Exhibit 10.10.3

May 24, 2018

Viasat, Inc.

6155 El Camino Real

Carlsbad, California 92009

Attention:  Shawn Duffy, Chief Financial Officer

Re:  Third Amendment to Credit Agreement (this “Amendment”)

Ladies and Gentlemen:

We refer to that certain Credit Agreement dated as of November 26, 2013 among
Viasat, Inc., a Delaware corporation (the “Borrower”), each lender from time to
time party thereto and MUFG Union Bank, N.A. (formerly known as Union Bank,
N.A.), as administrative and collateral agent (in such capacity, the “Agent”)
(as amended, modified or supplemented from time to time, the “Credit
Agreement”).  Capitalized terms used herein and not defined shall have the
meanings assigned to them in the Credit Agreement.  

The Borrower has requested, and the Lenders have agreed, to amend the Credit
Agreement in certain respects in accordance with the terms of this
Amendment.  Accordingly, the Credit Agreement is hereby amended as follows,
effective as of the first day set forth above:

1.  In Section 1.1 of the Credit Agreement, a new definition is added in
applicable alphabetical order, to read as follows:

“Specified Insurance Proceeds” means certain insurance proceeds anticipated to
be received by the Borrower and/or ViaSat Technologies Ltd with respect to the
ViaSat-2 satellite.

“Temporary Leverage Increase” has the meaning assigned to such term in Section
6.13.

2.  The definition of “Permitted Acquisition” contained in Section 1.1 of the
Credit Agreement is restated in its entirety to read as follows:

“Permitted Acquisition” means any Acquisition of another Person that is engaged
in, or of assets relating to, a Permitted Business; provided that: (i) subject
(in the case of a Limited Condition Transaction) to Section 1.9, no Default or
Event of Default shall exist at the time of such Acquisition or would exist
immediately after giving effect to such Acquisition, (ii) subject (in the case
of a Limited Condition Transaction) to Section 1.9, if the total consideration
(whether such consideration is in the form of Equity Interests, cash or
otherwise) for such Acquisition exceeds $75,000,000, as determined by Borrower
in good faith, a Responsible Official shall certify on behalf of Borrower in
writing that Borrower would have been in

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compliance with a Total Leverage Ratio not greater than 0.25 to 1.00 less than
the then applicable Total Leverage Ratio set forth in Section 6.13, after giving
effect to such Acquisition on a Pro Forma Basis, as of the last day of the
period of four (4) Fiscal Quarters most recently ended prior to the date of such
Acquisition for which financial statements prepared on a consolidated basis in
accordance with GAAP are available, (iii) if the total consideration (whether
such consideration is in the form of Equity Interests, cash or otherwise) for
such Acquisition exceeds $50,000,000, as determined by Borrower in good faith,
Borrower shall use commercially reasonable efforts to provide the Agent with at
least one (1) week prior written notice of such Acquisition, together with (x)
at least one (1) year (or such shorter period in which the target has been in
existence) of historical financial information relating to the target and (y)
such other documentation pertaining to the Acquisition, including the purchase
agreement and quarterly projections prepared on a Pro Forma Basis, as the Agent
may reasonably request, in the case of clauses (x) and (y), solely to the extent
reasonably available to Borrower, and (iv) subject (in the case of a Limited
Condition Transaction) to Section 1.9, if the Temporary Leverage Increase is
applicable at the time of such Acquisition and the Total Leverage Ratio would
exceed 4.75 to 1.00, after giving effect to such Acquisition on a Pro Forma
Basis, the aggregate consideration (whether such consideration is in the form of
Equity Interests, cash or otherwise), as determined by Borrower in good faith,
for such Acquisition and any other Acquisitions previously consummated during
the Fiscal Year ending March 31, 2019, shall not exceed $10,000,000 unless
otherwise consented to by the Agent.”

