Subsidiary Guaranty (Netherlands)


 Exhibit 10.3 
 SUBSIDIARY GUARANTY 
 (Netherlands) 

This SUBSIDIARY GUARANTY (Netherlands), dated as of December 19, 2011 (as amended, restated, extended, supplemented or otherwise
modified from time to time, this “Subsidiary Guaranty”), is made by each Subsidiary of TIBCO SOFTWARE INC., a Delaware corporation (the “Company”), from time to time party hereto as set forth on Schedule I
attached hereto (each individually, a “Guarantor” and, collectively, the “Guarantors”), in favor of BANK OF AMERICA, N.A., as administrative agent (together with its successor(s) thereto in such capacity, the
“Administrative Agent”) for each of the Lenders and the L/C Issuer (together with the Administrative Agent, collectively, the “Lender Parties”). 

W I T N E S S E T H: 

WHEREAS, pursuant to an Amended and Restated Credit Agreement, dated as of December 19, 2011 (as amended, restated, extended,
supplemented or otherwise modified from time to time, the “Credit Agreement”), among the Company, the Designated Borrowers party thereto, the Lenders and the Administrative Agent, the Lenders and the L/C Issuer have extended
Commitments to make Credit Extensions to the Borrowers; and 
 WHEREAS, as a condition precedent to the making of the Credit
Extensions under the Credit Agreement, each Guarantor is required to execute and deliver this Subsidiary Guaranty. 
 NOW,
THEREFORE, for good and valuable consideration the receipt of which is hereby acknowledged, and in order to induce the Lenders and the L/C Issuer to make Credit Extensions to the Borrowers, each Guarantor jointly and severally agrees, for the
benefit of each of the Lender Parties, as follows: 
 ARTICLE I 

DEFINITIONS 

SECTION 1.1. Certain Terms. The following terms when used in this Subsidiary Guaranty, including its preamble and recitals,
shall have the following meanings (such definitions to be equally applicable to the singular and plural forms thereof): 

“Administrative Agent” is defined in the preamble. 

“Company” is defined in the preamble. 
 “Credit Agreement” is defined in the first recital. 

“Guaranteed Obligations” is defined in Section 2.1(a). 

“Guarantor” and “Guarantors” are defined in the preamble. 

“Lender Parties” is defined in the preamble. 

“Subsidiary Guaranty” is defined in the preamble. 






 “Termination Date” means the date on which all Obligations (other than
contingent indemnity obligations in respect of which no claim has been asserted or any Obligations under any Covered Cash Management Agreement or Covered Hedge Agreement) have been paid in full in cash, all Letters of Credit have been terminated or
have expired (or have been Cash Collateralized), and all Commitments shall have been terminated. 
 SECTION 1.2. Credit
Agreement Definitions. Unless otherwise defined herein or the context otherwise requires, terms used in this Subsidiary Guaranty, including its preamble and recitals, have the meanings provided in the Credit Agreement. 

ARTICLE II 

GUARANTY PROVISIONS 
 SECTION 2.1. Subsidiary Guaranty. Each Guarantor hereby jointly and severally absolutely, unconditionally and irrevocably: 

(a) guarantees the full and punctual payment when due, whether at stated maturity, by required prepayment, declaration,
acceleration, demand or otherwise, of all Obligations each Designated Borrower set forth on Schedule II attached hereto (collectively, the “Guaranteed Obligations”) now or hereafter existing, whether for principal, interest
(including interest accruing at the then Applicable Rate provided in the Credit Agreement after the occurrence of any Default set forth in Section 8.01(f) or (g) of the Credit Agreement, whether or not a claim for post-filing or
post-petition interest is allowed under applicable Law following the institution of a proceeding under bankruptcy, insolvency or similar Laws), fees, reimbursement obligations with respect to the Letters of Credit or otherwise, expenses or otherwise
(including all such amounts which would become due but for the operation of the automatic stay under Section 362(a) of the United States Bankruptcy Code, 11 U.S.C. §362(a), and the operation of Sections 502(b) and 506(b) of the United
States Bankruptcy Code, 11 U.S.C. §502(b) and §506(b)); and 
 (b) indemnifies and holds harmless each
Lender Party for any and all costs and expenses (including reasonable attorney’s fees and expenses) incurred by such Lender Party in enforcing any rights under this Subsidiary Guaranty. 
 provided that (i) each Guarantor shall only be liable under this Subsidiary Guaranty for the maximum amount of such liability that can be hereby incurred without rendering this Subsidiary
Guaranty, as it relates to such Guarantor, voidable under applicable Law relating to fraudulent conveyance, fraudulent transfer, or financial assistance laws (including article 2:207C of the Dutch Civil Code), and not for any greater amount and
(ii) in no event shall any Guarantor that is a Foreign Subsidiary be liable for any Obligations of any Borrower other than a Foreign Obligor. This Subsidiary Guaranty constitutes a guaranty of payment when due and not of collection, and each
Guarantor specifically agrees that it shall not be necessary or required that any Lender Party exercise any right, assert any claim or demand or enforce any remedy whatsoever against any Loan Party or any other Person before or as a condition to the
obligations of such Guarantor hereunder. 

