|   |
|--------|

|   |
|--------|

----

|   |                                        | Page   |
|--------|---------------------------------------------|--------|
|   |                                        |   |
| 1.     | DEFINITIONS      AND INTERPRETATION         | 3      |
|   |                                        |   |
| 2.     | THE      FACILITIES                         | 48     |
|   |                                        |   |
| 3.     | PURPOSE                                     | 49     |
|   |                                        |   |
| 4.     | CONDITIONS      OF UTILISATION              | 51     |
|   |                                        |   |
| 5.     | UTILISATION                                 | 53     |
|   |                                        |   |
| 6.     | REPAYMENT                                   | 57     |
|   |                                        |   |
| 7.     | PREPAYMENT      AND CANCELLATION            | 57     |
|   |                                        |   |
| 8.     | INTEREST                                    | 65     |
|   |                                        |   |
| 9.     | INTEREST      PERIODS                       | 66     |
|   |                                        |   |
| 10.    | CHANGES      TO THE CALCULATION OF INTEREST | 67     |
|   |                                        |   |
| 11.    | FEES                                        | 68     |
|   |                                        |   |
| 12.    | COFACE      INSURANCE PREMIA                | 70     |
|   |                                        |   |
| 13.    | TAX      GROSS-UP AND INDEMNITIES           | 72     |
|   |                                        |   |
| 14.    | INCREASED      COSTS                        | 75     |
|   |                                        |   |
| 15.    | OTHER      INDEMNITIES                      | 76     |
|   |                                        |   |
| 16.    | MITIGATION      BY THE LENDERS              | 77     |
|   |                                        |   |
| 17.    | COSTS      AND EXPENSES                     | 78     |
|   |                                        |   |
| 18.    | REPRESENTATIONS                             | 78     |
|   |                                        |   |
| 19.    | INFORMATION      UNDERTAKINGS               | 91     |
|   |                                        |   |
| 20.    | FINANCIAL      COVENANTS                    | 100    |
|   |                                        |   |
| 21.    | POSITIVE      UNDERTAKINGS                  | 104    |
|   |                                        |   |
| 22.    | NEGATIVE      UNDERTAKINGS                  | 117    |
|   |                                        |   |
| 23.    | EVENTS      OF DEFAULT                      | 128    |
|   |                                        |   |
| 24.    | REMEDIES      UPON AN EVENT OF DEFAULT      | 135    |
|   |                                        |   |
| 25.    | SECURITY                                    | 135    |

----

| 26.    | CHANGES      TO THE LENDERS                                                            | 135    |
|--------|----------------------------------------------------------------------------------------|--------|
|   |                                                                                   |   |
| 27.    | CHANGES      TO THE BORROWER                                                           | 140    |
|   |                                                                                   |   |
| 28.    | ROLE      OF THE COFACE AGENT, THE SECURITY AGENT AND THE MANDATED LEAD      ARRANGERS | 140    |
|   |                                                                                   |   |
| 29.    | CONDUCT      OF BUSINESS BY THE FINANCE PARTIES                                        | 148    |
|   |                                                                                   |   |
| 30.    | SHARING      AMONG THE FINANCE PARTIES                                                 | 148    |
|   |                                                                                   |   |
| 31.    | PAYMENT      MECHANICS                                                                 | 150    |
|   |                                                                                   |   |
| 32.    | SET-OFF                                                                                | 154    |
|   |                                                                                   |   |
| 33.    | NOTICES                                                                                | 154    |
|   |                                                                                   |   |
| 34.    | CALCULATIONS      AND CERTIFICATES                                                     | 156    |
|   |                                                                                   |   |
| 35.    | PARTIAL      INVALIDITY                                                                | 156    |
|   |                                                                                   |   |
| 36.    | REMEDIES      AND WAIVERS                                                              | 156    |
|   |                                                                                   |   |
| 37.    | AMENDMENTS      AND WAIVERS                                                            | 157    |
|   |                                                                                   |   |
| 38.    | COUNTERPARTS                                                                           | 158    |
|   |                                                                                   |   |
| 39.    | GOVERNING      LAW                                                                     | 158    |
|   |                                                                                   |   |
| 40.    | ENFORCEMENT                                                                            | 158    |

----

| (1) | GLOBALSTAR, INC., a      corporation duly organised and validly existing under the laws of the      State of Delaware, with its principal office located at 461 South      Milpitas Blvd., Milpitas, CA 95035, United States of America      (the “Borrower”); |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | BNP PARIBAS, a société anonyme with a      share capital of two billion four hundred sixty five million five hundred      and twelve thousand seven hundred and fifty eight Euros (€2,465,512,758)      organised and existing under the laws of the Republic of France, whose      registered office is at 16 boulevard des Italiens, 75009 Paris,      France registered under number 662 042 449 at the      Commercial Registry of Paris, acting in its capacity as facility agent and      Chef de File for      and on behalf of the Finance Parties (the “COFACE      Agent”); |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3) | BNP PARIBAS, SOCIETE GENERALE, NATIXIS, CRÉDIT AGRICOLE CORPORATE AND      INVESTMENT BANK (FORMERLY CALYON) and CRÉDIT INDUSTRIEL ET      COMMERCIAL each acting in its capacity as a mandated lead arranger      (the “Mandated      LeadArrangers”); |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (4) | BNP PARIBAS, a société anonyme with a      share capital of two billion four hundred sixty five million five hundred      and twelve thousand seven hundred and fifty eight Euros (€2,465,512,758)      organised and existing under the laws of the Republic of France, whose      registered office is at 16 boulevard des Italiens, 75009 Paris,      France registered under number 662 042 449 at the      Commercial Registry of Paris, acting in its capacity as the security agent      (the “Security      Agent”); and |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (5) | THE FINANCIAL      INSTITUTIONS listed in Schedule 1 (Lenders and      Commitments) as lenders (the “Original      Lenders”). |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------|

| 1. | DEFINITIONS      AND INTERPRETATION |
|----|-------------------------------------|

| 1.1 | Definitions |
|-----|-------------|

|   | (a) | a      bank or financial institution which has a rating for its long-term      unsecured and non credit-enhanced debt obligations of AA- or higher by      S&P or Fitch Ratings Ltd or Aa2 or higher by Moody’s or a comparable      rating from an internationally recognised credit rating      agency; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Union      Bank of California, provided that, it has a      rating for its long-term unsecured and non credit-enhanced debt      obligations of A or higher by S&P or A+ by Fitch Ratings Ltd or a      comparable rating from an internationally recognised credit rating agency;      or |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | any      other bank or financial institution approved by the COFACE      Agent. |
|--------|-----|---------------------------------------------------------------------------------|

----

|   | (a) | seek      direct or indirect recovery, payment or repayment of, nor permit direct or      indirect payment or repayment of any of the Subordinated Indebtedness or      other amounts payable by the Borrower or any Subsidiary (as the case may      be) in respect thereof or of any other Subordinated Indebtedness of the      Borrower or any Subsidiary (as the case may be) other than following      satisfaction of the conditions to the making of Shareholder Distributions      in accordance with Clause  22.6 (Limitations on Dividends and      Distributions); |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | demand,      sue for or accept from the Borrower or any Subsidiary (as the case may be)      any payment in respect of the Subordinated Indebtedness or take any other      action to enforce its rights or to exercise any remedies in respect of any      Subordinated Indebtedness (whether upon the occurrence or during the      occurrence of an event of default (howsoever described) or otherwise)      unless requested to do so by the COFACEAgent; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | file      or join in any petition to commence any winding-up proceedings or an order      seeking reorganisation or liquidation of the Borrower or any Subsidiary      (as the case may be), or take any other action for the winding-up,      dissolution or administration of the Borrower or any Subsidiary (as the      case may be) or take, or agree to, any other action which could or might      lead to the bankruptcy, insolvency or similar process of the Borrower or      any Subsidiary (as the case may be) unless requested to do so by the      COFACE Agent; and/or |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | claim,      rank or prove as a creditor of the Borrower or any Subsidiary (as the case      may be) in competition with any FinanceParty. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (a) | non-cash      stock compensation expenses; |
|--------|-----|--------------------------------------------|

|   | (b) | non-cash      asset impairment charges; |
|--------|-----|-----------------------------------------|

|   | (c) | one      time non-cash non-recurring expenses;and |
|--------|-----|---------------------------------------------------|

|   | (d) | non-capitalised      cash payments, if any, to second generation ground segment vendors made      from earnings counted during the relevant  period, |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | cash      revenue received in that period but not recognised under GAAP, as      determined in accordance with the definition of Adjusted Consolidated      EBITDA; to |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | revenues      recognised for such period, as determined in accordance with      GAAP. |
|--------|-----|---------------------------------------------------------------------------------------|

|   | (a) | in      the case of the Launch Services Contract, of five per cent. (5%) of the total      Contract Price payable by the Borrower pursuant to the Launch Services      Contract; and |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | in      the case of the Satellite Construction Contract, of fifteen per cent. (15%) of the      total Contract Price payable by the Borrower pursuant to the Satellite      Construction Contract. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | for      any Interest Period commencing prior to 15 December 2012, two point      zero seven per cent. (2.07%)      per annum; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | for      any Interest Period commencing from 15 December 2012 until      14 December 2017, two point twenty five per cent. (2.25%)      per annum; and |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | for      any Interest Period commencing thereafter, two point forty per cent. (2.40%)      per annum. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------|

----

|   | (a) | in      respect of any Capital Lease of any person, the capitalised amount thereof      that would appear on a balance sheet of such person prepared as of such      date in accordance with GAAP; and |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | in      respect of any Synthetic Lease, the capitalised amount or principal amount      of the remaining lease payments under the relevant lease that would appear      on a balance sheet of such person prepared as of such date in accordance      with GAAP if such lease were accounted for as a Capital    Lease. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | seven      (7) Months after the date of the last Launch;  or |
|--------|-----|-------------------------------------------------------------------|

|   | (b) | 15 November      2011. |
|--------|-----|-----------------------------|

|   | (a) | the      amount of its participation in any outstanding Loans under that Facility;      and |
|--------|-----|---------------------------------------------------------------------------------------------|

|   | (b) | in      relation to any proposed Utilisation, the amount of its participation in      any Loans that are due to be made under that Facility on or before the      proposed Utilisation Date. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (a) | the      interest which a Lender should have received for the period from the date      of receipt of all or any part of its participation in a Loan or Unpaid Sum      to the last day of the current Interest Period in respect of that Loan or      Unpaid Sum, had the principal amount or Unpaid Sum received been paid on      the last day of that InterestPeriod; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | the      amount which that Lender would be able to obtain by placing an amount      equal to the principal amount or Unpaid Sum received by it on deposit with      a leading bank in the London interbank market for a period starting on the      Business Day following receipt or recovery and ending on the last day of      the current Interest Period. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | any      asset that should, in accordance with GAAP, be classified and accounted      for as a capital asset on a Consolidated balance sheet of the Borrower and      its Subsidiaries; and |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | non-capitalised      cash payments attributable to any second generation Satellite Launch and      ground segment vendors. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------|

|   | (a) | in      the case of a corporation, capitalstock; |
|--------|-----|--------------------------------------------------|

|   | (b) | in      the case of an association or business entity, any and all shares,      interests, participations, rights or other equivalents (however      designated) of capital stock; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | in      the case of a partnership, partnership interests (whether general or      limited); |
|--------|-----|---------------------------------------------------------------------------------------------|

----

|   | (d) | in      the case of a limited liability company, membership interests;      and |
|--------|-----|---------------------------------------------------------------------------------|

|   | (e) | any      other interest or participation that confers on a person the right to      receive a share of the profits and losses of, or distributions of assets      of, the issuing person. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | that      cash is repayable on demand; |
|--------|-----|----------------------------------------|

|   | (b) | repayment      of that cash is not contingent on the prior discharge of any other      indebtedness of any member of the Group or of any other person whatsoever      or on the satisfaction of any othercondition; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | there      is no Lien over that cash except for Liens created pursuant to the      Security Documents or any Permitted Lien constituted by a netting or      set-off arrangement entered into by members of the Group in the ordinary      course of their banking arrangements;and |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | the      cash is freely and immediately available to be applied in repayment or      prepayment of the Facilities. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------|

|   | (a) | the      Launch Services Provider and Thermo;and |
|--------|-----|--------------------------------------------------|

|   | (b) | Hughes      and Thermo, |
|--------|-----|-------------------------|

|   | (a) | certificates      of deposit maturing within one (1) year after the relevant date      of calculation and issued by an AcceptableBank; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | any      investment in marketable debt obligations issued or guaranteed by the      government of the United States of America, the United Kingdom,      any member state of the European Economic Area or any Participating Member      State or by an instrumentality or agency of any of them having an      equivalent credit rating, maturing within one (1) year after the      relevant date of calculation and not convertible or exchangeable to any      other security; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | commercial      paper not convertible or exchangeable to any other    security: |
|--------|-----|---------------------------------------------------------------------------------|

|   | (i) | for      which a recognised trading marketexists; |
|--------|-----|---------------------------------------------------|

----

|   | (ii) | issued      by an issuer incorporated in the United States of America, the      United Kingdom, any member state of the European Economic Area or any      Participating Member State; |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | which      matures within one (1) year after the relevant date of calculation;      and |
|--------|-------|----------------------------------------------------------------------------------------------|

|   | (iv) | which      has a credit rating of either A-1 or higher by S&P or F1 or higher by      Fitch Ratings Ltd or P-1 or higher by Moody’s, or, if no rating is      available in respect of the commercial paper, the issuer of which has, in      respect of its long-term unsecured and non-credit enhanced debt      obligations, an equivalent rating; |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | any      investment in money market fundswhich: |
|--------|-----|-------------------------------------------------|

|   | (i) | have      a credit rating of either A-1 or higher by S&P or F1 or higher by      Fitch Ratings Ltd or P-1 or higher byMoody’s; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | invest      substantially all their assets in securities of the types described in      paragraphs (a) to (c) above;and |
|--------|------|------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | can      be turned into cash on not more than thirty (30) days’ notice;      or |
|--------|-------|--------------------------------------------------------------------------------------------|

|   | (e) | any      other debt or marketable security approved by the Majority      Lenders, |
|--------|-----|-----------------------------------------------------------------------------------|

----

|   | (a) | the      Launch Services Contract; and |
|--------|-----|----------------------------------------|

|   | (b) | the      Satellite Construction Contract, |
|--------|-----|-------------------------------------------|

|   | (a) | Consolidated      Net Income for such period; plus |
|--------|-----|----------------------------------------------------|

----

|   | (b) | the      sum of the following to the extent deducted in determining Consolidated      Net Income: |
|--------|-----|---------------------------------------------------------------------------------------------------|

|   | (i) | income      and franchise taxes; |
|--------|-----|----------------------------------|

|   | (ii) | Consolidated      Interest Expense; |
|--------|------|-------------------------------------|

|   | (iii) | amortisation,      depreciation and other non-cash charges (except to the extent that such      non-cash charges are reserved for cash charges to be taken in the      future); |
|--------|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iv) | extraordinary      losses (other than from discontinued operations) and any losses on foreign      currency transaction; and |
|--------|------|------------------------------------------------------------------------------------------------------------------------------|

|   | (v) | any      Transaction Costs (provided that, in no      event shall the aggregate amount of Transaction Costs relating to the      negotiation of any Permitted Acquisitions or Permitted Joint Venture      Investments which are not consummated added back to net income during any      four (4) consecutive fiscal quarter period exceed one million Dollars      (US$1,000,000)), less |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | interest      income and any extraordinary gains and any gains on foreign currency      transactions. |
|--------|-----|-------------------------------------------------------------------------------------------------------|

|   | (a) | the      net income (or loss) of any person (other than a Subsidiary which shall be      subject to paragraph (c) below), in which the Borrower or any of its      Subsidiaries has a joint interest with a third party, except to the extent      such net income is actually paid in cash to the Borrower or any of its      Subsidiaries by dividend or other distribution during such      period; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | the      net income (or loss) of any person accrued prior to the date it becomes a      Subsidiary of such person or is merged into or consolidated with such      person or any of its Subsidiaries or that person’s assets are acquired by      such person or any of its Subsidiaries except to the extent included      pursuant to the foregoingparagraph (a); |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | the      net income (if positive) of any Subsidiary to the extent that the      declaration or payment of dividends or similar distributions by such      Subsidiary to the Borrower or any of its Subsidiaries of such net income      is not at the time permitted by operation of the terms of its charter or      any agreement, instrument, judgment, decree, order, statute rule or      governmental regulation applicable to such Subsidiary;  and |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (d) | the      proceeds of any Equity Issuances and/or Subordinated      Indebtedness. |
|--------|-----|----------------------------------------------------------------------------------|

|   | (a) | the      Supplier under and in relation to the Satellite Construction Contract      being an amount (in aggregate) equal to two hundred ninety eight million      nine hundred nineteen thousand nine hundred and five Euros (€298,919,905)      plus two hundred      eighteen million four hundred eighty three thousand two hundred and      seventeen Dollars and eighty two cents (US$218,483,217.82);      and |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | the      Launch Services Provider under and in relation to the Launch Services      Contract being two hundred and sixteen million Dollars      (US$216,000,000). |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (a) | Adjusted      Consolidated EBITDA (withoutdouble-counting), |
|--------|-----|-------------------------------------------------------------|

|   | (i) | plus, any Liquidity (in      an amount exceeding five million Dollars (US$5,000,000)) at the beginning      of any relevant period of calculation plus the cash proceeds      of any Equity Issuance or Subordinated Indebtedness raised during the      relevant period not committed, or required to be applied, for any other      purpose under the Finance Documents but including monies standing to the      credit of the Collection Account which are not required to be applied for      any other purpose; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | less the sum of the      following (withoutdouble-counting); |
|--------|------|--------------------------------------------------------------|

|   | (A) | any      Covenant Capital Expenditure; |
|--------|-----|----------------------------------------|

|   | (B) | any      changes in Working Capital; and |
|--------|-----|------------------------------------------|

|   | (C) | any      cash taxes, |
|--------|-----|----------------------|

|   | (b) | Debt      Service, |
|--------|-----|--------------------|

|   | (a) | a      material disruption to those payment or communications systems or to those      financial markets which are, in each case, required to operate in order      for payments to be made in connection with a Facility (or otherwise in      order for the transactions contemplated by the Finance Documents to be      carried out) which disruption is not caused by, and is beyond the control      of, any of the Parties; or |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (b) | the      occurrence of any other event which results in a disruption (of a      technical or systems-related nature) to the treasury or payments      operations of a Party preventing that, or any other  Party: |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | from      performing its payment obligations under the Finance Documents;      or |
|--------|-----|-----------------------------------------------------------------------------------|

|   | (ii) | from      communicating with other Parties in accordance with the terms of the      Finance Documents, |
|--------|------|--------------------------------------------------------------------------------------------------------|

|   | (a) | the      Supplier; |
|--------|-----|--------------------|

|   | (b) | the      Launch Services Provider; and |
|--------|-----|----------------------------------------|

|   | (c) | Hughes. |
|--------|-----|---------|

|   | (a) | prior      to but excluding the date that is six (6) Months prior to the First      Repayment Date, an amount equal to forty six million seven hundred and      seventy three thousand Dollars(US$46,773,000); |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | from      and including the date that is six (6) Months prior to the First Repayment      Date until but excluding the date that is six (6) Months prior to the      third Repayment Date, an amount in aggregate equal  to: |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | the      principal amount due on the third Repayment Date;  and |
|--------|-----|-----------------------------------------------------------------|

|   | (ii) | all      interest, fees, costs and expenses due and payable by the Borrower under      the Finance Documents on the next Payment Date, accrued in respect of the      principal amount referred to in paragraph (b)(i) above;  and |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (c) | from      and including the date that is six (6) Months prior to the third Repayment      Date until the Final Maturity Date, an amount in aggregate equal to all      principal, interest, fees, costs and expenses due and payable by the      Borrower under the Finance Documents on the next Payment Date provided that, if LIBOR      exceeds the capped interest rate set out in the Interest Rate Cap      Agreement, the amount of such capped interest rate shall be used for the      purpose of calculating any interest under this paragraph (c) to the extent      such agreement is in full force andeffect. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | in      the case of Facility A, an amount which is equivalent of eighty five per cent. (85%) of      the total cost of the Eligible Goods and Services which is at any time due      and payable under and in accordance with the Satellite Construction      Contract; and |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | in      the case of Facility B, one hundred per cent. (100%)      of the amount of twenty one million six hundred thousand Dollars      (US$21,600,000), representing goods made in France and/or services      performed in France under the Launch Services  Contract. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | goods      made in France and/or services performed in France;  and |
|--------|-----|---------------------------------------------------------------------|

|   | (b) | goods      and services (including transport and insurance of any nature) originating      from countries other than France and the United States, incorporated      in the items delivered by the Supplier and/or the Launch Services Provider      and which have been sub-contracted by the Supplier and/or the Launch      Services Provider and therefore remaining under its responsibility, and      recognised as being eligible by the French Authorities to be financed by      this Agreement, |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | an      amount equal to (in aggregate) two hundred ninety eight million nine      hundred nineteen thousand nine hundred and five Euros (€298,919,905) plus two hundred      eighteen million four hundred eighty three thousand two hundred and      seventeen Dollars and eighty two cents (US$218,483,217.82) under the      Satellite Construction Contract;and |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | twenty      one million six hundred thousand Dollars (US$21,600,000) under the Launch      Services Contract. |
|--------|------|---------------------------------------------------------------------------------------------------------------|

----

|   | (a) | is      maintained or contributed to by any Obligor or any ERISA Affiliate, or to      which any Obligor or ERISA Affiliate has an obligation to contribute;      or |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | has      at any time within the preceding six (6) years been maintained or      contributed to by any Obligor or any current or former ERISA Affiliate, or      with respect to which any Obligor or any such ERISA Affiliate has had an      obligation to contribute (or is deemed under Section 4069 of ERISA to      have maintained or contributed, or to have had an obligation to      contribute, or otherwise to haveliability). |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | the      US Comprehensive Environmental Response, Compensation and Liability Act,      as amended (42 U.S.C. Section 9601, et seq.);      and |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | the      US Resource Conservation and Recovery Act, as amended (42 U.S.C.      Section 6901, et      seq.). |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------|

----

|   | (a) | shares      of its Capital Stock; |
|--------|-----|-----------------------------------|

|   | (b) | any      shares of its Capital Stock pursuant to the exercise of options or      warrants; or |
|--------|-----|-----------------------------------------------------------------------------------------------|

|   | (c) | any      shares of its Capital Stock pursuant to the conversion of any debt      securities to equity. |
|--------|-----|--------------------------------------------------------------------------------------------------------|

|   | (a) | a      “Reportable      Event” described in Section 4043 of ERISA with respect to a      Pension Plan for which the notice requirement has not been waived by the      PBGC; or |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | the      withdrawal of any Obligor or any ERISA Affiliate from a Pension Plan      during a plan year in which it was a “substantial employer”      as defined in Section 4001(a)(2) of ERISA;  or |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | the      termination of a Pension Plan, the filing of a notice of intent to      terminate a Pension Plan or the treatment of a Pension Plan amendment as a      termination, under Section 4041 of ERISA, if such termination would      require material additional contributions in order to be considered a      standard termination within the meaning of Section 4041(b) of ERISA,      or the filing under Section 4041(c) of ERISA of a notice of intent to      terminate any Pension Plan or the termination of any Pension Plan under      Section 4041(c) of ERISA; or |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | the      institution of proceedings to terminate, or the appointment of a trustee      with respect to, any Pension Plan by the PBGC;  or |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | any      other event or condition which would reasonably be expected to constitute      grounds under Section 4042(a) of ERISA for the termination of, or the      appointment of a trustee to administer, any Pension Plan;    or |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (f) | the      failure to make a required contribution to any Pension Plan that would      reasonably be expected to result in the imposition of a Lien or the      provision of security under Section 412 or 430 of the Code or      Section 302 or 4068 of ERISA, or the arising of such a Lien; there      being or arising any “unpaid minimum required      contribution” or “accumulated funding      deficiency” (as defined or otherwise set forth in Section 4971      of the Code or Part 3 of Subtitle B of Title I of ERISA),      whether or not waived; or the filing of any request for or receipt of a      minimum funding waiver under Section 412 of the Code or      Section 302 of ERISA with respect to any Pension Plan or      Multiemployer Plan, or that such filing may be made; or a determination      that any Pension Plan is, or is expected to be, in at-risk status under      Title IV of ERISA; or |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (g) | the      partial or complete withdrawal of any Obligor of any ERISA Affiliate from      a Multiemployer Plan if withdrawal liability is asserted by such plan;      or |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (h) | any      event or condition which results, or is reasonably expected to result, in      the reorganisation or insolvency of a Multiemployer Plan under      Sections 4241 or 4245 of ERISA;or |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | any      event or condition which results, or is reasonably expected to result, in      the termination of a Multiemployer Plan under Section 4041A of ERISA or      the institution by PBGC of proceedings to terminate a Multiemployer Plan      under Section 4042 of ERISA;or |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (j) | the      receipt by any Obligor or any ERISA Affiliate of any notice, or the      receipt by any Multiemployer Plan from any Obligor or any ERISA Affiliate      of any notice, that a Multiemployer Plan is in endangered or critical      status under Section 305 ofERISA. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | Adjusted      Consolidated EBITDA for suchperiod; |
|--------|-----|---------------------------------------------------|

|   | (b) | the      sum of the following (withoutdouble-counting): |
|--------|-----|---------------------------------------------------------|

|   | (i) | cash      taxes and Consolidated Interest Expense paid in cash for such      period; |
|--------|-----|--------------------------------------------------------------------------------------|

----

|   | (ii) | all      scheduled principal payments made in respect of Financial Indebtedness      during such period; |
|--------|------|----------------------------------------------------------------------------------------------------------|

|   | (iii) | all      Covenant Capital Expenditures made during such period (to the extent      funded by earnings counted in the calculation of Adjusted Consolidated      EBITDA); |
|--------|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iv) | any      changes to Working Capital during suchperiod; |
|--------|------|--------------------------------------------------------|

|   | (v) | any      amount applied to fund any cash reserve required under the Finance      Documents, including the DSA Required Balance, the DSRA Required Balance      and the CNRA Required Balance in suchperiod; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (vi) | non-scheduled      principal payments with respect to any Loan in such  period; |
|--------|------|---------------------------------------------------------------------------------|

|   | (vii) | the      cash portion of the purchase price and other reasonable      acquisition-related costs paid by the Borrower for Permitted Acquisitions      in such period; |
|--------|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (viii) | any      one (1) time non-recurring cash expense;  and |
|--------|--------|-------------------------------------------------------------|

|   | (ix) | Transaction      Costs during such period (solely to the extent added back to net income in      the calculation of Adjusted Consolidated  EBITDA). |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | with      Net Cash Proceeds received in connectionwith: |
|--------|-----|---------------------------------------------------------|

|   | (i) | an      Insurance and Condemnation Event or an Asset Disposition and reinvested in      accordance with Clause 7.5 (Mandatory Prepayment -      Insurance and Condemnation Events);or |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (ii) | an      Equity Issuance; or |
|--|------|-----------------------------|

|   | (b) | by      the issuance of Capital Stock of the Borrower to the seller (or an      affiliate thereof) of the related CapitalAsset. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | Facility      A; and |
|--------|-----|----------------------|

|   | (b) | Facility B, |
|--------|-----|------------------|

----

|   | (a) | in      relation to an Original Lender, the amount in Dollars set opposite its      name under the heading “Facility A Commitments      US$” in Part A (Facility A) of Schedule      1 (Lenders and      Commitments) and the amount of any other Facility A Commitment      transferred to it under this Agreement;and |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | in      relation to any other Lender, the amount of any other Facility A      Commitment transferred to it under this  Agreement, |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | in      relation to an Original Lender, the amount in Dollars set opposite its      name under the heading “Facility B Commitments      US$” in Part B (Facility B) of Schedule      1 (Lenders and      Commitments) and the amount of any other Facility B Commitment      transferred to it under this Agreement;and |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | in      relation to any other Lender, the amount of any other Facility B      Commitment transferred to it under this  Agreement, |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | the      twenty-fourth (24th) Satellite      has reached its final altitude; |
|--------|-----|----------------------------------------------------------------------------------------|

----

|   | (b) | the      testing of the twenty-fourth (24th) Satellite      has been completed and the Borrower has provided to the COFACE Agent a      certificate signed by a Responsible Officer certifying that the Borrower      has delivered to its relevant insurer a confirmation that the Satellite      Performance Criteria has been successfully met in respect of the      twenty-fourth (24th) Satellite      (and attaching a copy of such confirmation to such certificate);      and |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | each      Satellite has drifted into its final orbital plane    position, |
|--------|-----|---------------------------------------------------------------------------|

|   | (a) | this      Agreement; |
|--------|-----|----------------------|

|   | (b) | the      Accounts Agreement; |
|--------|-----|------------------------------|

|   | (c) | the      Supplier Direct Agreement; |
|--------|-----|-------------------------------------|

|   | (d) | the      LSP Direct Agreement; |
|--------|-----|--------------------------------|

|   | (e) | each      Security Document; |
|--------|-----|------------------------------|

|   | (f) | each      Guarantee Agreement; |
|--------|-----|--------------------------------|

|   | (g) | any      Transfer Certificate; |
|--------|-----|--------------------------------|

|   | (h) | each      Promissory Note; |
|--------|-----|----------------------------|

|   | (i) | the      Supplier Guarantee; |
|--------|-----|------------------------------|

|   | (j) | the      Subordination Deed; and |
|--------|-----|----------------------------------|

|   | (k) | any      other document designated in writing as a “Finance Document” by      the COFACE Agent and the Borrower (acting  reasonably), |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | the      COFACE Agent; |
|--------|-----|------------------------|

|   | (b) | each      Mandated Lead Arranger; |
|--------|-----|-----------------------------------|

|   | (c) | the      Security Agent; and |
|--------|-----|------------------------------|

|   | (d) | the      Lenders, |
|--------|-----|-------------------|

----

|   | (a) | all      liabilities, obligations and indebtedness for borrowed money including,      but not limited to, obligations evidenced by bonds, debentures, notes or      other similar instruments of any suchperson; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | all      obligations of the Borrower or any of its Subsidiaries to pay the deferred      purchase price of property or services, to the extent classified as debt      in accordance with GAAP (including, without limitation, all obligations      under non-competition, earn-out or similar agreements), except Satellite      Vendor Obligations and trade payables arising in the ordinary course of      trading: |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | not      more than ninety (90) days past due;or |
|--------|-----|------------------------------------------------------|

|   | (ii) | being      duly contested by the Borrower in goodfaith; |
|--------|------|---------------------------------------------------------|

|   | (c) | the      Attributable Indebtedness of the Borrower or any of its Subsidiaries with      respect to the obligations of the Borrower or such Subsidiary in respect      of Capital Leases and Synthetic Leases (regardless of whether accounted      for as indebtedness under GAAP); |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | all      Financial Indebtedness of any third party secured by a Lien on any asset      owned or being purchased by the Borrower or any of its Subsidiaries      (including indebtedness arising under conditional sales or other title      retention agreements), whether or not such indebtedness shall have been      assumed by the Borrower or any of its Subsidiaries or is limited in      recourse; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | all      Guarantee Obligations of the Borrower or any of its      Subsidiaries; |
|--------|-----|---------------------------------------------------------------------------------|

|   | (f) | all      obligations, contingent or otherwise, of the Borrower or any of its      Subsidiaries relative to the face amount of letters of credit, whether or      not drawn, including without limitation, any banker’s acceptances issued      for the account of the Borrower of any of its  Subsidiaries; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (g) | all      obligations of the Borrower or any of its Subsidiaries to redeem,      repurchase exchange, defease or otherwise make payments in respect of      Capital Stock of such person; and |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (h) | all      Net Hedging Obligations. |
|--------|-----|-----------------------------------|

|   | (a) | the      date that is two (2) Months after the last Launch;  or |
|--------|-----|-----------------------------------------------------------------|

|   | (b) | 15 June      2011. |
|--------|-----|-------------------------|

----

|   | (a) | twenty      five million Dollars (US$25,000,000); less |
|--------|-----|--------------------------------------------------------|

|   | (b) | the      aggregate amount of Financial Indebtedness permitted pursuant to      Clause 22.1(f)(iii) (Limitations on Financial      Indebtedness) outstanding as of such date of determination; less |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | the      aggregate amount of all investments in Foreign Subsidiaries (valued as of      the initial date of such investment without regard to any subsequent      changes in value thereof) made after the date of this Agreement and prior      to such date of determination pursuant to Clause 22.3(a)(ii)(B)      (Limitations on Loans,      Investments and Acquisitions); less |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | the      aggregate amount of all investments (valued as of the initial date of such      investment without regard to any subsequent changed in value thereof) in      Foreign Subsidiaries (or any entities that would constitute Foreign      Subsidiaries if the Borrower or one of its Subsidiaries owned more than      fifty per cent. (50%) of      the outstanding Capital Stock of such entity) made after the date of this      Agreement and prior to such date of determination pursuant to      Clause 22.3(c) (Limitations on Loans,      Investments andAcquisitions), |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | in      the case of a single transaction, that does not exceed ten million Dollars      (US$10,000,000) in value; and |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------|

|   | (ii) | which      transactions in aggregate since the date of this Agreement do not exceed      fifty million Dollars (US$50,000,000) in  aggregate, |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (a) | the      guarantee agreement dated prior to Financial Close between the Security      Agent and each Subsidiary Guarantor set out in Schedule 26 (Subsidiary Guarantors);      and |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | each      guarantee agreement (to be in substantially the same form as the guarantee      agreement referred to in paragraph (a) above) to be entered into by a      Subsidiary Guarantor in accordance with Clause 21.5 (Additional Domestic      Subsidiaries). |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | to      purchase or pay (or advance or supply funds for the purchase or payment      of) such Financial Indebtedness (whether arising by virtue of partnership      arrangements, by agreement to keep well, to purchase assets goods,      securities or services to take-or-pay, or to maintain financial statement      condition or otherwise); or |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | entered      into for the purpose of assuring in any other manner the obligee of such      Financial Indebtedness of the payment thereof or to protect such obligee      against loss in respect thereof (in whole or in  part), |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (a) | which      are or become defined as hazardous wastes, hazardous substances,      pollutants, contaminants, chemical substances or mixtures or toxic      substances under any EnvironmentalLaw; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | which      are toxic, explosive, corrosive, flammable, infectious, radioactive,      carcinogenic, mutagenic or otherwise harmful to human health or the      environment and are or become regulated by any Governmental      Authority; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | the      presence of which require investigation or remediation under any      Environmental Law; |
|--------|-----|---------------------------------------------------------------------------------------------------|

|   | (d) | the      possession, use, storage, discharge, emission or release of which requires      a permit or licence under any Environmental Law or other      Authorisation; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | the      presence of which could be deemed to constitute a nuisance or a trespass      or threatens to pose a health or safety hazard to persons or neighbouring      properties; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (f) | which      consist of underground or above ground storage tanks, whether empty,      filled or partially filled with any substance;  or |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------|

|   | (g) | which      contain, without limitation, asbestos, polychlorinated biphenyls, urea      formaldehyde foam insulation, petroleum hydrocarbons, petroleum derived      substances or waste, crude oil, nuclear fuel, natural gas or synthetic      gas. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (a) | the      relevant Satellite has reached its final  altitude; |
|--------|-----|--------------------------------------------------------------|

|   | (b) | the      relevant Satellite is fully operational and properly integrated into the      constellation; |
|--------|-----|-------------------------------------------------------------------------------------------------------|

|   | (c) | the      testing of the relevant Satellite has been completed and the Borrower has      provided to the COFACE Agent a certificate signed by a Responsible Officer      certifying that the Borrower has delivered to its relevant insurer a      confirmation that the Satellite Performance Criteria has been successfully      met in respect of the relevant Satellite (and attaching a copy of such      confirmation to such certificate);and |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | the      relevant Satellite has drifted into its final orbital plane      position, |
|--------|-----|-------------------------------------------------------------------------------------|

|   | (a) | in      relation to a Loan, each period determined in accordance with      Clause 9 (Interest      Periods); and |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------|

|   | (b) | in      relation to an Unpaid Sum, each period determined in accordance with      Clause 8.3 (Default      Interest). |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------|

----

|   | (a) | the      landlord waiver and consent agreement made between Four Sierra, LLC as      landlord and the Security Agent; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------|

|   | (b) | the      landlord waiver and consent agreement made between Orinda Equity Partners,      LLC as landlord and the SecurityAgent; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | the      landlord waiver and consent agreement made between Sebring Airport      Authority as landlord and the Security Agent;  and |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | any      other agreement or document which the Security Agent and the Borrower      (acting reasonably) from time to time designate as a “Landlord Waiver and Consent      Agreement” for the purposes of this  Agreement, |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (a) | any      Original Lender; and |
|--------|-----|-------------------------------|

|   | (b) | any      bank, financial institution, trust, fund or other entity which has become      a Party in accordance with Clause 26 (Changes to the      Lenders), |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | the      applicable Screen Rate; or |
|--------|-----|-------------------------------------|

|   | (b) | (if      no Screen Rate is available for Dollars for the Interest Period of that      Loan) the arithmetic mean of the rates (rounded upwards to      four (4) decimal places) as supplied to the COFACE Agent at its      request quoted by the Reference Banks to leading banks in the London      interbank market, |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | a      period shorter than one (1) Month, the reference shall be one (1) Month;      or |
|--------|-----|-----------------------------------------------------------------------------------------|

|   | (ii) | a      period longer than one (1) Month and which does not correspond to an exact      number of Months, the relevant rate shall be determined by using a linear      interpolation of the LIBOR according to usual practice in the      international monetary market. |
|--------|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | the      Capital Expenditure Account; |
|--------|-----|---------------------------------------|

----

|   | (b) | the      Borrower Contingent Equity Account; |
|--------|-----|----------------------------------------------|

|   | (c) | the      Convertible Note Reserve Account; |
|--------|-----|--------------------------------------------|

|   | (d) | the      Debt Service Reserve Account; and |
|--------|-----|--------------------------------------------|

|   | (e) | the      Insurance Proceeds Account. |
|--------|-----|--------------------------------------|

|   | (a) | a      Facility A Loan; and |
|--------|-----|----------------------------------|

|   | (b) | a      Facility B Loan, |
|--------|-----|------------------------------|

|   | (a) | if      there are no Loans then outstanding, a Lender or Lenders whose Commitments      aggregate more than seventy five per cent. (75%) of      the Total Commitments (or, if the Total Commitments have been reduced to      zero, aggregated more than seventy five per cent. (75%) of      the Total Commitments immediately prior to the reduction);    or |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | at      any other time, a Lender or Lenders whose participations in the Loans then      outstanding aggregate more than seventy five per cent. (75%) of      all the Loans then outstanding. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | the      properties, business, operations, prospects or condition (financial or      otherwise) of the Borrower and its Subsidiaries, taken as a whole;      or |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | the      legality, validity or enforceability of any provision of any Transaction      Document; or |
|--------|-----|-----------------------------------------------------------------------------------------------------|

----

|   | (c) | the      rights and remedies of any Finance Party under any of the Finance      Documents; or |
|--------|-----|-----------------------------------------------------------------------------------------------|

|   | (d) | the      security interests provided under the Security Documents or the value      thereof; or |
|--------|-----|-------------------------------------------------------------------------------------------------|

|   | (e) | its      ability to perform any of its obligations under the Finance      Documents, |
|--------|-----|--------------------------------------------------------------------------------------|

|   | (a) | any      contract or other agreement, written or oral, of the Borrower or any of      its Subsidiaries involving monetary liability of or to any such person in      an amount in excess of ten million Dollars (US$10,000,000) per annum;      or |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | any      other contract or agreement, written or oral, of the Borrower or any of      its Subsidiaries the failure to comply with which could reasonably be      expected to have a Material AdverseEffect, |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | the      Borrower; |
|--------|-----|--------------------|

|   | (b) | each      Subsidiary Guarantor; |
|--------|-----|---------------------------------|

|   | (c) | Globalstar      Canada Satellite Co.; |
|--------|-----|---------------------------------------|

|   | (d) | each      Licence Subsidiary (including, GCL Licensee  LLC); |
|--------|-----|--------------------------------------------------------------|

|   | (e) | any      Subsidiary of the Borrower which, in the opinion of the COFACE Agent      (acting reasonably), is of material operational or strategic importance to      the business of the Group; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (f) | any      Subsidiary of the Borrower which has gross assets (excluding intra group      items) representing ten per cent. (10%) or      more of the gross assets of the Group;and |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (g) | any      Subsidiary of the Borrower which has gross revenues per annum from all sources      including intra-company revenues which are allocated to such Subsidiary of      ten million Dollars (US$10,000,000) or more in  aggregate. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (i) | subject      to paragraph (ii) below: |
|--|-----|--------------------------------------------|

|   | (A) | the      contribution of a Subsidiary of the Borrower will be determined from its      financial statements which were consolidated into the latest relevant      financial statements; and |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (B) | the      financial condition of the Group will be determined from the latest      relevant financial statements; |
|--------|-----|------------------------------------------------------------------------------------------------------------------|

|   | (ii) | if      a Subsidiary of the Borrower becomes a member of the Group after the date      on which the latest relevant financial statements were      prepared: |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (A) | the      contribution of the Subsidiary will be determined from its latest      financial statements; and |
|--------|-----|-----------------------------------------------------------------------------------------------------------|

|   | (B) | the      financial condition of the Group will be determined from the latest      relevant financial statements but adjusted to take into account any      subsequent acquisition or disposal of a business or a company (including      that Subsidiary); |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | the      contribution of a Subsidiary will, if it has Subsidiaries, be determined      from its consolidated financialstatements; |
|--------|-------|-----------------------------------------------------------------------------------------------------------------------------------|

|   | (iv) | if      a Material Subsidiary disposes of all or substantially all of its assets      to another member of the Group, it will immediately cease to be a Material      Subsidiary and the other member of the Group (if it is not the Company or      already a Material Subsidiary) will immediately become a Material      Subsidiary; |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (v) | a      Subsidiary of the Borrower (if it is not already a Material Subsidiary)      will become a Material Subsidiary on completion of any other intra-Group      transfer or reorganisation if it would have been a Material Subsidiary had      the intra-Group transfer or reorganisation occurred on the date of the      latest relevant financial statements;and |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (vi) | except      as specifically mentioned in paragraph (iv) above, a member of the      Group will remain a Material Subsidiary until the next relevant financial      statements show otherwise under paragraph (i)  above. |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (a) | (subject      to paragraph (c) below) if the numerically corresponding day is not a      Business Day, that period shall end on the next Business Day in that      calendar month in which that period is to end if there is one, or if there      is not, on the immediately preceding Business  Day; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | if      there is no numerically corresponding day in the calendar month in which      that period is to end, that period shall end on the last Business Day in      that calendar month; and |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | if      an Interest Period begins on the last Business Day of a calendar month,      that Interest Period shall end on the last Business Day in the calendar      month in which that Interest Period is toend. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | with      respect to any Equity Issuance, Asset Disposition or Debt Issuance, the      gross cash proceeds received by the Borrower or any of its Subsidiaries      therefrom less      all legal, underwriting, placement agents and other commissions,      discounts, premiums, fees and expenses incurred in connection therewith;      and |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | with      respect to any Insurance and Condemnation Event, the gross cash proceeds      received by the Borrower or any of its Subsidiaries less the sum      of: |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | all      fees and expenses in connection therewith;and |
|--------|-----|--------------------------------------------------------|

|   | (ii) | the      principal amount of, premium, if any, and interest on any Financial      Indebtedness secured by a Lien on the asset (or a portion thereof) subject      to such Insurance and Condemnation Event, which Financial Indebtedness is      expressly permitted under this Agreement and required to be repaid in      connection therewith. |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (a) | the      principal of and interest on (including interest accruing after the filing      of any bankruptcy or similar petition) the  Loans; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | all      Hedging Obligations; and |
|--------|-----|-----------------------------------|

|   | (c) | all      other fees and commissions (including attorneys’ fees), charges,      indebtedness, loans, liabilities, financial accommodations, obligations,      covenants and duties owing by the Borrower or any of its Subsidiaries to      the Finance Parties, in each case under any Finance Documents or      otherwise, with respect to any Loan direct or indirect, absolute or      contingent, due or to become due, contractual or tortuous, liquidated or      unliquidated, and whether or not evidenced by any  note. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | the      Borrower; |
|--------|-----|--------------------|

|   | (b) | Thermo;      and |
|--------|-----|------------------|

|   | (c) | each      Subsidiary Guarantor, |
|--------|-----|---------------------------------|

----

|   | (a) | no      less than fifteen (15) days prior to the proposed closing date of      such acquisition, the Borrower shall have delivered written notice and      financial details of such acquisition to the COFACE Agent, which notice      shall include the proposed closing date of such    acquisition; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | the      Borrower shall have certified on or before the closing date of such      acquisition, in writing and in a form reasonably acceptable to the COFACE      Agent (acting on the instructions of the Majority Lenders), that such      acquisition has been approved by the board of directors or equivalent      governing body of the TargetCompany; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | the      Target Company shall be in a substantially similar line of business as the      Borrower and its Subsidiaries pursuant to Clause 22.12 (Nature of Business) or      a parallel business the acquisition of which would be of commercial or      strategic importance to suchbusiness; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | if      such proposed transaction is a merger with respect to the Borrower or any      Subsidiary Guarantor, the Borrower shall have received the prior written      consent of the COFACE Agent to suchtransaction; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | such      proposed transaction shall not include or result in any actual or      contingent liabilities that could reasonably be expected to be material to      the business, financial condition, operations or prospects of the Borrower      and its Subsidiaries, taken as awhole; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (f) | if      such proposed transaction is in respect of a Target Company which has      negative Adjusted Consolidated EBITDA, the prior written consent of the      COFACE Agent shall be requiredunless: |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | such      proposed transaction: |
|--------|-----|---------------------------------|

|   | (A) | is      in respect of a Target Company which is an international gateway operator;      and |
|--------|-----|---------------------------------------------------------------------------------------------|

|   | (B) | the      cash consideration of such transaction does not exceed five million      Dollars (US$5,000,000) invalue, |
|--------|-----|-------------------------------------------------------------------------------------------------------------------|

