Exhibit 10.3

EXECUTION COPY

WAIVER NO. 3

THIS WAIVER NO. 3 (this “Waiver”) is being executed and delivered as of March 9,
2007, by and among BEA Systems, Inc., a Delaware corporation (the “Borrower”),
JPMorgan Chase Bank, National Association, as administrative agent (the
“Administrative Agent”) under the hereinafter identified and defined Credit
Agreement, and certain of the lenders party to said Credit Agreement. All
capitalized terms used herein without definition shall have the same meanings as
set forth in the Credit Agreement.

W I T N E S S E T H:

WHEREAS, the Borrower, the Lenders and the Administrative Agent are currently
party to that certain Credit Agreement dated as of July 31, 2006 (as the same
may be amended, restated, supplemented or otherwise modified from time to time,
the “Credit Agreement”);

WHEREAS, the Borrower, the Administrative Agent and certain Lenders entered into
Waiver No. 2 to the Credit Agreement, dated as of December 8, 2006 (the “Prior
Waiver”);

WHEREAS, the Borrower has requested the Lenders and the Administrative Agent to
waive certain provisions of the Credit Agreement in certain respects;

WHEREAS, certain of the Lenders and the Administrative Agent have agreed to
waive certain provisions of the Credit Agreement on the terms and conditions set
forth in Section 1 hereof.

NOW, THEREFORE, in consideration of the foregoing premises, the terms and
conditions stated herein and other valuable consideration, the receipt and
sufficiency of which are hereby acknowledged by the parties hereto, such parties
hereby agree as follows:

1. Waiver. The Borrower has informed the Lenders of an internal review of its
historical stock option grants and related impact, if any, on its financial
performance and condition (the “Options Issue”). The Borrower has also informed
the Lenders that a Default has occurred and is continuing as a result of the
Borrower’s failure to timely deliver to the Administrative Agent and the Lenders
the financial statements and related documents required under Sections 5.01(a),
5.01(b) and 5.01(c) of the Credit Agreement for the second and third quarters of
the Borrower’s fiscal year ending January 31, 2007 and expects to fail to timely
deliver the financial statements and related documents required under such
sections for the fourth quarter of the Borrower’s fiscal year ending January 31,
2007, for such entire fiscal year and for the first quarter of the Borrower’s
fiscal year ending January 31, 2008 (collectively, the “Reporting Default”). In
accordance with the provisions of Section 9.02 of the Credit Agreement, the
Borrower has requested that, subject to the terms hereof, the Required Lenders
waive the hereinafter-defined Specified Defaults. The Required Lenders hereby
waive, solely during the Waiver Period (as defined below), (x) the Reporting
Default and (y) any other Default that may have arisen by virtue of the Options
Issue from the making by the Borrower of the

