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THIRD AMENDING AGREEMENT
THIS AGREEMENT dated as of June 28, 2016.
AMONG:
CANADIAN PACIFIC RAILWAY COMPANY ("CPRC") as     Borrower,
and
CANADIAN PACIFIC RAILWAY LIMITED (the "Covenantor"), as Covenantor
OF THE FIRST PART
and
ROYAL BANK OF CANADA, a Canadian chartered bank, as administration agent of the
Lenders (hereinafter referred to as the "Agent"),
OF THE SECOND PART
and
EACH PERSON NAMED ON THE SIGNATURE PAGES HEREOF in their capacity as a Lender
(hereinafter collectively referred to as the "Lenders" and individually, a
"Lender"),
OF THE THIRD PART
WHEREAS the parties hereto entered into the Credit Agreement;
AND WHEREAS the parties hereto have agreed to amend and supplement certain
provisions of the Credit Agreement as set out herein;
NOW THEREFORE THIS AGREEMENT WITNESSES that in consideration of the covenants
and agreements herein contained and other good and valuable consideration, the
receipt and sufficiency of which are hereby conclusively acknowledged by each of
the parties hereto, the parties hereto covenant and agree as follows:
1.INTERPRETATION
1.1    In this Agreement and the recitals hereto, unless something in the
subject matter or context is inconsistent therewith:
"Agreement" means this third amending agreement, as amended, modified,
supplemented or restated from time to time;

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"Amended Credit Agreement" means the Credit Agreement as amended and
supplemented by this Agreement, and as the same may be further amended,
modified, supplemented or restated from time to time;
"Credit Agreement" means the credit agreement dated as of September 26, 2014, as
amended by a first amending agreement dated as of June 15, 2015 and a second
amending agreement dated September 17, 2015, between the Borrowers, the Agent
and the Lenders;
"Effective Date" means the date on which all of the conditions precedent in
Section 4.1 of this Agreement have been satisfied or waived by the Lenders;
"New Lender" means Barclays Bank plc; and
"Withdrawing Lender" means The Toronto-Dominion Bank.
1.2    Capitalized terms used herein without express definition shall have the
same meanings herein as are ascribed thereto in the Credit Agreement.
1.3    The division of this Agreement into Sections and the insertion of
headings are for convenience of reference only and shall not affect the
construction or interpretation of this Agreement. The terms "this Agreement",
"hereof", "hereunder" and similar expressions refer to this Agreement and not to
any particular Section or other portion hereof and include any agreements
supplemental hereto. Unless expressly indicated otherwise, all references to
"Section" or "Sections" are intended to refer to a Section or Sections of the
Credit Agreement.
2.    AMENDMENTS TO CREDIT AGREEMENT
2.1    Effective as of the Effective Date, each of the 5 Year Lenders agree that
the definition "5 Year Maturity Date" in the Credit Agreement is amended by
replacing the reference to "September 26, 2020" with "June 28, 2021".
2.2    Effective as of the Effective Date, each of the 1+1 Lenders agree that
the definition of "Term Out Date" in the Credit Agreement is amended by
replacing the reference to "September 23, 2016" with "June 28, 2017".
2.3    Effective as of the Effective Date, each of the Lenders agree the Credit
Agreement is amended by:
(a)
inserting the following new definitions in their alphabetical order in Section
1.1 of the Credit Agreement:

"Bail-In Action" means the exercise of any Write-Down and Conversion Powers by
the applicable EEA Resolution Authority in respect of any liability of an EEA
Financial Institution;
"Bail-In Legislation" means, with respect to any EEA Member Country implementing
Article 55 of Directive 2014/59/EU of the European Parliament and of the Council
of the European Union, the implementing law for such EEA Member Country from
time to time which is described in the EU Bail-In Legislation Schedule;
"EEA Financial Institution" means (a) any credit institution or investment firm
established in any EEA Member Country which is subject to the supervision of an
EEA Resolution Authority, (b) any