----

|   | (ii) | the      relevant Target Company (other than an international gateway operator) has      for the twelve (12) Month period prior to the date of the proposed      transaction a negative Adjusted Consolidated EBITDA no greater than two      million Dollars (US$2,000,000) in aggregate when taking into account all      other acquisitions with negative Adjusted Consolidated EBITDA made      following the date of thisAgreement. |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (A) | any      reference to “the      Borrower and its Subsidiaries” in the definitions of Consolidated      EBITDA, Consolidated Net Income, Equity Issuance, Subordinated      Indebtedness, Capital Interest Expense and Capital Lease (and any other      definition used in the calculation of Adjusted Consolidated EBITDA) shall      be construed as being a reference to “the Target Company and its      Subsidiaries”; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (B) | any      reference to “the      Borrower” in the definitions of Consolidated EBITDA, Consolidated      Net Income, Equity Issuance, Subordinated Indebtedness, Capital Interest      Expense and Capital Lease (and any other definition used in the      calculation of Adjusted Consolidated EBITDA) shall be construed as being a      reference to “the Target      Company”; and |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (C) | any      reference to “Subsidiary” in the      definitions of Consolidated EBITDA, Consolidated Net Income, Equity      Issuance, Subordinated Indebtedness, Capital Interest Expense and Capital      Lease (and any other definition used in the calculation of Adjusted      Consolidated EBITDA) shall be construed as being a reference to a      Subsidiary of a Target Company; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (g) | the      Borrower shall have delivered to the COFACE  Agent: |
|--------|-----|--------------------------------------------------------------|

|   | (i) | forward      looking financial statements taking into account the proposed transaction      and demonstrating to the satisfaction of the COFACE Agent, compliance with      each of the financial covenants set out in Clause 20 (Financial Covenants) on      the proposed closing date of such acquisition and on a twelve      (12) Month projected basis;and |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | such      other documents reasonably requested by the COFACE Agent;    and |
|--------|------|----------------------------------------------------------------------------|

|   | (h) | no      Event of Default shall have occurred and be continuing both before and      after giving effect to suchacquisition. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------|

----

|   | (a) | no      less than fifteen (15) days prior to the proposed closing date (in      the case where the consent of the COFACE Agent and the Majority Lenders is      required) or after the closing date (in the case where no consent is      required) of any such investment of more than ten million Dollars      (US$10,000,000), the Borrower shall have delivered written notice of such      investment to the COFACE Agent, which notice shall include the proposed      closing date (or actual closing date, applicable) of such      investment; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | such      joint venture or partnership shall be in a substantially similar line of      business as the Borrower and its Subsidiaries pursuant to      Clause 22.12 (Nature of Business) or      a parallel business which is of commercial or strategic importance to such      business; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | the      Borrower shall have delivered to the COFACE  Agent: |
|--------|-----|--------------------------------------------------------------|

|   | (i) | such      documents reasonably requested by the COFACE Agent or any Finance Party      (through the COFACE Agent) pursuant to Clause 21.5 (Additional Domestic      Subsidiaries) to be delivered at the time required pursuant to      Clause 21.5 (Additional Domestic      Subsidiaries); |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | forward      looking financial statements taking into account the proposed transaction      and demonstrating to the satisfaction of the COFACE Agent, compliance with      each of the financial covenants set out in Clause 20 (Financial covenants) on      the proposed closing date of such investment and on a twelve      (12) Month projected basis; |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | no      Event of Default shall have occurred and be continuing both before and      after giving effect to suchinvestment; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------|

|   | (e) | if      such investment is as a general partner, such investment shall be made by      a Subsidiary that has no assets other than such investment; and in any      case, such investment shall not include or result in any contingent      liabilities that could reasonably be expected to be material to the      business, financial condition, operations or prospects of the Borrower and      its Subsidiaries, taken as a whole;and |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (f) | the      Borrower shall have obtained the prior written consent of the COFACE Agent      and the Majority Lenders prior to the consummation of such investment if      the amount (including all cash and non-cash consideration paid by or on      behalf of the Borrower and its Subsidiaries in connection with such      investment) of such investment (or series of related investments),      together with all other investments in joint ventures and partnerships      consummated during the term of this Agreement, exceeds thirty million      Dollars (US$30,000,000) in aggregate (excluding any portion of such      investment consisting of Capital Stock of the  Borrower). |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (a) | the      supply of twenty five (25) Satellites plus the long lead items      for six (6) subsequent Satellites by the Supplier pursuant to      the Satellite Construction Contract;and |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | the      launching of such Satellites by the Launch Services Provider pursuant to      the terms of the Launch ServicesContract, |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | a      United States person (as defined in Section 7701(a)(30) of the      Code); |
|--------|-----|---------------------------------------------------------------------------------------------|

----

|   | (b) | engaged      in a U.S. trade or business with which such interest is “effectively connected”      within the meaning of the Code; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | entitled      in respect of payments of interest receivable by it under this Agreement      to the benefit of a double taxation agreement with the United States      which makes provision for full exemption from tax imposed by the      United States on interest; or |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | entitled      to the benefit of the “portfolio interest”      exemption under Section 871(h) or 881(c) of the  Code. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | the      Supplier Guarantee; and |
|--------|-----|----------------------------------|

|   | (b) | each      Cash Contribution Agreement. |
|--------|-----|----------------------------------------|

----

|   | (a) | the      principle that equitable remedies may be granted or refused at the      discretion of a court; |
|--------|-----|---------------------------------------------------------------------------------------------------------|

|   | (b) | the      limitation of enforcement by laws relating to insolvency, reorganisation      and other laws generally affecting the rights of  creditors; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | the      time barring of claims under applicable statutes of      limitation; |
|--------|-----|-------------------------------------------------------------------------------|

|   | (d) | the      possibility that an undertaking to assume liability for or indemnify a      person against non-payment of stamp duty may be  void; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | defences      of set-off or counterclaim; |
|--------|-----|-------------------------------------------|

|   | (f) | a      court construing a Lien expressed to be created by way of fixed security      as being floating security; |
|--------|-----|------------------------------------------------------------------------------------------------------------------|

|   | (g) | any      additional interest imposed pursuant to any relevant agreement may be held      to be irrecoverable on the grounds that it is a  penalty; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (h) | an      English court may not give effect to any indemnity for legal costs      incurred by an unsuccessful litigant;and |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------|

|   | (i) | equivalent      principles, rights and defences under the laws of any relevant      jurisdiction. |
|--------|-----|---------------------------------------------------------------------------------------------------|

|   | (a) | an      agency of the government of; |
|--------|-----|--------------------------------------|

|   | (b) | an      organisation directly or indirectly controlled by;  or |
|--------|-----|----------------------------------------------------------------|

|   | (c) | a      person resident in a country, |
|--------|-----|--------------------------------------|

----

|   | (a) | the      Supplier to the Borrower pursuant to the Satellite Construction Contract;      or |
|--------|-----|--------------------------------------------------------------------------------------------|

|   | (b) | a      French supplier (other than the Supplier) pursuant to an agreement entered      into by the Borrower with such French supplier which is permitted by the      Finance Documents. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | are      not evidenced by any promissory note;and |
|--------|-----|---------------------------------------------------|

|   | (b) | are      not secured by any Lien on any asset or property of the Borrower or any      Subsidiary thereof other than the asset or personal property which is the      subject of such obligation. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (a) | the      Collateral Agreement; |
|--------|-----|--------------------------------|

|  | (b) | each      Mortgage; |
|--|-----|---------------------|

|   | (c) | the      Borrower Pledge of Bank Accounts; |
|--------|-----|--------------------------------------------|

|   | (d) | each      Account Control Agreement; |
|--------|-----|--------------------------------------|

|   | (e) | the      Stock Pledge Agreement; |
|--------|-----|----------------------------------|

|   | (f) | each      Landlord Waiver and ConsentAgreement; |
|--------|-----|-------------------------------------------------|

|   | (g) | each      Delegation Agreement; |
|--------|-----|---------------------------------|

|   | (h) | the      Thermo Pledge of Bank Account; |
|--------|-----|-----------------------------------------|

|   | (i) | all      other agreements conferring, or purporting to confer, security in favour      of the Finance Parties with respect to the obligations of the Borrower      under the Finance Documents entered into after the date of this Agreement      as required by the terms of thisAgreement; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (j) | all      agreements and other documents executed from time to time pursuant to any      of the foregoing; and |
|--------|-----|---------------------------------------------------------------------------------------------------------------|

|   | (k) | any      other agreement or document which the Security Agent and the Borrower      (acting reasonably) from time to time designate as a “Security Document” for      the purposes of this Agreement, |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | any      dividend paid, made or declared, other than a dividend paid exclusively in      Capital Stock or rights to acquire Capital Stock which, in each case, no      cash payment is made by theBorrower; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | any      payment by way of return on or repayment of share  capital; |
|--------|-----|----------------------------------------------------------------------|

----

|   | (c) | any      payment of cash interest or capitalised interest by the Borrower to Thermo      under the Thermo Cash Contribution Agreement or any other distribution      (whether in cash or in kind), including, without limitation, any      distribution of assets or other payment whatsoever in respect of share      capital whether directly or indirectly but excluding any distributions or      other payments pursuant to any employee stock incentive plan (howsoever      described) expressly permitted under the terms of this      Agreement; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | any      redemption, cancellation or repurchase of the Borrower’s shares or any      class of its shares other than any conversion on mandatory repurchase or      redemption of the Convertible Notes in accordance with their terms or in      connection with any employee stock incentive plan (howsoever described)      expressly permitted under the terms of this Agreement;  and |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | any      payments under a subordinated loan (including interest and      fees), |
|--------|-----|---------------------------------------------------------------------------------|

|   | (a) | has      capital sufficient to carry on its business and transactions and all      business and transactions in which it is about to engage and is able to      pay its debts as they mature; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | has      assets having a value, both at fair valuation and at present fair saleable      value, greater than the amount required to pay its probable liabilities      (including contingencies); and |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | does      not believe that it will incur debts or liabilities beyond its ability to      pay such debts or liabilities as theymature. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | subordinated      in right and time of payment to the Obligations pursuant to an Acceptable      Intercreditor Agreement (provided that the      Borrower shall be entitled to pay PIKInterest); |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | to      be applied by the Borrower or the relevant Subsidiary (as the case may be)      towards: |
|--------|-----|--------------------------------------------------------------------------------------------------|

|   | (i) | financing      costs directly arising from the construction and Launch of the Satellites      or additional satellites; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------|

----

|   | (ii) | financing      payments due by the Borrower to second generation ground segment vendors;      and/or |
|--------|------|------------------------------------------------------------------------------------------------------|

|   | (iii) | payment      of the Borrower’s working capital and general corporate      purposes; |
|--------|-------|-------------------------------------------------------------------------------------------|

|   | (c) | containing      such other terms and conditions, in each case as are reasonably      satisfactory to the COFACE Agent;and |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------|

|   | (d) | the      issuance of such Financial Indebtedness shall not cause, and could not      reasonably be expected to cause, aDefault. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | each      direct or indirect Domestic Subsidiary of the Borrower in existence on the      date of this Agreement and set out in Schedule 26 (Subsidiary Guarantors);      or |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | which      becomes a party to a Guarantee Agreement pursuant to Clause 21.5      (Additional Domestic      Subsidiaries). |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------|

----

|   | (a) | for      any date on or after such Hedging Agreements have been closed out and      termination value(s) determined in accordance therewith, such termination      value(s); and |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | for      any date prior to the date referenced in paragraph (a), the amount(s)      determined as the mark-to-market value(s) for such Hedging Agreements, as      determined based upon one (1) or more mid-market or other readily      available quotations provided by any recognised dealer in such Hedging      Agreements (which may include a Lender or an Affiliate of a      Lender). |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | Globalstar      Satellite, L.P.; |
|--------|-----|----------------------------------|

|   | (b) | Thermo;      and |
|--------|-----|------------------|

|   | (c) | Globalstar      Holdings, LLC. |
|--------|-----|--------------------------------|

----

|   | (a) | the      Total Facility A Commitments;and |
|--------|-----|------------------------------------------------|

|   | (b) | the      Total Facility B Commitments. |
|--------|-----|---------------------------------------------|

|   | (a) | each      Finance Document; |
|--------|-----|-----------------------------|

|   | (b) | each      Commercial Contract; |
|--------|-----|--------------------------------|

|   | (c) | each      Cash Contribution Agreement; |
|--------|-----|----------------------------------------|

|   | (d) | the      Thermo Cash Contribution Agreement; |
|--------|-----|----------------------------------------------|

|   | (e) | any      Acceptable Intercreditor Agreement;and |
|--------|-----|-------------------------------------------------|

|   | (f) | each      Material Communications Licence, |
|--------|-----|--------------------------------------------|

----

|   | (a) | the      proposed Transfer Date specified in the Transfer Certificate;      and |
|--------|-----|---------------------------------------------------------------------------------|

|   | (b) | the      date on which the COFACE Agent executes the Transfer      Certificate. |
|--------|-----|---------------------------------------------------------------------------------|

----

| 1.2 | Construction |
|-----|--------------|

|   | (a) | Unless      a contrary indication appears, any reference in this Agreement      to: |
|--------|-----|-------------------------------------------------------------------------------------|

|   | (i) | the      “COFACE Agent”,      any “Finance      Party”, any “Lender”, any “Mandated Lead Arranger”,      an “Obligor”, any      “Party” or the      “Security Agent”      shall be construed so as to include its successors in title, permitted      assigns and permitted transferees; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | “assets” includes present      and future properties, revenues and rights of every      description; |
|--------|------|------------------------------------------------------------------------------------------------------------------|

|   | (iii) | “determines” or “determined” means a      determination made in the absolute discretion of the person making the      determination; |
|--------|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iv) | the      “equivalent” on      any given date in one currency (the “first currency”) of an      amount denominated in another currency (the “second currency”) is a      reference to the amount of the first currency which could be purchased      with the second currency at the Spot Rate of Exchange for the purchase of      the first currency with the secondcurrency; |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (v) | a      “Finance Document”      or any other agreement or instrument is a reference to that Finance      Document or other agreement or instrument as amended, novated,      supplemented, extended or restated; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (vi) | “guarantee” means any      guarantee, letter of credit, bond, indemnity or similar assurance against      loss, or any obligation, direct or indirect, actual or contingent, to      purchase or assume any indebtedness of any person or to make an investment      in or loan to any person or to purchase assets of any person where, in      each case, such obligation is assumed in order to maintain or assist the      ability of such person to meet itsindebtedness; |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (vii) | “include” or “including” are to be      construed without limitation; |
|--------|-------|-----------------------------------------------------------------------------------------------|

|   | (viii) | “indebtedness” includes      any obligation (whether incurred as principal or as surety) for the      payment or repayment of money, whether present or future, actual or      contingent; |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ix) | a      “person” includes      any individual, firm, company, corporation, government, state or agency of      a state or any association, trust, joint venture, consortium or      partnership (whether or not having separate legal      personality); |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (x) | a      “regulation”      includes any regulation, rule, official directive, request or guideline      (whether or not having the force of law) of any governmental,      intergovernmental or supranational body, agency, department or regulatory,      self-regulatory or other authority or  organisation; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (xi) | a      provision of law is a reference to that provision as amended or      re-enacted; and |
|--------|------|---------------------------------------------------------------------------------------------|

|   | (xii) | a      time of day is a reference to Paristime. |
|--------|-------|-------------------------------------------------|

|   | (b) | Section,      Clause and Schedule headings are for ease of reference    only. |
|--------|-----|-------------------------------------------------------------------------------|

|   | (c) | Unless      a contrary indication appears, a term used in any other Finance Document      or in any notice given under or in connection with any Finance Document      has the same meaning in that Finance Document or notice as in this      Agreement. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | A      Default (other than an Event of Default) is “continuing” if it has      not been remedied or waived and an Event of Default is “continuing” if it has      not been waived. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1.3 | Accounting      Terms |
|-----|-----------------------|

| 1.4 | UCC  Terms |
|-----|------------|

| 1.5 | Third Party      Rights |
|-----|-------------------------|

|   | (a) | Unless      expressly provided to the contrary in a Finance Document a person who is      not a Party has no right under the Contracts (Rights of Third Parties)      Act 1999 (the “Third      Parties Act”) to enforce or to enjoy the benefit of any term of      this Agreement. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Notwithstanding      any term of any Finance Document the consent of any person who is not a      Party is not required to rescind or vary this Agreement at any      time. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2. | THE      FACILITIES |
|----|---------------------|

| 2.1 | Facility A and Facility      B |
|-----|-------------------------------------|

|   | (a) | Dollar      term loan facility in an aggregate amount equal to the Total      Facility A Commitments (“Facility A”);      and |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (b) | Dollar      term loan facility in an aggregate amount equal to the Total      Facility B Commitments (“Facility      B”). |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------|

| 2.2 | Finance Parties’ Rights and      Obligations |
|-----|----------------------------------------------------|

|   | (a) | The      obligations of each Finance Party (other than the Lenders) under the      Finance Documents are several.  Failure by a Finance Party      (other than a Lender) to perform its obligations under the Finance      Documents does not affect the obligations of any other Party under the      Finance Documents.  No Finance Party (other than a Lender) is      responsible for the obligations of any other Finance Party (other than a      Lender) under the FinanceDocuments. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | The      obligations of each Lender under the Finance Documents are joint and      several.  Each Party agrees that this Clause 2.2(b) is for      the benefit of the Lenders only and the Borrower acknowledges that it has      no rights of any kind whatsoever under this      Clause 2.2(b). |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | The      rights of each Finance Party under or in connection with the Finance      Documents are separate and independent rights and any debt arising under      the Finance Documents to a Finance Party from an Obligor shall be a      separate and independent debt. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | A      Finance Party may, except as otherwise stated in the Finance Documents,      separately enforce its rights under the Finance  Documents. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.3 | Commercial      Contracts |
|-----|---------------------------|

| 3. | PURPOSE |
|----|---------|

| 3.1 | Purpose – Facility      A |
|-----|---------------------------------|

|   | (a) | Payments to the      Supplier |
|--------|-----|-------------------------------|

----

|   | (b) | Reimbursement to the      Borrower |
|--------|-----|------------------------------------|

|   | (i) | towards      payment to the Launch Services Provider of amounts not funded by      Facility B in an amount not exceeding two hundred and sixteen million      Dollars (US$216,000,000); |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | towards      payment to Hughes in an amount not exceeding eighty seven million Dollars      (US$87,000,000); |
|--------|------|--------------------------------------------------------------------------------------------------------------|

|   | (iii) | towards      payment to Ericsson in an amount not exceeding eight million Dollars      (US$8,000,000); and |
|--------|-------|------------------------------------------------------------------------------------------------------------|

|   | (iv) | towards      payment of the Borrower’s working capital and general corporate purposes      in an amount not exceeding one hundred and fifty million Dollars      (US$150,000,000), |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | Payment of the COFACE Insurance      Premia |
|--------|-----|---------------------------------------------|

| 3.2 | Purpose – Facility      B |
|-----|---------------------------------|

|   | (a) | Payments to the Launch Services      Provider |
|--------|-----|-----------------------------------------------|

|   | (b) | Payment of the COFACE Insurance      Premia |
|--------|-----|---------------------------------------------|

| 3.3 | Monitoring |
|-----|------------|

----

| 3.4 | Sub-Limits |
|-----|------------|

|   | (a) | Clause 3.1(a)      (Payments to the      Supplier) and Clause 3.1(b) (Reimbursement to the      Borrower) shall not exceed five hundred twenty eight million twenty      six thousand eight hundred and forty four Dollars      (US$528,026,844); |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Clause 3.1(b)      (Reimbursement to the      Borrower) shall not exceed three hundred nine million five hundred      forty three thousand six hundred and twenty six Dollars (US$309,543,626);      and |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | Clause 3.2(a)      (Payments to the Launch      Services Provider) shall not exceed twenty one million six hundred      thousand Dollars (US$21,600,000). |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4. | CONDITIONS      OF UTILISATION |
|----|--------------------------------|

| 4.1 | Initial Conditions      Precedent |
|-----|-----------------------------------|

| 4.2 | Further Conditions      Precedent |
|-----|-----------------------------------|

|   | (a) | no      Default is continuing or would be likely to result from the proposed      Loan; |
|--------|-----|-----------------------------------------------------------------------------------------|

|   | (b) | the      Repeating Representations to be made by the Borrower are true in all      material respects; |
|--------|-----|-------------------------------------------------------------------------------------------------------|

|   | (c) | the      credit insurance cover under the COFACE Insurance Policy extended by      COFACE in favour of the Lenders in respect of each Facility is in full      force and effect and has not been suspended or cancelled, and the COFACE      Agent shall, in its sole discretion, be satisfied that all conditions of      the COFACE Insurance Policy and of the credit insurance cover with respect      to such COFACE Insurance Policy have been satisfied in full and that the      credit insurance coverage will apply to such  Utilisation; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | each      Commercial Contract is in full force and effect and has not been      suspended, interrupted, cancelled, terminated, amended or modified in any      material respect (otherwise than as authorised by the COFACE Agent) and no      arbitration or other legal proceedings have been initiated between the      Borrower and the Supplier and/or Launch Services Provider (as the case may      be) in respect of a CommercialContract; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | for      any Utilisation Request made for the purpose referred to in      Clause 3.1(b) (Reimbursement to the      Borrower), the COFACE Agent shall have received evidence that the      payment to the Supplier of the corresponding Invoices has been      made; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (f) | each      of the documents, information and other evidence specified in and required      to be enclosed with each Utilisation Request and Qualifying Certificate,      together with any other documents, information or evidence requested by      the COFACE Agent (on behalf of the Lenders) and/or the French Authorities      from time to time, shall have been delivered to the COFACE Agent (in form      and substance satisfactory to the COFACEAgent); |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (g) | the      Borrower shall have paid or arranged for payment when  due: |
|--------|-----|----------------------------------------------------------------------|

|   | (i) | all      fees, costs, expenses, charges and other amounts due and payable by it      under this Agreement on the Utilisation Date for such Utilisation;      and |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | any      and all other amounts due and payable under this Agreement on such      Utilisation Date; the Borrower shall have delivered to the COFACE Agent      such evidence of payment as the COFACE Agent may reasonably request;      and |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (h) | in      respect of any payment to the Supplier, the Launch Services Provider      and/or the Borrower in accordance with Clause 3.1(a) (Payments to the      Supplier), 3.1(b) (Reimbursement to the      Borrower) and 3.2(a) (Payments to the Launch      Services Provider), the Supplier and/or the Launch Services      Provider (as the case may be) has delivered to the COFACE Agent a      Qualifying Certificate, which: |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | conforms      to the amount and payment timing specified in the relevant Utilisation      Request; and |
|--------|-----|--------------------------------------------------------------------------------------------------------|

|   | (ii) | to      the extent applicable, specifies whether such Loan is to be applied in      payment: |
|--------|------|----------------------------------------------------------------------------------------------|

|   | (A) | of      a portion of the Contract Price directly to the Supplier or the Launch      Services Provider (as the case may be);or |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------|

|   | (B) | by      reimbursement to the Borrower to the account directed by the Borrower in      the Utilisation Request of any portion of the Contract Price paid by the      Borrower to the Supplier or the Launch Services Provider (as the case may      be); |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | a      certificate from a Responsible Officer certifying that each of the      eight (8) Satellites referred to in Schedule 16 (Satellites) has been      launched, is in-service and is fully operational (in form and substance      satisfactory to the COFACE Agent);and |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (j) | the      conditions in Clause 5 (Utilisation) have been      fulfilled. |
|--------|-----|------------------------------------------------------------------------------|

----

| 4.3 | Conditions Precedent to Certain      Utilisations |
|-----|---------------------------------------------------|

|   | (a) | no      later than one hundred and twenty (120) days prior to the first day      of the Scheduled Launch Period, the COFACE Agent shall have received the      drafts of the Launch Insurance Documentation, in compliance with the      provisions of Clause 21.4 (Insurance) and in form      and substance satisfactory to the COFACE Agent;  and |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | no      later than ninety (90) days prior to each scheduled Launch date, the      Borrower shall have delivered to the COFACE Agent the Launch Insurance      Documentation duly executed by each party thereto together      with: |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | the      Loss Payee Clause; |
|--------|-----|-----------------------------|

|   | (ii) | each      certificate in respect of the Launch Insurance Documentation referred to      in Clause 21.4(c)(ii) (Launch Insurance);      and |
|--------|------|-------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | evidence      that all premia due at that time has been paid in full in compliance with      Clause 21.4(c)(ii) (Launch Insurance) and      in form and substance satisfactory to the COFACE  Agent. |
|--------|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.4 | Failure to Satisfy Conditions      Precedent |
|-----|----------------------------------------------|

|   | (a) | The      Borrower agrees that all the initial conditions precedent referred to in      Clause 4.1 (Initial      Conditions Precedent) must be fulfilled within sixty (60) days      of the date of this Agreement. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Subject      to paragraph (c) below, if the Borrower is unable to fulfil any such      conditions precedent within such sixty (60) day time period, each      Lender’s Commitment shall be immediately cancelled and each Lender shall      have no further obligations under this  Agreement. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | Each      Lender’s Commitment shall not be cancelled pursuant to paragraph (b)      above if each of the initial conditions precedent has been satisfied by      the Borrower except for the condition precedent referred to in      paragraph 8 (COFACE      Insurance Policy) of Schedule 2 (Conditions Precedent)      but only to the extent that the COFACE Insurance Policy has not been      issued by COFACE for a reason not attributable to a breach by the Borrower      of the terms of the COFACE InsurancePolicy. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5. | UTILISATION |
|----|-------------|

| 5.1 | Delivery of a Utilisation      Request |
|-----|----------------------------------------|

|   | (a) | The      Borrower may utilise a Facility by delivery to the COFACE Agent of a duly      completed Utilisation Request not later than 11:00 a.m. (Paris      time) ten (10) Business Days prior to the proposed Utilisation      Date. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (b) | Each      Utilisation Request shall instruct the COFACE Agent to remit the amount      utilised on behalf of the Borrowerto: |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | the      Supplier and/or the Launch Services Provider’s account, as the case may      be, as part of the payment of the relevant Contract Price;    or |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | in      relation to a reimbursement to the Borrower under Facility A, such account      as directed by the Borrower in the Utilisation  Request. |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.2 | Borrower’s      Mandate |
|-----|-------------------------------|

|   | (a) | The      Borrower irrevocably authorises and mandates the COFACE Agent (on its      behalf and for its account): |
|--------|-----|------------------------------------------------------------------------------------------------------------------|

|   | (i) | in      the case of Facility A: |
|--------|-----|---------------------------------|

|   | (A) | to      pay the Supplier with respect to any Eligible Amount under the Satellite      Construction Contract, upon presentation of the documents set out in      Schedule 11 (Payment      Terms); |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (B) | to      reimburse the Borrower for any payments in respect of Eligible Goods and      Services under the Satellite Construction Contract which exceed fifteen      per cent.      (15%) of the Satellite Construction Contract’s Contract Price;      and |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (C) | to      pay to the COFACE Agent the COFACE Insurance  Premia; |
|--------|-----|---------------------------------------------------------------|

|   | (ii) | in      the case of Facility B: |
|--------|------|---------------------------------|

|   | (A) | to      pay the Launch Services Provider with respect to any Eligible Amount under      the Launch Services Contract, upon presentation of the documents set out      in Schedule 11 (Payment      Terms); and |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (B) | to      pay to the COFACE Agent the COFACE Insurance  Premia. |
|--------|-----|---------------------------------------------------------------|

|   | (b) | This      mandate is irrevocable. |
|--------|-----|-----------------------------------|

|   | (c) | The      payment terms set out in Schedule 11 (Payment Terms) may only      be amended with the prior written consent of the COFACE Agent (acting on      the instructions of all theLenders). |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | The      Borrower agrees that any Utilisation made under or pursuant to this      Clause 5 shall be deemed to have been made to or for the benefit of      the Borrower and the Borrower waives all rights of protest it may have to      the contrary. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.3 | Examination of      Documents |
|-----|-------------------------------|

|   | (a) | The      COFACE Agent’s role in examining the documents set out in Schedule 11      (Payment Terms)      shall be limited to verifying that such documents appear on their face to      be what is indicated in such Schedule 11 (Payment Terms) and the      COFACE Agent shall bear no other responsibility in connection      thereof.  Such role shall be construed in accordance with the      terms of Article 14 of the Uniform Customs and Practice for      Documentary Credits of the International Chamber of Commerce 2007 Revision      (Publication 600). |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (b) | The      COFACE Agent and the Lenders shall not be responsible for any delay in      making available any Loans resulting from any requirement for the delivery      of further information or documents required by the COFACE Agent to      confirm the relevant conditions precedent in this Agreement have been      met. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.4 | Completion of a Utilisation      Request |
|-----|------------------------------------------|

|   | (a) | Each      Utilisation Request is irrevocable and will not be regarded as having been      duly completed unless: |
|--------|-----|------------------------------------------------------------------------------------------------------------------|

|   | (i) | the      proposed Utilisation Date is a Business Day within the Availability Period      applicable to that Facility; and |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | the      currency and amount of the Utilisation comply with Clause 5.5 (Currency and      Amount). |
|--------|------|---------------------------------------------------------------------------------------------------------|

|   | (b) | Only      one (1) Loan may be requested in each Utilisation      Request. |
|--------|-----|--------------------------------------------------------------------------------|

|   | (c) | The      Borrower may only deliver one (1) Utilisation Request in each Month      in respect of each Facility. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------|

| 5.5 | Currency and      Amount |
|-----|--------------------------|

|   | (a) | Payments to the      Supplier |
|--------|-----|-------------------------------|

|   | (b) | Payments to the Launch Services      Provider |
|--------|-----|-----------------------------------------------|

|   | (c) | Reimbursement to the      Borrower |
|--------|-----|------------------------------------|

----

|   | (d) | Facility A – Payment of      the COFACE Insurance Premia |
|--------|-----|---------------------------------------------------------------------|

|   | (e) | Facility B – Payment of      the COFACE Insurance Premia: |
|--------|-----|----------------------------------------------------------------------|

|   | (f) | Facility A – Minimum      Amount |
|--------|-----|---------------------------------------------|

|   | (g) | Facility B – Minimum      Amount |
|--------|-----|---------------------------------------------|

| 5.6 | Lenders’      Participation |
|-----|-----------------------------------|

|   | (a) | If      the conditions set out in this Agreement have been met, each Lender shall      make its participation in each Loan available by the Utilisation Date      through its Facility Office. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | The      amount of each Lender’s participation in each Loan will be equal to the      proportion borne by its Available Commitment to the Available Facility      immediately prior to making theLoan. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | The      COFACE Agent shall notify each Lender of the amount of each Loan and the      amount of its participation in that Loan by 11:00 a.m. (Paris time) on a      Business Day which is seven (7) Business Days      prior to the proposed Utilisation Date for such    Utilisation. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.7 | Cancellation of      Commitment |
|-----|---------------------------------|

----

| 6. | REPAYMENT |
|----|-----------|

| 6.1 | Repayment |
|-----|-----------|

|   | (a) | The      Borrower shall make such repayments as may be necessary to ensure that on      each of the dates set out in the Repayment Schedule (each a “Repayment Date”) the      aggregate amount of the Loans is reduced by an amount equal to the product      of the aggregate amount of the Loans as at the close of business in Paris      on the last day of the Availability Period and the percentage (as set out      next to the relevant Repayment Date) in the Repayment Schedule which      corresponds to such Repayment Date.  Notwithstanding anything to      the contrary in Clause 6.1(b) below, all outstanding Loans will in any      event be repaid in full by the Borrower by the Final Maturity      Date. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | If      a Launch Failure occurs or there is a failure to bring a Satellite into      full service and the Borrower elects to order a replacement Satellite in      accordance with Clause 7.5(b) (Mandatory Prepayment -      Insurance and Condemnation Events), the Lenders (acting      unanimously) may, subject to a specific approval from COFACE, upon written      request from the Borrower consent to an adjustment to the repayment      profile of the Facilities. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6.2 | Reborrowing |
|-----|-------------|

| 7. | PREPAYMENT      AND CANCELLATION |
|----|----------------------------------|

| 7.1 | Illegality |
|-----|------------|

|   | (a) | that      Lender shall promptly notify the COFACE Agent upon becoming aware of that      event; |
|--------|-----|-------------------------------------------------------------------------------------------------|

|   | (b) | upon      the COFACE Agent notifying the Borrower, the Commitment of that Lender      will be immediately cancelled; and |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------|

|   | (c) | the      Borrower shall repay that Lender’s participation in the Loans made to the      Borrower on the last day of the Interest Period for each Loan occurring      after the COFACE Agent has notified the Borrower or, if earlier, the date      specified by the Lender in the notice delivered to the COFACE Agent (being      no earlier than the last day of any applicable grace period permitted by      law). |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7.2 | Mandatory Prepayment -      Exit |
|-----|----------------------------------|

|   | (a) | For      the purposes of thisClause 7.2: |
|--------|-----|-----------------------------------------------|

----

|   | (i) | the      Thermo Group shall at any time and for any reason fail to own and control      (without being subject to a voting trust, voting agreement, shareholders      agreement or any other agreement limiting or affecting the voting of such      stock other than any agreement entered into among the members of Thermo      Group and their Affiliates which agreement is not otherwise inconsistent      with this Agreement), free and clear of any Lien, at least forty per cent. (40%) of      both the economic and voting interests in the Borrower’s Capital Stock      (assuming that all convertible instruments, warrants or options then      outstanding have been exercised);or |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | any      “person” (other      than the Thermo Group) together with its Affiliates owns or acquires      (together with all stock that such person or Affiliate has the right to      acquire whether such right is exercisable immediately or only after the      passage of time), directly or indirectly, of twenty five per cent. (25%) or      more of the economic or voting interests in the Borrower’s Capital Stock      (assuming that all convertible instruments, warrants or options then      outstanding have been exercised);or |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | any      “person” or      “group” (as such      terms are used in Sections 13(d) and 14(d) of the US Securities      Exchange Act of 1934 (the “Exchange Act”)) Acting      in Concert or otherwise (other than Thermo Group), is or shall become the      “beneficial      owner” (as defined in Rules 13(d)-3 and 13(d)-5 under the      Exchange Act, except that a person shall be deemed to have beneficial      ownership of all stock that such person has the right to acquire whether      such right is exercisable immediately or only after the passage of time),      directly or indirectly, of thirty three per cent. (33%) or      more of the economic or voting interests in the Borrower’s Capital Stock      (assuming that all convertible instruments, warrants or options then      outstanding have been exercised);or |
|--------|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iv) | the      board of directors of the Borrower shall cease to consist of a majority of      Continuing Directors. |
|--------|------|----------------------------------------------------------------------------------------------------------------|

----

|   | (i) | James      Monroe III (or, in the event of his death or Incapacity, his      executors, trustees, heirs or legal representatives) shall at any time and      for any reason fail to own and control (without being subject to a voting      trust, voting agreement, shareholders agreement or any other agreement      limiting or affecting the voting of such stock), free and clear of any      Lien, at least forty per cent. (40%) of      both the economic and voting interests in any member of the Thermo Group’s      Capital Stock (assuming that all convertible instruments, warrants or      options then outstanding have been exercised);  or |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | any      “person” or      “group” (as such      terms are used in Sections 13(d) and 14(d) of the US Securities      Exchange Act of 1934 (the “Exchange Act”)), Acting      in Concert or otherwise, is or shall become the “beneficial owner” (as      defined in Rules 13(d)-3 and 13(d)-5 under the Exchange Act, except      that a person shall be deemed to have beneficial ownership of all stock      that such person has the right to acquire whether such right is      exercisable immediately or only after the passage of time), directly or      indirectly, of twenty five per cent. (25%) or      more of the economic or voting interests in any member of the Thermo      Group’s Capital Stock (assuming that all convertible instruments, warrants      or options then outstanding have been exercised);  or |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | the      board of directors (or its equivalent) of any member of the Thermo Group      shall cease to consist of a majority of Continuing Directors;      or |
|--------|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iv) | James      Monroe III (or, in the event of his death or Incapacity, his      executors, trustees, heirs or legal representatives) shall cease to have      the power to elect or remove a majority of the board of directors (or its      equivalent) of any member of the Thermo Group;  or |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (v) | any      “change of      control” or similar event shall occur under any document with      respect to any equity or debt instrument issued or incurred by the Thermo      Group. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | The      Borrower must promptly notify the COFACE Agent if it becomes aware that      the circumstances referred to in paragraph (c) below have occurred or      are likely to occur. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | Upon      the occurrence of a Change of Control, the Total Commitments shall be      cancelled and all outstanding Loans, together with accrued interest and      all other amounts accrued under the Finance Documents, shall become      immediately due and payable. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7.3 | Mandatory Prepayment – Initial      Excess Cash Flow |
|-----|------------------------------------------------------------|

|   | (a) | firstly,      provided no      Default has occurred and is continuing, in or towards payment of a portion      of the Borrower’s obligations to Thermo under the Thermo Cash Contribution      Agreement, through payment: |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (i) | directly      to the DSRA Providers on behalf of Thermo in the proportions directed by      Thermo to the Borrower in writing;and |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | if      Thermo’s obligations to the DSRA Providers under the Relevant Agreements      have been repaid in full, to Thermo in reimbursement of any amounts      previously paid directly by Thermo to the DSRA Providers under the      Relevant Agreements and not previously reimbursed by the Borrower to      Thermo, |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (A) | thirty      five million Dollars (US$35,000,000) plus the drawn amount paid to the      Borrower by the Supplier under the Supplier Guarantee; less |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (B) | any      previous payments pursuant to this Clause 7.3(a) (Mandatory Prepayment – Initial      Excess Cash Flow), Clause 5.2(b)(i) and (ii) (Permitted Withdrawals from the      Collection Account) of the Accounts Agreement, Clause 9.3 (Excess Funding in the Debt      Service Account) of the Accounts Agreement and/or Clause 7.4(a)      (Mandatory Prepayment –      Ongoing Excess Cash Flow)below. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | secondly,      in an amount up to fifty million Dollars (US$50,000,000) (the “Retained Excess Amount”)      by way of transfer to the Capital Expenditure Account in accordance with      the Accounts Agreement; and |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | finally,      in mandatory prepayment of the Loans, in an amount determined by the      Borrower (and verified by the COFACE Agent) five (5) Business Days      prior to the First Repayment Date (taking into account all accrued Excess      Cash Flow less      the amounts paid pursuant to Clauses 7.3(a) and (b)      above), |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 7.4 | Mandatory Prepayment – Ongoing      Excess Cash Flow |
|-----|------------------------------------------------------------|

|   | (a) | firstly, provided no Default      has occurred and is continuing, in or towards payment of a portion of the      Borrower’s obligations to Thermo under the Thermo Cash Contribution      Agreement, through payment: |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | directly      to the DSRA Providers on behalf of Thermo in the proportions directed by      Thermo to the Borrower in writing;and |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | if      Thermo’s obligations to the DSRA Providers under the Relevant Agreements      have been repaid in full, to Thermo in reimbursement of any amounts      previously paid directly by Thermo to the DSRA Providers under the      Relevant Agreements and not previously reimbursed by the Borrower to      Thermo, |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (A) | thirty      five million Dollars (US$35,000,000) plus the drawn amount paid to the      Borrower by the Supplier under the Supplier Guarantee; less |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (B) | any      previous payments pursuant to this Clause 7.4(a) (Mandatory Prepayment – Initial      Excess Cash Flow), Clause 5.2(b)(i) and (ii) (Permitted Withdrawals from the      Collection Account) of the Accounts Agreement, Clause 9.3 (Excess Funding in the Debt      Service Account) of the Accounts Agreement and/or Clause 7.3(a)      (Mandatory Prepayment –      Ongoing Excess Cash Flow)above. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | secondly,      in an amount up to the Retained Excess Amount by way of transfer to the      Capital Expenditure Account in accordance with the Accounts Agreement, to      the extent not already funded pursuant to Clause 7.3(b) (Mandatory Prepayment – Initial      Excess Cash Flow) or any previous transfer pursuant to this      provision; and |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (c) | thirdly,      in mandatory prepayment of the Loans provided that, such      prepayment shall not apply to the first ten million Dollars      (US$10,000,000) of Excess Cash Flow which accrues in each such Debt      Service Period. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7.5 | Mandatory Prepayment -      Insurance and CondemnationEvents |
|-----|--------------------------------------------------------------|

|   | (a) | Subject      to Clauses 7.5(b) below, the Borrower shall prepay the Loans in an      amount equal to one hundred per cent. (100%)      of the aggregate Net Cash Proceeds from any Insurance and Condemnation      Event and other extraordinary recoveries by the Borrower or any of its      Subsidiaries. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Such      prepayments shall be made within three (3) Business Days after      receipt of the Net Cash Proceeds from any Insurance and Condemnation Event      by the Borrower or any of its Subsidiaries, provided that so long      as no Event of Default has occurred and is continuing (and so long as no      action is being taken under Clause 24 (Remedies Upon an Event of      Default)), no prepayment shall be  required: |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | in      connection with such Insurance and Condemnation Event yielding in      aggregate less than five hundred thousand Dollars (US$500,000) in Net Cash      Proceeds; or |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | with      respect to any such Net Cash Proceeds which are committed by the Borrower      to be reinvested in replacement assets of French suppliers or the      procurement or Launch of a Satellite or Satellites acquired or planned to      be acquired pursuant to the then current business plan of the Borrower (as      evidenced by a contractual agreement for the purchase or acquisition of      assets) within six (6) Months after receipt of such Net Cash Proceeds      and the proceeds arising out of the relevant Insurance are placed into the      Insurance Proceeds Account (such account to be secured in favour of the      Security Agent (for and on behalf of itself and the other Finance      Parties)) and, provided      that no action is being taken under Clause 24 (Remedies Upon an Event of      Default), will be applied by the COFACE Agent in payment to a      supplier of such replacement asset or replacement Satellite, any long lead      items, launch services, insurances or other costs directly arising in      relation to such purchase or Launch in accordance with the terms and      conditions agreed between the Borrower and the Supplier.  Any      excess in Net Cash Proceeds after taking into account such payments and      costs shall be transferred to the Collection Account in accordance with      the Accounts Agreement. |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7.6 | Mandatory Prepayments – Asset      Dispositions |
|-----|-------------------------------------------------------|

|   | (a) | The      Borrower shall prepay the Loans in an amount equal to one hundred per cent. (100%)      of the aggregate Net Cash Proceeds from any Asset Disposition by the      Borrower or any of itsSubsidiaries. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (b) | Such      prepayment shall be made within three (3) days after the date of      receipt of the Net Cash Proceeds of any such transaction by the Borrower      or any of its Subsidiaries, provided that, so long      as no Default has occurred and is continuing, no prepayment shall be      required pursuant to thisClause 7.6: |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | in      connection with such Asset Dispositions yielding less than five hundred      thousand Dollars (US$500,000) in Net Cash Proceeds;  or |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | with      respect to any such Net Cash Proceeds whichare: |
|--------|------|-----------------------------------------------------------|

|   | (A) | reinvested      within six (6) Months after receipt of such Net Cash Proceeds by such      person in replacement assets (useful to the Borrower and its Subsidiaries      in the conduct of business in accordance with Clause 22.12 (Nature of Business));      or |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (B) | committed      (as evidenced by a contractual agreement for the purchase or acquisition      of assets with a vendor of such assets) within six (6) Months after      receipt of such Net Cash Proceeds by such person to be reinvested in the      procurement or Launch of a Satellite or Satellites acquired or to be      acquired pursuant to the then current business plan of the      Borrower. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7.7 | Mandatory Prepayment – COFACE      Insurance Policy |
|-----|-----------------------------------------------------------|

| 7.8 | Voluntary      Cancellation |
|-----|-----------------------------|

|   | (a) | gives      the COFACE Agent not less than twenty (20) Business Days’ (or such      shorter period as the Majority Lenders may agree) prior notice;      and |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | delivers      to the COFACE Agent a certificate signed by a Responsible Officer      demonstrating that the Borrower has sufficient funds to finance the      Project to the satisfaction of the COFACE Agent after any such      cancellation, |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7.9 | Voluntary Prepayment of the      Loans |
|-----|----------------------------------------|

|   | (a) | The      Borrower may, if it gives the COFACE Agent not less than twenty      (20) Business Days’ (or such shorter period as the Majority Lenders      may agree) prior notice, prepay the whole or any part of the Loans (but,      if in part, being an amount that reduces the amount of the Loans by a      minimum amount of one million Dollars (US$1,000,000)).  The      Borrower may make a prepayment in accordance with this Clause 7.9 on      a Repayment Date. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (b) | If      such a prepayment is made on a day other than the last day of an Interest      Period, the Borrower shall make that prepayment together with any Break      Costs in accordance with Clause 10.4 (Break Costs), without      premium or penalty. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | The      Loans may only be prepaid after the last day of the Availability Period      (or, if earlier, the day on which the Available Facility is zero      (0)). |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | Any      prepayment under this Clause 7.9 shall satisfy the obligations under      Clause 6.1 (Repayment) against the      outstanding repayment instalments in inverse order of      maturity. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7.10 | Right of Repayment and      Cancellation in relation to a Single  Lender |
|------|--------------------------------------------------------------------------|

|   | (a) | If: |
|--------|-----|-----|

|   | (i) | any      sum payable to any Lender by the Borrower is required to be increased      under paragraph (c) of Clause 13.1 (Tax Gross-up);      or |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | any      Lender claims indemnification from the Borrower under Clause 13.2      (Tax Indemnity)      or Clause 14.1 (Increased      Costs), |
|--------|------|-------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | On      receipt of a notice referred to in paragraph (a) above, the      Commitment of that Lender shall immediately be reduced to zero      (0). |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | On      the last day of each Interest Period which ends after the Borrower has      given notice under paragraph (a) above (or, if earlier, the date      specified by the Borrower in that notice), the Borrower shall repay that      Lender’s participation in thatLoan. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7.11 | Application of Mandatory      Prepayments |
|------|-------------------------------------------|

|   | (a) | pro rata among the      Facilities and within each Facility;and |
|--------|-----|-----------------------------------------------------------------|

|   | (b) | in      inverse order of maturity across the remaining scheduled repayments under      each Facility. |
|--------|-----|-------------------------------------------------------------------------------------------------------|

