Document:

EX-4.1

 

Exhibit 4.1

 

FIRST PRIORITY COLLATERAL TRUST AGREEMENT

among

SATÉLITES MEXICANOS, S.A. de C.V.,

Each of the FIRST PRIORITY GUARANTORS names herein,

HSBC BANK USA, National Association, as Indenture Trustee,

and

HSBC BANK USA, National Association, as Collateral Trustee

Dated as
of November 29, 2006

 

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TABLE OF CONTENTS

	 	 	 	 	 	 	 
	 	 	 	 	Page
	SECTION 1
	 	DEFINITIONS	 	 	2	 
	1.1
	 	Defined Terms	 	 	2	 
	1.2
	 	Other Definitional Provisions	 	 	10	 
	 
	 	 	 	 	 	 
	SECTION 2
	 	GOVERNANCE PROVISIONS	 	 	10	 
	2.1
	 	Indenture Trustee to Act on Behalf of First Priority Holders	 	 	10	 
	 
	 	 	 	 	 	 
	SECTION 3
	 	ENFORCEMENT OF SECURITY INTERESTS AND FIRST PRIORITY GUARANTEES	 	 	10	 
	3.1
	 	Notice of Default	 	 	10	 
	3.2
	 	General Authority of the Collateral Trustee over the First Priority Collateral and First Priority Guarantees	 	 	11	 
	3.3
	 	Right to Initiate Judicial Proceedings	 	 	12	 
	3.4
	 	Right to Appoint a Receiver	 	 	13	 
	3.5
	 	Exercise of Powers; Instructions of Requisite First Priority Holders	 	 	13	 
	3.6
	 	Remedies Not Exclusive	 	 	14	 
	3.7
	 	Waiver and Estoppel	 	 	14	 
	3.8
	 	Limitation on Collateral Trustee’s Duty in Respect of First Priority Collateral	 	 	15	 
	3.9
	 	Limitation by Law	 	 	15	 
	3.10
	 	Rights of Secured Parties Under First Priority Securities Facility	 	 	15	 
	3.11
	 	Records	 	 	16	 
	3.12
	 	Notices	 	 	16	 
	3.13
	 	Remedies Subject to Intercreditor Agreement	 	 	16	 
	 
	 	 	 	 	 	 
	SECTION 4
	 	COLLATERAL ACCOUNT; DISTRIBUTIONS	 	 	16	 
	4.1
	 	The Collateral Account	 	 	16	 
	4.2
	 	Control of Collateral Account	 	 	18	 
	4.3
	 	Investment of Funds Deposited in Collateral Account	 	 	18	 
	4.4
	 	Application of Moneys	 	 	19	 
	4.5
	 	[Intentionally Deleted]	 	 	19	 
	4.6
	 	[Intentionally Deleted]	 	 	20	 
	4.7
	 	Collateral Trustee’s Calculations	 	 	20	 
	4.8
	 	Loral Usufructo	 	 	20	 
	4.9
	 	Distribution of Loral Transponder Sale Proceeds	 	 	21	 
	 
	 	 	 	 	 	 
	SECTION 5
	 	ADDITIONAL COLLATERAL; ADDITIONAL FIRST PRIORITY GUARANTEES; CERTAIN DOCUMENTATION REQUIREMENTS	 	 	23	 
	5.1
	 	Delivery of First Priority Securities Facility, Initial Security Documents and Initial Guarantees	 	 	23	 
	5.2
	 	Additional Collateral	 	 	23	 
	5.3
	 	Notice to Secured Parties of Additional Collateral	 	 	23	 
	5.4
	 	Additional Guarantees	 	 	23	 

 

 

	 	 	 	 	 	 	 
	 	 	 	 	Page
	5.5
	 	Notice to Secured Parties of Additional Guarantee	 	 	23	 
	5.6
	 	Actions Required with respect to First Priority Obligations	 	 	23	 
	5.7
	 	Actions Required with respect to First Priority Security Documents and First Priority Collateral	 	 	24	 
	5.8
	 	Actions Required with Respect to First Priority Guarantees	 	 	25	 
	5.9
	 	Possessory Collateral	 	 	26	 
	5.10
	 	Collateral Opinion	 	 	26	 
	 
	 	 	 	 	 	 
	SECTION 6
	 	AGREEMENTS WITH COLLATERAL TRUSTEE	 	 	27	 
	6.1
	 	Delivery of Amendments to First Priority Securities Facility	 	 	27	 
	6.2
	 	Information as to Secured Parties, the Indenture Trustee, Etc	 	 	27	 
	6.3
	 	Compensation and Expenses	 	 	27	 
	6.4
	 	Stamp and Other Similar Taxes	 	 	27	 
	6.5
	 	Filing Fees, Excise Taxes, Etc	 	 	28	 
	6.6
	 	Indemnification	 	 	28	 
	6.7
	 	Collateral Trustee’s Lien	 	 	29	 
	6.8
	 	Further Assurances	 	 	29	 
	 
	 	 	 	 	 	 
	SECTION 7
	 	POSSESSION AND USE OF COLLATERAL; PARTIAL RELEASES	 	 	29	 
	7.1
	 	Use Prior to Notice of Default	 	 	29	 
	7.2
	 	Purchase of First Priority Collateral	 	 	30	 
	 
	 	 	 	 	 	 
	SECTION 8
	 	THE COLLATERAL TRUSTEE	 	 	30	 
	8.1
	 	Acceptance of Trust	 	 	30	 
	8.2
	 	Exculpatory Provisions	 	 	30	 
	8.3
	 	Delegation of Duties	 	 	31	 
	8.4
	 	Reliance by Collateral Trustee	 	 	31	 
	8.5
	 	Limitations on Duties of Collateral Trustee	 	 	32	 
	8.6
	 	Moneys to be Held in Trust	 	 	33	 
	8.7
	 	Resignation and Removal of the Collateral Trustee	 	 	33	 
	8.8
	 	Status of Successor Collateral Trustee	 	 	34	 
	8.9
	 	Merger of the Collateral Trustee	 	 	35	 
	8.10
	 	Co-Collateral Trustee; Separate Collateral Trustee	 	 	35	 
	8.11
	 	Treatment of Payee or Indorsee by Collateral Trustee; Representatives of Secured Parties	 	 	36	 
	8.12
	 	Notices to Collateral Trustee under First Priority Security Documents	 	 	37	 
	 
	 	 	 	 	 	 
	SECTION 9
	 	REPRESENTATIONS AND WARRANTIES	 	 	37	 
	9.1
	 	Representations and Warranties of the Collateral Trustee	 	 	37	 
	9.2
	 	Representations and Warranties of Satmex and the First Priority Guarantors	 	 	38	 
	 
	 	 	 	 	 	 
	SECTION 10
	 	MISCELLANEOUS	 	 	38	 
	10.1
	 	Notices	 	 	38	 
	10.2
	 	No Waivers	 	 	39	 
	10.3
	 	Amendments, Supplements, Waivers and Releases	 	 	39	 
	10.4
	 	Headings	 	 	40	 
	10.5
	 	Severability	 	 	40	 

ii 

 

	 	 	 	 	 	 	 
	 	 	 	 	Page
	10.6
	 	Successors and Assigns and Third Party Beneficiaries	 	 	40	 
	10.7
	 	Currency Conversions	 	 	40	 
	10.8
	 	GOVERNING LAW	 	 	40	 
	10.9
	 	Agent for Service; Waiver of Immunities; Submission to Jurisdiction	 	 	41	 
	10.10
	 	Counterparts	 	 	42	 
	10.11
	 	Release of Liens; First Priority Guarantees	 	 	42	 
	10.12
	 	Complete Agreement	 	 	43	 

iii 

 

	 	 	 
	SCHEDULES:
	 	 
	 
	 	 
	SCHEDULE I

	 	Initial Guarantees
	SCHEDULE II

	 	Initial Security Documents
	 
	 	 
	EXHIBITS:
	 	 
	 
	EXHIBIT A

	 	Form of Additional Collateral Designation
	EXHIBIT B

	 	Form of Additional Guarantee Designation
	EXHIBIT C

	 	Form of Opinion

iv 

 

     COLLATERAL
TRUST AGREEMENT, dated as of November 29, 2006, among SATÉLITES MEXICANOS, S.A. de
C.V., a corporation (sociedad anónima de capital variable) organized under the laws of the United
Mexican States (“Satmex” or the “Company”), each of the First Priority Guarantors (defined
below), HSBC Bank USA, National Association, as Collateral Trustee hereunder (in such capacity,
together with any successor appointed hereunder, the “Collateral Trustee”) and, HSBC Bank
USA, National Association, as Indenture Trustee under the First Priority Indenture described herein
(in such capacity, together with any successor appointed thereunder, the “Indenture
Trustee”).

W I T N E S S E T H:

     WHEREAS,
on or about August 11, 2006, Satmex filed a petition under Chapter 11 of the United
States Bankruptcy Code in the United States Bankruptcy Court for the Southern District of New York
(the “Bankruptcy Court”) (such terms and other capitalized terms used in these Recitals and
in the Declaration of Trust below and not otherwise defined being used with the definitions given
to such terms in Section 1);

     WHEREAS,
on or about October 26, 2006, the Bankruptcy Court entered an order
confirming the First Amended Plan of Reorganization of Satélites
Mexicanos, S.A. de C.V., dated September 8, 2006 (the “Bankruptcy Plan”);

     WHEREAS, it is a condition to the effectiveness of such Bankruptcy Plan that Satmex issue the
First Priority Securities and that the First Priority Securities be secured by the Initial
Guarantees and a valid and enforceable, first priority security interest in the Initial Collateral;

     WHEREAS, Satmex and certain of its Subsidiaries may, from time to time, execute and deliver to
the Collateral Trustee certain Additional Guarantees and Additional Security Documents and,
pursuant to such Additional Security Documents, create in favor of the Collateral Trustee a valid
and enforceable, first priority security interest in Additional Collateral, all in the manner
described in this Trust Agreement.

DECLARATION OF TRUST:

     NOW, THEREFORE, to secure the payment, observance, and performance of the First Priority
Obligations and in consideration of the premises and the mutual agreements set forth herein, the
Collateral Trustee does hereby declare that it holds and will hold as trustee in trust under this
Trust Agreement all of its right, title and interest in, to and under all of the First Priority
Collateral, the First Priority Guarantees and the First Priority Security Documents, whether now
existing or hereafter arising (and Satmex does hereby consent thereto);

     TO HAVE AND TO HOLD the First Priority Security Documents and the First Priority Collateral
(the right, title and interest of the Collateral Trustee in the First Priority Security Documents
and the First Priority Collateral being hereinafter referred to as the “Trust Estate”) unto
the Collateral Trustee and its successors in trust under this Trust Agreement and its assigns and
the assigns of its successors in trust forever;

     IN TRUST NEVERTHELESS, under and subject to the conditions herein set forth and for the
benefit of the Secured Parties, for the enforcement of the payment of all First

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Priority Obligations, and as security for the performance of and compliance with the covenants
and conditions of this Trust Agreement and the other First Priority Documents;

     IT IS HEREBY FURTHER COVENANTED AND DECLARED, that the Trust Estate is to be held and applied
by the Collateral Trustee, subject to the further covenants, conditions and trusts hereinafter set
forth.

SECTION 1

DEFINITIONS

     1.1 Defined Terms. As used herein, the following terms shall have the following
meanings:

     “Additional Collateral”: all First Priority Collateral other than the Initial
Collateral.

     “Additional Collateral Designation”: each Additional Collateral Designation,
substantially in the form of Exhibit A, duly completed and executed by a Responsible Officer and
delivered pursuant to subsection 5.2.

     “Additional Guarantee”: each guarantee executed and delivered hereunder in the manner
provided in subsection 5.4, as amended, supplemented or otherwise modified from time to time in
accordance with this Trust Agreement and the First Priority Securities Facility.

     “Additional Guarantee Designation”: each Additional Guarantee Designation,
substantially in the form of Exhibit B, duly completed and executed by a Responsible Officer and
delivered pursuant to subsection 5.4.

     “Additional Guarantor”: each Person, other than an Initial Guarantor, that is
required hereby or by any other First Priority Document to provide an Additional Guarantee.

     “Additional Security Documents”: each agreement or instrument (other than the Initial
Security Documents) creating or evidencing a security interest of the Collateral Trustee in, or a
lien in favor of the Collateral Trustee on, any First Priority Collateral, as amended, supplemented
or otherwise modified from time to time in accordance with this Trust Agreement and the First
Priority Securities Facility.

     “Automatic Enforcement Event”: the commencement by or against Satmex or any First
Priority Guarantor of any case or proceeding or other action under any law or jurisdiction (i)
relating to bankruptcy, insolvency, suspension of payments, composition of creditors, or
reorganization or relief of debtors or credits, seeking to have an order for relief entered with
respect to it, or seeking to adjudicate it a bankrupt or insolvent, or seeking reorganization,
arrangement, assignment for the benefit of creditors, adjustment, winding-up, liquidation,
dissolution, composition or other relief with respect to its debts, or seeking it to be declared in
suspension of payments status or (ii) seeking appointment of a receiver, trustee, conciliator,
síndico, conservator, or other similar official for it or all or any substantial part of its
assets.

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     “Bankruptcy Law”: Title 11 of the United States Code, the Concurso Law of Mexico (Ley
de Concursos Mercantiles), or any similar federal, state, or foreign law for the relief of debtors,
as such laws may be amended from time to time.