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entity established in an EEA Member Country which is a Lender Parent of an
institution described in clause (a) of this definition, or (c) any institution
established in an EEA Member Country which is a subsidiary of an institution
described in clauses (a) or (b) of this definition and is subject to
consolidated supervision with its Lender Parent;
"EEA Member Country" means any of the member states of the European Union,
Iceland, Liechtenstein and Norway;
"EEA Resolution Authority" means any public administrative authority or any
Person entrusted with public administrative authority of any EEA Member Country
(including any delegee) having responsibility for the resolution of any EEA
Financial Institution;
"EU Bail-In Legislation Schedule" means the EU Bail-In Legislation Schedule
published by the Loan Market Association (or any successor Person), as in effect
from time to time; and
"Write-Down and Conversion Powers" means with respect to any EEA Resolution
Authority, the write-down and conversion powers of such EEA Resolution Authority
from time to time under the Bail-In Legislation for the applicable EEA Member
Country, which write-down and conversion powers are described in the EU Bail-In
Legislation Schedule;
(b)
inserting "; provided that, if the rate determined above shall ever be less than
zero, such rate shall be deemed to be zero for purposes of this Agreement" after
the reference to "Borrower may agree upon" at the end of the definition of "CDOR
Rate";

(c)
moving the "or" at the end of paragraph (e) of the definition of "Defaulting
Lender" to the end of paragraph (f) thereof and inserting the following as
paragraph (g) in such definition:

"(g)    that becomes the subject of a Bail-In Action."
(d)
replacing the reference to "(as quoted or published from time to time by the
Bank of Canada)." in the definition of "Equivalent U.S. $ Amount" with ", as
quoted or published from time to time by the Bank of Canada, provided that if
such rate is no longer quoted at noon, it shall mean the spot rate of exchange
for such conversion as quoted by the Bank of Canada at the close of business on
the immediately preceding Business Day, and, in either case, if no such rate is
quoted, the spot rate of exchange quoted by the Administrative Agent in Toronto,
Ontario in accordance with its normal practice.";

(e)
inserting "; provided that, if the rate determined above shall ever be less than
zero, such rate shall be deemed to be zero for purposes of this Agreement" after
the reference to "amount of such Advance" at the end of the definition of
"Eurodollar Rate";

(f)
Article 12 is amended by adding the following as Section 12.21:    

"Section 12.21     Acknowledgement and Consent to Bail-In of EEA Financial
Institutions
Notwithstanding anything to the contrary in any Credit Document or in any other
agreement, arrangement or understanding among any such parties, each party
hereto acknowledges that any liability of any EEA Financial Institution arising
under any Credit Document, to the extent such liability is unsecured, may be
subject to the write-down and conversion powers of an EEA Resolution Authority
and agrees and consents to, and acknowledges and agrees to be bound by:

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(a)
the application of any Write-Down and Conversion Powers by an EEA Resolution
Authority to any such liabilities arising hereunder which may be payable to it
by any party hereto that is an EEA Financial Institution; and

(b)
the effects of any Bail-In Action on any such liability, including, if
applicable:

(i)    a reduction in full or in part or cancellation of any such liability;
(ii)
a conversion of all, or a portion of, such liability into shares or other
instruments of ownership in such EEA Financial Institution, its Lender Parent
undertaking, or a bridge institution that may be issued to it or otherwise
conferred on it, and that such shares or other instruments of ownership will be
accepted by it in lieu of any rights with respect to any such liability under
this Agreement or any other Credit Document; or

(iii)
the variation of the terms of such liability in connection with the exercise of
the Write-down and Conversion Powers of any EEA Resolution Authority."; and

(g)
Schedule 1 to the Credit Agreement is replaced in its entirety with Exhibit "A"
attached hereto.