----

| 7.12 | Restrictions |
|------|--------------|

|   | (a) | Any      notice of cancellation or prepayment given by the Borrower under this      Clause 7 shall be irrevocable and, unless a contrary indication      appears in this Agreement, shall specify the date or dates upon which the      relevant cancellation or prepayment is to be made and the amount of that      cancellation or prepayment. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Any      prepayment under this Agreement shall be made together with accrued      interest on the amount prepaid and, subject to any Break Costs, without      premium or penalty. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | The      Borrower may not reborrow any part of a Facility which is      prepaid. |
|--------|-----|----------------------------------------------------------------------------------|

|   | (d) | The      Borrower shall not repay or prepay all or any part of the Loans or cancel      all or any part of the Commitments except at the times and in the manner      expressly provided for in thisAgreement. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | No      amount of the Total Commitments cancelled under this Agreement may be      subsequently reinstated. |
|--------|-----|-------------------------------------------------------------------------------------------------------------|

|   | (f) | If      the COFACE Agent receives a notice under this Clause 7 it shall      promptly forward a copy of that notice to either the Borrower or the      affected Lender, as appropriate. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (g) | The      Borrower shall promptly notify the COFACE Agent (but in any event no later      than three (3) Business Days) of any payment pursuant to this      Clause 7, and the COFACE Agent shall promptly notify the Lenders (but      in any event no later than five (5) Business Days) of the      same. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8. | INTEREST |
|----|----------|

| 8.1 | Calculation of      Interest |
|-----|------------------------------|

|   | (a) | Applicable      Margin; |
|--------|-----|-------------------------|

|   | (b) | LIBOR;      and |
|--------|-----|-----------------|

|   | (c) | Mandatory      Cost, if any. |
|--------|-----|------------------------------|

| 8.2 | Payment of      Interest |
|-----|--------------------------|

----

| 8.3 | Default      Interest |
|-----|-----------------------|

|   | (a) | If      an Obligor fails to pay any amount payable by it under a Finance Document      on its due date, interest shall accrue on the overdue amount from the due      date up to the date of actual payment (both before and after judgment) at      a rate which, subject to paragraph (b) below, is two per cent. (2%)      higher than the rate which would have been payable if the overdue amount      had, during the period of non-payment, constituted a Loan in the currency      of the overdue amount for successive Interest Periods, each of a duration      selected by the COFACE Agent (acting reasonably).  Any interest      accruing under this Clause 8.3 shall be immediately payable by the      Borrower on demand by the COFACEAgent. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | If      any overdue amount consists of all or part of a Loan which became due on a      day which was not the last day of an Interest Period relating to that      Loan: |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | the      first Interest Period for that overdue amount shall have a duration equal      to the unexpired portion of the current Interest Period relating to that      Loan; and |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | the      rate of interest applying to the overdue amount during that first Interest      Period shall be two per cent. (2%)      higher than the rate which would have applied if the overdue amount had      not become due. |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | Default      interest (if unpaid) arising on an overdue amount will be compounded with      the overdue amount at the end of each Interest Period applicable to that      overdue amount but will remain immediately due and  payable. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8.4 | Notification of Rates of      Interest |
|-----|----------------------------------------|

| 9. | INTEREST      PERIODS |
|----|-----------------------|

| 9.1 | Interest      Periods |
|-----|-----------------------|

|   | (a) | The      Interest Period for which any Loan is outstanding shall be divided into      successive Interest Periods each of which shall start on the last day of      the preceding such Interest Period. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | The      initial Interest Period for eachLoan: |
|--------|-----|------------------------------------------------|

|   | (i) | shall      start on (and include) the Utilisation Date of such Loan and end on (but      excluding) the last day of such Interest Period.  Each      subsequent Interest Period in respect of such Loan shall start (and      include) on the last day of the previous Interest Period and end on (but      excluding) the last day of the relevant Interest Period provided that, the      Interest Period occurring prior to the First Repayment Date shall start      (and include) on the last day of the previous Interest Period and end on      (but excluding) the First Repayment Date;and |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | after      the first Utilisation shall start on (and include) the Utilisation Date of      the relevant Loan and end on (but excluding) the last day of the current      Interest Period for the firstUtilisation. |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 9.2 | Duration |
|-----|----------|

|   | (a) | The      duration of each Interest Period shall, save as otherwise provided in this      Agreement, be six (6) Months or such other period as the COFACE Agent      may agree, provided      that any Interest Period that would otherwise extend beyond a      Repayment Date relating to any Loan shall be of such duration that it      shall end on that Repayment Date.  Each following Interest      Period shall end on the following Repayment  Date. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | An      Interest Period for a Loan shall not extend beyond the Final Maturity      Date. |
|--------|-----|------------------------------------------------------------------------------------------|

| 9.3 | Non-Business      Days |
|-----|------------------------|

| 9.4 | Consolidation of      Loans |
|-----|-----------------------------|

|   | (a) | relate      to Loans; and |
|--------|-----|---------------------------|

|   | (b) | end      on the same date, |
|--------|-----|----------------------------|

| 10. | CHANGES      TO THE CALCULATION OF INTEREST |
|-----|---------------------------------------------|

| 10.1 | Absence of      Quotations |
|------|----------------------------|

| 10.2 | Market      Disruption |
|------|------------------------|

|   | (a) | If      a Market Disruption Event occurs in relation to a Loan for any Interest      Period, then the rate of interest on each Lender’s share of that Loan for      the Interest Period shall be the percentage rate per annum which is      the sum of: |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | the      Applicable Margin; |
|--------|-----|-----------------------------|

|   | (ii) | the      rate notified to the COFACE Agent by that Lender as soon as practicable      and in any event before interest is due to be paid in respect of that      Interest Period, to be that which expresses as a percentage rate      per annum the cost to that Lender of funding its participation in      that Loan from whatever source it may reasonably select;    and |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (iii) | the      Mandatory Cost, if any, applicable to that Lender’s participation in the      Loan. |
|--------|-------|----------------------------------------------------------------------------------------------------|

|   | (b) | In      this Agreement “Market      Disruption Event” means: |
|--------|-----|--------------------------------------------------------------------------|

|   | (i) | at      or about noon on the Quotation Day for the relevant Interest Period the      Screen Rate is not available and none or only one (1) of the      Reference Banks supplies a rate to the COFACE Agent to determine LIBOR for      Dollars for the relevant Interest Period;or |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | before      close of business in London on the Quotation Day for the relevant Interest      Period, the COFACE Agent receives notifications from a Lender or Lenders      (whose participations in a Loan exceed thirty per cent. (30%) of      that Loan) that the cost to it or them of obtaining matching deposits in      the London interbank market would be in excess of  LIBOR. |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.3 | Alternative Basis of Interest      or Funding |
|------|-----------------------------------------------|

|   | (a) | If      a Market Disruption Event occurs and the COFACE Agent or the Borrower so      requires, the COFACE Agent and the Borrower shall enter into negotiations      (for a period of not more than thirty (30) days) with a view to      agreeing a substitute basis for determining the rate of      interest. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Any      alternative basis agreed pursuant to paragraph (a) above shall, with      the prior consent of all the Lenders and the Borrower, be binding on all      Parties. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.4 | Break    Costs |
|------|----------------|

|   | (a) | The      Borrower shall, within three (3) Business Days of demand by a Finance      Party, pay to that Finance Party its Break Costs attributable to all or      any part of a Loan or Unpaid Sum being paid by the Borrower on a day other      than the last day of an Interest Period for that Loan or Unpaid      Sum. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Each      Lender shall, as soon as reasonably practicable after a demand by the      Agent, provide a certificate confirming the amount of its Break Costs for      any Interest Period in which theyaccrue. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 11. | FEES |
|-----|------|

| 11.1 | Commitment      Fee |
|------|---------------------|

|   | (a) | The      Borrower shall pay to the COFACE Agent (for the account of each Lender) a      fee computed at the rate of one point fifteen per cent. (1.15%)      per annum on that Lender’s daily undrawn Available Commitment      under: |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | Facility A      for the Availability Period applicable to Facility A;  and |
|--------|-----|---------------------------------------------------------------------------------|

|   | (ii) | Facility B      for the Availability Period applicable to Facility  B. |
|--------|------|-----------------------------------------------------------------------------|

----

|   | (b) | The      accrued commitment fee is payable: |
|--------|-----|---------------------------------------------|

|   | (i) | on      the last day of each successive period of six (6) Months which ends      during the Availability Period; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------|

|   | (ii) | on      the last day of the Availability Period;and |
|--------|------|-----------------------------------------------------|

|   | (iii) | if      cancelled in full, on the cancelled amount of the relevant Lender’s      Commitment at the time the cancellation is  effective. |
|--------|-------|-----------------------------------------------------------------------------------------------------------------------------------------------|

| 11.2 | Up-front    Fee |
|------|-----------------|

|   | (a) | The      Borrower shall pay to the COFACE Agent (for the account of each Mandated      Lead Arranger) an arrangement fee in an amount equal to two point eight      per cent.      (2.8%) of the aggregate principal amount of the Total Commitments as at      the date of this Agreement (the “Up-front      Fee”). |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | The      Up-front Fee shall be due on the date of this Agreement and payable on the      earlier of: |
|--------|-----|------------------------------------------------------------------------------------------------------|

|   | (i) | sixty      (60) days from the date of this Agreement;  and |
|--------|-----|-----------------------------------------------------------------|

|   | (ii) | Financial      Close. |
|--------|------|-----------------------|

| 11.3 | COFACE Agent      Fees |
|------|------------------------|

|   | (a) | The      Borrower shall pay to the COFACE Agent (for its own account) an annual      agency fee of fifteen thousand Dollars (US$15,000) (the “COFACE Agent Fee”),      which must be paid annually in advance in accordance with      paragraph (b) below. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | The      first payment of this COFACE Agent Fee is payable at Financial      Close.  Each subsequent payment is payable on each anniversary      of the date of this Agreement for as long as any Commitment is in force or      amount is outstanding under the Finance  Documents. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 11.4 | Security Agent      Fees |
|------|--------------------------|

|   | (a) | The      Borrower shall pay to the Security Agent (for its own account) an annual      agency fee of thirty thousand Dollars (US$30,000) (the “Security Agent Fee”),      which must be paid annually in advance in accordance with      paragraph (b) below. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | The      first payment of this Security Agent Fee is payable at Financial      Close.  Each subsequent payment is payable on each anniversary      of the date of this Agreement for as long as any Commitment is in force or      amount is outstanding under the Finance  Documents. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 11.5 | Non-Refundable |
|------|----------------|

----

| 12. | COFACE      INSURANCE PREMIA |
|-----|------------------------------|

| 12.1 | Payment by the      Borrower |
|------|------------------------------|

| 12.2 | Financing with Proceeds of      Loans |
|------|---------------------------------------|

|   | (a) | Subject      to all the other terms and conditions of this Agreement, the COFACE      Insurance Premia shall be financed from the first Utilisation under the      Facilities. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Loans      made under a Facility on account of the COFACE Insurance Premia shall be      included in the principal amount of a Facility and repaid to the COFACE      Agent in accordance with the relevant provisions in this Agreement and the      Borrower shall pay interest on such amount at the rates determined under,      and in accordance with, Clause 8 (Interest) and repay      such amount together with all other principal as stated in Clause 6.1      (Repayment). |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 12.3 | Borrower’s Payment      Obligations |
|------|-------------------------------------------|

|   | (a) | The      Borrower acknowledges that the obligation to pay one hundred per cent. (100%)      of the COFACE Insurance Premia as and when it arises is absolute and      unconditional.  If the COFACE Insurance Premia due and payable      is not financed or paid out of any Loans under this Agreement or in the      event that the undrawn amount under a Facility is not sufficient to      finance one hundred per cent. (100%)      of the COFACE Insurance Premia due to COFACE under the COFACE Insurance      Policy, the Borrower shall pay directly to the COFACE Agent the amount of      any such COFACE Insurance Premia not so financed or  paid. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Subject      to Clause 12.3(c) below, as of the date of this Agreement the premia      due to COFACE shall be calculated at a rate estimated to be six point      sixty eight per cent. (6.68%),      and in an estimated amount being the aggregate  of: |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | thirty      five million two hundred seventy two thousand two hundred and seventy six      Dollars (US$35,272,276) in respect of Facility A;  and |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | one      million four hundred and forty two thousand eight hundred and eighty      Dollars (US$1,442,880) in respect of FacilityB. |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (c) | The      COFACE Agent will only be notified of the actual amount of the COFACE      Insurance Premia on the date of final issuance of each COFACE Insurance      Policy.  Following receipt of each COFACE Insurance Policy, the      COFACE Agent shall promptly notify the Borrower of the actual amount of      the COFACE Insurance Premia.  If the actual amount of the COFACE      Insurance Premia is greater than the estimated amount set out in      paragraph (b) above, the Borrower shall be obliged to make payment of      the actual amount of the COFACE Insurance Premia.  Accordingly,      the estimated amount provided in Clauses 3.1(c) (Payment of the COFACE      Insurance Premia) and 3.2(b) (Payment of the COFACE      Insurance Premia) shall be automatically increased or reduced by      the amounts required to ensure the payment of the premiums after      adjustment by COFACE, which would result in an increase or reduction by a      corresponding amount in the Total Commitments subject to available      Commitments).  The Borrower acknowledges that the obligation to      pay the COFACE Insurance premia related to this Agreement is absolute and      unconditional. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | Notwithstanding      the above a minimum premium being, as of the date of this Agreement, in an      amount equal to the Dollar equivalent of one thousand five hundred and      fifteen Euros (€1,515) shall be paid to COFACE by the Borrower in respect      of each COFACE Insurance Policy upon the execution of the relevant COFACE      Insurance Policy.  Such amounts shall remain the property of      COFACE and are accordingly payable by the Borrower to COFACE in any      event. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | Subject      to paragraph (f) below, the Borrower shall not be entitled to claim      any credit or reimbursement of the COFACE Insurance Premia, including in      the event of a cancellation, an acceleration or a prepayment of any Loan      under this Agreement. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (f) | Notwithstanding      paragraph (e) above and subject to paragraph (g)      below: |
|--------|-----|---------------------------------------------------------------------------------------------|

|   | (i) | with      respect to any partial cancellation of any undisbursed amount of a      Facility; and/or |
|--------|-----|----------------------------------------------------------------------------------------------------|

|   | (ii) | immediately      following the end of the Availability Period, where an Available      Commitment remains outstanding, |
|--------|------|------------------------------------------------------------------------------------------------------------------------|

|   | (g) | No      reimbursement of the COFACE Insurance premia shall be made by the COFACE      Agent if: |
|--------|-----|-------------------------------------------------------------------------------------------------|

|   | (i) | a      Default shall have occurred and be continuing;  and |
|--------|-----|------------------------------------------------------------|

|   | (ii) | the      COFACE Agent has not received funds from COFACE in an amount equal to the      COFACE Insurance Premia to bereimbursed. |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------|

----

| 13. | TAX      GROSS-UP AND INDEMNITIES |
|-----|-----------------------------------|

| 13.1 | Tax    Gross-up |
|------|-----------------|

|   | (a) | The      Borrower shall make all payments to be made by it without any Tax      Deduction, unless a Tax Deduction is required by  law. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | The      Borrower shall, promptly upon becoming aware that it must make a Tax      Deduction (or that there is any change in the rate or the basis of a Tax      Deduction) notify the COFACE Agent accordingly.  Similarly, a      Lender shall notify the COFACE Agent on becoming so aware in respect of a      payment payable to that Lender.  If the COFACE Agent receives      such notification from a Lender it shall notify the    Borrower. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | If      a Tax Deduction is required by law to be made by the Borrower, the amount      of the payment due from the Borrower shall be increased to an amount which      (after making any Tax Deduction) leaves an amount equal to the payment      which would have been due if no Tax Deduction had been      required. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | If      the Borrower is required to make a Tax Deduction, it shall make that Tax      Deduction and any payment required in connection with that Tax Deduction      within the time allowed and in the minimum amount required by      law. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | Within      thirty (30) days of making either a Tax Deduction or any payment      required in connection with that Tax Deduction, the Borrower making that      Tax Deduction shall deliver to the COFACE Agent for the Finance Party      entitled to the payment evidence reasonably satisfactory to that Finance      Party that the Tax Deduction has been made or (as applicable) any      appropriate payment paid to the relevant taxing  authority. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (f) | The      Borrower is not required to make an increased payment to a Lender under      paragraph (c) above for a Tax Deduction in respect of Tax from a      payment of interest on any Loan, if on the date on which the payment falls      due: |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | the      payment could have been made to the relevant Lender without a Tax      Deduction if it was a Qualifying Lender, but on that date that Lender is      not, or has ceased to be, a Qualifying Lender other than as a result of      any change after the date it became a Lender under this      Agreement: |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (A) | in      (or in the interpretation, administration, or application of) any law or      double taxation agreement, or any published practice or concession of any      relevant authority; or |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (B) | in      the circumstance of the Borrower;or |
|--------|-----|---------------------------------------------|

|   | (ii) | the      Borrower is able to demonstrate that the payment could have been made to      the Lender without the Tax Deduction had that Lender complied with its      obligations under paragraph (g)below. |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (g) | Each      Lender agrees to use reasonable efforts (consistent with legal and      regulatory restrictions and subject to overall policy considerations of      such Lender) to file any Withholding Forms as requested by the Borrower      that may be necessary to establish an exemption from withholding of      U.S. federal income taxes. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 13.2 | Tax      Indemnity |
|------|--------------------|

|   | (a) | The      Borrower shall (within three (3) Business Days of demand by the      COFACE Agent) pay to a Protected Party an amount equal to the loss,      liability or cost which that Protected Party determines will be or has      been (directly or indirectly) suffered for or on account of Tax by that      Protected Party in respect of a Finance  Document. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Paragraph (a)      above shall not apply with respect to any Tax assessed on a Finance      Party: |
|--------|-----|---------------------------------------------------------------------------------------------------------|

|   | (i) | under      the law of the jurisdiction in which that Finance Party is incorporated      or, if different, the jurisdiction (or jurisdictions) in which that      Finance Party is treated as resident for tax purposes;  or |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | under      the law of the jurisdiction in which that Finance Party’s Facility Office      is located in respect of amounts received or receivable in that      jurisdiction, |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (A) | is      compensated for by an increased payment under Clause 13.1 (Tax Gross-up);      or |
|--------|-----|------------------------------------------------------------------------------------------------|

|   | (B) | would      have been compensated for by an increased payment under Clause 13.1      (Tax Gross-up)      but was not so compensated solely because one of the exclusions in      paragraph (f) of Clause 13.1 (Tax Gross-up)      applied. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | A      Protected Party making, or intending to make a claim under      paragraph (a) above shall promptly notify the COFACE Agent of the      event which will give, or has given, rise to the claim, following which      the COFACE Agent shall notify theBorrower. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | A      Protected Party shall, on receiving a payment from the Borrower under this      Clause 13.2, notify the COFACEAgent. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------|

| 13.3 | Tax    Credit |
|------|---------------|

|   | (a) | a      Tax Credit is attributable either to an increased payment of which that      Tax Payment forms part, or to that Tax Payment;  and |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | that      Finance Party has obtained, utilised and retained that Tax      Credit, |
|--------|-----|-----------------------------------------------------------------------------------|

----

|   | (i) | any      Finance Party may determine, in its sole discretion consistent with the      policies of such Finance Party, whether to seek a Tax    Credit; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | if      such Tax Credit is subsequently disallowed or reduced, the Borrower shall      indemnify the Finance Party for such amount;and |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | nothing      in this Clause 13.3 shall require a Finance Party to disclose any      confidential information to the Borrower (including, without limitation,      its tax returns or itscalculations). |
|--------|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 13.4 | Stamp    Taxes |
|------|----------------|

| 13.5 | Value Added      Tax |
|------|----------------------|

|   | (a) | All      amounts set out, or expressed to be payable under a Finance Document by      any Party to a Finance Party which (in whole or in part) constitute the      consideration for VAT purposes shall be deemed to be exclusive of any VAT      which is chargeable on such supply, and accordingly, subject to      paragraph (b) below, if VAT is chargeable on any supply made by any      Finance Party to any Party under a Finance Document, that Party shall pay      to the Finance Party (in addition to and at the same time as paying the      consideration) an amount equal to the amount of the VAT (and such Finance      Party shall promptly provide an appropriate VAT invoice to such      Party). |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Where      any Party is required by any of the Finance Documents to reimburse a      Finance Party in respect of any costs or expenses, that Party shall also      at the same time pay and indemnify the Finance Party against all VAT      incurred by the Finance Party in respect of the costs or expenses to the      extent that the Finance Party reasonably determines that neither it nor      any other member of the group of which it is a member for VAT purposes is      entitled to credit or repayment from the relevant tax authority in respect      of the VAT. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 14. | INCREASED      COSTS |
|-----|----------------------|

| 14.1 | Increased      Costs |
|------|----------------------|

|   | (a) | Subject      to Clause 14.3 (Exceptions) the      Borrower shall, within five (5) Business Days of a demand by the      COFACE Agent, pay for the account of a Finance Party the amount of any      Increased Costs incurred by that Finance Party or any of its Affiliates as      a result of: |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | the      introduction of or any change in (or in the interpretation, administration      or application of) any law or regulation;or |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | compliance      with any law or regulation made after the date of this      Agreement. |
|--------|------|----------------------------------------------------------------------------------------|

|   | (b) | In      this Agreement “Increased      Costs” means: |
|--------|-----|------------------------------------------------------------------|

|   | (i) | a      reduction in the rate of return from a Facility or on a Finance Party’s      (or its Affiliate’s) overallcapital; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | an      additional or increased cost; or |
|--------|------|------------------------------------------|

|   | (iii) | a      reduction of any amount due and payable under any Finance      Document, |
|--------|-------|---------------------------------------------------------------------------------|

| 14.2 | Increased Cost      Claims |
|------|----------------------------|

|   | (a) | A      Finance Party intending to make a claim pursuant to Clause 14.1      (Increased Costs)      shall notify the COFACE Agent of the event giving rise to the claim,      following which the COFACE Agent shall promptly notify the      Borrower. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Each      Finance Party shall, as soon as practicable after a demand by the COFACE      Agent, provide a certificate confirming the amount of its Increased      Costs. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 14.3 | Exceptions |
|------|------------|

|   | (a) | attributable      to a Tax Deduction required by law to be made by the    Borrower; |
|--------|-----|-------------------------------------------------------------------------------------|

|   | (b) | compensated      for by Clause 13.2 (Tax Indemnity) (or would have      been compensated for under Clause 13.2 (Tax Indemnity) but was      not so compensated solely because any of the exclusions in      paragraph (b) of Clause 13.2 (Tax Indemnity)      applied); |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | compensated      for by the payment of the Mandatory Cost;or |
|--------|-----|--------------------------------------------------------------|

----

|   | (d) | attributable      to the wilful breach by the relevant Finance Party or its Affiliates of      any law or regulation. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------|

| 15. | OTHER      INDEMNITIES |
|-----|------------------------|

| 15.1 | Currency      Indemnity |
|------|-------------------------|

|   | (a) | If      any sum due from an Obligor under the Finance Documents (a “Sum”), or any order,      judgment or award given or made in relation to a Sum, has to be converted      from the currency (the “First Currency”) in      which that Sum is payable into another currency (the “Second Currency”) for      the purpose of: |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | making      or filing a claim or proof against anObligor; |
|--------|-----|-----------------------------------------------------------|

|   | (ii) | obtaining      or enforcing an order, judgment or award in relation to any litigation or      arbitration proceedings, |
|--------|------|------------------------------------------------------------------------------------------------------------------------|

|   | (A) | the      rate of exchange used to convert that Sum from the First Currency into the      Second Currency; and |
|--------|-----|---------------------------------------------------------------------------------------------------------------|

|   | (B) | the      rate or rates of exchange available to that person at the time of its      receipt of that Sum. |
|--------|-----|----------------------------------------------------------------------------------------------------------|

|   | (b) | The      Borrower waives any right it may have in any jurisdiction to pay any      amount under the Finance Documents in a currency or currency unit other      than that in which it is expressed to be  payable. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 15.2 | Other      Indemnities |
|------|------------------------|

|   | (a) | the      occurrence of any Event of Default; |
|--------|-----|----------------------------------------------|

|   | (b) | a      failure by the Borrower to pay any amount due under a Finance Document on      its due date, including without limitation, any cost, loss or liability      arising as a result of Clause 30 (Sharing among the Finance      Parties); |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | funding,      or making arrangements to fund, its participation in a Loan requested by      the Borrower in a Utilisation Request but not made by reason of the      operation of any one or more of the provisions of this Agreement (other      than by reason of default or negligence by that Lender    alone); |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | a      Loan (or part of a Loan) not being prepaid in accordance with a notice of      prepayment given by the Borrower;or |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------|

----

|   | (e) | the      breach by the Borrower or any member of the Group of any applicable      Environmental Laws or Environmental Permits.  Any Affiliate of a      Finance Party may rely on this Clause15.2(e). |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 15.3 | Indemnity to the COFACE      Agent |
|------|------------------------------------|

|   | (a) | investigating      any event which it reasonably believes is a Default;  or |
|--------|-----|-----------------------------------------------------------------------------|

|   | (b) | acting      or relying on any notice, request or instruction which it reasonably      believes to be genuine, correct and appropriately    authorised. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------|

| 15.4 | Indemnity to the Security      Agent |
|------|--------------------------------------|

|   | (a) | The      Borrower shall promptly indemnify the Security Agent against any cost,      loss or liability incurred by the Security Agent as a result      of: |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | the      protection or enforcement of a Lien expressed to be created under a      Security Document; or |
|--------|-----|---------------------------------------------------------------------------------------------------------|

|   | (ii) | the      exercise of any of the rights, powers, discretions and remedies vested in      it by the Finance Documents or bylaw. |
|--------|------|-------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | The      Security Agent may, in priority to any payment to other Finance Parties,      indemnify itself out of the assets subject to a Lien expressed to be      created under the Security Documents in respect of, and pay and retain,      all sums necessary to give effect to the indemnity in this      Clause 15.4. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 16. | MITIGATION      BY THE LENDERS |
|-----|--------------------------------|

| 16.1 | Mitigation |
|------|------------|

|   | (a) | Each      Finance Party shall, in consultation with the Borrower, take all      reasonable steps to mitigate any circumstances which arise and which would      result in any amount becoming payable under or pursuant to, or cancelled      pursuant to, any of Clause 7.1 (Illegality),      Clause 13 (Tax      gross-up and indemnities), Clause 14 (Increased costs) or      paragraph 3 of Schedule 4 (Mandatory Cost Formula)      including (but not limited to) transferring its rights and obligations      under the Finance Documents to another Affiliate or Facility      Office. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Paragraph (a)      above does not in any way limit the obligations of the Borrower under the      Finance Documents. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------|

| 16.2 | Limitation of      Liability |
|------|------------------------------|

|   | (a) | The      Borrower shall indemnify each Finance Party for all costs and expenses      reasonably incurred by that Finance Party as a result of steps taken by it      under Clause 16.1 (Mitigation). |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (b) | A      Finance Party is not obliged to take any steps under Clause 16.1      (Mitigation) if,      in the opinion of that Finance Party (acting reasonably), to do so might      be prejudicial to it. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 17. | COSTS      AND EXPENSES |
|-----|-------------------------|

| 17.1 | Transaction      Expenses |
|------|---------------------------|

|   | (a) | this      Agreement and any other documents referred to in this Agreement;      and |
|--------|-----|-------------------------------------------------------------------------------------|

|   | (b) | any      other Finance Documents executed after the date of this      Agreement. |
|--------|-----|----------------------------------------------------------------------------------|

| 17.2 | Amendment      Costs |
|------|----------------------|

|   | (a) | the      Borrower requests an amendment, waiver or consent;  or |
|--------|-----|-----------------------------------------------------------------|

|   | (b) | an      amendment is required pursuant to Clause 31.10 (Change of      Currency), |
|--------|-----|----------------------------------------------------------------------------------------|

| 17.3 | Enforcement      Costs |
|------|------------------------|

| 17.4 | Security Agent      Expenses |
|------|------------------------------|

| 18. | REPRESENTATIONS |
|-----|-----------------|

----

| 18.1 | Status |
|------|--------|

|   | (a) | It      is a corporation, duly incorporated and validly existing (and to the      extent applicable, in good standing) under the law of its jurisdiction of      incorporation. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | It      and each of its Subsidiaries has the power to own its assets and carry on      its business as it is beingconducted. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------|

| 18.2 | Binding      Obligations |
|------|--------------------------|

|   | (a) | the      obligations expressed to be assumed by it in each Transaction Document to      which it is a party are legal, valid, binding and enforceable obligations;      and |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | (without      limiting the generality of paragraph (a) above), each Security      Document to which it is a party creates the security interests which that      Security Document purports to create and those security interests are      valid and effective. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 18.3 | Non-Conflict with other      Obligations |
|------|------------------------------------------|

|   | (a) | any      Applicable Law; |
|--------|-----|--------------------------|

|   | (b) | the      constitutional documents of any member of the Group;  or |
|--------|-----|-------------------------------------------------------------------|

|   | (c) | any      agreement or instrument binding upon it or any member of the Group or any      of its, or any member of the Group’s, assets or constitute a default or      termination event (however described) under any such agreement or      instrument, where such conflict would have or is reasonably likely to have      a Material Adverse Effect. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 18.4 | Power and      Authority |
|------|--------------------------|

|   | (a) | It      has the power to enter into, perform and deliver, and has taken all      necessary action to authorise its entry into, performance and delivery of,      the Transaction Documents to which it is or will be a party and the      transactions contemplated by those Transaction  Documents. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | No      limit on its powers will be exceeded as a result of the borrowing, grant      of security or giving of guarantees or indemnities contemplated by the      Transaction Documents to which it is aparty. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 18.5 | No Proceedings Pending or      Threatened |
|------|-------------------------------------------|

----

| 18.6 | Authorisations |
|------|----------------|

|   | (a) | Each      of the Borrower and its Subsidiaries has all material Authorisations      required: |
|--------|-----|-----------------------------------------------------------------------------------------------|

|   | (i) | to      enable it lawfully to enter into, exercise its rights and comply with its      obligations in the Transaction Documents to which it is a party;      and |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | to      make the Transaction Documents to which it is a party admissible in      evidence in its jurisdiction ofincorporation, |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Each      of the Borrower and itsSubsidiaries: |
|--------|-----|------------------------------------------------|

|   | (i) | has      all Authorisations required for it to conduct its business as currently      conducted, each of which is in full force and effect, is final and not      subject to review on appeal and is not the subject of any pending or, to      the best of its knowledge, threatened attack by direct or collateral      proceeding; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | is      in compliance with each Authorisation applicable to it and in compliance      with all other Applicable Laws relating to it or any of its respective      properties; and |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | has      filed in a timely manner all material reports, documents and other      materials required to be filed by it under all Applicable Laws with any      Governmental Authority and has retained all material records and documents      required to be retained by it under Applicable  Law, |
|--------|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 18.7 | Intellectual Property      Matters |
|------|------------------------------------|

|   | (a) | Each      of the Borrower and its Subsidiaries owns or possesses rights to use all      material franchises, licences, copyrights, copyright applications,      patents, patent rights or licences, patent applications, trademarks,      trademark rights, service marks, service mark rights, trade names, trade      name rights, copyrights and other rights with respect to the foregoing      which are reasonably necessary to conduct its business as currently      conducted (the “Intellectual      Property”). |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | No      event has occurred which permits, or after notice or lapse of time or both      would permit, the revocation or termination of any such material rights,      and, to the Borrower’s knowledge, neither the Borrower nor any Subsidiary      thereof is liable to any person for infringement under Applicable Law with      respect to any such rights as a result of its business operations except      as could not reasonably be expected to have a Material Adverse      Effect. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 18.8 | Environmental      Matters |
|------|----------------------------|

|   | (a) | The      properties owned, leased or operated by the Borrower and its Subsidiaries      now or in the past do not contain, and to their knowledge have not      previously contained, any Hazardous Materials in amounts or concentrations      which: |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | constitute      or constituted an unremediated violation of applicable Environmental Laws      and Environmental Permits; or |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | could      give rise to a material liability under applicable Environmental Laws and      Environmental Permits. |
|--------|------|------------------------------------------------------------------------------------------------------------------|

|   | (b) | To      the knowledge of the Borrower and its Subsidiaries, the Borrower, each of      its Subsidiaries and such properties and all operations conducted in      connection therewith are in compliance, and, at all such times when such      properties have been owned or operated by the Borrower or any of its      Subsidiaries have been in compliance, with all applicable Environmental      Laws and Environmental Permits, and there is no contamination at, under or      about such properties or such operations which could interfere with the      continued operation of such properties or materially impair the fair      saleable value thereof. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | Neither      the Borrower nor any Subsidiary thereof has received any notice of      violation, alleged violation, non-compliance, liability or potential      liability regarding environmental matters, Hazardous Materials, or      compliance with Environmental Laws and Environmental Permits, nor does the      Borrower or any Subsidiary thereof have knowledge or reason to believe      that any such notice will be received or is being    threatened. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | To      the knowledge of the Borrower and its Subsidiaries, Hazardous Materials      have not been transported or disposed of to or from the properties owned,      leased or operated by the Borrower and its Subsidiaries in violation of,      or in a manner or to a location which could give rise to material      liability under, Environmental Laws and Environmental Permits, nor have      any Hazardous Materials been generated, treated, stored or disposed of at,      on or under any of such properties in violation of, or in a manner that      could give rise to material liability under, any applicable Environmental      Laws. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | No      judicial proceedings or governmental or administrative action is pending      or, to the knowledge of the Borrower, threatened under any Environmental      Law or Environmental Permits to which the Borrower or any Subsidiary      thereof is or will be named as a potentially responsible party, nor are      there any consent decrees or other decrees, consent orders, administrative      orders or other orders, or other administrative or judicial requirements      outstanding under any Environmental Law with respect to the Borrower, any      Subsidiary or properties owned, leased or operated by the Borrower or any      Subsidiary, now or in the past, that could reasonably be expected to have      a Material Adverse Effect. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (f) | There      has been no release, nor to the best of the Borrower’s knowledge, threat      of release, of Hazardous Materials at or from properties owned, leased or      operated by the Borrower or any Subsidiary, now or in the past, in      violation of or in amounts or in a manner that could give rise to      liability under Environmental Laws or Environmental Permits that could      reasonably be expected to have a Material Adverse  Effect. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (g) | There      are no facts, circumstances or conditions relating to the past or present      business or operations of the Borrower or any Subsidiary, including the      disposal of any wastes, Hazardous Material or other materials, or to the      past or present ownership or use of any real property by the Borrower or      any Subsidiary, that could reasonably be expected to give rise to an      Environmental Claim against or to liability (other than in an immaterial      respect) of any Borrower or any Subsidiary under any Environmental Laws or      Environmental Permits. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 18.9 | ERISA |
|------|-------|

|   | (a) | As      of the date of this Agreement, neither an Obligor nor any ERISA Affiliate      maintains or contributes to, or has any obligation under, any Employee      Benefit Plans other than those identified in Schedule 9 (ERISA      Plans). |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Each      Employee Benefit Plan is in compliance in form and operation with its      terms and with ERISA and the Code (including Code provisions compliance      with which is necessary for any intended favourable tax treatment) and all      other Applicable laws, except where any failure to comply would not,      individually or in the aggregate, reasonably be expected to result in any      material liability of any Obligor or ERISA  Affiliate. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | Each      Employee Benefit Plan that is intended to be qualified under      Section 401(a) of the Code has been determined by the Internal      Revenue Service to be so qualified, and each trust related to such plan      has been determined by the Inland Revenue Service to be exempt under      Section 501(a) of the Code, taking into account all applicable tax      law changes (or has been submitted, or is within the remedial amendment      period for submitting, an application for such a determination from the      Internal Revenue Service), and nothing has occurred since the date of each      such determination that would reasonably be expected to adversely affect      such determination (or, in the case of a Employee Benefit Plan with no      determination, nothing has occurred that would materially adversely affect      the issuance of a favourable determination by the Internal Revenue Service      or otherwise materially adversely affect such    qualification). |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | No      liability has been incurred by any Obligor or any ERISA Affiliate which      remains unsatisfied for any taxes or penalties with respect to any      Employee Benefit Plan or any Multiemployer Plan except for a liability      that would not, individually or in the aggregate, reasonably be expected      to result in a material liability of such Obligor or ERISA      Affiliate. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (e) | Except      where the failure of any of the following representations to be correct in      all material respects would not, individually or in the aggregate,      reasonably be expected to result in a material liability of any Obligor or      any ERISA Affiliate, no Obligor or any ERISA Affiliate  has: |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | engaged      in a non-exempt prohibited transaction described in Section 406 of      ERISA or Section 4975 of theCode; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | incurred      any liability to the PBGC which remains outstanding, or reasonably expects      to incur any such liability other than the payment of premiums and there      are no premium payments which are within the applicable time limits      prescribed by Applicable Law, due andunpaid; |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | failed      to make a required contribution or payment to a Multiemployer Plan within      the applicable time limits prescribed by Applicable Law;  or |
|--------|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iv) | failed      to make a required instalment or other required payment under      Section 412 of the Code or Section 302 of  ERISA. |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------|

|   | (f) | No      ERISA Termination Event, which individually or in the aggregate would      reasonably be expected to result in a material liability of any Obligor or      ERISA Affiliate has occurred or is reasonably expected to      occur. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (g) | Except      where the failure of any of the following representations to be correct in      all material respects would not, individually or in the aggregate,      reasonably be expected to result in a material liability of any Obligor or      any ERISA Affiliate, no proceeding, claim (other than a benefits claim in      the ordinary course), lawsuit and/or investigation is existing or, to the      best knowledge of the Borrower after due inquiry, threatened concerning or      involving any: |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | employee      welfare benefit plan (as defined in Section 3(1) of ERISA) currently      maintained or contributed to any Obligor or any ERISA      Affiliate; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | Pension      Plan; or |
|--------|------|-----------------------|

|   | (iii) | Multiemployer      Plan. |
|--------|-------|--------------------------|

|   | (h) | There      exists no Unfunded Pension Liability with respect to any Pension Plan,      except for any such Unfunded Pension Liability that individually or      together with any other positive Unfunded Pension Liabilities with respect      to any Pension Plans, is not reasonably expected to result in a material      liability of any Obligor or ERISAAffiliate. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | If      each Obligor and each ERISA Affiliate were to withdraw in a complete      withdrawal from all Multiemployer Plans as of the date this assurance is      given or deemed given, the aggregate withdrawal liability that would be      incurred would not reasonably be expected to result in a material      liability of any Obligor or ERISAAffiliate. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (j) | No      Pension Plan which is subject to Section 412 of the Code or      Section 302 of ERISA has applied for or received an extension of any      amortization period, within the meaning of Section 412 of the Code or      Section 303 or 304 of ERISA.  No Obligor or ERISA Affiliate      has ceased operations at a facility so as to become subject to the      provisions of Section 4068(a) of ERISA, withdrawn as a substantial      employer so as to become subject to the provisions of Section 4063 of      ERISA or ceased making contributions to any Pension Plan subject to      Section 4064(a) of ERISA to which it made      contributions.  No Lien imposed under the Code or ERISA on the      assets of any Obligor or any ERISA Affiliate exists or is likely to arise      on account of any Pension Plan.  No Obligor or ERISA Affiliate      has any liability under Section 4069 or 4212(c) of    ERISA. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 18.10 | Margin    Stock |
|-------|-----------------|

|   | (a) | Neither      the Borrower nor any Subsidiary of it is engaged principally or as one of      its activities in the business of extending credit for the purpose of      “purchasing” or      “carrying” any      “margin stock”      (as each such term is defined or used, directly or indirectly, in      Regulation U of the Board of Governors of the Federal Reserve      System). |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | No      part of the proceeds of the Loans will be used for purchasing or carrying      margin stock or for any purpose which violates, or which would be      inconsistent with, the provisions of Regulation T, U or X of such Board of      Governors. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 18.11 | Government      Regulation |
|-------|----------------------------|

| 18.12 | Material      Contracts |
|-------|-------------------------|

|   | (a) | Schedule      12 (Material      Contracts) contains a complete and accurate list of all Material      Contracts of the Borrower and its Subsidiaries in effect as of the date of      this Agreement. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Other      than as set out in Schedule 12 (Material Contracts),      each such Material Contract is, and after giving effect to the      consummation of the transactions contemplated by the Finance Documents      will be, in full force and effect in accordance with the terms      thereof. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | The      Borrower and its Subsidiaries have delivered to the COFACE Agent a true      and complete copy of each Material Contract required to be listed on      Schedule 12 (Material      Contracts) (including all amendments with respect      thereto). |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (d) | Neither      the Borrower nor any Subsidiary (nor, to the knowledge of the Borrower,      any other party thereto) is in breach of or in default under any Material      Contract in any material respect. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 18.13 | Employee      Relations |
|-------|-------------------------|

|   | (a) | Each      of the Borrower and its Subsidiaries has a work force in place adequate to      conduct its business as currently conducted and is not, as of the date of      this Agreement, party to any collective bargaining agreement nor has any      labour union been recognised as the representative of its employees except      as set out in Schedule 13 (Labour and Collective      Bargaining Agreements). |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | The      Borrower knows of no pending, threatened or contemplated strikes, work      stoppage or other collective labour disputes involving its employees or      those of its Subsidiaries that could reasonably be expected to have a      Material Adverse Effect. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 18.14 | Burdensome      Provisions |
|-------|----------------------------|

| 18.15 | Financial      Statements |
|-------|---------------------------|

|   | (a) | The      audited and unaudited financial statements delivered pursuant to Schedule      2 (Conditions      Precedent) are complete and correct and fairly present in all      material respects on a Consolidated basis the assets, liabilities and      financial position of the Borrower and its Subsidiaries as at such dates,      and the results of the operations and changes of financial position for      the periods that ended (other than the absence of footnotes and customary      year-end adjustments for unaudited financial  statements). |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | All      such financial statements, including the related schedules and notes      thereto, have been prepared in accordance with  GAAP. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | Such      financial statements show all material indebtedness and other material      liabilities, direct or contingent, of the Borrower and its Subsidiaries as      of the dates thereof, including material liabilities for taxes, material      commitments, and Financial Indebtedness, in each case, to the extent      required to be disclosed underGAAP. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 18.16 | No Material Adverse      Change |
|-------|---------------------------------|

