Form of Exchange Agent Agreement



 Exhibit 4.8 
 [FORM OF EXCHANGE AGENT AGREEMENT] 
                         , 2006 
 Wells Fargo Bank, National Association 
 Attn: Corporate Trust Services 
 213 Court Street, Suite 703 
 Middletown, CT 06457 
 Ladies and Gentlemen: 
 Intelsat Intermediate Holding
Company, Ltd., a Bermuda corporation (the “Company”) and Intelsat, Ltd., a Bermuda corporation and co-obligor (together with the Company, the “Issuers”), propose to make an offer (the “Exchange Offer”) to exchange up to
$478,700,000 principal amount at maturity of the Company’s 9 1/4% Senior Discount Notes due 2015 (CUSIP
No. 45822C AB 0) (the “New Notes”) that have been registered under the Securities Act of 1933, as amended (the “Securities Act”) for a like principal amount at maturity of its outstanding 9 1/4% Senior Discount Notes due 2015 (CUSIP Nos. 45822C AA 2 and G4894C AA 5), (collectively, the “Old
Notes”). The terms and conditions of the Exchange Offer as currently contemplated are set forth in a prospectus, dated
                        , 2006 (the “Prospectus”), included in the Issuers’ Registration Statement on Form
S-4, as amended (the “Registration Statement”), filed with the Securities and Exchange Commission. The Old Notes and the New Notes are collectively referred to herein as the “Securities.” 
 The Issuers hereby appoint Wells Fargo Bank, National Association as the exchange agent (the “Exchange Agent”) in connection with the Exchange
Offer. References hereinafter to “you” refer to Wells Fargo Bank, National Association, in its capacity as Exchange Agent. 
 The
Exchange Offer is expected to be commenced by the Issuers on or about                     , 2006. The Letter of Transmittal, the Notice of
Guaranteed Delivery, the Letter to Registered Holders, the Letter to Depository Trust Company Participants, the Letter to Clients and the Instructions to Registered Holder from Beneficial Owner (collectively, the “Tender Documents”)
accompanying the Prospectus (or in the case of book-entry securities, the Automated Tender Offer Program (“ATOP”) of the Book-Entry Transfer Facility (as defined below)) is to be used by the holders of the Old Notes to accept the Exchange
Offer and contains instructions with respect to the delivery of certificates for Old Notes tendered in connection therewith. 
 The Exchange
Offers will expire at 5:00 p.m., New York City time, on                         , 2006 or on such subsequent date or time
to which the Company may extend the Exchange Offer (the “Expiration Date”). Subject to the terms and conditions set forth in the Prospectus, the Company expressly reserves the right to extend the Exchange Offer from time to time and may
extend the Exchange Offer by giving oral or written notice to you and by notifying in writing or by public announcement the registered holders of the Old Notes, before 9:00 a.m., New York City time, on the business day following the previously
scheduled Expiration Date. 
 The Company expressly reserves the right to amend or terminate the Exchange Offer, and not to accept for
exchange any Old Notes not therefore accepted for exchange, upon the 








 
occurrence of any of the conditions of the Exchange Offer specified in the Prospectus under the caption “The Exchange Offer — Conditions to the
Exchange Offer.” The Company will give written notice of any amendment, termination or non-acceptance to you as promptly as practicable. 
 In carrying out your duties as Exchange Agent, you are to act in accordance with the following: 
 1. You shall perform such duties
and only such duties as are specifically set forth in the section of the Prospectus entitled “The Exchange Offer” or as specifically set forth herein; provided, however, that in no way will your general duty to act in good
faith be discharged by the foregoing. 
 2. You shall establish book-entry accounts in accordance with SEC regulations with respect to each
of the Old Notes at The Depository Trust Company (the “Book Entry Transfer Facility”) for purposes of the Exchange Offer within two business days after the date of the Prospectus, and any financial institution that is a participant in the
Book Entry Transfer Facility’s systems may, until the Expiration Date, make book-entry delivery of the Old Notes by causing the Book Transfer Facility to transfer such Old Notes into the appropriate account in accordance with the Book Entry
Transfer Facility’s procedure for such transfer. 
 3. You shall examine each of the Letters of Transmittal and certificates for the Old
Notes (or confirmation of book-entry transfer into the accounts at the Book-Entry Transfer Facility) and any other documents delivered or mailed to you by or for holders of the Old Notes to ascertain whether: (1) the Letters of Transmittal and
any such other documents are duly executed and properly completed in accordance with the instructions set forth therein; and (2) the Old Notes have otherwise been properly tendered. In each case where the Letter of Transmittal or any other
document has been improperly completed or executed or any of the certificates for Old Notes are not in proper form for transfer or some other irregularity in connection with the acceptance of the applicable Exchange Offer exists, you shall make
commercially reasonable efforts to inform the presenters of the need for fulfillment of all requirements and to take any other action as may be commercially reasonable to cause such irregularity to be corrected. 
 4. With the written approval of the President or Chief Financial Officer (the “Executive Officers”) of the Company, or any other party
designated in writing by such an officer, you may waive any irregularities in connection with any tender of Old Notes pursuant to the Exchange Offer. 
 5. Tenders of Old Notes may be made only as set forth in the Letter of Transmittal and in the section of the Prospectus captioned “The Exchange Offer — Procedures for Tendering your Original Notes,” and
Old Notes shall be considered properly tendered to you only when tendered in accordance with the procedures set forth therein. 
 6. You
shall advise the Company with respect to any Old Notes received subsequent to the Expiration Date and accept its instructions with respect to disposition of such Old Notes. 
 7. You shall accept tenders: 
 a. in cases where the Old Notes are registered in two or more names only if signed by all named holders; 
  

