Document:

EX-4.2

 Exhibit 4.2 

MAGELLAN MIDSTREAM PARTNERS, L.P. 

as Issuer 
 and 

U.S. BANK NATIONAL ASSOCIATION 

as Trustee 

$500,000,000 
 4.25%
SENIOR NOTES DUE 2046 
 SEVENTH SUPPLEMENTAL INDENTURE 

Dated as of September 13, 2016 

 TABLE OF CONTENTS 

 

									
		
	ARTICLE I. ESTABLISHMENT OF NEW SERIES	  	 	1	  
		 	Section 1.01	    	Establishment of New Series	  	 	1	  
		
	ARTICLE II. DEFINITIONS AND INCORPORATION BY REFERENCE	  	 	2	  
		 	Section 2.01	    	Definitions	  	 	2	  
		
	ARTICLE III. THE NOTES	  	 	5	  
		 	Section 3.01	    	Form	  	 	5	  
		 	Section 3.02	    	Issuance of Additional Notes	  	 	5	  
		 	Section 3.03	    	Transfer of Notes	  	 	5	  
		 	Section 3.04	    	Restrictive Legend	  	 	5	  
		
	ARTICLE IV. REDEMPTION	  	 	5	  
		 	Section 4.01	    	Optional Redemption	  	 	5	  
		 	Section 4.02	    	Mandatory Redemption	  	 	6	  
		
	ARTICLE V. COVENANT SUPPLEMENTS AND AMENDMENTS	  	 	6	  
		 	Section 5.01	    	Covenants of the Partnership	  	 	6	  
	ARTICLE VI. ADDITIONAL EVENT OF DEFAULTS	  	 	9	  
		 	Section 6.01	    	Events of Default	  	 	9	  
		
	ARTICLE VII. MODIFICATION OF INDENTURE	  	 	10	  
		 	Section 7.01	    	Modification of Indenture with Consent of Holders of Debt Securities	  	 	10	  
		
	ARTICLE VIII. MISCELLANEOUS	  	 	11	  
		 	Section 8.01	    	Integral Part	  	 	11	  
		 	Section 8.02	    	Adoption, Ratification and Confirmation	  	 	11	  
		 	Section 8.03	    	Counterparts	  	 	11	  
		 	Section 8.04	    	Governing Law	  	 	11	  
		 	Section 8.05	    	Trustee Makes No Representation	  	 	11	  

  

			
	EXHIBIT A:	  	FORM OF NOTE
	EXHIBIT B:	  	FORM OF SUPPLEMENTAL INDENTURE (Subsidiary Guarantees)

  
 i 

 SEVENTH SUPPLEMENTAL INDENTURE dated as of September 13, 2016 (this
“Seventh Supplemental Indenture”) between Magellan Midstream Partners, L.P., a Delaware limited partnership (the “Partnership” or the “Issuer”), and U.S. Bank National
Association, a national banking association, as trustee (the “Trustee”).  
 W I T N E S S E T H:

 WHEREAS, the Issuer has previously entered into an Indenture, dated as of August 11, 2010 (the
“Original Indenture”), with the Trustee;  
 WHEREAS, the Original Indenture, as amended
and supplemented pursuant to this Seventh Supplemental Indenture, is herein called the “Indenture”;  

WHEREAS, the Issuer proposes to create under the Indenture a new series of Debt Securities; 

WHEREAS, additional Debt Securities of other series hereafter established, except as may be limited in the Original Indenture as at the time
supplemented and modified, may be issued from time to time pursuant to the Original Indenture as at the time supplemented and modified by a supplemental indenture; and 

WHEREAS, all conditions necessary to authorize the execution and delivery of this Seventh Supplemental Indenture and to make it a valid and
binding obligation of the Issuer have been done or performed; 
 NOW, THEREFORE, in consideration of the agreements and obligations set
forth herein and for other good and valuable consideration, the sufficiency of which is hereby acknowledged, the parties hereto hereby agree as follows: 

ARTICLE I. 

ESTABLISHMENT OF NEW SERIES 

Section 1.01 Establishment of New Series. 

(a) There is hereby established a new series of Notes to be issued under the Indenture, to be designated as the Issuer’s
4.25% Senior Notes due 2046 (the “Notes”). 
 (b) There are to be authenticated and delivered
$500,000,000 principal amount of Notes on the Issue Date, and from time to time thereafter there may be authenticated and delivered an unlimited principal amount of Additional Notes. 

(c) The Notes shall be issued initially in the form of one or more Global Securities in substantially the form set out in
Exhibit A hereto. The Depositary with respect to the Notes shall be The Depository Trust Company. 
 (d) Initially,
there shall be no Subsidiary Guarantors. Each Note shall be dated the date of authentication thereof and shall bear interest as provided in paragraph number 1 of the form of Note in Exhibit A hereto. 

  
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 (e) If and to the extent that the provisions of the Original Indenture are
duplicative of, or in contradiction with, the provisions of this Seventh Supplemental Indenture, the provisions of this Seventh Supplemental Indenture shall govern. 

ARTICLE II. 
 DEFINITIONS
AND INCORPORATION BY REFERENCE 
 Section 2.01 Definitions. All capitalized terms used herein and not otherwise
defined below shall have the meanings ascribed thereto in the Original Indenture. The following are additional definitions used in this Seventh Supplemental Indenture: 

“Additional Notes” has the meaning assigned to it in Section 3.02 hereof. 

“Commodity Trading Obligations” with respect to any Person, means the obligations of such Person under
(1) any commodity swap agreement, commodity future agreement, commodity option agreement, commodity cap agreement, commodity floor agreement, commodity collar agreement, commodity hedge agreement, and any put, call or other agreement or
arrangement, or combination thereof, designed to protect such Person against fluctuations in commodity prices or (2) any commodity swap agreement, commodity future agreement, commodity option agreement, commodity hedge agreement, and any put,
call or other agreement or arrangement, or combination thereof (including an agreement or arrangement to hedge foreign exchange risks) in respect of commodities entered into by the Partnership pursuant to asset optimization and risk management
policies and procedures adopted in good faith by the Board of Directors. 
 “Consolidated Net
Tangible Assets” means, at any date of determination, the total amount of assets after deducting therefrom (1) all current liabilities (excluding (A) any current liabilities that by their terms are extendible or renewable at
the option of the obligor thereon to a time more than 12 months after the time as of which the amount thereof is being computed, and (B) current maturities of long-term debt), and (2) the amount (net of any applicable reserves) of all
goodwill, trade names, trademarks, patents and other like intangible assets, all as set forth on the consolidated balance sheet of the Partnership and its consolidated subsidiaries for the Partnership’s most recently completed fiscal quarter,
prepared in accordance with GAAP.  
 “Debt” means any obligation created or assumed by
any Person for the repayment of money borrowed, any purchase money obligation created or assumed by such Person and any guarantee of the foregoing.  

“Funded Debt” means all Debt maturing one year or more from the date of the creation thereof, all Debt
directly or indirectly renewable or extendible, at the option of the debtor, by its terms or by the terms of any instrument or agreement relating thereto, to a date one year or more from the date of the creation thereof, and all Debt under a
revolving credit or similar agreement obligating the lender or lenders to extend credit over a period of one year or more.  

“Issue Date” means the date on which the Notes are initially issued.  

“Lien” means, as to any Person, any mortgage, lien, pledge, security interest or other encumbrance in or on, or
adverse interest or title of any vendor, lessor, lender or other secured party to or of such Person under conditional sale or other title retention agreement or capital lease with respect to, any property or asset of such Person. 

  
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 “Notes” has the meaning assigned to it in
Section 1.01(a) hereof.  
 “Permitted Hedging Obligations” of any Person shall
mean (1) hedging obligations entered into in the ordinary course of business and in accordance with such Person’s established risk management policies that are designed to protect such Person against, among other things, fluctuations in
interest rates or currency exchange rates and which in the case of agreements relating to interest rates shall have a notional amount no greater than the payments due with respect to the Debt being hedged thereby and (2) Commodity Trading
Obligations. 
 “Permitted Liens” means (1) Liens upon rights-of-way for pipeline
purposes; (2) any statutory or governmental Lien, mechanics’, materialmen’s, carriers’ or similar Lien incurred in the ordinary course of business which is not yet due or which is being contested in good faith by appropriate
proceedings and any undetermined Lien which is incidental to construction; (3) the right reserved to, or vested in, any municipality or public authority by the terms of any right, power, franchise, grant, license, permit or by any provision of
law, to purchase or recapture or to designate a purchaser of, any property or assets; (4) Liens for taxes and assessments which are (A) for the then current year, (B) not at the time delinquent, or (C) delinquent but the validity
of which is being contested at the time by the Partnership or any Restricted Subsidiary in good faith; (5) Liens arising under, or to secure performance of, leases, other than capital leases; (6) any Lien upon, or deposits of, any assets
in favor of any surety company or clerk of court for the purpose of obtaining indemnity or stay of judicial proceedings; (7) any Lien upon property or assets acquired or sold by the Partnership or any Restricted Subsidiary resulting from the
exercise of any rights arising out of defaults on receivables; (8) any Lien incurred in the ordinary course of business in connection with workmen’s compensation, unemployment insurance, temporary disability, social security, retiree
health or similar laws or regulations or to secure obligations imposed by statute or governmental regulations; (9) any Lien in favor of the United States of America or any state thereof, or any other country, or any political subdivision of any
of the foregoing, to secure partial, progress, advance or other payments pursuant to any contract or statute, or any Lien securing industrial development, pollution control or similar revenue bonds; (10) any easements, exceptions or
reservations in any property or assets of the Partnership or any Restricted Subsidiary granted or reserved for the purpose of pipelines, roads, the removal of oil, gas, coal or other minerals, and other like purposes, or for the joint or common use
of real property, facilities and equipment, which are incidental to, and do not materially interfere with, the ordinary conduct of its business or the business of the Partnership and its Subsidiaries, taken as a whole; (11) Liens securing
Permitted Hedging Obligations; or (12) Liens arising by reason of any judgment, decree or order of any court not giving rise to an Event of Default, so long as any such Lien is being contested in good faith, and any appropriate legal
proceedings that may have been duly initiated for the review of such judgment, decree or order have not been finally terminated or the period within which such proceedings may be initiated has not expired. 

“Person” means any individual, corporation, partnership, joint venture, limited liability company,
association, joint-stock company, trust, other entity, unincorporated organization or government or other agency or political subdivision thereof.  

  
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 “Principal Property” means any pipeline, terminal or
terminal facility property or asset owned or leased by the Partnership or any Subsidiary, including any related property or asset employed in the transportation (including vehicles that generate transportation revenues), distribution, terminalling,
gathering, treating, processing, marketing or storage of crude oil or refined petroleum products, natural gas, natural gas liquids, fuel additives, petrochemicals or ammonia, except (1) any property or asset consisting of inventories,
furniture, office fixtures and equipment (including data processing equipment), vehicles and equipment used on, or useful with, vehicles (but excluding vehicles that generate transportation revenues as provided above), and (2) any such property
or asset, plant or terminal which, in the opinion of the Board of Directors, is not material in relation to the activities of the Partnership and its Subsidiaries, taken as a whole.  

“Ratings Affirmation” means, with respect to any particular action or proposed action, each of
Standard & Poor’s Rating Services and Moody’s Investors Service, Inc. or, if either or both of such ratings agencies do not then rate the Notes, such other nationally recognized statistical rating organization (as defined in the
rules and regulations of the SEC) then having issued long-term debt ratings for the Notes, affirms that such long-term debt ratings will not be lowered as a result of the taking of such action or proposed action.  

“Restricted Subsidiary” means any Subsidiary of the Partnership that owns or leases, directly or
indirectly through the ownership of or an ownership interest in another Subsidiary, any Principal Property.  

“Sale-Leaseback Transaction” means the sale or transfer by the Partnership or any Restricted Subsidiary
of any Principal Property to a Person (other than the Partnership or a Restricted Subsidiary) and the taking back by the Partnership or any Restricted Subsidiary, as the case may be, of a lease of such Principal Property.  

“Subsidiary” means, with respect to any Person, 

(1) any other Person of which more than 50% of the total voting power of capital interests (without regard to any contingency to vote in the
election of directors, managers, trustees, or equivalent persons), at the time of such determination, is owned or controlled, directly or indirectly, by such Person or one or more of the Subsidiaries of such Person; 

(2) in the case of a partnership, any Person of which more than 50% of the partners’ capital interests (considering all partners’
capital interests as a single class), at the time of such determination, is owned or controlled, directly or indirectly, by such Person or one or more of the Subsidiaries of such Person; or 

(3) any other Person in which such Person or one or more of the Subsidiaries of such Person have the power to control, by contract or
otherwise, the board of directors, managers, trustees or equivalent governing body of, or otherwise control, such other Person. 

  
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 ARTICLE III. 