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representations and warranties in Sections 3.04, 3.11 and 3.14 of the Credit
Agreement insofar as such Sections relate to the Previous Financial Statements
(as defined below) (the Reporting Default and such other Defaults being
collectively referred to herein as the “Specified Defaults”). The Borrower and
the Required Lenders furthermore agree that, notwithstanding anything contained
in the Prior Waiver to the contrary, (a) Section 4.02(a) of the Credit Agreement
shall be deemed to apply, with respect to matters arising as a result of the
Options Issue, to the representations and warranties contained in Sections 3.04,
3.11 and 3.14 of the Credit Agreement insofar as such Sections relate to the
Borrower’s financial statements as of and for the fiscal year ended January 31,
2006 and as of and for the fiscal quarter and portion of the fiscal year ended
April 30, 2006 which have been delivered to the Lenders prior to the date hereof
(collectively, the “Previous Financial Statements”) and which the Borrower is
currently in the process of investigating as disclosed to the Lenders and the
Reporting Default and (b) Section 4.02(b) of the Credit Agreement shall be
deemed to apply to the Specified Defaults. Notwithstanding anything contained
herein to the contrary, the waiver granted hereunder shall remain in effect only
during the period (the “Waiver Period”) commencing on the date hereof and
expiring on the Waiver Expiration Date (it being understood and agreed that it
is an explicit condition to this Waiver that the Reporting Default be cured by
no later than the Waiver Expiration Date and that, if the Reporting Default is
not cured on or before the Waiver Expiration Date, each Specified Default shall
be deemed to be (notwithstanding anything contained in clause (e) of Article VII
of the Credit Agreement to the contrary) an Event of Default without the
necessity of any notice or lapse of time). As used herein, “Waiver Expiration
Date” means the earlier of (a) July 9, 2007, (b) the date of delivery to the
Administrative Agent or the Lenders of any modified or restated version of a
Previous Financial Statement which, in the reasonable opinion of the Required
Lenders, materially adversely deviates from the original version thereof in a
manner that negatively impacts the creditworthiness of the Borrower and (c) the
date of occurrence of any Default or Event of Default other than the Specified
Defaults. Furthermore, the parties hereto agree that (1) from and after the date
hereof until the earlier of the end of the Waiver Period and the date of
delivery to the Administrative Agent and the Lenders of the financial statements
and related documents which are the subject of the Reporting Default, the
Applicable Rate shall be deemed to be based upon Category 2 in the definition of
Applicable Rate and (2) the Availability Period and the commitments of the
Lenders to make additional Loans and of the Issuing Bank to issue, amend, renew
or extend any Letters of Credit shall be deemed suspended, the Lenders shall
have no obligation to make a Loan and the Issuing Bank shall have no obligation
to issue, amend, renew or extend any Letter of Credit, in each case until the
date of delivery to the Administrative Agent and the Lenders of (i) ratification
and reaffirmation of the Previous Financial Statements or modified or restated
versions of the Previous Financial Statements which, in the reasonable opinion
of the Required Lenders, do not materially adversely deviate from the original
version thereof in a manner that negatively impacts the creditworthiness of the
Borrower and (ii) the financial statements and related documents which are the
subject of the Reporting Default (it being understood that the foregoing shall
not prohibit any conversion (from one Type to another Type) or continuation of
any currently outstanding Revolving Loan).

Pursuant to the provisions of Section 9.02 of the Credit Agreement, except as
set forth herein, no failure or delay by the Administrative Agent, the Issuing
Bank or any Lender in exercising any right or power under the Credit Agreement
or under any other Loan Document shall operate as a waiver thereof, nor shall
any single or partial exercise of any such right or power, or any abandonment or
discontinuance of steps to enforce such a right or power, preclude

 

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any other or further exercise thereof or the exercise of any other right or
power. The rights and remedies of the Administrative Agent, the Issuing Bank and
the Lenders under the Credit Agreement and under the other Loan Documents are
cumulative and are not exclusive of any rights or remedies that they would
otherwise have. All remedies contained in the Loan Documents or by law as a
result of the Specified Defaults are hereby reserved on behalf of the
Administrative Agent and the Lenders following the Waiver Period.

2. Conditions of Effectiveness. This Waiver shall be deemed to have become
effective as of the date hereof, but such effectiveness shall be subject to the
condition that the Administrative Agent shall have received (i) executed
counterparts of this Waiver duly executed and delivered by the Borrower and the
Required Lenders and (ii) for the account of each Lender which executes and
delivers its signature page hereto by such time as is requested by the
Administrative Agent, a closing fee in an amount equal to 0.02% of such Lender’s
Commitment.

3. Representation and Warranties. The Borrower hereby represents and warrants
that, other than in connection with the Reporting Default or, solely as a result
of the Options Issue, Sections 3.04, 3.11 and 3.14 of the Credit Agreement
insofar as such Sections relate to the Previous Financial Statements, (i) all of
the representations and warranties of the Borrower set forth in the Credit
Agreement are true and correct in all material respects on and as of the date
hereof (except to the extent such representations or warranties specifically
relate to any earlier date, in which case such representations and warranties
shall have been true and correct in all material respects as of such earlier
date) and (ii) no Default has occurred or is continuing.

