Fifth Supplemental Indenture, dated as of July 3, 2006



 Exhibit 4.20 
 FIFTH SUPPLEMENTAL INDENTURE (this “Fifth Supplemental Indenture”) dated as of July 3, 2006, among Intelsat (Bermuda), Ltd., a company organized under the laws of Bermuda (“Intelsat
Bermuda”), Intelsat Intermediate Holding Company, Ltd., a company organized under the laws of Bermuda and a direct wholly owned subsidiary of Intelsat Bermuda (“Intermediate Holdco”), Intelsat Subsidiary Holding Company,
Ltd., a company organized under the laws of Bermuda and an indirect wholly owned subsidiary of Intelsat Bermuda (the “Issuer”) and Wells Fargo Bank, National Association, a national banking association, as trustee under the
indenture referred to below (the “Trustee”). 
 WITNESSETH: 
 WHEREAS Intelsat Bermuda, as it existed prior to the transfer of its assets and liabilities to the Issuer, and Intelsat, Ltd., a company organized under
the laws of Bermuda, have heretofore executed and delivered to the Trustee an Indenture (as amended, supplemented or otherwise modified, the “Indenture”) dated as of January 28, 2005, providing for the issuance of 8 1/4% Senior Notes due 2013, 8 5/8% Senior Notes due 2015 and Floating Rate Senior Notes due 2012 (collectively, the “Notes”), initially in the aggregate principal amount of $875,000,000,
$675,000,000 and $1,000,000,000, respectively; 
 WHEREAS the Subsidiary Guarantors have heretofore executed and delivered to
the Trustee a supplemental indenture dated as of January 28, 2005, providing for their guarantee of the Notes; 
 WHEREAS Intelsat
Bermuda has heretofore transferred its assets and liabilities to the Issuer on March 3, 2005; 
 WHEREAS Intelsat Bermuda, the Issuer,
Intelsat, Ltd. and the Subsidiary Guarantors have heretofore executed and delivered to the Trustee a Second Supplemental Indenture dated as of March 3, 2005, whereby the Issuer assumed all of Intelsat Bermuda’s obligations under the
Indenture and the Notes, and Intelsat, Ltd. and the Subsidiary Guarantors confirmed that each of their guarantees applies to the Issuer’s obligations under the Indenture and the Notes on the terms and subject to the conditions set forth in the
Indenture and the Notes; 
 WHEREAS Intelsat Bermuda has heretofore executed and delivered to the Trustee a Third Supplemental Indenture
dated as of March 3, 2005, providing for its guarantee of the Notes; 
 WHEREAS Intelsat UK Financial Services Ltd. has heretofore
executed and delivered to the Trustee a Fourth Supplemental Indenture dated as of December 28, 2005, providing for its guarantee of the Notes; 
 WHEREAS on the date hereof, Intelsat Bermuda has transferred substantially all its assets and liabilities, including its guarantee of the Notes, to Intermediate Holdco; 
 WHEREAS Intelsat Bermuda desires to execute and deliver to the Trustee a supplemental indenture pursuant to which Intelsat Bermuda shall unconditionally
guarantee all the Issuer’s obligations under the Notes pursuant to a Guarantee on the terms and conditions set forth herein; 