THE NOTES 

Section 3.01 Form. The Notes shall be issued in the form of one or more Global Securities, and the Notes and Trustee’s
certificate of authentication shall be substantially in the form of Exhibit A hereto, the terms of which are incorporated in and made a part of this Seventh Supplemental Indenture, and the Issuer and the Trustee, by their execution and
delivery of this Seventh Supplemental Indenture, expressly agree to such terms and provisions and to be bound thereby. 
 Section 3.02
Issuance of Additional Notes. The Issuer may, from time to time, issue in one or more series an unlimited amount of additional Notes (“Additional Notes”) under the Indenture, which shall be issued
in the same form as the Notes issued on the Issue Date and which shall have the same terms as the Notes issued on the Issue Date (except for the issue date of such Additional Notes, the public offering price of such Additional Notes and, if
applicable, the date for the first payment of interest following the issue date of such Additional Notes). The Notes issued on the Issue Date shall be limited in aggregate principal amount to $500,000,000. The Notes issued on the Issue Date and any
Additional Notes subsequently issued shall be treated as a single series for purposes of giving of notices, consents, waivers, amendments and taking any other action permitted under the Indenture and for purposes of interest accrual (except as may
be otherwise specified in connection with the issuance of such Additional Notes) and redemptions. 
 Section 3.03 Transfer of
Notes. When Notes are presented to the Registrar with the request to register the transfer of such Notes or exchange such Notes for an equal principal amount of Notes of other authorized denominations, the Registrar shall register the
transfer or make the exchange in accordance with Article II of the Original Indenture. 
 Section 3.04 Restrictive
Legend. Each security certificate evidencing the Global Securities shall bear a legend substantially in the form set forth in Section 2.15(a) of the Original Indenture. 

ARTICLE IV. 
 REDEMPTION

 Section 4.01 Optional Redemption. 

(a) At any time prior to March 15, 2046 (the date that is six months prior to the Stated Maturity), at its option, the
Issuer may choose to redeem all or any portion of the Notes, at once or from time to time, at a redemption price determined by the Issuer equal to the greater of (i) 100% of the principal amount of the Notes to be redeemed or (ii) the sum
of the present values of the remaining scheduled payments of principal and interest on the Notes to be redeemed that would be due if the Notes matured on March 15, 2046, but for the redemption (exclusive of interest accrued to such Redemption
Date) discounted to such Redemption Date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate (as defined in paragraph 5 of the form of Note attached as Exhibit A) plus 35 basis points,
plus, in either case, accrued and unpaid interest, if any, to such Redemption Date. 

  
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 (b) At any time on or after March 15, 2046 (the date that is six months
prior to the Stated Maturity), at its option, the Issuer may choose to redeem all or any portion of the Notes, at once or from time to time, at a redemption price determined by the Issuer equal to 100% of the principal amount of the Notes to be
redeemed, plus accrued and unpaid interest, if any, to such Redemption Date. 
 (c) Any redemption pursuant to this
Section 4.01 shall be made pursuant to the provisions of Sections 3.01 through 3.03 of the Original Indenture. The actual redemption price, calculated as provided in this Section 4.01 and paragraph 5 of the form of Note in Exhibit A
hereto, shall be certified in writing to the Issuer and the Trustee by the Independent Investment Banker (as defined in such paragraph 5) no later than two Business Days prior to each Redemption Date. 

Section 4.02 Mandatory Redemption. The Issuer shall not be required to make mandatory redemption or sinking fund payments
pursuant to Section 3.04 of the Original Indenture with respect to the Notes and shall have no obligation to repurchase any Notes at the option of the Holders. 

ARTICLE V. 
 COVENANT
SUPPLEMENTS AND AMENDMENTS 
 Section 5.01 Covenants of the Partnership. Article IV of the Original Indenture is
hereby supplemented, but only in relation to the Notes, by the addition of the following new Sections at the end of Article IV: 

“Section 4.08. Subsidiary Guarantees. If any Subsidiary of the Partnership that is not then a Subsidiary Guarantor
becomes a guarantor or co-obligor of any Funded Debt of the Partnership, in either case after the Issue Date, then the Partnership shall cause such Subsidiary to promptly execute and deliver a supplemental Indenture, substantially in the form of
Exhibit B to the Seventh Supplemental Indenture, providing for the Guarantee of the payment of the Notes pursuant to Article XIV hereof. 

Section 4.09. Limitations on Liens. The Partnership will not, nor will it permit any Subsidiary to, create, assume,
incur or suffer to exist any Lien upon any Principal Property or upon any capital stock of any Restricted Subsidiary, whether owned or leased on the date of this Indenture or thereafter acquired, to secure any Debt of the Partnership or any other
Person (other than the Debt Securities issued hereunder), without in any such case making effective provision whereby all of the Debt Securities Outstanding hereunder shall be secured equally and ratably with, or prior to, such Debt so long as such
Debt shall be so secured. This restriction shall not apply to or prevent the creation or existence of: 
 (a) any Lien on any
property or assets of the Partnership or any Restricted Subsidiary in existence on the Issue Date or created pursuant to an “after-acquired property” clause or similar term in existence on the Issue Date in any mortgage, pledge agreement,
security agreement or other similar instrument applicable to the Partnership or any Restricted Subsidiary and in existence on the Issue Date; 

  
 6 

 (b) any Lien on any property or assets created at the time of acquisition of such
property or assets by the Partnership or any Restricted Subsidiary or within one year after such time to secure all or a portion of the purchase price for such property or assets or Debt incurred to finance such purchase price, whether such Debt was
incurred prior to, at the time of or within one year of such acquisition; 
 (c) any Lien on any property or assets existing
thereon at the time of the acquisition thereof by the Partnership or any Restricted Subsidiary (whether or not the obligations secured thereby are assumed by the Partnership or any Restricted Subsidiary), provided that such Lien only encumbers the
property or assets so acquired; 
 (d) any Lien on any property or assets of a Person existing thereon at the time such
Person becomes a Restricted Subsidiary by acquisition, merger or otherwise, provided that such Lien is not incurred in anticipation of such Person becoming a Restricted Subsidiary; 

(e) any Lien on any property or assets to secure all or part of the cost of construction, development, repair or improvements
thereon or to secure Debt incurred prior to, at the time of, or within one year after completion of such construction, development, repair or improvements or the commencement of full operations thereof (whichever is later), to provide funds for any
such purpose; 
 (f) any Lien in favor of the Partnership or any Restricted Subsidiary; 

(g) any Lien created or assumed by the Partnership or any Restricted Subsidiary in connection with the issuance of Debt the
interest on which is excludable from gross income of the holder of such Debt pursuant to the Internal Revenue Code of 1986, as amended, or any successor statute, for the purpose of financing, in whole or in part, the acquisition or construction of
property or assets to be used by the Partnership or any Subsidiary; 
 (h) Permitted Liens; 

(i) any Lien on any additions, improvements, replacements, repairs, fixtures, appurtenances or component parts thereof,
attaching to or required to be attached to property or assets pursuant to the terms of any mortgage, pledge agreement, security agreement or other similar instrument, creating a Lien upon such property or assets permitted by Clauses (a) through
(h), inclusive, of this Section; or 
 (j) any extension, renewal, refinancing, refunding or replacement (or successive
extensions, renewals, refinancings, refundings or replacements) of any Lien, in whole or in part, that is referred to in Clauses (a) through (i), inclusive, of this Section, or of any Debt secured thereby; provided, however, that the principal
amount of Debt secured thereby shall not exceed the greater of (1) the principal amount of Debt so secured at the time of such extension, renewal, refinancing, refunding or replacement 

  
 7 

 
(plus the aggregate amount of premiums, other payments, costs and expenses required to be paid or incurred in connection with such extension, renewal, refinancing, refunding or replacement) and
(2) the maximum committed principal amount of Debt so secured at such time; provided further, however, that such extension, renewal, refinancing, refunding or replacement shall be limited to all or a part of the property or assets (including
improvements, alterations and repairs on such property or assets) subject to the Lien so extended, renewed, refinanced, refunded or replaced (plus improvements, alterations and repairs on such property or assets). 

Notwithstanding the foregoing provisions of this Section, the Partnership may, and may permit any Subsidiary to, create,
assume, incur or suffer to exist any Lien upon any Principal Property or capital stock of a Restricted Subsidiary to secure Debt of the Partnership or any other Person (other than the Debt Securities) that is not excepted by Clauses (a) through
(j), inclusive, of this Section without securing the Debt Securities issued hereunder, provided that the aggregate principal amount of all Debt then outstanding secured by such Lien and all other Liens not excepted by Clauses (a) through (j),
inclusive, of this Section, together with all net sale proceeds from Sale-Leaseback Transactions (excluding Sale-Leaseback Transactions permitted by Clauses (a) through (d), inclusive, of Section 4.10), does not exceed at any one time 15%
of Consolidated Net Tangible Assets. 
 Section 4.10. Restriction of Sale-Leaseback Transaction. The Partnership
will not, nor will it permit any Restricted Subsidiary to, engage in a Sale-Leaseback Transaction, unless: 
 (a) the
Sale-Leaseback Transaction occurs within one year from the date of acquisition of the Principal Property subject thereto or the date of the completion of construction or commencement of full operations on such Principal Property, whichever is later;

 (b) the Sale-Leaseback Transaction involves a lease for a period, including renewals, of not more than three years; 

(c) the Partnership or such Restricted Subsidiary would be entitled under Section 4.09 to incur Debt secured by a Lien on
the Principal Property subject to the Sale-Leaseback Transaction in a principal amount equal to or exceeding the net sale proceeds from such Sale-Leaseback Transaction without equally and ratably securing the Debt Securities; or 

(d) the Partnership or such Restricted Subsidiary, within a one-year period after such Sale-Leaseback Transaction, applies or
causes to be applied an amount not less than the net sale proceeds from such Sale-Leaseback Transaction to (1) the prepayment, repayment, redemption or retirement of any unsubordinated Funded Debt of the Partnership or any Funded Debt of a
Subsidiary of the Partnership, or (2) investment in another Principal Property. 

  
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 Notwithstanding the foregoing provisions of this Section, the Partnership may,
and may permit any Restricted Subsidiary to, effect any Sale-Leaseback Transaction that is not excepted by Clauses (a) through (d), inclusive, of this Section, provided that the net sale proceeds from such Sale-Leaseback Transaction, together
with the aggregate principal amount of then outstanding Debt (other than the Debt Securities) secured by Liens upon Principal Properties not excepted by Clauses (a) through (j), inclusive, of Section 4.09, do not exceed at any one time 15%
of Consolidated Net Tangible Assets. 
 Section 4.11. Compliance with and Modification of Organizational
Documents. The Partnership shall comply with the terms and provisions of Sections 2.9, 7.9 and 12.9 of its Fifth Amended and Restated Agreement of Limited Partnership, dated as of September 28, 2009, as amended, and shall not amend,
supplement or otherwise modify (pursuant to a waiver or otherwise) any of such Sections in a manner materially adverse to the interests of the Holders of the Notes unless the Partnership obtains a Ratings Affirmation in connection with any such
amendment, supplement or modification or failure to comply.” 
 ARTICLE VI. 

ADDITIONAL EVENT OF DEFAULTS 

Section 6.01 Events of Default. With respect to the Notes only, the following additional Events of Default are hereby added
to Section 6.01(h) of the Original Indenture: 
 “(h-1) default by the Partnership or any of its Subsidiaries in
the payment at the Stated Maturity, after the expiration of any applicable grace period, of principal of, premium, if any, or interest on any Debt then outstanding having a principal amount in excess of the greater of $50.0 million or 5% of the
Partnership’s total consolidated partners’ capital, or acceleration of any Debt having a principal amount in excess of such amount so that it becomes due and payable prior to its Stated Maturity and such acceleration is not rescinded
within 60 days after the date on which written notice specifying such default shall have been given to the Partnership by the Trustee or to the Partnership and the Trustee by the Holders of at least 25% in aggregate principal amount of the Notes at
the time Outstanding; 
 (h-2) a final judgment or order for the payment of money in excess of the greater of $50.0 million
or 5% of the Partnership’s total consolidated partners’ capital (in each case, net of applicable insurance coverage) having been rendered against the Partnership or any Subsidiary and such judgment or order shall continue unsatisfied and
unstayed for a period of 60 days; and 
 (h-3) the failure of the General Partner to comply with the terms and provisions of
Sections 2.08 and 7.10(c) of its Third Amended and Restated Limited Liability Company Agreement, dated September 28, 2009, or the amendment, supplementation or other modification of (pursuant to a waiver or otherwise) either of such Sections in
a manner materially adverse to the interests of the Holders of the Notes unless the Partnership obtains a Ratings Affirmation in connection with any such amendment, supplementation or modification or failure to comply.” 

  
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 ARTICLE VII. 