----

| 18.17 | Solvency |
|-------|----------|

| 18.18 | Titles to      Properties |
|-------|---------------------------|

| 18.19 | Insurance |
|-------|-----------|

| 18.20 | Liens |
|-------|-------|

|   | (a) | none      of the properties and assets of the Borrower or any Subsidiary thereof is      subject to any Lien, except Permitted Liens;and |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | neither      the Borrower nor any Subsidiary thereof has signed any financing statement      or any security agreement authorising any secured party thereunder to file      any financing statements, except to perfect Permitted    Liens. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 18.21 | Financial Indebtedness and      Guarantee Obligations |
|-------|-------------------------------------------------------|

|   | (a) | Schedule      14 (Financial      Indebtedness and Guarantee Obligations) is a complete and correct      listing of all Financial Indebtedness and Guarantee Obligations of the      Borrower and its Subsidiaries as of the date of this Agreement in excess      of one million Dollars(US$1,000,000). |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | As      of the date of this Agreement, the amount of all Financial Indebtedness      and Guarantee Obligations of the Borrower and its Subsidiaries (and not      set out in Schedule 14 (Financial Indebtedness and      Guarantee Obligations) is no greater than one million Dollars      (US$1,000,000). |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | The      Borrower and its Subsidiaries have performed and are in compliance with      all of the material terms of such Financial Indebtedness and Guarantee      Obligations and all instruments and agreements relating thereto, and no      default or event of default, or event or condition which with notice or      lapse of time or both would constitute such a default or event of default      on the part of the Borrower or any of its Subsidiaries exists with respect      to any such Financial Indebtedness or Guarantee    Obligations. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 18.22 | Communication      Licences |
|-------|-----------------------------|

|   | (a) | Schedule      14 (Communication      Licences) accurately and completely lists, as of the date of this      Agreement, for the Borrower and each of its Subsidiaries, all Material      Communications Licences (and the expiration dates thereof) granted or      assigned to the Borrower or any Subsidiary, including, without limitation      for: |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | each      Satellite owned by the Borrower or any of its Subsidiaries, all space      station licences or authorisations, including placement on the FCC’s      “Permitted Space Station      List” for operation of Satellites with C-band links issued or      granted by the FCC to the Borrower or any of its Subsidiaries;      and |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | for      each Earth Station of the Borrower and its  Subsidiaries. |
|--------|------|--------------------------------------------------------------------|

|   | (b) | The      Communications Licences set out in Schedule 14 (Communication Licences)      include all material authorisations, licences and permits issued by the      FCC or any other Governmental Authority that are required or necessary for      the operation and the conduct of the business of the Borrower and its      Subsidiaries, as now conducted.  Each Communications Licence is      expected to be renewed and the Borrower knows of no reason why such      Communications Licence would not be renewed.  The Borrower and      its Subsidiaries have filed all material applications with the FCC      necessary for the Launch and operation of the Borrower’s second-generation      satellite constellation and the Borrower is not aware of any reason why      such applications should not begranted. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | Each      Communications Licence set out in Schedule 14 (Communication Licences)      is issued in the name of the Subsidiary indicated on such      schedule. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | Each      Material Communications Licence is in full force and    effect. |
|--------|-----|---------------------------------------------------------------------------|

|   | (e) | The      Borrower has no knowledge of any condition imposed by the FCC or any other      Governmental Authority as part of any Communications Licence which is      neither set forth on the face thereof as issued by the FCC or any other      Governmental Authority nor contained in the rules and regulations of the      FCC or any other Governmental Authority applicable generally to      telecommunications activities of the type, nature, class or location of      the activities in question. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (f) | Each      applicable location of the Borrower or any of its Subsidiaries has been      and is being operated in all material respects in accordance with the      terms and conditions of the Communications Licence applicable to it and      Applicable Law, including but not limited to the Communications Act and      the rules and regulations issuesthereunder. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (g) | No      proceedings are pending or, to the Borrower’s knowledge are, threatened      which may result in the loss, revocation, modification, non-renewal,      suspension or termination of any Communications Licence, the issuance of      any cease and desist order or the imposition of any fines, forfeitures or      other administrative actions by the FCC or any other Governmental      Authority with respect to any operations of the Borrower and its      Subsidiaries, which in any case could reasonably be expected to have a      Material Adverse Effect. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 18.23 | Satellites |
|-------|------------|

|   | (a) | All      Satellites are owned by the Borrower or a Subsidiary that is an      Obligor. |
|--------|-----|----------------------------------------------------------------------------------------|

|   | (b) | Schedule      16 (Satellites)      accurately and completely lists as of the date of this Agreement, the      flight model number of each of the Satellites owned by the Borrower and      its Subsidiaries, and for each Satellite whether it is operational      in-orbit or spare in-orbit. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 18.24 | Delay in Construction / Launch      Slot |
|-------|------------------------------------------|

|   | (a) | of      any delay which has a duration exceeding three (3) Months, to the      construction and scheduled delivery dates of the Satellites under the      Satellite Construction Contract (as delivered pursuant to Schedule 2      (Conditions      Precedent); and |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | of      any event which could reasonably be expected to result in the last Launch      occurring later than the fourth fiscal quarter of  2010. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------|

| 18.25 | Pari Passu      Ranking |
|-------|-------------------------|

| 18.26 | OFAC |
|-------|------|

|   | (a) | None      of the Borrower, any Subsidiary of the Borrower or any Affiliate of the      Borrower: |
|--------|-----|--------------------------------------------------------------------------------------------------|

|   | (i) | is      a Sanctioned Person; |
|--------|-----|------------------------------|

|   | (ii) | has      more than ten per cent. (10%) of      its assets in Sanctioned Entities;or |
|--------|------|------------------------------------------------------------------------------------------|

|   | (iii) | derives      more than ten per cent. (10%) of      its operating income from investments in, or transactions with Sanctioned      Persons or Sanctioned Entities. |
|--------|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | The      proceeds of any Loan will not be used and have not been used to fund any      operations in, finance any investments or activities in, or make any      payments to, a Sanctioned Person or a Sanctioned  Entity. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 18.27 | Governing Law and      Enforcement |
|-------|------------------------------------|

|   | (a) | Subject      to the Reservations, the choice of governing law of the Finance Documents      will be recognised and enforced in its jurisdiction of      incorporation. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (b) | Subject      to the Reservations, any judgment obtained in relation to a Finance      Document in the jurisdiction of the governing law of that Finance Document      will be recognised and enforced in its jurisdiction of      incorporation. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 18.28 | No Filing or Stamp      Taxes |
|-------|-------------------------------|

|   | (a) | the      laws of the Borrower’s or any of its Subsidiaries jurisdiction of      incorporation; and |
|--------|-----|----------------------------------------------------------------------------------------------------------|

|   | (b) | the      federal laws of theUnited States, |
|--------|-----|-------------------------------------------------|

|   | (i) | delivery      of proper financing statements (Form UCC-1 or such other financing      statements or similar notices as shall be required by Applicable Law)      fully executed for filing under the UCC or other appropriate filing      offices of each jurisdiction as may be necessary to perfect a Lien      purported to be created by a Security Document;  and |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | any      recording with the United States Patent and Trademark Office and/or      Copyright Office to perfect the Liens on intellectual property created by      the Collateral Agreement, |
|--------|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 18.29 | Deduction of      Tax |
|-------|-----------------------|

| 18.30 | No    Default |
|-------|---------------|

|   | (a) | No      Event of Default and, on the date of this Agreement, no Default is      continuing or is reasonably likely to result from the making of any Loan      or the entry into, the performance of, or any transaction contemplated by,      any Transaction Document. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | No      other event or circumstance is outstanding which constitutes (or, with the      expiry of a grace period, the giving of notice, the making of any      determination or any combination of any of the foregoing, would      constitute) a default or termination event (however described) under the      Transaction Documents, which has not been waived by the relevant parties      hereto. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (c) | No      other event or circumstance is outstanding which constitutes (or, with the      expiry of a grace period, the giving of notice, the making of any      determination or any combination of any of the foregoing, would      constitute) a default or termination event (however described) under any      other agreement or instrument which is binding on it or any of its      Subsidiaries or to which its (or any of its Subsidiaries) assets are      subject which has or is reasonably likely to have a Material Adverse      Effect. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 18.31 | No Misleading      Information |
|-------|--------------------------------|

|   | (a) | All      factual information provided in writing by it to the Lenders was true,      complete and accurate in all material respects to the best of its      knowledge and belief as at the date it was provided or as at the date (if      any) at which it is stated. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | All      financial projections provided by it have been prepared on the basis of      recent historical information and on the basis of reasonable assumptions      (in the case of projections made by third parties, to the best of its      knowledge and belief). |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | To      the best of its knowledge and belief, no material information has been      given or withheld by it that results in any information provided to the      Lenders by it being incomplete, untrue or misleading in any material      respect. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 18.32 | Group Structure      Chart |
|-------|----------------------------|

| 18.33 | No    Immunity |
|-------|----------------|

| 18.34 | Tax Returns and      Payments |
|-------|-------------------------------|

|   | (a) | Each      of the Borrower and its Subsidiaries has timely filed with the appropriate      taxing authority, all returns, statements, forms and reports for taxes      (the “Returns”)      required to be filed by or with respect to the income, properties or      operations of the Borrower and/or any of its  Subsidiaries. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | The      Returns accurately reflect in all material respects all liability for      taxes of the Borrower and its Subsidiaries as a whole for the periods      covered thereby. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | The      Borrower and each of its Subsidiaries have paid all taxes payable by them      other than those contested in good faith and adequately disclosed and for      which adequate reserves have been established in accordance with generally      accepted accounting principles. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | There      is no action, suit, proceeding, investigation, audit, or claim now pending      or, to the best knowledge of the Borrower or any of its Subsidiaries,      threatened by any authority regarding any taxes relating to the Borrower      or any of its Subsidiaries which, if adversely determined, could      reasonably be expected to have a Material Adverse  Effect. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (e) | Neither      the Borrower nor any of its Subsidiaries has entered into an agreement or      waiver or been requested to enter into an agreement or waiver extending      any statute of limitations relating to the payment or collection of taxes      of the Borrower or any of its Subsidiaries, or is aware of any      circumstances that would cause the taxable years or other taxable periods      of the Borrower or any of its Subsidiaries not to be subject to the      normally applicable statute oflimitations. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 18.35 | Commercial      Contracts |
|-------|---------------------------|

|   | (a) | the      option to order from the Supplier up to eighteen (18) additional recurring      Spacecraft (as such term is defined in the Satellite Construction      Contract) pursuant to Article 29(B) (Options) of the      Satellite Construction Contract; or |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | the      Optional Launches (as such term is defined in the Launch Services      Contract) pursuant to the Launch Services  Contract. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------|

| 18.36 | Repetition |
|-------|------------|

|   | (a) | the      date of each Utilisation Request; |
|--------|-----|--------------------------------------------|

|   | (b) | each      Utilisation Date; and |
|--------|-----|---------------------------------|

|   | (c) | the      first day of each Interest Period. |
|--------|-----|---------------------------------------------|

| 19. | INFORMATION      UNDERTAKINGS |
|-----|-------------------------------|

| 19.1 | Quarterly Financial      Statements |
|------|-------------------------------------|

|   | (a) | Form 10-Q; |
|--------|-----|-----------------|

|   | (b) | an      unaudited Consolidated balance sheet of the Borrower and its Subsidiaries      as of the close of such fiscalquarter; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------|

----

|   | (c) | the      notes (if any) relating to any of the financial statements delivered under      this Clause 19.1; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------|

|   | (d) | unaudited      Consolidated statements of income, retained earnings and cash      flows; |
|--------|-----|------------------------------------------------------------------------------------------|

|   | (e) | a      report with respect to the Borrower’s key performance indicators in      substantially the same form as Schedule 19 (Key Performance      Indicators); and |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (f) | a      report containing management’s discussion and analysis of such financial      statements for the fiscal quarter then ended and that portion of the      Fiscal Year then ended, |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 19.2 | Annual Financial      Statements |
|------|----------------------------------|

|   | (a) | As      soon as practicable and in any event within ninety (90) days after      the end of each Fiscal Year (or, if the date of any required public filing      is earlier, the date that is no later than the fifth Business Day      immediately following the date of any required public filing thereof after      giving effect to any extensions granted with respect to such      date): |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | Form 10-K; |
|--------|-----|-----------------|

|   | (ii) | an      audited Consolidated balance sheet of the Borrower and its Subsidiaries as      of the close of such Fiscal Year; |
|--------|------|---------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | the      notes (if any) relating to any of the financial statements delivered under      this Clause 19.2; |
|--------|-------|-----------------------------------------------------------------------------------------------------------------|

|   | (iv) | audited      Consolidated statements of income, retained earnings and cash flows;      and |
|--------|------|--------------------------------------------------------------------------------------------|

|   | (v) | a      report containing management’s discussion and analysis of such financial      statements for the Fiscal Year thenended, |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (b) | Such      annual financial statements shall be audited by the independent certified      public accounting firm separately notified to the COFACE Agent prior to      the date of this Agreement or such other firm notified to the COFACE Agent      (and acceptable to the COFACE Agent), and accompanied by a report thereon      by such certified public accountants that is not qualified with respect to      scope limitations imposed by the Borrower or any of its Subsidiaries or      with respect to accounting principles followed by the Borrower or any of      its Subsidiaries not in accordance withGAAP. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 19.3 | Annual Business Plan and      Financial Projections |
|------|-----------------------------------------------------|

|   | (a) | information      relating to the amounts outstanding under the Convertible      Notes; |
|--------|-----|----------------------------------------------------------------------------------------|

|   | (b) | an      operating and capital budget in respect of the next three (3)      succeeding Fiscal Years; |
|--------|-----|----------------------------------------------------------------------------------------------------------|

|   | (c) | a      projected income statement; |
|--------|-----|------------------------------------|

|   | (d) | a      statement of cash flows on a three (3) year projected basis      (including, calculations (in reasonable detail) demonstrating compliance      with each of the financial covenants set out in Clause 20 (Financial Covenants))      and balance sheet; and |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | a      report setting forth management’s operating and financial assumptions      underlying such projections, |
|--------|-----|----------------------------------------------------------------------------------------------------------------------|

| 19.4 | Compliance      Certificate |
|------|-----------------------------|

|   | (a) | financial      statements are delivered pursuant to Clause 19.1 (Quarterly Financial      Statements) or Clause 19.2 (Annual Financial      Statements); |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | the      information and other documentation is delivered pursuant to      Clause 19.3 (Annual      Business Plan and Financial Projections);  and |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | at      such other times as the COFACE Agent shall reasonably    request, |
|--------|-----|---------------------------------------------------------------------------|

----

| 19.5 | Other      Reports |
|------|--------------------|

|   | (a) | Upon      request by the COFACE Agent, copies of all relevant public documents      required by its independent public accountants in connection with their      auditing function, including, without limitation, any management report      and any management responsesthereto. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | No      less than annually, and at any time upon the reasonable request of the      COFACE Agent, a Satellite health report prepared by the Borrower and      certified by a Responsible Officer setting forth the operational status of      each Satellite (other than Satellites yet to be launched) based on      reasonable assumptions of the Borrower made in good faith and including      such information with respect to the projected solar array life based on      the total Satellite power requirements, projected battery life based on      total Satellite power requirements, projected Satellite life, information      concerning the availability of spare Satellites and such other information      pertinent to the operation of such Satellite as the COFACE Agent may      reasonably request, it being understood that to the extent that any such      Satellite health report contains any forward looking statements, estimates      or projections, such statements, estimates or projections are subject to      significant uncertainties and contingencies, many of which are beyond the      Borrower’s control, and no assurance can be given that such forward      looking statements, estimates or projections will be realised, provided that nothing      in this paragraph (b) shall require the Borrower to delivery any      information to any Lender to the extent delivery of such information is      restricted by applicable law orregulation. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | No      less than quarterly, a Satellite health report prepared by the Borrower      and certified by a Responsible Officer including the      following: |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | details      of the operational status of each Satellite (other than Satellites yet to      be launched) based on reasonable assumptions of the Borrower made in good      faith and in substantially the same form contained in Schedule 30 (Form of Quarterly Health      Report); and |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | a      letter providing details of any material or unusual events that have      occurred with respect to the Satellites since the delivery to the COFACE      Agent of the last quarterly report. |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | Such      other information regarding the operations, business affairs and financial      condition of the Borrower or any of its Subsidiaries as the COFACE Agent      or any Lender may reasonablyrequest. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 19.6 | Notice of Litigation and Other      Matters |
|------|---------------------------------------------|

|   | (a) | all      documents dispatched by the Borrower to all of its stockholders (or any      class thereof) or its creditors generally at the same time as they are      dispatched; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | the      commencement of all proceedings and investigations by or before any      Governmental Authority and all actions and proceedings in any court or      before any arbitrator against or involving the Borrower or any Subsidiary      thereof or any of their respective properties, assets or businesses that      if adversely determined could reasonably be expected to result in a      Material Adverse Effect; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | any      notice of any violation received by the Borrower or any Subsidiary thereof      from any Governmental Authority including, without    limitation: |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | any      notice of violation of any Environmental Law and the details of any      environmental claim, litigation, arbitration or administrative proceedings      which are current, threatened or pending against any member of the Group;      and |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | any      other notice of violation which in each case could reasonably be expected      to have a Material Adverse Effect; |
|--------|------|----------------------------------------------------------------------------------------------------------------------------|

|   | (d) | any      labour controversy that has resulted in a strike or other work action      against the Borrower or any Subsidiary thereof which in each case could      reasonably be expected to have a Material Adverse  Effect; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | any      attachment, judgment, lien, levy or order exceeding one million Dollars      (US$1,000,000) that has been assessed against the Borrower or any      Subsidiary thereof; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (f) | any      claim for force majeure      (howsoever described) by a party under a Commercial      Contract; |
|--------|-----|----------------------------------------------------------------------------------------------------------|

|   | (g) | details      of: |
|--------|-----|------------------|

|   | (i) | any      delay which has a duration exceeding three (3) Months, to the      construction and scheduled delivery dates of the Satellites under the      Satellite Construction Contract (as delivered pursuant to Schedule 2      (Conditions      Precedent); |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | any      event which could reasonably be expected to result in the last Launch      occurring later than the fourth fiscal quarter of 2010;  and |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | suspension,      interruption, cancellation or termination of a Commercial      Contract; |
|--------|-------|-------------------------------------------------------------------------------------------|

|   | (h) | any      amendments or modifications to a Commercial Contract, together with a copy      of such amendment; |
|--------|-----|-------------------------------------------------------------------------------------------------------------|

----

|   | (i) | any      Default or Event of Default; |
|--------|-----|---------------------------------------|

|   | (j) | any      event which constitutes or which with the passage of time or giving of      notice or both would constitute a default or event of default under any      Material Contract to which the Borrower or any of its Subsidiaries is a      party or by which the Borrower or any Subsidiary thereof or any of their      respective properties may be bound which could reasonably be expected to      have a Material Adverse Effect; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (k) | any      unfavourable determination letter from the US Internal Revenue Service      regarding the qualification of an Employee Benefit Plan under      Section 401(a) of the Code (along with a copy    thereof); |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (l) | a      copy of each Internal Revenue Service Form 5500 (including the      Schedule B or such other schedule as contains actuarial information)      filed in respect of a Pension Plan with Unfunded Pension      Liabilities; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (m) | any      Obligor or ERISA Affiliate obtaining knowledge or a reason to know that      any ERISA Termination Event has occurred or is reasonably expected to      occur, a certificate of any Responsible Officer of the Borrower describing      such ERISA Termination Event and the action, if any, proposed to be taken      with respect to such ERISA Termination Event and a copy of any notice      filed with the PBGC or the Internal Revenue Service pertaining to such      ERISA termination Event and any notices received by such Obligor or ERISA      Affiliate from the PBGC, any other governmental agency or any      Multiemployer Plan sponsor with respect thereto; provided that in the case      of ERISA Termination Events under paragraph (c) of the definition      thereof, in no event shall notice be given later than the occurrence of      the ERISA Termination Event; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (n) | any      Obligor or ERISA Affiliate obtaining knowledge or a reason to know      of: |
|--------|-----|--------------------------------------------------------------------------------------|

|   | (i) | a      material increase in Unfunded Pension Liabilities (taking into account      only Pension Plans with positive Unfunded Pension Liabilities) since the      date the representations hereunder are given or deemed given, or from any      prior notice, as applicable; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | the      existence of potential withdrawal liability under Section 4201 of      ERISA, if each Obligor and ERISA Affiliate were to withdraw completely      from any and all MultiemployerPlans; |
|--------|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | the      adoption of, or the commencement of contributions to, any Pension Plan or      Multiemployer Plan by any Obligor or ERISA Affiliate,  or |
|--------|-------|---------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iv) | the      adoption or amendment of any Pension Plan which results in a material      increase in contribution obligations of any Obligor or any ERISA      Affiliate, a detailed written description thereof from any Responsible      Officer of the Borrower; and |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (o) | if,      at any time after the date of this Agreement, any Obligor or any ERISA      Affiliate maintains, or contributes to (or incurs an obligation to      contribute to), an Employee Benefit Plan or Multiemployer Plan which is      not set forth in Schedule 9 (ERISA Plans), then the      Borrower shall deliver to the COFACE Agent an updated Schedule 9 as soon      as practicable, and in any event within ten (10) days after such      Obligor or ERISA Affiliate maintains or contributes (or incurs an      obligation to contribute) thereto. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 19.7 | Notices Concerning      Communications Licences |
|------|-------------------------------------------------|

|   | (a) | (i)      any citation, notice of violation or order to show cause issued by the FCC      or any Governmental Authority with respect to any Material Communications      Licence; (ii) if applicable, a copy of any notice or application by      the Borrower requesting authority to or notifying the FCC of its intent to      cease telecommunications operations for any period in excess of ten      (10) days; or (iii) notice of any other action, proceeding or      other dispute, which, if adversely determined, could reasonably be      expected to result in the loss or revocation of any Material      Communications Licence; and |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | any      lapse, loss, modification, suspension, termination or relinquishment of      any Material Communications Licence, permit or other authorisation from      the FCC or other Governmental Authority held by the Borrower or any      Subsidiary thereof or any failure of the FCC or other Governmental      Authority to renew or extend any such Material Communications Licence,      permit or other authorisation for the usual period thereof and of any      complaint against the Borrower or any of its Subsidiaries or other matter      filed with or communicated to the FCC or other Governmental      Authority. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 19.8 | Convertible      Notes |
|------|------------------------|

|   | (a) | provide      to the COFACE Agent upon its request information relating to the amounts      outstanding under the Convertible Notes;and |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | promptly      on request, supply to the COFACE Agent such further information regarding      the Convertible Notes as any Finance Party through the COFACE Agent may      reasonably request. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 19.9 | Final In-Orbit      Acceptance |
|------|--------------------------------|

|   | (a) | provide      to the COFACE Agent a certificate signed by a Responsible Officer      confirming that Final In-Orbit Acceptance has occurred (such certificate      to be in form and substance satisfactory to the COFACE Agent) within five      (5) Business Days following Final In-Orbit Acceptance;      and |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | promptly      on request, supply to the COFACE Agent such further information regarding      Final In-Orbit Acceptance as any Finance Party through the COFACE Agent      may reasonably request. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 19.10 | Individual In-Orbit      Acceptance |
|-------|-------------------------------------|

|   | (a) | the      testing of such Satellite has been completed and the Satellite Performance      Criteria has been successfully met in respect of the relevant Satellite,      promptly after the completion of such tests;and |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Individual      In-Orbit Acceptance has occurred not later than five (5) days after      achieving Individual In-OrbitAcceptance. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------|

| 19.11 | Equity Cure      Contribution |
|-------|-------------------------------|

| 19.12 | Use of      Websites |
|-------|----------------------|

|   | (a) | The      Borrower may satisfy its obligation under this Agreement to deliver any      information in relation to those Lenders ( the “Website Lenders”) who      accept this method of communication by posting this information onto an      electronic website designated by the Borrower and the COFACE Agent (the      “Designated      Website”) if: |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | the      COFACE Agent expressly agrees (after consultation with each of the      Lenders) that it will accept communication of the information by this      method; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | both      the Borrower and the COFACE Agent are aware of the address of and any      relevant password specifications for the Designated Website;      and |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | the      information is in a format previously agreed between the Borrower and the      COFACE Agent. |
|--------|-------|-------------------------------------------------------------------------------------------------------|

|   | (b) | The      COFACE Agent shall supply each Website Lender with the address of and any      relevant password specifications for the Designated Website following      designation of that website by the Borrower and the COFACE      Agent. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (c) | The      Borrower shall promptly upon becoming aware of its occurrence notify the      COFACE Agent if: |
|--------|-----|---------------------------------------------------------------------------------------------------------|

|   | (i) | the      Designated Website cannot be accessed due to technical      failure; |
|--------|-----|-------------------------------------------------------------------------------|

|   | (ii) | the      password specifications for the Designated Website  change; |
|--------|------|----------------------------------------------------------------------|

|   | (iii) | any      new information which is required to be provided under this Agreement is      posted onto the Designated Website; |
|--------|-------|----------------------------------------------------------------------------------------------------------------------------|

|   | (iv) | any      existing information which has been provided under this Agreement and      posted onto the Designated Website is amended;  or |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------|

|   | (v) | the      Borrower becomes aware that the Designated Website or any information      posted onto the Designated Website is or has been infected by any      electronic virus or similarsoftware. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | Any      Website Lender may request, through the COFACE Agent, one (1) paper      copy of any information required to be provided under this Agreement which      is posted onto the Designated Website.  The Borrower shall      comply with any such request within ten (10) Business      Days. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 19.13 | “Know your      Customer”      Checks |
|-------|---------------------------------------------------|

|   | (a) | If: |
|--------|-----|-----|

|   | (i) | the      introduction of or any change in (or in the interpretation, administration      or application of) any Applicable Law made after the date of this      Agreement; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | any      change in the status of any Obligor after the date of this Agreement;      or |
|--------|------|----------------------------------------------------------------------------------------|

|   | (iii) | a      proposed assignment or transfer by a Lender of any of its rights and      obligations under this Agreement to a party that is not a Lender prior to      such assignment or transfer, |
|--------|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (b) | Each      Lender shall promptly upon the request of the COFACE Agent supply, or      procure the supply of, such documentation and other evidence as is      reasonably requested by the COFACE Agent (for itself) in order for the      COFACE Agent to carry out and be satisfied it has complied with all      necessary “know your      customer” or other similar checks under all Applicable Laws      pursuant to the transactions contemplated in the Finance      Documents. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 19.14 | Last    Launch |
|-------|----------------|

|   | (a) | provide      to the COFACE Agent a certificate signed by a Responsible Officer      confirming the date on which the last Launch has occurred (such      certificate to be in form and substance satisfactory to the COFACE Agent)      within five (5) Business Days following last Launch;    and |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | promptly      on request, supply to the COFACE Agent such further information regarding      last Launch as any Finance Party through the COFACE Agent may reasonably      request. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 20. | FINANCIAL      COVENANTS |
|-----|--------------------------|

| 20.1 | Maximum Covenant Capital      Expenditures |
|------|--------------------------------------------|

| 2009 |   | US$ | 391,000,000 |   |
|------|--------|-----|-------------|--------|
| 2010 |   | US$ | 234,000,000 |   |

| 20.2 | Minimum      Liquidity |
|------|------------------------|

----

| 20.3 | Adjusted Consolidated      EBITDA |
|------|-----------------------------------|

| Column 1 - Relevant Period                                                  |   | Column 2 – Amount |        |
|-------------------------------------------------------------------------------------------------|--------|----------------------------------------|-------------|
| Relevant      Period commencing on 1 January 2009 and expiring 31 December      2009. |   | US$                                    | (25,000,000 | ) |
| Relevant      Period commencing on 1 July 2009 and expiring 30 June      2010.        |   | US$                                    | (21,000,000 | ) |
| Relevant      Period commencing on 1 January 2010 and expiring 31 December      2010. |   | US$                                    | (10,000,000 | ) |
| Relevant      Period commencing on 1 July 2010 and expiring 30 June      2011.        |   | US$                                    | 10,000,000  |   |
| Relevant      Period commencing on 1 January 2011 and expiring 31 December      2011. |   | US$                                    | 25,000,000  |   |
| Relevant      Period commencing on 1 July 2011 and expiring 30 June      2012.        |   | US$                                    | 35,000,000  |   |
| Relevant      Period commencing on 1 January 2012 and expiring 31 December      2012. |   | US$                                    | 55,000,000  |   |
| Relevant      Period commencing on 1 July 2012 and expiring 30 June      2013.        |   | US$                                    | 65,000,000  |   |
| Relevant      Period commencing on 1 January 2013 and expiring 31 December      2013. |   | US$                                    | 78,000,000  |   |

| 20.4 | Debt Service Coverage      Ratio |
|------|----------------------------------|

----

| Column 1 - Relevant    Period                                                              |   | Column 2 – Ratio |
|-------------------------------------------------------------------------------------------------|--------|-----------------------------|
| Relevant      Period commencing on 1 January 2011 and expiring 31 December      2011. |   | 1.00:1                      |
| Relevant      Period commencing on 1 July 2011 and expiring 30 June      2012.        |   | 1.00:1                      |
| Relevant      Period commencing on 1 January 2012 and expiring 31 December      2012. |   | 1.00:1                      |
| Relevant      Period commencing on 1 July 2012 and expiring 30 June      2013.        |   | 1.05:1                      |
| Relevant      Period commencing on 1 January 2013 and expiring 31 December      2013. |   | 1.10:1                      |
| Relevant      Period commencing on 1 July 2013 and expiring 30 June      2014.        |   | 1.15:1                      |
| Relevant      Period commencing on 1 January 2014 and expiring 31 December      2014. |   | 1.20:1                      |
| Relevant      Period commencing on 1 July 2014 and expiring 30 June      2015.        |   | 1.25:1                      |
| Relevant      Period commencing on 1 January 2015 and expiring 31 December      2015. |   | 1.30:1                      |
| Relevant      Period commencing on 1 July 2015 and expiring 30 June      2016.        |   | 1.40:1                      |
| Relevant      Period commencing on 1 January 2016 and expiring 31 December      2016. |   | 1.50:1                      |
| Relevant      Period commencing on 1 July 2016 and expiring 30 June      2017.        |   | 1.50:1                      |
| Relevant      Period commencing on 1 January 2017 and expiring 31 December      2017. |   | 1.50:1                      |
| Relevant      Period commencing on 1 July 2017 and expiring 30 June      2018.        |   | 1.50:1                      |
| Relevant      Period commencing on 1 January 2018 and expiring 31 December      2018. |   | 1.50:1                      |
| Relevant      Period commencing on 1 July 2018 and expiring 30 June      2019.        |   | 1.50:1                      |
| Relevant      Period commencing on 1 January 2019 and expiring 31 December      2019. |   | 1.50:1                      |

----

| 20.5 | Net Debt to Adjusted      Consolidated EBITDA |
|------|-----------------------------------------------|

| Column 1 - Relevant Period                                                  |   | Column 2 – Ratio |
|-------------------------------------------------------------------------------------------------|--------|---------------------------------------|
| Relevant      Period commencing on 1 January 2012 and expiring 31 December      2012. |   | 9.90:1                                |
| Relevant      Period commencing on 1 July 2012 and expiring 30 June      2013.        |   | 7.25:1                                |
| Relevant      Period commencing on 1 January 2013 and expiring 31 December      2013. |   | 5.60:1                                |
| Relevant      Period commencing on 1 July 2013 and expiring 30 June      2014.        |   | 4.75:1                                |
| Relevant      Period commencing on 1 January 2014 and expiring 31 December      2014. |   | 4.00:1                                |
| Relevant      Period commencing on 1 July 2014 and expiring 30 June      2015.        |   | 3.50:1                                |
| Relevant      Period commencing on 1 January 2015 and expiring 31 December      2015. |   | 3.00:1                                |
| Relevant      Period commencing on 1 July 2015 and expiring 30 June      2016.        |   | 2.75:1                                |
| Relevant      Period commencing on 1 January 2016 and expiring 31 December      2016. |   | 2.50:1                                |
| Relevant      Period commencing on 1 July 2016 and expiring 30 June      2017.        |   | 2.50:1                                |
| Relevant      Period commencing on 1 January 2017 and expiring 31 December      2017. |   | 2.50:1                                |
| Relevant      Period commencing on 1 July 2017 and expiring 30 June      2018.        |   | 2.50:1                                |
| Relevant      Period commencing on 1 January 2018 and expiring 31 December      2018. |   | 2.50:1                                |
| Relevant      Period commencing on 1 July 2018 and expiring 30 June      2019.        |   | 2.50:1                                |
| Relevant      Period commencing on 1 January 2019 and expiring 31 December      2019. |   | 2.50:1                                |

----

| 20.6 | Financial      Testing |
|------|------------------------|

| 21. | POSITIVE      UNDERTAKINGS |
|-----|----------------------------|

| 21.1 | Compliance with      Laws |
|------|---------------------------|

|   | (a) | Observe      and remain in compliance in all material respects with all Applicable Laws      and maintain in full force and effect all Authorisations, in each case      applicable to the conduct of its business except where the failure to do      so could not reasonably be expected to have a Material Adverse      Effect. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Without      limiting the foregoing, the Borrower shall, and shall cause each of its      Subsidiaries to, comply in all material respects with all terms and      conditions of all Communications Licences and all federal, state and local      laws, all rules, regulations and administrative orders of the FCC, state      and local commissions or authorities, or any other Governmental Authority      that are applicable to the Borrower and its Subsidiaries or the      telecommunications operations thereof; provided that the      Borrower or any Subsidiary may dispute in good faith the applicability or      requirements of any such matter so long as such dispute could not      reasonably be expected to have a Material Adverse  Effect. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 21.2 | Environmental      Laws |
|------|-------------------------|

|   | (a) | comply      with, and use reasonable endeavours to ensure such compliance by all      tenants and sub-tenants with all applicable Environmental Laws and obtain,      comply with and maintain, and use reasonable endeavours to ensure that all      tenants and subtenants, obtain, comply with and maintain, any and all      Environmental Permits; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | conduct      and complete all investigations, studies, sampling and testing, and all      remedial, removal and other actions required under Environmental Laws, and      promptly comply with all lawful orders and directives of any Governmental      Authority regarding Environmental Laws;and |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (c) | defend,      indemnify and hold harmless the Finance Parties, and their respective      parents, Subsidiaries, Affiliates, employees, agents, officers and      directors, from and against any claims, demands, penalties, fines,      liabilities, settlements, judgments, damages, costs and expenses of      whatever kind or nature known or unknown, contingent or otherwise, arising      out of, or in any way relating to the presence of Hazardous Materials, or      the violation of, non-compliance with or liability under any Environmental      Laws by the Borrower or any such Subsidiary, or any orders, requirements      or demands of Governmental Authorities related thereto, including, without      limitation, reasonable attorneys’ and consultants’ fees, investigation and      laboratory fees, response costs, court costs and litigation expenses,      except to the extent that any of the foregoing directly result from the      gross negligence or willful misconduct of the party seeking      indemnification therefor, as determined by a court of competent      jurisdiction by final non-appealablejudgment. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 21.3 | Compliance with      ERISA |
|------|----------------------------|

|   | (a) | comply      with all material applicable provisions of ERISA and the Code (including      Code provisions compliance with which is necessary for any intended      favourable tax treatment) and the regulations and published      interpretations respectively thereunder with respect to all Employee      Benefit Plans; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | not      take any action or fail to take action the result of which could be a      liability to the PBGC or to a Multiemployer  Plan; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | not      participate in any prohibited transaction that could result in any civil      penalty under ERISA or tax under theCode; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | operate      each Employee Benefit Plan in such a manner that will not incur any tax      liability under Section 4980B of      the Code or any liability to any qualified beneficiary as defined in Section 4980B of      the Code; and |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | furnish      to the COFACE Agent upon the COFACE Agent’s request such additional      information about any Employee Benefit Plan as may be reasonably requested      by the COFACE Agent. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 21.4 | Insurance |
|------|-----------|

|   | (a) | Maintain      insurance with insurance companies and/or underwriters rated by S&P or      AM Best’s Rating Agency at no lower than A- against such risks and in such      amounts as are: |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | maintained      in accordance with prudent business practice and corporate governance;      and |
|--------|-----|-------------------------------------------------------------------------------------------------|

----

|   | (ii) | as      may be required by Applicable Law with amounts and scope of coverage not      less than those maintained by the Borrower and its Subsidiaries as of the      date of this Agreement. |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | On      the date of this Agreement and from time to time thereafter the Borrower      shall deliver to the COFACE Agent upon its request information in      reasonable detail as to the insurance then in effect, stating the names of      the insurance companies, the amounts and rates of the insurance, the dates      of the expiration thereof and the properties and risks covered thereby,      provided that,      with respect to paragraph (a)(i) only, neither the Borrower nor any      of its Subsidiaries shall be required to obtain any insurance against the      risk of loss of any in-orbit Satellites or against business interruption      risks in addition to or with a broader scope of coverage than is currently      maintained by the Borrower and its Subsidiaries as at the date of this      Agreement. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | In      addition to, and without limiting the foregoing, the Borrower will, and      will cause each of its Subsidiaries to, maintain insurance with respect to      the Satellites as follows: |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | Property All Risks      Insurance |
|--------|-----|-----------------------------------|

|   | (ii) | Launch      Insurance |
|--------|------|-----------------------|

----

|   | (x) | in      the case of the first Launch of six (6) Satellites, a      six (6) Month stabilisation and performance test period for such      six (6) Satellites; and |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (y) | in      the case of each Launch following the first successful Launch, a three      (3) Month stabilisation and performance test period for each      Satellite remaining to be launched for the first twenty-four (24)      Satellites, |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (A) | commence from      the time that is the earlier of (i) the time designated by the Launch      Services Provider during the launch sequence when the command to ignite is      intentionally sent to one of the motors of the Launch Vehicle (as such      term is defined in the Launch Services Contract) for the purpose of Launch      following a planned countdown; and (ii) the time that the cover with      respect to the relevant Satellite being launched expires under the      insurance procured by the Supplier; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (B) | be      denominated in Dollars for an amount not less than one hundred and ninety      million nine hundred thousand Dollars (US$190,900,000) until the date of      the first successful Launch, and thereafter, to be an amount equal to the      higher of (i) the replacement cost of a Satellite (including, the purchase      price, Launch and insurances) and (ii) one hundred and forty six million      five hundred eighty five thousand and five hundred Dollars      (US$146,585,500)); |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (C) | name      the applicable Obligor purchasing the Satellite as the named insured and      the Security Agent for and on behalf of the Lenders as additional insured      and first loss payee in accordance with the Loss Payee Clause up to the      amount specified in Clause 21.4(c)(ii)(B) and provide that payments      due thereunder shall be payable directly to the Security Agent as first      loss payee (“Loss      Payee”) who, prior to an Event of Default, shall transfer to the      Collection Account, for and on behalf of the Lenders, who shall receive in      full such payments to be applied in accordance with Clause 10 (Insurance Proceeds      Account) of the Accounts Agreement, including any accrued unpaid      interest; provided      that claims if any shall be adjusted with the named insured and      paid to the Loss Payee; and |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (D) | provide      that it will not be cancelled or reduced (other than a reduction from the      payment of a claim) or amended without notice to the COFACE      Agent.  All such notices shall be sent by facsimile and e-mail      to the COFACE Agent by the insurers at the same time such notices are sent      to the Borrower and shall be effective as stated in such notices provided that, fifteen      (15) days’ advance written notice shall be given in the event of      notice of cancellation for non-payment of  premium. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | Third Party Liability      Insurance |
|--------|-------|--------------------------------------|

|   | (A) | cause      the Supplier to subscribe before Launch and/or maintain in full force and      effect a third party liability insurance for liabilities arising from      bodily injury and loss or damage to third party property (“Third Party Liability      Insurance”); |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (B) | cause      the Launch Services Provider to subscribe for and maintain Third Party      Liability Insurance coverage for liabilities arising from bodily injury      and loss or damage to third party property caused by Satellites after      Launch in an amount on an annual basis of not less than an aggregate      amount equal to: |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (aa) | sixty      million nine hundred and eighty thousand Euros (€60,980,000) in respect of      a Launch from the Kourou launchsite; |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------------|

|   | (bb) | one hundred million      Dollars (US$100,000,000) in respect of the risks covered under      Article 15.2.1(ii) of the Launch Services Contract, for Launches from      the Baїkonur launch site. |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (C) | cause      the Launch Services Provider to submit a copy of the Third Party Liability      Insurance documentation to the COFACE Agent as soon as practicable and in      any event no less than thirty (30) days prior to the scheduled Launch      date for any Launch.  Such insurance shall be in full force at      the Launch date (as of Intentional Ignition (as such term is defined in      the Launch Services Contract)) and shall be maintained for a period equal      to the lesser of: |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (aa) | twelve      (12) Months; or |
|--------|------|----------------------------------|

|   | (bb) | so      long as all or any part of the Launch Vehicle (as such term is defined in      the Launch Services Contract), the Satellite(s) and/or their components      remain in orbit. |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | Each      insurance policy shall comply with the Lenders’ requirements set out in      Clause 21.4(e) below and shall be on reasonable terms and conditions      and with acceptable exclusions and a reasonable level of deductible      acceptable to the COFACE Agent (acting on the instructions of the Majority      Lenders). |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | General Insurance Provisions      and Requirements |
|--------|-----|----------------------------------------------------|

|   | (i) | provide,      or as appropriate, request the Supplier and/or the Launch Services      Provider to deliver to the COFACE Agent, promptly after issuance of each      relevant Insurance, certificate(s) of internationally recognised insurance      broker(s) usually involved in space risk insurance and approved by the      Lenders, confirming that: |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (A) | the      Property All Risks Insurance, the Launch Insurance and the Third Party      Liability Insurance, as appropriate, are in full force and effect on the      date they are respectively required to be entered into    force, |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (B) | the      names and percentages of the relevant insurance  companies; |
|--------|-----|----------------------------------------------------------------------|

|   | (C) | the      sums insured and expiration dates of such  Insurances; |
|--------|-----|-----------------------------------------------------------------|

----

|   | (D) | the      premia for the Property All Risks Insurance, Launch Insurance and the      Third Party Liability Insurances shall be payable by the Borrower, the      Supplier and the Launch Services Provider, as applicable, in accordance      with the terms of credit agreed for each such Insurance;    and |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (E) | all      premia due at the date of such certificate have been paid in      full. |
|--------|-----|----------------------------------------------------------------------------------|

|   | (ii) | use      reasonable efforts (having regard to the terms which are reasonably      commercially available in the insurance market) to obtain agreement to      incorporate in the Insurances the following provisions or provisions      substantially similar in content: |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (A) | the      insurers, either directly or via the insurance broker, and the broker      shall also advise the COFACE Agent (by facsimile and by e-mail) of any      loss or of any default in the payment of any premium and of any event      other act or omission on the part of the Borrower, the Supplier and/or the      Launch Service Provider, as applicable, of which the broker or the      insurers have knowledge and which might result in the invalidation, the      lapse or the cancellation in whole or in part of such      Insurance; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (B) | the      COFACE Agent and/or the Lenders shall have the right (without any      obligation) to pay the insurance premia if the relevant party fails to or      delays in making any such payment within the time periods specified in the      relevant insurance policies.  If any payment of the premia is      effected by the COFACE Agent and/or the Lenders, the Borrower shall on      demand reimburse the COFACE Agent and/or the Lenders the amount of any      premia so paid and all related costs and  expenses; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (C) | if      the Borrower, the Supplier and/or the Launch Services Provider (as      applicable) fails or delays in filing any notice of proof of loss, the      COFACE Agent shall have the right to join the Borrower, the Supplier      and/or the Launch Services Provider (as applicable) in submitting a notice      of proof of any loss within the time periods specified in the applicable      insurance policies; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (D) | the      insurers waive: |
|--------|-----|--------------------------|

|   | (aa) | all      rights of set-off and counterclaim against COFACE, the COFACE Agent and      the Lenders in connection with their rights to make payments under such      insurance; and |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (bb) | all      rights of subrogation to the rights of the COFACE Agent and the Lenders      against the Borrower; |
|--------|------|-------------------------------------------------------------------------------------------------------------|

|   | (E) | the      insurance be primary and not excess to or contributory to any insurance or      self-insurance maintained by theLenders; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------|

----

|   | (F) | the      Insurances shall not be permitted to lapse or to be cancelled, without      written notice being given by facsimile and e-mail to the COFACE Agent at      the same time such notices are sent to the Borrower and shall be effective      as stated in such notices provided that, fifteen      (15) days’ advance written notice shall be given by the Borrower in      the event of notice of cancellation for non-payment of premium;      and |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (G) | the      insurers will undertake, not to make any material modification or      amendment to the terms of such insurance policies without the prior      written consent of the COFACE Agent (acting on the instructions of all the      Lenders).  For the purpose of this paragraph (G), material      modification means a modification such that the insurance as modified      would not meet any longer the terms and conditions set out in this      Agreement. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 21.5 | Additional Domestic      Subsidiaries |
|------|---------------------------------------|

|   | (a) | become      a Subsidiary Guarantor by delivering to the COFACE Agent a duly executed      Guarantee Agreement or such other document as the COFACE Agent shall deem      appropriate for such purpose; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | pledge      a security interest in all Collateral owned by such Subsidiary (provided that if such      Collateral consists of Capital Stock of a Foreign Subsidiary, such      security interest will be limited to sixty-five per cent. (65%) of such      Capital Stock (subject to the provisions of Clause 3.6 (Foreign Subsidiaries      Security) of the Stock Pledge Agreement)) by delivering to the      COFACE Agent a duly executed supplement to each Security Document or such      other document as the COFACE Agent shall deem appropriate for such purpose      and comply with the terms of each Security  Document; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | deliver      to the COFACE Agent such documents and certificates referred to in      Schedule 2 (Conditions      Precedent) as may be reasonably requested by the COFACE      Agent; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | deliver      to the COFACE Agent such original Capital Stock or other certificates and      stock or other transfer powers evidencing the Capital Stock of such      person; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | deliver      to the COFACE Agent such updated Schedules to the Finance Documents as      requested by the COFACE Agent with respect to such person;    and |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (f) | deliver      to the COFACE Agent such other documents as may be reasonably requested by      the COFACE Agent (including, any “know your customer”      information), all in form, content and scope reasonably satisfactory to      the COFACE Agent. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 21.6 | Additional Foreign      Subsidiaries |
|------|--------------------------------------|

|   | (a) | with      respect to any Subsidiary that is directly owned by an Obligor, cause the      Borrower or the applicable Subsidiary to deliver to the COFACE Agent a      Security Document pledging sixty five per cent. (65%) of      the total outstanding Capital Stock of such new Foreign Subsidiary      (subject to the provisions of Clause 3.6 (Foreign Subsidiaries      Security) of the Stock Pledge Agreement) and a consent thereto      executed by such new Foreign Subsidiary (including, without limitation, if      applicable, original stock certificates (or the equivalent thereof      pursuant to the Applicable Laws and practices of any relevant foreign      jurisdiction) evidencing that the Capital Stock of such new Foreign      Subsidiary, together with an appropriate undated stock power for each      certificate duly executed in blank by the registered owner      thereof); |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | cause      such person to deliver to the COFACE Agent such documents and certificates      referred to in Schedule 2 (Conditions Precedent)      as may be reasonably requested by the COFACE  Agent; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | cause      the Borrower to deliver to the COFACE Agent such updated Schedules to the      Finance Documents as requested by the COFACE Agent with regard to such      person; and |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | cause      such person to deliver to the COFACE Agent such other documents as may be      reasonably requested by the COFACE Agent, all in form, content and scope      reasonably satisfactory to the COFACEAgent. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 21.7 | Additional Communications      Licences |
|------|-----------------------------------------|

----

| 21.8 | Owned Real      Property |
|------|--------------------------|

|   | (a) | Mortgages |
|--------|-----|-----------|

|   | (b) | Title      Insurance |
|--------|-----|----------------------|

|   | (c) | Title      Exceptions |
|--------|-----|-----------------------|

|   | (d) | Matters Relating to Flood      Hazard Properties |
|--------|-----|--------------------------------------------------|

|   | (e) | Other Real Property      Information |
|--------|-----|--------------------------------------|

----

| 21.9 | Leased Real      Property |
|------|---------------------------|

| 21.10 | After Acquired Real Property      Collateral |
|-------|----------------------------------------------|

|   | (a) | Clause 21.8      (Owned Real      Property) if such real property is owned;  or |
|--------|-----|--------------------------------------------------------------------------------------|

|   | (b) | Clause 21.9      (Leased Real      Property) if such real property is  leased. |
|--------|-----|-------------------------------------------------------------------------------------|

| 21.11 | Hedging      Agreements |
|-------|-------------------------|

| 21.12 | Taxation |
|-------|----------|

|   | (a) | Each      Obligor shall (and the Borrower shall ensure that each member of the Group      will) pay and discharge all Taxes imposed upon it or its assets within the      time period allowed without incurring penalties unless and only to the      extent that: |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | such      payment is being contested in goodfaith; |
|--------|-----|----------------------------------------------------|

|   | (ii) | adequate      reserves are being maintained for those Taxes and the costs required to      contest them which have been disclosed in its latest financial statements      delivered to the COFACE Agent under Clause 19 (Information      Undertakings); and |
|--------|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | such      payment can be lawfully withheld and failure to pay those Taxes does not      have or is not reasonably likely to have a Material Adverse      Effect. |
|--------|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | No      Obligor may change its residence for Tax  purposes. |
|--------|-----|-------------------------------------------------------------|

----

| 21.13 | Preservation of      Assets |
|-------|-----------------------------|

| 21.14 | Pari      Passu      Ranking |
|-------|------------------------------|

|   | (a) | procure      that its obligations under the Finance Documents to which it is a party do      and will rank at least pari passu with all its      other present and future unsecured, unsubordinated obligations, save for      obligations preferred by operation of Applicable Law;  and |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | ensure      that at all times the claims of each Finance Party against it under the      Finance Documents to which it is a party rank at least pari passu with the      claims of all its unsecured creditors save those whose claims are      preferred by any bankruptcy, insolvency, liquidation or similar Applicable      Laws of general application. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 21.15 | Intellectual      Property |
|-------|----------------------------|

|   | (a) | preserve      and maintain the subsistence and validity of the Intellectual Property      necessary for the business of the relevant Group  member; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | use      reasonable endeavours to prevent any infringement in any material respect      of the Intellectual Property; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------|

|   | (c) | make      registrations and pay all registration fees and taxes necessary to      maintain the Intellectual Property in full force and effect and record its      interest in that IntellectualProperty; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | not      use or permit the Intellectual Property to be used in a way or take any      step or omit to take any step in respect of that Intellectual Property      which may materially and adversely affect the existence or value of the      Intellectual Property or imperil the right of any member of the Group to      use such property; and |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | not      discontinue the use of the Intellectual  Property, |
|--------|-----|-------------------------------------------------------------|

| 21.16 | Access |
|-------|--------|

----

|   | (a) | the      premises, assets, books, accounts and records of each member of the Group;      and |
|--------|-----|----------------------------------------------------------------------------------------------|

|   | (b) | meet      and discuss matters with management of the  Group. |
|--------|-----|--------------------------------------------------------------|

| 21.17 | Further      Assurance |
|-------|------------------------|

|   | (a) | The      Borrower shall (and shall procure that each member of the Group will)      promptly do all such acts or execute all such documents (including      assignments, transfers, mortgages, charges, notices and instructions) as      the Security Agent may reasonably specify (and in such form as the      Security Agent may reasonably require in favour of the Security Agent or      its nominee(s)): |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | to      perfect a Lien created or intended to be created under or evidenced by the      Security Documents (which may include the execution of a mortgage, charge,      assignment or other Lien over all or any of the assets which are, or are      intended to be, the subject of the Security Documents) or for the exercise      of any rights, powers and remedies of the Security Agent or the Finance      Parties provided by or pursuant to the Finance Documents or by Applicable      Law; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | to      confer on the Security Agent or confer on the Finance Parties a Lien over      any property and assets of the Group located in any jurisdiction      equivalent or similar to a Lien intended to be conferred by or pursuant to      the Security Documents; and |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | to      facilitate the realisation of the assets which are, or are intended to be,      the subject of a Lien. |
|--------|-------|----------------------------------------------------------------------------------------------------------------|

|   | (b) | The      Borrower shall (and shall procure that each member of the Group shall)      take all such action as is available to it (including making all filings      and registrations) as may be necessary for the purpose of the creation,      perfection, protection or maintenance of any Lien conferred or intended to      be conferred on the Security Agent or the Finance Parties by or pursuant      to the Finance Documents. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 21.18 | Payments under the Satellite      Construction Contract |
|-------|---------------------------------------------------------|