  
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 SECTION 2.2. Payments Set Aside. To the extent that any payment by or on behalf
of any Guarantor is made to any Lender Party, or any Lender Party exercises its right of setoff, and such payment or the proceeds of such setoff or any part thereof is subsequently invalidated, declared to be fraudulent or preferential, set aside or
required (including pursuant to any settlement entered into by such Lender Party in its discretion) to be repaid to a trustee, receiver or any other party, in connection with any proceeding under any Debtor Relief Law or otherwise, then to the
extent of such recovery, the obligation or part thereof originally intended to be satisfied shall be revived and continued in full force and effect as if such payment had not been made or such setoff had not occurred. 

SECTION 2.3. Guaranty Absolute, etc. This Subsidiary Guaranty shall in all respects be a continuing, absolute, unconditional
and irrevocable guaranty of payment, and shall remain in full force and effect until the Termination Date has occurred. Each Guarantor severally guarantees that the Guaranteed Obligations will be paid strictly in accordance with the terms of each
Loan Document under which they arise, regardless of any Law, regulation or order now or hereafter in effect in any jurisdiction affecting any of such terms or the rights of any Lender Party with respect thereto. The liability under this Subsidiary
Guaranty of (i) each Guarantor that is a Domestic Subsidiary shall be joint and several, and (ii) each Guarantor that is a Foreign Subsidiary shall be several only, and in each case shall be absolute, unconditional and irrevocable
irrespective of: 
 (a) any lack of validity, legality or enforceability of any Loan Document; 

(b) the failure of any Lender Party: 

(i) to assert any claim or demand or to enforce any right or remedy against any Loan Party or any other Person (including
any other guarantor) under the provisions of any Loan Document or otherwise, or 
 (ii) to exercise any right or
remedy against any other guarantor (including any Borrower or any other Guarantor) of, or collateral (if any) securing, any Guaranteed Obligation; 
 (c) any change in the time, manner or place of payment of, or in any other term of, all or any part of the Guaranteed Obligations, or any other extension, compromise or renewal of any Obligation;

 (d) any reduction, limitation, impairment or termination of any Guaranteed Obligation for any reason,
including any claim of waiver, release, surrender, alteration or compromise, and shall not be subject to (and each Guarantor hereby waives any right to or claim of) any defense or setoff, counterclaim, recoupment or termination whatsoever by reason
of the invalidity, illegality, nongenuineness, irregularity, compromise, unenforceability of, or any other event or occurrence affecting, any Guaranteed Obligation or otherwise; 

(e) any amendment to, rescission, waiver, or other modification of, or any consent to or departure from, any of the terms
of any Loan Document; 