MODIFICATION OF INDENTURE 

Section 7.01 Modification of Indenture with Consent of Holders of Debt Securities. The first paragraph of Section 9.02
of the Original Indenture is hereby amended and restated in its entirety, but only in relation to the Notes, as follows: 

“Without notice to any Holder but with the consent (evidenced as provided in Section 8.01) of the Holders of not less
than a majority in aggregate principal amount of the Outstanding Debt Securities of each series affected by such supplemental Indenture (including consents obtained in connection with a tender offer or exchange offer for any such series of Debt
Securities), the Partnership and the Subsidiary Guarantors, when authorized by resolutions of the Board of Directors, and the Trustee may from time to time and at any time enter into an Indenture or Indentures supplemental hereto (which shall
conform to the provisions of the TIA as in force at the date of execution thereof) for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Indenture or of any supplemental Indenture or of
modifying in any manner the rights of the Holders of the Debt Securities of such series; provided, with respect to amending the Indenture as to matters that require the consent of the Holders of not less than a majority in aggregate principal amount
of all Debt Securities of each series that would be affected by such amendment, the Notes and any Additional Notes shall vote together as a single class with any future series of the Partnership’s senior Debt Securities (unless otherwise
provided in the prospectus relating to such future series of senior Debt Securities) and any other series of the Partnership’s senior Debt Securities then Outstanding which are entitled by their terms to vote on the amendment in question;
provided further, that no such supplemental Indenture, without the consent of the Holders of each Debt Security so affected, shall: reduce the percentage in principal amount of Debt Securities of any series whose Holders must consent to an
amendment; reduce the rate of or extend the time for payment of interest on any Debt Security; reduce the principal of or extend the Stated Maturity of any Debt Security; reduce any premium payable upon the redemption of any Debt Security or change
the time at which any Debt Security may or shall be redeemed in accordance with Article III; make any Debt Security payable in currency other than the Dollar; impair the right of any Holder to receive payment of premium, if any, principal of and
interest on such Holder’s Debt Securities on or after the due dates therefor or to institute suit for the enforcement of any payment on or with respect to such Holder’s Debt Securities; release any security that may have been granted in
respect of the Debt Securities, other than in accordance with this Indenture; make any change in Section 6.06 or this Section 9.02; or, except as provided in Section 11.02(b) or Section 14.04, release the Subsidiary Guarantors
other than as provided in this Indenture or modify the Guarantee in any manner adverse to the Holders.” 

  
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 ARTICLE VIII. 

MISCELLANEOUS 

Section 8.01 Integral Part. This Seventh Supplemental Indenture constitutes an integral part of the Indenture. 

Section 8.02 Adoption, Ratification and Confirmation. The Original Indenture, as supplemented and amended by this Seventh
Supplemental Indenture, is in all respects hereby adopted, ratified and confirmed. 
 Section 8.03 Counterparts. This
Seventh Supplemental Indenture may be executed in any number of counterparts, each of which when so executed shall be deemed an original; and all such counterparts shall together constitute but one and the same instrument. 

Section 8.04 Governing Law. THIS SEVENTH SUPPLEMENTAL INDENTURE AND THE NOTES SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. 
 Section 8.05 Trustee Makes No Representation. The Trustee makes no
representations or warranties as to the validity, accuracy or sufficiency of this Seventh Supplemental Indenture. 
 (Signatures on
following page) 

  
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 SIGNATURES 

 

					
	ISSUER:
	
	MAGELLAN MIDSTREAM PARTNERS, L.P.
		
	By:	 	Magellan GP, LLC, its General Partner
			
		 	By:	 	 /s/ Aaron L. Milford

		 		 	Aaron L. Milford
		 		 	 Senior Vice President and Chief
 Financial
Officer of

		 		 	Magellan GP, LLC
	
	TRUSTEE:
	
	 U.S. BANK NATIONAL ASSOCIATION,

as Trustee

		
	By:	 	 /s/ George Hogan

		 	George Hogan
		 	Vice President
		 		 	

 Signature Page to Seventh Supplemental Indenture 

 EXHIBIT A 

(Form of Face of Note) 

No. 
 CUSIP 559080AL0

 $500,000,000 

ISIN US559080AL03 

MAGELLAN MIDSTREAM PARTNERS, L.P. 

4.25% Senior Note due 2046 

Magellan Midstream Partners, L.P., a Delaware limited partnership, promises to pay to
                    , or registered assigns, the principal sum of
                    Dollars [or such greater or lesser amount as may be endorsed on the Schedule attached hereto]1 on September 15, 2046. 
  

					
		 	Interest Payment Dates:	  	March 15 and September 15
			
		 	Record Dates:	  	March 1 and September 1

  

					
	MAGELLAN MIDSTREAM PARTNERS, L.P.
		
	By:	 	Magellan GP, LLC, its General Partner
			
		 	By:	 	  

 
					
		 	Name:	 	
		 	Title:	 	

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is one of the Debt Securities of the series designated therein referred to in the within-mentioned Indenture. 

 

			
	U.S. BANK NATIONAL ASSOCIATION,
	As Trustee
		
	By:	 	  

			
		 	Authorized Signatory
		
	Dated:	 	  

  

	1 	To be included only if the Note is issued in global form. 

  
 Exhibit A-1 

 (Form of Back of Note) 

4.25% Senior Note due 2046 

[UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION
(“DTC”), NEW YORK, NEW YORK, TO THE PARTNERSHIP OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS IS REQUESTED BY
AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO., OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.  
 TRANSFERS OF THIS GLOBAL
SECURITY SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH
THE RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED TO HEREIN.]2 
 Capitalized terms
used herein shall have the meanings assigned to them in the Indenture referred to below unless otherwise indicated. 
 1.
Interest. Magellan Midstream Partners, L.P., a Delaware limited partnership (the “Partnership” or the “Issuer”), promises to pay interest on the principal amount of this Note at 4.25% per
annum from September 13, 2016 until maturity. The Issuer shall pay interest semi-annually on March 15 and September 15 of each such year, or if any such day is not a Business Day, on the next
succeeding Business Day (each an “Interest Payment Date”). Interest on the Notes shall accrue from the most recent date to which interest has been paid or, if no interest has been paid, from the date of issuance,
September 13, 2016; provided that if there is no existing Default in the payment of interest, and if this Note is authenticated between a record date referred to on the face hereof and the next succeeding Interest Payment Date, interest shall
accrue from such next succeeding Interest Payment Date; provided, further, that the first Interest Payment Date shall be March 15, 2017. The Issuer shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law)
on overdue principal and premium, if any, from time to time on demand at the same rate; and it shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of interest (without regard to
any applicable grace periods) from time to time on demand at the same rate to the extent lawful. Interest shall be computed on the basis of a 360-day year of twelve 30-day months.2

  

	2 	To be included only if the Note is issued in global form. 

  
 Exhibit A-2 

 2. Method of Payment. The Issuer shall pay interest on the Notes (except Defaulted
Interest) to the Persons who are registered Holders of Notes at the close of business on the regular record date for such interest, March 1 or September 1, next preceding the Interest Payment Date, even if such Notes are canceled after
such record date and on or before such Interest Payment Date, except as provided in Section 2.17 of the Original Indenture with respect to Defaulted Interest, and the Issuer shall pay principal (and premium, if any) of the Notes upon surrender
thereof to the Trustee or a paying agent on or after the Stated Maturity thereof. The Notes shall be payable as to principal, premium, if any, and interest at the office or agency of the Trustee maintained for such purpose in New York, New York
(which initially is 100 Wall Street, Suite 1600, New York, New York 10005, Attn: Global Corporate Trust Services), or, at the option of the Issuer, payment of interest may be made by check mailed to the Holders at their addresses set forth in the
Debt Security Register, and provided that payment by wire transfer of immediately available funds shall be required with respect to principal of, and interest and premium, if any, on, (a) each Global Security and (b) all other Notes
aggregating at least $1,000,000 in principal amount the Holder of which shall have provided wire transfer instructions to the Issuer or the paying agent on or prior to the applicable record date. Such payment shall be in such coin or currency of the
United States of America as at the time of payment is legal tender for payment of public and private debts. 
 3. Paying Agent and
Registrar. Initially, U.S. Bank National Association, the Trustee under the Indenture, shall act as paying agent and Registrar. The Issuer may change any paying agent or Registrar without notice to any Holder. The Partnership may act in any such
capacity. 
 4. Indenture. The Issuer issued the Notes under an Indenture dated as of August 11, 2010 (the
“Original Indenture”), as amended and supplemented by the Seventh Supplemental Indenture, dated as of September 13, 2016 (the “Seventh Supplemental Indenture,” and, together with the Original
Indenture the “Indenture”), between the Issuer and the Trustee. The terms of the Notes include those stated in the Indenture and those made part of the Indenture by reference to the Trust Indenture Act of 1939, as amended (15
U.S.C. §§ 77aaa-77bbbb). The Notes are subject to all such terms, and Holders are referred to the Indenture and such Act for a complete statement of such terms. To the extent any provision of this Note conflicts with the express provisions
of the Indenture, the provisions of the Indenture shall govern and be controlling. The Notes are the obligation of the Issuer, initially issued in the aggregate principal amount of $500.0 million. The Issuer may issue an unlimited aggregate
principal amount of Additional Notes under the Indenture. Any such Additional Notes that are actually issued shall be treated as issued and outstanding Notes (and as the same series with the same terms (except for the issue date of such Additional
Notes, the public offering price of such Additional Notes and, if applicable, the date for the first payment of interest following the issue date of such Additional Notes) as the initial Notes for the purposes indicated in Section 3.02 of the
Seventh Supplemental Indenture). Initially, the Notes are not guaranteed, but in the future they may be guaranteed by one or more Subsidiary Guarantors on the conditions and subject to the terms provided in Section 4.08 (which is set forth in
Section 5.01 of the Seventh Supplemental Indenture) and Article XIV of the Original Indenture.  
 5. Optional
Redemption. (a) At any time prior to March 15, 2046 (the date that is six months prior to the Stated Maturity), at its option, the Issuer may choose to redeem all or any 

  
 Exhibit A-3 

 
portion of the Notes, at once or from time to time, at a redemption price determined by the Issuer equal to the greater of (i) 100% of the principal amount of the Notes to be redeemed or
(ii) the sum of the present values of the remaining scheduled payments of principal and interest on the Notes to be redeemed that would be due if the Notes matured on March 15, 2046, but for the redemption (exclusive of interest accrued to
such Redemption Date), discounted to such Redemption Date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate (as defined below) plus 35 basis points, plus, in either case, accrued and unpaid
interest, if any, to such Redemption Date. 
 (b) At any time on or after March 15, 2046 (the date that is six months prior to the
Stated Maturity), at its option, the Issuer may choose to redeem all or any portion of the Notes, at once or from time to time, at a redemption price determined by the Issuer equal to 100% of the principal amount of the Notes to be redeemed, plus
accrued and unpaid interest, if any, to such Redemption Date. 
 For purposes of determining the redemption price, the following definitions
shall apply: 
 “Comparable Treasury Issue” means the U.S. Treasury security or securities selected by
the Independent Investment Banker as having an actual or interpolated maturity comparable to the remaining term of the Notes to be redeemed (assuming, for this purpose, that the notes matured on March 15, 2046) that would be utilized, at the
time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of a comparable maturity to the remaining term of the Notes to be redeemed.  

“Comparable Treasury Price” means, for any Redemption Date, (1) the average of five Reference
Treasury Dealer Quotations for such Redemption Date, after excluding the highest and lowest of all of the Reference Treasury Dealer Quotations, or (2) if the Independent Investment Banker obtains fewer than five such Reference Treasury Dealer
Quotations, the average of all such quotations.  
 “Independent Investment Banker”
means J.P. Morgan Securities LLC, Citigroup Global Markets Inc., Mizuho Securities USA Inc. or RBC Capital Markets, LLC, as specified by the Partnership, or any of their respective successor firms, or if each such firm is unwilling or unable to
select the Comparable Treasury Issue, an independent investment banking institution of national standing appointed by the Trustee after consultation with the Partnership.  

“Primary Treasury Dealer” means a primary U.S. government securities dealer in New York City. 

“Reference Treasury Dealer” means each of (1) J.P. Morgan Securities LLC or any of its successors;
(2) Citigroup Global Markets Inc. or any of its successors; (3) Mizuho Securities USA Inc. or any of its successors; (4) RBC Capital Markets, LLC or any of its successors; and (5) one other Primary Treasury Dealer (or its
affiliates and successors) that the Issuer specifies from time to time, provided that if any of the Reference Treasury Dealers specifically named above resigns, its successor dealer shall be a Primary Treasury Dealer selected by the Trustee. 