     “Business Day”: any day other than a day on which banks are authorized or required by
law to close in New York City or Mexico City.

     “Cash Equivalents”: (a) marketable direct obligations issued by, or unconditionally
guaranteed by, the United States Government or issued by any agency or instrumentality thereof and
backed by the full faith and credit of the United States, in each case maturing within one year
from the date of acquisition; (b) certificates of deposit, time deposits, eurodollar time deposits
or overnight bank deposits having maturities of six (6) months or less from the date of acquisition
issued by any commercial bank organized under the laws of the United States of America or any state
thereof having combined capital and surplus of not less than $500,000,000 (or any Subsidiary of any
such bank; so long as such Subsidiary is established under the laws of Mexico or the United States
of America with a valid banking license); (c) commercial paper of an issuer, organized under the
laws of a state of the United States of America, rated at least A-2 by Standard & Poor’s Ratings
Services (“S&P”) or P-2 by Moody’s Investors Service, Inc. (“Moody’s”), or carrying
an equivalent rating by a nationally recognized rating agency, if both of the two named rating
agencies cease publishing ratings of commercial paper issuers generally, and maturing within six
(6) months from the date of acquisition; (d) repurchase obligations of any commercial bank
satisfying the requirements of clause (b) of this definition, having a term of not more than thirty
(30) days with respect to securities issued or fully guaranteed or insured by a Person described in
clause (a) above; (e) securities with maturities of one year or less from the date of acquisition
issued or fully guaranteed by any state, commonwealth or territory of the United States, by any
political subdivision or taxing authority of any such state, commonwealth or territory or by any
foreign government, the securities of which state, commonwealth, territory, political subdivision,
taxing authority or foreign government (as the case may be) are rated at least A by S&P or A by
Moody’s; (f) securities with maturities of six months or less from the date of acquisition backed
by standby letters of credit issued by any commercial bank satisfying the requirements of clause
(b) of this definition; (g) shares of money market mutual or similar funds which invest primarily
in assets satisfying the requirements of clauses (a) through (f) of this definition and the shares
of which are repriced daily to provide a constant net asset value of $1.00 per share.

     “Changing Orbital Foreclosure Sale”: any final sale or transfer of Satmex 5 or Satmex
6, as applicable, by the First Priority Collateral Trustee (i) in connection with the foreclosure by
the First Priority Collateral Trustee of any lien or security interest in such satellites, pursuant to
and in accordance with this Trust Agreement or any of the First Priority Security Documents, and
(ii) to a third party that contemporaneously with, or within 90 days of, such sale or transfer
moves such satellite from the Orbital Slot to a new orbital slot (the “New Orbital Slot”).

     “Collateral Account”: as defined in subsection 4.1.

     “Collateral Trustee”: as defined in the Preamble to this Trust Agreement.

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     “Collateral Trustee Fees”: all compensation, fees, costs, expenses, and claims for
payment or reimbursement of the Collateral Trustee of the types described in subsections 6.3, 6.4,
6.5 and 6.6.

     “Company”:
as defined in the Preamble to this Trust Agreement.

     “Distribution Date”: each date fixed by the Collateral Trustee or the Requisite First
Priority Holders for a distribution to the Secured Parties of funds held in the Collateral Account.

     “Dollars” and “$”: lawful currency of the United States of America.

     “Effective
Date”: November 29, 2006.

     “Enforcement Period”: as defined in subsection 3.1(b).

     “Enforcement Proceeds Sub-Account”: as defined in subsection 4.1(a).

     “Event of Default”: any Event of Default as defined in the First Priority Indenture.

     “Fair Market Value of the Loral Transponders”: the fair market value of the Loral
Transponders, as determined by a panel of three (3) satellite industry experts on satellite
valuation, with such experts to be selected in the following manner: each of (x) the Grant Holders
and (y) the First Priority Collateral Trustee shall appoint one (1) of the experts and the two (2) experts so appointed by the Grant
Holders and the First Priority Collateral Trustee upon written
direction of the Requisite First Priority Holders shall mutually agree on the third expert; provided that for the purposes of such
valuation, the experts shall assume that Satmex 5 or Satmex 6, as applicable has not been and will
not be moved from the orbital slot for which it was designed (“Orbital Slot”) and, further, that
the experts shall take into account, among other things, the customer base on the Loral
Transponders existing at the time of the valuation.

     “First Priority Collateral”: all right, title and interest of Satmex and each First
Priority Guarantor in any assets or other Property, including but not limited to all assets and
Property of whatever nature, whether real, personal or mixed, tangible or intangible, now owned or
existing or hereafter acquired or arising, and including but not limited to all assets or other
Property with respect to which a lien or security interest is purported to or may be created or
granted as security for any of the First Priority Obligations pursuant to any of the First Priority
Documents, and all products and Proceeds of the foregoing. Without limiting the generality of the
foregoing, the First Priority Collateral includes any and all assets and other Property of Satmex
or each First Priority Guarantor in which the Collateral Trustee, for itself or for the benefit of
the Indenture Trustee or, the First Priority Holders, acquires a lien or security interest or other
interest after the commencement of any proceeding under any Bankruptcy Law for any of the First
Priority Obligations during an Enforcement Period.

     “First Priority Collateral Trustee Segregated Account Proceeds”: proceeds that Satmex
and each Restricted Subsidiary are required to deposit into the First Priority Collateral Trustee
Segregated Sub-Account in Section 4.35(b) of the First Priority Indenture.

4

 

     “First Priority Collateral Trustee Segregated Sub-Account”: as defined in subsection
4.1(a).

     “First Priority Documents”: the First Priority Indenture, the First Priority
Securities, the First Priority Security Documents, this Trust Agreement, the First Priority
Guarantees, and any other document executed or delivered by any of Satmex or any First Priority
Guarantor in connection with the First Priority Securities Facility or First Priority Obligations.

     “First Priority Guarantees”: the collective reference to the Initial Guarantees and
the Additional Guarantees.

     “First Priority Guarantor”: the collective reference to the Initial Guarantors and
the Additional Guarantors.

     “First Priority Holder”: any holder of, or creditor in respect of, First Priority
Obligations.

     “First Priority Indenture”: that certain Indenture with respect to the First Priority
Securities dated as of November 29, 2006 entered into among Satmex, each of the First Priority
Guarantors thereto, and the Indenture Trustee, as it may be amended,
supplemented or otherwise modified from
time to time.

     “First Priority Obligations”: the unpaid principal of and interest on (including,
without limitation, interest accruing after the maturity, acceleration, or other due date of any of
the First Priority Securities and interest accruing after the filing of any petition in bankruptcy,
or the commencement of any insolvency, reorganization, concurso mercantil, or like proceeding,
relating to Satmex or any First Priority Guarantor, whether or not a claim for post-filing or
post-petition interest is allowed in such proceeding) the First Priority Securities (including any
Additional Amounts) and all other obligations and liabilities of Satmex or any First Priority
Guarantor to the Indenture Trustee, the Collateral Trustee, any First Priority Holder, or any of
their respective affiliates, whether direct or indirect, absolute or contingent, due or to become
due, or now existing or hereafter incurred, which may arise under, out of, or in connection with,
any First Priority Document, any interest rate protection agreement required or permitted under the
First Priority Indenture and entered into with any party thereto or any affiliate of any such
party, or any other document made, delivered, or given in connection herewith or therewith, whether
existing on the date hereof or hereafter arising, and whether on account of principal, interest,
reimbursement obligations, fees, indemnities, costs, expenses (including, without limitation, all
fees, charges, and disbursements of counsel to the Indenture Trustee and/or Collateral Trustee) or
otherwise.

     “First
Priority Securities”: up to [$238,200,000]
aggregate original principal amount of First Priority Senior Secured
Notes due 2011 to be issued by Satmex pursuant to the First Priority
Indenture, as the same may be amended, supplemented or otherwise
modified from time to time.

     “First Priority Securities Facility”: the First Priority Indenture and the First
Priority Securities, including without limitation all indebtedness and other obligations due or
outstanding thereunder.

5

 

     “First Priority Security Documents”: (a) the Initial Security Documents and (b) the
Additional Security Documents.

     “Foreclosure Sale”: any Changing Orbital Foreclosure Sale or Non-Changing Orbital
Foreclosure Sale, as applicable.

     “Governmental Authority”: means any nation or government, any state or other
political subdivision thereof, and any entity exercising executive, legislative, judicial,
regulatory or administrative functions of or pertaining to government (including without limitation
the National Association of Insurance Commissioners).

     “Grant Holders”: the Loral Entities and/or their assignee(s) that hold the rights to
the Loral Usufructo.

     “Indenture Trustee”: as defined in the Preamble to this Trust Agreement.

     “Initial Collateral”: the First Priority Collateral in existence on the Effective
Date in which a security interest is created or granted under or evidenced by the Initial Security
Documents.

     “Initial Guarantees”: the guarantees described in Schedule I hereto, as amended,
supplemented or otherwise modified from time to time in accordance with this Trust Agreement and
the First Priority Securities Facility.

     “Initial
Guarantors”: SMVS Administration, S. de R.L. de C.V. and
SMVS-Servicios Técnicos, S. de R.L. de C.V..

     “Initial Security Documents”: the documents described in Schedule II hereto, as
amended, supplemented or otherwise modified from time to time in accordance with this Trust
Agreement and the First Priority Securities Facility.

     “Intercreditor Agreement”: that certain Intercreditor Agreement dated on or about the
date hereof among Satmex, the Collateral Trustee, the Indenture Trustee,
the Second Priority Indenture Trustee and the Second Priority
Collateral Trustee.

     “Loral Entities”: certain affiliates of Loral Skynet Corporation and Loral Satmex
Ltd. (collectively, “Loral”) as designated by Loral.

     “Loral Grant”: has the meaning set forth below in the definition of “Loral
Usufructo.”

     “Loral Transponders”: the three (3) 36 MHz 132 Watt Ku-Band full hemisphere
transponders on Satmex 5, specifically Ku-15, Ku-21 and Ku-23, and the two (2) 36 MHz 132 Watt
Ku-Band full hemisphere transponders and two (2) 36 MHz C-Band transponders on Satmex 6,
specifically Ku-16 and Ku-18 and C-15 and C-17.

     “Loral Transponder Sale Proceeds”: an amount equal to the greater of (A) (i) in the
case of a Foreclosure Sale of Satmex 5, an amount equal to 6.25%, 4.17%, or 2.08% of the

6

 

net sale proceeds actually received from a Foreclosure Sale of Satmex 5 with respect to all
three (3), any two (2), or any one (1) of the Loral Transponders on Satmex 5, respectively, and
(ii) in the case of a Foreclosure Sale of Satmex 6, an amount equal to 6.7%, 5.0%, 3.33%, or 1.67%
of the net sale proceeds actually received from a Foreclosure Sale of Satmex 6 with respect to all
four (4), any three (3), any two (2) or any one (1) of the Loral Transponders on Satmex 6,
respectively and (B) the Fair Market Value of the Loral Transponders actually sold on Satmex 5 in
the case of Foreclosure Sale of Satmex 5 or Satmex 6 in the case of a Foreclosure Sale of Satmex 6.

     “Loral Usufructo”: that certain usufructo granted by Satmex to the Loral Entities
under Articles 980 et seq. of Mexico’s Federal Civil Code (“Article 980”) with respect to the Loral
Transponders as set forth in the Restructuring Agreement and pursuant to the certain Agreements
(the “Usufructo Agreements”) in respect of the Loral Usufructo between Loral Skynet Corporation and
Satmex dated on or about the date hereof (the “Loral Grant”).

     “New Orbital Slot”: as defined in the definition of “Changing Orbital Foreclosure
Sale” above.

     “Non-Changing Orbital Foreclosure Sale”: any final sale or transfer of Satmex 5 or
Satmex 6, as applicable, by the First Priority Collateral Trustee, other than a Changing Orbital Foreclosure
Sale, in connection with the foreclosure by the First Priority
Collateral Trustee of any lien or
security interest in such satellites, pursuant to and in accordance with this Trust Agreement or
any of the First Priority Security Documents.

     “Notice of Cancellation of Enforcement”: with respect to any Enforcement Period, a
written notice delivered to the Collateral Trustee by the Requisite First Priority Holders,
canceling a Notice of Default.

     “Notice of Default”: a written notice or notices identified as a Notice of Default
hereunder delivered to the Collateral Trustee by the Requisite Aggregate First Priority Holders
stating that the First Priority Obligations have become due and payable at or prior to the stated
maturity thereof and remain unpaid.

     “Opinion of Counsel”: an opinion in writing signed by legal counsel reasonably
satisfactory to the Collateral Trustee, who may at the election of the Collateral Trustee in its
sole discretion be an individual employed as counsel to Satmex. Any Opinion of Counsel may contain
customary exceptions, assumptions and qualifications and may rely, as to factual matters, on
certificates of public officials or representatives of Satmex.

     “Orbital Slot”: as defined above in the definition of “Fair Market Value of the Loral
Transponders.”

     “Person”: an individual, partnership, corporation, limited liability company,
business trust, joint stock company, trust, unincorporated association, joint venture, governmental
authority, or other entity of whatever nature.

     “Possessory Collateral”: First Priority Collateral in which the Collateral Trustee’s
security interest may be, in accordance with applicable law, perfected by means of possession of

7

 

such First Priority Collateral by the Collateral Trustee or an agent or bailee on its behalf
and which, pursuant to the First Priority Securities Facility or First Priority Security Documents,
is to be perfected by such possession.

