Exhibit 10.2

March 12, 2015

ViaSat, Inc.

6155 El Camino Real

Carlsbad, California 92009

Attention: Shawn Duffy, Chief Financial Officer

 

  Re: First Amendment to Credit Agreement and other Loan Documents (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, MUFG Union Bank, N.A. (formerly known as Union Bank, N.A.),
as administrative and collateral agent (in such capacity, the “Agent”), Bank of
America, N.A. and JPMorgan Chase Bank, N.A., as Co-Syndication Agents, Compass
Bank, Credit Suisse AG, Cayman Islands Branch, Royal Bank of Canada and SunTrust
Bank, as Co-Documentation Agents, Merrill Lynch, Pierce, Fenner & Smith
Incorporated, MUFG Union Bank, N.A. and J.P. Morgan Securities LLC, as Joint
Lead Arrangers and Joint Book Runners (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, effective as of the
date first set forth above, to amend the Credit Agreement in certain respects in
accordance with the terms of this Amendment. Accordingly:

(a) The definition of “Covered Satellite” set forth in Section 1.1 of the Credit
Agreement is hereby amended and restated in its entirety to read as follows:

“”Covered Satellite” means any Satellite or a portion of a Satellite, as
applicable, with respect to which Borrower or any other Loan Party owns or
retains risk of loss.”

(b) Section 5.4(b) of the Credit Agreement is hereby amended and restated in its
entirety to read as follows:

“(b) Satellite Insurance.

(1) Deliver a Certificate of Borrower to the Agent within 120 days after the end
of each Fiscal Year certifying that, subject to Section 5.4(b)(3), Borrower and
each other Loan Party have obtained and have in full force and effect:

(i) with respect to each Covered Satellite for which the risk of loss passes to
Borrower or such other Loan Party at or before launch, launch

 

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insurance with respect to each such Covered Satellite covering the launch of
such Covered Satellite and a period of time thereafter in an amount not less
than the aggregate of the purchase price of such Covered Satellite, the purchase
price of launch services therefor (other than for risks borne by the relevant
satellite manufacturer or by the relevant launch services provider pursuant to
any launch risk guarantee) and the premium payable for such insurance; provided
that such launch insurance is available for a price, in an amount and on other
terms and conditions that are, in the reasonable determination of Borrower,
commercially reasonable; and

(ii) at all times subsequent to the later of (x) initial completion of in-orbit
testing and (y) the coverage period of launch insurance described in clause
(1) above, In-Orbit Insurance with respect to such Covered Satellites other than
Excluded Satellites in an amount not less than the Aggregate In-Orbit Insurance
Amount (with the allocation of such insurance among such Covered Satellites
being in Borrower’s discretion).

(2) Insurance policies required by Section 5.4(b)(1), shall:

(i) contain no exclusions other than:

(A) Acceptable Exclusions, and

(B) such specific exclusions applicable to the performance of the Covered
Satellite being insured as are reasonably acceptable to Borrower in order to
obtain insurance for a price that is, and on other terms and conditions that
are, commercially reasonable;

(ii) provide coverage on an all-risks basis for loss of and damage to the
Covered Satellite, subject to the exclusions specified above; and

(iii) name the Agent as an additional insured and loss payee.

(3) For any Covered Satellite, in lieu of In-Orbit Insurance, Borrower or such
Loan Party may, at its option, maintain In-Orbit Spare Capacity in which event
such Covered Satellite (or portion, as applicable) shall be deemed to be insured
for the percentage of the Covered Satellite’s (or applicable portion’s) net book
value for which In-Orbit Spare Capacity is available. In the event of any loss,
damage or failure affecting a Covered Satellite or the expiration and
non-renewal of an insurance policy for a Covered Satellite resulting from a
claim of loss under such policy that causes a failure to comply with
Section 5.4(b)(1)(ii), Borrower and the other Loan Parties shall be deemed to be
in compliance with Section 5.4(b)(1)(ii) for the 120 days immediately following
such loss, damage or failure or policy expiration or non-renewal, provided that
Borrower or such other Loan Party, as the case may be, procures such In-Orbit
Insurance or provides such In-Orbit Spare Capacity as necessary to comply with
Section 5.4(b)(1)(ii) within such 120-day period.”