3.  Section 6.1 of the Credit Agreement is hereby amended and restated in its
entirety to read as follows:

“Section 6.1.  Payment of Subordinated Obligations.  Pay any (a) principal
(including sinking fund payments) or any other amount (other than scheduled
interest payments) with respect to any Subordinated Obligation, or purchase or
redeem (or offer to purchase or redeem) any Subordinated Obligation, or deposit
any monies, securities or other Property with any trustee or other Person to
provide assurance that the principal or any portion thereof of any Subordinated
Obligation will be paid when due or otherwise to provide for the defeasance of
any Subordinated Obligation (unless permitted pursuant to an Affiliate
Subordination Agreement), in each case prior to the scheduled maturity thereof
or (b) scheduled interest on any Subordinated Obligation unless the payment
thereof is then permitted pursuant to the terms of the indenture or other
agreement governing such Subordinated Obligation, in each case, other than (i)
in connection with a refinancing, refunding, renewal, exchange or extension of
any such Subordinated Obligation to the extent permitted by Section 6.10(f) or
(ii) such payments that are made with the Available Basket Amount so long as
both before and after giving effect to such payment on a Pro Forma Basis, (a) no
Event of Default exists or would result therefrom, (b) the Senior Secured
Leverage Ratio does not exceed 2.50 to 1.0 and (c) at any time the Temporary
Leverage Increase is applicable, the Total Leverage Ratio does not exceed 4.75
to 1.0.”

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4.  Section 6.13 of the Credit Agreement is hereby amended and restated in its
entirety to read as follows:

“6.13  Total Leverage Ratio.  Permit the Total Leverage Ratio as of the last day
of any Fiscal Quarter to be greater than 4.50 to 1.00; provided, however, that
in the event of (a) any Permitted Acquisition for which the aggregate purchase
consideration exceeds $200,000,000 and/or (b) any Satellite Trigger, the maximum
permitted Total Leverage Ratio shall increase to 4.75 to 1.00 for the six
consecutive Fiscal Quarter period beginning with the Fiscal Quarter in which
each such Permitted Acquisition or Satellite Trigger occurs, so long as Borrower
is in compliance on a Pro Forma Basis with this Section 6.13 at such 4.75 to
1.00 level after giving effect to such Permitted Acquisition or Satellite
Trigger; provided, further, that (without limiting the foregoing), during the
Fiscal Year ending March 31, 2019 (including, for the avoidance of doubt, the
Fiscal Quarter ending on such date), the following increase in such level (the
“Temporary Leverage Increase”) shall apply: the maximum permitted Total Leverage
Ratio as of the last day of each such Fiscal Quarter shall be 5.25 to
1.00.  Notwithstanding the foregoing, in the event that the Borrower and/or
ViaSat Technologies Ltd shall receive Specified Insurance Proceeds in excess of
$100,000,000 in the aggregate, the Temporary Leverage Increase shall thereafter
be disregarded for all purposes.”

5.  In Section 6.6, the introductory language to such Section is restated to
read as follows:

“Make any Distribution, whether from capital, income or otherwise, and whether
in Cash or other Property if immediately before and after giving effect to such
Distribution, (x) the Senior Secured Leverage Ratio, calculated on a Pro Forma
Basis after giving effect to such Distribution, exceeds 2.50 to 1.00, (y) at any
time the Temporary Leverage Increase is applicable, the Total Leverage Ratio,
calculated on a Pro Forma Basis after giving effect to such Distribution,
exceeds 4.75 to 1.00 or (z) Liquidity is less than $50,000,000, except:”

6.  In Section 6.16, the introductory language to such Section is restated to
read as follows:

“Make any Investment if, immediately before and after giving effect to such
Investment, (x) the Senior Secured Leverage Ratio, calculated on a Pro Forma
Basis after giving effect to such Investment, exceeds 2.50 to 1.00, (y) at any
time the Temporary Leverage Increase is applicable, the Total Leverage Ratio,
calculated on a Pro Forma Basis after giving effect to such Investment, exceeds
4.75 to 1.00 or (z) Liquidity is less than $50,000,000, other than:”

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Additionally, the Borrower agrees to pay to the Agent, for the account of each
Lender signatory hereto (each such Lender, a “Consenting Lender”), an amendment
fee equal to 0.05% of the aggregate principal amount of Commitments held by each
such Consenting Lender on the date hereof. Such consent fee shall be due and
payable on the date hereof.  