     “Proceeds”: with respect to any assets or other Property, any and all proceeds
thereof, including but not limited to any and all proceeds within the meaning of the UCC.

     “Proceeds Release Request”: a written request delivered by Satmex to the Collateral
Trustee requesting the Collateral Trustee to release funds from the First Priority Collateral
Trustee Segregated Sub-Account for use by Satmex in accordance with Sections 3.2 and 4.35 of the
First Priority Indenture.

     “Property”: any right, title, or interest in or to property of any kind whatsoever,
whether real, personal, or mixed, and whether tangible or intangible, including, without
limitation, Capital Stock (as defined in the First Priority Indenture), rights to and in the
Concessions (as defined in the First Priority Indenture) and the orbital slots subject thereto, and
regulatory, governmental, and all other rights under any law, treaty, rule, regulation, or
determination of an arbitrator or a court or other Governmental Authority.

     “Recovery Event”: any settlement of or payment in respect of any property or casualty
insurance claim or any condemnation proceeding relating to any asset or Property of Satmex or any
First Priority Guarantor.

     “Requisite First Priority Holders”: at any time, one or more First Priority Holders
that hold First Priority Securities in an aggregate principal amount equal to more than fifty
percent (50%) of the then aggregate outstanding principal amount of First Priority Securities.

     “Responsible Officer”: as to Satmex, the chairman of the Board of Directors, the
chief executive officer, the chief financial officer, the treasurer, general counsel, or the
controller (or the customary Mexican equivalents thereof), but in any event, with respect to
financial matters, the chief financial officer (or the customary Mexican equivalent thereof); and
as to any other Person, any officer of such Person with direct responsibility for the
administration of this Trust Agreement or the First Priority Obligations.

     “Responsible Collateral Trustee Officer”: any officer of the Collateral Trustee with
direct responsibility for the administration of this Trust Agreement, and with respect to a
particular corporate trust matter, any other officer of the Collateral Trustee to whom such matter
is referred because of his knowledge of and familiarity with the particular subject.

     “Restructuring Agreement”: that certain Restructuring Agreement, dated as of March
31, 2006, by and among Satmex; Servicios Corporativos Satelitales, S.A. de C.V.; Loral Skynet
Corporation and Loral Satmex Ltd.; Principia, S.A. de C.V.; and certain beneficial owners (or
investment managers or advisors with power to vote or dispose of all or substantially all of the
relevant securities on behalf of the beneficial owners) of (a) the First Priority Senior Secured
Notes due June 30, 2004 and/or (b) the 10-1/8% Senior Notes due November 1, 2004.

     “Satellite”: means any telecommunications satellite owned by Satmex or a First
Priority Guarantor, including but not limited to the satellites known as Solidaridad 2, Satmex 5

8

 

and Satmex 6 Satellites, and any other satellite in which Satmex or a First Priority Guarantor
now has or at any time hereafter has an insurable interest.

     “Satmex”:
as
defined in the Preamble to this Trust Agreement.

     “Satmex 5”: Satmex’s telecommunications satellite known as Satmex 5.

     “Satmex 6”: Satmex’s telecommunications satellite known as Satmex 6.

     “Satmex 5 Transponder Sale Date”: the first Business Day following the receipt by the
Collateral Trustee of the net proceeds of the sale or transfer of Satmex 5 through a Foreclosure
Sale.

     “Satmex 6 Transponder Sale Date”: the first Business Day following the receipt by the
Collateral Trustee of the net proceeds of the sale or transfer of Satmex 6 through a Foreclosure
Sale.

     “Second Priority Collateral Trustee”: shall have the meaning ascribed to it in the
Indenture.

     “Second Priority Holders”: shall have the meaning ascribed to it in the Indenture.

     “Second Priority Indenture Trustee”: shall have the meaning ascribed to it in the
Indenture.

     “Second Priority Senior Secured Notes”: the Second Priority Senior Secured Notes due
2013 issued by Satmex.

     “Secured Parties”: the First Priority Holders of the First Priority Obligations,
including the Indenture Trustee and Collateral Trustee.

     “Sub-Account”: as defined in subsection 4.1(a).

     “Subsidiary”: as to any Person, a corporation, partnership or other entity of which
shares of stock or other ownership interests having ordinary voting power (other than stock or such
other ownership interests having such power only by reason of the happening of a contingency) to
elect a majority of the board of directors or other managers of such corporation, partnership,
limited liability company or other entity are at the time owned, or the management of which is
otherwise controlled, directly or indirectly through one or more intermediaries, or both, by such
Person. Unless otherwise qualified, all references to a “Subsidiary” or to “Subsidiaries” in this
Trust Agreement shall refer to a Subsidiary or Subsidiaries of Satmex or one or more of its
Subsidiaries.

     “Trust Agreement”: this First Priority Collateral Trust Agreement as amended,
supplemented or otherwise modified from time to time.

     “Trust Estate”: as defined in the Declaration of Trust in this Trust Agreement.

     “UCC”: the Uniform Commercial Code as in effect from time to time in the State of New
York.

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     1.2 Other Definitional Provisions. Unless the context otherwise requires: (i) a term
has the meaning assigned to it herein; (ii) an accounting term not otherwise defined herein has the
meaning assigned to it in accordance with U.S. GAAP; (iii) “or” is not exclusive; (iv) words in the
singular include the plural, and words in the plural include the singular; (v) provisions apply to
successive events and transactions; (vi) “herein,” “hereof” and other words of similar import refer
to this Trust Agreement as a whole and not to any particular Article, Section or other subdivision;
(vii) the words “including,” “includes,” and similar words shall be deemed to be followed by
“without limitation”; (viii) for avoidance of doubt, references to cash, payments, currency, and
similar terms shall be deemed to be references in Dollars unless otherwise specified; and (ix)
references to subsection, Sections or Articles mean reference to such subsection, Section or
Article in this Trust Agreement, unless stated otherwise.

SECTION 2

GOVERNANCE PROVISIONS

     2.1 Indenture Trustee to Act on Behalf of First Priority Holders. In any matter
requiring the consent or approval of the Requisite First Priority Holders hereunder or under any
other First Priority Document, the Indenture Trustee shall communicate with the First Priority
Holders in accordance with the First Priority Securities Facility and shall provide to the
Collateral Trustee a certificate as to the principal amount of First Priority Securities held by
the First Priority Holders who have given their consent or approval to such matter. The Collateral
Trustee shall be authorized to take such action for which the consent or approval of the Requisite
First Priority Holders is required in reliance on such certificates. Nothing contained in this
section 2.1 shall prevent the First Priority Holders from acting or providing any consent or
approval directly rather than through the Indenture Trustee.

SECTION 3

ENFORCEMENT OF SECURITY INTERESTS AND FIRST PRIORITY GUARANTEES

     3.1 Notice of Default.

     (a) Upon the occurrence and during the continuance of any Event of Default under the First
Priority Securities Facility, the Requisite First Priority Holders may deliver a Notice of Default
to the Collateral Trustee.

     (b) Upon either (i) the delivery of a Notice of Default in accordance with Section 3.1(a) or
(ii) the occurrence of an Automatic Enforcement Event, an “Enforcement Period” shall automatically
commence without any other or further action.

     (c) Once commenced, an Enforcement Period shall continue until a Notice of Cancellation of
Enforcement becomes effective for such Enforcement Period. A Notice of Cancellation of Enforcement
becomes effective upon the later of (i) delivery of the Notice of Cancellation of Enforcement by
the Requisite First Priority Holders to the Collateral Trustee, provided the Collateral Trustee has
not taken any action to exercise any material remedy against any First Priority Collateral or under
any First Priority Document, and (ii) if, during such Enforcement Period, the Collateral Trustee
has taken any action to exercise any material remedy against any First Priority Collateral or under
any First Priority Document, the first date thereafter

10

 

that any such action can in the sole discretion of the Collateral Trustee be reversed,
suspended, or withdrawn without undue difficulty.

     (d) A Notice of Cancellation of Enforcement shall not constitute any waiver, admission or
consent on behalf of the Requisite First Priority Holders or any other Person, and the existence
and continuance of any Event of Default under the First Priority Securities Facility shall not be
affected in any manner whatsoever by the delivery of a Notice of Cancellation of Enforcement.

     (e) The Collateral Trustee shall promptly notify Satmex and the Indenture Trustee upon receipt
of any Notice of Default or Notice of Cancellation of Enforcement and shall provide Satmex and the
Indenture Trustee with a copy of any such Notice of Default or Notice of Cancellation of
Enforcement, provided, however, that any failure of the Collateral Trustee to comply with this
Section 3.1(e) shall have no effect on the validity or effectiveness of any Notice of Default,
Enforcement Period, or Notice of Cancellation of Enforcement and shall not impair any of the
rights, powers, and remedies of the Collateral Trustee, Indenture Trustee, or First Priority
Holders under this Trust Agreement or any other First Priority Document.

     (f) During an Enforcement Period, the Collateral Trustee may (but in the absence of direction
from the Requisite First Priority Holders shall not be required to) take any action to exercise any
remedies that are (i) permitted under any of the First Priority Documents or applicable law, and
(ii) not inconsistent with any written direction given to the Collateral Trustee by the Requisite
First Priority Holders under Section 3.5(b).

     (g) Notwithstanding Section 3.1(f) or any other provision of this Trust Agreement, nothing
shall limit the right of the Collateral Trustee to take any and all actions at any time that the
Collateral Trustee deems necessary to protect and preserve the First Priority Collateral and the
rights of the Collateral Trustee, the Indenture Trustee, and the First Priority Holders, provided,
however, that (x) no such action shall be inconsistent with any written direction of the Requisite
First Priority Holders under Section 3.5(b) or the provisions of the other First Priority
Documents, and (y) in the absence of written direction from the Requisite First Priority Holders
under Section 3.5(b), the Collateral Trustee shall not foreclose on any First Priority Collateral
or enforce any judgment entered on account of any First Priority Guarantee. The Indenture Trustee,
the First Priority Holders, the Company, and each of the First Priority Guarantors expressly
authorize the Collateral Trustee to take the protective and preservative actions described in the
immediately preceding sentence.

     3.2 General Authority of the Collateral Trustee over the First Priority Collateral and
First Priority Guarantees.

     (a) Each of Satmex and the First Priority Guarantors hereby irrevocably constitute and appoint
the Collateral Trustee and any officer or agent thereof, with full power of substitution, as its
true and lawful attorneys-in-fact with full irrevocable power and authority in the name of Satmex
or in its or his or her own name, from time to time in the Collateral Trustee’s discretion, so long
as any Enforcement Period is in effect, to take any and all appropriate action and to execute any
and all documents and instruments which may be necessary or desirable to carry out the terms of
this Trust Agreement, and the other First Priority Documents and

11

 

accomplish the purposes hereof and thereof, and, without limiting the generality of the
foregoing, each of Satmex and the First Priority Guarantors hereby gives the Collateral Trustee the
power and right on behalf of Satmex and such First Priority Guarantors, without notice to or
further assent by Satmex or such First Priority Guarantors, to do the following so long as an
Enforcement Period is in effect and such action is consistent with the rights and remedies
permitted under any of the other First Priority Documents (and, in the case of clause (v)(A) below,
whether or not an Enforcement Period is in effect):

          (i) to ask for, demand, sue for, collect, receive and give acquittance for any and all moneys
due or to become due upon, or in connection with, the First Priority Documents or the First
Priority Collateral;

          (ii) in the name of Satmex or any First Priority Guarantor or its own name, or otherwise,
receive, take possession of, endorse, assign, collect and deliver any and all checks, notes,
drafts, acceptances, documents and other negotiable and non-negotiable instruments taken or
received by the Collateral Trustee as First Priority Collateral or in connection with any First
Priority Document;

          (iii) to file, commence, prosecute, defend, settle, compromise or adjust any claim, suit,
action or proceeding with respect to, or in connection with, the First Priority Guarantees or the
First Priority Collateral or the interests, rights, powers or duties of the Collateral Trustee or
any Secured Party therein, whether brought by or against Satmex, any First Priority Guarantor, the
Collateral Trustee or any Secured Party;

          (iv) to sell, transfer, assign or otherwise deal in or with the First Priority Collateral or
any part thereof as fully and effectively as if the Collateral Trustee were the absolute owner
thereof, including but not limited to directing any party liable for any payment under any of the
First Priority Collateral to make payment of any and all moneys due or to become due thereunder
directly to the Collateral Trustee or as the Collateral Trustee shall direct; and

          (v) to do, at its option and at the expense and for the account of Satmex or any First
Priority Guarantor, at any time or from time to time, all acts and things which the Collateral
Trustee deems necessary (A) to protect or preserve the First Priority Collateral and the rights of
the Collateral Trustee and the Secured Parties therein and (B) to realize upon the First Priority
Guarantees or the First Priority Collateral or any part thereof.

     (b) All powers, authorizations and agencies contained in this Trust Agreement are coupled with
an interest and are irrevocable until this Trust Agreement is terminated and the liens and security
interests created by the First Priority Security Documents are released.

     (c) The Collateral Trustee shall, to the extent necessary or appropriate under applicable law,
assist the Indenture Trustee in filing any proof of any claims under the First Priority Documents.

     3.3 Right to Initiate Judicial Proceedings. If an Enforcement Period is in effect,
the Collateral Trustee, subject to the provisions of subsection 3.5(b), (a) shall have the right
and power to institute and maintain such suits and proceedings as it may deem appropriate

12

 

to protect and enforce the rights vested in it or the Secured Parties by this Trust Agreement,
the First Priority Guarantees or any of the First Priority Security Documents and (b) may proceed
by suit or suits at law or in equity to enforce such rights and to foreclose upon the First
Priority Collateral and to sell all or, from time to time, any of the Trust Estate or First
Priority Collateral under the judgment or decree of a court of competent jurisdiction.