  
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 (f) any addition, exchange or release of any collateral (if any) or of any
Person that is (or will become) a guarantor (including a Guarantor hereunder) of the Guaranteed Obligations, or any surrender or non perfection of any collateral, or any amendment to or waiver or release or addition to, or consent to or departure
from, any other guaranty held by any Lender Party securing any of the Guaranteed Obligations; or 
 (g) any other
circumstance which might otherwise constitute a defense available to, or a legal or equitable discharge of, any Loan Party, any surety or any guarantor. 
 SECTION 2.4. Setoff. If an Event of Default shall have occurred and be continuing, each Lender, the L/C Issuer and each of their respective Affiliates is hereby authorized at any time and from
time to time, after obtaining the prior written consent of the Administrative Agent, to the fullest extent permitted by applicable Law, to set off and apply any and all deposits (general or special, time or demand, provisional or final, in whatever
currency) at any time held and other obligations (in whatever currency) at any time owing by such Lender, the L/C Issuer or any such Affiliate to or for the credit or the account of any Guarantor against any and all of the obligations of such
Guarantor now or hereafter existing under this Subsidiary Guaranty or any other Loan Document to such Lender or the L/C Issuer, irrespective of whether or not such Lender or the L/C Issuer shall have made any demand under this Subsidiary Guaranty or
any other Loan Document and although such obligations of such Guarantor may be contingent or unmatured or are owed to a branch or office of such Lender or the L/C Issuer different from the branch or office holding such deposit or obligated on such
indebtedness. The rights of each Lender, the L/C Issuer and their respective Affiliates under this Section 2.4 are in addition to other rights and remedies (including other rights of setoff) that such Lender, the L/C Issuer or their
respective Affiliates may have. Each Lender and the L/C Issuer agrees to notify the Company and the Administrative Agent promptly after any such setoff and application; provided that the failure to give such notice shall not affect the
validity of such setoff and application. 
 SECTION 2.5. Waiver, etc. Each Guarantor hereby waives promptness,
diligence, notice of acceptance and any other notice with respect to any of the Guaranteed Obligations and this Subsidiary Guaranty and any requirement that any Lender Party protect, secure, perfect or insure any Lien, or any property subject
thereto, or exhaust any right or take any action against any Loan Party or any other Person (including any other guarantor) or entity or any collateral securing the Guaranteed Obligations, as the case may be. 

SECTION 2.6. Postponement of Subrogation, etc. Each Guarantor agrees that it will not exercise any rights which it may
acquire by way of rights of subrogation under any Loan Document to which it is a party, nor shall any Guarantor seek or be entitled to seek any contribution or reimbursement from any Loan Party, in respect of any payment made under any Loan Document
or otherwise, until following the Termination Date. Any amount paid to any Guarantor on account of any such subrogation rights prior to the Termination Date shall be held in trust for the benefit of the Lender Parties and shall immediately be paid
and turned over to the Administrative Agent for the benefit of the Lender Parties in the exact form received by such Guarantor (duly endorsed in favor of the Administrative Agent, if required), to be credited and applied against the Guaranteed
Obligations, whether matured or unmatured, in accordance with Section 2.7; provided that if any Guarantor has made payment to any Lender Party of all or any 

  
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part of the Guaranteed Obligations and the Termination Date has occurred, then at such Guarantor’s request, the Administrative Agent (on behalf of the Lender Parties) will, at the expense of
such Guarantor, execute and deliver to such Guarantor appropriate documents (without recourse and without representation or warranty) necessary to evidence the transfer by subrogation to such Guarantor of an interest in the Guaranteed Obligations
resulting from such payment. In furtherance of the foregoing, at all times prior to the Termination Date, each Guarantor shall refrain from taking any action or commencing any proceeding against any Loan Party (or its successors or assigns, whether
in connection with a bankruptcy proceeding or otherwise) to recover any amounts in respect of payments made under this Subsidiary Guaranty to any of the Lender Parties. 
 SECTION 2.7. Payments; Application. Each Guarantor hereby agrees with each Lender Party as follows: 
 (a) All payments made by such Guarantor hereunder will be made in Dollars or other applicable Alternative Currency to the Administrative Agent, without setoff, counterclaim or other defense and in
accordance with Sections 3.01 and 8.03 of the Credit Agreement, free and clear of and without deduction for any Taxes, each Guarantor hereby agreeing to comply with and be bound by the provisions of Sections 3.01 and 8.03 of the Credit Agreement in
respect of all payments made by it hereunder and the provisions of which Sections are hereby incorporated into and made a part of this Subsidiary Guaranty by this reference as if set forth herein; provided that references to the
“Borrower” in such Sections shall be deemed to be references to each Guarantor, and references to “this Agreement” in such Sections shall be deemed to be references to this Subsidiary Guaranty. 

(b) All payments made hereunder shall be applied upon receipt as set forth in Section 8.03 of the Credit Agreement.