 “Reference Treasury Dealer Quotations” means, for each Reference Treasury Dealer and any
Redemption Date, the average, as determined by the Trustee, of the bid and ask prices  

  
 Exhibit A-4 

 
for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Trustee by such Reference Treasury Dealer at 3:30 p.m., New York
City time, on the third Business Day preceding such Redemption Date. 
 “Treasury Rate” means, with
respect to any Redemption Date, (1) the yield, under the heading which represents the average for the immediately preceding week, appearing in the most recently published statistical release designated “H.15(519)” or any successor
publication which is published weekly by the Board of Governors of the Federal Reserve System and which establishes yields on actively traded United States Treasury securities adjusted to constant maturity under the caption “Treasury Constant
Maturities,” for the maturity corresponding to the Comparable Treasury Issue (if no maturity is within three months before or after the remaining term of the Notes to be redeemed, yields for the two published maturities most closely
corresponding to the Comparable Treasury Issue shall be determined and the Treasury Rate shall be interpolated or extrapolated from such yields on a straight line basis, rounding to the nearest month) or (2) if such release (or any successor
release) is not published during the week in which the calculation date falls (or in the immediately preceding week if the calculation date falls on any day prior to the usual publication date for such release) or does not contain such yields, the
rate per year equal to the semi-annual equivalent yield to maturity of the Comparable Treasury Issue, calculated using a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury
Price for such Redemption Date. The Treasury Rate shall be calculated on the third Business Day preceding the Redemption Date. Any weekly average yields calculated by interpolation or extrapolation will be rounded to the nearest 1/100th of 1%, with
any figure of 1/200th of 1% or above being rounded upward.  
 6. Mandatory Redemption. The Issuer shall not be
required to make mandatory redemption or sinking fund payments with respect to the Notes or to repurchase them at the option of the Holders. 

7. Notice of Redemption. Notice of redemption shall be mailed by first class mail at least 30 days but not more than 60 days before the
Redemption Date to each Holder whose Notes are to be redeemed at its registered address. Notes in denominations larger than $2,000 may be redeemed in part but only in whole multiples of $1,000, unless all of the Notes held by a Holder are to be
redeemed. On and after the Redemption Date interest shall cease to accrue on Notes or portions thereof called for redemption and with respect to which the redemption price has been paid. 

8. Denominations, Transfer, Exchange. The Notes are in registered form without coupons in minimum denominations of $2,000 and integral
multiples of $1,000 in excess thereof. The transfer of Notes may be registered and Notes may be exchanged as provided in the Indenture. The Registrar and the Trustee may require a Holder, among other things, to furnish appropriate endorsements and
transfer documents, and the Issuer may require a Holder to pay any taxes or other governmental charges imposed in relation thereto. 
 9.
Persons Deemed Owners. The registered Holder of a Note shall be treated as its owner for all purposes. 

  
 Exhibit A-5 

 10. Amendment, Supplement and Waiver. Subject to certain exceptions, the Indenture may be
amended or supplemented with the consent of the Holders of not less than a majority in aggregate principal amount of the then Outstanding Notes, and any existing default or compliance with any provision of the Indenture relating to the Notes may be
waived with the consent of the Holders of not less than a majority in aggregate principal amount of the then Outstanding Notes; provided, with respect to amending the Original Indenture as to matters that require the consent of the Holders of not
less than a majority in aggregate principal amount of all Debt Securities of each series that would be affected by such amendment, the Notes and any Additional Notes shall vote together as a single class with any future series of the
Partnership’s senior Debt Securities (unless otherwise provided in the prospectus relating to such future series of senior Debt Securities) and any other series of the Partnership’s senior Debt Securities then Outstanding which are
entitled by their terms to vote on the amendment in question. Without the consent of any Holder of a Note, the Indenture may be amended or supplemented for any of the purposes set forth in Section 9.01 of the Indenture, including to provide for
the assumption of the Issuer’s obligations to Holders of the Notes in case of a merger or consolidation of the Issuer or sale of all or substantially all of the Issuer’s assets, to add to the covenants of the Issuer or any Subsidiary
Guarantor, to cure any ambiguity or omission or to correct any defect or inconsistency, to permit the qualification of the Indenture under the TIA, to add or release Subsidiary Guarantors pursuant to the terms of the Indenture, to make any change
that does not adversely affect the rights under the Indenture of any Holder of the Notes, to add to, change or eliminate any of the provisions of the Indenture in respect of one or more series of Debt Securities in certain circumstances, to evidence
or provide for the acceptance of appointment under the Indenture of a successor or separate Trustee or to establish the form or terms of any other series of Debt Securities. 

11. Defaults and Remedies. Events of Default with respect to the Notes include: (i) default for 30 days in the payment when due of
interest on the Notes; (ii) default in payment when due of principal of or premium, if any, on the Notes when due at Stated Maturity, upon redemption or otherwise; (iii) failure by the Partnership or any Subsidiary Guarantor, if
applicable, to comply for 60 days after notice with any of its other covenants or agreements in the Indenture relating to the Notes; (iv) certain events of bankruptcy, insolvency or reorganization with respect to the Issuer or, if and so long
as the Notes are guaranteed by a Subsidiary Guarantor, such Subsidiary Guarantor; (v) any Guarantee ceasing to be in full force and effect or held in any judicial proceeding to be null and void, or any Subsidiary Guarantor denying or
disaffirming its obligations under the Indenture or its Guarantee, if and so long as the Notes are guaranteed by a Subsidiary Guarantor; (vi) default by the Partnership or any of its Subsidiaries, if applicable, in the payment at the Stated
Maturity, after the expiration of any applicable grace period, of principal of, premium, if any, or interest on any Debt then outstanding having a principal amount in excess of the greater of $50.0 million or 5% of the Issuer’s total
consolidated partners’ capital, or acceleration of any Debt having a principal amount in excess of such amount so that it becomes due and payable prior to its Stated Maturity and such acceleration is not rescinded within 60 days after notice;
(vii) a final judgment or order for the payment of money in excess of the greater of $50.0 million or 5% of the Issuer’s total consolidated partners’ capital (in each case, net of applicable insurance coverage) having been rendered
against the Partnership or any Subsidiary and such judgment or order continues unsatisfied and unstayed for a period of 60 days and (viii) the failure of the General Partner to comply with certain separateness and bankruptcy related provisions
of its limited liability 

  
 Exhibit A-6 

 
company agreement or the amendment or modification of such provisions. If any Event of Default occurs and is continuing, the Trustee or the Holders of at least 25% in aggregate principal amount
of the then Outstanding Notes may declare all the Notes to be due and payable. Notwithstanding the foregoing, in the case of an Event of Default arising from certain events of bankruptcy or insolvency, all Outstanding Notes shall become due and
payable without further action or notice. Holders may not enforce the Indenture or the Notes except as provided in the Indenture. Subject to certain limitations, Holders of not less than a majority in aggregate principal amount of the then
Outstanding Notes may direct the Trustee in its exercise of any trust or power. The Trustee may withhold from Holders of the Notes notice of any continuing Default (except a Default relating to the payment of principal, premium, if any, or interest)
if the Trustee determines in good faith that withholding notice is in the Holders’ interests. The Holders of not less than a majority in aggregate principal amount of the Notes then Outstanding by notice to the Trustee may on behalf of the
Holders of all of the Notes waive any past Default or Event of Default and its consequences under the Indenture except a Default or Event of Default in the payment of interest on, the principal of, or premium, if any, on, the Notes or an Event of
Default relating to a provision of the Indenture that cannot be amended without the consent of each Holder affected thereby. The Partnership is required to deliver to the Trustee annually a statement regarding compliance with the Indenture, and the
Partnership is required within 30 days after the occurrence of any Default or Event of Default, to deliver to the Trustee a statement specifying such Default or Event of Default and certain additional information. 

12. Trustee Dealings with Issuer. The Trustee, in its individual or any other capacity, may make loans to, accept deposits from, and
perform services for the Issuer or its Affiliates, and may otherwise deal with the Issuer or its Affiliates, as if it were not the Trustee. 

13. Authentication. This Note shall not be valid until authenticated by the manual signature of the Trustee or an authenticating agent.

 14. Abbreviations. Customary abbreviations may be used in the name of a Holder or an assignee, such as: TEN COM (= tenants in
common), TEN ENT (= tenants by the entireties), JT TEN (= joint tenants with right of survivorship and not as tenants in common), CUST (= Custodian), and U/G/M/A (= Uniform Gifts to Minors Act). 

15. CUSIP and ISIN Numbers. Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification Procedures,
the Issuer has caused CUSIP and corresponding ISIN numbers to be printed on the Notes, and the Trustee may use CUSIP and corresponding ISIN numbers in notices of redemption as a convenience to Holders. No representation is made as to the accuracy of
such numbers either as printed on the Notes or as contained in any notice of redemption and reliance may be placed only on the other identification numbers placed thereon. 

  
 Exhibit A-7 

 The Issuer shall furnish to any Holder upon written request and without charge a copy of the
Indenture. Requests may be made to: 
 Magellan Midstream Partners, L.P. 

P.O. Box 22186 
 Tulsa, Oklahoma
74121-2186 
 Attention: General Counsel 

  
 Exhibit A-8 

 Assignment Form 

To assign this Note, fill in the form below: (I) or (we) assign and transfer this Note to 

 
  

(Insert assignee’s soc. sec. or tax I.D. no.) 
  

 
  

 
  

 
 (Print or type assignee’s name,
address and zip code) 
 and irrevocably appoint 
  

 
 agent to transfer this Note on the books of the
Issuer. The agent may substitute another to act for him. 
  

							
	Date:	 	  
	  		  	

							
		 		 	Your Signature:	 	  

		 		 	(Sign exactly as your name appears on the face of this Note).

							
				
	Signature Guarantee:	 		 		 	  

				
		 		 		 	(Signature must be guaranteed by a financial institution that is a member of the Securities Transfer Agent Medallion Program (“STAMP”), the Stock Exchange Medallion Program
(“SEMP”), the New York Stock Exchange, Inc. Medallion Signature Program (“MSP”) or such other signature guarantee program as may be determined by the Registrar in addition to, or in substitution for,
STAMP, SEMP or MSP, all in accordance with the Securities Exchange Act of 1934, as amended.)

  
 Exhibit A-9 

 SCHEDULE OF INCREASES OR DECREASES IN THE GLOBAL NOTE3 
 The original principal amount of this Global Note is $500,000,000. The following
increases or decreases in this Global Note have been made: 
  

																	
	 Date of Exchange
	  	
Amount of decrease in
Principal Amount
	 	  	
Amount of increase in
Principal Amount
	 	  	
Principal Amount of this
Global Note following such

decrease or increase
	 	  	
Signature of authorized
signatory of Trustee or
Note 
Custodian
	 
		  				  				  				  			
		  				  				  				  			
		  				  				  				  			

  

	3 	To be included only if the Note is issued in global form. 

  
 Exhibit A-10 

 EXHIBIT B 

FORM OF SUPPLEMENTAL INDENTURE 

(Subsidiary Guarantees) 

SUPPLEMENTAL INDENTURE (this “Supplemental Indenture”), dated as of
                    , among Magellan Midstream Partners, L.P., a Delaware limited partnership (the “Partnership” or the
“Issuer”),                     (the “Subsidiary Guarantor”), a direct or indirect subsidiary of the
Partnership, and U.S. Bank National Association, as trustee under the Indenture referred to below (the “Trustee”).  

W I T N E S S E T H: 

WHEREAS, the Issuer has previously executed and delivered to the Trustee an indenture (the “Original
Indenture”), dated as of August 11, 2010, as amended and supplemented by the Seventh Supplemental Indenture (the “Seventh Supplemental Indenture,” and, together with the Original Indenture, the
“Indenture”) dated as of September 13, 2016, between the Issuer and the Trustee, providing for the issuance of the Issuer’s 4.25% Senior Notes due 2046 (the “Notes”);  

WHEREAS, Section 4.08 of the Indenture provides that under certain circumstances the Partnership is required to cause the Subsidiary
Guarantor to execute and deliver to the Trustee a supplemental indenture pursuant to which the Subsidiary Guarantor shall unconditionally guarantee all of the Issuer’s obligations under the Notes pursuant to a Guarantee on the terms and
conditions set forth herein; and 
 WHEREAS, pursuant to Section 9.01(g) of the Original Indenture, the Issuer, the Subsidiary
Guarantor and the Trustee are authorized to execute and deliver this Supplemental Indenture; 
 NOW, THEREFORE, in consideration of the
foregoing and for other good and valuable consideration, the receipt of which is hereby acknowledged, the Issuer, the Subsidiary Guarantor and the Trustee mutually covenant and agree for the equal and ratable benefit of the holders of the Notes as
follows: 
 1. Definitions. 

(a) Capitalized terms used herein without definition shall have the meanings assigned to them in the Indenture. 

(b) For all purposes of this Supplemental Indenture, except as otherwise herein expressly provided or unless the context
otherwise requires: (i) the terms and expressions used herein shall have the same meanings as corresponding terms and expressions used in the Indenture; and (ii) the words “herein,” “hereof” and “hereby” and
other words of similar import used in this Supplemental Indenture refer to this Supplemental Indenture as a whole and not to any particular section hereof. 