     3.4 Right to Appoint a Receiver. If an Enforcement Period is in effect, upon the
filing of a bill in equity or other commencement of judicial or other proceedings to enforce the
rights of the Collateral Trustee under this Trust Agreement, any First Priority Guarantee or any
First Priority Security Document, the Collateral Trustee shall, to the extent permitted by
applicable law, without notice to Satmex or the First Priority Guarantors or any party claiming
through Satmex or the First Priority Guarantors, without regard to the solvency or insolvency at
the time of any Person then liable for the payment of any of the First Priority Obligations,
without regard to the then value of the Trust Estate, and without requiring any bond from any
complainant in such proceedings, be entitled as a matter of right to the appointment of a receiver
or receivers (who may be a Collateral Trustee) of the Trust Estate, or any part thereof, and of the
rents, issues, tolls, profits, royalties, revenues and other income thereof, pending such
proceedings, with such powers as the court making such appointment shall confer, and to the entry
of an order directing that the rents, issues, tolls, profits, royalties, revenues and other income
of the property constituting the whole or any part of the Trust Estate be segregated, sequestered
and impounded for the benefit of the Collateral Trustee and the Secured Parties, and Satmex and
each of the First Priority Guarantors irrevocably consents to the appointment of such receiver or
receivers and to the entry of such order; provided that, notwithstanding the appointment of
any receiver, the Collateral Trustee shall be entitled to retain possession and control, pursuant
to the terms of the Trust Agreement, of all cash and Cash Equivalents held by or deposited with it
pursuant to this Trust Agreement or any other First Priority Document.

     3.5 Exercise of Powers; Instructions of Requisite First Priority Holders.

     (a) All of the powers, remedies and rights of the Collateral Trustee as set forth in this
Trust Agreement may be exercised by the Collateral Trustee in respect of any First Priority
Guarantee or any First Priority Security Document as though set forth in full therein, and all of
the powers, remedies and rights of the Collateral Trustee as set forth in any First Priority
Guarantee or any First Priority Security Document may be exercised from time to time as herein and
therein provided. Without limiting the generality of the foregoing sentence, the Collateral
Trustee may instruct any trustee, bailee or agent under any First Priority Security Document to
take such actions as are permitted thereunder in connection with the exercise of such remedies.

     (b) The Requisite First Priority Holders shall have the right, by one or more instruments in
writing executed and delivered to the Collateral Trustee, to direct the time, method and place of
conducting any proceeding for any right or remedy available to the Collateral Trustee, or of
exercising any trust or power conferred on the Collateral Trustee, or for the appointment of a
receiver, or to direct the taking or the refraining from taking of any action authorized by this
Trust Agreement, any First Priority Guarantee or any First Priority Security Document, and the
Collateral Trustee shall act in accordance with any such direction; provided that such
direction shall not conflict with any provision of applicable law or of this Trust

13

 

Agreement, any First Priority Guarantee or any First Priority Security Document and the
Collateral Trustee shall be reasonably secured or indemnified as provided in subsection 8.4(d).

     3.6 Remedies Not Exclusive.

     (a) No remedy conferred upon or reserved to the Collateral Trustee herein or in any First
Priority Guarantee or First Priority Security Document is intended to be exclusive of any other
remedy or remedies, but every such remedy shall be cumulative and shall be in addition to every
other remedy conferred herein, in any First Priority Guarantee or in any First Priority Security
Document or now or hereafter existing at law or in equity or by statute.

     (b) No delay by the Collateral Trustee in exercising or failure by the Collateral Trustee to
exercise any right, remedy or power hereunder or under any First Priority Guarantee or First
Priority Security Document shall impair any such right, remedy or power or shall be construed to be
a waiver thereof or acquiescence therein, and every right, power and remedy given to the Collateral
Trustee under this Trust Agreement, any First Priority Guarantee or any First Priority Security
Document may be exercised from time to time and as often as may be deemed expedient by the
Collateral Trustee or the Requisite First Priority Holders.

     (c) If the Collateral Trustee shall have proceeded to enforce any right, remedy or power under
this Trust Agreement, any First Priority Guarantee or any First Priority Security Document, such
enforcement to be pursuant to the directions of the Requisite First Priority Holders and the
proceeding for the enforcement thereof shall have been discontinued or abandoned for any reason or
shall have been determined adversely to the Collateral Trustee, then Satmex, the Collateral Trustee
and the Secured Parties shall, subject to any effect of or determination in such proceeding,
severally and respectively be restored to their former positions and rights hereunder or thereunder
with respect to the Trust Estate and in all other respects, and thereafter all rights, remedies and
powers of the Collateral Trustee shall continue as though no such proceeding had been taken.

     (d) All rights of action and of asserting claims upon or under this Trust Agreement, the First
Priority Guarantees and the First Priority Security Documents may, to the extent permitted by
applicable law, be enforced by the Collateral Trustee without the possession of any First Priority
Document or instrument evidencing any First Priority Obligation or the production thereof at any
trial or other proceeding relative thereto, and any suit or proceeding instituted by the Collateral
Trustee shall be, subject to subsections 8.5(c) and 8.10(b)(ii), brought in its name as Collateral
Trustee and any recovery of judgment shall be held as part of the Trust Estate.

     3.7 Waiver and Estoppel.

     (a) Each of Satmex and the First Priority Guarantors hereby agrees, to the extent it may do so
lawfully, that it will not at any time in any manner whatsoever claim, or take the benefit or
advantage of, any appraisement, valuation, stay, extension, moratorium, turnover or redemption law,
or any law permitting it to direct the order in which the First Priority Collateral shall be sold,
now or at any time hereafter in force, which may delay, prevent or otherwise affect the performance
or enforcement of this Trust Agreement, any First Priority Guarantee or any

14

 

First Priority Security Document and waives, to the extent it may lawfully do so, all benefit
or advantage of all such laws, and Satmex hereby covenants, to the extent it may lawfully do so,
that it will not hinder, delay or impede the execution of any power granted to the Collateral
Trustee in this Trust Agreement, any First Priority Guarantee or any First Priority Security
Document but will suffer and permit the execution of every such power as though no such law were in
force.

     (b) Each of Satmex and the First Priority Guarantors, to the extent it may lawfully do so, on
behalf of itself and all who may claim through or under it, including, without limitation, any and
all subsequent creditors, vendees, assignees and lienors, (i) waives and releases all rights to
demand or to have any marshalling of the First Priority Collateral upon any sale, whether made
under any power of sale granted herein or in any First Priority Security Document or pursuant to
judicial proceedings or upon any foreclosure or any enforcement of this Trust Agreement or any
First Priority Security Document and (ii) consents and agrees that all the First Priority
Collateral may at any such sale be offered and sold as an entirety.

     (c) Each of Satmex and the First Priority Guarantors waives, to the extent permitted by
applicable law, presentment, demand, protest and any notice of any kind (except notices explicitly
required hereunder or under any other applicable First Priority Document) in connection with this
Trust Agreement, the First Priority Guarantees and the First Priority Security Documents, and any
action taken by the Collateral Trustee with respect to the First Priority Collateral.

     3.8 Limitation on Collateral Trustee’s Duty in Respect of First Priority Collateral.
Beyond its duties as to the custody, safekeeping and preservation thereof expressly provided herein
or in any First Priority Security Document and to account to the Secured Parties, Satmex and the
First Priority Guarantors for moneys and other property received by them hereunder or under any
First Priority Security Document, the Collateral Trustee shall not have any duty to Satmex, the
First Priority Guarantors or to the Secured Parties as to any First Priority Collateral in its
possession or control or in the possession or control of any of its agents or nominees, or any
income thereon or as to the preservation of rights against prior parties or any other rights
pertaining thereto.

     3.9 Limitation by Law. All rights, remedies and powers provided herein may be
exercised only to the extent that the exercise thereof does not violate any applicable provision of
law, and all the provisions hereof are intended to be subject to all applicable provisions of law
which may be controlling and to be limited to the extent necessary so that they will not render
this Trust Agreement invalid, unenforceable in whole or in part or not entitled to be recorded,
registered or filed under the provisions of any applicable law.

     3.10 Rights of Secured Parties Under First Priority Securities Facility.
Notwithstanding any other provision of this Trust Agreement, any First Priority Guarantee or any
First Priority Security Document, the right of each Secured Party to receive payment of the First
Priority Obligations held by such Secured Party when due (whether at the stated maturity thereof,
by acceleration, redemption or otherwise) as expressed in the related First Priority Document or
other instrument evidencing or agreement governing a First Priority Obligation or to institute suit
or to obtain a judgment for the collection of such First Priority Obligations or to

15

 

enforce any such judgment on or after such due date, and to otherwise exercise the rights and
remedies as a general creditor in accordance with the First Priority Securities Facility to which
it is a party, and the obligation of Satmex and each First Priority Guarantor to pay such First
Priority Obligation when due, shall not be impaired or affected.

     3.11 Records. The Collateral Trustee shall maintain records regarding instructions of
the Requisite First Priority Holders, the identity of the Indenture Trustee and the other Secured
Parties, determinations of the types and amounts of the First Priority Obligations for any purpose
and the allocation of deposits to the Collateral Account and the Sub-Accounts thereof and any
distributions therefrom. The information contained in such records shall be made available to any
Secured Party upon request.

     3.12 Notices. The Collateral Trustee shall promptly notify the Indenture Trustee in
the event it shall receive, and shall deliver to the Indenture Trustee a copy of, (a) any Notice of
Default, (b) any instructions by the Requisite First Priority Holders to take any action under this
Trust Agreement or any First Priority Security Document or First Priority Guarantee, including any
instruction to commence any exercise of remedies with respect to the First Priority Collateral or
First Priority Guarantees, (c) any request by Satmex, any First Priority Guarantor or the Indenture
Trustee acting on behalf of any Secured Party or the Requisite First Priority Holders for any
consent, waiver, amendment, supplement, modification or release with respect to this Trust
Agreement, any First Priority Security Document, any First Priority Collateral or any First
Priority Guarantee, or (d) any other material instruction, notice, request, demand, certificate,
opinion of counsel or other communications from any person which is related to the First Priority
Collateral, the First Priority Security Documents or the First Priority Guarantees. The Collateral
Trustee shall also deliver a notice to the Indenture Trustee regarding the taking of any
enforcement action or the exercise of any remedies by the Collateral Trustee with respect to the
First Priority Security Documents, the First Priority Collateral or the First Priority Guarantees,
which notice shall be delivered promptly after the occurrence of any such event.

     3.13 Remedies Subject to Intercreditor Agreement. Notwithstanding any agreement to
the contrary, so long as the Intercreditor Agreement is in effect, the rights and remedies of the
Second Priority Holders, the Second Priority Collateral Trustee and the Second Priority Indenture
Trustee with respect to Satmex, the Second Priority Guarantors, or any of the Priority Collateral
shall be subject to the provisions of the Intercreditor Agreement.

SECTION 4

COLLATERAL ACCOUNT; DISTRIBUTIONS

     4.1 The Collateral Account.

     (a) On the Effective Date there shall be established and, at all times thereafter until the
trusts created by this Trust Agreement shall have terminated, there shall be maintained with the
Collateral Trustee at the U.S. office of the Collateral Trustee’s corporate trust division, a
collateral account, in the name of the Collateral Trustee which shall be entitled the “Satmex
Collateral Account” (the “Collateral Account”). All cash deposits, monies and proceeds of
First Priority Collateral required to be held or otherwise received by the Collateral Trustee
pursuant hereto or pursuant to any First Priority Document or otherwise shall be deposited in the

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Collateral Account and held as part of the Trust Estate. The Collateral Account shall be
subdivided into two sub-accounts, designated as the “Enforcement Proceeds Sub-Account” and
the “First Priority Collateral Trustee Segregated Sub-Account” (each, a
“Sub-Account,” all of which shall be non-interest bearing trust accounts (except to the
extent invested in Cash Equivalents)).

     (b) All cash deposits, monies, and proceeds of First Priority Collateral which are required by
this Trust Agreement or any First Priority Document to be delivered to the Collateral Trustee or
which are received by the Collateral Trustee or any agent or nominee of the Collateral Trustee in
respect of the First Priority Collateral or the First Priority Guarantees, whether in connection
with the exercise of the remedies provided in this Trust Agreement, any First Priority Guarantee or
any First Priority Security Document or otherwise, while an Enforcement Period is in effect, shall
be deposited in the Enforcement Proceeds Sub-Account and, in each case, held by the Collateral
Trustee as part of the Trust Estate and applied in accordance with the terms of this Trust
Agreement. Upon the termination of any Enforcement Period pursuant to subsection 3.1(c), the
Collateral Trustee shall (subject to subsection 4.4) cause all funds on deposit in the Enforcement
Proceeds Sub-Account, together with all interest and income on such amounts, to be deposited in the
First Priority Collateral Trustee Segregated Sub-Account for application in accordance with the
terms of Section 4 hereof and for use by Satmex in accordance
with Section 4.35(b) of the First
Priority Indenture.