 ARTICLE III 
 REPRESENTATIONS AND WARRANTIES 
 In order to induce the Lender Parties to enter
into the Credit Agreement and make Credit Extensions thereunder, each Guarantor represents and warrants to each Lender Party as set forth below. 
 SECTION 3.1. Credit Agreement Representations and Warranties. The representations and warranties contained in Article V of the Credit Agreement, insofar as the representations and warranties
contained therein are applicable to any Guarantor and its properties, are true and correct in all material respects, each such representation and warranty set forth in such Article (insofar as applicable as aforesaid) and all other terms of the
Credit Agreement to which reference is made therein, together with all related definitions and ancillary provisions, being hereby incorporated into this Subsidiary Guaranty by reference as though specifically set forth in this Article. 

  
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 SECTION 3.2. Financial Condition, etc. Each Guarantor has knowledge of each
other Loan Party’s financial condition and affairs and has adequate means to obtain from each such Loan Party on an ongoing basis information relating thereto and to such Loan Party’s ability to pay and perform the Guaranteed Obligations,
and agrees to assume the responsibility for keeping, and to keep, so informed for so long as this Subsidiary Guaranty is in effect. Each Guarantor acknowledges and agrees that the Lender Parties shall have no obligation to investigate the financial
condition or affairs of any Loan Party for the benefit of such Guarantor nor to advise such Guarantor of any fact respecting, or any change in, the financial condition or affairs of any other Loan Party that might become known to any Lender Party at
any time, whether or not such Lender Party knows or believes or has reason to know or believe that any such fact or change is unknown to such Guarantor, or might (or does) materially increase the risk of such Guarantor as guarantor, or might (or
would) affect the willingness of such Guarantor to continue as a guarantor of the Guaranteed Obligations. 
 SECTION 3.3.
Best Interests. It is in the best interests of each Guarantor to execute this Subsidiary Guaranty inasmuch as such Guarantor will, as a result of being a Subsidiary of the applicable Borrower, derive substantial direct and indirect benefits
from the Credit Extensions made from time to time to such Borrower by the Lenders and the L/C Issuer pursuant to the Credit Agreement, and each Guarantor agrees that the Lender Parties are relying on this representation in agreeing to make Credit
Extensions to the Borrowers. 
 ARTICLE IV 
 COVENANTS, ETC. 
 Each Guarantor covenants and agrees that, at all times prior to
the Termination Date, it will perform, comply with and be bound by all of the agreements, covenants and obligations contained in the Credit Agreement (including Articles VI and VII and Section 8.01(f) and (g) of the Credit Agreement) which
are applicable to such Guarantor or its properties, each such agreement, covenant and obligation contained in the Credit Agreement and all other terms of the Credit Agreement to which reference is made in this Article, together with all related
definitions and ancillary provisions, being hereby incorporated into this Subsidiary Guaranty by this reference as though specifically set forth in this Article. 
 ARTICLE V 
 MISCELLANEOUS PROVISIONS 

SECTION 5.1. Loan Document. This Subsidiary Guaranty is a Loan Document executed pursuant to the Credit Agreement and shall
(unless otherwise expressly indicated herein) be construed, administered and applied in accordance with the terms and provisions thereof, including Article X thereof. To the extent of any conflict between the terms contained in this Subsidiary
Guaranty and the terms contained in the Credit Agreement, the terms of the Credit Agreement shall control. 

  
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 SECTION 5.2. Binding on Successors, Transferees and Assigns; Assignment. This
Subsidiary Guaranty shall remain in full force and effect until the Termination Date has occurred, shall be jointly and severally binding upon each Guarantor and its successors, transferees and assigns and shall inure to the benefit of and be
enforceable by each Lender Party and its successors, transferees and assigns; provided that no Guarantor may (unless otherwise permitted under the terms of the Credit Agreement) assign any of its obligations hereunder without the prior
written consent of all Lenders. 
 SECTION 5.3. Amendments, etc. No amendment to or waiver of any provision of this
Subsidiary Guaranty, nor consent to any departure by any Guarantor from its obligations under this Subsidiary Guaranty, shall in any event be effective unless the same shall be in writing and signed by the Guarantors and the Administrative Agent (on
behalf of the Lenders or the Required Lenders, as the case may be, pursuant to Section 10.01 of the Credit Agreement) and then such waiver or consent shall be effective only in the specific instance and for the specific purpose for which given.