2. Agreement to Guarantee. The Subsidiary Guarantor hereby agrees, jointly and severally with any other Subsidiary Guarantors under the
Indenture, to guarantee the Issuer’s 

  
 Exhibit B-1 

 
obligations under the Notes and all other amounts due and payable under the Indenture on the terms and subject to the conditions set forth in Article XIV of the Original Indenture and to be bound
by all other applicable provisions of the Indenture. Except as expressly amended hereby, the Indenture is in all respects ratified and confirmed and all the terms, conditions and provisions thereof shall remain in full force and effect. This
Supplemental Indenture shall form a part of the Indenture for all purposes, and every holder of Notes heretofore or hereafter authenticated and delivered shall be bound hereby. 

3. GOVERNING LAW. THIS SUPPLEMENTAL INDENTURE SHALL BE DEEMED TO BE A NEW YORK CONTRACT, AND FOR ALL PURPOSES SHALL BE CONSTRUED IN
ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 
 4. Trustee Makes No Representation. The Trustee makes no representations or
warranties as to the validity, accuracy or sufficiency of this Supplemental Indenture. 
 5. Counterparts. The parties may sign any
number of copies of this Supplemental Indenture. Each signed copy shall be an original, but all of them together represent the same agreement. 

6. Effect of Headings. The Section headings herein are for convenience only and shall not effect the construction thereof. 

IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly executed as of the date first above written. 

 

					
	ISSUER:
	
	MAGELLAN MIDSTREAM PARTNERS, L.P.
		
	By:	 	Magellan GP, LLC, its General Partner
			
		 	By:	 	  

		 	Name:	 	
		 	Title:	 	
	
	[SUBSIDIARY GUARANTOR]
			
		 	By:	 	  

		 	Name:	 	
		 	Title:	 	

  
 Exhibit B-2 

					
	U.S. BANK NATIONAL ASSOCIATION, as Trustee
			
		 	By:	 	  

		 	Name:	 	
		 	Title:	 	

  
 Exhibit B-3Exhibit

Exhibit 10.1

Execution Version

BARCLAYS
745 Seventh Avenue
New York, New York 10019
Confidential
September 12, 2016
Open Text Corporation 
275 Frank Tompa Drive
Waterloo, Ontario 
N2L 0A1
Canada

Attention:  John Doolittle
Commitment Letter
Ladies and Gentlemen:
You (the “Borrower”) have advised Barclays Bank PLC (“Barclays,” the “Commitment Party,” “us” or “we”) that (a) you intend to enter into a Master Acquisition Agreement dated as of September 12, 2016 including the schedules and exhibits thereto (as amended in accordance with the terms of this Commitment Letter and in effect from time to time, the “Acquisition Agreement”) to effect an acquisition (the “Acquisition”) of a line of business (the “Acquired Business”) from a group of companies identified to us as “Echo” (collectively, the “Seller”) and (b) in connection with the consummation of the Acquisition (the date thereof being, the “Closing Date”), you intend to incur a first lien term loan facility in an aggregate principal amount of up to $1,000.0 million (the “Term Facility”).  You have further advised us that the proceeds of the Term Facility, together with cash on hand of the Borrower, proceeds from the incurrence of indebtedness under the Borrower’s existing second amended and restated credit agreement effective as of January 15, 2015 (as amended, amended and restated and otherwise modified from time to time, the “Existing Revolving Credit Agreement”) and/or proceeds from the issuance by the Borrower of equity securities and/or equity-linked securities shall be used to (a) finance the Acquisition and (b) pay the fees, costs and expenses associated therewith (clause (a) and (b), together with the other transactions contemplated hereby to be entered into and consummated in connection with the Acquisition are herein referred to as the “Transactions”).  Capitalized Terms used but not defined herein are used with the meanings assigned to them on the Exhibits attached hereto (such Exhibits, together with this letter, collectively, the “Commitment Letter”).

Accordingly, based upon the foregoing and subject to the terms set forth below and solely to the conditions set forth in paragraph 5 below and in the Term Sheet (as defined below) under “Conditions Precedent to Borrowing,” the Commitment Party is pleased to provide its commitments as follows:
1.     Commitment.  Barclays (acting alone or through or with affiliates selected by it) hereby commits (on a several, but not joint basis) to provide to the Borrower, 100% of the Term Facility (Barclays in such capacity, the “Initial Term Lender” and, together with any other Initial Term Lenders appointed pursuant to Section 2, the “Initial Term Lenders”), in each case upon the terms, and subject only to the conditions set forth in paragraph 5 herein and under “Conditions Precedent to Borrowing,” in the Summary of Principal Terms and Conditions attached hereto as Exhibit A (and incorporated by reference herein) (the “Term Sheet”) and Additional Conditions Precedent attached hereto as Exhibit B.
2.     Appointment of Roles.  You hereby appoint Barclays (acting alone or through or with affiliates selected by it) to act as lead arranger and bookrunning manager (in such capacities, the “Lead Arranger”) for the Term Facility.  You agree that no other bookrunners, agents or arrangers will be appointed, 

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no other titles will be awarded and no compensation (other than that compensation expressly contemplated by this Commitment Letter and the Fee Letter referred to below) will be paid to obtain a party’s commitment to participate in the Term Facility unless you and we shall so agree; provided that, on or prior to the date that is ten (10) business days after the date of this Commitment Letter, you may appoint in respect of the Term Facility, additional agents, bookrunners, managers, co-agents or arrangers (any such agent, bookrunner, manager, co-agent or arranger, an “Additional Agent” and collectively, the “Additional Agents”) and/or confer other additional titles (other than administrative agent and collateral agent), in each case in a manner and with economics determined by you; provided that you may appoint no more than two (2) additional joint lead arrangers and bookrunners for the Term Facility; provided further that Barclays shall have no less than 36% of the total economics with respect to the Term Facility (it being understood that (a) such Additional Agents (or their affiliates) shall assume a proportion of the commitments with respect to the Term Facility that is equal to the proportion of the economics allocated to such Additional Agents (or their affiliates), (b) no Additional Agent (nor any affiliate thereof) shall receive greater economics in respect of the Term Facility than that received by Barclays, and (c) to the extent you appoint Additional Agents and/or confer additional titles in respect of the Term Facility to the Additional Agents, the economics allocated to, and the commitment amount of Barclays in respect of the Term Facility will be proportionately reduced by the amount of the economics allocated to, and the commitment amount of, such Additional Agents (or their affiliates), in each case upon the execution and delivery by such Additional Agents and you of customary joinder documentation and, thereafter, each such Additional Agent shall constitute a “Commitment Party,” “Initial Term Lender” and/or “Lead Arranger,” as applicable, under this Commitment Letter and under the Fee Letter.  It is further agreed that Barclays shall have “lead left” placement on any Marketing Materials (as defined below) and all other offering or marketing materials in respect of the Term Facility and will perform the duties and exercise the authority customarily performed and exercised in such role.
3.     Syndication.  The Lead Arranger intends to commence syndication of the Term Facility promptly following the date hereof to prospective lenders (together with the Initial Term Lenders, the “Lenders”) in consultation with you and until the earlier to occur of (a) a Successful Syndication (as defined in the Fee Letter among us and you dated the date hereof (the “Fee Letter”)) and (b) 60 days following the funding of the Term Facility (such earlier date, the “Syndication Date”), you agree to use commercially reasonable efforts to assist the Lead Arranger in forming a syndicate for the Term Facility reasonably acceptable to us and you; provided that, except as expressly set forth in Section 2 above, such syndication shall not relieve the Commitment Party of its obligations set forth herein (including its obligations to fund the Term Facility on the Closing Date on the terms and conditions set forth in the Commitment Letter) and, unless you agree in writing, the Commitment Party shall retain exclusive control over all rights and obligations with respect to its commitments, including all rights with respect to consents, modifications, waivers and amendments, until after the initial funding of the Term Facility on the Closing Date has occurred.  Such syndication will be accomplished by a variety of means, including direct contact during the syndication for the Term Facility between senior management and advisors of the Borrower and the prospective lenders, which shall be reasonably acceptable to you.  To assist the Lead Arranger in its syndication efforts, you hereby agree to use your commercially reasonable efforts (a) to provide and cause your advisors to provide the Lead Arranger and the syndicate members upon request with all customary information reasonably deemed necessary by the Lead Arranger to complete syndication, including but not limited to information and evaluations prepared by you, your advisors or on your behalf relating to the Transactions; (b) to assist the Lead Arranger upon request in the preparation of customary marketing materials (the “Marketing Materials”), including a customary information memorandum with respect to the Term Facility in form and substance customary for transactions of this type and otherwise reasonably satisfactory to the Lead Arranger, to be used in connection with the syndication of the Term Facility (the “Confidential Information Memorandum”); (c) upon reasonable advanced notice to make available your senior officers and representatives, to make telephonic or in-person presentations regarding the business and prospects of the Borrower and its subsidiaries and/or the Acquired Business at one or more meetings of proposed lenders at such reasonable times and in such reasonable places (as the case may be) to be mutually agreed upon; (d) 

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to obtain, prior to the commencement of syndication, a credit rating for the Term Facility and update the corporate and corporate family ratings, as applicable, for the Borrower from each of Standard & Poor’s Ratings Services and Moody’s Investors Service, Inc. (in each case, taking into account the Transactions) and participate in a customary manner in the process of securing such ratings; (e) prior to the Syndication Date, to ensure that there shall be no competing issues, offerings, placements or arrangements of debt securities or commercial bank or other credit facilities by or on behalf of the Borrower or any of its subsidiaries being offered, placed or arranged without the consent of the Lead Arranger, if such issuance, offering, placement or arrangement would reasonably be expected to materially impair the primary syndication of the Term Facility; and (f) to ensure that the Lead Arranger’s syndication efforts benefit from the existing lending and investment banking relationships of the Borrower and its subsidiaries.  Notwithstanding the foregoing in this Section 3 and our right to syndicate our commitment hereunder, it is agreed that the success of any syndication of and receipt of commitments in respect of all or any portion of our commitments hereunder prior to the funding of the Term Facility shall not be a condition to our commitments hereunder. 
Subject to the terms hereof and limitations and your consent rights set forth herein, the Lead Arranger will lead the syndication and will manage, in consultation with you, all aspects of the syndication, including, without limitation, selection of lenders, determination of when the Lead Arranger will approach potential lenders and the time of acceptance of the lenders’ commitments, any naming rights, the final allocations of the commitments among the lenders and the amount and distribution of fees among the lenders.  To assist the Lead Arranger in its syndication efforts, subject to the limitations in the preceding paragraph, upon the request of the Lead Arranger, you agree to use commercially reasonable efforts to promptly to prepare and provide to the Lead Arranger the Marketing Materials with respect to you, and your subsidiaries and the Transactions, including annual projections of the Borrower (giving pro forma effect to the Transactions) through 2021 with respect to income statements and balance sheets (the “Projections”), that are not otherwise in any Lead Arranger’s possession and that the Lead Arranger reasonably requests in connection with the structuring, arrangement and syndication of the Term Facility.  
At the request of the Commitment Party, you agree to assist in the preparation of a version of the Marketing Materials (a “Public Version”) consisting exclusively of information with respect to you and your affiliates, the Acquired Business and the Acquisition that is either publicly available or not material with respect to you and your affiliates, the Seller and its subsidiaries, any of your or their respective securities or the Acquisition for purposes of United States federal and state securities laws and Canadian securities laws (such information, “Non-MNPI”).  Such Public Versions, together with any other information prepared by you or the Seller or your or its affiliates or representatives and conspicuously marked “Public” (collectively, the “Public Information”), which at a minimum means that the word “Public” will appear prominently on the first page of any such information, may be distributed by us to prospective Lenders who have advised us that they wish to receive only Non-MNPI (“Public Side Lenders”).  You acknowledge and agree that, in addition to Public Information and unless you promptly notify us otherwise, (a) term sheets, drafts and final definitive documentation with respect to the Term Facility, (b) administrative materials prepared by the Commitment Party for prospective Lenders (such as a lender meeting invitation, allocations and funding and closing memoranda) and (c) notifications of changes in the terms of the Term Facility may be distributed to Public Side Lenders.  It is understood that in connection with your assistance described above, customary authorization letters will be included in the Marketing Materials that (i) authorize the distribution thereof to prospective Lenders, (ii) represent that the Public Version of the Marketing Materials only includes non-MNPI and (iii) exculpate you, the Seller and us and your, our and their respective affiliates with respect to any liability related to the misuse (or, in the case of us and our affiliates, use) of the contents of the Marketing Materials or related materials by the recipients thereof and, in the case of us, any liability with respect to the contents of such Marketing Materials or related materials.
4.     Fees.  As consideration for and a condition precedent to our commitments hereunder and our undertakings to arrange, manage, structure and syndicate the Term Facility, in the event that the 