----

| 22. | NEGATIVE      UNDERTAKINGS |
|-----|----------------------------|

| 22.1 | Limitations on Financial      Indebtedness |
|------|--------------------------------------------|

|   | (a) | the      Obligations (excluding any Hedging Obligations permitted pursuant to      Clause 22.1(c)); |
|--------|-----|----------------------------------------------------------------------------------------------------------|

|   | (b) | Financial      Indebtedness incurred in connection with the Interest Rate Cap      Agreement; |
|--------|-----|-----------------------------------------------------------------------------------------------|

|   | (c) | Financial      Indebtedness incurred in connection with a Hedging Agreement required      pursuant to Clause 21.11 (Hedging      Agreements); |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | Financial      Indebtedness existing on the date of this Agreement and not otherwise      permitted under this Clause and set out in Schedule 14 (Financial Indebtedness and      Guarantee Obligations); |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | Guarantee      Obligations in favour of the COFACE Agent for the benefit of the COFACE      Agent and the Finance Parties; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------|

|   | (f) | unsecured: |
|--------|-----|------------|

|   | (i) | Subordinated      Indebtedness owed by any Obligor to another  Obligor; |
|--------|-----|-------------------------------------------------------------------------|

|   | (ii) | Subordinated      Indebtedness owed by any Obligor to a Foreign  Subsidiary; |
|--------|------|------------------------------------------------------------------------------|

|   | (iii) | Financial      Indebtedness owed by a Foreign Subsidiary to any Obligor; provided that the      aggregate amount of such Financial Indebtedness outstanding at any time      pursuant to this paragraph (iii) shall not exceed the Foreign      Investment Limitation (calculated without regard to paragraph (b) of      the definition of Foreign Investment Limitation and excluding the Existing      Canadian Note) as of any date ofdetermination; |
|--------|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iv) | Financial      Indebtedness owed by a Foreign Subsidiary to another Foreign Subsidiary;      and |
|--------|------|--------------------------------------------------------------------------------------------------|

|   | (v) | Guarantee      Obligations by the Borrower on behalf of any Obligor or Foreign Subsidiary      not to exceed one million Dollars (US$1,000,000) in    aggregate; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (g) | Financial      Indebtedness pursuant to the following paragraphs (i) to (v) (and any      extension, renewal, replacement or refinancing thereof, but not to      increase the aggregate principal amount), provided that at the      time such Financial Indebtedness is incurred, the COFACE Agent and the      Lenders shall have received from the Borrower a Compliance Certificate in      form and substance satisfactory to the COFACE Agent (including an Adjusted      Consolidated EBITDA Reconciliation for the fiscal period covered by such      Compliance Certificate), demonstrating that, after giving effect to the      incurrence of any such Financial Indebtedness, the Borrower will be in      pro forma      compliance with the financial covenants set forth in Clause 20 (Financial Covenants)      applicable at such time: |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (i) | Financial      Indebtedness of the Borrower and its Subsidiaries incurred in connection      with Capital Leases and/or purchase money Financial Indebtedness of the      Borrower and its Subsidiaries in an aggregate amount not to exceed twenty      five million Dollars (US$25,000,000) on any date of      determination; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | Financial      Indebtedness of a person existing at the time such person became a      Subsidiary or assets were acquired from such person not exceeding ten      million Dollars (US$10,000,000), to the extent such Financial Indebtedness      was not incurred in connection with or in contemplation of, such person      becoming a Subsidiary or the acquisition of such assets, which      transactions in aggregate since the date of this Agreement do not exceed      at any time twenty five million Dollars  (US$25,000,000); |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | Guarantee      Obligations with respect to Financial Indebtedness permitted pursuant to      paragraph (g) of this Clause; |
|--------|-------|---------------------------------------------------------------------------------------------------------------------------------|

|   | (iv) | Financial      Indebtedness of Foreign Subsidiaries, not to exceed in the aggregate at      any time outstanding two million Dollars (US$2,000,000);    and |
|--------|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (v) | Subordinated      Indebtedness not otherwise permitted pursuant to this Clause in an      aggregate amount outstanding not to exceed two hundred million Dollars      (US$200,000,000) at any time, provided that, no Event of      Default has occurred and is continuing and subject to the prior agreement      of an Acceptable IntercreditorAgreement; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (h) | Financial      Indebtedness incurred in respect of workers’ compensation claims,      self-insurance obligations, bankers’ acceptances, performance, surety and      similar bonds and completion guarantees provided by the Borrower or one of      its Subsidiaries in the ordinary course of trading, not to exceed in the      aggregate at any time outstanding ten million Dollars      (US$10,000,000); |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | Financial      Indebtedness arising from the honouring by a bank or other financial      institution of a cheque, draft or similar instrument in the ordinary      course of trading inadvertently drawn against insufficient funds, provided however, that such Financial      Indebtedness is extinguished within five (5) Business Days and does      not exceed in the aggregate at any time outstanding ten million Dollars      (US$10,000,000); |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (j) | Financial      Indebtedness arising from any agreement by the Borrower or any of its      Subsidiaries providing for indemnities, guarantees, purchase price      adjustments, holdbacks, contingency payment obligations based on the      performances of the acquired or disposed assets or similar obligations      incurred by any person in connection with the acquisition or disposition      of assets or Capital Stock as permitted by this Agreement provided that such      Financial Indebtedness does not exceed in the aggregate at any time      outstanding ten million Dollars (US$10,000,000);  and |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (k) | Financial      Indebtedness otherwise approved by the COFACE Agent in      writing. |
|--------|-----|-------------------------------------------------------------------------------------|

| 22.2 | Limitations on      Liens |
|------|---------------------------|

|   | (a) | Liens      of the Security Agent or the COFACE Agent (as the case may be) for the      benefit of the Finance Parties under the Finance  Documents; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Liens      not otherwise permitted by this Clause and in existence on the date of      this Agreement and described in Schedule 17 (Existing      Liens); |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | Liens      for taxes, assessments and other governmental charges or levies not yet      due or as to which the period of grace if any, related thereto has not      expired or which are being contested in good faith and by appropriate      proceedings if adequate reserves are maintained to the extent required by      GAAP; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | the      claims of materialmen, mechanics, carriers, warehousemen, processors or      landlords for labour, materials, supplies or rentals incurred in the      ordinary course of trading: |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | which      are not overdue for a period of more than ninety (90) days;      or |
|--------|-----|-------------------------------------------------------------------------------------|

|   | (ii) | which      are being contested in good faith and by appropriate proceedings if      adequate reserves are maintained to the extent required by      GAAP; |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | Liens      consisting of deposits or pledges made in the ordinary course of trading      in connection with, or to secure payment of, obligations under workers’      compensation, unemployment insurance or similar    legislation; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (f) | Liens      constituting encumbrances in the nature of zoning restrictions, easements      and rights or restrictions of record on the use of real property, which in      the aggregate are not substantial in amount and which do not, in any case,      detract from the value of such property or impair the use thereof in the      ordinary conduct of trading; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (g) | Liens      existing on any asset of any person at the time such person becomes a      Subsidiary or is merged or consolidated with or into a Subsidiary      which: |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | were      not created in contemplation of or in connection with such event;      and |
|--------|-----|--------------------------------------------------------------------------------------|

----

|   | (ii) | do      not extend to or cover any other property or assets of the Borrower or any      Subsidiary, so long as any Financial Indebtedness related to any such      Liens are permitted under Clause 22.1(g)(ii) (Limitations on Financial      Indebtedness): |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (h) | Liens      securing Financial Indebtedness permitted under Clause 22.1(g)(i)      (Limitations on      Financial Indebtedness) provided      that: |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | such      Liens shall be created substantially simultaneously with the acquisition      or lease of the related asset; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | such      Liens do not at any time encumber any property other than the property      financed by such FinancialIndebtedness; |
|--------|------|-------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | the      amount of Financial Indebtedness secured thereby is not increased;      and |
|--------|-------|--------------------------------------------------------------------------------------|

|   | (iv) | the      principal amount of Financial Indebtedness secured by any such Lien shall      at no time exceed one hundred per cent. (100%)      of the original purchase price or lease payment amount of such property at      the time it was acquired; |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | Liens      securing Financial Indebtedness permitted under Clause 22.1(g)(iv)      (Limitations on      Financial Indebtedness) provided that such      liens do not at any time encumber any property other than that of the      applicable Foreign Subsidiary obliged with respect to such Financial      Indebtedness; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (j) | Liens      to secure the performance of statutory obligations, surety or appeal      bonds, performance bonds or other obligations of a like nature incurred in      the ordinary course of trading; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (k) | Liens      incurred or deposits made in the ordinary course of trading in connection      with workers’ compensation, unemployment insurance and other types of      social security; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (l) | rights      of banks to set-off deposits against debts owed to such    banks; |
|--------|-----|-------------------------------------------------------------------------------|

|   | (m) | Liens      upon specific items of inventory or other goods and proceeds of the      Borrower and its Subsidiaries securing their obligations in respect of      bankers’ acceptances issued or created for the account of any such person      to facilitate the purchase, storage or shipment of such inventory or other      goods; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (n) | Liens      in favour of customs and revenue authorities arising as a matter of law to      secure payment of customs duties in connection with the importation of      goods; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (o) | Liens      encumbering property or assets under construction arising from progress or      partial payments by a customer of the Borrower or one of its Subsidiaries      relating to such property orassets; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (p) | Liens      on assets that are the subject of a sale and leaseback transaction      permitted by the provisions of thisAgreement; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------|

----

|   | (q) | Liens      securing Satellite Vendor Obligations, provided that such Lien      does not attach or encumber any asset or property of the Borrower or any      Subsidiary thereof other than the asset or personal property which is the      subject of such obligation or the Escrow  Account; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (r) | Liens      securing Financial Indebtedness permitted by Clause 22.1(b) or (c)      (Limitations on      Financial Indebtedness); |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------|

|   | (s) | Liens      not otherwise permitted under this Agreement securing obligations not at      any time exceeding in aggregate five million Dollars (US$5,000,000);      and |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (t) | Liens      otherwise approved by the COFACE Agent in  writing. |
|--------|-----|----------------------------------------------------------------|

| 22.3 | Limitations on Loans,      Investments and Acquisitions |
|------|---------------------------------------------------------|

|   | (a) | investments: |
|--------|-----|--------------|

|   | (i) | existing      on the date of this Agreement in Subsidiaries existing on the date of this      Agreement; |
|--------|-----|----------------------------------------------------------------------------------------------------------|

|   | (ii) | after      the date of this Agreement in: |
|--------|------|-------------------------------------------|

|   | (A) | existing      Subsidiaries; and/or |
|--------|-----|------------------------------------|

|   | (B) | Subsidiaries      formed after the date of this Agreement, provided that, in each      case: |
|--------|-----|----------------------------------------------------------------------------------------------|

|   | (x) | the      Borrower and its Subsidiaries comply with the applicable provisions of      Clause 21.5 (Additional Domestic      Subsidiaries); and |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (y) | the      amount of any such investments in a Foreign Subsidiary shall not exceed      the Foreign Investment Limitation as of the date of such      investment; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | the      other loans, advances and investments described on Schedule 21 (Existing Loans, Investments      and Advances) existing on the date of this    Agreement; |
|--------|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iv) | by      any Subsidiary in the Borrower; |
|--------|------|-----------------------------------------|

----

|   | (b) | investments      in: |
|--------|-----|----------------------|

|   | (i) | marketable      direct obligations issued or unconditionally guaranteed by the      United States or any agency thereof maturing within one hundred and      twenty (120) days from the date of acquisition    thereof; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | commercial      paper maturing no more than one hundred and twenty (120) days from      the date of creation thereof and currently having the highest rating      obtainable from either S&P orMoody’s; |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | certificates      of deposit maturing no more than one hundred and twenty (120) days      from the date of creation thereof issued by commercial banks incorporated      under the laws of the United States, each having combined capital,      surplus and undivided profits of not less than five hundred million      Dollars (US$500,000,000) and having a rating of “A” or better from      either S&P or Moody’s; provided that the      aggregate amount invested in such certificates of deposit shall not at any      time exceed five million Dollars (US$5,000,000) for any one such      certificate of deposit and ten million Dollars (US$10,000,000) for any one      such bank; |
|--------|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iv) | time      deposits maturing no more than thirty (30) days from the date of      creation thereof with commercial banks or savings banks or savings and      loan associations each having membership either in the FDIC or the      deposits of which are insured by the FDIC and in amounts not exceeding the      maximum amounts of insurance thereunder;and |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (v) | other      investments permitted by the Borrower’s investment policy as of the date      hereof in the form attached at Schedule 28 (Investment      Policy); |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | investments      by the Borrower or any of its Subsidiaries in the form of Permitted      Acquisitions or Permitted Joint Venture Investments; provided that the      amount of any such investments in a Foreign Subsidiary (or any entity that      would constitute a Foreign Subsidiary if the Borrower or one of its      Subsidiaries owned more than fifty percent (50%) of the outstanding      Capital Stock of such entity) shall not exceed the Foreign Investment      Limitation as of the date of suchinvestment; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | Hedging      Agreements permitted pursuant to Clause 21.11 (Hedging Agreements) and      any Interest Rate Cap Agreement and investments in collateral accounts      securing any Hedging Agreements and Interest Rate Cap      Agreement; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | purchases      of assets in the ordinary course oftrading; |
|--------|-----|------------------------------------------------------------|

|   | (f) | investments      in the form of loans and advances to employees in the ordinary course of      trading, which, in aggregate, do not exceed at any time five hundred      thousand Dollars (US$500,000); |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (g) | intercompany      Financial Indebtedness permitted pursuant to Clause 22.1(e) (Limitations on Financial      Indebtedness); |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------|

|   | (h) | loans      to one (1) or more officers or other employees of the Borrower or its      Subsidiaries in connection with such officers’ or employees’ acquisition      of Capital Stock of the Borrower in the ordinary      course of trading, consistent with the Borrower’s equity incentive plan,      which, in aggregate, do not exceed at any time five hundred thousand      Dollars (US$500,000); |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | endorsement      of cheques or bank drafts for deposit or collection in the ordinary course      of trading; |
|--------|-----|--------------------------------------------------------------------------------------------------------------|

|   | (j) | performance,      surety and appeal bonds; |
|--------|-----|--------------------------------------------|

|   | (k) | investments      consisting of non-cash consideration received by the Borrower or any of      its Subsidiaries from the sale of assets or Capital Stock of a Subsidiary      as permitted by this Agreement; and |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (l) | investments      in Globaltouch (West Africa) Limited provided      that: |
|--------|-----|---------------------------------------------------------------------------|

|   | (i) | the      amount of such investment does not exceed five million Dollars      (US$5,000,000) including any such investment made prior to the date of      this Agreement; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | the      investment complies with paragraphs (b), (d) and (e) of the      definition of Permitted Joint Venture Investments;  and |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | the      Borrower shall deliver such information relating to the investment as the      COFACE Agent may reasonablyrequest. |
|--------|-------|-----------------------------------------------------------------------------------------------------------------------------|

| 22.4 | Limitations on Mergers and      Liquidations |
|------|----------------------------------------------|

|   | (a) | any      Wholly-Owned Subsidiary of the Borrower may be merged or consolidated with      or into the Borrower (provided that the      Borrower shall be the continuing or surviving person) or with or into any      Subsidiary Guarantor (provided that the      Subsidiary Guarantor shall be the continuing or surviving      person); |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | any      Wholly-Owned Subsidiary may sell, lease, transfer or otherwise dispose of      any or all of its assets (upon voluntary liquidation or otherwise) to the      Borrower or any other Wholly-Owned Subsidiary; (provided that if the      transferor in such a transaction is a Subsidiary Guarantor, then the      transferee must either be the Borrower or a Subsidiary      Guarantor); |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | any      Wholly-Owned Subsidiary of the Borrower may merge with or into the person      such Wholly-Owned Subsidiary was formed to acquire in connection with a      Permitted Acquisition; and |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (d) | any      Subsidiary of the Borrower may wind-up into the Borrower or any Subsidiary      Guarantor. |
|--------|-----|-----------------------------------------------------------------------------------------------------|

| 22.5 | Limitations on Asset      Dispositions |
|------|----------------------------------------|

|   | (a) | the      sale of inventory in the ordinary course of  trading; |
|--------|-----|----------------------------------------------------------------|

|   | (b) | the      sale of obsolete, damaged, worn-out or surplus assets no longer needed in      the business of the Borrower or any of its  Subsidiaries; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | any      lease or sub-licence of spectrum subject to a Communications Licence provided that such      lease or sub-licence is on bona fide arms length      terms at the time such agreement is entered into and does not have, and      could not reasonably expected to have, a Material Adverse      Effect; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | the      transfer of assets to the Borrower or any Subsidiary Guarantor pursuant to      Clause 22.4 (Limitations on Mergers and      Liquidations); and |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | the      sale or discount without recourse of accounts receivable arising in the      ordinary course of trading in connection with the compromise or collection      thereof. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 22.6 | Limitations on Dividends and      Distributions |
|------|-------------------------------------------------|

|   | (a) | prior      to the end of the Availability Period;and |
|--------|-----|------------------------------------------------------|

|   | (b) | thereafter,      unless on the date for the proposed Shareholder    Distribution: |
|--------|-----|-----------------------------------------------------------------------------------|

|   | (i) | the      Debt Service Coverage Ratio calculated by reference  to: |
|--------|-----|-------------------------------------------------------------------|

|   | (A) | each      Debt Service Period preceding the date of calculation;  and |
|--------|-----|-----------------------------------------------------------------------|

|   | (B) | the      audited financial statements delivered in accordance with this      Agreement, |
|--------|-----|-----------------------------------------------------------------------------------------|

|   | (ii) | no      Default shall have occurred and becontinuing; |
|--------|------|-------------------------------------------------------|

----

|   | (iii) | the      Debt Service Reserve Account is funded with the DSRA Required Balance      (both before and immediately after the relevant Shareholder      Distribution); |
|--------|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iv) | the      Borrower has made payment in full to the Supplier of each of the      forty eight (48) Satellites; |
|--------|------|----------------------------------------------------------------------------------------------------------------------------|

|   | (v) | the      Debt Service Account is funded with the DSA Required Balance (both before      and immediately after the relevant Shareholder    Distribution); |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (vi) | the      Convertible Notes Reserve Account is funded with the CNRA Required Balance      (both before and immediately after the relevant Shareholder Distribution);      and |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (vii) | the      Borrower has made each mandatory prepayment required pursuant to      Clause 7.3 (Mandatory Prepayment – Initial      Excess Cash Flow), Clause 7.4 (Mandatory Prepayment – Ongoing      Excess Cash Flow) and Clause 7.6 (Mandatory Prepayments – Asset      Dispositions). |
|--------|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 22.7 | Limitations on Exchange and      Issuance of Capital Stock |
|------|------------------------------------------------------------|

|   | (a) | convertible      or exchangeable into Financial Indebtedness;or |
|--------|-----|-----------------------------------------------------------------|

|   | (b) | required      to be redeemed or repurchased prior to the date that is six      (6) Months after the Final Maturity Date, including at the option of      the holder, in whole or in part, or has, or upon the happening of an event      or passage of time would have, a redemption or similar payment      due. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 22.8 | Transactions with      Affiliates |
|------|-----------------------------------|

|   | (a) | make      any loan or advance to, or purchase or assume any note or other obligation      to or from, any of its officers, directors, shareholders or other      Affiliates, or to or from any member of the immediate family of any of its      officers, directors, shareholders or other Affiliates, or subcontract any      operations to any of its Affiliates;or |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | enter      into, or be a party to, any other transaction not described in      clause (a) above with any of its Affiliates other    than: |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | transactions      permitted by Clause 22.1 (Limitations on Financial      Indebtedness), 22.3 (Limitations on Loans,      Investments and Acquisitions), 22.4 (Limitations on Mergers and      Liquidations) and 22.7 (Limitations on Exchange and      Issuance of Capital Stock); |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (ii) | transactions      existing on the date of this Agreement and described on Schedule 27 (Transactions with      Affiliates); |
|--------|------|----------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | normal      compensation and reimbursement of reasonable expenses of officers and      directors including adoption of a restricted stock bonus or purchase      plan; |
|--------|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iv) | other      transactions in the ordinary course of trading on terms as favourable as      would be obtained by it on a comparable arms-length transaction with an      independent, unrelated third party as determined in good faith by the      board of directors of the Borrower; |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (v) | the      Borrower’s incentive compensation plan described in Schedule 22 (Incentive Plan);      and |
|--------|-----|-----------------------------------------------------------------------------------------------------------|

|   | (vi) | transactions      pursuant to the Finance Documents. |
|--------|------|------------------------------------------------------|

| 22.9 | Certain Accounting Changes;      Organisational Documents |
|------|-----------------------------------------------------------|

|   | (a) | Not      change its Fiscal Year end, or make any change in its accounting treatment      and reporting practices except as required by  GAAP. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Not      amend, modify or change: |
|--------|-----|-----------------------------------|

|   | (i) | its      articles of incorporation (or corporate charter or other similar      organizational documents); or |
|--------|-----|--------------------------------------------------------------------------------------------------------------|

|   | (ii) | its      bylaws (or other similardocuments), |
|--------|------|----------------------------------------------|

| 22.10 | Amendments; Payments and      Prepayments of SubordinatedIndebtedness |
|-------|-----------------------------------------------------------------------|

|   | (a) | Not      amend or modify (or permit the modification or amendment of) any of the      terms or provisions of any Subordinated Indebtedness without the consent      of the COFACE Agent and theLenders. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Except      in the case of the Convertible Notes, not cancel, forgive, make any      payment or prepayment on, or redeem or acquire for value including,      without limitation: |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | by      way of depositing with any trustee with respect thereto money or      securities before due for the purpose of paving when due;    and |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | at      the maturity thereof any Subordinated Indebtedness, except refinancings,      refundings, renewals, extensions or exchange of any Subordinated      Indebtedness permitted by Clause 22.1(e) (Limitations on Financial      Indebtedness). |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 22.11 | Restrictive      Agreements |
|-------|-----------------------------|

| 22.12 | Nature of      Business |
|-------|-------------------------|

|   | (a) | any      Licence Subsidiary own any assets other than one (1) or more      Communications Licences (and assets reasonably related thereto to the      extent necessary to comply with all Applicable Law);  and |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | neither      the Borrower nor any Subsidiary other than a Licence Subsidiary shall hold      any Communications Licence issued by theFCC. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------|

| 22.13 | Impairment of      Liens |
|-------|--------------------------|

| 22.14 | Excess Cash Flow / Purchase of      Satellites |
|-------|------------------------------------------------|

|   | (a) | The      Borrower may not agree to the order, purchase, manufacture or delivery of      any or all Phase 3 Satellites (including acting or failing to act      under the Satellite Construction Contract) unless it has provided a      business plan to the COFACE Agent with respect to those Phase 3      Satellites to be so ordered, purchased, manufactured or delivered (the      “Relevant      Satellites”): |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | prepared      in good faith by the Borrower and based upon reasonable      assumptions; |
|--------|-----|-----------------------------------------------------------------------------------------|

|   | (ii) | demonstrating      compliance with each of the financial covenants contained in      Clause 20 (Financial Covenants) on      the date of such business plan and on a thirty six (36) Month      projected basis; |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | demonstrating      that the Borrower has funds immediately available to it in an amount not      less than fifty per cent. (50%) of      the Phase 3 Costs with respect to such Relevant Satellites (the      “Relevant Funds”);      and |
|--------|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (iv) | detailing      a fully funded business plan for the Phase 3 Costs and the source of      funding for the remaining fifty per cent. (50%) of      the relevant Phase 3 Costs with respect to such Relevant      Satellites. |
|--------|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | The      Relevant Funds may be by way of Subordinated Debt, Capital Stock and/or      available Excess Cash Flow and shall be deposited into the Capital      Expenditure Account and applied solely for the purposes of paying the      Phase 3 Costs with respect to such Relevant    Satellites. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 22.15 | No    Hedging |
|-------|---------------|

|   | (a) | Other      than in accordance with Clause 21.11 (Hedging Agreements) or      by way of the Interest Rate Cap Agreements, the Borrower shall not,      without the consent of the COFACE Agent, enter into any Hedging      Agreement. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Hedging      Agreements shall not be entered into with any parties other than the      Original Lenders. |
|--------|-----|----------------------------------------------------------------------------------------------------------|

| 22.16 | Commercial      Contracts |
|-------|---------------------------|

|   | (a) | Not      amend or grant any waiver: |
|--------|-----|-------------------------------------|

|   | (i) | in      respect of any provision of any Commercial Contract relating to the first      twenty four (24) Satellites, if such amendment or waiver      would or could reasonably be expected to adversely affect the Lenders;      and |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | in      respect of any other provision of any Commercial Contract not referred to      in paragraph (a)(i) above, if such amendment or waiver would or could      reasonably be expected to have a Material Adverse  Effect. |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Not      exercise the option to order from the Supplier up to eighteen (18)      additional recurring Spacecraft (as such term is defined in the Satellite      Construction Contract) pursuant to Article 29(B) (Options) of the      Satellite Construction Contract without the prior written consent of the      COFACE Agent. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 23. | EVENTS      OF DEFAULT |
|-----|------------------------|

----

| 23.1 | Non-Payment |
|------|-------------|

|   | (a) | its      failure to pay is caused by: |
|--------|-----|---------------------------------------|

|   | (i) | administrative      or technical error; or |
|--------|-----|--------------------------------------------|

|   | (ii) | a      Disruption Event; and |
|--------|------|------------------------------|

|   | (b) | payment      is made within: |
|--------|-----|------------------------------|

|   | (i) | in      the case of paragraph (a)(i)above: |
|--------|-----|-------------------------------------------------|

|   | (A) | in      the case of payments of principal and interest, within two      (2) Business Days of its due date;or |
|--------|-----|-------------------------------------------------------------------------------------------------------------------|

|   | (B) | in      the case of any other payment, within four (4) Business Days of its      due date; and |
|--------|-----|-----------------------------------------------------------------------------------------------------|

|   | (ii) | in      the case of paragraph (a)(ii)above: |
|--------|------|--------------------------------------------------|

|   | (A) | in      the case of payments of principal and interest, within three      (3) Business Days of the cessation (or reasonable avoidance) of such      Disruption Event; or |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (B) | in      the case of any other payment, within five (5) Business Days of the      cessation (or reasonable avoidance) of such Disruption    Event. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------|

| 23.2 | Financial      Covenants |
|------|--------------------------|

|   | (a) | Any      requirement of Clause 20 (Financial Covenants) is      not satisfied. |
|--------|-----|-------------------------------------------------------------------------------------|

|   | (b) | No      Event of Default under paragraph (a) above will occur if the failure      to comply is capable of remedy and is remedied within thirty      (30) days of the COFACE Agent giving notice to the Borrower or the      Borrower becoming aware of the failure to  comply. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | No      Event of Default under paragraph (a) above will occur if no later than the      date that is thirty (30) days after the Relevant Period, the Borrower has      received an Equity Cure Contribution (a “Relevant Contribution”)      and the Borrower satisfies the relevant covenant recalculated to take into      account all or part of such Relevant Contribution, provided that, the      Borrower may not cure a breach of a relevant covenant as contemplated      under this paragraph (c) for more than two (2) successive Relevant Periods      of calculation or for more than five (5) Relevant Periods in aggregate      prior to the Final Maturity Date. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 23.3 | Other      Obligations |
|------|------------------------|

|   | (a) | An      Obligor does not comply with any provision of the Finance Documents (other      than those referred to in Clause 7.1 (Payments to the Convertible      Note Reserve Account) of the Accounts Agreement, Clause 23.1      (Non-Payment) and      Clause 23.2 (Financial      Covenants)). |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | No      Event of Default under paragraph (a) above will occur if the failure      to comply is capable of remedy and is remedied within ten      (10) Business Days of the COFACE Agent giving notice to the Borrower      or the Borrower becoming aware of the failure to  comply. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 23.4 | Misrepresentation |
|------|-------------------|

| 23.5 | Cross      Default |
|------|--------------------|

|   | (a) | Any      Financial Indebtedness of any Material Subsidiary is not paid when due nor      within any originally applicable graceperiod. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Any      Financial Indebtedness of any Material Subsidiary is declared to be or      otherwise becomes due and payable prior to its specified maturity as a      result of an event of default (however  described). |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | Any      commitment for any Financial Indebtedness of any Material Subsidiary is      cancelled or suspended by a creditor of any Material Subsidiary as a      result of an event of default (however  described). |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | Any      creditor of any Material Subsidiary becomes entitled to declare any      Financial Indebtedness of any Material Subsidiary due and payable prior to      its specified maturity as a result of an event of default (however      described). |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | No      Event of Default will occur under this Clause 23.5 if the aggregate      amount of Financial Indebtedness or commitment for Financial Indebtedness      falling within paragraphs (a) to (d) above is less than five      million Dollars (US$5,000,000) (or its equivalent in any other currency or      currencies). |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 23.6 | Insolvency |
|------|------------|

|   | (a) | commence      a voluntary case (or analogous motion) under the federal bankruptcy laws      or under other laws, domestic or foreign, relating to bankruptcy,      insolvency, reorganisation, winding-up or adjustment of debts or analogous      proceedings; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (b) | file      a petition (or analogous motion) seeking to take advantage of any other      laws, domestic or foreign, relating to bankruptcy, insolvency,      reorganisation, winding-up, composition for adjustment of debts or      analogous proceedings; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | consent      to or fail to contest in a timely and appropriate manner any petition      filed against it in an involuntary case under such bankruptcy laws or      other laws; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | apply      for or consent to, or fail to consent in a timely and appropriate manner,      the appointment of, or the taking of possession by, a receiver, custodian,      trustee or liquidator of itself or of a substantial part of its property,      domestic or foreign; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | admit      in writing its inability to pay its debts as they become    due; |
|--------|-----|-----------------------------------------------------------------------------|

|   | (f) | make      a general assignment for the benefit of  creditors; |
|--------|-----|---------------------------------------------------------------|

|   | (g) | take      any corporate action for the purpose of authorising any of the foregoing;      or |
|--------|-----|---------------------------------------------------------------------------------------------|

|   | (h) | suspend      or threaten to suspend making payment on any of its debts or by reason of      actual or anticipated financial difficulties commences negotiations with      one (1) or more of its creditors with a view to rescheduling any of      its indebtedness (other than the Finance Parties in connection with this      Agreement). |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 23.7 | Insolvency      Proceedings |
|------|-----------------------------|

|   | (a) | relief      under the federal bankruptcy laws or under other laws, domestic or      foreign, relating to bankruptcy, insolvency, reorganisation, winding-up or      adjustment of debts or analogous proceedings;or |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | the      appointment of a trustee, receiver, custodian, liquidator or the like for      a Material Subsidiary or for all or any substantial part of their      respective assets, domestic or foreign, or an order granting the relief      requested in such case or proceeding (including, but not limited to, an      order for relief under such federal bankruptcy laws or under other laws,      domestic or foreign, relating to bankruptcy, insolvency, reorganisation,      winding-up or adjustment of debts or analogous proceedings) shall be      entered. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 23.8 | Creditors’      Process |
|------|-------------------------------|

|   | (a) | is      in any event discharged within one hundred and eighty (180) days;      and |
|--------|-----|-----------------------------------------------------------------------------------------|

|   | (b) | does      not have or could not reasonably be likely to have a Material Adverse      Effect. |
|--------|-----|----------------------------------------------------------------------------------------------|

| 23.9 | Unlawfulness and      Invalidity |
|------|----------------------------------|

|   | (a) | It      is or becomes unlawful for an Obligor, or any other member of the Group      party to an Acceptable Intercreditor Agreement, to perform any of its      obligations under the Transaction Documents or any Acceptable      Intercreditor Agreement to which it is a party or any Lien created or      expressed to be created or evidenced by a Security Document ceases to be      effective or any subordination under any Acceptable Intercreditor      Agreement is or becomes unlawful. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Any      obligation or obligations of any Obligor under any Finance Document, or      any other member of the Group under an Acceptable Intercreditor Agreement,      are not or cease to be legal, valid, binding or enforceable and the      cessation individually or cumulatively materially and adversely affects      the interests of the Lenders under the Finance Documents or Acceptable      Intercreditor Agreement. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | Any      Transaction Document is terminated or ceases to be in full force and      effect or any Lien or subordination created under a Security Document or      an Acceptable Intercreditor Agreement ceases to be legal, valid, binding,      enforceable or effective or is alleged by a party to it (other than a      Finance Party) to be ineffective. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | No      Event of Default under paragraphs (b) and (c) above will occur      in respect of a Finance Document (other than this Agreement and an      Acceptable Intercreditor Agreement) if the failure to comply is capable of      remedy and is remedied within three (3) Business Days of the COFACE      Agent giving notice to the Borrower or the Borrower becoming aware of the      failure to comply. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 23.10 | Material Adverse      Change |
|-------|------------------------------|

23.10

----

| 23.11 | Repudiation and Rescission of      Agreements |
|-------|-----------------------------------------------|

| 23.12 | Expropriation |
|-------|---------------|

| 23.13 | Litigation |
|-------|------------|

| 23.14 | Audit      Qualification |
|-------|--------------------------|

| 23.15 | ERISA Termination      Event |
|-------|------------------------------|

|   | (a) | any      Obligor or any ERISA Affiliate fails to make full payment when due of all      amounts which, under the provisions of any Pension Plan or Multiemployer      Plan or Section 412 of the Code, or Section 302 of ERISA, such      Obligor or ERISA Affiliate is required to pay as contributions      thereto; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | an      “unpaid minimum required      contribution” or an “accumulated funding      deficiency” (as defined or otherwise set forth in Section 4971      of the Code or Part 3 of Subtitle B of Title I of ERISA) in      excess of two million five hundred thousand Dollars (US$2,500,000) occurs      or exists, whether or not waived, with respect to any Pension      Plan; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | the      Borrower or any ERISA Affiliate as an employer under one (1) or more      Multiemployer Plans makes a complete or partial withdrawal from any such      Multiemployer Plan and the plan sponsor of such Multiemployer Plan      notifies such withdrawing employer that such employer has incurred a      withdrawal liability requiring payments in an amount exceeding two million      five hundred thousand Dollars (US$2,500,000);or |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | (i) | any      ERISA Termination Event; |
|--------|-----|-----|-----------------------------------|

----

|   | (ii) | any      Unfunded Pension Liability (taking into account only Pension Plans with      positive Unfunded Pension Liabilities);or |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | any      potential withdrawal liability under Section 4201 of ERISA, if each      Obligor and ERISA Affiliate were to withdraw completely from any and all      Multiemployer Plans, |
|--------|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 23.16 | Environmental |
|-------|---------------|

| 23.17 | Failure to Bring Satellites in      Service |
|-------|---------------------------------------------|

|   | (a) | Individual      In-Orbit Acceptance with respect to six (6) Satellites delivered under the      Satellite Construction Contract by 30 March 2011;  or |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Final      In-Orbit Acceptance by 1 January2012. |
|--------|-----|--------------------------------------------------|

| 23.18 | Debt Service Reserve      Account |
|-------|-----------------------------------|

|   | (a) | At      any time after the date of this Agreement the Debt Service Reserve Account      is not fully funded with the DSRA Required Balance within five      (5) Business Days of any drawdown of such Project      Account. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | At      any time the Debt Service Reserve Account is not fully funded with the      DSRA Required Cash Balance within five (5) Business Days of any drawdown      of such Project Account. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 23.19 | Contingent Equity Required      Balance |
|-------|-----------------------------------------|

| 23.20 | COFACE Insurance      Policy |
|-------|------------------------------|

----

| 24. | REMEDIES      UPON AN EVENT OF DEFAULT |
|-----|----------------------------------------|

|   | (a) | cancel      the Total Commitments whereupon they shall immediately be cancelled and no      further Utilisations shall be requested or made under a Facility;      and/or |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | declare      that all or part of the Loans, together with accrued interest, and all      other amounts accrued or outstanding under the Finance Documents be      immediately due and payable, whereupon the same shall become immediately      due and payable; and/or |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | declare      that all or part of the Loans are payable on demand, whereupon they shall      become immediately due and payable;and/or |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | exercise      or direct the Security Agent to exercise any or all of its rights,      remedies, powers or discretions under the Finance Documents;      and/or |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | exercise      all other contractual and legal rights of the Finance Parties in respect      of any Liens; and/or |
|--------|-----|------------------------------------------------------------------------------------------------------------------|

|   | (f) | take      any other action and pursue any other remedies available under Applicable      Law or under the Finance Documents. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------|

| 25. | SECURITY |
|-----|----------|

| 26. | CHANGES      TO THE LENDERS |
|-----|-----------------------------|

| 26.1 | Assignments and Transfers by      the Lenders |
|------|-----------------------------------------------|

|   | (a) | assign      any of its rights; or |
|--------|-----|-----------------------------------|

|   | (b) | transfer      by novation any of its rights andobligations, |
|--------|-----|-------------------------------------------------------------|

----

| 26.2 | Conditions of Assignment or      Transfer |
|------|-------------------------------------------|

|   | (a) | The      consent of the Borrower is required for an assignment of transfer by an      Existing Lender, provided that no      consent shall be required to be obtained from the Borrower if such      transfer or assignment is: |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | to      a Qualifying Lender or to an existing Lender (or any of its      Affiliates); |
|--------|-----|---------------------------------------------------------------------------------------|

|   | (ii) | made      at any time when a Default has occurred and is continuing;      and/or |
|--------|------|----------------------------------------------------------------------------------|

|   | (iii) | required      by any Applicable Law. |
|--------|-------|--------------------------------------|

|   | (b) | The      consent of the Borrower to an assignment or transfer must not be      unreasonably withheld or delayed.  The Borrower will be deemed      to have given its consent five (5) Business Days after the Existing      Lender has requested it unless the consent is expressly refused by the      Borrower within that time. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | The      consent of the Borrower to an assignment must not be withheld solely      because the assignment or transfer may result in an increase to the      Mandatory Cost. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | An      assignment will only be effectiveon: |
|--------|-----|----------------------------------------------|

|   | (i) | receipt      by the COFACE Agent of written confirmation from the New Lender (in form      and substance satisfactory to the COFACE Agent) that the New Lender will      assume the same obligations to the other Finance Parties as it would have      been under if it was an OriginalLender; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | performance      by the COFACE Agent of all necessary “know your customer” or      other similar checks under all applicable laws and regulations in relation      to such assignment to a New Lender, the completion of which the COFACE      Agent shall promptly notify to the Existing Lender and the New Lender;      and |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | when      the COFACE Agent updates the Register (as defined in Clause 26.8      (Register) below)      in accordance with the provisions of Clause 26.8 (Register)      below. |
|--------|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | A      transfer will only be effective if the procedure set out in      Clause 26.5 (Procedure for Transfer)      is complied with. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------|

|   | (f) | If: |
|--------|-----|-----|

|   | (i) | a      Lender assigns or transfers any of its rights or obligations under the      Finance Documents or changes its Facility Office;  and |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | as      a result of circumstances existing at the date the assignment, transfer or      change occurs, an Obligor would be obliged to make a payment to the New      Lender or Lender acting through its new Facility Office under      Clause 13 (Tax      gross-up and indemnities) or Clause 14 (Increased      Costs), |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 26.3 | Assignment or Transfer      Fee |
|------|---------------------------------|

| 26.4 | Limitation of Responsibility of      Existing Lenders |
|------|-------------------------------------------------------|

|   | (a) | Unless      expressly agreed to the contrary, an Existing Lender makes no      representation or warranty and assumes no responsibility to a New Lender      for: |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | the      legality, validity, effectiveness, adequacy or enforceability of the      Finance Documents or any otherdocuments; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | the      financial condition of the Borrower or the status of the      Project; |
|--------|------|---------------------------------------------------------------------------------|

|   | (iii) | the      performance and observance by the Borrower of its obligations under the      Finance Documents or any other documents;or |
|--------|-------|-----------------------------------------------------------------------------------------------------------------------------------|

|   | (iv) | the      accuracy of any statements (whether written or oral) made in or in      connection with any Finance Document or any other  document, |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Each      New Lender confirms to the Existing Lender and the other Finance Parties      that it: |
|--------|-----|--------------------------------------------------------------------------------------------------|

|   | (i) | has      made (and shall continue to make) its own independent investigation and      assessment of the financial condition and affairs of each Obligor and its      related entities in connection with its participation in this Agreement      and has not relied exclusively on any information provided to it by the      Existing Lender in connection with any Finance Document;    and |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | will      continue to make its own independent appraisal of the creditworthiness of      each Obligor and its related entities whilst any amount is or may be      outstanding under the Finance Documents or any Commitment is in      force. |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | Nothing      in any Finance Document obliges an Existing Lender  to: |
|--------|-----|----------------------------------------------------------------------|

|   | (i) | accept      a re-transfer from a New Lender of any of the rights and obligations      assigned or transferred under this Clause 26;  or |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (ii) | support      any losses directly or indirectly incurred by the New Lender by reason of      the non-performance by any Obligor of its obligations under the Finance      Documents or otherwise. |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 26.5 | Procedure for      Transfer |
|------|-----------------------------|

|   | (a) | Subject      to the conditions set out in Clause 26.2 (Conditions of Assignment or      Transfer) a transfer is effected in accordance with      paragraph (c) below when the COFACE Agent executes an otherwise duly      completed Transfer Certificate delivered to it by the Existing Lender and      the New Lender and updates the Register (as defined in Clause 26.8      (Register) below)      in accordance with the provisions of Clause 26.8 (Register)      below.  The COFACE Agent shall, subject to paragraph (b)      below, as soon as reasonably practicable after receipt by it of a duly      completed Transfer Certificate appearing on its face to comply with the      terms of this Agreement and delivered in accordance with the terms of this      Agreement, execute that TransferCertificate. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | The      COFACE Agent shall only be obliged to execute a Transfer Certificate      delivered to it by the Existing Lender and the New Lender once it is      satisfied it has complied with all necessary “know your customer” or      other similar checks under all applicable laws and regulations in relation      to the transfer to such New Lender. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | On      the Transfer Date: |
|--------|-----|----------------------------|

|   | (i) | to      the extent that in the Transfer Certificate the Existing Lender seeks to      transfer by novation its rights and obligations under the Finance      Documents each of the Obligors and the Existing Lender shall be released      from further obligations towards one another under the Finance Documents      and their respective rights against one another under the Finance      Documents shall be cancelled (being the “Discharged Rights and      Obligations”); |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | the      Borrower and the New Lender shall assume obligations towards one another      and/or acquire rights against one another which differ from the Discharged      Rights and Obligations only insofar as that Obligor and the New Lender      have assumed and/or acquired the same in place of that Obligor and the      Existing Lender; |
|--------|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | the      COFACE Agent, the Security Agent, each Mandated Lead Arranger, the New      Lender and other Lenders shall acquire the same rights and assume the same      obligations between themselves as they would have acquired and assumed had      the New Lender been an Original Lender with the rights and/or obligations      acquired or assumed by it as a result of the transfer and to that extent      the COFACE Agent, each Mandated Lead Arranger, the Security Agent and the      Existing Lender shall each be released from further obligations to each      other under the Finance Documents;and |
|--------|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iv) | the      New Lender shall become a Party as a “Lender”. |
|--------|------|---------------------------------------------------------------------|