 

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(c) Section 6.10(n) of the Credit Agreement is hereby amended and restated in
its entirety to read as follows:

“(n) Guaranty Obligations of Borrower in respect of Indebtedness relating to
Permitted ECA Financings and permitted by Section 6.10(m) (which Guaranty
Obligations shall be unsecured except for any security interest in, and/or
pledge of, Equity Interests in any ECA Borrower and any ECA Guarantor and any
dividends, stocks, shares, warrants, securities, rights, monies or other
property accruing on or that constitute proceeds of such Equity Interests);”

(d) The proviso at the end of the definition of “Collateral” in each of (i) the
Borrower Security Agreement and (ii) the form of Subsidiary Security Agreement
attached as Exhibit Q to the Credit Agreement, is hereby amended and restated in
its entirety to read as follows:

“provided, however, that notwithstanding any of the other provisions set forth
in this definition, the Collateral does not include (i) the Equity Interests
held or owned by the Grantor (x) of any Person that is not a Significant
Domestic Subsidiary or a Significant Foreign Subsidiary or (y) in excess of 65%
of the voting Equity Interests of a Significant Foreign Subsidiary, (ii) any
real property or interest therein, including any leasehold interest, (iii) any
Communications Licenses to the extent, but only to the extent, it is unlawful to
grant a security interest in such Communications License, but the Collateral
does include, to the maximum extent permitted by law, all economic value
associated with the Communications Licenses and all private and non-monetary
rights associated with the Communications Licenses, including but not limited to
the right to receive all monies, proceeds, and other consideration derived from
or in connection with the sale, assignment, transfer, transfer of control of the
holder, or other disposition, of such Communications License, (iv) Excluded
Accounts and (v) any property to the extent that the grant of a security
interest therein is (x) prohibited by any law of a governmental authority,
(y) requires a consent not obtained of any governmental authority pursuant to
such law or is prohibited by, or (z) constitutes a breach or default under or
results in the termination of or requires any consent not obtained under, any
contract, license, agreement, instrument or other document evidencing or giving
rise to such property or any applicable shareholder or similar agreement, except
to the extent that such law or the term in such contract, license, agreement,
instrument or other document or shareholder or similar agreement providing for
such prohibition, breach, default or termination or requiring such consent is,
or would be (in the case of after-acquired property or changes to applicable
law), rendered ineffective under Sections 9-406, 9-407, 9-408 or 9-409 of the
UCC of any relevant jurisdiction (or any successor provision) or any other
applicable law (including the Bankruptcy Code) or principles of equity (as
determined by an applicable court); provided, further that such property shall
cease to be excluded (and such security interest shall attach) immediately at
such time the grant of a security interests thereon shall no longer be so
prohibited.”

 

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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”, the “Borrower Security Agreement” or the
“Subsidiary Security Agreement” in the Credit Agreement, or words of like import
in any Loan Document, shall mean and be a reference to the Credit Agreement and
Borrower Security Agreement or Subsidiary Security 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.

[Remainder of page intentionally left blank.]

 

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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 Vice President and Chief Financial Officer

 

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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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JPMORGAN CHASE BANK N.A.,

as a Lender

By:

/S/ ANNA ARAYA

Name: Anna C. Araya Title: Vice President

 

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ROYAL BANK OF CANADA,

as a Lender

By:

/S/ BEN THOMAS

Name: Ben Thomas Title: Authorized Signatory

 

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BANK OF AMERICA, N.A.,

as a Lender

By:

/S/ CHRISTOPHER PANNACCIULLI

Name: Christopher D. Pannacciulli Title: Senior Vice President

 

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COMPASS BANK,

as a Lender

By:

/S/ DOUGLAS LAMBELL

Name: Douglas S. Lambell Title: Vice President

 

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BANK OF THE WEST,

as a Lender

By:

/S/ JASON ANTRIM

Name: Jason Antrim Title:

Vice President

  Bank of the West

 

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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/ SEAN MACGREGOR

Name: Sean MacGregor Title: Authorized Signatory

 

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MORGAN STANLEY BANK N.A.,

as a Lender

By:

/S/ ROBERTO ELLINGHAUS

Name: Roberto Ellinghaus Title: Authorized Signatory

 

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CITIZENS BANK, N.A.,

as a Lender

By:

/S/ RAMEZ GOBRAN

Name: Ramez Gobran Title: Vice President

 

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CALIFORNIA BANK & TRUST,

as a Lender

By:

/S/ STEVE DELONG

Name: Steve Delong Title: SVP / Manager

 

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COMERICA BANK,

as a Lender

By:

/S/ MARK EKRAYISKI

Name: Mark Ekrayiski Title: Vice President

 

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SUNTRUST BANK,

as a Lender

By:

/S/ BRIAN GUFFIN

Name: Brian Guffin Title: Director

 

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