3.    NEW LENDER
3.1    The parties hereto confirm and agree that the New Lender shall be a
Lender for all purposes of the Amended Credit Agreement and the other Credit
Documents having the Commitment set forth opposite its name on Exhibit "A"
hereto and all references herein or therein to "Lenders" or a "Lender" shall be
deemed to include the New Lender.
3.2    The New Lender hereby acknowledges and agrees that:
(a)
it will be bound by the Credit Agreement and the other Credit Documents as a
Lender to the extent of its Commitment as fully as if it had been an original
party to the Credit Agreement;

(b)
it has been, and will continue to be, solely responsible for making its own
independent appraisal of and investigations into the financial condition,
creditworthiness, condition, affairs, status and nature of the Borrower and its
Subsidiaries, all of the matters and transactions contemplated herein and in the
Credit Agreement and other Credit Documents and all other matters incidental to
the Credit Agreement and the other Credit Documents. The New Lender confirms
with the Agent that it does not rely, and it will not hereafter rely, on the
Agent:

(i)
to check or inquire on its behalf into the adequacy, accuracy or completeness of
any information provided by the Borrower, its Subsidiaries or any other Person
under or in connection with the Credit Agreement and other Credit Documents or
the transactions therein contemplated (whether or not such information has been
or is hereafter distributed to it by the Agent); or

(ii)
to assess or keep under review on its behalf the financial condition,
creditworthiness, condition, affairs, status or nature of the Borrower and its
Subsidiaries.

(c)
a copy of the Credit Agreement has been made available to it for review and
further acknowledges and agrees that it has received copies of such other Credit
Documents and such other information

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that it has requested for the purposes of its investigation and analysis of all
matters related to this Agreement, the Credit Agreement, the other Credit
Documents and the transactions contemplated hereby and thereby. The New Lender
acknowledges to the Agent that it is satisfied with the form and substance of
the Credit Agreement (as amended and supplemented hereby) and the other Credit
Documents.
3.3    Without in any way limiting the other provisions hereof, the New Lender
irrevocably appoints and authorizes the Agent to take such action as agent on
its behalf and to exercise such powers under the Credit Agreement and the other
Credit Documents as are delegated to the Agent by the terms thereof, together
with such powers as are reasonably incidental thereto, all in accordance with
the provisions of the Credit Agreement.
3.4    The New Lender specifies that its address for the purpose of notices
under Section 12.4 of the Credit Agreement is:
For funding notices:

Barclays Bank plc
700 Prides Crossing
Newark, DE 19713
Attention:    US Loan Operations
Facsimile:    (972) 535-5728
For all other notices:
Barclays Bank plc
745 7th Avenue, 25th Floor
New York, NY 10019
Attention:     Evan Moriarty
Facsimile:    (212) 526-5115
Email:        evan.moriarty@Barclays.com

4.    REPRESENTATIONS AND WARRANTIES
4.1    The Borrower hereby represents and warrants to and in favour of the Agent
and the Lenders that as of the Effective Date:
(a)
there exists no Default or Event of Default; and

(b)
the representations and warranties contained in Section 7.1 of the Credit
Agreement (other than any representations and warranties which expressly speak
of an earlier date, and with this Agreement being a Credit Document and
references to the Credit Agreement being deemed to be references to the Amended
Credit Agreement) are true and correct.

5.    CONDITIONS PRECEDENT TO EFFECTIVENESS
5.1    This Agreement shall be effective on the date each of the following
conditions precedent are satisfied (or waived by the Lenders hereunder):

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(a)
the Borrower shall deliver or cause to be delivered to the Agent an executed
copy of this Agreement for each Lender;

(b)
the Agent has received a withdrawal letter from the Withdrawing Lender in a form
satisfactory to the Agent and the Borrower (each acting reasonably); and

(c)
each Lender shall have been paid all fees as have been agreed to with the
Borrower in respect of this Agreement.