 2 








 b. in cases where the signing person (as indicated in the Letter of Transmittal) is
acting in a fiduciary or a representative capacity only if proper evidence of his or her authority so to act is submitted; and 
 c. from persons other than the registered holder of Old Notes, only if customary transfer requirements, including payment of any applicable transfer taxes, are fulfilled. 
 8. You shall accept partial tenders of Old Notes where so indicated and as permitted in the Letter of Transmittal and deliver certificates for Old Notes
to the registrar for separation and return any untendered Old Notes to the holder (or such other person as may be designated in the Letter of Transmittal) as promptly as practicable after expiration or termination of the Exchange Offer. 

9. Upon satisfaction or waiver of all of the conditions to the Exchange Offer, the Company shall notify you in writing of its acceptance, promptly
after the Expiration Date, of all Old Notes properly tendered and you, on behalf of the Company, shall exchange such Old Notes for New Notes, and cause such Old Notes to be cancelled. Delivery of New Notes shall be made on behalf of the Company by
you at the rate of $1,000 principal amount at maturity of New Notes for each $1,000 principal amount at maturity of Old Notes tendered promptly after receiving written notice of acceptance of said Old Notes by the Company; provided,
however, that in all cases, Old Notes tendered pursuant to the Exchange Offer will be exchanged only after timely receipt by you of certificates for such Old Notes (or confirmation of book entry transfer into the accounts at the Book Entry
Transfer Facility), and a properly completed and duly executed Letter of Transmittal (or manually signed facsimile thereof) with any required signature guarantees and any other required documents or an agent’s message (as such term is defined
in the Prospectus) in the case of book-entry transfer. You shall issue New Notes only in denominations of $1,000 or any integral multiple thereof. 
 10. Tenders pursuant to the Exchange Offer are irrevocable, except that, subject to the terms and upon the conditions set forth in the Prospectus and the Letter of Transmittal, Old Notes tendered pursuant to the Exchange Offer may be
withdrawn at any time prior to the Expiration Date. 
 11. The Company is not required to exchange any Old Notes tendered if any of the
conditions set forth in the Exchange Offer are not met. Written notice of any decision by the Company not to exchange any Old Notes tendered shall be given by the Company to you. 
 12. If, pursuant to the Exchange Offer, the Company does not accept for exchange all or part of the Old Notes tendered because of an invalid tender, the
occurrence of certain other events set forth in the Prospectus under the caption “The Exchange Offer—Conditions of the Exchange Offer” or otherwise, you shall as soon as practicable after the expiration or termination of the Exchange
Offer return those certificates for unaccepted Old Notes (or effect appropriate book-entry transfer), together with any related required documents and the Letters of Transmittal relating thereto that are in your possession, to the person who
deposited them. 
  