 SECTION 5.4. Notices. All notices and other communications provided for hereunder shall be in writing or by
facsimile or via other electronic means and addressed, delivered or transmitted to the appropriate party at the address or facsimile number or e-mail address of such party (in the case of any Guarantor, in care of the Company) specified in the
Credit Agreement or at such other address or facsimile number or e-mail address as may be designated by such party in a notice to the other party. Any notice, if mailed and properly addressed with postage prepaid or if properly addressed and sent by
pre-paid courier service, shall be deemed given when received; any such notice, if transmitted by facsimile or via other electronic means, shall be deemed given when the confirmation of transmission thereof is received by the transmitter.

 SECTION 5.5. Additional Guarantors. Upon the execution and delivery by any other Person of a supplement in the
form of Annex I hereto, such Person shall become a “Guarantor” hereunder with the same force and effect as if it were originally a party to this Subsidiary Guaranty and named as a “Guarantor” hereunder. The execution and
delivery of such supplement shall not require the consent of any other Guarantor hereunder, and the rights and obligations of each Guarantor hereunder shall remain in full force and effect notwithstanding the addition of any new Guarantor as a party
to this Subsidiary Guaranty. 
 SECTION 5.6. Release of Guarantor. Upon the occurrence of the Termination Date, this
Subsidiary Guaranty and all obligations of each Guarantor hereunder shall terminate, without delivery of any instrument or performance of any act by any party. In addition, at the request of the Company, and at the sole expense of the Company, a
Guarantor shall be released from its obligations hereunder in the event that (i) such Guarantor ceases to be a Material Subsidiary pursuant to Section 9.10 of the Credit Agreement or (ii) such Guarantor merges with the Company or
another Loan Party pursuant to the terms of the Credit Agreement, or all or substantially all of the assets of such Guarantor or the Equity Interests of such Guarantor are Disposed of in a transaction permitted by the Credit Agreement;
provided that the Company shall have delivered to the Administrative Agent, at least three (3) Business Days prior to the date of the proposed release or at such other time as the Administrative Agent shall reasonably require, a written
request for release identifying the relevant Guarantor and a certification by the Company stating that such transaction is in compliance with the Loan Documents. 

  
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 SECTION 5.7. No Waiver; Remedies. In addition to, and not in limitation of,
Sections 2.3 and 2.5 hereof, no failure on the part of any Lender Party to exercise, and no delay in exercising, any right hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any right hereunder
preclude any other or further exercise thereof or the exercise of any other right. The remedies herein provided are cumulative and not exclusive of any remedies provided by Law. 

SECTION 5.8. Section Captions. Section captions used in this Subsidiary Guaranty are for convenience of reference only, and
shall not affect the construction of this Subsidiary Guaranty. 
 SECTION 5.9. Severability. If any provision of
this Subsidiary Guaranty or the other Loan Documents is held to be illegal, invalid or unenforceable, (a) the legality, validity and enforceability of the remaining provisions of this Subsidiary Guaranty and the other Loan Documents shall not
be affected or impaired thereby and (b) the parties shall endeavor in good faith negotiations to replace the illegal, invalid or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of
the illegal, invalid or unenforceable provisions. The invalidity of a provision in a particular jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 