6.    CONFIRMATION OF CREDIT AGREEMENT AND OTHER DOCUMENTS
The Credit Agreement and the other Credit Documents to which each Borrower is a
party and all covenants, terms and provisions thereof, except as expressly
amended and supplemented by this Agreement, shall be and continue to be in full
force and effect. The Credit Agreement as amended hereby is hereby ratified and
confirmed and shall from and after the date hereof continue in full force and
effect. This Agreement shall, for all purposes, be considered to be a Credit
Document. The execution, delivery and effectiveness of this Agreement shall not,
except as expressly provided herein, operate as a waiver of any right, power or
remedy of any Lender or the Agent under any of the Credit Documents, nor
constitute a waiver of any provision of any of the Credit Documents.
7.    FURTHER ASSURANCES
The parties hereto shall from time to time do all such further acts and things
and execute and deliver all such documents as are required in order to effect
the full intent of and fully perform and carry out the terms of this Agreement.
8.    COUNTERPARTS
This Agreement may be executed in any number of counterparts (and by different
parties hereto in different counterparts), each of which when so executed shall
be deemed to be an original and all of which taken together shall constitute one
and the same agreement. Delivery of an executed counterpart of a signature page
of this Agreement by telecopier or other electronic means shall be effective as
delivery of a manually executed counterpart of this Agreement.
9.    GOVERNING LAW
The parties agree that this Agreement shall be governed by and construed in
accordance with the laws of the Province of Alberta and the laws of Canada
applicable therein, without prejudice to or limitation of any other rights or
remedies available under the laws of any jurisdiction where property or assets
of the Borrowers may be found.
[signature pages follow]

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IN WITNESS WHEREOF the parties hereto have executed this Agreement.

 
CANADIAN PACIFIC RAILWAY COMPANY, as Borrower

Per: /s/ Darren Yaworsky   
Name: Darren Yaworsky
Title: Vice President, Finance & Treasurer
 
 
 
 
 
 
 
CANADIAN PACIFIC RAILWAY LIMITED, as Covenantor

Per: /s/ Darren Yaworsky   
Name: Darren Yaworsky
Title: Vice President, Finance & Treasurer

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THE ADMINISTRATIVE AGENT

ROYAL BANK OF CANADA

Per: /s/ Susan Khokher   
   Susan Khokher
   Authorized Signatory
   

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THE LENDERS

ROYAL BANK OF CANADA

Per: /s/ Tim VandeGriend   
   Tim VandeGriend
   Authorized Signatory

 
 

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JPMORGAN CHASE BANK, N.A., Toronto Branch

Per: /s/ Robert P. Kellas   
   Robert P. Kellas
   Executive Director
   
 
 

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BARCLAYS BANK PLC

Per: /s/ Vanessa A. Kurbatskiy   
   Vanessa A. Kurbatskiy
   Vice President
   
 
 

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MORGAN STANLEY BANK, N.A.

Per: /s/ Michael King   
   Michael King
   Authorized Signatory

Per:    
   
   
 
 

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THE BANK OF TOKYO-MITSUBISHI UFJ, LTD., CANADA BRANCH

Per: /s/ Daniel Nanson   
   Daniel Nanson
   Managing Director

Per:    
   
   
 
 

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CITIBANK, N.A., Canadian Branch

Per: /s/ Samin Atique   
   Samin Atique
   Authorized Signatory

Per:    
      
 
 

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BANK OF AMERICA, N.A., CANADA BRANCH

Per: /s/ Medina Sales de Andrade   
   Medina Sales de Andrade
   Vice President
      
 
 

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BANK OF MONTREAL

Per: /s/ Jennifer Guo   
   Jennifer Guo
   Associate

Per: /s/ Carol McDonald   
   Carol McDonald
   Director

 
 

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THE BANK OF NOVA SCOTIA

Per: /s/ Jamie Davis   
   Jamie Davis
   Director

Per: /s/ Andrew Morales   
   Andrew Morales
   Associate Director
   
 
 

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CANADIAN IMPERIAL BANK OF COMMERCE