     (c) All moneys constituting First Priority Collateral Trustee Segregated Account Proceeds
which are delivered to the Collateral Trustee pursuant to Section 3.2 and 4.35 of the First
Priority Indenture or otherwise, while an Enforcement Period is not in effect, shall be deposited
in the First Priority Collateral Trustee Segregated Sub-Account and held by the Collateral Trustee
as part of the Trust Estate and applied in accordance with Sections 3.2 and 4.35 of the First
Priority Indenture. Upon the receipt by the Collateral Trustee of a Notice of Default, all amounts
on deposit in the First Priority Collateral Trustee Segregated Sub-Account shall automatically be
deemed to be held in, and shall be transferred to the Enforcement Proceeds Sub-Account; provided,
that all amounts so transferred from the First Priority Collateral Trustee Segregated Sub-Account
to the Enforcement Proceeds Sub-Account, together with all interest and income on such amounts,
shall be returned to the First Priority Collateral Trustee Segregated Sub-Account under the
circumstances set forth in subsection 4.1(b).

     (d) Satmex may, by delivery to the Collateral Trustee of a Proceeds Release Request, at any
time, request a release of funds from the First Priority Collateral Trustee Segregated Sub-Account
for any use in the aggregate amount permitted by Sections 3.2 and 4.35 of the First Priority
Indenture. For all purposes under the Trust Agreement and otherwise, to be effective, each
Proceeds Release Request (a) shall specify (i) the amount of funds to be released, (ii) the date of
the requested release, (iii) the purpose for which Satmex expects to use such funds, (iv) the
investments to be liquidated to provide cash to make such release, and (v) the wire instructions
for the transfer of such funds and (b) shall be accompanied by a certificate of a Responsible
Officer to the effect that such requested release of funds and proposed use thereof will not
violate any First Priority Document and that no default or Event of Default has occurred and is
continuing under any First Priority Document. If no Enforcement Period is in effect and no default
or Event of Default has occurred and is continuing with respect to any First Priority Document, on
the date on which such funds are requested to be released pursuant to such

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Proceeds Release Request, the Collateral Trustee shall release to Satmex funds from the First
Priority Collateral Trustee Segregated Sub-Account in accordance with such Proceeds Release
Request. To effect such release, the Collateral Trustee shall liquidate such investments of such
funds in the First Priority Collateral Trustee Segregated Sub-Account as shall be specified in such
Proceeds Release Request.

     4.2 Control of Collateral Account. All right, title and interest in and to the
Collateral Account shall vest in the Collateral Trustee on behalf of the Secured Parties, and funds
on deposit in the Collateral Account shall constitute part of the Trust Estate. The Collateral
Account shall be subject to the sole and exclusive dominion and control of the Collateral Trustee.

     4.3 Investment of Funds Deposited in Collateral Account. (a) The Collateral Trustee
shall invest and reinvest moneys on deposit in the Collateral Account at any time in Cash
Equivalents as directed in writing by Satmex so long as no Enforcement Period is in effect. All
such investments of funds in the Collateral Account, including any Sub-Account, the interest and
income received thereon and the net proceeds realized on the sale or redemption thereof shall be
held in the Collateral Account or such Sub-Account as part of the Trust Estate.

     (b) The Collateral Trustee shall have no obligation to invest or reinvest the amounts
deposited in the Collateral Account if deposited with the Collateral Trustee after 11:00 a.m., New
York time, on such day of deposit other than specified in clause
(c) below. Instructions
received after 11:00 a.m., New York time, will be treated as if received on the following Business
Day. Any proceeds, payments, income or other gain from investments in Cash Equivalents made in
respect of funds in or credited to the Collateral Account, as outlined in subsection (a) above,
shall be credited to the Collateral Account. Satmex shall be liable for any loss incurred on funds
invested in any Cash Equivalents directed by it. The Collateral Trustee shall not be liable for
any loss incurred on any funds invested or reinvested in Cash Equivalents pursuant to the
provisions of this Section. In no event shall the Collateral Trustee be liable for the selection
of investments or for losses incurred as a result of the liquidation of any investment prior to its
stated maturity or for the failure of any appropriate Person to provide timely written investment
direction. Any interest or other income received on such investment and reinvestment of amounts in
the Collateral Account shall become part of the Collateral Account
and any losses incurred on such
investment and reinvestment of the amounts in the Collateral Account shall be debited against the
amounts in the Collateral Account. It is agreed and understood that the Collateral Trustee may
earn fees associated with the Cash Equivalents in accordance with the terms of the Cash
Equivalents. In no event shall the Collateral Trustee be deemed an investment manager or adviser
in respect of any selection of Cash Equivalents hereunder. It is understood and agreed that the
Collateral Trustee or its affiliates are permitted to receive additional compensation that could be
deemed to be in the Collateral Trustee’s economic self-interest for (1) serving as investment
adviser, administrator, shareholder servicing agent, custodian or sub-custodian with respect to
certain of the Cash Equivalents, (2) using affiliates to effect transactions in certain Cash
Equivalents and (3) effecting transactions in Cash Equivalents.

     (c) Each party hereto agrees that the Collateral Account constitutes a “securities
account” within the meaning of Section 8-501(a) of the UCC and in such capacity the Collateral
Trustee shall be acting as a “securities intermediary” within the meaning of Section 8-102(a)(14)
of the UCC and that, regardless of any provision in any other agreement,

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for purposes of the UCC, the State of New York shall be deemed to be the “securities
intermediary’s jurisdiction” under Section 8-110(e) of the UCC. Each item of property (whether
investment property, financial asset, security, instrument or cash) credited to the Collateral
Account shall be treated as a “financial asset” within the meaning of Section 8-102(a)(9) of the
UCC.

     (d) The financial assets credited to, and other items deposited to, the Collateral Account
will not be subject to deduction, set-off, banker’s lien, or any other in favor of any Person other
than as created pursuant to this Collateral Trust Agreement.

     4.4 Application of Moneys. The Collateral Trustee shall have the right (pursuant to
subsection 6.7 hereof) at any time to apply moneys held by it in the Collateral Account to the
payment of due and unpaid Collateral Trustee Fees. All remaining moneys held by the Collateral
Trustee in the Collateral Account or received by the Collateral Trustee while an Enforcement Period
is in effect shall, to the extent available for distribution (it being understood that the
Collateral Trustee may liquidate investments prior to maturity to make a distribution pursuant to
this subsection 4.4), be distributed by the Collateral Trustee on each Distribution Date as
follows:

     First: to the Collateral Trustee, an amount equal to any unpaid Collateral
Trustee Fees, and then to any Secured Party which has theretofore advanced or paid any
Collateral Trustee Fees constituting administrative expenses allowable under 11 U.S.C. §
503(b), an amount equal to the amount thereof so advanced or paid by such Secured Party and
for which such Secured Party has not been reimbursed prior to such Distribution Date;

     Second: to any Secured Party which has theretofore advanced or paid any
Collateral Trustee Fees other than such administrative expenses and has provided written
notice of such advance or payment to the Collateral Trustee, an amount equal to the amount
thereof so advanced or paid by such Secured Party and for which such Secured Party has not
been reimbursed prior to such Distribution Date;

     Third: to the Indenture Trustee, for redistribution or application in
accordance with the terms of the First Priority Indenture, an amount equal to all sums which
constitute First Priority Obligations then held by the Secured Parties, including without
limitation the unpaid principal or face amount of, and unpaid interest on and other charges,
if any, in respect of, the First Priority Obligations then outstanding whether or not due
and payable and the costs and expenses of the Secured Parties and their respective
representatives which are due and payable under the relevant First Priority Documents and
which constitute First Priority Documents as of such Distribution Date; and

     Fourth: after indefeasible payment in full of all First Priority Obligations,
any surplus then remaining shall be paid to Satmex or its successors or to whomsoever may be
lawfully entitled to receive the same or as a court of competent jurisdiction may direct.

     4.5 [Intentionally Deleted]

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     4.6 [Intentionally Deleted]

     4.7 Collateral Trustee’s Calculations. In making the determinations and allocations
required by subsection 4.4, the Collateral Trustee may, unless a Responsible Collateral Trustee
Officer has actual knowledge to the contrary, conclusively rely upon a certificate executed and
supplied by the Indenture Trustee as to the amounts payable with respect to First Priority
Obligations, all in accordance with subsection 8.2(b), and the Collateral Trustee shall have no
liability to any of the Secured Parties for actions taken in reliance on such information;
provided, however, that if the Indenture Trustee receives on any Distribution Date
an amount pursuant to subsection 4.4 in excess of the amount to which it was entitled to receive on
such Distribution Date pursuant to such subsection 4.4 as a result of any such certificate
overstating the amount of the First Priority Obligations the Indenture Trustee shall pay such
excess to the Collateral Trustee for application in accordance with subsection 4.4 as soon as
practicable after the existence of such overstatement shall have been determined. All
distributions made by the Collateral Trustee pursuant to subsection 4.4 shall be (subject to any
decree of any court of competent jurisdiction and to the proviso in the preceding sentence) final,
and the Collateral Trustee shall have no duty to inquire as to the application by any First
Priority Holder or the Indenture Trustee of any amounts distributed to them. By accepting the
benefits of this Trust Agreement, the First Priority Security Documents and the First Priority
Guarantees, each Secured Party and the Indenture Trustee agrees to act in accordance with this
Trust Agreement and not take any action inconsistent herewith.

     4.8 Loral Usufructo.

     (a) Each of the Collateral Trustee and the Indenture Trustee, each for themselves and on
behalf of the First Priority Holders, hereby acknowledges that (i) consistent with Mexican law, the
Loral Usufructo shall constitute an in rem property right whereby the Grant Holders are entitled to
the quiet use and enjoyment of the Loral Transponders for (x) the life of Satmex 6 as to the Loral
Transponders on Satmex 6 and (y) the life of Satmex 5 as to the Loral Transponders on Satmex 5; and
(ii) as a consequence of the Loral Usufructo and consistent with Mexican law, the Loral
Transponders cannot, under any circumstances, including, without limitation, in an insolvency,
bankruptcy or similar proceeding under Mexican or U.S. law, be modified, diminished, sold,
transferred, pledged or otherwise disposed of free and clear of the usufructo embodied in the Loral
Grant and any purchaser or transferee thereof takes subject to the Loral Usufructo; provided,
however, that the Grant Holders may, in their sole discretion, determine to accept the Loral
Transponder Sale Proceeds in exchange for the termination and extinguishment of the Loral Usufructo
as provided in Section 4.9 below.

     (b) The Collateral Trustee hereby is irrevocably directed to pay the Loral Transponder Sale
Proceeds to the applicable Grant Holders, as provided in Section 4.9 below.

     (c) The Grant Holders may take any action necessary to enforce their rights under the Loral
Usufructo against Satmex, its successors and assigns, or any other party in any context.

     (d) Each of the Collateral Trustee and the Indenture Trustee, each for themselves and on
behalf of each of the First Priority Holders, hereby acknowledges the

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existence of the Loral Usufructo and that the liens granted by Satmex to the First Priority
Holders in the First Priority Collateral to secure the First Priority Obligations are subject to
the Loral Usufructo. Each of the Collateral Trustee and the Indenture Trustee, each for
themselves and on behalf of each of the First Priority Holders, shall not, and hereby waive any
right to, foreclose the Loral Usufructo in the Loral Transponders.

     (e) In any proceeding outside Mexico with respect to (x) the subject matter of section
5A(a)(iv) of the Restructuring Agreement, (y) the Loral Usufructo or the Loral Grant or (z) Satmex
5 or Satmex 6 as it relates to the rights of the Grant Holders in the Loral Transponders, each of
the Collateral Trustee and the Indenture Trustee, each for themselves and on behalf of the First
Priority Holders, irrevocably agree that Luis A. Nicolau or such other designee selected by the
Grant Holders (the “Designee”), which Designee shall be reasonably acceptable to Satmex and
the Collateral Trustee for the First Priority Holders and the collateral trustee for the Second
Priority Holders, shall be the sole expert on Mexican law (specifically including Article 980) and
agree that Mr. Nicolau or such Designee will be the only witness (expert or otherwise) that may
submit evidence including, without limitation, any expert report, testimony or opinion, for all
purposes in interpreting, enforcing or otherwise explaining the Mexican Federal Civil Code,
including Article 980 thereof, with respect to the Loral Usufructo and the Loral Grant or the
parties’ rights in respect thereof (and each party shall waive any right to call any other witness
in respect of these matters).

     (f) Each of the Collateral Trustee and the Indenture Trustee, each for themselves and on
behalf of the First Priority Holders, are and shall be estopped from arguing or taking any position
that the Loral Usufructo embodied in the Loral Grant is other than as expressly described herein or
therein.

     (g) In any dispute (in any court or other proceeding whether in Mexico, the United States or
otherwise) with respect to the Loral Usufructo embodied in the Loral Grant, the laws of Mexico
shall apply in connection with the interpretation, enforceability and application of the Loral
Usufructo, and such application of Mexican law is to be considered to the fullest extent under Rule
44.1 of the Federal Rules of Civil Procedure and Rule 9017 of the Federal Rules of Bankruptcy
Procedure, as may be applicable.

     (h) Neither the Loral Usufructo nor the Loral Grant shall affect the exercise of rights and
remedies of any of the First Priority Holders, and, except in the event the Grant Holders shall
elect to terminate the Loral Usufructo as provided in Section 4.9 below, the Loral Usufructo shall
survive any exercise of such rights and remedies.