SECTION 5.10. Governing Law; Jurisdiction; Etc. (a) GOVERNING LAW. THIS SUBSIDIARY GUARANTY SHALL BE GOVERNED BY,
AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK. 
 (b) SUBMISSION TO JURISDICTION.
EACH GUARANTOR IRREVOCABLY AND UNCONDITIONALLY SUBMITS, FOR ITSELF AND ITS PROPERTY, TO THE NONEXCLUSIVE JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK SITTING IN NEW YORK COUNTY AND OF THE UNITED STATES DISTRICT COURT OF THE SOUTHERN DISTRICT
OF NEW YORK, AND ANY APPELLATE COURT FROM ANY THEREOF, IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS SUBSIDIARY GUARANTY OR ANY OTHER LOAN DOCUMENT, OR FOR RECOGNITION OR ENFORCEMENT OF ANY JUDGMENT, AND EACH OF THE PARTIES HERETO
IRREVOCABLY AND UNCONDITIONALLY AGREES THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN SUCH NEW YORK STATE COURT OR, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, IN SUCH FEDERAL COURT. EACH OF THE
PARTIES HERETO AGREES THAT A FINAL JUDGMENT IN ANY SUCH ACTION OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW. NOTHING IN THIS SUBSIDIARY GUARANTY OR IN ANY
OTHER LOAN DOCUMENT SHALL AFFECT ANY RIGHT THAT THE ADMINISTRATIVE AGENT, ANY LENDER, THE L/C ISSUER OR ANY OTHER LENDER PARTY MAY OTHERWISE HAVE TO BRING ANY ACTION OR PROCEEDING RELATING TO THIS SUBSIDIARY GUARANTY OR ANY OTHER LOAN DOCUMENT
AGAINST ANY GUARANTOR OR ITS PROPERTIES IN THE COURTS OF ANY JURISDICTION. 

  
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 (c) WAIVER OF VENUE. EACH GUARANTOR IRREVOCABLY AND UNCONDITIONALLY
WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS SUBSIDIARY GUARANTY OR ANY OTHER LOAN DOCUMENT IN ANY
COURT REFERRED TO IN PARAGRAPH (B) OF THIS SECTION. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, THE DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH ACTION OR PROCEEDING IN
ANY SUCH COURT. 
 SECTION 5.11. Waiver of Jury Trial. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST
EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS SUBSIDIARY GUARANTY OR ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR
THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT
OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS SUBSIDIARY GUARANTY AND THE OTHER LOAN DOCUMENTS BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND
CERTIFICATIONS IN THIS SECTION. 
 SECTION 5.12. Counterparts. This Subsidiary Guaranty may be executed by the
parties hereto in several counterparts, each of which shall be deemed to be an original and all of which shall constitute together but one and the same agreement. Delivery of an executed counterpart of a signature page to this Subsidiary Guaranty by
facsimile or via other electronic means shall be effective as delivery of a manually executed counterpart of this Subsidiary Guaranty. 
 SECTION 5.13. ENTIRE AGREEMENT. THIS SUBSIDIARY GUARANTY AND THE OTHER LOAN DOCUMENTS REPRESENT THE FINAL AGREEMENT AMONG THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR,
CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS AMONG THE PARTIES. 

  
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 IN WITNESS WHEREOF, each Guarantor has caused this Subsidiary Guaranty to be duly executed
and delivered by its Responsible Officer as of the date first above written. 
  

			
	 Signed for and on behalf of TIBCO SOFTWARE
 B.V., acting by Intertrust (Netherlands) B.V.

		
	By:	 	 /s/ P.M. Blote

	Name:	 	P.M. Blote
	Title:	 	Proxyholder
	
	 Signed for and on behalf of TIBCO SOFTWARE
 B.V., acting by Intertrust (Netherlands) B.V.

		
	By:	 	 /s/ J.E. Hardeveld

	Name:	 	J.E. Hardeveld
	Title:	 	Proxyholder









			
	ACCEPTED AND AGREED FOR ITSELF
	AND ON BEHALF OF THE LENDER PARTIES:
	
	 BANK OF AMERICA, N.A.,

  as Administrative Agent

		
	By:	 	 /s/ Jeffrey P. Mills

		 	Name: Jeffrey P. Mills
		 	Title:   Assistant Vice President







 SCHEDULE I to 
 the Subsidiary Guaranty 
 Subsidiary Guarantors 

TIBCO Software B.V., a private limited liability company organized under the laws of the Netherlands 






 SCHEDULE II to 
 the Subsidiary Guaranty 
 Designated Borrowers 

TIBCO International Holdings B.V., a private limited liability company organized under the laws of the Netherlands 






 ANNEX I to 
 the Subsidiary Guaranty (Netherlands) 
 THIS SUPPLEMENT, dated as of
            , 20    (this “Supplement”), is to the Subsidiary Guaranty (Netherlands), dated as of December 19, 2011 (as amended, restated,
extended, supplemented or otherwise modified from time to time, the “Subsidiary Guaranty”), among the Guarantors (such capitalized term, and other terms used in this Supplement, to have the meanings set forth in Article I of the
Subsidiary Guaranty) from time to time party thereto, in favor of BANK OF AMERICA, N.A., as administrative agent (together with its successor(s) thereto in such capacity, the “Administrative Agent”) for each of the Lender Parties.