Per: /s/ Jordan Stewart   
   Jordan Stewart
   Director

Per: /s/ William J. Chrumka   
   William J. Chrumka
   Executive Director
   
 
 

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WELLS FARGO BANK, N.A., CANADIAN BRANCH

Per: /s/ Sean Buchan   
   Sean Buchan
   SVP & Loan Team Manager

Per: /s/ Jeff McInenly   
   Jeff McInenly
   Vice President

 
 

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HSBC BANK CANADA

Per: /s/ Dieter Stefely   
   Dieter Stefely
   Director, Banking, HSBC Bank Canada
   Signature #048455 (A)

Per: /s/ Jason Lang   
   Jason Lang
   Director, Resources & Energy Group
   039729

 
 

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ALBERTA TREASURY BRANCHES

Per: /s/ Shawn Bunnin   
   Shawn Bunnin
   Managing Director

Per: /s/ Christopher Hamel   
   Christopher Hamel
   Associate Director
   
 
 

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NATIONAL BANK OF CANADA

Per: /s/ Michelle Fiebig   
   Michelle Fiebig, Director

Per: /s/ David Torrey   
   David Torrey, Managing Director
   
 
 

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SUMITOMO MITSUI BANKING CORPORATION OF CANADA

Per: /s/ Elwood R. Langley   
   Elwood R. Langley
   Managing Director

 
 

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Exhibit "A"

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Schedule 1
COMMITMENTS
5 Year Facility
(all amounts in U.S. $)
Lender
5 Year Commitment
5 Year Fronting Documentary Commitment
5 Year Swingline Commitment
Royal Bank of Canada
$82,500,000
$110,000,000
$50,000,000
JPMorgan Chase Bank, N.A., Toronto Branch
$82,500,000
 
 
Barclays Bank plc
$82,500,000
 
 
Morgan Stanley Bank, N.A.
$32,500,000
 
 
The Bank of Tokyo-Mitsubishi UFJ, Ltd., Canada Branch
$50,000,000
 
 
Citibank, N.A., Canadian Branch
$82,500,000
 
 
Bank of America, N.A., Canada Branch
$82,500,000
 
 
Bank of Montreal
$82,500,000
$40,000,000
 
The Bank of Nova Scotia
$82,500,000
$40,000,000
 
Canadian Imperial Bank of Commerce
$82,500,000
$40,000,000
 
Wells Fargo Bank N.A., Canadian Branch
$82,500,000
 
 
HSBC Bank Canada
$82,500,000
 
 
Alberta Treasury Branches
$35,000,000
$30,000,000
 
National Bank of Canada
$32,500,000
$40,000,000
 
Sumitomo Mitsui Banking Corporation of Canada
$25,000,000
 
 
 
_________________
________________
_______________
 
U.S. $1,000,000,000
U.S. $300,000,000
U.S. $50,000,000

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1+1 Facility
(all amounts in U.S. $)
Lender
1+1 Commitment
Royal Bank of Canada
$82,500,000
JPMorgan Chase Bank, N.A., Toronto Branch
$82,500,000
Barclays Bank plc
$82,500,000
Morgan Stanley Bank, N.A.
$32,500,000
The Bank of Tokyo-Mitsubishi UFJ, Ltd., Canada Branch
$50,000,000
Citibank, N.A., Canadian Branch
$82,500,000
Bank of America, N.A., Canada Branch
$82,500,000
Bank of Montreal
$82,500,000
The Bank of Nova Scotia
$82,500,000
Canadian Imperial Bank of Commerce
$82,500,000
Wells Fargo Bank N.A., Canadian Branch
$82,500,000
HSBC Bank Canada
$82,500,000
Alberta Treasury Branches
$35,000,000
National Bank of Canada
$32,500,000
Sumitomo Mitsui Banking Corporation of Canada
$25,000,000
 
_______________
 
U.S. $1,000,000,000

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