 3 








 13. You shall forward all certificates for reissued Old Notes, unaccepted Old Notes or for New Notes by
first-class mail. 
 14. You are not authorized to pay or offer to pay any concessions, commissions or solicitation fees to any broker,
dealer, bank or other persons or to engage or utilize any person to solicit tenders. 
 15. As Exchange Agent hereunder you: 
 a. are not liable for any action or omission to act in connection with this Exchange Agent Agreement unless the same constitutes your
gross negligence, willful misconduct or bad faith; 
 b. have no duties or obligations other than those specifically set forth
herein or incorporated herein from the Prospectus or as may be subsequently agreed to in writing between you and the Company; 
 c. are regarded as making no representations as to the validity, sufficiency, value or genuineness of any of the certificates or the Old Notes represented thereby deposited with you pursuant to the Exchange Offer, and will not be required
to and will make no representation as to the validity, value or genuineness of the Exchange Offer; 
 d. are not obligated to
take any legal action hereunder which might in your judgment involve any expense or liability unless you have been furnished with a commercially reasonable indemnity; 
 e. may conclusively rely on and are protected in acting in reliance upon any certificate, instrument, opinion, notice, letter, telegram or
other document or securities delivered to you and reasonably believed by you to be genuine and to have been signed or presented by the proper person or persons; 
 f. may act upon any tender, statement, request, document, agreement, certificate or other instrument whatsoever not only as to its due
execution and validity and effectiveness of its provisions, but also as to the truth and accuracy of any information contained therein, which you in good faith believe to be genuine and to have been signed or presented by the proper person or
persons; 
 g. may conclusively rely on and are protected in acting upon written instructions from any Executive Officer of
the Company; 
 h. may consult with counsel of your selection with respect to any questions relating to your duties and
responsibilities and the advice or opinion of such counsel shall be full and complete authorization and protection in respect of any action taken, suffered or omitted to be taken by you hereunder in good faith and in accordance with the advice or
opinion of such counsel; and 
  

 4 








 i. shall not advise any person tendering Old Notes pursuant to the Exchange Offer as to
the wisdom of making such tender or as to the market value or decline or appreciation in market values of any Old Notes. 
 16. You shall
take such action as may from time to time be requested by the Company (and such other action as you may deem appropriate) to furnish copies of the Prospectus, Letter of Transmittal and Notice of Guaranteed Delivery (as defined in the Prospectus) or
such other forms as may be approved from time to time by the Company, to all persons requesting such documents and to accept and comply with telephone requests for information relating to the Exchange Offer, provided that such information shall
relate only to the procedures for accepting (or withdrawing from) the Exchange Offer. The Company will furnish you with copies of such documents on your request. All other requests for information relating to the Exchange Offer shall be directed to
the Company, Attn: Chief Financial Officer. 
 17. You shall advise by facsimile transmission the Company ((202) 944-7440), Attn: Phillip L.
Spector, Esq., Assistant Secretary) and such other person or persons as the Company may request, daily (and more frequently during the week immediately preceding the Expiration Date if requested) up to and including the Expiration Date, as to the
number of Old Notes which have been rendered pursuant to the Exchange Offer and the items received by you pursuant to this Exchange Agent Agreement, separately reporting and giving cumulative totals as to each items properly received and items
improperly received. In addition, you shall also inform, and cooperate in making available to, the Company or any such other person or persons upon oral request made from time to time prior to the Expiration Date of such other information as they
may reasonably request. Such cooperation will include, without limitation, the granting by you to the Company and such person as the Company may request of access to those persons on your staff who are responsible for receiving tenders, in order to
ensure that immediately prior to the Expiation Date the Company shall have received information in sufficient detail to enable it to decide whether to extend the Exchange Offer. You shall prepare a final list of all persons whose tenders were
accepted, the aggregate principal amount at maturity of Old Notes tendered, the aggregate principal amount at maturity of Old Notes accepted, and deliver said list to the Company. 
 18. Letters of Transmittal and Notices of Guaranteed Delivery shall be stamped by you as to the date and, after the expiration of the Exchange Offer,
the time, of receipt thereof and shall be preserved by you for a period of time at least equal to the period of time you preserve other records pertaining to the transfer of securities. You shall dispose of unused Letters of Transmittal and
other surplus materials by properly disposing of them. 
 19. For services rendered as Exchange Agent hereunder, you shall be entitled to
such compensation as set forth on Schedule I attached hereto. The provisions of this section shall survive the termination of this Exchange Agent Agreement. 
 20. You hereby acknowledge receipt of the Prospectus and the Letter of Transmittal. Any inconsistency between this Exchange Agent Agreement, on the one hand, and the Prospectus and the Letters of Transmittal (as they
may be amended from time to time), on the other hand, shall be resolved in favor of the Letter of Transmittal or Prospectus, except with respect to your duties, liabilities and indemnification as Exchange Agent. 
  