 WHEREAS Intermediate Holdco desires to affirm the Guarantee of the Notes that it assumed under an
assignment and assumption agreement in connection with Intelsat Bermuda’s transfer of substantially all its assets and liabilities to Intermediate Holdco; 
 WHEREAS the Indenture provides that in connection with this Fifth Supplemental Indenture, the Issuer shall have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, and such Officers’
Certificate and Opinion of Counsel have been delivered to the Trustee on the date hereof; and 
 WHEREAS pursuant to Section 9.01 of the
Indenture, the Issuer and the Trustee are authorized to execute and deliver this Fifth Supplemental Indenture; 
 NOW THEREFORE, in
consideration of the foregoing and for other good and valuable consideration, the receipt of which is hereby acknowledged, Intelsat Bermuda, Intermediate Holdco, the Issuer and the Trustee mutually covenant and agree for the equal and ratable
benefit of the holders of the Notes as follows: 
 1. Defined Terms. As used in this Fifth Supplemental Indenture, capitalized terms
defined in the Indenture and not otherwise defined herein have the meanings assigned such terms in the Indenture. The words “herein,” “hereof” and hereby and other words of similar import used in this Fifth Supplemental Indenture
refer to this Fifth Supplemental Indenture as a whole and not to any particular section hereof. 
 2. Agreement to Guarantee. Intelsat
Bermuda hereby agrees, jointly and severally with all existing Guarantors, to unconditionally guarantee the Issuer’s obligations under the Notes on the terms and subject to the conditions set forth in Article 10 of the Indenture and to be bound
by all other applicable provisions of the Indenture and the Notes applying to a Guarantor and to perform all of the obligations and agreements of a Guarantor under the Indenture; provided, that the Issuer may, upon notice to the Trustee,
automatically release and discharge Intelsat Bermuda’s Guarantee if and for so long as Intelsat Bermuda was not obligated to become a Guarantor pursuant to the terms of the Indenture. 
 3. Affirmation of Guarantee. Intermediate Holdco hereby affirms its Guarantee of the Issuer’s obligations under the Notes and hereby agrees,
jointly and severally with all existing Guarantors, to unconditionally guarantee the Issuer’s obligations under the Notes on the terms and subject to the conditions set forth in Article 10 of the Indenture and to be bound by all other
applicable provisions of the Indenture and the Notes applying to a Guarantor and to perform all of the obligations and agreements of a Guarantor under the Indenture; provided, that the Issuer may, upon notice to the Trustee, automatically
release and discharge Intelsat Bermuda’s Guarantee if and for so long as Intelsat Bermuda was not obligated to become a Guarantor pursuant to the terms of the Indenture. 
 4. Notices. All notices or other communications to Intelsat Bermuda or Intermediate Holdco shall be in writing and delivered in person, via
facsimile or mailed by first-class mail addressed as follows, with copies as provided in Section 11.02 of the Indenture: 
 Intelsat
(Bermuda), Ltd. / Intelsat Intermediate Holding Company, Ltd. 
 c/o Intelsat, Ltd. 
 Wellesley House North, 2nd Floor 
 90 Pitts Bay Road 
 Pembroke, Bermuda HM 08 
  

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 5. Ratification of Indenture; Supplemental Indentures Part of 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 Fifth 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. 
 6. Governing Law.
THIS FIFTH SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 
 7. Trustee Makes No Representation. The Trustee makes no representation as to the validity or sufficiency of this Fifth Supplemental Indenture. 
 8. Counterparts. The parties may sign any number of copies of this Fifth Supplemental Indenture. Each signed copy shall be an original, but all of them together represent the same agreement. 
 9. Effect of Headings. The Section headings herein are for convenience only and shall not effect the construction thereof. 
  

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

					
	INTELSAT (BERMUDA), LTD.
		
	 By:
	 	 /s/ Conny Kullman

		 	 Name:
	 	 Conny Kullman

		 	 Title:
	 	 Chairman

	
	INTELSAT INTERMEDIATE HOLDING COMPANY, LTD.
		
	 By:
	 	 /s/ Conny Kullman

		 	 Name:
	 	 Conny Kullman

		 	 Title:
	 	 Chairman

	
	INTELSAT SUBSIDIARY HOLDING COMPANY, LTD.
		
	 By:
	 	 /s/ Conny Kullman

		 	 Name:
	 	 Conny Kullman

		 	 Title:
	 	 Chairman



 [Signature page to Acquisition Finance Notes Fifth Supplemental Indenture] 








					
	 WELLS FARGO BANK, NATIONAL ASSOCIATION, AS TRUSTEE

		
	 By:
	 	 /s/ Joseph P. O’Donnell

		 	 Name:
	 	 Joseph P. O’Donnell

		 	 Title:
	 	 Vice President



 [Signature page to Acquisition Finance Notes Fifth Supplemental Indenture]