     4.9 Distribution of Loral Transponder Sale Proceeds.

     (a) (i) If as a result of any enforcement action or exercise of rights and remedies by the
Collateral Trustee hereunder, Satmex 5 or Satmex 6 is transferred in a Changing Orbital Foreclosure
Sale, then the Collateral Trustee shall, and is hereby irrevocably directed to, segregate from the
sale proceeds and hold in escrow (i) the Loral Transponder Sale Proceeds with respect to Satmex 5
on the Satmex 5 Transponder Sale Date and (ii) the Loral Transponder Sale Proceeds with respect to
Satmex 6 on the Satmex 6 Transponder Sale Date. On or before the Satmex 5 Loral Transponder Sale
Date or the Satmex 6 Loral Transponder Sale Date, as

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applicable, the Collateral Trustee shall, and is hereby irrevocably directed to, notify Loral
Skynet Corporation (the “Sale Notice”) of the sale, the location of the New Orbital Slot, and the
proposed course of action, if any. The applicable Grant Holder shall have the right, within ninety
(90) days of receipt of the Sale Notice, to advise the Collateral Trustee in writing, whether it
elects to continue or terminate any existing Loral Usufructo on some or all of the Loral
Transponders at the New Orbital Slot, which election shall be at the applicable Grant Holders’ sole
discretion. In no event shall Satmex 5 or Satmex 6, as applicable, be moved to the New Orbital
Slot prior to the expiration of such ninety (90) day period.

          (ii) If the Grant Holders shall elect within such ninety (90) days to terminate the Loral
Usufructo on some or all of the Loral Transponders, the Grant Holders shall be entitled to receive,
and the Collateral Trustee herby is irrevocably directed to pay to, the applicable Grant Holders
(x) the Loral Transponder Sale Proceeds with respect to Satmex 5 and (y) the Loral Transponder Sale
Proceeds with respect to Satmex 6, as applicable; provided further, however, that simultaneous with
the applicable Grant Holders’ receipt of such Loral Transponder Sale Proceeds, such applicable
Grant Holder shall release and terminate the Loral Grant with respect to the Loral Transponders for
which such Grant Holder has elected to terminate the Loral Usufructo as set forth above, (and shall
be obligated only to return such Loral Transponder(s) in their “as is” “where is” condition).

     (b) If as a result of any enforcement action or exercise of rights and remedies by the
Collateral Trustee hereunder, Satmex 5 or Satmex 6 is transferred in a Non-Changing Orbital
Foreclosure Sale, then the Collateral Trustee shall, and is hereby irrevocably directed to, use
commercially reasonable efforts in such foreclosure process to obtain the agreement of any
transferee to assume at no cost the Collateral Trustee or any of the First Priority Holders the
applicable Usufructo Agreement. If such purchaser, in its sole discretion, does not agree to such
assumption, the Collateral Trustee shall, and is hereby irrevocably directed to, pay to the
applicable Grant Holders (i) the Loral Transponder Sale Proceeds with respect to Satmex 5 on the
Satmex 5 Transponder Sale Date and (ii) the Loral Transponder Sale Proceeds with respect to Satmex
6 on the Satmex 6 Transponder Sale Date.

     (c) Notwithstanding the foregoing, nothing in this Trust Agreement shall affect or otherwise
limit the rights, remedies, or powers of the Collateral Trustee provided herein or under applicable
law to sell, transfer or exercise any rights and remedies with respect to the First Priority
Collateral or otherwise; provided that the Collateral Trustee shall afford the Grant Holders the
same opportunity as any other third-party bidder to bid on and purchase Satmex 5 and/or Satmex 6 in
any foreclosure; and provided further that nothing in this sentence shall give the Grant Holders
any rights greater than any other third-party bidder. In addition, whether or not the Grant
Holders elect to continue the Loral Usufructo in whole or in part at the New Orbital Slot and
regardless of the Grant Holders receipt of any Loral Transponder Sale Proceeds under any
circumstances as provided in this Section 4.9, nothing herein shall be deemed a waiver of any
rights of the Grant Holders, and the Grant Holders shall be entitled, to an unsecured claim against
Satmex in an amount equal to the direct damages, losses and liabilities that will be incurred by
the Grant Holders under customer contracts then utilizing capacity on the Loral Transponders that
arise from or relate to (x) the move of Satmex 5 or Satmex 6, as applicable, from its Orbital Slot
or (y) the loss or impairment of any Services (as defined in the Usufructo Agreement) and any other
of Grant Holders’ rights under the applicable Usufructo Agreement.

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SECTION 5

ADDITIONAL COLLATERAL; ADDITIONAL

FIRST PRIORITY GUARANTEES; CERTAIN DOCUMENTATION REQUIREMENTS

     5.1 Delivery of First Priority Securities Facility, Initial Security Documents and Initial
Guarantees. On or before the Effective Date, Satmex shall deliver to the Collateral Trustee
copies, certified by a Responsible Officer to be true and complete, of the First Priority
Securities Facility and executed originals of the Initial Security Documents and copies of the duly
executed Initial Guarantees.

     5.2 Additional Collateral. Satmex, the Initial Guarantors and the Additional
Guarantors and their respective Subsidiaries may from time to time and shall, to the extent
required in any First Priority Document, provide Additional Collateral to the Collateral Trustee
and, in connection therewith, (a) deliver to the Collateral Trustee an Additional Collateral
Designation in respect of such Additional Collateral and (b) fulfill the requirements of subsection
5.7(b) in respect of such Additional Collateral Designation. The Additional Collateral designated
by such Additional Collateral Designation shall constitute First Priority Collateral for the First
Priority Obligations.

     5.3 Notice to Secured Parties of Additional Collateral. Promptly after the delivery
of Additional Collateral pursuant to subsection 5.2, the Collateral Trustee will deliver a copy of
the related Additional Collateral Designation to the Indenture Trustee.

     5.4 Additional Guarantees. Satmex may from time to time and shall, to the extent
required in any First Priority Document (including but not limited to Sections 4.19(b) and 9.3 of
the First Priority Indenture), cause a Subsidiary of Satmex or any Initial Guarantor to provide
duly executed copies of the Additional Guarantees to the Collateral Trustee and, in connection
therewith, (a) deliver to the Collateral Trustee an Additional Guarantee Designation in respect of
each such Additional Guarantee, and (b) fulfill the requirements of subsection 5.8(b) in respect of
such Additional Guarantee Designation. The Additional Guarantee designated by such Additional
Guarantee Designation shall constitute a First Priority Guarantee of the First Priority
Obligations.

     5.5 Notice to Secured Parties of Additional Guarantee. Promptly after the delivery of
any Additional Guarantee Designation pursuant to subsection 5.4, the Collateral Trustee will
deliver a copy of the Additional Guarantee Designation to the Indenture Trustee.

     5.6 Actions Required with respect to First Priority Obligations. Simultaneously with
its delivery to the Collateral Trustee of the First Priority Securities Facility pursuant to
subsection 5.1, Satmex and the Initial Guarantors shall:

          (i) deliver to the Collateral Trustee certificates of Responsible Officers (A) as to the names
and signatures of the officers who are authorized to execute this Trust Agreement on behalf of
Satmex and the Initial Guarantors and (B) attaching copies of resolutions of the Board of Directors
or other governing bodies of Satmex and the Initial Guarantors authorizing the execution and
delivery by Satmex and the Initial Guarantors of this Trust Agreement, and certifying that such
resolutions are in full force and effect; and

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          (ii) cause to be delivered to the Collateral Trustee and the Indenture Trustee Opinion of
Counsel substantially in the form of Exhibit C.

     5.7 Actions Required with respect to First Priority Security Documents and First Priority
Collateral.

     (a) Simultaneously with its delivery to the Collateral Trustee of the Initial Security
Documents pursuant to subsection 5.1, Satmex shall:

          (i) deliver to the Collateral Trustee certificates of Responsible Officers (A) as to the names
and signatures of the officers of Satmex and the Initial Guarantors who are authorized to execute
the Initial Security Documents on behalf of each grantor party thereto and (B) attaching copies of
resolutions of the Boards of Directors or other governing bodies of Satmex and the Initial
Guarantors authorizing the execution and delivery of the Initial Security Documents, by each
grantor party thereto, and certifying that such resolutions are in full force and effect;

          (ii) deliver to the Collateral Trustee (or its bailee or agent as designated by the Collateral
Trustee or as required in the First Priority Security Document relating to such Possessory
Collateral) possession of any Possessory Collateral covered by the Initial Security Documents;

          (iii) cause to be filed or recorded in all required filing or recording registries or offices
or with appropriate governmental agencies all financing statements, mortgages and other instruments
reasonably requested by the Collateral Trustee to perfect the lien of the Collateral Trustee
created by such Initial Security Documents, and deliver to the Collateral Trustee evidence
reasonably satisfactory to it of each such filing and recording; and

          (iv) deliver to the Collateral Trustee and the Indenture Trustee Opinion of Counsel
substantially in the form of Exhibits C.

     (b) Simultaneously with its delivery to the Collateral Trustee of any Additional Collateral
Designation pursuant to subsection 5.2, Satmex (or the First Priority Guarantors or the Subsidiary
of Satmex or a First Priority Guarantor that is delivering such Additional Collateral Designation)
shall:

          (i) deliver to the Collateral Trustee copies, duly executed by the grantor parties thereto, of
all Additional Security Documents described in such Additional Collateral Designation;
provided that each such Additional Security Document shall be in substantially the same
form as the corresponding Initial Security Document or, in the event there is no applicable
corresponding Initial Security Document, in form and substance reasonably satisfactory to the
Collateral Trustee;

          (ii) deliver to the Collateral Trustee a certificate of a Responsible Officer (A) as to the
names and signatures of the officers of each grantor party thereto who are authorized to execute
such Additional Security Documents on behalf of each grantor party thereto and (B) attaching copies
of resolutions of the Board of Directors or other governing body of each grantor party thereto
authorizing the execution and delivery of such Additional Security

24

 

Document by each grantor party thereto, and certifying that such resolutions are in full force
and effect;

          (iii) deliver to the Collateral Trustee (or its bailee or agent as designated by the
Collateral Trustee or as required in the First Priority Security Document relating to such
Possessory Collateral) possession of any Possessory Collateral covered by such Additional Security
Documents;

          (iv) cause to be filed or recorded in all required filing or recording registries or offices
or with appropriate governmental agencies all financing statements, mortgages and other instruments
reasonably requested by the Collateral Trustee to perfect the security interest of the Collateral
Trustee created by such Additional Security Documents, and deliver to the Collateral Trustee
customary evidence of each such filing and recording; and

          (v) deliver to the Collateral Trustee and the Indenture Trustee an Opinion of Counsel or
Opinions of Counsel which, taken together, shall include opinions with respect to substantially the
same matters as the opinions delivered hereunder with respect to the Initial Collateral.

Promptly after receipt by the Collateral Trustee of any such documents delivered by Satmex pursuant
to this paragraph (b), the Collateral Trustee shall at the expense of Satmex deliver copies thereof
to the Indenture Trustee.

     5.8 Actions Required with Respect to First Priority Guarantees.

     (a) Simultaneously with its delivery to the Collateral Trustee of the Initial Guarantees
pursuant to subsection 5.1, Satmex shall:

          (i) deliver to the Collateral Trustee certificates of Responsible Officers (A) as to the names
and signatures of the officers of the Initial Guarantors who are authorized to execute the Initial
Guarantees and (B) attaching copies of resolutions of the Boards of Directors or other governing
bodies of the Initial Guarantors authorizing the execution and delivery by such guarantor of the
Initial Guarantee to which it is a party or evidence of such authorization, and certifying that
such resolutions are in full force and effect; and

          (ii) deliver to the Collateral Trustee and the Indenture Trustee Opinion of Counsel
substantially in the form of Exhibits C.

     (b) Simultaneously with its delivery to the Collateral Trustee of any Additional Guarantee
Designation pursuant to subsection 5.2, Satmex shall:

          (i) deliver to the Collateral Trustee copies, duly executed by the grantor parties thereto, of
all Additional Guarantees described in such Additional Guarantee Designation; provided that
each such Additional Guarantee shall be substantially in the form of the Initial Guarantees; and

          (ii) deliver to the Collateral Trustee a certificate of a Responsible Officer (A) as to the
names and signatures of the officers of the relevant guarantors who are

25

 

authorized to execute the Additional Guarantees and (B) attaching copies of resolutions of the
Board of Directors or other governing bodies of each guarantor authorizing the execution and
delivery by such guarantor of the Additional Guarantee to which it is a party, and certifying that
such resolutions are in full force and effect; and

          (iii) deliver to the Collateral Trustee and the Indenture Trustee an Opinion of Counsel or
Opinions of Counsel which, taken together, shall include opinions with respect to substantially the
same matters as set forth in the opinions delivered hereunder with respect to the Initial
Guarantees.

     Promptly after receipt by the Collateral Trustee of any such documents delivered by Satmex pursuant
to this paragraph (b), the Collateral Trustee shall at the expense of Satmex deliver copies thereof
to the Indenture Trustee.

     5.9 Possessory Collateral. Satmex shall immediately deliver to the Collateral Trustee
(or an agent or bailee on its behalf designated by the Collateral Trustee or as required in the
First Priority Security Document relating to such Possessory Collateral, at the sole cost and
expense of Satmex) all Possessory Collateral that is or may be in the possession of Satmex or any
of its Subsidiaries, to the extent Satmex is required to do so by any First Priority Document.