Except as amended hereby, all of the provisions of the Credit Agreement and the
other Loan Documents shall remain unmodified and in full force and effect except
that each reference to the “Agreement” in the Credit Agreement, or words of like
import in any Loan Document, shall mean and be a reference to the Credit
Agreement as amended hereby. Except as expressly set forth herein, the
execution, delivery, and performance of this Amendment shall not operate as a
waiver of, or as an amendment of, any right, power, or remedy of Agent, or any
Lender under the Credit Agreement, as in effect prior to the date hereof.

The Borrower represents and warrants to the Agent and the Lenders that (a)
except for representations and warranties which expressly speak as of a
particular date or are no longer true and correct as a result of a change which
is permitted by the Credit Agreement, the representations and warranties
contained in the Credit Agreement or in any other document or documents relating
thereto are true and correct in all material respects (except that any
representation and warranty that is qualified by materiality shall be true and
correct in all respects) on and as of the date hereof as though made on the date
hereof, and all such representations and warranties shall survive the execution
and delivery of this Amendment and (b) no Default or Event of Default has
occurred and is continuing as of the date hereof.  

The governing law and venue provisions of Section 11.17 of the Credit Agreement
are incorporated herein by this reference mutatis mutandis. This Amendment may
be executed in two or more counterparts, each of which shall be deemed an
original, but all of which together shall constitute one instrument.  Delivery
of an executed counterpart hereof by facsimile or electronic transmission shall
be effective as delivery of a manually executed counterpart.  Each party shall
execute and deliver such further documents, and perform such further acts, as
may be reasonably necessary to achieve the intent of the parties as expressed in
this Amendment.  

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If you are in agreement with the foregoing, please execute this Amendment in the
space provided below.  

 

Very truly yours,

 

VIASAT, INC.

 

By:

 

/s/ Shawn Duffy

Name:

 

Shawn Duffy

Title:

 

Senior VP and CFO

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MUFG UNION BANK, N.A., as Agent and Lender

 

By:

 

/s/ Mark Adelman

Name:

 

Mark Adelman

Title:

 

Director

 

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Bank of America, N.A.,

as a Lender

 

By:

 

/s/ Christopher D. Pannacciulli

Name:

 

Christopher D. Pannacciulli

Title:

 

Senior Vice President

 

 

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JPMORGAN CHASE BANK, NA., individually as a Lender and Issuing Lender

 

By:

 

/s/ Anna Araya

Name:

 

Anna Araya

Title:

 

Executive Director

 

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CREDIT SUISSE AG, CAYMAN ISLANDS

BRANCH,

as a Lender

 

By:

 

/s/ Vipul Dhadda

Name:

 

Vipul Dhadda

Title:

 

Authorized Signatory

 

By:

 

/s/ Brady Bingham

Name:

 

Brady Bingham

Title:

 

Authorized Signatory

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SUNTRUST BANK,

as a Lender

 

By:

 

/s/ Marshall T. Mangum, III

Name:

 

Marshall T. Mangum, III

Title:

 

Director

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Compass Bank d/b/a BBVA Compass,

as a Lender

 

By:

 

/s/ Raj Nambiar

Name:

 

Raj Nambiar

Title:

 

Sr. Vice President

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Citizens Bank, National Association,

as a Lender

 

By:

 

/s/ Hana Deiter

Name:

 

Hana Deiter

Title:

 

Managing Director

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Morgan Stanley Senior Funding, Inc.,

as a Lender

 

By:

 

/s/ Gilroy D’Souza

Name:

 

Gilroy D’Souza

Title:

 

Authorized Signatory

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/s/ Rochelle F. Dineen,

as a Lender

Rochelle F. Dineen

 

Director

 

By:

 

Bank of the West

Name:

 

Rochelle Dineen

Title:

 

Director - Credit Products

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California Bank & Trust, a division of CB, N.A.,

as a Lender

 

By:

 

/s/ M. Casteel

Name:

 

M. Casteel

Title:

 

SVP

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Comerica Bank,

as a Lender

 

By:

 

/s/ Mark C. Skrzynski Jr.

Name:

 

Mark C. Skrzynski Jr.

Title:

 

Vice President

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Umpqua Bank,

as a Lender

 

By:

 

/s/ Bob Jonda II

Name:

 

Bob Jonda II

Title:

 

SVP

 

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