 5 








 21. The Company covenants and agrees to fully indemnify and hold you harmless against any and all loss,
liability, reasonable cost or expense, including reasonable attorneys’ fees and expenses, incurred without gross negligence or willful misconduct or bad faith on your part, arising out of or in connection with any act, omission, delay or
refusal made by you in reliance upon any signature, endorsement, assignment, certificate, order, request, notice, instruction or other instrument or document reasonably believed by you to be valid, genuine and sufficient and in accepting any tender
or effecting any transfer of Old Notes reasonably believed by you in good faith to be authorized, and in delaying or refusing in good faith to accept any tenders or effect any transfer of Old Notes. The Company shall be entitled to participate at
its own expense in the defense of any such claim or other action and, if the Company so elects, the Company shall assume the defense of any suit brought to enforce any such claim. In the event that the Company shall assume the defense of any such
suit, the Company shall not be liable for the fees and expenses of any additional counsel thereafter retained by you, so long as the Company retains counsel reasonably satisfactory to you to defend such suit, and so long as there is no conflict of
interest that exists between you and the Company. The provisions of this section shall survive the termination of this Exchange Agent Agreement. 
 22. You shall arrange to comply with all requirements under the tax laws of the United States, including those relating to missing Tax Identification Numbers, and shall file any appropriate reports with the Internal Revenue Service, as
directed in writing by the Company. 
 23. You shall deliver or cause to be delivered, in a timely manner to each governmental authority to
which any transfer taxes are payable in respect of the exchange of Old Notes, the Company’s check in the amount of all transfer taxes so payable; provided, however, that you shall reimburse the Company for amounts refunded to you in respect of
your payment of any such transfer taxes, at such time as such refund is received by you. 
 24. This Exchange Agent Agreement and your
appointment as Exchange Agent hereunder shall be construed and enforced in accordance with the laws of the State of New York, and without regard to conflict of law principles, and shall inure to the benefit of, and the obligations crested hereby
shall be binding upon, the successors and assigns of each of the parties hereto. 
 25. This Exchange Agent Agreement may be executed in two
or more counterparts, each of which shall be deemed to be an original and all of which together shall constitute one and the same agreement. 
 26. In case any provision of this Exchange Agent Agreement is invalid, illegal or unenforceable due validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 
 27. This Exchange Agent Agreement is not deemed or construed to be modified, amended, rescinded, cancelled or waived, in whole or in part, except by a
written instrument signed by a duly authorized representative of the party to be charged. This Exchange Agent Agreement may not be modified orally. 
  

 6 








 28. Unless otherwise provided herein all notices, requests and other communications to any party
hereunder shall be in writing (including, facsimile or similar writing) and shall be given to such party, addressed to it at its address or telecopy number set forth below: 
 If to the Company: 
  

	
	 Intelsat Intermediate Holding Company, Ltd.

	 Wellesley House North, 2nd Floor

	 90 Pitts Bay Road

	 Pembroke HM 08, Bermuda

	 Facsimile:

	 Attention:


 with copy to: 
  

			
	Intelsat Intermediate Holding Company, Ltd.
	3400 International Drive, N.W.
	Washington, D.C. 20008-3006
	Fax:	  	(202) 944-7440
	Attn:	  	Phillip L. Spector, Assistant Secretary

 If to the Exchange Agent: 
  

			
	Wells Fargo Bank, National Association
	213 Court Street, Suite 703
	Middletown, CT 06457
	Facsimile:	  	(860) 704-6219
	Attention:	  	Joseph P. O’Donnell
		  	Corporate Trust Services

 29. Unless terminated earlier by the parties hereto, this Exchange Agent Agreement shall terminate
90 days following the Expiration date. Notwithstanding the foregoing Sections 19 and 21 shall survive the termination of this Exchange Agent Agreement. Upon any termination of this Exchange Agent Agreement, you shall promptly deliver to the
Company any certificates for Securities, funds or property then held by you as Exchange Agent under this Exchange Agent Agreement. 
 [Remainder Of This Page Is Intentionally Left Blank] 
  

 7 








 IN WITNESS WHEREOF, each or the parties has caused this Exchange Agent Agreement to be executed on its
behalf by its officers thereunto duly authorized, all as of the date first above written. 
  

			
	INTELSAT INTERMEDIATE HOLDING COMPANY, LTD.:
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	INTELSAT, LTD.:
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	WELLS FARGO BANK, NATIONAL ASSOCIATION, AS EXCHANGE AGENT:
		
	By:	 	  

	Name:	 	JOSEPH P. O’DONNELL
	Title:	 	Vice President









 SCHEDULE I1 
  

				
	 Service
	  	Fee
(per issue)
	 Exchange Agent
	  	$	            
	 Total
	  	$	 



	1	Please fill out. 

  

 I-1