4. No Implicit Waiver. Except as expressly set forth herein, (i) the execution,
delivery and effectiveness of this Waiver shall neither operate as a waiver of
any rights, power or remedy of the Administrative Agent or the Lenders under the
Credit Agreement or any other documents executed in connection with the Credit
Agreement, nor constitute a waiver of any provision of the Credit Agreement nor
any other document executed in connection therewith and (ii) the Credit
Agreement shall remain in full force and effect in accordance with its original
terms. Without limiting the generality of the foregoing, the making of a Loan or
issuance of a Letter of Credit shall not be construed as a waiver of any
Default, regardless of whether the Administrative Agent, any Lender or the
Issuing Bank may have had notice or knowledge of such Default at the time.

5. GOVERNING LAW. THIS WAIVER NO. 3 SHALL BE CONSTRUED IN ACCORDANCE WITH AND
GOVERNED BY THE LAW OF THE STATE OF NEW YORK.

[Signature Pages Follow]

 

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IN WITNESS WHEREOF, this Waiver No. 3 has been duly executed as of the day and
year first above written.

 

BEA SYSTEMS, INC., as the Borrower By:     Name:   Title:  

Waiver No. 3 to

BEA Systems, Inc. Credit Agreement

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JPMORGAN CHASE BANK, NATIONAL ASSOCIATION, individually as a Lender, as the
Swingline Lender, as the Issuing Bank and as Administrative Agent By:     Name:
  Title:  

Waiver No. 3 to

BEA Systems, Inc. Credit Agreement

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CITICORP USA, INC., individually as a Lender and as Syndication Agent By:    
Name:   Title:  

Waiver No. 3 to

BEA Systems, Inc. Credit Agreement

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BANK OF AMERICA, N.A., individually as a Lender and as Co-Documentation Agent
By:     Name:   Title:  

Waiver No. 3 to

BEA Systems, Inc. Credit Agreement

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COMERICA BANK, individually as a Lender and as Co-Documentation Agent By:    
Name:   Title:  

Waiver No. 3 to

BEA Systems, Inc. Credit Agreement

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DEUTSCHE BANK AG NEW YORK BRANCH, individually as a Lender and as
Co-Documentation Agent By:     Name:   Title:   By:     Name:   Title:  

Waiver No. 3 to

BEA Systems, Inc. Credit Agreement

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BNP PARIBAS, as a Lender By:     Name:   Title:   By:     Name:   Title:  

Waiver No. 3 to

BEA Systems, Inc. Credit Agreement

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SUMITOMO MITSUI BANKING CORPORATION, as a Lender By:     Name:   Title:  

Waiver No. 3 to

BEA Systems, Inc. Credit Agreement

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WELLS FARGO BANK, N.A., as a Lender By:     Name:   Title:  

Waiver No. 3 to

BEA Systems, Inc. Credit Agreement

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HSBC BANK USA, NATIONAL ASSOCIATION, as a Lender By:     Name:   Title:  

Waiver No. 3 to

BEA Systems, Inc. Credit Agreement

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THE BANK OF NOVA SCOTIA, as a Lender By:     Name:   Title:  

Waiver No. 3 to

BEA Systems, Inc. Credit Agreement

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THE NORTHERN TRUST COMPANY, as a Lender By:     Name:   Title:  

Waiver No. 3 to

BEA Systems, Inc. Credit Agreement

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U.S. BANK NATIONAL ASSOCIATION, as a Lender By:     Name:   Title:  

Waiver No. 3 to

BEA Systems, Inc. Credit Agreement

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THE BANK OF NEW YORK, as a Lender By:     Name:   Title:  

Waiver No. 3 to

BEA Systems, Inc. Credit Agreement