----

|   | (d) | For      the avoidance of doubt, for the purposes of article 1278 of      the French Civil Code and only in relation to the Pledge of Bank Accounts,      it is expressly agreed that the Pledge of Bank Accounts shall be preserved      for the benefit of the New Lender and all other Finance      Parties. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 26.6 | Copy of Transfer Certificate to      Borrower |
|------|-----------------------------------------------|

| 26.7 | Disclosure of      information |
|------|--------------------------------|

|   | (a) | to      (or through) whom that Lender assigns or transfers (or may potentially      assign or transfer) all or any of its rights and obligations under this      Agreement; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | with      (or through) whom that Lender enters into (or may potentially enter into)      any sub-participation in relation to, or any other transaction under which      payments are to be made by reference to, this Agreement or any Obligor;      or |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | to      whom, and to the extent that, information is required to be disclosed by      any applicable law or regulation, |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------|

| 26.8 | Register |
|------|----------|

|   | (a) | The      Borrower hereby designates the COFACE Agent, and the COFACE Agent agrees,      to serve as the Borrower’s agent, solely for purposes of this      Clause 26.8, to maintain a register (the “Register”) on which it      will record the Commitments from time to time of each of the Lenders and      each repayment in respect of the principal amount of the Loans of each      Lender. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Failure      to make any such recordation, or any error in such recordation shall not      affect the Borrower’s obligations in respect of such  Loans. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | With      respect to any Lender, the transfer or assignment of the Commitments of      such Lender and the rights to the principal of, and interest on, any Loan      made pursuant to such Commitments shall not be effective      until: |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | the      Transfer Certificate has been executed by the COFACE Agent;      and |
|--------|-----|-------------------------------------------------------------------------------|

|   | (ii) | such      transfer is recorded on the Register maintained by the COFACE Agent with      respect to ownership of such Commitments and Loans.  Prior to      such recordation all amounts owing to the transferor with respect to such      Commitments and Loans shall remain owing to the  transferor. |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (d) | The      registration of an assignment or transfer of all or part of any      Commitments and Loans shall be recorded by the COFACE Agent on the      Register only upon the acceptance by the COFACE Agent of a properly      executed and delivered Transfer Certificate pursuant to this      Clause 26.8. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | The      Borrower agrees to indemnify the COFACE Agent from and against any and all      losses, claims, damages and liabilities of whatsoever nature which may be      imposed upon, asserted against or incurred by the COFACE Agent in      performing its duties under this Clause 26.8 except to the extent      resulting from the gross negligence or wilful misconduct of the COFACE      Agent (as determined by a court of competent jurisdiction in a final and      non-appealable decision). |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 27. | CHANGES      TO THE BORROWER |
|-----|------------------------------|

| 28. | ROLE      OF THE COFACE AGENT, THE SECURITY AGENT AND THE MANDATED LEAD      ARRANGERS |
|-----|----------------------------------------------------------------------------------------|

| 28.1 | Appointment of the COFACE Agent      and the Security Agent |
|------|-------------------------------------------------------------|

|   | (a) | Each      other Finance Party (other than the Security Agent) appoints the COFACE      Agent to act as its agent under and in connection with the Finance      Documents. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Each      other Finance Party (other than the COFACE Agent) appoints the Security      Agent to act as its security agent and security trustee under and in      connection with the FinanceDocuments. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | Each      other Finance Party authorises the COFACE Agent and the Security Agent to      exercise the rights, powers, authorities and discretions specifically      given to the COFACE Agent and the Security Agent under or in connection      with the Finance Documents together with any other incidental rights,      powers, authorities anddiscretions. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | Each      other Finance Party (other than the COFACE Agent) appoints the Security      Agent to enforce any Security expressed to be created under the Security      Documents as agent (or as otherwise provided) on its behalf, subject      always to the terms of the FinanceDocuments. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 28.2 | Appointment of the Security      Agent (France) |
|------|-------------------------------------------------|

|   | (a) | Each      Finance Party (other than the Security Agent) as “mandants” under French      law irrevocably: |
|--------|-----|----------------------------------------------------------------------------------------------------------------------|

|   | (i) | appoints      the Security Agent to act as its agent (“mandataire” under      French law) under and in connection with the Borrower Pledge of Bank      Accounts, the Thermo Pledge of Bank Account and each Delegation Agreement      (the “French Security      Documents”); and |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (ii) | authorises      the Security Agent to execute for and on its behalf the French Security      Documents and to perform the duties and to exercise the rights, powers and      discretions that are specifically delegated to it under or in connection      with the French Security Documents, together with any other rights, powers      and discretions which are incidental thereto and to give a good discharge      for any moneys payable under the French Security  Documents. |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | The      Security Agent will act solely for itself and as agent for the other      Finance Parties in carrying out its functions as agent under the French      Security Documents. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | The      relationship between the Finance Parties (other than the Security Agent)      and the Security Agent is that of principal (“mandant” under French      law) and agent (“mandataire” under      French law) only.  The Security Agent shall not have, nor be      deemed to have, assumed any obligations to, or trust or fiduciary      relationship with, any party to this Agreement other than those for which      specific provision is made by the French Security Documents and, to the      extent permissible under French law, the other provisions of this      Agreement, which shall be deemed to be incorporated in this      Clause 28.2, where reference is made to the French Security      Documents. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | Notwithstanding      Clause 39 (Governing law), this      Clause 28.2 shall be governed by, and construed in accordance with,      French law.  Notwithstanding Clause 40.1 (Jurisdiction), any      dispute arising out of this Clause 28.2 shall be submitted to the      Tribunal de Commerce de      Paris. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | Each      Finance Party, the Security Agent and the Borrower irrevocably acknowledge      that the existence and extent of the Security Agent’s authority resulting      from this Clause 28.2 and the effects of the Security Agent’s      exercise of this authority shall be governed by French  law. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 28.3 | Duties of the COFACE Agent and      the Security Agent |
|------|--------------------------------------------------------|

|   | (a) | Each      of the COFACE Agent and the Security Agent shall promptly forward to a      Party the original or a copy of any document which is delivered to the      COFACE Agent or the Security Agent for that Party by any other      Party. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Except      where a Finance Document specifically provides otherwise, neither the      COFACE Agent nor the Security Agent is obliged to review or check the      adequacy, accuracy or completeness of any document it forwards to another      Party. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | If      the COFACE Agent or the Security Agent receives notice from a Party      referring to this Agreement, describing a Default and stating that the      circumstance described is a Default, it shall promptly notify the Finance      Parties. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | If      the COFACE Agent is aware of the non-payment of any principal, interest,      commitment fee or other fee payable to a Finance Party (other than the      COFACE Agent, the Security Agent or a Mandated Lead Arranger) under this      Agreement it shall promptly notify the other Finance    Parties. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (e) | The      COFACE Agent’s and the Security Agent’s duties under the Finance Documents      are solely mechanical and administrative in  nature. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------|

| 28.4 | Role of the Mandated Lead      Arrangers |
|------|------------------------------------------|

| 28.5 | No Fiduciary      Duties |
|------|--------------------------|

|   | (a) | Nothing      in this Agreement constitutes the COFACE Agent, the Security Agent (except      as expressly provided in the Finance Documents) or a Mandated Lead      Arranger as a trustee or fiduciary of any other  person. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Neither      the COFACE Agent, the Security Agent (except as expressly provided in the      Finance Documents) nor the Mandated Lead Arrangers shall be bound to      account to any Lender for any sum or the profit element of any sum      received by it for its own account. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 28.6 | Business with the      Group |
|------|------------------------------|

| 28.7 | Rights and Discretions of the      COFACE Agent and the SecurityAgent |
|------|-----------------------------------------------------------------------|

|   | (a) | Each      of the COFACE Agent and the Security Agent may rely  on: |
|--------|-----|--------------------------------------------------------------------|

|   | (i) | any      representation, notice or document believed by it to be genuine, correct      and appropriately authorised; and |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | any      statement made by a director, authorised signatory or employee of any      person regarding any matters which may reasonably be assumed to be within      his knowledge or within his power toverify. |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Each      of the COFACE Agent and the Security Agent may assume (unless it has      received notice to the contrary in its capacity as agent for the Lenders)      that: |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | no      Default has occurred (unless it has actual knowledge of a Default arising      under Clause 23.1 (Non-Payment)); |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | any      right, power, authority or discretion vested in any Party or the Majority      Lenders has not been exercised; and |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | any      notice or request made by the Borrower (other than a Utilisation Request)      is made on behalf of and with the consent and knowledge of the      Borrower. |
|--------|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (c) | Each      of the COFACE Agent and the Security Agent may engage, pay for and rely on      the advice or services of any lawyers, accountants, surveyors or other      experts. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | Each      of the COFACE Agent and the Security Agent may act in relation to the      Finance Documents through its personnel and  agents. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | Each      of the COFACE Agent and the Security Agent may disclose to any other Party      any information it reasonably believes it has received as agent under this      Agreement. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (f) | Notwithstanding      any other provision of any Finance Document to the contrary, neither the      COFACE Agent, the Security Agent nor a Mandated Lead Arranger is obliged      to do or omit to do anything if it would or might in its reasonable      opinion constitute a breach of any law or a breach of a fiduciary duty or      duty of confidentiality. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (g) | Save      as expressly otherwise provided in any Finance Document, the Security      Agent may exercise its trusts, powers and authorities under the Finance      Documents in its absolute and unconditional  discretion. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 28.8 | Majority Lenders’      Instructions |
|------|-------------------------------------------|

|   | (a) | Unless      a contrary indication appears in a Finance Document, each of the COFACE      Agent and the Security Agent shall: |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | exercise      any right, power, authority or discretion vested in it in accordance with      any instructions given to it by the Majority Lenders (or, if so instructed      by the Majority Lenders, refrain from exercising any right, power,      authority or discretion vested in it);and |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | not      be liable for any act (or omission) if it acts (or refrains from taking      any action) in accordance with an instruction of the Majority      Lenders. |
|--------|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Unless      a contrary indication appears in a Finance Document, any instructions      given by the Majority Lenders will be binding on all the Finance      Parties. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | Each      of the COFACE Agent and the Security Agent may refrain from acting in      accordance with the instructions of the Majority Lenders (or, if      appropriate, the Lenders) until it has received such security as it may      require for any cost, loss or liability (together with any associated VAT)      which it may incur in complying with the  instructions. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | In      the absence of instructions from the Majority Lenders, (or, if      appropriate, the Lenders) each of the COFACE Agent and the Security Agent      may act (or refrain from taking action) as it considers to be in the best      interest of the Lenders. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | Neither      the COFACE Agent nor the Security Agent is authorised to act on behalf of      a Lender (without first obtaining that Lender’s consent) in any legal or      arbitration proceedings relating to any Finance  Document. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (f) | The      Security Agent may assume (unless it has received notice to the contrary      in its capacity as Security Agent) that all instructions given to it by      the COFACE Agent, if required to be approved by the Majority Lenders, have      been so approved. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 28.9 | Responsibility for      Documentation |
|------|---------------------------------------|

|   | (a) | is      responsible for the adequacy, accuracy and/or completeness of any      information (whether oral or written) supplied by the COFACE Agent, the      Security Agent, a Mandated Lead Arranger, the Borrower or any other person      given in or in connection with any Finance Document;  or |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | is      responsible for the legality, validity, effectiveness, adequacy or      enforceability of any Finance Document or any other agreement, arrangement      or document entered into, made or executed in anticipation of or in      connection with any FinanceDocument. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 28.10 | Exclusion of      Liability |
|-------|-----------------------------|

|   | (a) | Without      limiting paragraph (b), neither the COFACE Agent nor the Security      Agent will be liable (including, without limitation, for negligence or any      other category of liability whatsoever) for any action taken by it under      or in connection with any Transaction Document, unless directly caused by      its gross negligence or wilfulmisconduct. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | No      Party (other than the COFACE Agent or the Security Agent) may take any      proceedings against any officer, employee or agent of the COFACE Agent or      the Security Agent in respect of any claim it might have against the      COFACE Agent or the Security Agent or in respect of any act or omission of      any kind by that officer, employee or agent in relation to any Finance      Document and any officer, employee or agent of the COFACE Agent or the      Security Agent may rely on this Clause subject to Clause 1.5 (Third Party Rights) and      the provisions of the Third PartiesAct. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | Neither      the COFACE Agent nor the Security Agent will be liable for any delay (or      any related consequences) in crediting an account with an amount required      under the Finance Documents to be paid by it if it has taken all necessary      steps as soon as reasonably practicable to comply with the regulations or      operating procedures of any recognised clearing or settlement system used      by it for that purpose. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | Nothing      in this Agreement shall oblige the COFACE Agent, the Security Agent or a      Mandated Lead Arranger to carry out any “know your customer” or      other checks in relation to any person on behalf of any Lender and each      Lender confirms to the COFACE Agent, the Security Agent and each Mandated      Lead Arranger that it is solely responsible for any such checks it is      required to carry out and that it may not rely on any statement in      relation to such checks made by the COFACE Agent, the Security Agent and a      Mandated  Lead Arranger. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 28.11 | Lenders’ Indemnity to the      COFACE Agent and the SecurityAgent |
|-------|-------------------------------------------------------------------------|

| 28.12 | Resignation of the COFACE Agent      and the Security Agent |
|-------|-------------------------------------------------------------|

|   | (a) | Each      of the COFACE Agent and the Security Agent may resign and appoint one of      its Affiliates as successor by giving notice to the other Finance Parties      and the Borrower. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Alternatively      each of the COFACE Agent and the Security Agent may resign by giving      notice to the other Finance Parties and the Borrower, in which case the      Majority Lenders (after consultation with the Borrower) may appoint a      successor COFACE Agent or Security Agent (as the case may    be). |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | If      the Majority Lenders have not appointed a successor COFACE Agent or      Security Agent in accordance with Clause 28.12(b) within thirty      (30) days after notice of resignation was given, the COFACE Agent or      the Security Agent (after consultation with the Borrower) may appoint a      successor COFACE Agent or SecurityAgent. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | The      retiring COFACE Agent or Security Agent shall, at its own cost, make      available to its successor such documents and records and provide such      assistance as its successor may reasonably request for the purposes of      performing its functions as COFACE Agent or Security Agent under the      Finance Documents. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | The      COFACE Agent’s resignation notice shall only take effect upon the      appointment of a successor. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------|

|   | (f) | The      Security Agent’s resignation notice shall only take effect      upon: |
|--------|-----|--------------------------------------------------------------------------------------|

|   | (i) | the      appointment of a successor; and |
|--------|-----|------------------------------------------|

|   | (ii) | the      transfer of all of any Lien expressed to be created under the Security      Documents to that successor. |
|--------|------|-------------------------------------------------------------------------------------------------------------------|

|   | (g) | Upon      the appointment of a successor, the retiring COFACE Agent or Security      Agent shall be discharged from any further obligation in respect of the      Finance Documents but shall remain entitled to the benefit of this      Clause 28.12.  Its successor and each of the other Parties      shall have the same rights and obligations amongst themselves as they      would have had if such successor had been an original    Party. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (h) | After      consultation with the Borrower, the Majority Lenders may, by notice to the      COFACE Agent or the Security Agent (as the case may be), require it to      resign in accordance with Clause 28.12(a).  In this event,      the COFACE Agent or the Security Agent (as the case may be) shall resign      in accordance withClause 28.12(a). |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 28.13 | Confidentiality |
|-------|-----------------|

|   | (a) | In      acting as agent for the Finance Parties, each of the COFACE Agent and the      Security Agent shall be regarded as acting through its agency division      which shall be treated as a separate entity from any other of its      divisions or departments. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | If      information is received by another division or department of the COFACE      Agent or the Security Agent, it may be treated as confidential to that      division or department and neither the COFACE Agent nor the Security Agent      shall be deemed to have notice ofit. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 28.14 | Relationship with the      Lenders |
|-------|------------------------------------|

|   | (a) | The      COFACE Agent may treat each Lender as a Lender, entitled to payments under      this Agreement and acting through its Facility Office unless it has      received not less than five (5) Business Days prior notice from that      Lender to the contrary in accordance with the terms of this      Agreement. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Each      Lender shall supply the COFACE Agent with any information required by the      COFACE Agent in order to calculate the Mandatory Cost in accordance with      Schedule 4 (Mandatory      Cost Formula). |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 28.15 | Credit Appraisal by the      Lenders |
|-------|--------------------------------------|

|   | (a) | the      financial condition, status and nature of the  Group; |
|--------|-----|----------------------------------------------------------------|

|   | (b) | the      legality, validity, effectiveness, adequacy or enforceability of any      Finance Document and any other agreement, arrangement or document entered      into, made or executed in anticipation of, under or in connection with any      Finance Document; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | whether      that Lender has recourse, and the nature and extent of that recourse,      against any Party or any of its respective assets under or in connection      with any Finance Document, the transactions contemplated by the Finance      Documents or any other agreement, arrangement or document entered into,      made or executed in anticipation of, under or in connection with any      Finance Document; and |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (d) | the      adequacy, accuracy and/or completeness of any information provided by the      COFACE Agent, the Security Agent, any Party or by any other person under      or in connection with any Finance Document, the transactions contemplated      by the Finance Documents or any other agreement, arrangement or document      entered into, made or executed in anticipation of, under or in connection      with any Finance Document. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 28.16 | Reference      Banks |
|-------|----------------------|

| 28.17 | COFACE Agent’s and Security      Agent’s Management Time |
|-------|----------------------------------------------------------------------|

| 28.18 | Deduction from Amounts Payable      by the COFACE Agent and the Security  Agent |
|-------|---------------------------------------------------------------------------------|

| 28.19 | Security      Agent |
|-------|---------------------|

|   | (a) | The      provisions of Schedule 6 (The Security Agent))      shall bind each Party. |
|--------|-----|-------------------------------------------------------------------------------------|

|   | (b) | The      Security Agent shall promptly transfer to the COFACE Agent any amounts      received by it under the Finance Documents for application by the COFACE      Agent in accordance with the order set out in Clause 31.6 (Partial      Payments).  The Security Agent shall be obliged to make      such transfer only to the extent it has actually received such      amount. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (c) | At      the request of the Security Agent, the COFACE Agent shall notify the      Security Agent, and shall provide a copy of such notification to the      Borrower, of amounts due to any Party under this Agreement, and the due      date for such amounts.  The Security Agent may accept such      notifications as conclusive evidence of the matters to which they      relate. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 28.20 | No Independent      Power |
|-------|---------------------------|

|   | (a) | The      Lenders shall not have any independent power to enforce, or have recourse      to, any of the Liens expressed to be created under the Security Documents,      or to exercise any rights or powers arising under the Security Documents      except through the Security Agent. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | This      Clause is for the benefit of the Finance Parties  only. |
|--------|-----|-------------------------------------------------------------------|

| 29. | CONDUCT      OF BUSINESS BY THE FINANCE PARTIES |
|-----|-------------------------------------------------|

|   | (a) | interfere      with the right of any Finance Party to arrange its affairs (tax or      otherwise) in whatever manner it thinksfit; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | oblige      any Finance Party to investigate or claim any credit, relief, remission or      repayment available to it or the extent, order and manner of any claim;      or |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | oblige      any Finance Party to disclose any information relating to its affairs (tax      or otherwise) or any computations in respect of  Tax. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------|

| 30. | SHARING      AMONG THE FINANCE PARTIES |
|-----|----------------------------------------|

| 30.1 | Payments to Finance      Parties |
|------|----------------------------------|

|   | (a) | the      Recovering Finance Party shall, within three (3) Business Days,      notify details of the receipt or recovery, to the COFACE      Agent; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | the      COFACE Agent shall determine whether the receipt or recovery is in excess      of the amount the Recovering Finance Party would have been paid had the      receipt or recovery been received or made by the COFACE Agent and      distributed in accordance with Clause 31 (Payment Mechanics),      without taking account of any Tax which would be imposed on the COFACE      Agent in relation to the receipt, recovery or distribution;      and |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | the      Recovering Finance Party shall, within three (3) Business Days of      demand by the COFACE Agent, pay to the COFACE Agent an amount (the “Sharing Payment”) equal      to such receipt or recovery less any amount which the Agent determines may      be retained by the Recovering Finance Party as its share of any payment to      be made, in accordance with Clause 31.6 (Partial      Payments). |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 30.2 | Redistribution of      Payments |
|------|---------------------------------|

| 30.3 | Recovering Finance Party’s      Rights |
|------|----------------------------------------------|

|   | (a) | On      a distribution by the COFACE Agent under Clause 30.2 (Redistribution of      Payments), the Recovering Finance Party will be subrogated to the      rights of the Finance Parties which have shared in the      redistribution. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | If      and to the extent that the Recovering Finance Party is not able to rely on      its rights under paragraph (a) above, the relevant Obligor shall be      liable to the Recovering Finance Party for a debt equal to the Sharing      Payment which is immediately due andpayable. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 30.4 | Reversal of      Redistribution |
|------|---------------------------------|

|   | (a) | each      Finance Party which has received a share of the relevant Sharing Payment      pursuant to Clause 30.2 (Redistribution of      Payments) shall, upon request of the COFACE Agent, pay to the      COFACE Agent for account of that Recovering Finance Party an amount equal      to the appropriate part of its share of the Sharing Payment (together with      an amount as is necessary to reimburse that Recovering Finance Party for      its proportion of any interest on the Sharing Payment which that      Recovering Finance Party is required to pay);  and |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | that      Recovering Finance Party’s rights of subrogation in respect of any      reimbursement shall be cancelled and the relevant Obligor will be liable      to the reimbursing Finance Party for the amount so    reimbursed. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 30.5 | Exceptions |
|------|------------|

|   | (a) | This      Clause 30 shall not apply to the extent that the Recovering Finance      Party would not, after making any payment pursuant to this Clause, have a      valid and enforceable claim against the relevant  Obligor. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | A      Recovering Finance Party is not obliged to share with any other Finance      Party any amount which the Recovering Finance Party has received or      recovered as a result of taking legal or arbitration proceedings,      if: |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | it      notified that other Finance Party of the legal or arbitration proceedings;      and |
|--------|-----|---------------------------------------------------------------------------------------------|

|   | (ii) | that      other Finance Party had an opportunity to participate in those legal or      arbitration proceedings but did not do so as soon as reasonably      practicable having received notice and did not take separate legal or      arbitration proceedings. |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 31. | PAYMENT      MECHANICS |
|-----|------------------------|

| 31.1 | Payments to the COFACE      Agent |
|------|-----------------------------------|

|   | (a) | On      each date on which the Borrower or a Lender is required to make a payment      under a Finance Document (subject to Clause 31.12 (Payments to the Security      Agent), the Borrower or Lender shall make the same available to the      COFACE Agent (unless a contrary indication appears in a Finance Document)      for value on the due date at the time and in such funds specified by the      COFACE Agent as being customary at the time for settlement of transactions      in the relevant currency in the place of  payment. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | All      payments to be made by the Borrower under this Agreement shall be made in      Dollars in immediately available funds to the account of the COFACE Agent      with account No. 20019409300136      with BNP Paribas S.A., The Equitable Building, 787 Seventh Avenue,      New York, SWIFT code BNPAUS3NXXX, in favour of BNP PARIBAS LSI-BOCI,      150, Rue du Faubourg Poissonnière 75010 PARISSWIFT code BNPAFRPPXXX,      or to such other account as the COFACE Agent may from time to time      designate to the Borrower inwriting. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | For      any payment to be made by the Borrower, the Borrower shall ensure that the      COFACE Agent receives a swift advice of such payment from the Borrower’s      bank no later than the Business Day immediately preceding the date of such      payment.  The swift message shall be sent to BNPAFRPPACH      attention BOCI Buyers Credits with references USA/GLOBALSTAR/Loan      Agreement dated 5 June 2009 or such other account in the principal      financial centre of the country of that currency with such bank as the      COFACE Agent specifies. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 31.2 | Evidence of Financial      Indebtedness |
|------|-----------------------------------------|

|   | (a) | Each      Loan made by a Lender shall be evidenced by one (1) or more accounts      or records maintained by such Lender and by the COFACE Agent in the      ordinary course of business.  The accounts or records maintained      by the COFACE Agent and each Lender shall be conclusive absent manifest      error of the amount of any Loan made by the Lenders to the Borrower and      the interest and payments thereon. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Any      failure to so record or any error in doing so shall not, however, limit or      otherwise affect the obligation of the Borrower under this Agreement to      pay any amount owing with respect to the Obligations.  If there      is any conflict between the accounts and records maintained by any Lender      and the accounts and records of the COFACE Agent in respect of such      matters, the accounts and records of the COFACE Agent shall control in the      absence of manifest error. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | Upon      the request of any Lender or COFACE made through the COFACE Agent, the      Borrower shall immediately execute and deliver to the COFACE Agent      Promissory Notes which shall be in accordance with the Repayment Schedule      previously provided by the Borrower to the Lenders and shall evidence all      outstanding Loans (including principal and interest).  Each      Promissory Note shall be denominated in Dollars and be payable in      accordance with Clause 31 (Payment      Mechanics).  The Borrower shall ensure that each      Promissory Note shall be governed by English or French law (as selected by      the COFACE Agent) and the Borrower waives any right of protest under any      Promissory Note to the extent possible under applicable    law. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | Any      payment which is due to be made under a Promissory Note that is not a      Business Day shall be made on the next Business Day in the same calendar      month (if there is one) or the preceding Business Day (if there is      not). |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | If      paragraph (d) above applies, interest shall be payable on the principal up      to the date of actual payment by theBorrower. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------|

|   | (f) | Neither      the payment date nor the amount of principal and interest specified in the      relevant Promissory Note (if any) shall be      modified.  Notwithstanding that the Promissory Note shall not be      modified, the Borrower shall be obliged to make payment in full (including      principal and accrued interest) to the COFACE Agent in accordance with the      provisions of this Clause 31 (Payment Mechanics).      Notwithstanding the foregoing, the COFACE Agent and the Lenders hereby      agree not to demand payment under any Promissory Note prior to exercising      its rights pursuant to Clause 24 (Remedies upon an Event of      Default). |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (g) | If      paragraph (d) applies, at least thirty (30) days prior to any payment      under a note the payment date of which has been extended in accordance      with paragraph (d) above, the COFACE Agent shall send to the Borrower a      written statement documenting the additional amount of interest owed by      the Borrower at such payment date.” |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 31.3 | Distributions by the COFACE      Agent |
|------|----------------------------------------|

| 31.4 | Distributions to the      Borrower |
|------|------------------------------------|

| 31.5 | Clawback |
|------|----------|

|   | (a) | Where      a sum is to be paid to the COFACE Agent or the Security Agent under the      Finance Documents for another Party, the COFACE Agent is not obliged to      pay that sum to that other Party (or to enter into or perform any related      exchange contract) until it has been able to establish to its satisfaction      that it has actually received thatsum. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | If      the COFACE Agent or the Security Agent pays an amount to another Party and      it proves to be the case that the COFACE Agent had not actually received      that amount, then the Party to whom that amount (or the proceeds of any      related exchange contract) was paid by the COFACE Agent or the Security      Agent shall on demand refund the same to the COFACE Agent together with      interest on that amount from the date of payment to the date of receipt by      the COFACE Agent or the Security Agent, calculated by it to reflect its      cost of funds. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 31.6 | Partial      Payments |
|------|-----------------------|

|   | (a) | If      the COFACE Agent receives a payment that is insufficient to discharge all      the amounts then due and payable by an Obligor under the Finance      Documents, the COFACE Agent shall apply that payment towards the      obligations of that Obligor under the Finance Documents in the following      order: |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | first,      in or towards payment pro rata of any unpaid      fees, costs and expenses of the COFACE Agent, the Security Agent or the      Mandated Lead Arrangers under the Finance  Documents; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (ii) | secondly,      in or towards payment pro rata of any accrued      interest, fee or commission due to the Finance Parties but unpaid under      this Agreement; |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | thirdly,      in or towards payment pro rata of any      principal due but unpaid under this Agreement;  and |
|--------|-------|--------------------------------------------------------------------------------------------------------------|

|   | (iv) | fourthly,      in or towards payment pro rata of any other      sum due but unpaid under the FinanceDocuments. |
|--------|------|----------------------------------------------------------------------------------------------------------------|

|   | (b) | The      COFACE Agent shall, if so directed by the Majority Lenders, vary the order      set out in paragraphs (a)(ii) to (iv)  above. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | Paragraphs (a)      and (b) above will override any appropriation made by an      Obligor. |
|--------|-----|-------------------------------------------------------------------------------------------------|

| 31.7 | No set-off by the      Borrower |
|------|---------------------------------|

| 31.8 | Business      Days |
|------|--------------------|

|   | (a) | Any      payment which is due to be made on a day that is not a Business Day shall      be made on the next Business Day in the same calendar month (if there is      one) or the preceding Business Day (if there is  not). |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | During      any extension of the due date for payment of any principal or Unpaid Sum      under this Agreement interest is payable on the principal or Unpaid Sum at      the rate payable on the original duedate. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 31.9 | Currency of      Account |
|------|--------------------------|

|   | (a) | Subject      to paragraphs (b) and (c) below, Dollars is the currency of account      and payment for any sum due from the Borrower under any Finance      Document. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Each      payment in respect of costs, expenses or Taxes shall be made in the      currency in which the costs, expenses or Taxes are    incurred. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | Any      amount expressed to be payable in a currency other than Dollars shall be      paid in that other currency. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------|

| 31.10 | Change of      Currency |
|-------|-------------------------|

|   | (a) | Unless      otherwise prohibited by law, if more than one currency or currency unit      are at the same time recognised by the central bank of any country as the      lawful currency of that country,then: |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | any      reference in the Finance Documents to, and any obligations arising under      the Finance Documents in, the currency of that country shall be translated      into, or paid in, the currency or currency unit of that country designated      by the COFACE Agent (after consultation with the Borrower);      and |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (ii) | any      translation from one currency or currency unit to another shall be at the      official rate of exchange recognised by the central bank for the      conversion of that currency or currency unit into the other, rounded up or      down by the COFACE Agent (actingreasonably). |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | If      a change in any currency of a country occurs, this Agreement will, to the      extent the COFACE Agent (acting reasonably and after consultation with the      Borrower) specifies to be necessary, be amended to comply with any      generally accepted conventions and market practice in the London interbank      market and otherwise to reflect the change in  currency. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 31.11 | Disruption to Payment Systems      etc. |
|-------|-----------------------------------------|

|   | (a) | the      COFACE Agent may, and shall if requested to do so by the Borrower, consult      with the Borrower with a view to agreeing with the Borrower such changes      to the operation or administration of the Facility as the COFACE Agent may      deem necessary in thecircumstances; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | the      COFACE Agent shall not be obliged to consult with the Borrower in relation      to any changes mentioned in paragraph (a) if, in its opinion, it is      not practicable to do so in the circumstances and, in any event, shall      have no obligation to agree to suchchanges; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | the      COFACE Agent may consult with the Finance Parties in relation to any      changes mentioned in paragraph (a) but shall not be obliged to do so      if, in its opinion, it is not practicable to do so in the      circumstances; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | any      such changes agreed upon by the COFACE Agent and the Borrower shall      (whether or not it is finally determined that a Disruption Event has      occurred) be binding upon the Parties as an amendment to (or, as the case      may be, waiver of) the terms of the Finance Documents notwithstanding the      provisions of Clause 37 (Amendments and      waivers); |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | the      COFACE Agent shall not be liable for any damages, costs or losses      whatsoever (including, without limitation for negligence, gross negligence      or any other category of liability whatsoever but not including any claim      based on the fraud of the COFACE Agent) arising as a result of its taking,      or failing to take, any actions pursuant to or in connection with this      Clause 31.11 (Disruption to Payment Systems      etc.); and |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (f) | the      COFACE Agent shall notify the Finance Parties of all changes agreed      pursuant to paragraph (d)above. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------|

----

| 31.12 | Payments to the Security      Agent |
|-------|-------------------------------------|

| 32. | SET-OFF |
|-----|---------|

| 33. | NOTICES |
|-----|---------|

| 33.1 | Communications in      Writing |
|------|--------------------------------|

| 33.2 | Addresses |
|------|-----------|

|   | (a) | in      the case of the Borrower, that identified with its name    below; |
|--------|-----|---------------------------------------------------------------------------|

|   | (b) | in      the case of each Lender, that notified in writing to the COFACE Agent on      or prior to the date on which it becomes a Party;  and |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | in      the case of the COFACE Agent and the Security Agent, that identified with      its name below, |
|--------|-----|--------------------------------------------------------------------------------------------------------|

| 33.3 | Delivery |
|------|----------|

|   | (a) | Any      communication or document made or delivered by one person to another under      or in connection with the Finance Documents will only be      effective: |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | if      by way of fax, when received in legible form;or |
|--------|-----|---------------------------------------------------------|

----

|   | (ii) | if      by way of letter, when it has been left at the relevant address or five      (5) Business Days after being deposited in the post postage prepaid      in an envelope addressed to it at thataddress; |
|--------|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Any      communication or document to be made or delivered to the COFACE Agent, the      Security Agent or the Mandated Lead Arrangers will be effective only when      actually received by the COFACE Agent, the Security Agent or such Mandated      Lead Arranger and then only if it is expressly marked for the attention of      the department or officer identified with the COFACE Agent’s, the Security      Agent’s or such Mandated Lead Arranger’s signature below (or any      substitute department or officer as the COFACE Agent, the Security Agent      or such Mandated Lead Arranger shall specify for this      purpose). |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | All      notices from or to an Obligor shall be sent through the COFACE      Agent. |
|--------|-----|-------------------------------------------------------------------------------------|

|   | (d) | Any      communication or document made or delivered to the Borrower in accordance      with this Clause will be deemed to have been made or delivered to each of      the Obligors. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 33.4 | Notification of Address and Fax      Number |
|------|---------------------------------------------|

| 33.5 | Electronic      Communication |
|------|-------------------------------|

|   | (a) | Any      communication to be made between the COFACE Agent and a Lender under or in      connection with the Finance Documents may be made by electronic mail or      other electronic means, if the COFACE Agent and the relevant      Lender: |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | agree      that, unless and until notified to the contrary, this is to be an accepted      form of communication; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------|

|   | (ii) | notify      each other in writing of their electronic mail address and/or any other      information required to enable the sending and receipt of information by      that means; and |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | notify      each other of any change to their address or any other such information      supplied by them. |
|--------|-------|------------------------------------------------------------------------------------------------------------|

|   | (b) | Any      electronic communication made between the COFACE Agent and a Lender will      be effective only when actually received in readable form and in the case      of any electronic communication made by a Lender to the COFACE Agent only      if it is addressed in such a manner as the COFACE Agent shall specify for      this purpose. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 33.6 | English      Language |
|------|-----------------------|

|   | (a) | Any      notice given under or in connection with any Finance Document must be in      English. |
|--------|-----|-------------------------------------------------------------------------------------------------|

|   | (b) | All      other documents provided under or in connection with any Finance Document      must be: |
|--------|-----|--------------------------------------------------------------------------------------------------|

|   | (i) | in      English; or |
|--------|-----|---------------------|

|   | (ii) | if      not in English, and if so required by the COFACE Agent, accompanied by a      certified English translation and, in this case, the English translation      will prevail unless the document is a constitutional, statutory or other      official document. |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 34. | CALCULATIONS      AND CERTIFICATES |
|-----|------------------------------------|

| 34.1 | Accounts |
|------|----------|

| 34.2 | Certificates and      Determinations |
|------|--------------------------------------|

| 34.3 | Day Count      Convention |
|------|---------------------------|

| 35. | PARTIAL      INVALIDITY |
|-----|-------------------------|

| 36. | REMEDIES      AND WAIVERS |
|-----|---------------------------|

----

| 37. | AMENDMENTS      AND WAIVERS |
|-----|-----------------------------|

| 37.1 | Required      Consents |
|------|------------------------|

|   | (a) | Subject      to Clause 37.2 (Exceptions) any term of      the Finance Documents may be amended or waived only with the consent of      the Majority Lenders and the Obligors and following consultation by the      COFACE Agent with COFACE.  Any such amendment or waiver will be      binding on all Parties. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | The      COFACE Agent may effect, on behalf of any Finance Party, any amendment or      waiver permitted by this Clause. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------|

| 37.2 | Exceptions |
|------|------------|

|   | (a) | An      amendment or waiver that has the effect of changing or which relates      to: |
|--------|-----|---------------------------------------------------------------------------------------|

|   | (i) | the      definition of “Majority      Lenders” in Clause 1.1 (Definitions); |
|--------|-----|----------------------------------------------------------------------------------------------|

|   | (ii) | an      extension to the date of payment of any amount under the Finance      Documents; |
|--------|------|------------------------------------------------------------------------------------------|

|   | (iii) | a      reduction in the Applicable Margin or a reduction in the amount of any      payment of principal, interest, fees or commission  payable; |
|--------|-------|-------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iv) | an      increase in or an extension of anyCommitment; |
|--------|------|-------------------------------------------------------|

|   | (v) | a      change to an Obligor; |
|--------|-----|------------------------------|

|   | (vi) | any      provision which expressly requires the consent of all the      Lenders; |
|--------|------|----------------------------------------------------------------------------------|

|   | (vii) | Clause 2.2      (Finance Parties’ Rights      and Obligations), Clause 26 (Changes to the Lenders)      or this Clause 37; |
|--------|-------|-------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (viii) | the      nature or scope of the assets of the Borrower which from time to time are,      or are expressed to be, the subject of a Lien under the Security      Documents; or |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ix) | the      release of any Lien granted in accordance with the Security Documents or      the granting of any Lien required under the terms of this      Agreement, |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | An      amendment or waiver which relates to the rights or obligations of the      COFACE Agent, the Security Agent, and/or a Mandated Lead Arranger may not      be effected without the consent of the COFACE Agent, the Security Agent,      and/or the Mandated Lead Arranger (as the case may  be). |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 38. | COUNTERPARTS |
|-----|--------------|

| 39. | GOVERNING      LAW |
|-----|--------------------|

| 40. | ENFORCEMENT |
|-----|-------------|

| 40.1 | Jurisdiction |
|------|--------------|

|   | (a) | The      courts of England have exclusive jurisdiction to settle any dispute      arising out of or in connection with this Agreement (including a dispute      relating to the existence, validity or termination of this Agreement or      any non-contractual obligation arising out of or in connection with this      Agreement) (a “Dispute”). |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | The      Parties agree that the courts of England are the most appropriate and      convenient courts to settle Disputes and accordingly no Party will argue      to the contrary. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | This      Clause 40.1 (Jurisdiction) is for      the benefit of the Finance Parties only.  As a result, no      Finance Party shall be prevented from taking proceedings relating to a      Dispute in any other courts with jurisdiction.  To the extent      allowed by law, the Finance Parties may take concurrent proceedings in any      number of jurisdictions. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 40.2 | Service of      Process |
|------|-------------------------|

|   | (a) | irrevocably      appoints WFW Legal Services Limited of 15 Appold Street, London EC2A      2HB as its agent for service of process in relation to any proceedings      before the English courts in connection with any Finance Document;      and |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | agrees      that failure by a process agent to notify the Borrower of the process will      not invalidate the proceedingsconcerned. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------|

| 40.3 | Waiver of      Immunity |
|------|-------------------------|

----

| Facility A      Original Lenders                                     |   | Facility A      Commitments US$ |
|---------------------------------------------------------------------------|--------|--------------------------------------|
|                                                                      |   |                                 |
| BNP      Paribas                                                          |   | 140,356,164                          |
|                                                                      |   |                                 |
| Société      Générale                                 |   | 140,356,164                          |
|                                                                      |   |                                 |
| Natixis                                                                   |   | 116,963,470                          |
|                                                                      |   |                                 |
| Crédit      Agricole Corporate and Investment Bank (formerly Calyon) |   | 93,570,776                           |
|                                                                      |   |                                 |
| Crédit      Industriel et Commercial                                 |   | 72,052,546                           |

| Facility B      Original Lenders                                     |   | Facility B      Commitments US$ |
|---------------------------------------------------------------------------|--------|--------------------------------------|
|                                                                      |   |                                 |
| BNP      Paribas                                                          |   | 5,741,550                            |
|                                                                      |   |                                 |
| Société      Générale                                 |   | 5,741,550                            |
|                                                                      |   |                                 |
| Natixis                                                                   |   | 4,784,626                            |
|                                                                      |   |                                 |
| Crédit      Agricole Corporate and Investment Bank (formerly Calyon) |   | 3,827,700                            |
|                                                                      |   |                                 |
| Crédit      Industriel et Commercial                                 |   | 2,947,454                            |

----

| 1. | OBLIGORS |
|----|----------|

|   | (a) | A      copy of the constitutional documents of each  Obligor. |
|--------|-----|---------------------------------------------------------------|

|   | (b) | A      copy of a resolution of the board of directors of each      Obligor: |
|--------|-----|-----------------------------------------------------------------------------|

|   | (i) | approving      the terms of, and the transactions contemplated by, the Transaction      Documents to which it is a party and resolving that it execute the      Transaction Documents to which it is aparty; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | authorising      a specified person or persons to execute the Transaction Documents to      which it is a party on its behalf;and |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | authorising      a specified person or persons, on its behalf, to sign and/or despatch all      documents and notices (including, if relevant, any Utilisation Request) to      be signed and/or despatched by it under or in connection with the      Transaction Documents to which it is aparty. |
|--------|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | A      specimen of the signature of each person authorised by the resolution      referred to in paragraph (b)above. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------|

|   | (d) | A      certificate of each Obligor (other than Thermo) (signed by an authorised      signatory) confirming that the borrowing or guaranteeing, as appropriate,      contemplated by the Finance Documents would not cause any borrowing,      guaranteeing or similar limit binding on any Obligor (other than Thermo)      to be exceeded. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | A      certificate from a Responsible Officer of the Borrower certifying that, as      of Financial Close: |
|--------|-----|------------------------------------------------------------------------------------------------------------|

|   | (i) | each      copy document relating to an Obligor specified in this Schedule      2 (Conditions      Precedent) is correct, complete and in full force and effect      as at a date no earlier than the date of Financial  Close; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | all      representations and warranties of the Obligors contained in the Finance      Documents are true, correct and complete in all material respects (provided that, any      representation or warranty that is qualified by materiality or by      reference to Material Adverse Effect shall be true, correct and complete      in all respects); |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | none      of the Obligors is in violation of any of the covenants contained in the      Finance Documents; |
|--------|-------|------------------------------------------------------------------------------------------------------------|

|   | (iv) | after      giving effect to the transactions contemplated by this Agreement, no      Default or Event of Default has occurred and is continuing;      and |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (v) | each      of the Obligors has satisfied each of the conditions set out in this Schedule      2 (Conditions      Precedent) and Clause 4.2 (Further Conditions      Precedent). |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (f) | Certificates      as of a recent date of the good standing of each Obligor under the laws of      its jurisdiction of organisation and, to the extent requested by the      COFACE Agent, each other jurisdiction where such Obligor is qualified to      do business. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2. | LEGAL      OPINIONS |
|----|---------------------|

|   | (a) | A      legal opinion of White & Case LLP (advisers to the Lenders) as to      matters of the laws of England and confirming, among other things, the      validity and enforceability of the Finance Documents governed by English      law). |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | A      legal opinion of White & Case LLP (advisers to the Lenders) as to      matters of the laws of France and confirming, among other things, the      validity and enforceability of the French Security    Documents. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | A      legal opinion of Taft Stettinius & Hollister LLP (advisers to the      Borrower) confirming, among other things, the due authorisation of each      Obligor, no conflict with the convertible notes and the Relevant      Agreements, and confirming the validity and enforceability of those      Security Documents governed by New Yorklaw. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | A      legal opinion of Haynes & Boone (advisers to the Lenders) as to      matters of the laws of Texas and confirming, among other things, the      validity and enforceability of those Security Documents governed by Texas      law. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | A      legal opinion of K&L Gates (advisers to the Lenders) as to matters of      the laws of Alaska and confirming, among other things, the validity and      enforceability of those Security Documents governed by Alaska      law. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (f) | A      legal opinion of Wilmer Cutler Pickering Hale and Dorr LLP in respect of      each Obligor’s FCC CommunicationsLicences. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------|

|   | (g) | A      legal opinion of in-house counsel or external counsel of the Supplier      confirming, among other things, that the Supplier has been duly authorised      to enter into each of the Finance Documents to which it is a      party. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (h) | A      legal opinion of in-house counsel or external counsel of the Launch      Services Provider confirming, among other things, that the Launch Services      Provider has been duly authorised to enter into each of the Finance      Documents to which it is a party. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | Such      other favourable legal opinions of counsel to the Obligors addressed to      the COFACE Agent (for and on behalf of itself and the other Finance      Parties) with respect to the Obligors, the Finance Documents and such      other matters as the COFACE Agent shall reasonably request, including,      without limitation, FCC matters. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 3. | FINANCE      DOCUMENTS |
|----|------------------------|

|   | (a) | this      Agreement; and |
|--------|-----|--------------------------|

|   | (b) | each      of the other Finance Documents (other than the Mortgages and each Landlord      Waiver and Consent Agreement). |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------|

| 4. | PERSONAL      PROPERTY COLLATERAL |
|----|-----------------------------------|

|   | (a) | original      stock certificates and other certificates evidencing the Capital Stock      pledged pursuant to the Security Documents, together with an undated stock      power for each such certificate duly executed in blank by the registered      owner thereof; and |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | each      original promissory note pledged pursuant to the Security      Documents. |
|--------|-----|-------------------------------------------------------------------------------------|

| 5. | SECURITY      MATTERS |
|----|-----------------------|

|   | (a) | Certified      copies of all notices of assignment and/or charge required to be delivered      pursuant to the Security Documents. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Each      Obligor shall have duly authorised, executed and  delivered: |
|--------|-----|------------------------------------------------------------------------|

|   | (i) | proper      financing statements (Form UCC-1 or such other financing statements or      similar notices as shall be required by local law) fully executed for      filing under the UCC or other appropriate filing offices of each      jurisdiction as may be necessary to perfect a Lien purported to be created      by the Security Documents; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | certified      copies of requests for information or copies (Form UCC-11), or equivalent      reports, listing all judgement liens, tax liens or effective financing      statements that name the Obligors or any of their Subsidiaries, or a      division or other operating unit of any such person, as debtor and that      are filed in the jurisdictions referred to in paragraph (i) above,      together with copies of such other financing statements evidencing any      Lien permitted by Clause 22.2 (Limitations on      Liens); |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | evidence      of the completion of all other recordings and filings of, or with respect      to, the Security Documents as may be necessary to perfect any Lien      intended to be created by the Security  Documents; |
|--------|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iv) | each      irrevocable payment instruction (if any);and |
|--------|------|--------------------------------------------------------|

|   | (v) | evidence      that all other actions necessary to perfect and protect any Lien purported      to be created by the Security Document have been  taken. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 6. | GOVERNMENTAL      AND OTHER AUTHORISATIONS |
|----|--------------------------------------------|

|   | (a) | in      the case of paragraphs (i), (iii) and (iv) below, all other      Authorisations; and |
|--------|-----|---------------------------------------------------------------------------------------------------|

|   | (b) | in      the case of paragraph (ii) below, all other material      Authorisations, |
|--------|-----|----------------------------------------------------------------------------------------|

|   | (i) | each      Loan; |
|--------|-----|-----------------|

|   | (ii) | the      business of the Borrower as it is presently carried on and is contemplated      to be carried out; |
|--------|------|-------------------------------------------------------------------------------------------------------------|

|   | (iii) | the      due execution, delivery, validity and enforceability of, and performance      by an Obligor of its obligations under this Agreement and each other      Transaction Document to which it is a party, and any other documents      necessary or desirable to the implementation of any of those agreements or      documents; and |
|--------|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iv) | the      remittance to any Finance Party (or its assigns) of all monies payable or      owing to such Finance Party (or its assigns) under any Finance Document in      the currencies specified in such Finance  Document, |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7. | COMMERCIAL      CONTRACTS |
|----|---------------------------|

|   | (a) | a      copy, certified as true and complete by an Authorised Signatory of the      Supplier and the Launch Services Provider, of each Commercial      Contract; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | a      certificate of incumbency and authority, signed by a director of the      Supplier and the Launch Services Provider specifying the names and titles      of each of the Authorised Signatories of the Supplier and the Launch      Services Provider: |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | whose      signature(s) appear on each Commercial Contract and Transaction Document      to which it is a party; and |
|--------|-----|----------------------------------------------------------------------------------------------------------------------|

|   | (ii) | who      shall sign all other certificates (including each Qualifying Certificate),      notices and documents referred to in this Agreement on behalf of the      Supplier and the Launch Services Provider (as the case may      be); |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | a      certificate, signed by an Authorised Signatory of the Supplier, certifying      that the Satellite Construction Contract is in full force and effect, with      the date of such entry into full force and effect, and has not been      suspended, interrupted, cancelled or terminated, amended or modified and      no arbitration or other legal proceedings have been initiated between the      Borrower and the Supplier in respect of the Satellite Construction      Contract; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (d) | a      certificate, signed by an Authorised Signatory of the Launch Services      Provider, certifying that the Launch Services Contract is in full force      and effect, with the date of such entry into full force and effect, and      has not been suspended, interrupted, cancelled or terminated, amended or      modified and no arbitration or other legal proceedings have been initiated      between the Borrower and the Launch Services Provider in respect of the      Launch Services Contract; and |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | written      evidence received from: |
|--------|-----|--------------------------------------|

|   | (i) | the      Supplier of the payment by the Borrower to the Supplier of the Advance      Payment in respect of the Satellite Construction Contract;    and |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | the      Launch Services Provider of the payment by the Borrower to the Launch      Services Provider of the Advance Payment in respect of the Launch Services      Contract. |
|--------|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8. | COFACE      INSURANCE POLICY |
|----|------------------------------|

| 9. | NO      MATERIAL ADVERSE EFFECT |
|----|---------------------------------|

| 10. | EQUITY      / SUBORDINATED DEBT |
|-----|---------------------------------|

| 11. | EQUITY      CONTRIBUTION |
|-----|--------------------------|

|   | (a) | Evidence      that prior to Financial Close, Thermo (or any other third party) has      contributed to the Borrower at least seventy five million Dollars      (US$75,000,000) (in aggregate) of equity by way of share capital or      subordinated shareholder loans, asfollows: |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | since      the date of this Agreement, Thermo (or any other third party) has      contributed to the Borrower at least forty five million Dollars      (US$45,000,000) of equity by way of share capital or subordinated      shareholder loans (excluding the equity issued to Thermo as described in      paragraph 10 (Equity /      Subordinated Debt) above);and |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (ii) | since      1 December 2008 to the date of Financial Close, Thermo has contributed to      the Borrower thirty million Dollars (US$30,000,000) of equity by way of      share capital. |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Evidence      that sixty million Dollars (US$60,000,000) of contingent equity (in Cash)      is funded to the Thermo Contingent Equity  Account. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------|

| 12. | DEBT      SERVICE RESERVE ACCOUNT |
|-----|-----------------------------------|

| 13. | INSURANCES |
|-----|------------|

|  | (a) | A      report from the InsuranceConsultant. |
|--|-----|---------------------------------------------|

|   | (b) | The      insurance provisions in each of the Commercial Contracts have been amended      in form and substance satisfactory to the COFACE Agent (acting in      consultation with the InsuranceConsultant). |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | The      COFACE Agent shall have received: |
|--------|-----|--------------------------------------------|

|   | (i) | evidence      of payment of all insurance premiums (as required within the applicable      credit terms agreed with insurers) for the current policy year of each      Insurance (naming COFACE, the COFACE Agent and the Lenders as additional      insured on all certificates for “all risks property      insurance” and also the Security Agent as first Loss Payee on the      Launch Insurance and as additional named insured on the Launch third party      liability insurance); |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | in      relation to the “all      risks property insurance”, a certified copy of the Insurance      Documentation (including evidence of transit insurance), copies (certified      by a Responsible Officer of the Supplier) in the form required under the      Security Documents and otherwise in form and substance reasonably      satisfactory to the COFACE Agent;and |
|--------|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | a      certified copy of a certificate from the Supplier in respect of its third      party liability insurance in the same form to be provided pursuant to      Artice 31 of the Satellite Construction  Contract. |
|--------|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 14. | KNOW      YOUR CUSTOMER REQUIREMENTS |
|-----|--------------------------------------|