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funding of the Term Facility occurs, you agree to pay to us the fees, as and when due and payable as set forth in the Term Sheet and in the Fee Letter.
5.     Conditions.  The Commitment Party’s commitments and agreements and the funding of the Term Facility on the Closing Date hereunder are subject solely to the conditions set forth in this paragraph, in Exhibit A under the heading “Conditions Precedent to Borrowing” and in Exhibit B.  Notwithstanding anything in this Commitment Letter, the Fee Letter, the Term Facility Documentation (as defined in Exhibit A) or any other agreement or undertaking to the contrary, (a) the only representations relating to you and your subsidiaries, the Acquired Business and the Seller and its subsidiaries and your or their respective businesses the making and accuracy of which shall be a condition to availability of the Term Facility on the Closing Date shall be (i) such of the representations made by or with respect to the Seller and the Acquired Business in the Acquisition Agreement as are material to the interests of the Lenders, but only to the extent that you or your affiliate have the right to terminate your obligations under the Acquisition Agreement or not consummate the Acquisition, in each case in accordance with the terms thereof as a result of a breach of such representations in the Acquisition Agreement (the “Acquisition Agreement Representations”) and (ii) the Specified Representations (as defined below) made by the Borrower in the Term Facility Documentation, and (b) the terms of the Term Facility Documentation shall be in a form such that they do not impair availability of the Term Facility on the Closing Date if the conditions set forth in this Commitment Letter are satisfied (it being understood that, to the extent any collateral (including the creation or perfection of any security interest) referred to in the Term Sheet cannot be provided on the Closing Date (other than the grant and perfection of security interests (x) in assets with respect to which a lien may be perfected by the filing of a financing statement under the Uniform Commercial Code, the Personal Property Security Act or by the filing of short-form security agreements with the United States Patent and Trademark Office and Canadian IP filings or (y) in capital stock of any U.S. or Canadian entity with respect to which a lien may be perfected by the delivery of a stock certificate) after your use of commercially reasonable efforts to do so and without undue burden or expense, then the delivery of such collateral shall not constitute a condition precedent to the availability of the Term Facility on the Closing Date but shall be required to be delivered after the Closing Date, within 60 days, pursuant to arrangements to be mutually agreed).  For purposes hereof, “Specified Representations” means the representations and warranties relating to corporate existence and good standing, absence of conflicts with (a) charter documents or (b) material debt documents (including the Existing Term Credit Agreement and the Existing Revolving Credit Agreement), in each case as they relate to the entering into and performance of the Term Facility Documentation (as defined in Exhibit A) (including the incurrence of the Term Loans (as defined in Exhibit A)), power and authority, due authorization, execution, delivery and enforceability of the Loan Documents (in each case, as they relate to the entering into and performance of the Loan Documents), solvency of the Borrower and its subsidiaries on a consolidated basis, in each case, after giving effect to the Transactions (including any sales, divestitures or dispositions or discontinuances or restrictions on business activities, in each case that are entered into in order to obtain regulatory approval, including any sales, divestitures or dispositions or discontinuances or restrictions on business activities that are contemplated as of the Closing Date to be entered into after the Closing Date) (such representations and warranties to be consistent with the solvency certificates in the form attached as Exhibit C hereto), Federal Reserve margin regulations, Investment Company Act, the PATRIOT Act, use of proceeds not in violation of (i) OFAC (and any equivalent sanctions legislation in Canada) and (ii) FCPA (and any equivalent anti-corruption legislation in Canada) and the creation, validity, priority and perfection of security interests in the Collateral (subject to the parenthetical in clause (b) above).  This paragraph, and the provisions herein, shall be referred to as the “Certain Funds Provision”.
6.     Information.  You hereby represent and warrant that (a) all written information  (in the case of information concerning the Acquired Business, to your knowledge), other than the Projections, budgets, estimates and other forward looking statements and information of a general economic or industry nature (the “Information”) that has been or will be made available to the Commitment Party by or on behalf 

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of you or any of your representatives or affiliates or the Seller or any of its representatives or affiliates in connection with the Transactions, when taken as a whole, is or will be, when furnished, correct in all material respects and does not or will not, as the case may be, taken as a whole, contain any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements contained therein not materially misleading in light of the circumstances under which such statements are made after giving effect to all supplements you provide from time to time in accordance with the second to the last sentence of this paragraph 6 and (b) the Projections, budgets, estimates and other forward-looking statements that have been made or will be made available to the Commitment Party by or on behalf of you and that have been or will be made available to us or any Lender by you in connection with the Transactions have been or will be, as the case may be, prepared in good faith based upon assumptions believed by the preparer thereof to be reasonable at the time so made available (it being understood that such Projections are not to be viewed as facts and are subject to significant uncertainties and contingencies, many of which are beyond your control, and that actual results during the period or periods covered by such Projections may differ significantly from the projected results and that no assurance can be given that the projected results will be realized).  You agree to supplement the Information and the Projections from time to time until the later of the Closing Date and the Syndication Date so that the representation and covenant in the preceding sentence each remains correct, in all material respects as if the Information and Projections were being made available at such time.  In arranging the Term Facility, including the syndications of the Term Facility, we will be entitled to use and rely primarily on the Information and the Projections without responsibility for independent verification thereof.
7.     Expenses.  In the event that the funding of the Term Facility occurs, you agree to pay or reimburse the Commitment Party for all reasonable and documented costs and expenses incurred by them or its affiliates in connection with the Term Facility relating to the preparation, negotiation, execution and delivery of this Commitment Letter and Fee Letter, the Loan Documents and any security arrangements in connection therewith, subject to the provisions of the Fee Letter.  You further agree to pay all reasonable and documented costs and expenses of the Commitment Party and its affiliates incurred in connection with enforcement of any of its rights and remedies hereunder.  In addition, you hereby agree to pay when and as due the fees described in the Fee Letter.
8.     Indemnification.  You agree to indemnify and hold harmless the Commitment Party and its affiliates and the respective officers, directors, employees, agents and controlling persons of the foregoing (the Commitment Party and each such other person being an “Indemnified Person”; and such affiliates, officers, directors, employees, agents and controlling persons of any such Indemnified Person are referred to herein as its “related parties”), from and against any and all losses, claims, damages, liabilities and expenses, joint or several, to which any such Indemnified Person may become subject arising out of or in connection with this Commitment Letter, the Fee Letter, the Term Sheet, the Transactions, the Term Facility, the use of proceeds thereof or any claim, litigation, investigation or proceeding (any of the foregoing, a “Proceeding”) relating to any of the foregoing, regardless of whether any such Indemnified Person is a party thereto or whether a Proceeding is brought by a third party or by you or any of your affiliates, and to reimburse each such Indemnified Person within 30 days of receipt of reasonably detailed invoice for any reasonable legal or other out-of-pocket expenses incurred in connection with investigating or defending any of the foregoing; it being understood and agreed that you shall not be required to reimburse legal fees or expenses of more than one U.S. and one Canadian counsel (and, if reasonably necessary, one firm of local counsel in each other relevant jurisdiction) or more than one other advisor to all Indemnified Persons, taken as a whole (other than such additional counsel as may be appointed in the event of a conflict); provided that the foregoing indemnity and expense reimbursement will not, as to any Indemnified Person, apply to losses, claims, damages, liabilities or related expenses to the extent (in each case, as determined by a court of competent jurisdiction in a final and non-appealable decision) (A) (x) they have resulted from the willful misconduct, bad faith or gross negligence of such Indemnified Person or any of its related parties, (y) they have resulted from a material breach of the obligations of such Indemnified Person or any of such Indemnified 

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Person’s affiliates under this Commitment Letter, the Term Sheet, the Fee Letter or the Term Facility Documentation when neither you nor any of your affiliates have breached the obligations hereunder or thereunder in any material respect or (B) they relate to any dispute solely among any Indemnified Persons to the extent such dispute does not arise from any act or omission of you or any of your affiliates (other than claims against an Indemnified Person acting in its capacity as an agent or arranger or similar role hereunder or under the Term Facility Documentation).  Notwithstanding any other provision of this Commitment Letter, (i) no Indemnified Person shall be liable for any damages arising from the use by others of information or other materials obtained through electronic, telecommunications or other information transmission systems, except to the extent such damages have resulted from the willful misconduct, bad faith or gross negligence, as determined by a court of competent jurisdiction in a final and non-appealable decision, of any Indemnified Person or any of its related parties and (ii) neither any Indemnified Person nor you or any of your subsidiaries or affiliates shall be liable for any special, indirect, consequential or punitive damages in connection with this Commitment Letter, the Fee Letter, the Term Sheet, the Transactions, the Term Facility or any Proceeding (including, but not limited to any loss of profits, business or anticipated savings) other than any such damages incurred or paid by an Indemnified Party to a third party.  You shall not be liable for any settlement of any Proceeding effected without your written consent (which consent shall not be unreasonably withheld or delayed). You shall not, without the prior written consent of any Indemnified Person, effect any settlement of any pending or threatened proceedings in respect of which indemnity could have been sought hereunder by such Indemnified Person unless such settlement (i) includes an unconditional release of such Indemnified Person in form and substance reasonably satisfactory to such Indemnified Person from all liability or claims that are the subject matter of such proceedings and (ii) does not include any statement as to or any admission of fault, culpability, wrongdoing or a failure to act by or on behalf of any Indemnified Person.
9.     Confidentiality.  You agree that you will not disclose, directly or indirectly, the Fee Letter and the contents thereof or this Commitment Letter and the Term Sheet and the contents thereof to any person without prior written approval of the Lead Arranger, except that you may disclose (a) the Commitment Letter, the Term Sheet, the Fee Letter and the contents hereof and thereof (i) to your officers, directors, agents, employees, attorneys, accountants, advisors, controlling persons or equity holders on a confidential and need-to-know basis and (ii) pursuant to any order of any court or administrative agency, or as required by applicable law, regulation or compulsory legal process or to the extent requested or required by any governmental and/or regulatory authorities (in which case you agree to inform us promptly thereof to the extent practicable and not prohibited by applicable law), (b) this Commitment Letter, the Term Sheet and the contents hereof and thereof and the Fee Letter and the contents thereof, on a redacted basis, with such redaction to be reasonably acceptable to the Lead Arranger, to the Seller and its officers, directors, employees, attorneys, accountants and advisors, controlling persons or equity holders and lenders (and their respective advisors), in each case, in connection with the Transactions and on a confidential and need-to-know basis, (c) the existence and contents of the Term Sheet to any rating agency in connection with the Transactions, (d) to the extent required by applicable law, the existence and contents of this Commitment Letter and the Term Sheet in any public filing or prospectus and (e) the aggregate fees may be disclosed as part of a general disclosure of fees, costs and expenses in any funds flow, sources and uses or other similar tables.  Further, we shall be permitted to use information related to the syndication and arrangement of the Term Facility in connection with marketing, press releases or other transactional announcements or updates provided to investor or trade publications in consultation with you.  You agree that you will permit us to review and approve (such approval not to be unreasonably withheld) any reference to the Commitment Party or any of our affiliates in connection with the Term Facility or the Transactions contained in any press release or similar public disclosure prior to public release.    
You acknowledge that the Commitment Party and its affiliates may be providing debt financing, equity capital or other services (including, without limitation, financial advisory services) to other companies in respect of which you may have conflicting interests regarding the transactions described herein 

