Exhibit 10.3



 Exhibit 10.3 
 [LETTER HEAD OF SG AS COFACE AGENT] 
 AMENDMENT LETTER NO. 1

  

	To:	IRIDIUM SATELLITE LLC (the Borrower) 

 20 June 2011 
 Dear Sirs, 
 COFACE Facility Agreement (the “Agreement”) dated October 4, 2010 between (amongst others) the Borrower and Société Générale as COFACE Agent

  

	1.	Interpretation 

  

	(a)	We refer to the Agreement. Capitalised terms defined in the Agreement have the same meaning when used in this letter unless otherwise defined in this letter.


  

	(b)	The provisions of clause 1.2 (Construction) of the Agreement apply to this letter as though they were set out in full in this letter except that references to the
Agreement are to be construed as references to this letter. 

  

	2.	Consent Request 

  

	(a)	We refer to the executed consent request dated 24 May 2011 (the “Consent Request”) requesting that pursuant to the letter provided by the COFACE
Agent dated March 21, 2011, approving JSC International Space Company Kosmotras (“Kosmotras”) as a back-up launch provider for the purposes of the Borrower’s compliance with Schedule 22 to the Agreement, the Lenders
approve an option contract between the Borrower and Kosmotras (the “Kosmotras Agreement”). 

  

	(b)	We have received instructions from all the Lenders in this regard as set out in paragraph 3 below. 


 

	3.	Lenders response 

 The
Majority Lenders and COFACE have reviewed the Consent Request and are pleased to confirm their approval of the Kosmotras Agreement and consequently agree to replace all references to “[***]” in Schedule 22 of the Agreement by references to
“[***]” (the “Amendment”). 
  

	4.	Miscellaneous 

  

	(a)	Save as expressly stipulated in this letter, all the Finance Documents remain in full force and effect without amendment. 


 

	(b)	Except in respect of the Amendment made subject to and in accordance with the terms of this letter, no waiver is given by this letter, and the Lenders expressly reserve
all their rights and remedies in respect of any breach of, or other Default under, the Finance Documents. 


  
 1 


  
 Iridium
Confidential and Proprietary 
 CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE COPY FILED HEREWITH
OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. 









	(c)	This letter is designated a Finance Document. 

  

	5.	Governing law 

 This
letter and any non-contractual obligations arising out of or in connection with it are governed by English law. 
 Yours faithfully, 

 

			
	/s/ Benoit Tanguy	 	/s/ M.T. Howard
		
	Benoit Tanguy – Managing Director	 	M.T. Howard
		 	Deputy Global Head of Export Finance
	 For
 Société
Générale
 as COFACE Agent
	 	

  
 We agree to the above. 

/s/ Thomas J. Fitzpatrick 
 For 

IRIDIUM SATELLITE LLC 

  
 2 


  
 Iridium
Confidential and Proprietary 
 CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE COPY FILED HEREWITH
OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.