----

| 15. | NO      INJUNCTION, ETC. |
|-----|--------------------------|

|   | (a) | No      action, proceeding, investigation, regulation or legislation shall have      been instituted, threatened or proposed by any Governmental Authority to      enjoin, restrain, or prohibit, or to obtain substantial damages in respect      of, or which is related to or arises out of the Finance Documents or the      consummation of the transactions contemplated thereby, or which, in the      COFACE Agent’s sole discretion, would make it inadvisable to consummate      the transactions contemplated by the Finance Documents or the consummation      of the transactions contemplatedthereby. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | The      COFACE Agent shall be reasonably satisfied that no proceeding shall be      pending or threatened which may result in the loss, revocation, material      modification, non-renewal, suspension or termination of any Material      Communications Licence, the issuance of any cease or desist order or the      imposition of any fines, forfeitures or other administrative actions by      the FCC with respect to any operations of the Borrower and its      Subsidiaries. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | The      COFACE Agent shall be reasonably satisfied that no proceeding shall be      pending or threatened which may result in the denial by the FCC of any      pending material applications of the Borrower or any Subsidiary thereof,      if such denial could reasonably be expected to have a Material Adverse      Effect. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 16. | GROUP      STRUCTURE CHART |
|-----|----------------------------|

| 17. | ACCOUNTS |
|-----|----------|

|   | (a) | the      Project Accounts (other than the Collection Account) have each been opened      and continue to be maintained with the Offshore Account Bank;      and |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | the      Collection Account has been opened and continues to be maintained with the      Onshore Account Bank. |
|--------|-----|----------------------------------------------------------------------------------------------------------------|

| 18. | OTHER      DOCUMENTS AND EVIDENCE |
|-----|-----------------------------------|

|   | (a) | Evidence      that any process agent referred to in Clause 40.2 (Service of Process)      (and any other equivalent provision in the other Finance Documents) has      accepted its appointment. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | A      copy of any other Authorisation or other document, opinion or assurance      which the Lender considers to be necessary in connection with the entry      into and performance of the transactions contemplated by any Finance      Document or for the validity and enforceability of any Finance      Document. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | Copies      of the following financialstatements: |
|--------|-----|---------------------------------------------------|

|   | (i) | the      annual audited financial statements issued by the Borrower for the      financial year ended 31 December 2008;and |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------|

----

|   | (ii) | the      unaudited financial statements issued by the Borrower for the period ended      31 March 2009. |
|--------|------|---------------------------------------------------------------------------------------------------------|

|   | (d) | Evidence      that fees, costs and expenses as at the date of the first Utilisation due      from the Borrower pursuant to the Finance Documents have been paid or will      be paid by the first UtilisationDate. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | Evidence      that the Borrower has purchased the Interest Rate Cap Agreements with each      Original Lender in proportion to itsCommitment. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------|

|   | (f) | Evidence      of the conversion of not less than seventy eight million two hundred      thousand Dollars (US$78,200,000) of the Convertible  Notes. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (g) | A      certified copy of each Cash Contribution  Agreement. |
|--------|-----|-------------------------------------------------------------|

|   | (h) | A      copy of the Financial Model (as such term is defined in the Accounts      Agreement). |
|--------|-----|----------------------------------------------------------------------------------------------|

|   | (i) | A      subordinated loan agreement between the Borrower and Thermo with respect      to the onward lending by Thermo of amounts provided to Thermo by the DSRA      Providers. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| From: | [Borrower] |
|-------|------------|

| To: | [COFACE      Agent] |
|-----|---------------------|

| Cc: | [the Supplier] / [the Launch Services      Provider] |
|-----|------------------------------------------------------|

| Dated: | [●] |
|--------|-----------|

| 1. | We      refer to the Agreement.  This is a Utilisation Request for a      [disbursement] /      [reimbursement].  Terms      defined in the Agreement have the same meaning in this Utilisation Request      unless given a different meaning in this Utilisation    Request. |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2. | We      wish to borrow a [Facility A] /      [Facility B]      Loan on the following terms: |
|----|-------------------------------------------------------------------------------------------------------|

| Proposed      Utilisation Date: | [●]      (or, if that is not a Business Day, the next Business  Day)                                                                                                                                                                                           |
|---------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                            |                                                                                                                                                                                                                                                                 |
| Amount:                         | [[●]      [[Dollars] (US$[●])] or, if less,      the Available Facility                                                                                                                                                                                  |
|                            |                                                                                                                                                                                                                                                                 |
| Interest      Period:           | Six (6) Months                                                                                                                                                                                                                                             |
|                            |                                                                                                                                                                                                                                                                 |
| Use      of Proceeds:           | [US$[●] payable to Thales Alenia Space      France for payment of the Invoice dated [●] in relation to the Satellite      Construction Contract.]                                                                                                        |
|                            |                                                                                                                                                                                                                                                                 |
|                            | [US$[●] payable to Arianespace for      payment of the Invoice dated [●] in relation to the Launch      Services Contract.]                                                                                                                              |
|                            |                                                                                                                                                                                                                                                                 |
|                            | [US$[●] payable to the Borrower as      reimbursement for payment to the Supplier and to the Launch Services      Provider  in relation to part of the Eligible Amount according      to the Invoices separately provided to the COFACE      Agent.] |
|                            |                                                                                                                                                                                                                                                                 |
|                            | [[Dollars] (US$[●]) payable to the COFACE Agent      for payment of the COFACE Insurance  Premia.]                                                                                                                                                             |

| 3. | We      confirm that each condition specified in Clause 4.2 (Conditions Precedent)      [and Clause 4.3      (Conditions Precedent to Certain Utilisations)] [is] [are]      satisfied on the date of this Utilisation  Request. |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 4. | The      proceeds of this Loan should be credited to [insert relevant bank account      details]. |
|----|---------------------------------------------------------------------------------------------------|

| 5. | This      Utilisation Request is irrevocable. |
|----|-----------------------------------------------|

----

| 1. | The      Mandatory Cost is an addition to the interest rate to compensate Lenders      for the cost of compliance with: |
|----|-------------------------------------------------------------------------------------------------------------------------|

|   | (a) | the      requirements of the Bank of England and/or the Financial Services      Authority (or, in either case, any other authority which replaces all or      any of its functions); or |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | the      requirements of the European CentralBank. |
|--------|-----|----------------------------------------------------|

| 2. | On      the first day of each Interest Period (or as soon as possible thereafter)      the COFACE Agent shall calculate, as a percentage rate, a rate (the “Additional Cost Rate”)      for each Lender, in accordance with the paragraphs set out      below.  The Mandatory Cost will be calculated by the COFACE      Agent as a weighted average of the Lenders’ Additional Cost Rates      (weighted in proportion to the percentage participation of each Lender in      the relevant Loan) and will be expressed as a percentage rate per      annum. |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3. | The      Additional Cost Rate for any Lender lending from a Facility Office in a      Participating Member State will be the percentage notified by that Lender      to the COFACE Agent.  This percentage will be certified by that      Lender in its notice to the COFACE Agent to be its reasonable      determination of the cost (expressed as a percentage of that Lender’s      participation in all Loans made from that Facility Office) of complying      with the minimum reserve requirements of the European Central Bank in      respect of Loans made from that FacilityOffice. |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4. | The      Additional Cost Rate for any Lender lending from a Facility Office in the      United Kingdom will be calculated by the COFACE Agent as      follows: |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  |   |   per cent. per      annum. |
|--|--------|----------------------------------|

| 5. | For      the purposes of this Schedule: |
|----|-----------------------------------------|

|   | (a) | “Fees Rules” means the      rules on periodic fees contained in the FSA Supervision Manual or such      other Law as may be in force from time to time in respect of the payment      of fees for the acceptance ofdeposits; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | “Fee Tariffs” means the      fee tariffs specified in the Fees Rules under the activity group      A.1 Deposit acceptors (ignoring any minimum fee or zero rated fee      required pursuant to the Fees Rules but taking into account any applicable      discount rate); and |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (c) | “Tariff Base” has the      meaning given to it in, and will be calculated in accordance with, the      Fees Rules. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------|

| 6. | If      requested by the COFACE Agent, each Reference Bank shall, as soon as      practicable after publication by the Financial Services Authority, supply      to the COFACE Agent, the rate of charge payable by that Reference Bank to      the Financial Services Authority pursuant to the Fees Rules in respect of      the relevant financial year of the Financial Services Authority      (calculated for this purpose by that Reference Bank as being the average      of the Fee Tariffs applicable to that Reference Bank for that financial      year) and expressed in pounds per £1,000,000 of the Tariff Base of that      Reference Bank. |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7. | Each      Lender shall supply any information required by the COFACE Agent for the      purpose of calculating its Additional Cost Rate.  In particular,      but without limitation, each Lender shall supply the following information      on or prior to the date on which it becomes a  Lender: |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | the      jurisdiction of its Facility Office;and |
|--------|-----|--------------------------------------------------|

|   | (b) | any      other information that the COFACE Agent may reasonably require for such      purpose. |
|--------|-----|------------------------------------------------------------------------------------------------|

| 8. | The      rates of charge of each Reference Bank for the purpose of E above shall be      determined by the COFACE Agent based upon the information supplied to it      pursuant to paragraph 6 and 7above. |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 9. | The      COFACE Agent shall have no liability to any person if such determination      results in an Additional Cost Rate which over or under compensates any      Lender and shall be entitled to assume that the information provided by      any Lender or Reference Bank pursuant to paragraphs 3, 6 and 7 above      is true and correct in allrespects. |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10. | The      COFACE Agent shall distribute the additional amounts received as a result      of the Mandatory Cost to the Lenders on the basis of the Additional Cost      Rate for each Lender based on the information provided by each Lender and      each Reference Bank pursuant to paragraphs 3, 6 and 7      above. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 11. | Any      determination by the COFACE Agent pursuant to this Schedule in relation to      a formula, the Mandatory Cost, an Additional Cost Rate or any amount      payable to a Lender shall, in the absence of manifest error, be conclusive      and binding on all Parties. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 12. | The      COFACE Agent may from time to time, after consultation with the Borrower      and the Lenders, determine and notify to all Parties any amendments which      are required to be made to this Schedule in order to comply with any      change in Law, regulation or any requirements from time to time imposed by      the Bank of England, the Financial Services Authority or the European      Central Bank (or, in any case, any other authority which replaces all or      any of its functions) and any such determination shall, in the absence of      manifest error, be conclusive and binding on all  Parties. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| To: | [●]      as COFACE Agent |
|-----|--------------------------------|

| From: | [The Existing Lender]      (the “Existing      Lender”) and [The      New Lender] (the “New    Lender”) |
|-------|---------------------------------------------------------------------------------------------------------------------------------|

| Dated: | [●] |
|--------|-----------|

| 1. | We      refer to the Agreement.  This is a Transfer      Certificate.  Terms defined in the Agreement have the same      meaning in this Transfer Certificate unless given a different meaning in      this Transfer Certificate. |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2. | We      refer to Clause 26.5 (Procedure for Transfer)      of the Agreement: |
|----|-----------------------------------------------------------------------------------|

|   | (a) | The      Existing Lender and the New Lender agree to the Existing Lender      transferring to the New Lender by novation all or part of the Existing      Lender’s Commitment, rights and obligations referred to in the Schedule in      accordance with Clause 26.5 (Procedure for      Transfer) of theAgreement. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | The      proposed Transfer Date is [●]. |
|--------|-----|-----------------------------------------------|

|   | (c) | The      Facility Office and address, fax number and attention details for      notices of the New Lender for the purposes of Clause 33.2 (Addresses) of the      Agreement are set out in theSchedule. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3. | The      New Lender expressly acknowledges the limitations on the Existing Lender’s      obligations set out in paragraph (c) of Clause 26.4 (Limitation of Responsibility      of Existing Lenders) of the  Agreement. |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4. | The      New Lender confirms that the person beneficially entitled to interest      payable to that Lender in respect of an advance under a Finance Document      is a Qualifying Lender. |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5. | This      Transfer Certificate may be executed in any number of counterparts      and this has the same effect as if the signatures on the counterparts were      on a single copy of this TransferCertificate. |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6. | This      Transfer Certificate and any non-contractual obligations arising out of or      in connection with it are governed by English  law. |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------|

| 7. | For      the purposes of Article 1278 and      seq. of the      French Civil Code, it is agreed that the security interest created      pursuant to the Pledge of Bank Accounts shall be preserved for the benefit      of the New Lender and all other FinanceParties. |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| [Existing      Lender] | [New      Lender]  |
|------------------------|--------------------|
|                   |               |
| By:      [●]     | By:      [●] |

----

| 1. | SECURITY      AGENT AS HOLDER OF LIENS |
|----|----------------------------------------|

|   | (a) | In      this Clause: |
|--------|-----|----------------------|

|   | (b) | Unless      expressly provided to the contrary in any Finance Document, the Security      Agent holds: |
|--------|-----|--------------------------------------------------------------------------------------------------------|

|   | (i) | any      security created by a Security Document governed by any relevant      law; |
|--------|-----|-------------------------------------------------------------------------------------|

|   | (ii) | the      benefit of any Security Agent Claims;and |
|--------|------|---------------------------------------------------|

|   | (iii) | any      proceeds of security, |
|--------|-------|--------------------------------|

|   | (c) | The      Security Agent will separately identify in its records the property rights      referred to in paragraph (b)above. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | The      Borrower must pay the Security Agent, as an independent and separate      creditor, an amount equal to each Finance Party Claim on its due      date. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | The      Security Agent may enforce performance of any Security Agent Claim in its      own name as an independent and separate right.  This includes      any suit, execution, enforcement of security, recovery of guarantees and      applications for and voting in respect of any kind of insolvency      proceeding. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (f) | Each      Finance Party must, at the request of the Security Agent, perform any act      required in connection with the enforcement of any Security Agent      Claim.  This includes joining in any proceedings as co-claimant      with the Security Agent. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (g) | Unless      the Security Agent fails to enforce a Security Agent Claim within a      reasonable time after its due date, a Finance Party may not take any      action to enforce the corresponding Finance Party Claim unless it is      requested to do so by the SecurityAgent. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (h) | The      Borrower irrevocably and unconditionally waives any right it may have to      require a Finance Party to join in any proceedings as co-claimant with the      Security Agent in respect of any Security Agent  Claim. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (i) | (A) Discharge      by the Borrower of a Finance Party Claim will discharge the corresponding      Security Agent Claim in the same amount; and (B) Discharge by the      Borrower of a Security Agent Claim will discharge the corresponding      Finance Party Claim in the sameamount. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (j) | The      aggregate amount of the Security Agent Claims will never exceed the      aggregate amount of Finance PartyClaims. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------|

|   | (k) | (A) A      defect affecting a Security Agent Claim against the Borrower will not      affect any Finance Party Claim; and (B) A defect affecting a Finance      Party Claim against the Borrower will not affect any Security Agent      Claim. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (l) | If      the Security Agent returns to the Borrower, whether in any kind of      insolvency proceedings or otherwise, any recovery in respect of which it      has made a payment to a Finance Party, that Finance Party must repay an      amount equal to that recovery to the Security  Agent. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2. | RESPONSIBILITY |
|----|----------------|

|   | (a) | The      Security Agent is not liable or responsible to any other Finance Party      for: |
|--------|-----|-------------------------------------------------------------------------------------------|

|   | (i) | any      failure in perfecting or protecting the security created by any Security      Document; or |
|--------|-----|-----------------------------------------------------------------------------------------------------|

|   | (ii) | any      other action taken or not taken by it in connection with any Security      Document, |
|--------|------|-----------------------------------------------------------------------------------------------|

|   | (b) | The      Security Agent is not responsiblefor: |
|--------|-----|------------------------------------------------|

|   | (i) | the      right or title of any person in or to, or the value of, or sufficiency of      any part of the security created by the Security  Documents; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | the      priority of any security created by the Security Documents;    or |
|--------|------|----------------------------------------------------------------------------|

|   | (iii) | the      existence of any other Lien affecting any asset secured under a Security      Document. |
|--------|-------|--------------------------------------------------------------------------------------------------|

| 3. | TITLE |
|----|-------|

| 4. | POSSESSION      OF DOCUMENTS |
|----|------------------------------|

----

| 5. | INVESTMENTS |
|----|-------------|

|   | (a) | invested      in the name of, or under the control of, the Security Agent in any      investment for the time being authorised by any relevant law for the      investment by trustees of trust money or in any other investments which      may be selected by the Security Agent with the consent of the Majority      Lenders; or |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | placed      on deposit in the name of, or under the control of, the Security Agent at      any bank or institution (including any Finance Party) and on such terms as      the Security Agent may agree. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6. | APPROVAL |
|----|----------|

|   | (a) | confirms      its approval of each Security Document;and |
|--------|-----|----------------------------------------------------------|

|   | (b) | authorises      and directs the Security Agent (by itself or by such person(s) as it may      nominate) to enter into and enforce the Security Documents as trustee (or      agent) or as otherwise provided (and whether or not expressly in the names      of the Finance Parties) on itsbehalf. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7. | CONFLICT      WITH SECURITY DOCUMENTS |
|----|---------------------------------------|

| 8. | RELEASE      OF SECURITY |
|----|--------------------------|

|   | (a) | If      a disposal of any asset subject to security created by a Security Document      is made to a person (which is and will remain) outside the Group in the      following circumstances: |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | all      the Lenders agree to the disposal; |
|--------|-----|---------------------------------------------|

|   | (ii) | the      disposal is being made at the request of the Security Agent in      circumstances where any security created by the Security Documents has      become enforceable; |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | the      disposal is allowed by the terms of the Finance Documents and will not      result or could not reasonably be expected to result in any Default;      and |
|--------|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iv) | the      disposal is being effected by enforcement of a Security Document, the      asset(s) being disposed of will be released from any security over it      created by a Security Document. |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (b) | Any      release under this Subclause will not become effective until the date of      the relevant disposal or otherwise in accordance with the consent of all      the Lenders. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | If      a disposal is not made, then any release relating to that disposal will      have no effect, and the obligations of the Borrower under the Finance      Documents will continue in full force and  effect. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | If      the Security Agent so requests pursuant to a release under this Subclause,      (at the request and expense of the Borrower) each Finance Party must enter      into any document and do all such other things which are reasonably      required to achieve that release.  Each other Finance Party      irrevocably authorises the Security Agent to enter into any such      document. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 9. | CO-SECURITY      AGENT |
|----|------------------------|

|   | (a) | The      Security Agent may appoint a separate security agent or a co-security      agent in any jurisdiction: |
|--------|-----|----------------------------------------------------------------------------------------------------------------|

|   | (i) | if      the Security Agent considers that without the appointment the interests of      the Lenders under the Finance Documents might be materially and adversely      affected; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | for      the purpose of complying with any law, regulation or other condition in      any jurisdiction; or |
|--------|------|------------------------------------------------------------------------------------------------------------|

|   | (iii) | for      the purpose of obtaining or enforcing a judgment or enforcing any Finance      Document in any jurisdiction. |
|--------|-------|-----------------------------------------------------------------------------------------------------------------------|

|   | (b) | Any      appointment under this Subclause will only be effective if the security      agent or co-security agent confirms to the Security Agent and the Borrower      in form and substance satisfactory to the Security Agent that it is bound      by the terms of this Agreement as if it were the Security      Agent. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | The      Security Agent may remove any security agent or co-security agent      appointed by it and may appoint a new security agent or co-security agent      in its place. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 11. | INFORMATION |
|-----|-------------|

----

| 12. | PERFECTION      OF SECURITY |
|-----|-----------------------------|

----

| 1. | Formation      Documents: original or      certified copies of the certificate of commercial registration, memorandum      of association or any other equivalent formation documents in English that      have been filed with the relevant business registry in the jurisdiction of      formation of the Borrower and any other trading  names; |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2. | List of Directors: a certified list      of all directors of the Borrowerincluding: |
|----|------------------------------------------------------------------------------------------|

|   | (a) | names; |
|--------|-----|--------|

|   | (b) | nationalities; |
|--------|-----|----------------|

|   | (c) | dates      of birth; and |
|--------|-----|--------------------------|

|   | (d) | business      addresses; |
|--------|-----|--------------------------|

| 3. | Passports: a certified copy      of the passports of the persons signing each of the Finance Documents for      and on behalf of the Borrower; |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------|

| 4. | Financials: most recent annual      audited financial reports (if any) and the latest unaudited statement of      accounts; and |
|----|--------------------------------------------------------------------------------------------------------------------------------------|

| 5. | Listing: evidence that the      Borrower is a listed entity. |
|----|-------------------------------------------------------------------|

----

| To: | BNP      Paribas as COFACE Agent |
|-----|----------------------------------|

| From: | [Borrower] |
|-------|------------|

| Dated:  | [●] |
|--------------|-----------|

| 1. | We      refer to the Agreement.  This is a Compliance      Certificate.  Terms defined in the Agreement have the same      meaning in this Compliance Certificate unless given a different meaning in      this Compliance Certificate. |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2. | We      confirm that:  [Insert details of covenants to be      certified]. |
|----|--------------------------------------------------------------------------------------|

| 3. | We      confirm that the amounts as of the date of this Compliance Certificate in      each of the Project Accounts are asfollows: |
|----|------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | the      Capital Expenditure Account –US$[●]; |
|--------|-----|-----------------------------------------------------------|

|   | (b) | the      Collection Account – US$[●]; |
|--------|-----|---------------------------------------------------|

|   | (c) | the      Borrower Contingent Equity Account –US$[●]; |
|--------|-----|------------------------------------------------------------------|

|   | (d) | the      Thermo Contingent Equity Account –US$[●]; |
|--------|-----|----------------------------------------------------------------|

|   | (e) | the      Convertible Note Reserve Account –US$[●]; |
|--------|-----|----------------------------------------------------------------|

|   | (f) | the      Debt Service Account – US$[●]; |
|--------|-----|-----------------------------------------------------|

|   | (g) | the      Debt Service Reserve Account –US$[●]; |
|--------|-----|------------------------------------------------------------|

|   | (h) | the      Distribution Account – US$[●]; and |
|--------|-----|---------------------------------------------------------|

|   | (i) | the      Insurance Proceeds Account –US$[●]. |
|--------|-----|----------------------------------------------------------|

| 4. | [We      confirm that no Default is continuing.]* |
|----|---------------------------------------------------|

| Signed: |         |       |         |       |
|---------|--------------|------------|--------------|------------|
|    |         |       |         |       |
|    |         | Director   |         | Director   |
|    |         |       |         |       |
|    |         | Of         |         | Of         |
|    |         |       |         |       |
|    |    | [Borrower] |    | [Borrower] |

----

| * | If      this statement cannot be made, the certificate should identify any Default      that is continuing and the steps, if any, being taken to remedy      it. |
|---|------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 1. | Globalstar,      Inc. Savings Plan (401(k)); |
|----|----------------------------------------------|

| 2. | Globalstar,      Inc. Pension Plan (Retirement); |
|----|--------------------------------------------------|

| 3. | Globalstar,      Inc. Comprehensive Welfare Benefits Plan (medical, dental, vision,      life); |
|----|-------------------------------------------------------------------------------------------------|

| 4. | Globalstar,      Inc. Disability Plan; and |
|----|--------------------------------------------|

| 5. | Globalstar,      Inc. Section 125 Flex Plan. |
|----|---------------------------------------------------|

----

|      | [insert name of Potential      Lender] |
|--------------------------|----------------------------------------|

| Re: | The      Facility |
|-----|-------------------|

| Borrower: Amount: COFACE      Agent: |   |
|------------------------------------------------|--------|

| 1. | Confidentiality      Undertaking: You      undertake: |
|----|------------------------------------------------------------|

|   | (a) | to      keep the Confidential Information confidential and not to disclose it to      anyone except as provided for by paragraph 2 below and to ensure that      the Confidential Information is protected with security measures and a      degree of care that would apply to your own confidential      information; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | to      use the Confidential Information only for the Permitted Purpose;      and |
|--------|-----|-----------------------------------------------------------------------------------|

|   | (c) | to      use all reasonable endeavours to ensure that any person to whom you pass      any Confidential Information (unless disclosed under paragraph 2(b)      below) acknowledges and complies with the provisions of this letter as if      that Person were also a party toit. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2. | Permitted      Disclosure: We agree that you      may disclose ConfidentialInformation: |
|----|----------------------------------------------------------------------------------------------|

|   | (a) | to      members of the Participant Group and their officers, directors, employees      and professional advisers to the extent necessary for the Permitted      Purpose and to any auditors of members of the Participant      Group; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | (i) where      requested or required by any court of competent jurisdiction or any      competent judicial, governmental, supervisory or regulatory body,      (ii) where required by the rules of any stock exchange on which the      shares or other securities of any member of the Participant Group are      listed or (iii) where required by the laws or regulations of any      country with jurisdiction over the affairs of any member of the      Participant Group; or |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (c) | with      the prior written consent of us and the  Borrower. |
|--------|-----|--------------------------------------------------------------|

| 3. | Notification      of Required or Unauthorised Disclosure: You agree (to the      extent permitted by law and except where disclosure is to be made to any      competent supervisory or regulatory body during the ordinary course of its      supervisory or regulatory function over you) to inform us of the full      circumstances of any disclosure under paragraph 2(b) or upon becoming      aware that Confidential Information has been disclosed in breach of this      letter. |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4. | Return of      Copies: If we so request      in writing, you shall return all Confidential Information supplied to you      by us and destroy or permanently erase (to the extent technically      practicable) all copies of Confidential Information made by you and use      all reasonable endeavours to ensure that anyone to whom you have supplied      any Confidential Information destroys or permanently erases (to the extent      technically practicable) such Confidential Information and any copies made      by them, in each case save to the extent that you or the recipients are      required to retain any such Confidential Information by any applicable      law, rule or regulation or by any competent judicial, governmental,      supervisory or regulatory body or in accordance with internal policy, or      where the Confidential Information has been disclosed under      paragraph 2(b) above. |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5. | Continuing      Obligations: The obligations in      this letter are continuing and, in particular, shall survive the      termination of any discussions or negotiations between you and      us.  Notwithstanding the previous sentence, the obligations in      this letter shall cease on the earlier of (a) the date you become a      party to or otherwise acquire (by assignment, sub participation or      otherwise) an interest, direct or indirect in the Facility and      (b) twelve Months after you have returned all Confidential      Information supplied to you by us and destroyed or permanently erased (to      the extent technically practicable) all copies of Confidential Information      made by you (other than any such Confidential Information or copies which      have been disclosed under paragraph 2 above (other than      sub-paragraph 2(a)) or which, pursuant to paragraph 4 above, are      not required to be returned ordestroyed). |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6. | No      Representation; Consequences of Breach, etc: You acknowledge      and agree that: |
|----|------------------------------------------------------------------------------------------------|

|   | (a) | neither      we, nor any member of the Group nor any of our or their respective      officers, employees or advisers (each a “Relevant Person”)      (i) make any representation or warranty, express or implied, as to,      or assume any responsibility for, the accuracy, reliability or      completeness of any of the Confidential Information or any other      information supplied by us or the assumptions on which it is based or      (ii) shall be under any obligation to update or correct any      inaccuracy in the Confidential Information or any other information      supplied by us or be otherwise liable to you or any other Person in      respect to the Confidential Information or any such information;      and |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | we      or members of the Group may be irreparably harmed by the breach of the      terms of this letter and damages may not be an adequate remedy; each      Relevant Person may be granted an injunction or specific performance for      any threatened or actual breach of the provisions of this letter by      you. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 7. | No Waiver;      Amendments, etc: This letter sets      out the full extent of your obligations of confidentiality owed to us in      relation to the information the subject of this letter.  No      failure or delay in exercising any right, power or privilege under this      letter will operate as a waiver thereof nor will any single or partial      exercise of any right, power or privilege preclude any further exercise      thereof or the exercise of any other right, power or privileges under this      letter.  The terms of this letter and your obligations under      this letter may only be amended or modified by written agreement between      us. |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8. | Inside      Information: You acknowledge      that some or all of the Confidential Information is or may be      price-sensitive information and that the use of such information may be      regulated or prohibited by applicable legislation including securities law      relating to insider dealing and market abuse and you undertake not to use      any Confidential Information for any unlawful  purpose. |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 9. | Nature of      Undertakings: The undertakings      given by you under this letter are given to us and (without implying any      fiduciary obligations on our part) are also given for the benefit of the      Borrower and each other member of theGroup. |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10. | Third Party      Rights: |
|-----|--------------------------|

|   | (a) | Subject      to this paragraph 10 and to paragraph 6 and paragraph 9, a      person who is not a party to this letter has no right under the Contracts      (Rights of Third Parties) Act 1999 (the “Third Parties Act”) to      enforce or enjoy the benefit of any term of this  letter. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | The      Relevant Persons may enjoy the benefit of paragraphs 6 and 9 subject      to and in accordance with this paragraph 10 and the provisions of the      Third Parties Act. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | The      parties to this letter do not require the consent of any Relevant Person      to rescind or vary this letter at anytime. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------|

| 11. | Governing      Law and Jurisdiction: This letter      (including the agreement constituted by your acknowledgement of its terms)      shall be governed by and construed in accordance with the laws of England      and the parties submit to the non-exclusive jurisdiction of the English      courts. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 12. | Definitions: In this letter      (including the acknowledgement set out below) terms defined in the      Facility shall, unless the context otherwise requires, have the same      meaning and: |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| For      and on behalf of                            |   |
|------------------------------------------------------|--------|
| Mandated      Lead Arranger                          |   |
| To:      [Mandated Lead Arranger]                    |   |
| The      Borrower and each other member of the Group |   |
| We      acknowledge and agree to the above:          |   |

| For      and on behalf of |   |
|---------------------------|--------|
| [Potential      Lender]   |   |

----

| (a) | to      the Supplier and/or the Launch Services Provider, as the case may be;      or |
|-----|---------------------------------------------------------------------------------------|

| (b) | in      the case of a reimbursement to the Borrower, to the    Borrower, |
|-----|--------------------------------------------------------------------------|

|   | (i) | a      copy of a duly certified Invoice and a Qualifying    Certificate; |
|--------|-----|--------------------------------------------------------------------------|

|   | (ii) | in      the case of payments to the Supplier only, a certificate of completion, as      provided for in the Satellite Construction Contract, duly signed by the      Borrower; |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | a      Utilisation Request; and |
|--------|-------|---------------------------------|

|   | (iv) | in      relation to a reimbursement to the Borrower, a certificate signed by a      Responsible Officer of the Borrower confirming to the COFACE      Agent: |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (A) | that      the Borrower has made the payment in respect of which the reimbursement is      required; and |
|--------|-----|---------------------------------------------------------------------------------------------------------|

|   | (B) | the      purpose for which the Loan shall beapplied. |
|--------|-----|------------------------------------------------------|

----

| 1. | QUALCOMM      Globalstar Satellite Products Supply Agreement by and between QUALCOMM      Incorporated and the Borrower (then named “New Operating Globalstar LLC”),      dated as of 13 April 2004(NOG-C-04-0137). |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | Amendment      Number 1 to QUALCOMM Globalstar Satellite Products Supply Agreement,      dated as of 25 May 2005; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Amendment      Number 2 to QUALCOMM Globalstar Satellite Products Supply Agreement,      dated as of 25 May 2005; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------|

|   | (c) | Amendment      Number 3 to QUALCOMM Globalstar Satellite Products Supply Agreement,      dated as of 30 September 2005; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | Amendment      Number 4 to QUALCOMM Globalstar Satellite Products Supply Agreement,      dated as of 15 August 2006; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | Amendment      Number 5 to QUALCOMM Globalstar Satellite Products Supply Agreement,      dated as of 20 November 2007; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------|

|   | (f) | Amendment      Number 6 to QUALCOMM Globalstar Satellite Products Supply Agreement,      dated as of 20 November 2007;and |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------|

|   | (g) | Amendment      Number 7 to QUALCOMM Globalstar Satellite Products Supply Agreement,      dated as of 27 October 2008. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------|

| 2. | Satellite      Construction Contract between the Borrower and the Supplier dated as of      30 November 2006. |
|----|--------------------------------------------------------------------------------------------------------------------|

|   | (a) | Amendment      Number 1 to Satellite Construction Contract, dated as of 12 December      2006; |
|--------|-----|-----------------------------------------------------------------------------------------------------|

|   | (b) | Amendment      Number 2 to Satellite Construction Contract, dated as of      31 October 2007; |
|--------|-----|---------------------------------------------------------------------------------------------------------|

|   | (c) | Amendment      Number 3 to Satellite Construction Contract, dated as of      19 December 2007; |
|--------|-----|----------------------------------------------------------------------------------------------------------|

|   | (d) | Amendment      Number 4 to Satellite Construction Contract, dated as of 17 July      2008; |
|--------|-----|------------------------------------------------------------------------------------------------------|

|   | (e) | Amendment      Number 5 to Satellite Construction Contract, dated as of      9 December 2008; |
|--------|-----|---------------------------------------------------------------------------------------------------------|

|   | (f) | Amendment      Number 6 to Satellite Construction Contract, dated as of      5 February 2009; |
|--------|-----|---------------------------------------------------------------------------------------------------------|

|   | (g) | Amendment      Number 7 to Satellite Construction Contract, dated as of 5 March      2009; |
|--------|-----|------------------------------------------------------------------------------------------------------|

----

|   | (h) | Amendment      Number 8 to Satellite Construction Contract, dated as of 9 April      2009; and |
|--------|-----|----------------------------------------------------------------------------------------------------------|

|   | (i) | Amended      and Restated Satellite ConstructionContract. |
|--------|-----|-----------------------------------------------------------|

| 3. | Escrow      Agreement between the Borrower, the Supplier and Société Générale dated      21 December 2006 (to be terminated at Financial    Closing). |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4. | Control      Network Facility Construction Contract between the Borrower and the      Supplier dated as of 22 March2007. |
|----|------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | Change      Notice Number 1 to Control Network Facility Construction      Contract dated as of 21 March 2008;and |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Change      Notice Number 2 to Control Network Facility Construction      Contract dated as of 8 August2008. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------|

| 5. | Launch      Services Agreement between the Borrower and the Launch Services Provider      dated as of 5 September 2007 and Amendment Number 1 to Launch      Services Agreement, dated as of 5 July  2008. |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6. | Radio      Access Network and User Terminal Subsystem Contract between the Borrower      and Hughes, effective as of 1 May2008. |
|----|--------------------------------------------------------------------------------------------------------------------------------------|

| 7. | Core      Network Purchase Agreement between the Borrower and Ericsson, dated as of      1 October 2008. |
|----|---------------------------------------------------------------------------------------------------------------|

| 8. | Senior      Indenture between the Borrower and U.S. Bank, National Association      dated as of 15 April 2008. |
|----|--------------------------------------------------------------------------------------------------------------------------|

|   | (a) | First      Supplemental Indenture to Senior Indenture dated as of 15 April 2008;      and |
|--------|-----|------------------------------------------------------------------------------------------------|

|   | (b) | Amendment      to First Supplemental Indenture dated as of 1 December      2008. |
|--------|-----|---------------------------------------------------------------------------------------|

| 9. | Pledge      and Escrow Agreement between the Borrower and U.S. Bank National      Association dated 15 April2008. |
|----|-----------------------------------------------------------------------------------------------------------------------------|

| 10. | Thermo      Facility Agreement (to be repaid and terminated at Financial      Closing). |
|-----|-----------------------------------------------------------------------------------------|

| 11. | The      Finance Documents. |
|-----|-----------------------------|

----

----

| 1. | A      letter agreement entered into between Hughes and the Borrower and dated      25 September 2008, in respect of payment deferral      arrangements. |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2. | Amendment      Number 1 to Launch Services Agreement, dated as of 9 July 2008      (see Schedule 12, Item 5). |
|----|------------------------------------------------------------------------------------------------------------------------------|

| 3. | Open      end promissory note in the maximum principal amount of US$10,000,000 dated      23 March 2006 from Globalstar de Venezuela, C.A. to Globalstar Canada      Satellite Co., having a balance outstanding of US$912,029 as of      31 March 2009. |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4. | Open      end line of credit promissory note in the maximum principal amount of      US$50,000,000 dated 30 June 2007 and amended 31 December 2008      from Globalstar Canada Satellite Co. to the Borrower, having a balance      outstanding of US$28,359,863 as of 31 March  2009. |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5. | Thermo      Facility Agreement. |
|----|---------------------------------|

| 6. | 5.75%      Senior Convertible Notes of the Borrower due 2028, US$71,804,000      outstanding as of 31 March2009. |
|----|-----------------------------------------------------------------------------------------------------------------------|

----

| LICENCEE(HOLDER)        |         | CALL SIGN |         | FILE NO.                                                                                                                                                                                                                                                              |         | DESCRIPTION                                                                                                                                                                                                                              |
|-------------------------|--------------|----------------|--------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                    |         |           |         |                                                                                                                                                                                                                                                                       |         |                                                                                                                                                                                                                                     |
| GlobalstarLicensee LLC  |         | S2115          |         | SAT-ASG-20060724-00078, SAT-A/O-199910603-00010      (formerly 19-DSS-P-91(48)), CSS-91-014) SAT-MOD-20050301-00054  (ATC      authorization) & SAT-MOD-20080516-00106 Order FCC 08-248 (Oct. 15, 2008) Order FCC 08-254 (Oct. 31,      2008) |         | 1.6/2.4 GHz NGSO Licence. expires      4/21/13 (ATC –      1610-1617.775/2483.5-2495 MHz) Reduced L-band assignment to 1610-1618.725      MHz2 Authorised the provision of ATC      services using WiMAX protocols3 |
|                    |         |           |         |                                                                                                                                                                                                                                                                       |         |                                                                                                                                                                                                                                     |
| Globalstar Licensee LLC |         | WC2XOF         |         | 0087-EX-RR-2008                                                                                                                                                                                                                                                            |         | Expires 6/1/13                                                                                                                                                                                                                           |
|                    |         |           |         |                                                                                                                                                                                                                                                                       |         |                                                                                                                                                                                                                                     |
| Globalstar Licensee LLC |         | WC2XXD         |         | 0143-EX-RR-2007                                                                                                                                                                                                                                                            |         | Expires 9/1/11                                                                                                                                                                                                                           |
|                    |         |           |         |                                                                                                                                                                                                                                                                       |         |                                                                                                                                                                                                                                     |
| GUSA Licensee LLC       |         | E000342        |         | SES-ASG-20060724-01238 &      SES-LIC-20000706-01091                                                                                                                                                                                                                   |         | Clifton TX Gateway licence – Expires      3/22/11                                                                                                                                                                                  |
|                    |         |           |         |                                                                                                                                                                                                                                                                       |         |                                                                                                                                                                                                                                     |
| GUSA Licensee LLC       |         | E000343        |         | SES-ASG-20060724-01238 &      SES-LIC-20000706-01092                                                                                                                                                                                                                   |         | Clifton TX Gateway licence – Expires      3/22/11                                                                                                                                                                                  |
|                    |         |           |         |                                                                                                                                                                                                                                                                       |         |                                                                                                                                                                                                                                     |
| GUSA Licensee LLC       |         | E000344        |         | SES-ASG-20060724-01238 &      SES-LIC-20000706-01093                                                                                                                                                                                                                   |         | Clifton TX Gateway licence – Expires      3/22/11                                                                                                                                                                                  |
|                    |         |           |         |                                                                                                                                                                                                                                                                       |         |                                                                                                                                                                                                                                     |
| GUSA Licensee LLC       |         | E000345        |         | SES-ASG-20060724-01238 & SES-LIC-20000706-01094                                                                                                                                                                                                                        |         | Clifton TX Gateway licence – Expires      3/22/11                                                                                                                                                                                  |
|                    |         |           |         |                                                                                                                                                                                                                                                                       |         |                                                                                                                                                                                                                                     |
| GUSA Licensee LLC       |    | E970199        |    | SES-RWL-20080118-00069                                                                                                                                                                                                                                                     |    | Clifton TX Gateway TCU antenna – Expires      2/27/23                                                                                                                                                                              |

----

  

----

| LICENCEE(HOLDER)  |         | CALL SIGN |         | FILE NO.                                                                    |         | DESCRIPTION                                                 |
|-------------------|--------------|----------------|--------------|----------------------------------------------------------------------------------|--------------|-------------------------------------------------------------|
|              |         |           |         |                                                                             |         |                                                        |
| GUSA Licensee LLC |         | E970381        |         | SES-MOD-20070921-01309 &      SES-LIC-19970710-00928                         |         | User terminal blanket licence – Expires      10/4/09  |
|              |         |           |         |                                                                             |         |                                                        |
| GUSA Licensee LLC |         | E050097        |         | SES-ASG-20060724-01238 &      SES-LIC-20050617-00768                         |         | Sebring, FL Gateway licence - Expires      1/4/22           |
|              |         |           |         |                                                                             |         |                                                        |
| GUSA Licensee LLC |         | E050098        |         | SES-ASG-20060724-01238 &      SES-LIC-20050617-00769                         |         | Sebring, FL Gateway licence -Expires 1/4/22                 |
|              |         |           |         |                                                                             |         |                                                        |
| GUSA Licensee LLC |         | E050099        |         | SES-ASG-20060724-01238 &      SES-LIC-20050617-00770                         |         | Sebring, FL Gateway licence -Expires      1/4/22            |
|              |         |           |         |                                                                             |         |                                                        |
| GUSA Licensee LLC |         | E050100        |         | SES-ASG-20060724-01238 &      SES-LIC-20050617-00771                         |         | Sebring, FL Gateway licence -Expires      1/4/22            |
|              |         |           |         |                                                                             |         |                                                        |
| GUSA Licensee LLC |         | E050345        |         | SES-ASG-20060724-01238 &      SES-LIC-20051122-01631                         |         | Wasilla, AK Gateway licence -Expires      1/4/22            |
|              |         |           |         |                                                                             |         |                                                        |
| GUSA Licensee LLC |         | E050346        |         | SES-ASG-20060724-01238 &      SES-LIC-20051122-01632                         |         | Wasilla, AK Gateway licence -Expires      1/4/22            |
|              |         |           |         |                                                                             |         |                                                        |
| GUSA Licensee LLC |         | E050347        |         | SES-ASG-20060724-01238 &      SES-LIC-20051122-01633                         |         | Wasilla, AK Gateway licence -Expires      1/4/22            |
|              |         |           |         |                                                                             |         |                                                        |
| GUSA              |         | N/A            |         | ITC-214-19990728-00484                                                           |         | Section 214 Certification – No      expiration        |
|              |         |           |         |                                                                             |         |                                                        |
| GUSA              |         | N/A            |         | ITC-214-19991229-00795                                                           |         | Section 214 Certification – No      expiration        |
|              |         |           |         |                                                                             |         |                                                        |
| GUSA              |         | N/A            |         | ITC-214-20000615-00356                                                           |         | Section 214 Certification – No      expiration        |
|              |         |           |         |                                                                             |         |                                                        |
| GCL Licensee LLC  |    | E990335        |    | SES-ASG-20060724-01239 &      SES-LIC-19990809-01349, SES-MOD-20050728-01004 |    | Las Palmas, PR Gateway licence – Expires      6/23/10 |