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and otherwise.  Neither the Commitment Party nor any of its affiliates will use confidential information obtained from you by virtue of the transactions contemplated by this Commitment Letter or any of its other relationships with you in connection with the performance by them and their affiliates of services for other companies, and neither the Commitment Party nor any of its affiliates will furnish any such information to other companies.  By the same token, we will not make available to you confidential information that we have obtained or may obtain from any other customer.  You also acknowledge that neither the Commitment Party nor any of its affiliates has any obligation to use in connection with the transactions contemplated by this Commitment Letter, or to furnish to you, the Seller or your or its subsidiaries, confidential information obtained by such Commitment Party or any of its affiliates from other companies.  You hereby acknowledge and agree that in connection with all aspects of the Transactions, you and the Commitment Party and any of its affiliates through which the Commitment Party may be acting (each a “Transaction Affiliate”) have an arm’s length business relationship that creates no fiduciary duty on the part of the Commitment Party or any Transaction Affiliate and each expressly disclaims any fiduciary relationship.  The Commitment Party has not provided any legal, accounting, financial advisory, regulatory or tax advice with respect to the Transactions and the other transactions contemplated by this Commitment Letter and the Term Sheet and you have consulted with your own legal, accounting, financial advisory, regulatory and tax advisors to the extent you have deemed it appropriate to do so, and you waive, to the fullest extent permitted by law, any claims you may have against the Commitment Party for breach of fiduciary duty or alleged breach of fiduciary duty and agree that the Commitment Party will not have any liability (whether direct or indirect) to you in respect of such a fiduciary duty claim or to any person asserting a fiduciary duty claim on your behalf, including your equity holders, employees or creditors.
10.    Termination.  Our commitments and undertakings hereunder shall terminate in their entirety automatically without further notice or action by us at 11:59 p.m. New York City time on the earliest of (a) March 14, 2017, or if the Termination Date (as defined in the Acquisition Agreement) is extended pursuant to the first proviso in Section 7.1(b) of the Acquisition Agreement, June 14, 2017, or if the Termination Date is extended pursuant to the second proviso in Section 7.1(b) of the Acquisition Agreement, September 14, 2017, if the Term Facility Documentation is not executed and delivered by the Borrower and the Lenders by such date, (b) the date of execution and delivery of the Term Facility Documentation by the Borrower and the Lenders and the initial funding of the Loans thereunder and (c) the date the Acquisition Agreement terminates or expires or if the Acquisition is abandoned.  The commitments hereunder may be voluntarily reduced in whole or in part by the Borrower at any time and this Commitment Letter may be terminated by the Borrower at any time, in each case, upon prior written notice to the other parties hereto; provided that, prior to the Closing Date, the Borrower may not voluntarily reduce the commitments under the Term Facility to less than $200 million unless the commitments are terminated in whole.
The reimbursement, indemnification, syndication, information, jurisdiction, governing law, waiver of jury trial and confidentiality provisions contained herein shall remain in full force and effect regardless of whether the Term Facility Documentation shall be executed and delivered and notwithstanding the termination of this Commitment Letter or any Lender’s commitments hereunder; provided that your obligations under this Commitment Letter (other than your obligations with respect to (a) assistance to be provided in connection with the syndication of the Term Facility and (b) confidentiality) shall automatically terminate and be superseded by the provisions of the Term Facility Documentation governing such matters, to the extent covered thereby, upon the execution and delivery thereof, and you shall automatically be released from all liability hereunder in connection therewith at such time.
11.    Assignment; etc.  This Commitment Letter and our commitments and undertakings hereunder shall not be assignable by any party hereto without the prior written consent of each other party hereto, and any attempted assignment shall be void and of no effect.  In no event shall the Commitment Party be released from its obligations under any portion of this Commitment Letter so assigned except as provided in Section 2 above with respect to the Additional Agents or in Section 3 above.  This Commitment 

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Letter is intended to be solely for the benefit of the parties hereto and is not intended to confer any benefits upon, or create any rights in favor of, any person other than the parties hereto and the Indemnified Persons, except that the Commitment Party may perform the duties and activities described hereunder through any of its affiliates and the provisions of the third preceding paragraph shall apply with equal force and effect to any of such affiliates so performing any such duties or activities.  
12.    Governing Law; Waiver of Jury Trial; etc.  THIS COMMITMENT LETTER AND THE FEE LETTER SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK; AND TOGETHER CONSTITUTE THE ENTIRE AGREEMENT BETWEEN THE PARTIES RELATING TO THE SUBJECT MATTER HEREOF AND THEREOF AND SUPERSEDE ANY PREVIOUS AGREEMENT, WRITTEN OR ORAL, BETWEEN THE PARTIES WITH RESPECT TO THE SUBJECT MATTER HEREOF AND THEREOF.  EACH OF THE PARTIES HERETO WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM (WHETHER BASED UPON CONTRACT, TORT OR OTHERWISE) RELATED TO OR ARISING OUT OF THIS COMMITMENT LETTER, THE FEE LETTER EACH ELEMENT OF THE TRANSACTIONS OR THE PERFORMANCE BY US OR ANY OF OUR AFFILIATES OF THE SERVICES CONTEMPLATED HEREBY.  IN ADDITION, WITH RESPECT TO ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS COMMITMENT LETTER, THE FEE LETTER OR THE TRANSACTIONS OR THE PERFORMANCE OF ANY OF THE PARTIES HEREUNDER, EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY (A) SUBMITS TO THE EXCLUSIVE JURISDICTION OF (I) THE SUPREME COURT OF THE STATE OF NEW YORK, NEW YORK COUNTY AND (II) THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK, LOCATED IN THE BOROUGH OF NEW YORK, AND ANY APPELLATE COURT FROM ANY SUCH COURT; (B) AGREES THAT ALL CLAIMS WITH RESPECT TO SUCH ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN SUCH NEW YORK STATE OR FEDERAL COURT; (C) WAIVES THE DEFENSE OF ANY INCONVENIENT FORUM TO SUCH NEW YORK STATE OR FEDERAL COURT; (D) AGREES THAT A FINAL JUDGMENT IN ANY SUCH ACTION OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN ANOTHER JURISDICTION BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW; (E) TO THE EXTENT THAT YOU OR YOUR PROPERTIES OR ASSETS HAVE OR HEREAFTER MAY HAVE ACQUIRED OR BE ENTITLED TO IMMUNITY (SOVEREIGN OR OTHERWISE) FROM JURISDICTION OF ANY COURT OR FROM ANY LEGAL PROCESS (WHETHER THROUGH SERVICE OF NOTICE, ATTACHMENT PRIOR TO JUDGMENT, ATTACHMENT IN AID OF EXECUTION OF A JUDGMENT OR FROM EXECUTION OF A JUDGMENT OR OTHERWISE), FOR YOURSELF OR YOUR PROPERTIES OR ASSETS, AGREES NOT TO CLAIM ANY SUCH IMMUNITY AND WAIVES SUCH IMMUNITY; AND (F) CONSENTS TO SERVICE OF PROCESS BY MAILING OR DELIVERING A COPY OF SUCH PROCESS TO YOU AT YOUR ADDRESS SET FORTH ON THE FIRST PAGE OF THIS LETTER AND AGREES THAT SUCH SERVICE SHALL BE EFFECTIVE WHEN SENT OR DELIVERED.
Notwithstanding the provisions of this Section 12 of this Commitment Letter, interpretation of the provisions of the Acquisition Agreement (including with respect to satisfaction of the conditions contained therein, whether the Acquisition has been consummated as contemplated by the Acquisition Agreement and any alleged Material Adverse Effect (as defined in the Acquisition Agreement)) and whether the representations made by or with respect to the Sellers and the Acquired Business in the Acquisition Agreement are accurate and whether as a result of any inaccuracy thereof you (or your applicable affiliate) have the right to terminate your (or its) obligations under the Acquisition Agreement (or the right pursuant to the Acquisition Agreement to decline to consummate the Acquisition), shall be governed and construed in accordance with the laws of the State of Delaware without regard to any conflict of laws principles, provisions or rules (whether of the State of Delaware or any other jurisdiction) that would result in the 

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application of the laws of any jurisdiction other than the State of Delaware and Section 11.1 of the Acquisition Agreement shall govern with respect thereto. 
13.    Amendments; Counterparts; etc.  No amendment or waiver of any provision hereof, the Fee Letter or of the Term Sheet shall be effective unless in writing and signed by the parties hereto and then only in the specific instance and for the specific purpose for which given.  This Commitment Letter, the Term Sheet and the Fee Letter are the only agreements between the parties hereto with respect to the matters contemplated hereby and thereby and set forth the entire understanding of the parties with respect thereto.  This Commitment Letter 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 taken together shall constitute one and the same agreement.  Delivery of an executed counterpart of a signature page of this Commitment Letter by facsimile transmission (or in “pdf” or similar format by electronic mail) shall be effective as delivery of a manually executed counterpart of this Commitment Letter.
14.    PATRIOT Act Notification.  We hereby notify you that pursuant to the requirements of the USA PATRIOT Act, Title III of Pub. L. 107-56 (signed into law October 26, 2001) (as the same may be extended and in effect from time to time, the “PATRIOT Act”) and such other money-laundering legislation applicable to the Borrower and each Guarantor, the Commitment Party is required to obtain, verify and record information that identifies the Borrower, and each Guarantor, which information includes the name, address, tax identification number and other information regarding the Borrower and each Guarantor, that will allow the Commitment Party to identify the Borrower in accordance with the PATRIOT Act.  This notice is given in accordance with the requirements of the PATRIOT Act and is effective as to the Commitment Party and each Lender.  You hereby acknowledge and agree that the Commitment Party shall be permitted to share any or all such information with the Lenders.
15.    Public Announcements; Notices.  We may, subject to your prior written consent (not to be unreasonably withheld, delayed or conditioned), and subject to paragraph 9 above, at our expense, publicly announce as we may choose the capacities in which we or our affiliates have acted hereunder.  Any notice given pursuant hereto shall be mailed or hand delivered in writing, if to (a) you, at your address set forth on page one hereof and (b) Barclays, at 745 Seventh Avenue, New York, New York 10019. 
If the foregoing proposal is acceptable to you, please so confirm by signing and returning to us the duplicate copy of this Commitment Letter and the Fee Letter enclosed herewith.  Unless we receive your executed duplicate copies hereof and thereof by 12:00 p.m., New York City time, on September 12, 2016, our commitments and undertakings hereunder will automatically expire at such time without further action or notice.
Each of the parties hereto agrees that the Commitment Letter is a binding and enforceable agreement with respect to the subject matter contained herein, it being acknowledged and agreed that the commitments provided hereunder are subject solely to the conditions expressly stated in paragraph 5 herein and under “Conditions Precedent to Borrowing,” in the Summary of Principal Terms and Conditions attached hereto as Exhibit A and Additional Conditions Precedent attached hereto as Exhibit B (subject to the Certain Funds Provision), including the execution and delivery of the Term Facility Documentation (which shall be negotiated in good faith as required by the Documentation Considerations).

[Signature Pages Follow]

We are pleased to have this opportunity and we look forward to working with you on this transaction.
Very truly yours,

BARCLAYS BANK PLC
	
		
	By:
	/s/ ROBERT CHEN

	Name:
	Robert Chen

	Title:
	Managing Director

Accepted and agreed to as of
the date first written above:
OPEN TEXT CORPORATION 
	
		
	By:
	/s/ JOHN M. DOOLITTLE

	Name:
	John M. Doolittle

	Title:
	Executive Vice President and Chief Financial Officer

CONFIDENTIAL                                     EXHIBIT A
$1,000.0 Million First Lien Term Facility
Summary of Principal Terms and Conditions
Capitalized terms used but not defined in this Exhibit A shall have the meanings set forth in the Commitment Letter to which this Exhibit A is attached.
	
		
	Borrower :
	Open Text Corporation (the “Borrower ”).

	 
	 

	Lead Arranger and Joint Bookrunner:
	Barclays Bank PLC (“Barclays’) (the “Lead Arranger”).

	 
	 

	Administrative Agent and Collateral Agent:
	Barclays will act as the sole administrative agent and sole collateral agent (in such capacities, the “Administrative Agent”) for the Lenders.

	 
	 

	Transactions:
	As described in the Commitment Letter.

	 
	 

	Lenders:
	The Commitment Party (or one of its affiliates) and a syndicate of financial institutions and other lenders (the “Lenders”) arranged by the Lead Arranger reasonably acceptable to the Borrower .

	 
	 

	Closing Date:
	The date that the initial loans are made under the Term Facility (the “Closing Date”).

	 
	 

	Type and Amount:
	First priority term loan facility in an aggregate principal amount of up to $1,000.0 million (the “Term Facility”), which shall be secured on a pari passu basis with the loans made under the Existing Term Loan Agreement (as defined below).

	 
	Loans under the Term Facility (the “Term Loans”) will be available to the Borrower in U.S. dollars.  

	 
	 

	Incremental Facility:
	Same as provided under the Existing Term Loan Agreement.

	 
	 

	Purpose:
	The proceeds of loans under the Term Facility (together with the proceeds of cash on hand of the Borrower, proceeds from the incurrence of indebtedness under the Existing Revolving Credit Agreement and/or proceeds from the issuance by the Borrower of equity securities and/or equity-linked securities) will be used to pay the consideration in connection with the Transactions and to pay for fees and expenses related to the Transactions (the “Transaction Costs”).

	 
	 

	Availability:
	The full amount of the Term Facility must be drawn in a single drawing substantially concurrently with the consummation of the Acquisition.  Amounts repaid or prepaid under the Term Facility may not be reborrowed.

	 
	 

	Interest Rates and Fees:
	As set forth in Annex I to the Fee Letter.

	 
	 

Commitment Letter- Exhibit A

	
		
	Maturity and Amortization:
	The Term Facility will mature on the date that is seven years after the Closing Date and will be payable in equal quarterly installments in each year in aggregate annual amounts equal to 1.0% of the original principal amount of the Term Loans, with the balance payable at maturity.  The Term Facility Documentation (as defined below) shall provide the right of individual Lenders to agree to extend the maturity of their Term Loans upon the request of the Borrower without the consent of any other Term Lender.

	 
	 

	Guarantees:
	Same as provided under the Existing Term Loan Agreement (as defined below).  

