purchase
and Re-Sale Agreement (the “P&RS Agreement”) between Aspen I and Aspen
Technology Funding 2006 - II LLC (“Aspen II”), whereby the Aspen 1 will sell,
transfer and assign to Aspen II the Transferred Assets, and (iii) entering into
a Loan Agreement, and related Security Agreement (the “Key Financing Agreement”),
between Aspen II and Key, whereby Key shall advance to Aspen II one or more
loans (all such transactions and related transactions being referred to as the “Key
Transactions”).  Silicon has been
provided with copies of the P&S Agreement, the P&RS Agreement and the
Key Financing Agreements, and hereby consents, notwithstanding any prohibitions
in any of the Existing Loan Documents, to the Key Transactions, including,
without limitation, the sale, transfer and assignment of the Transferred Assets
from the Borrower to Aspen I and then to Aspen II, free and clear of any lien
or security interest of Silicon, on or before September 30, 2006, and the
pledge of the Transferred Assets to Key in connection with the Key Financing
Agreements (the substantive terms and conditions of which are detailed on
EXHIBIT A annexed hereto), provided (i) such sale of the Transferred Assets is
made on a “true sale”, non-recourse basis consistent with Borrower’s past
practices (except as otherwise specifically contemplated by the Key
Transactions), (ii) on or before the date hereof, Silicon has been furnished
with a schedule, with reasonable detail, identifying the specific Receivables
to be sold, and (iii) no such Receivables are included for borrowing hereunder
as an Eligible Receivable from and after the date of such sale.  Silicon specifically acknowledges and agrees
that it shall retain no interest in or to the Transferred Assets, or the
payments remitted in connection therewith, and Silicon will release any and all
such interest in the Transferred Assets as provided in that certain Partial
Release and Acknowledgement Agreement substantially in the form attached hereto
as Exhibit B annexed hereto.  Silicon
hereby confirms that from and after the date hereof, none of the Transferred
Assets shall be “Collateral” or “Receivables” under any of the Existing Loan
Documents, and more specifically, but without limitation, none of the
Transferred Assets shall be 

 

“Intellectual Property” under those certain Negative
Pledge Agreements between the Borrower and Silicon, dated January 30, 2003, as
amended and in effect from time to time.

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

5.                                       RATIFICATION
OF NEGATIVE PLEDGE.  Borrower hereby
ratifies, confirms and reaffirms, all and singular, the terms and conditions of
a certain Negative Pledge Agreements each dated as of January 30, 2003 between
Borrower and Bank, and acknowledges, confirms and agrees that said Negative
Pledge Agreement  shall remain in full
force and effect, except that, as provided above, from and after the date hereof,
the “Intellectual Property” as defined therein, shall not include and shall
specifically exclude any Transferred Assets.

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

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

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

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

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

[Remainder
of page intentionally left blank.]

 

 

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

	
  

  	
  BORROWER:

  
	
   

  	
   

  
	
   

  	
  ASPEN
  TECHNOLOGY, INC.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Leo S.
  Vannoni

  
	
   

  	
  Name:

  	
  Leo S. Vannoni

  
	
   

  	
  Title:

  	
  Treasurer

  
	
   

  	
   

  
	
   

  	
  BANK:

  
	
   

  	
   

  
	
   

  	
  SILICON VALLEY
  BANK

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Laura M. Scott

  
	
   

  	
  Name:

  	
  Laura M. Scott

  
	
   

  	
  Title:

  	
  Senior Vice
  President

  

 

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

ASPENTECH SECURITIES CORP

	
  By:

  	
  /s/ Leo S.
  Vannoni

  	
   

  
	
  Name:

  	
  Leo S. Vannoni

  	
   

  
	
  Title:

  	
  Treasurer

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