     5.10 Collateral Opinion. Satmex and each First Priority Guarantor shall furnish to
the Collateral Trustee copies of any evidence or documents required to be submitted to the
Indenture Trustee under Section 4.11(b) of the First Priority Indenture and, in addition, evidence
of the recording or filing of the First Priority Indenture or any other documents filed or recorded
in connection with the creation or perfection of the liens and security interests granted or
evidenced by the other First Priority Documents, including, without limitation, the following
evidence:

          (i) promptly after the execution and delivery of the First Priority Indenture, an Opinion of
Counsel stating in the opinion of such counsel the First Priority Security Documents and all other
necessary and appropriate documents have been properly filed for recordation in the corresponding
public registries so that, upon such recordation, the liens and security interests intended to be
created by the First Priority Documents will constitute perfected liens and security interests; and

          (ii) at least annually, on or before January 31 of each calendar year, after the execution and
delivery of the First Priority Indenture, an Opinion of Counsel either stating that in the opinion
of such counsel such action has been taken with respect to the recording, filing, re-recording, and
refilling of the First Priority Documents, as required, and all other necessary and appropriate
documents to maintain the perfected status of the liens and security interests intended to be
created by the First Priority Security Documents, or stating that in the opinion of such counsel no
such action is necessary to maintain such perfected status of the liens or security interests.

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SECTION 6

AGREEMENTS WITH COLLATERAL TRUSTEE

     6.1 Delivery of Amendments to First Priority Securities Facility. Satmex shall
deliver to the Collateral Trustee (and the Collateral Trustee shall thereupon promptly deliver to
the Indenture Trustee at the sole expense of Satmex), promptly upon the execution thereof, a true
and complete copy of all amendments, supplements or other modifications to any First Priority
Document entered into after the Effective Date.

     6.2 Information as to Secured Parties, the Indenture Trustee, Etc. The Indenture
Trustee shall deliver to the Collateral Trustee (and the Collateral Trustee shall, with respect to
the list identified in clause (x) below, promptly upon written request deliver to Satmex), within
30 days after the Effective Date, and between May 1 and May 15 and between November 1 and November
15 in each year, and from time to time as may be reasonably requested by the Collateral Trustee
(which request shall be made by the Collateral Trustee at the reasonable direction of any Secured
Party), (x) a list, setting forth as of a specified date not more than 30 days prior to the date of
such delivery, of the aggregate unpaid principal or face amount of First Priority Obligations
outstanding and the name and address of the Indenture Trustee and the amount of First Priority
Obligations and (y) a list, as of a date not more than 30 days prior to the date of such list, (i)
naming each Secured Party and (ii) setting forth the amount of First Priority Obligations held by
each Secured Party.

     6.3 Compensation and Expenses. Satmex agrees to pay to the Collateral Trustee, from
time to time upon demand, (i) compensation (which shall not be limited by any provision of law in
regard to compensation of fiduciaries or of a trustee of an express trust) for its services
hereunder and under the First Priority Guarantees and First Priority Security Documents and for
administering the Trust Estate in accordance with the fee letter dated November_, 2006 between
Collateral Trustee and Satmex and (ii) all of the fees, costs and expenses of the Collateral
Trustee (including, without limitation, the reasonable fees and disbursements of its counsel and
such special counsel as the Collateral Trustee shall reasonably elect to retain) (A) arising in
connection with the preparation, execution, delivery, modification, and termination of or
performance under this Trust Agreement, the First Priority Guarantees and the First Priority First
Priority Security Documents or the enforcement of any of the provisions hereof or thereof, (B)
incurred or required to be advanced in connection with the administration of the Trust Estate, the
sale or other disposition of First Priority Collateral pursuant to any First Priority Security
Document and the preservation, protection, enforcement or defense of the Collateral Trustee’s
rights under this Trust Agreement, the First Priority Guarantees and the First Priority Security
Documents and in and to the First Priority Collateral and the Trust Estate or (C) incurred by the
Collateral Trustee in connection with the removal of the Collateral Trustee pursuant to subsection
8.7(a). The obligations of Satmex under this subsection shall survive the termination of the other
provisions of this Trust Agreement and the resignation or removal of the Collateral Trustee.

     6.4 Stamp and Other Similar Taxes. Satmex agrees to indemnify and hold harmless the
Collateral Trustee and each Secured Party from, and shall reimburse the Collateral Trustee and each
Secured Party for, any present or future claim for liability for any stamp or any other similar tax
and any penalties or interest with respect thereto, which may be assessed, levied

27

 

or collected by any jurisdiction in connection with this Trust Agreement, any First Priority
Security Document, any First Priority Guarantee, the Trust Estate or any First Priority Collateral.
The obligations of Satmex under this subsection shall survive the termination of the other
provisions of this Trust Agreement and the resignation or removal of the Collateral Trustee.

     6.5 Filing Fees, Excise Taxes, Etc. Satmex agrees to pay or to reimburse the
Collateral Trustee for any and all payments made by the Collateral Trustee in respect of all
search, filing, recording and registration fees, taxes, excise taxes and other similar imposts
which may be payable or determined to be payable in respect of the execution and delivery,
performance, or enforcement of this Trust Agreement, the First Priority Guarantees and the First
Priority Security Documents. The obligations of Satmex under this subsection shall survive the
termination of the other provisions of this Trust Agreement and the resignation or removal of the
Collateral Trustee.

     6.6 Indemnification.

     (a) Satmex agrees to pay, indemnify, and hold each of the Collateral Trustee and any
predecessor Collateral Trustee, and each of their respective officers, directors,
attorneys-in-fact, and agents harmless from and against any and all liabilities, obligations,
losses, damages, penalties, actions, judgments, suits, costs, expenses (including, without
limitation, the reasonable fees and expenses of the Collateral Trustee’s agents counsel) or
disbursements of any kind or nature whatsoever arising out of or in connection with the acceptance
and/or administration of the Trust Estate created hereunder or with respect to the execution,
delivery, enforcement, performance and administration of this Trust Agreement, the First Priority
Guarantees, or the First Priority Security Documents, unless arising from the gross negligence or
willful misconduct of the indemnified party, including, without limitation, indemnification of the
Collateral Trustee for liabilities of the Collateral Trustee for the net amount of taxes (after
taking account of any deduction, credit or other tax reduction or benefit available by reason of
the imposition of any such tax) in any jurisdiction in which the Collateral Trustee would not
otherwise be subject to tax except by reason of its acting under this Trust Agreement, any First
Priority Guarantee or any First Priority Security Document (directly or through agents, separate
trustees or co-trustees), provided that such indemnification for taxes (a) shall apply only
(i) in respect of taxes attributable to the performance of the Collateral Trustee’s obligations as
Collateral Trustee hereunder or under any First Priority Guarantee or First Priority Security
Document and (ii) to the extent that the Collateral Trustee, using reasonable efforts, shall have
been unable to avoid or minimize the same as contemplated by subsection 8.10 and (b) shall in no
event cover any taxes imposed upon the Collateral Trustee with respect to or measured by its net or
gross income or profits.

     (b) In any suit, proceeding or action brought by the Collateral Trustee under or with respect
to any contract, agreement, interest or obligation constituting part of the First Priority
Collateral for any sum owing thereunder, or to enforce any provisions thereof, Satmex will save,
indemnify and keep the Collateral Trustee and its officers, directors, attorneys-in-fact, and
agents harmless from and against all expense, loss or damage suffered by reason of any defense,
setoff, counterclaim, recoupment or reduction of liability whatsoever of the obligor thereunder,
arising out of a breach by Satmex or any First Priority Guarantor, as applicable, of any obligation
thereunder or arising out of any other agreement, indebtedness or liability at any

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time owing to or in favor of such obligor or its successors from Satmex or any First Priority
Guarantor, as applicable, and all such obligations of Satmex or such First Priority Guarantor shall
be and remain enforceable against and only against Satmex or such First Priority Guarantor, as
applicable, and shall not be enforceable against the Collateral Trustee. The agreements in this
subsection shall survive the termination of the other provisions of this Trust Agreement and the
resignation or removal of the Collateral Trustee.

     (c) No provision of this Trust Agreement shall require the Collateral Trustee to expend or
risk its own funds or otherwise incur any financial liability in the performance of any of its
duties hereunder, or in the exercise of any of its rights or powers, if it shall have reasonable
grounds for believing that repayment of such funds or reasonable indemnity against such risk or
liability is not reasonably assured to it.

     (d) Whether or not therein expressly so provided, every provision of this Trust Agreement
relating to the conduct or affecting the liability of or affording protection to the Collateral
Trustee shall be subject to the provisions of this Section.

     6.7 Collateral Trustee’s Lien. Notwithstanding anything to the contrary in this Trust
Agreement, as security for the payment of Collateral Trustee Fees (i) the Collateral Trustee is
hereby granted a lien upon all Collateral prior to the lien securing the First Priority Obligations
and (ii) the Collateral Trustee shall have the right to use and apply any of the funds held by the
Collateral Trustee in the Collateral Account to cover such Collateral Trustee Fees.

     6.8 Further Assurances. At any time and from time to time, whether or not an
Enforcement Event shall be in effect, upon the written request of the Collateral Trustee (which
shall be made only upon the written direction of the Requisite First Priority Holders), and at the
expense of Satmex, Satmex and each First Priority Guarantor, as applicable, will promptly execute
and deliver any and all such further instruments and documents and take such further action as the
Collateral Trustee has been so directed is necessary or reasonably requested to obtain the full
benefits of this Trust Agreement and the First Priority Security Documents and of the rights and
powers herein and therein granted or to cause any assets required under a First Priority Document
to be subject to a perfected security interest of the Collateral Trustee to be so subject,
including, without limitation, the filing of any financing or continuation statements under the UCC
in effect in any jurisdiction with respect to the liens and security interests granted under the
First Priority Security Documents. Satmex and each First Priority Guarantor also hereby authorize
the Collateral Trustee to sign and/or to file any such documents, instruments or financing or
continuation statements without the signature of Satmex or such First Priority Guarantor, as
applicable (including any financing statement indicating that it covers “all assets” or all personal property of such Person), and to take such other actions to the extent permitted by applicable law, but in no way
is the Collateral Trustee obligated to do so.

SECTION 7

POSSESSION AND USE OF COLLATERAL; PARTIAL RELEASES

     7.1 Use Prior to Notice of Default.

     (a) So long as no Enforcement Period is in effect, Satmex shall have the right: (i) to remain
in possession and retain exclusive control of the First Priority Collateral (except any

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Possessory Collateral) with power freely and without hindrance on the part of the Collateral
Trustee or the Secured Parties to operate, manage, develop, use and enjoy the First Priority
Collateral and to receive the rents, issues, tolls, profits, royalties, revenues and other income
thereof, and (ii) subject to Section 8.2 of the First Priority Indenture and the other provisions
of the First Priority Indenture to sell or otherwise dispose of, free and clear of the lien and
security interest created by subsection 6.7 hereof and by the First Priority Security Documents,
any First Priority Collateral if such sale or other disposition is not prohibited by any First
Priority Document. The Collateral Trustee shall have no duty to monitor the exercise by Satmex of
its rights under this subsection.

     (b) If an Enforcement Period is in effect, Satmex, the First Priority Guarantors and all other
grantors of Additional Security Documents or Additional Guarantees shall promptly surrender control
of and turn over to the Collateral Trustee upon demand all First Priority Collateral and any
Proceeds thereof and, pending such surrender and turnover shall hold such Collateral and Proceeds
in trust for the Collateral Trustee for the benefit of the First Priority Holders.

     7.2 Purchase of First Priority Collateral. Any Secured Party may purchase First
Priority Collateral at any public sale of such First Priority Collateral and, with the consent of
the Requisite First Priority Holders and if permitted by the First Priority Documents governing
such First Priority Obligation and by applicable law, may make payment on account of such purchase
by using any First Priority Obligation then due and payable to such Secured Party as a credit (up
to the amount of such First Priority Obligation) against the purchase price.

SECTION 8

THE COLLATERAL TRUSTEE

     8.1 Acceptance of Trust. The Collateral Trustee, for itself and its successors,
hereby accepts the trusts created by this Trust Agreement upon the terms and conditions hereof.

     8.2 Exculpatory Provisions.

     (a) The Collateral Trustee shall not be responsible in any manner whatsoever for the
correctness of any recitals, statements, representations or warranties herein, all of which are
made solely by Satmex or the First Priority Guarantors, as applicable. The Collateral Trustee
makes no representations as to the value or condition of the Trust Estate or any part thereof, or
as to the title of Satmex or any First Priority Guarantor thereto or as to the security afforded by
this Trust Agreement or any First Priority Security Document, or as to the validity, execution
(except its own execution), enforceability, legality or sufficiency of this Trust Agreement, the
First Priority Guarantees, the First Priority Security Documents or the First Priority Obligations,
and the Collateral Trustee shall incur no liability or responsibility in respect of any such
matters. The Collateral Trustee shall not be responsible for insuring the First Priority
Collateral or for the payment of taxes, charges or assessments or discharging of liens upon the
First Priority Collateral or otherwise as to the maintenance of the First Priority Collateral,
except that if the Collateral Trustee takes possession of any First Priority Collateral, the
Collateral Trustee shall use reasonable care in the preservation of the First Priority Collateral
in its possession.

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     (b) The Collateral Trustee shall not be required to ascertain or inquire as to the performance
by Satmex or any of its Subsidiaries of any of the covenants or agreements contained herein or in
any other First Priority Document. Whenever it is necessary, or in the opinion of the Collateral
Trustee advisable, for the Collateral Trustee to ascertain the amount of First Priority Obligations
then held by Secured Parties, the Collateral Trustee may conclusively rely, absent actual knowledge
of a Responsible Collateral Trustee Officer to the contrary, on a certificate of the Indenture
Trustee.