	 
	 

	Security:
	Same as provided under the Existing Term Loan Agreement (the “Collateral”) on a pari passu basis with the Existing Term Loan Agreement pursuant to the Intercreditor Agreement referred to below.  For the avoidance of doubt, the assets of the Acquired Business shall become part of the Collateral unless they fall into an excluded category of assets under the terms of the Existing Term Loan Agreement referred to below.

	 
	 

	Documentation:
	The definitive financing documentation for the Term Loan Facility shall contain the terms and conditions set forth in this Commitment Letter, it being understood and agreed that there shall not be any conditions to the funding of the Term Loan Facility other than as set forth in paragraph 5 of the Commitment Letter, under “Conditions to Borrowing” in this Exhibit A and in Exhibit B.  The documentation with respect to the Term Facility (the “Term Facility Documentation”) shall be substantially identical to that certain Credit Agreement initially dated as of January 16, 2014, by and among GXS, Inc. (a wholly-owned subsidiary of the Borrower), the guarantors party thereto (including the Borrower), Barclays Bank PLC, as administrative agent, and the lenders party thereto from time to time (as amended, amended and restated or otherwise modified from time to time prior to the date hereof, the “Existing Term Loan Agreement” and the term loans made thereunder, the “Existing Term Loans”).  The other documentation relating to the Term Facility (including, without limitation, any guaranty or collateral documents) (together with the Term Facility Documentation, the “Loan Documents”) shall be substantially consistent with the corresponding documentation for the Existing Term Loan Agreement.  The Administrative Agent shall also become a party to that certain Intercreditor Agreement (the “Intercreditor Agreement”) dated as of January 16, 2014 (as amended from time to time) among the authorized representatives party thereto and Barclays Bank PLC, as Intercreditor Agent.

	 
	 

	Prepayments:
	Same as applicable to the Existing Term Loans pursuant to the Existing Term Loan Agreement, except (i) any prepayment of the Term Loans in connection with a Repricing Transaction (as defined in the Existing Term Loan Agreement) prior to the six-month anniversary of the Closing Date shall be subject to a 1.00% prepayment premium and (ii) any mandatory prepayments shall not be required until all outstanding Existing Term Loans have been paid in full.  

	 
	 

	Conditions Precedent to Borrowing:
	The conditions set forth in Section 5 of the Commitment Letter and in Exhibit B to the Commitment Letter.

Commitment Letter- Exhibit A

	
		
	Representations and Warranties; Affirmative and Negative Covenants and Events of Default:
	As set forth in the Existing Term Loan Agreement; with (i) the modification of the Patriot Act representation and warranty to be a materiality qualified representation and warranty stating that the Loan Parties and the subsidiaries are in compliance with the Patriot Act and (ii) the addition of a representation and warranty relating to compliance with anti-corruption legislation in applicable jurisdictions.

	 
	 

	Financial Covenant:
	Same as the Existing Term Loan Agreement.

	 
	 

	Voting:
	As set forth in the Existing Term Loans under the Existing Term Loan Agreement.

	 
	 

	Yield Protection and Increased Costs: 
	As set forth in the Existing Term Loan Agreement.

	 
	 

	Assignments and Participations:
	After the Closing Date, the Lenders will be permitted to assign loans and commitments on the same terms as applicable to the Existing Term Loans under the Existing Term Loan Agreement.

	 
	 

	Expenses and Indemnification:
	The Borrower shall pay on the Closing Date to the extent invoiced in reasonable detail prior thereto, all reasonable and documented out-of-pocket expenses of the Administrative Agent and the Lead Arranger relating to the preparation, execution, delivery and administration of the Term Facility Documentation and the other Loan Documents and any other amendment or waiver with respect thereto, subject to the provisions of the Fee Letter.

	 
	The indemnification provisions shall be the same as the provisions of the Existing Term Loan Agreement.

	 
	 

	Governing Law and Forum:
	Ontario, Canada.

	 
	 

	Notwithstanding Provision:
	Notwithstanding any other provision of this Commitment Letter, any subsidiaries of the Acquired Business (if any) (other than subsidiaries organized in the U.S. and Canada) shall not be required to provide guarantees or security under the Term Facility until 60 days after the Closing Date.

	 
	 

	Counsel to Administrative Agent and Lead Arranger:
	Davis Polk & Wardwell LLP and Stikeman Elliott LLP.

Commitment Letter- Exhibit A

CONFIDENTIAL                                     EXHIBIT B
Additional Conditions Precedent
Capitalized terms used in this Exhibit B shall have the meanings set forth in the Commitment Letter to which this Exhibit B is attached and the other Exhibits to the Commitment Letter. In the case of any such capitalized term that is subject to multiple and differing definitions, the appropriate meaning thereof in this Exhibit B shall be determined by reference to the context in which it is used.
Subject to the Certain Funds Provision in all respects, the initial borrowings under the Term Facility shall be subject to the following conditions precedent:
1.     Loan Documents consistent with the Term Sheet and the Commitment Letter  shall have been executed and delivered by all parties thereto.  Subject to the Certain Funds Provision, all documents and instruments required to perfect the Administrative Agent’s security interests in the Collateral shall have been executed and delivered and, if applicable, be in the proper form for filing.
2.     The Acquisition shall have been consummated, or substantially simultaneously with the initial borrowing under the Term Facility, shall be consummated, in accordance with the Acquisition Agreement (and no provision of the Acquisition Agreement shall have been waived, amended, supplemented or otherwise modified or any consent thereunder given in a manner material and adverse to the Lenders without the consent of the Lead Arranger (such consent not to be unreasonably withheld, delayed or conditioned)) (it being understood that (i) any modification, amendment, consent, waiver or determination in respect of the definition of “Material Adverse Effect”, (ii) any reduction in the consideration to be paid in respect of the Acquisition and (iii) the consummation of, or consent to or agreement to consummate, any material sale, divestiture or disposition or discontinuance or restriction on business activities in order to obtain regulatory approval, in each case that is not required by the terms of the Acquisition Agreement, shall in each case be deemed to be material and adverse to the interests of the Lenders).
3.     There shall not have been a Material Adverse Effect (as defined in the Acquisition Agreement) on the Sellers (as defined in the Acquisition Agreement) or the Business (as defined in the Acquisition Agreement) (other than any such Material Adverse Effect that has been fully cured in all respects).  
4.     The Lead Arranger shall have received (a) GAAP audited consolidated balance sheets and related statements of income, shareholders’ equity and cash flows of the Borrower for the three most recent fiscal years; (b) GAAP unaudited consolidated balance sheets and related statements of income and cash flows of the Borrower for each subsequent fiscal quarter ending after the date of the balance sheet delivered pursuant to clause (a) and ended at least 45 days prior to the Closing Date, (c) GAAP audited consolidated balance sheets and related statements of operations, changes in net investment of parent and cash flows of the Acquired Business for the fiscal years ended December 31, 2014 and December 31, 2015 and any subsequent fiscal year ended at least 90 days prior to the Closing Date;  and (d) GAAP unaudited consolidated balance sheets and related statements of operations and cash flows of the Acquired Business for the six months ending June 30, 2016 and any fiscal quarter after June 30, 2016 ended at least 75 days prior to the Closing Date (or, in the case of the fiscal quarter ending September 30, 2016, at least 76 days prior to the Closing Date).
5.     The Lead Arranger shall have received pro forma financial statements of the Borrower and its subsidiaries consisting of a pro forma consolidated balance sheet and related consolidated statement of income as of and for the twelve-month period ending on the last day of the most recently completed four-fiscal quarter period ended at least 60 days prior to the Closing Date, prepared after giving effect to the Transactions as if the Transactions had occurred as of such date (in the case of such balance sheet) or at the beginning of such period (in the case of such statement of income) substantially in accordance 

Commitment Letter- Exhibit B

with the requirements under Regulation S-X under the Securities Act of 1933, as amended prepared after giving effect to the Transactions as if the Transactions had occurred as of such date (in the case of such balance sheet) or at the beginning of such period (in the case of such statement of income).
6.    The Administrative Agent shall have received solvency certificates substantially in the forms attached hereto as Exhibit C from the chief financial officer or another senior financial or accounting officer of the Borrower certifying as to the solvency of the Borrower and its subsidiaries on a consolidated basis after giving effect to the Transactions and the other transactions contemplated hereby.
7.     The Administrative Agent shall have received such legal opinions (including opinions (i) from counsel to the Borrower and its subsidiaries (and such counsel may be internal counsel of the Borrower with respect to general corporate matters) and (ii) from such other special and local counsel as may be reasonably required by the Lead Arranger), documents and other instruments as are customary for transactions of this type, including corporate documents and officers’ and public officials’ certifications, customary evidence of authority and customary lien and judgment searches and evidence of insurance.  
8.     The Borrower and each of the Guarantors shall have provided the documentation and other information to the Lenders that are reasonably requested by the Lenders no later than ten business days prior to the Closing Date under the applicable “know‐your‐customer” rules and regulations, including the PATRIOT Act, in each case at least three business days prior to the Closing Date.
9.     All accrued fees and expenses (subject to the provisions of the Fee Letter) and other compensation due and payable to the Administrative Agent, the Lead Arranger and the Lenders required to be paid on the Closing Date (in each case, to the extent invoiced in reasonable detail at least two business days prior to the Closing Date) shall have been paid.
10.     The Lead Arranger shall have been afforded a period of at least ten (10) consecutive business days (unless a shorter period of time is reasonably acceptable to the Lead Arranger) following the date of delivery of the information necessary to prepare the Confidential Information Memorandum (collectively, the “Required Information”) and throughout which the condition set forth in paragraph 3 of this Exhibit B has been satisfied and nothing has occurred and no condition exists that would cause such condition to fail to be satisfied assuming the Closing Date were to be scheduled for any time during such ten (10) consecutive Business Day period to seek to syndicate the Term Facility (such period, the “Marketing Period”); provided that (x) such Marketing Period shall commence no earlier than September 6, 2016, (y) the Marketing Period shall exclude November 25, 2016 and (z) if the Marketing Period has not ended on or prior to December 19, 2016, the Marketing Period shall not commence prior to January 3, 2017.  If the Borrower in good faith reasonably believes that it has delivered the Required Information, it may deliver to the Lead Arranger written notice to that effect (stating when it believes it completed any such delivery), in which case the Borrower shall be deemed to have delivered the Required Information on the date specified in such notice and the ten (10) consecutive business day period described above shall be deemed to have commenced on the date specified in such notice, in each case unless the Lead Arranger, within two (2) business days after its receipt of such notice from the Borrower, delivers a written notice to the Borrower to that effect (stating with specificity which information is required to complete the Required Information).
11.     The Administrative Agent shall have received an accurate certificate from a responsible officer of the Borrower, certifying that the requirements set forth in each of (a) clause (k) of the definition of “Permitted Debt” as defined in the Existing Term Loan Agreement and (b) clause (o) of the definition of “Permitted Debt” as defined in the Existing Revolving Credit Agreement will be satisfied on the Closing Date, in each case of clauses (a) and (b) determined on a pro forma basis after giving effect to the Transactions (including the incurrence of the Term Loans and any sales, divestitures or dispositions or discontinuances or restrictions on business activities, in each case that are entered into in order to obtain 

Commitment Letter- Exhibit B

regulatory approval, including any sales, divestitures or dispositions or discontinuances or restrictions on business activities that are contemplated as of the Closing Date to be entered into after the Closing Date).
12.    The Specified Representations shall be true and correct in all material respects and the Acquisition Agreement Representations shall be true and correct.

Commitment Letter- Exhibit B

EXHIBIT C

Form of Company Solvency Certificate
This Certificate is being delivered pursuant to Section [  ] of the Credit Agreement dated as of [  ] (the “Credit Agreement”), among Open Text Corporation (the “Borrower ”), the Lenders party thereto and Barclays Bank PLC, as Administrative Agent.  Capitalized terms used but not otherwise defined herein shall have the meanings specified in the Credit Agreement. 

The undersigned, [                  ], hereby certifies that he is the [  ] of Borrower and that he is knowledgeable of the financial and accounting matters of Borrower and its subsidiaries, the Credit Agreement and the covenants and representations (financial and other) contained therein and that, as such, he is authorized to execute and deliver this Certificate on behalf of the Borrower .
The undersigned, solely in his capacity as an officer of the Borrower , and not in his individual capacity, hereby further certifies that on the date hereof, immediately after the consummation of the Transactions to occur on the date hereof:
(a) the aggregate of the property of Borrower and its subsidiaries is, at a fair valuation, sufficient, or, if disposed of at a fairly conducted sale under legal process, would be sufficient, to enable payment of all their obligations, due and accruing due;
 (b) Borrower and its subsidiaries, taken as a whole, are paying their current obligations in the ordinary course of business as they generally became due; and
(c) Borrower and its subsidiaries, taken as a whole, will be able to meet their obligations as they generally become due.
[Signature page follows]

Commitment Letter- Exhibit C

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