 W I T N E S S E T H : 
 WHEREAS, pursuant to the provisions of Section 5.5 of the Subsidiary Guaranty, each of the undersigned is becoming a Guarantor under the Subsidiary Guaranty; and 

WHEREAS, each of the undersigned desires to become a “Guarantor” under the Subsidiary Guaranty in order to induce the Lender
Parties to continue to extend Credit Extensions under the Credit Agreement; 
 NOW, THEREFORE, in consideration of the premises,
and for other consideration (the receipt and sufficiency of which is hereby acknowledged), each of the undersigned agrees, for the benefit of each Lender Party, as follows. 
 SECTION 1. Party to Subsidiary Guaranty, etc. In accordance with the terms of the Subsidiary Guaranty, by its signature below, each of the undersigned hereby irrevocably agrees to become a
Guarantor under the Subsidiary Guaranty with the same force and effect as if it were an original signatory thereto and each of the undersigned hereby (a) agrees to be bound by and comply with all of the terms and provisions of the Subsidiary
Guaranty applicable to it as a Guarantor and (b) represents and warrants that the representations and warranties made by it as a Guarantor thereunder are true and correct as of the date hereof. In furtherance of the foregoing, each reference to
a “Guarantor” and/or “Guarantors” in the Subsidiary Guaranty shall be deemed to include each of the undersigned. 
 SECTION 2. Representations. Each of the undersigned hereby represents and warrants that this Supplement has been duly authorized, executed and delivered by it and that this Supplement and the
Subsidiary Guaranty constitute the legal, valid and binding obligation of each of the undersigned, enforceable against it in accordance with its terms. 
 SECTION 3. Full Force of Subsidiary Guaranty. Except as expressly supplemented hereby, the Subsidiary Guaranty shall remain in full force and effect in accordance with its terms. 

SECTION 4. Severability. If any provision of this Supplement or the other Loan Documents is held to be illegal, invalid or
unenforceable, (a) the legality, validity and enforceability of the remaining provisions of this Supplement and the other Loan Documents shall not be affected or impaired thereby and (b) the parties shall endeavor in good faith
negotiations to replace the illegal, invalid or unenforceable provisions with valid provisions the 






 
economic effect of which comes as close as possible to that of the illegal, invalid or unenforceable provisions. The invalidity of a provision in a particular jurisdiction shall not invalidate or
render unenforceable such provision in any other jurisdiction. 
 SECTION 5. Indemnity; Fees and Expenses, etc. Without
limiting the provisions of any other Loan Document, each of the undersigned agrees to reimburse the Administrative Agent for its reasonable out-of-pocket expenses incurred in connection with this Supplement, including reasonable attorney’s fees
and expenses of the Administrative Agent’s counsel. 
 SECTION 6. Governing Law, Entire Agreement, etc.
THIS SUPPLEMENT WILL BE DEEMED TO BE A CONTRACT MADE UNDER AND GOVERNED BY THE INTERNAL LAWS OF THE STATE OF NEW YORK. 

SECTION 7. Counterparts. This Supplement may be executed by the parties hereto in several counterparts, each of which shall be
deemed to be an original and all of which shall constitute together but one and the same agreement. Delivery of an executed counterpart of a signature page to this Supplement by facsimile or via other electronic means shall be effective as delivery
of a manually executed counterpart of this Supplement. 
 SECTION 8. ENTIRE AGREEMENT. THIS SUPPLEMENT AND THE OTHER LOAN
DOCUMENTS REPRESENT THE FINAL AGREEMENT AMONG THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS AMONG THE PARTIES. 






 IN WITNESS WHEREOF, each of the undersigned has caused this Supplement to be duly executed
and delivered by its Responsible Officer as of the date first above written. 
  

			
	[NAME OF ADDITIONAL LOAN PARTY]
		
	By:	 	  

		 	Title:


  

			
	 ACCEPTED AND AGREED FOR ITSELF
 AND ON BEHALF OF THE LENDER PARTIES:

	
	 BANK OF AMERICA, N.A.,
   as Administrative Agent

		
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