----

| LICENCEE(HOLDER)      |         | CALL SIGN |         | FILE NO.                                                                    |         | DESCRIPTION                                                  |
|-----------------------|--------------|----------------|--------------|----------------------------------------------------------------------------------|--------------|--------------------------------------------------------------|
|                  |         |           |         |                                                                             |         |                                                         |
| GCL Licensee LLC      |         | E990336        |         | SES-ASG-20060724-01239 & SES-LIC-19990809-01350,      SES-MOD-20050728-01006 |         | Las Palmas, PR Gateway licence – Expires      6/23/10  |
|                  |         |           |         |                                                                             |         |                                                         |
| GCL Licensee LLC      |         | E990337        |         | SES-ASG-20060724-01239 &      SES-LIC-19990809-01351, SES-MOD-20050728-01005 |         | Las Palmas, PR Gateway licence – Expires      6/23/10  |
|                  |         |           |         |                                                                             |         |                                                         |
| GCL      Licensee LLC |    | E050237        |    | SES-LIC-20050728-01007                                                           |    | Las Palmas, PR Gateway licence – Expires      10/17/20 |

----

| Orbital Plane(8 total, A-H) |         | In-Plane SlotLocation |         | Satellite FlightModel Number |         | Satellite Status as of27-Feb-09 |
|--------------------------------------------|--------------|----------------------------|--------------|----------------------------------------|--------------|------------------------------------------------|
| A                                          |         | 1                          |         | 56                                     |         | In-service                                     |
|                                       |         | 2                          |         | 63                                     |         | In-service                                     |
|                                       |         | 3                          |         | 64                                     |         | In-service                                     |
|                                       |         | 4                          |         | 3                                      |         | In-service                                     |
|                                       |         | 5                          |         | 31                                     |         | In-service                                     |
| B                                          |         | 1                          |         | 60                                     |         | In-service                                     |
|                                       |         | 2                          |         | 70                                     |         | In-service                                     |
|                                       |         | 3                          |         | 59                                     |         | In-service                                     |
|                                       |         | 4                          |         | 6                                      |         | In-service                                     |
|                                       |         | 5                          |         | 15                                     |         | In-service                                     |
|                                       |         | 6                          |         | 8                                      |         | In-service                                     |
| C                                          |         | 1                          |         | 69                                     |         | In-service                                     |
|                                       |         | 2                          |         | 71                                     |         | In-service                                     |
|                                       |         | 3                          |         | 44                                     |         | In-service                                     |
|                                       |         | 4                          |         | 46                                     |         | In-service                                     |
|                                       |         | 5                          |         | 45                                     |         | In-service                                     |
|                                       |         | 6                          |         | 37                                     |         | In-service                                     |
| D                                          |         | 1                          |         | 62                                     |         | In-service                                     |
|                                       |         | 2                          |         | 65                                     |         | In-service                                     |
|                                       |         | 3                          |         | 47                                     |         | In-service                                     |
|                                       |         | 4                          |         | 19                                     |         | In-service                                     |
|                                       |         | 5                          |         | 25                                     |         | In-service                                     |
|                                       |         | 6                          |         | 49                                     |         | In-service                                     |
|                                       |         | 7                          |         | 52                                     |         | In-service                                     |
| E                                          |         | 1                          |         | 72                                     |         | In-service                                     |
|                                       |         | 2                          |         | 51                                     |         | In-service                                     |
|                                       |         | 3                          |         | 30                                     |         | In-service                                     |
|                                       |         | 4                          |         | 39                                     |         | In-service                                     |
|                                       |         | 5                          |         | 32                                     |         | In-service                                     |
|                                       |         | 6                          |         | 42                                     |         | In-service                                     |
| F                                          |         | 1                          |         | 68                                     |         | In-service                                     |
|                                       |         | 2                          |         | 26                                     |         | In-service                                     |
|                                       |         | 3                          |         | 48                                     |         | In-service                                     |
|                                       |         | 4                          |         | 43                                     |         | In-service                                     |
|                                       |         | 5                          |         | 28                                     |         | In-service                                     |
|                                       |         | 6                          |         | 34                                     |         | In-service                                     |
| G                                          |         | 1                          |         | 33                                     |         | In-service                                     |
|                                       |         | 2                          |         | 66                                     |         | In-service                                     |
|                                       |         | 3                          |         | 58                                     |         | In-service                                     |
|                                       |         | 4                          |         | 24                                     |         | In-service                                     |
|                                       |         | 5                          |         | 27                                     |         | In-service                                     |
|                                       |         | 6                          |         | 38                                     |         | In-service                                     |
|                                       |    | 7                          |    | 53                                     |    | In-service                                     |

----

| Orbital Plane(8 total, A-H) |         | In-Plane SlotLocation |         | Satellite FlightModel Number |         | Satellite Status as of27-Feb-09 |
|--------------------------------------------|--------------|----------------------------|--------------|----------------------------------------|--------------|------------------------------------------------|
| H                                          |         | 1                          |         | 67                                     |         | In-service                                     |
|                                       |         | 2                          |         | 29                                     |         | In-service                                     |
|                                       |         | 3                          |         | 36                                     |         | In-service                                     |
|                                       |         | 4                          |         | 55                                     |         | In-service                                     |
|                                       |    | 5                          |    | 40                                     |    | In-service                                     |

----

| 1. | UCC-3      Financing Statements filed with the Delaware Secretary of State on      18 December 2007 against the Borrower and Subsidiary Guarantors      amending previous UCC-1 Financing Statements to name Thermo, as the      administrative agent, as securedparty: |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|    | (a) | Globalstar,      Inc., original #61446640, assigned #2007  4776109; |
|--------------|-----|---------------------------------------------------------------------|

|    | (b) | Globalstar      USA, LLC, original #61446509, assigned #2007  4776612; |
|--------------|-----|------------------------------------------------------------------------|

|    | (c) | Globalstar      C, LLC #61446632, assigned #20074776372; |
|--------------|-----|----------------------------------------------------------|

|    | (d) | Globalstar      Leasing LLC, original #61446608, assigned #2007  4776208; |
|--------------|-----|---------------------------------------------------------------------------|

|    | (e) | Globalstar      Security Services, L.L.C., original #61446590, assigned #2007      4776422; |
|--------------|-----|---------------------------------------------------------------------------------------------|

|    | (f) | ATSS      Canada, Inc., original #61446566, assigned #2007  4776547; |
|--------------|-----|----------------------------------------------------------------------|

|    | (g) | GSSI,      LLC, original #61446574, assigned #20074776497; |
|--------------|-----|------------------------------------------------------------|

|    | (h) | Globalstar      Licensee LLC, original #62989218, assigned #2007 4776729;    and |
|--------------|-----|----------------------------------------------------------------------------------|

|    | (i) | GUSA      Licensee LLC, original #62989283, assigned #2007  4776802. |
|--------------|-----|----------------------------------------------------------------------|

| 2. | UCC-1      Financing Statement #20072125837 filed against Spot Inc., to which Spot      LLC is a successor in interest, in favour of Thermo, as administrative      agent with the Colorado Secretary of State on 18 December      2007. |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3. | Form 3C      Personal Property Security Registrations filed against the Borrower and      Subsidiary Guarantors in favour of the administrative agent with the      Ontario, Canada Ministry of Consumer and Business Services on      17 January 2008: |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|    | (a) | Globalstar,      Inc. #625298679; |
|--------------|-----|-----------------------------------|

|    | (b) | Globalstar      USA, LLC #625298661; |
|--------------|-----|--------------------------------------|

|    | (c) | Globalstar      C, LLC #625298607; |
|--------------|-----|------------------------------------|

|    | (d) | Globalstar      Leasing LLC #625298598; |
|--------------|-----|-----------------------------------------|

|    | (e) | Globalstar      Security Services, LLC #625298625; |
|--------------|-----|----------------------------------------------------|

|    | (f) | ATSS      Canada, Inc. #625298643; and |
|--------------|-----|----------------------------------------|

|    | (g) | GSSI,      LLC #625298634. |
|--------------|-----|----------------------------|

| 4. | United      States Patent and Trademark Office filings against the Borrower’s      Patents. |
|----|---------------------------------------------------------------------------------------------------|

----

| 5. | United      States Patent and Trademark Office filings against the Borrower’s      Trademarks. |
|----|------------------------------------------------------------------------------------------------------|

| 6. | Pursuant      to the Pledge and Escrow Agreement between the Borrower and U.S. Bank      National Association (the “Bank”) dated      15 April 2008, the Bank has a security interest in the escrow account      created thereby and all property held by it (See Item 9, Schedule      12).  The escrow account was created in connection with      the issuance of the senior secured notes in order to make certain      scheduled payments (see      Item 6, Schedule 14). |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7. | Regarding      the Clifton, Texas real property: |
|----|--------------------------------------------------|

|    | (a) | Deed      of Trust granted by Globalstar USA, LLC to Wachovia Investment Holdings,      LLC regarding Clifton, Texas real property dated as of 7 February      2007 and assigned to Thermo as of 28 January  2008; |
|--------------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|    | (b) | mineral      reservation as set forth in the deed dated 10 June 1954 and recorded      in volume 172, page 298 of the Deed Records of Bosque County,      Texas; |
|--------------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|    | (c) | the      following oil and gas leases as recorded in the Deed Records of Bosque      County, Texas:  volume 16, page 439; volume 134,      page 301; volume 14, page 370; volume 134,      page 369; and |
|--------------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|    | (d) | items      shown on the survey prepared by David Lane, RPLS #5233 dated      14 August 2006. |
|--------------|-----|---------------------------------------------------------------------------------------------------|

| 8. | Regarding      Wasilla, Alaska real property: |
|----|-----------------------------------------------|

|    | (a) | Deed      of Trust granted by Globalstar USA, LLC to Wachovia Investment Holdings,      LLC regarding Wasilla, Alaska real property dated 25 January      2007  and assigned to Thermo as of 13 February      2008; |
|--------------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|    | (b) | reservations      or exceptions in patents or in acts authorizing the issuance      thereof.  Recorded 1 April 1963 at Book 45,      page 284; |
|--------------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|    | (c) | items      shown on the plats of Discovery Hill Subdivision;  and |
|--------------|-----|-------------------------------------------------------------------|

|    | (d) | items      shown on the As-Built Survey prepared by John Shadrach, PLS dated      18 August 2005. |
|--------------|-----|--------------------------------------------------------------------------------------------------------|

----

| To: | COFACE      Agent |
|-----|-------------------|

| CC: | Borrower |
|-----|----------|

| From: | [Supplier] / [Launch Services      Provider] |
|-------|----------------------------------------------|

| Date | [●] |
|------|-----------|

| 1. | We      refer to the utilisation request issued by [the Borrower] and dated      [●] (the “Utilisation      Request”). |
|----|------------------------------------------------------------------------------------------------------------------------------------------|

| 2. | We      confirm that the copy of the [transportation documents /      acceptance certificates] attached to the Utilisation Request have      been issued for the payment of the attached  Invoices. |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3. | We      confirm that: |
|----|-----------------------|

|  | (a) | [We      have received from the Borrower a payment of one hundred per cent. (100%) of the      Invoices in respect of the Eligible Portion to be reimbursed in accordance      with the Utilisation Request and such amount does not    include: |
|--|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | any      sum in respect of any payment you may already have made to    us; |
|--------|-----|----------------------------------------------------------------------------|

|   | (ii) | any      amount in respect of which we have already issued a Qualifying      Certificate; and |
|--------|------|-----------------------------------------------------------------------------------------------|

|   | (iii) | any      sum in respect of goods and services which are not eligible for financing      under the Facility. |
|--------|-------|-------------------------------------------------------------------------------------------------------------|

|   | (b) | All      documents supplied by us in support of this Qualifying Certificate are      true copies of the originals and are in all material respects in      conformity with the [Satellite Construction      Contract] / [Launch Services      Contract] and you may rely on the accuracy and completeness of all      information and documents contained in or supplied with this Qualifying      Certificate; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (c) | The      goods and services to be financed by the Loan requested in the Utilisation      Request are goods and services included in the attached Invoices,      and: |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | the      portion of the amount referred to in paragraph 3(a) above      attributable to goods and services of French origin is  [●]. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | the      portion of the amount referred to in paragraph 3(a) above      attributable to goods and services of foreign origin eligible for      financing under the limits and under the conditions determined by the      French Authorities and which have been approved for financing by the      French Authorities is [●]. |
|--------|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | The      [Satellite Construction      Contract] / [Launch Services      Contract] is in full force and effect and no default by us has      occurred and is continuing since the date of the last Utilisation Request      (or, if none, the date of the COFACE    Facility Agreement); |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | The      amount referred to in paragraph 3(a) above does not include any      amount in respect of any matter which is the subject of any legal      proceedings, nor to the best of our actual knowledge and belief will it      become the subject of legal proceedings;and |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (f) | We      undertake to supply you with such information and documentation, and such      clarification, as you advise us is necessary in connection with the COFACE      Insurance Policy and we agree we shall not hold you responsible for any      delay in meeting this request for a Loan occasioned by our making such      request for information. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (Authorised      Signatory) |   |
|-----------------------------|--------|

----

| Key Performance Indicators             |         | Quarter Ended |
|----------------------------------------|--------------|---------------|
| Subscribers      (by product line)     |         |          |
| Gross      Additions (by product line) |         |          |
| Net      Additions (by product line)   |         |          |
| Churn      (by product line)           |         |          |
| ARPU      (by product line)            |         |          |
| Minutes      of Use                    |    |          |

| Key Performance Indicators             |         | Quarter Ended |
|----------------------------------------|--------------|---------------|
| Subscribers      (by product line)     |         |          |
| Gross      Additions (by product line) |         |          |
| Net      Additions (by product line)   |         |          |
| Churn      (by product line)           |         |          |
| ARPU      (by product line)            |         |          |
| Minutes      of Use                    |    |          |

----

| 1. | Thermo      Facility Agreement. |
|----|---------------------------------|

| 2. | For      the years ended 31 December 2007 and 2008 and the      three (3) months ended 31 March 2009, the Borrower recorded      approximately US$201,000, US$219,000 and US$44,000, respectively for      general and administrative expenses incurred by Thermo Capital Partners,      L.L.C. on the Borrower’s behalf.  Additionally, for the years      ended 31 December 2007 and 2008 and the three (3) months      ended 31 March 2009, the Borrower recorded US$420,000, US$449,000 and      US$112,000, respectively, of non-cash expenses related to services      provided by officers of Thermo Capital Partners, L.L.C. and accounted for      as a contribution of capital. |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3. | Reseller      Agreement between Globe Wireless LLC and Globalstar USA, LLC dated      12 November 2007.  Ken Jones, who serves as a member of the      Borrower’s board of directors, is chairman of Globe Wireless LLC, a      company from which the Borrower purchased approximately US$7,700,000 of      services and equipment in 2008. |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4. | Peter      Dalton’s option to purchase 120,000 shares of common stock of the Borrower      at US$2.67 per share. |
|----|------------------------------------------------------------------------------------------------------------------------|

| 5. | Thomas      Colby’s options to purchase 1,264,744 shares of common stock of the      Borrower at various exercise prices pursuant to a letter agreement between      Mr. Colby and the Borrower dated 1 May  2008. |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6. | On      29 April 2009, Thermo purchased 746,269 shares of common stock of the      Borrower at US$0.67 per share pursuant to a stock purchase agreement by      and between Thermo and theBorrower. |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7. | On      13 May 2009, Thermo purchased 645,161 shares of common stock of the      Borrower at US$0.775 per share pursuant to a stock purchase agreement by      and between Thermo and theBorrower. |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8. | On      15 May 2009, Thermo exchanged US$7,500,000 of senior secured indebtedness      owed to it by the Borrower under the Thermo Facility Agreement for      10,000,000 shares of common stock of the Borrower at US$0.75 per      share. |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 9. | See      Schedule 22 for a description of the Equity Plan (defined      therein). |
|----|-----------------------------------------------------------------------------------|

| 10. | Upon      Financial Closing, Thermo will convert into share capital of the Borrower      all of the Financial Indebtedness owed by the Borrower (including pursuant      to the Thermo Facility Agreement); see Item 10, Schedule  2. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 11. | Upon      Financial Closing and if a third-party does not make such a contribution,      Thermo will contribute at least forty five million Dollars (US$45,000,000)      of equity by way of share capital or subordinated shareholder loans; see      Item 11, Schedule 2. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 12. | The      Thermo Cash Contribution Agreement will be entered into at Financial      Close. |
|-----|-------------------------------------------------------------------------------------------|

----

| 13. | An      agreement between the Borrower and Thermo with respect to the terms of      investment if funds in the Thermo Contingent Equity Account are drawn,      which will be entered into if and whenrequired. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 1. | Open      end promissory note in the maximum principal amount of US$10,000,000 dated      23 March 2006 from Globalstar de Venezuela, C.A. to Globalstar Canada      Satellite Co., having a balance outstanding of US$912,029 as of      31 March 2009. |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2. | Open      end line of credit promissory note in the maximum principal amount of      US$50,000,000 dated 30 June 2007 and amended 31 December 2008      from Globalstar Canada Satellite Co. to the Borrower, having a balance      outstanding of US$28,359,863 as of 31 March  2009. |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3. | The      Borrower owns 1,154,442 shares of Series B Preferred Shares of Open      Range Communications, Inc. pursuant to an amended and restated preferred      stock purchase agreement among the Borrower, Open Range, and the      Purchasers named therein dated as of 9 January  2009. |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4. | As      of 31 March 2009, the Borrower owned 180,000,000 ordinary shares of      Globaltouch (West Africa) Limited pursuant to a Share Purchase Agreement      between the Borrower and Globaltouch (West Africa) Limited dated      16 October 2007. |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5. | The      Borrower owns 90,909 common shares of GMC Guardian Mobility      Corporation. |
|----|----------------------------------------------------------------------------------------|

----

----

----

----

| 1. | Clause 18.3 | Non-Conflict      with Other Obligations |
|----|------------------|------------------------------------------|

|   | (a) | Pursuant      to a stockholders voting agreement among the shareholders of Open Range      Communications, Inc., the Borrower must receive consent from other      shareholders of Open Range in order to pledge its shares pursuant to the      Stock Pledge Agreement. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | The      obligations of the Borrower pursuant to the Thermo Facility Agreement will      be released at Financial Closing. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------|

| 2. | Clause 18.5 | No      Proceedings Pending or Threatened |
|----|------------------|-------------------------------------------|

|   | (a) | IPO      Securities Litigation.  On 9 February 2007, the      first of three (3) purported class action lawsuits was filed      against the Borrower, its CEO and its CFO in the Southern District of New      York alleging that its registration statement related to its initial      public offering in November 2006 contained material misstatements and      omissions.  The Court consolidated the three cases as Ladmen      Partners, Inc. v. Globalstar, Inc., et al., Case      No. 1:07-CV-0976 (LAP), and appointed Connecticut Laborers’ Pension      Fund as lead plaintiff.  On 30 September 2008, the court      granted the Borrower’s motion to dismiss the plaintiffs’ Second Amended      Complaint with prejudice.  On 28 April 2009, the parties      notified the court that they had reached a settlement in      principle.  The settlement amount is $1.5 million, all or most      of which will be paid by the Borrower’sinsurer. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Stickrath      v. Globalstar, Inc.  On 7 April 2007, Kenneth      Stickrath and Sharan Stickrath filed a purported class action complaint      against the Borrower in the U.S. District Court for the Northern      District of California, Case No. 07-cv-01941.  The      complaint is based on alleged violations of California Business &      Professions Code § 17200 and California Civil Code § 1750, et seq., the Consumers’      Legal Remedies Act.  In July 2008 the Borrower filed a      motion to deny class certification and a motion for summary      judgment.  The court deferred action on the class certification      issue but granted the motion for summary judgment on 22 December      2008.  The court did not, however, dismiss the case with      prejudice but rather allowed counsel for plaintiffs to amend the complaint      and substitute one or more new class representatives.  On      16 January 2009, counsel for the plaintiffs filed a Third Amended      Class Action Complaint.  The Borrower filed its answer on      2 February.  The Borrower will continue to seek to have      class certification denied and the case dismissed with      prejudice. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (c) | Appeal of      FCC S-Band Sharing Decision.  This case is Sprint Nextel      Corporation’s petition in the U.S. Court of Appeals for the District      of Columbia Circuit for review of, among others, the FCC’s 27 April      2006, decision regarding sharing of the 2496-2500 MHz portion of the      Borrower’s radio frequency spectrum.  This is known as “The S-band Sharing      Proceeding”.  The Court of Appeals has granted the FCC’s      motion to hold the case in abeyance while the FCC considers the petitions      for reconsideration pending before it.  The Court has also      granted the Borrower’s motion to intervene as a party in the      case.  The Borrower cannot determine when the FCC might act on      the petitions for reconsideration. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | Appeal of      FCC L-Band Decision.  On 9 November 2007, the FCC      released a Second Order on Reconsideration, Second Report and Order and      Notice of Proposed Rulemaking.  In the Report and Order portion      of the decision, the FCC effectively decreased the L-band spectrum      available to the Borrower while increasing the L-band spectrum available      to Iridium by 2.625 MHz.  On 5 February 2008, the Borrower      filed a notice of appeal of the FCC’s decision in the U.S. Court of      Appeals for the D.C. Circuit.  Briefs were filed and oral      argument was held on 17 February 2009.  On 1 May 2009, the      court issued a decision denying the Borrower’s appeal and affirming the      FCC’s decision.  The Borrower is considering its further      options.  Additionally, on 15 October 2008, the FCC issued an      order requiring the Borrower to conform its international use of the      L-band spectrum with the 9 November 2007 order.  The Borrower      has filed a petition with the FCC challenging this order, which remains      pending. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | Appeal of      FCC ATC Decision.  On 31 October 2008, the FCC      issued an Order granting the Borrower modified Ancillary Terrestrial      Component (“ATC”)      authority.  The modified authority allows the Borrower and Open      Range Communications, Inc. to implement their plan to roll out ATC service      in rural areas of the United States.  On 1 December 2008,      Iridium Satellite filed a petition with the U.S. Court of Appeals for      the District of Columbia Circuit for review of the FCC’s      Order.  On the same day, CTIA-The Wireless Association      petitioned the FCC to reconsider its Order.  The court has      granted the FCC’s motion to hold the appeal in abeyance pending the FCC’s      decision on reconsideration. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (f) | FCC Shared      L-Band Decision.  On 21 January 2009, Iridium      Satellite LLC filed a Petition to Deny the Borrower’s request for      temporary authority to continue operating in the spectrum between 1618.725      and 1621.35MHz in the United States.  The Borrower filed an      Opposition to Iridium Satellite LLC’s Petition to Deny on 2 February      2009.  In its Opposition, the Borrower stated that, although it      has now has ceased operating in this spectrum in the United States and at      certain of the gateways that were the subject of its Request temporary      authority, it has been unable to do so from all of those      gateways.  On 17 December 2008, the FCC informed the      Borrower that it expects the Borrower to operate in full compliance with      the terms of the FCC’s 15 October 2008 Order of Modifications pending      the FCC’s consideration of the Borrower’s Request for temporary authority,      which remains pending.  On 21 April 2009, the FCC’s Enforcement      Bureau sent a letter to the Borrower inquiring into certain aspects of the      Borrower’s operations in the spectrum between 1618.725 and 1621.35 MHz      following the effective date of that Order.  The 21 April 2009      letter also inquired into certain changes to the configuration of the      Borrower’s satellite constellation that occurred after the FCC granted the      Borrower’s application to modify the constellation on 28 January      2005.  The Borrower must respond to the letter inquiry by 21 May      2009. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (g) | Patent      Infringement Allegation. On 2 July 2008,      the Borrower’s subsidiary, Spot LLC, received a notice of patent      infringement from Sorensen Research and Development.  Sorensen      asserts that the process used to manufacture the Spot Satellite Personal      Tracker violates a U.S. patent held by Sorensen.  The      manufacturer, Axonn LLC, has assumed responsibility for managing the case      under an indemnity agreement with the Borrower and Spot      LLC.  Axonn was unable to negotiate a mutually acceptable      settlement with Sorensen, and on 14 January 2009, Sorensen filed a      complaint against Axonn LLC, Spot LLC and the Borrower in the      U.S. District Court for the Southern District of      California.  The Borrower has filed an answer and counterclaim      and a motion to stay the proceedings pending completion of the      re-examination of the subject patent, which is now    underway. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (h) | YMax      Communications Corp. v. Globalstar, Inc. and Spot      LLC.  On 6 May 2009, YMax Communications Corp. filed a      patent infringement complaint against the Borrower and its subsidiary,      Spot LLC, in the Delaware U.S. District Court (Civ. Action No. 09-329)      alleging that the SPOT Satellite GPS Messenger service infringes a patent      for which YMax is the exclusive licensee.  The complaint follows      an exchange of correspondence between the Borrower and YMax in which the      Borrower endeavoured to explain why the SPOT service does not infringe the      YMax patent.  The Borrower’s answer to the complaint is due on      26 May.  The Borrower does not believe that the complaint has      merit and intends to defend itselfvigorously. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | Tax      Examination.  The Borrower is under a sales and use tax      examination by the California Board of Equalization for tax years ended      2005, 2006 and 2007.  The Borrower believes that the amount      accrued on its books related to sales and use tax contingency is      adequate. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3. | Clause 18.7 | Intellectual      Property Matters |
|----|------------------|------------------------------------|

|   | (a) | See      items in paragraph (2)(c) to (h)above. |
|--------|-----|------------------------------------------------------|

|   | (b) | The      Borrower does not yet hold a trademark for “SPOT Satellite Personal      Tracker” in the United States.  Its application is being      contested by Spot Image Corporation.  The case is before a      trademark examiner. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4. | Clause 18.22    Communications      Licenses |
|----|-----------------------------------------------------------------------|

----

| 5. | Tax      Returns and Payments |
|----|-------------------------------|

|   | (a) | In      connection with the Borrower’s March 2008 acquisition of Loral/DASA      Globalstar, L.P. (“LDG”), the indirect      owner of Globalstar do Brasil, S.A. (“GdB”), the Borrower’s      independent gateway operator in Brazil, Loral Space & Communications,      Inc. (“Loral      Space”) agreed in the acquisition agreement to indemnify the      Borrower and its affiliates for various liabilities and claims relating to      the operation of GdB’s business prior to the closing of the acquisition,      whether known at the time of closing or that occurred prior to, but became      known after, the closing.  Such indemnity includes an indemnity      for tax liabilities owed by GdB to Brazilian taxing authorities of      approximately BRL 19.5 million.  A portion of these tax      liabilities are currently being paid in monthly installments by GdB, with      Loral Space reimbursing GdB for such payments pursuant to a process set      forth in the LDG acquisition agreement.  The Borrower recently      became aware of another potential tax liability which would be covered      under the indemnification describedabove. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | The      Borrower’s predecessor entity, Globalstar, L.P. is under an income tax      audit by the Internal Revenue Service for tax year 2004 with respect to      income taxes.  The Borrower is not responsible for any unpaid      taxes of Globalstar, L.P., but this audit could potentially affect the      size of net operating losses, in the form of a deferred tax asset, it may      be permitted to carry forward in accordance with GAAP.  The      Borrower does not believe that any decrease or increase in its deferred      tax asset would have any impact on its tax liability in the foreseeable      future. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | The      Borrower is under an income tax audit for tax years 2004 and 2005 when it      operated as Globalstar, LLC and was taxed as a partnership.  The      Borrower believes that the amount recorded on its books, including      penalties and interest, if any, related to this income tax audit is      sufficient. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| Note      P 1 n° ...... | US$      ......................... |
|------------------------------|------------------------------------|
|                         | (amount      in figures)           |

| Issuer                        |   |                                                 |
|-------------------------------|--------|------------------------------------------------------|
| GLOBALSTAR,      INC          |   |                                                 |
| 461      South Milpitas Blvd  |   |                                                 |
| Milpitas,      CA 95035       |   | For      : GLOBALSTAR, INC.                          |
| United      States of America |   |                                                 |
|                          |   |                                                 |
| Domiciliation                 |   | Name      : ................................         |
|                          |   |                                                 |
| BNP      PARIBAS              |   | Title      : ................................” |
| 16,      bd des Italiens      |   |                                                 |
| 75009      Paris              |   |                                                 |
| (France)                      |   |                                                 |
|                          |   |                                                 |

----

----

| 1. | GSSI,      LLC, a limited liability company organised in Delaware, United States of      America, with organisational identification number 3732317 and whose      chief executive office is at 461 S. Milpitas Blvd., Milpitas, CA      95035; |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2. | Globalstar      Security Services, LLC, a limited liability company organised in Delaware,      United States of America, with organisational identification      number 3747502 and whose chief executive office is at 461      S. Milpitas Blvd., Milpitas,CA 95035; |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3. | Globalstar      C, LLC, a limited liability company organised in Delaware, United States      of America, with organisational identification number 3732313 and      whose chief executive office is at 461 S. Milpitas Blvd., Milpitas,      CA 95035; |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4. | Globalstar      USA, LLC, a limited liability company organised in Delaware, United States      of America, with organisational identification number 2663064 and      whose chief executive office is at 461 S. Milpitas Blvd., Milpitas,      CA 95035; |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5. | Globalstar      Leasing LLC, a limited liability company organised in Delaware, United      States of America, with organisational identification number 3731109      and whose chief executive office is at 461 S. Milpitas Blvd.,      Milpitas, CA 95035; |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6. | Spot      LLC, a limited liability company organised in Colorado, United States of      America, with organisational identification number 20071321209 and      whose chief executive office is at 461 S. Milpitas Blvd., Milpitas,      CA 95035; |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7. | ATSS      Canada, Inc., a corporation incorporated in Delaware, United States of      America, with organisational identification number 2706412 and whose      chief executive office is at 461 S. Milpitas Blvd., Milpitas,      CA 95035; |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8. | Globalstar      Brazil Holdings, L.P., a limited partnership formed in Delaware, United      States of America, with organisational identification number 2453576      and whose chief executive office is at 461 S. Milpitas Blvd.,      Milpitas, CA 95035; |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 9. | GCL      Licensee LLC, a limited liability company organised in Delaware, United      States of America, with organisational identification number 4187922      and whose chief executive office is at 461 S. Milpitas Blvd.,      Milpitas, CA 95035; |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10. | GUSA      Licensee LLC, a limited liability company organised in Delaware, United      States of America, with organisational identification number 4187919      and whose chief executive office is at 461 S. Milpitas Blvd.,      Milpitas, CA 95035; and |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 11. | Globalstar      Licensee LLC, a limited liability company organised in Delaware, United      States of America, with organisational identification number 4187920      and whose chief executive office is at 461 S. Milpitas Blvd.,      Milpitas, CA 95035. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 1.  | Purpose |
|----------|---------|

|   | (a) | To ensure the safety and      preservation of principal.  The Borrower shall only      invest in instruments and accounts with the lowest level of default and      volatility risk.  The Borrower shall use other methods to      minimize risk such as diversifying the investment portfolio to minimize      the adverse affects of the failure of any one issuer or      broker. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | To coincide with its short-term      liquidity needs.  The Borrower’s investment policy      contemplates buying only the securities that have active secondary markets      to provide immediate liquidity, whenneeded. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | To offer maximum return without      compromising the Borrower’s stated investment      objectives. |
|--------|-----|-----------------------------------------------------------------------------------------------------------|

|   | (d) | To provide fiduciary      control. |
|--------|-----|------------------------------------|

| 2.  | Approved      Investment Vehicles |
|----------|-----------------------------------|

|   | (a) | Corporate Savings      Accounts. The account must      be fully collateralized by instruments issued by the US      Treasury. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Corporate Money Market Funds,      Repurchase Agreements, and Commercial Paper.  The funds      must meet the following criteria: |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | the      investment objectives and policies must be substantially similar to those      set forth in this guideline, i.e., principal preservation and risk      mitigation; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | the      funds must offer immediate redemption of shares upon request;      and |
|--------|------|---------------------------------------------------------------------------------|

|   | (iii) | the      funds load or sales charges are not excessive, relative to those of other      potential investments meeting theobjectives. |
|--------|-------|--------------------------------------------------------------------------------------------------------------------------------------|

----

| 3.  | U.S. Government      obligations |
|----------|---------------------------------------|

| 4.  | Credit      Quality |
|----------|---------------------|

| 5.  | Marketability |
|----------|---------------|

| 6.  | Trading |
|----------|---------|

| 7. | Responsibility      and Authorization |
|----|---------------------------------------|

|   | (a) | open      accounts with brokers, investment banks, commercial bank, and mutual funds      companies; |
|--------|-----|------------------------------------------------------------------------------------------------------|

|   | (b) | establish      safekeeping accounts or other arrangements concerning the custody of the      securities; and |
|--------|-----|--------------------------------------------------------------------------------------------------------------|

|   | (c) | execute      documents to effect the above, asnecessary. |
|--------|-----|----------------------------------------------------------|

----

| Bank                | –  BNP      Paribas                |
|---------------------|----------------------------------------------------|
|                |                                               |
| Account      Name   | –  Insurance      Proceeds Account |
|                |                                               |
| Account Number | –                                            |

----

| Repayment      Date                           |   | Principal      Repayment Percentage |   |
|-----------------------------------------------|--------|-------------------------------------|--------|
|                                          |   |                                |   |
| First      Repayment Date (“FRD”) |   |                                | 2.85   | % |
|                                          |   |                                |   |   |
| FRD      + 6 Months                           |   |                                | 2.99   | % |
|                                          |   |                                |   |   |
| FRD      + 12 Months                          |   |                                | 5.07   | % |
|                                          |   |                                |   |   |
| FRD      + 18 Months                          |   |                                | 5.24   | % |
|                                          |   |                                |   |   |
| FRD      + 24 Months                          |   |                                | 5.38   | % |
|                                          |   |                                |   |   |
| FRD      + 30 Months                          |   |                                | 5.55   | % |
|                                          |   |                                |   |   |
| FRD      + 36 Months                          |   |                                | 5.70   | % |
|                                          |   |                                |   |   |
| FRD      + 42 Months                          |   |                                | 5.88   | % |
|                                          |   |                                |   |   |
| FRD      + 48 Months                          |   |                                | 6.04   | % |
|                                          |   |                                |   |   |
| FRD      + 54 Months                          |   |                                | 6.22   | % |
|                                          |   |                                |   |   |
| FRD      + 60 Months                          |   |                                | 6.41   | % |
|                                          |   |                                |   |   |
| FRD      + 66 Months                          |   |                                | 6.60   | % |
|                                          |   |                                |   |   |
| FRD      + 72 Months                          |   |                                | 6.79   | % |
|                                          |   |                                |   |   |
| FRD      + 78 Months                          |   |                                | 7.00   | % |
|                                          |   |                                |   |   |
| FRD      + 84 Months                          |   |                                | 7.21   | % |
|                                          |   |                                |   |   |
| FRD      + 90 Months                          |   |                                | 7.42   | % |
|                                          |   |                                |   |   |
| Final      Maturity Date                      |   |                                | 7.65   | % |

----

| Orbital      Plane |   | In-Plane      SlotLocation |   | Satellite      FlightModel      Number |   | Satellite      Status as of[●] |
|--------------------|--------|----------------------------|--------|----------------------------------------|--------|--------------------------------------|
| [●]          |   | [●]                  |   | [●]                              |   | [●]                            |

----

| Satellite      FlightModel      Number |   | L-Band      Status |   | S-Band      Status |   | Status      of CommandTelemetery      Receiver |
|----------------------------------------|--------|--------------------|--------|--------------------|--------|------------------------------------------------|
| [●]                              |   | [●]          |   | [●]          |   | [●]                                      |

----

----

| IOT      Criteria to Declare Satellite StabilizationBus               |
|-----------------------------------------------------------------------|
| Parameter                                                             |   | Status |
| SHM      acquisition- check satellite configuration                   |   | NOMINAL/FAIL |   |   |   |   |
| Solar      Array Wings Deployed                                       |   | NOMINAL/FAIL |   |   |   |   |
| Telemetry      Transmitters “ON”                          |   | NOMINAL/FAIL |   |   |   |   |
| Telemetry      Tx EIRP (Nominal Unit) within 3dB of prediction        |   | YES/NO |   | Value |   |   |
| Telemetry      Tx EIRP (Redundant Unit) within 3dB of prediction      |   | YES/NO |   | Value |   |   |
| Telemetry      Signal Successfully Received by Ground Station         |   | NOMINAL/FAIL |   |   |   |   |
| Command      Rx Sensitivity (Nominal Unit) with in 3dB of prediction  |   | YES/NO |   | Value |   |   |
| Command      Rx Sensitivity (Redundant Unit) within 3dB of prediction |   | YES/NO |   | Value |   |   |
| EAM      acquisition after SHM                                        |   | NOMINAL/FAIL |   |   |   |   |
| NOM      acquisition after EAM                                        |   | NOMINAL/FAIL |   |   |   |   |
| Heaters      “ON”                                         |   | NOMINAL/FAIL |   |   |   |   |
| Successful      orbit raising to 1414 km orbit (thruster check)       |   | NOMINAL/FAIL |   |   |   |   |
| Expended      100K or fewer thruster pulses; 90kg of propellant       |   | YES/NO |   | Value |   |   |
| Battery      DOD less than 15%                                        |   | YES/NO |   | Value |   |   |
| PAYLOAD                                                               |
| Good      health check of transponders                                |   | Turn      On |   | Nominal      operations |
| Test      all 16 beams of C-S Transponder                             |   | 1.1V |   | 2.65V |   | 4.0V |
| X1                                                                    |   | NOMINAL/FAIL |   | NOMINAL/FAIL |   | NOMINAL/FAIL |
| X2                                                                    |   |   |   |   |   |   |
| X3                                                                    |   |   |   |   |   |   |
| X4                                                                    |   |   |   |   |   |   |
| X5                                                                    |   |   |   |   |   |   |
| X6                                                                    |   |   |   |   |   |   |
| X7                                                                    |   |   |   |   |   |   |
| X8                                                                    |   |   |   |   |   |   |
| Y1                                                                    |   |   |   |   |   |   |
| Y2                                                                    |   |   |   |   |   |   |
| Y3                                                                    |   |   |   |   |   |   |
| Y4                                                                    |   |   |   |   |   |   |
| Y5                                                                    |   |   |   |   |   |   |
| Y6                                                                    |   |   |   |   |   |   |
| Y7                                                                    |   |   |   |   |   |   |
| Y8                                                                    |   |   |   |   |   |   |
| Test      all 16 beams of L-C Transponder                             |   |   |   |   |   |   |
| X5                                                                    |   | NOMINAL/FAIL |   |   |   |   |
| X7                                                                    |   |   |   |   |   |   |
| Y1                                                                    |   |   |   |   |   |   |
| X3                                                                    |   |   |   |   |   |   |
| Y5                                                                    |   |   |   |   |   |   |
| X4                                                                    |   |   |   |   |   |   |
| Y7                                                                    |   |   |   |   |   |   |
| X1                                                                    |   |   |   |   |   |   |
| Y6                                                                    |   |   |   |   |   |   |
| X2                                                                    |   |   |   |   |   |   |
| Y4                                                                    |   |   |   |   |   |   |
| X8                                                                    |   |   |   |   |   |   |
| Y3                                                                    |   |   |   |   |   |   |
| X6                                                                    |   |   |   |   |   |   |
| Y2                                                                    |   |   |   |   |   |   |
| Y8                                                                    |   |   |   |   |   |   |

----

----

| By:      | /s/ James Monroe III          |
|----------|-------------------------------|
|     |                          |
| Name:    | James      Monroe III         |
|     |                          |
| Title:   | Chief      Executive Officer  |
|     |                          |
| Date:    | 5      June 2009              |
|     |                          |
| Address: | Globalstar,      Inc.         |
|     | 461      S. Milpitas Blvd.    |
|     | Milpitas,      CA 95035       |
|     | United      States of America |

----

| By:      | /s/      Debbie Hirst                              |
|----------|----------------------------------------------------|
|     |                                               |
| Name:    | Debbie      Hirst                                  |
|     |                                               |
| Title:   | Head      of Export Finance - Americas             |
|     |                                               |
| Date:    | 5      June 2009                                   |
|     |                                               |
| Address: | 16      boulevard des Italiens, 75009 Paris,France |

----

| By:      | /s/      Debbie      Hirst                         |
|----------|----------------------------------------------------|
|     |                                               |
| Name:    | Debbie      Hirst                                  |
|     |                                               |
| Title:   | Head      of Export Finance - Americas             |
|     |                                               |
| Date:    | 5      June 2009                                   |
|     |                                               |
| Address: | 16      boulevard des Italiens, 75009 Paris,France |

----

| By:      | /s/ Olivier Royer                                                                                  |
|----------|----------------------------------------------------------------------------------------------------|
|     |                                                                                               |
| Name:    | Olivier      Royer                                                                            |
|     |                                                                                               |
| Title:   | Managing      Director                                                                        |
|     |                                                                                               |
| Date:    | 5      June 2009                                                                                   |
|     |                                                                                               |
| Address: | Tour      Société Générale, 17, cours Valmy, 92800 Puteaux, Paris,      France |

----

| By:      | /s/ Jean-Louis VIALA                                            |
|----------|-----------------------------------------------------------------|
|     |                                                            |
| Name:    | Jean-Louis      VIALA                                           |
|     |                                                            |
| Title:   | Structured      Export Finance, Director                        |
|     |                                                            |
| Date:    | 5      June 2009                                                |
|     |                                                            |
| Address: | NATIXIS,      68-76 Quai de la Rapée, 75012, Paris, France |
|     |                                                            |
| By:      | /s/ Arnaud SARRET                                               |
|     |                                                            |
| Name:    | Arnaud      SARRET                                              |
|     |                                                            |
| Title:   | Structured      Export Finance, Director                        |
|     |                                                            |
| Date:    | 5      June 2009                                                |
|     |                                                            |
| Address: | NATIXIS,      68-76 Quai de la Rapée, 75012, Paris,France  |

----

| By:      | /s/ Didier Laffron      |
|----------|-------------------------|
|     |                    |
| Name:    | Didier      Laffon      |
|     |                    |
| Title:   | Executive      Director |
|     |                    |
| Date:    | 5      June 2009        |
|     |                    |
| Address: |                    |

| By:      | /s/ Frédéric Bambuck  |
|----------|---------------------------------|
|     |                            |
| Name:    | Frédéric      Bambuck |
|     |                            |
| Title:   | Director                        |
|     |                            |
| Date:    | 5      June 2009                |
|     |                            |
| Address: |                            |

----

| By:      | /s/ Jacques-Philippe    Menville        |
|----------|-----------------------------------------|
|     |                                    |
| Name:    | Jacques-Philippe      Menville          |
|     |                                    |
| Title:   | Senior      Vice-President              |
|     |                                    |
| Date:    | 5      June 2009                        |
|     |                                    |
| Address: | 6      avenue de Provence, 75009, Paris |
|     |                                    |
| By:      | /s/ Michêle Patri                  |
|     |                                    |
| Name:    | Michêle      Patri                 |
|     |                                    |
| Title:   | Assistant      Vice-President           |
|     |                                    |
| Date:    | 5      June 2009                        |
|     |                                    |
| Address: | 6      avenue de Provence, 75009,Paris  |

----

| By:      | /s/ Debbie Hirst                                   |
|----------|----------------------------------------------------|
|     |                                               |
| Name:    | Debbie      Hirst                                  |
|     |                                               |
| Title:   | Head      of Export Finance - Americas             |
|     |                                               |
| Date:    | 5      June 2009                                   |
|     |                                               |
| Address: | 16      boulevard des Italiens, 75009 Paris,France |

----

| By:      | /s/ Debbie Hirst                                   |
|----------|----------------------------------------------------|
|     |                                               |
| Name:    | Debbie      Hirst                                  |
|     |                                               |
| Title:   | Head      of Export Finance - Americas             |
|     |                                               |
| Date:    | 5      June 2009                                   |
|     |                                               |
| Address: | 16      boulevard des Italiens, 75009 Paris,France |

----

| By:      | /s/ Olivier Royer                                                                                  |
|----------|----------------------------------------------------------------------------------------------------|
|     |                                                                                               |
| Name:    | Olivier      Royer                                                                            |
|     |                                                                                               |
| Title:   | Managing      Director                                                                        |
|     |                                                                                               |
| Date:    | 5      June 2009                                                                                   |
|     |                                                                                               |
| Address: | Tour      Société Générale, 17, cours Valmy, 92800 Puteaux, Paris,      France |

----

| By:      | /s/ Jean-Louis VIALA                                            |
|----------|-----------------------------------------------------------------|
|     |                                                            |
| Name:    | Jean-Louis      VIALA                                           |
|     |                                                            |
| Title:   | Structured      Export Finance, Director                        |
|     |                                                            |
| Date:    | 5      June 2009                                                |
|     |                                                            |
| Address: | NATIXIS,      68-76 Quai de la Rapée, 75012, Paris, France |
|     |                                                            |
| By:      | /s/ Arnaud SARRET                                               |
|     |                                                            |
| Name:    | Arnaud      SARRET                                              |
|     |                                                            |
| Title:   | Structured      Export Finance, Director                        |
|     |                                                            |
| Date:    | 5      June 2009                                                |
|     |                                                            |
| Address: | NATIXIS,      68-76 Quai de la Rapée, 75012, Paris,France  |

----

| By:      | /s/ Didier Laffron              |
|----------|---------------------------------|
|     |                            |
| Name:    | Didier      Laffon              |
|     |                            |
| Title:   | Executive      Director         |
|     |                            |
| Date:    | 5      June 2009                |
|     |                            |
| Address: |                            |
|     |                            |
| By:      | /s/ Frédéric Bambuck  |
|     |                            |
| Name:    | Frédéric      Bambuck |
|     |                            |
| Title:   | Director                        |
|     |                            |
| Date:    | 5      June 2009                |
|     |                            |
| Address: |                            |

----

| By:      | /s/ Jacques-Philippe    Menville        |
|----------|-----------------------------------------|
|     |                                    |
| Name:    | Jacques-Philippe      Menville          |
|     |                                    |
| Title:   | Senior      Vice-President              |
|     |                                    |
| Date:    | 5      June 2009                        |
|     |                                    |
| Address: | 6      avenue de Provence, 75009, Paris |
|     |                                    |
| By:      | /s/ Michêle Patri                  |
|     |                                    |
| Name:    | Michêle      Patri                 |
|     |                                    |
| Title:   | Assistant      Vice-President           |
|     |                                    |
| Date:    | 5      June 2009                        |
|     |                                    |
| Address: | 6      avenue de Provence, 75009,Paris  |

----