     (c) The Collateral Trustee shall be under no obligation or duty to take any action under this
Trust Agreement, any First Priority Guarantee or any First Priority Security Document if taking
such action (i) would subject the Collateral Trustee to a tax in any jurisdiction where it is not
then subject to a tax or (ii) would require the Collateral Trustee to qualify to do business in any
jurisdiction where it is not then so qualified, unless the Collateral Trustee receives reasonable
security or indemnity against such tax (or equivalent liability), or any liability resulting from
such qualification, in each case as results from the taking of such action under this Trust
Agreement, any First Priority Guarantee or any First Priority Security Document.

     (d) Notwithstanding any other provision of this Trust Agreement, the Collateral Trustee, in
its or his individual capacity, shall not be personally liable for any action taken or omitted to
be taken by it or him in accordance with this Trust Agreement, the First Priority Guarantees or the
First Priority Security Documents except for its or his own gross negligence or willful misconduct.

     (e) The Collateral Trustee shall have the same rights with respect to any First Priority
Obligation held by it as any other Secured Party and may exercise such rights as though it were not
the Collateral Trustee hereunder, and may accept deposits from, lend money to, and generally engage
in any kind of banking or trust business with Satmex and its affiliates as if it were not the
Collateral Trustee.

     (f) The First
Priority Collateral Trustee shall not be required to send a copy of a Notice of Default to
the Second Priority Collateral Trustee under the last sentence of Section 8.4 of the Intercreditor
Agreement unless it has been directed in writing to do so by the Requisite First Priority Holders;
provided, however, that if the Requisite First Priority Holders direct the First Priority
Collateral Trustee to take any action to enforce its rights
in the First Priority Collateral, then such direction shall,
unless such direction expressly provides otherwise, be deemed to
include a direction for the First Priority Collateral Trustee
to send a copy of any related Notice of Default to the Second
Priority Collateral Trustee under the last sentence of Section 8.4 of the Intercreditor Agreement

     8.3 Delegation of Duties. The Collateral Trustee may execute any of the trusts or
powers hereof and perform any duty hereunder either directly or by or through agents or
attorneys-in-fact. The Collateral Trustee shall be entitled to advice of counsel of its selection
concerning all matters pertaining to such trusts, powers and duties. The Collateral Trustee shall
not be responsible for the negligence or misconduct of any agents or attorneys-in-fact selected by
it with reasonable care.

     8.4 Reliance by Collateral Trustee.

     (a) Whenever in the administration of this Trust Agreement, the First Priority Guarantees or
the First Priority Security Documents the Collateral Trustee shall deem it necessary or desirable
that a factual matter be proved or established in connection with the Collateral Trustee taking,
suffering or omitting any action hereunder or thereunder, such matter (unless other evidence in
respect thereof is herein specifically prescribed) may be deemed in the absence of actual knowledge
of a Responsible Collateral Trustee Officer to the contrary to be conclusively proved or
established by a certificate of a Responsible Officer of Satmex or of the Indenture Trustee
delivered to the Collateral Trustee, and such certificate shall be full warrant to

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the Collateral Trustee for any action taken, suffered or omitted in reliance thereon, subject,
however, to the provisions of subsection 8.5.

     (b) The Collateral Trustee may consult with counsel of its selection, and any Opinion or
advice of Counsel shall be full and complete authorization and protection in respect of any action
taken or suffered by them hereunder or under any First Priority Guarantee or First Priority
Security Document in accordance therewith. The Collateral Trustee shall have the right at any time
to seek instructions concerning the administration of this Trust Agreement, the First Priority
Guarantees and the First Priority Security Documents from any court of competent jurisdiction.

     (c) The Collateral Trustee may conclusively rely, and shall be fully protected in acting, upon
any resolution, statement, certificate, instrument, opinion, report, notice, request, consent,
order, bond or other paper or document (whether in its original or facsimile form) which it in good
faith believes to be genuine and to have been signed or presented by the proper party or parties
or, in the case of cables, telecopies and telexes, to have been sent by the proper party or
parties. In the absence of its gross negligence or willful misconduct, the Collateral Trustee may
conclusively rely, as to the truth of the statements and the correctness of the opinions expressed
therein, upon any certificates or opinions furnished to the Collateral Trustee and conforming to
the requirements of this Trust Agreement.

     (d) The Collateral Trustee shall not be under any obligation to exercise any of the rights or
powers vested in the Collateral Trustee by this Trust Agreement, the First Priority Guarantees and
the First Priority Security Documents, at the request or direction of the Requisite First Priority
Holders pursuant to this Trust Agreement or otherwise, unless the Collateral Trustee shall have
been provided reasonable security and indemnity against the costs, expenses and liabilities which
may be incurred by it in compliance with such request or direction, including such reasonable
advances as may be requested by the Collateral Trustee.

     (e) Upon any application or demand by Satmex to the Collateral Trustee to take or permit any
action under any of the provisions of this Trust Agreement, any First Priority Guarantee or any
First Priority Security Document, Satmex shall furnish to the Collateral Trustee a certificate of a
Responsible Officer stating that all conditions precedent, if any, provided for in this Trust
Agreement, in any relevant First Priority Document relating to the proposed action have been
complied with, and in the case of any such application or demand as to which the furnishing of any
document is specifically required by any provision of this Trust Agreement, any First Priority
Guarantee or any First Priority Security Document relating to such particular application or
demand, such additional document shall also be furnished to the Collateral Trustee.

     8.5 Limitations on Duties of Collateral Trustee.

     (a) Unless an Enforcement Period is in effect, the Collateral Trustee shall be obligated to
perform such duties and only such duties as are specifically set forth in this Trust Agreement, the
First Priority Guarantees and the First Priority Security Documents, and no implied covenants or
obligations shall be read into this Trust Agreement, any First Priority Guarantee or any First
Priority Security Document against the Collateral Trustee. If and so long

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as an Enforcement Period is in effect, the Collateral Trustee shall, subject to the provisions
of subsection 3.5(b), exercise the rights and powers vested in it by this Trust Agreement, the
First Priority Guarantees and the First Priority Security Documents, and shall not be liable with
respect to any action taken by it, or omitted to be taken by it, in accordance with the direction
of the Requisite First Priority Holders.

     (b) Whenever reference is made in this Trust Agreement to any action by, consent, designation,
specification, requirement or approval of, notice, request or other communication from, or other
direction given or action to be undertaken or to be (or not to be) suffered or omitted by the
Collateral Trustee to any amendment, waiver or other modification of this Trust Agreement or of any
First Priority Guarantee or any First Priority Security Document to be executed (or not to be
executed) by the Collateral Trustee or to any election, decision, opinion, acceptance, use of
judgment, expression of satisfaction or other exercise of discretion, rights or remedies to be made
(or not to be made) by the Collateral Trustee, it is understood that in all cases the Collateral
Trustee shall be acting, giving, withholding, suffering, omitting, making or otherwise undertaking
and exercising the same (or shall not be undertaking and exercising the same) as directed in
writing by the Requisite First Priority Holders. This provision is intended solely for the benefit
of the Collateral Trustee and its successors and permitted assigns and is not intended to and will
not entitle the other parties hereto to any defense, claim or counterclaim under or in relation to
any First Priority Security Documents, or confer any rights or benefits on any party hereto. The
Collateral Trustee shall, subject to subsection 6.1, make available for inspection and copying by
the Indenture Trustee each certificate or other document furnished to the Collateral Trustee by
Satmex under or in respect of this Trust Agreement, any First Priority Guarantee or any First
Priority Security Document or any of the First Priority Collateral.

     (c) No provision of this Trust Agreement, any First Priority Guarantee or any First Priority
Security Document shall be deemed to impose any duty or obligation on the Collateral Trustee to
perform any act or acts or exercise any right, power, duty or obligation conferred or imposed on
it, in any jurisdiction in which it shall be illegal, or in which the Collateral Trustee shall be
unqualified or incompetent, to perform any such act or acts or to exercise any such right, power,
duty or obligation or if such performance or exercise would constitute doing business by the
Collateral Trustee in such jurisdiction or impose a tax on the Collateral Trustee by reason
thereof.

     8.6 Moneys to be Held in Trust. All cash, moneys, and proceeds of First Priority
Collateral received by the Collateral Trustee under or pursuant to any provision of this Trust
Agreement, any First Priority Guarantee or any First Priority Document (except Collateral Trustee
Fees) shall be held in trust for the purposes set forth herein and in the other First Priority
Documents.

     8.7 Resignation and Removal of the Collateral Trustee.

     (a) The Collateral Trustee may at any time, by giving written notice of resignation to Satmex
and the Indenture Trustee, be discharged of the responsibilities hereby created, such resignation
to become effective upon (i) the appointment of a successor Collateral Trustee, (ii) the acceptance
of such appointment by such successor Collateral Trustee and (iii)

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the approval of such successor Collateral Trustee evidenced by one or more instruments signed
by the Indenture Trustee, on behalf of the Requisite First Priority Holders, or the Requisite First
Priority Holders. If no successor Collateral Trustee shall be appointed and shall have accepted
such appointment within 90 days after the Collateral Trustee gives the aforesaid notice of
resignation, the Collateral Trustee or any Secured Party, may apply to any court of competent
jurisdiction to appoint a successor Collateral Trustee to act until such time, if any, as a
successor Collateral Trustee shall have been appointed as provided in this subsection. Any
successor so appointed by such court shall immediately and without further act be superseded by any
successor Collateral Trustee appointed as provided in this subsection.

     (b) The Requisite First Priority Holders may, at any time, remove the Collateral Trustee and
appoint a successor Collateral Trustee, such removal to be effective upon the acceptance of such
appointment by the successor.

     (c) If at any time the Collateral Trustee shall resign or be removed or otherwise become
incapable of acting, or if at any time a vacancy shall occur in the office of the Collateral
Trustee for any other cause, a successor Collateral Trustee may be appointed by the Requisite First
Priority Holders. In such event, the powers, duties, authority and title of the predecessor
Collateral Trustee shall be terminated and cancelled without procuring the resignation of such
predecessor and without any other formality (except as may be required by applicable law) than
appointment and designation of a successor in writing duly acknowledged and delivered to the
predecessor and Satmex. Such appointment and designation shall be full evidence of the right and
authority to make the same and of all the facts therein recited, and this Trust Agreement, the
First Priority Guarantees and the First Priority Security Documents shall vest in such successor,
without any further act, deed or conveyance, all the estates, properties, rights, powers, trusts,
duties, authority and title of its predecessor (subject to the lien of such predecessor pursuant to
subsection 6.7); but such predecessor shall, nevertheless, on the written request of the Requisite
First Priority Holders or the successor, execute and deliver an instrument transferring to such
successor all the estates, properties, rights, powers, trusts, duties, authority and title of such
predecessor hereunder and under the First Priority Security Documents and shall deliver all First
Priority Collateral held by it or his agents to such successor (subject to the lien of such
predecessor pursuant to subsection 6.7). Should any deed, conveyance or other instrument in
writing from Satmex or any First Priority Guarantor be required by any successor Collateral Trustee
for more fully and certainly vesting in such successor the estates, properties, rights, powers,
trusts, duties, authority and title vested or intended to be vested in the predecessor Collateral
Trustee, any and all such deeds, conveyances and other instruments in writing shall, on request of
such successor, be executed, acknowledged and delivered by Satmex or such First Priority Guarantor,
as applicable. If Satmex or any First Priority Guarantor shall not have executed and delivered any
such deed, conveyance or other instrument within ten (10) calendar days after it received a written
request from the successor Collateral Trustee to do so, or if an Enforcement Period is in effect,
the predecessor Collateral Trustee may execute the same on behalf of Satmex or such First Priority
Guarantor, as applicable. Satmex and each First Priority Guarantor hereby appoint any predecessor
Collateral Trustee as its agent and attorney to act for such purposes.

     8.8 Status of Successor Collateral Trustee. Every successor Collateral Trustee
appointed pursuant to subsection 8.7 shall be a bank or trust company in good standing and

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having power to act as Collateral Trustee hereunder, incorporated under the laws of the United
States of America or any State thereof or the District of Columbia and having its principal
corporate trust office within the forty-eight (48) contiguous United States and shall also have
capital, surplus and undivided profits of not less than $150,000,000, if there be such an
institution with such capital, surplus and undivided profits willing, qualified and able to accept
the trust hereunder upon reasonable or customary terms.

     8.9 Merger of the Collateral Trustee. Any corporation into which the Collateral
Trustee may be merged, or with which it may be consolidated, or any corporation resulting from any
merger or consolidation to which the Collateral Trustee shall be a party or to which the Collateral
Trustee has sold its corporate trust business substantially as a whole, shall be Collateral Trustee
under this Trust Agreement, the First Priority Guarantees, and the First Priority Security
Documents without the execution or filing of any paper or any further act on the part of the
parties hereto.

     8.10 Co-Collateral Trustee; Separate Collateral Trustee.

     (a) If at any time or times it shall be necessary or prudent in order to conform to any law of
any jurisdiction in which any of the First Priority Collateral shall be located, or to avoid any
violation of law or imposition on the Collateral Trustee of taxes by such jurisdiction not
otherwise imposed on the Collateral Trustee, or the Collateral Trustee shall be advised by counsel,
satisfactory to it, that it is necessary or prudent in the interest of the Secured Parties, or the
Requisite First Priority Holders shall in writing so request the Collateral Trustee and Satmex, or
the Collateral Trustee shall deem it desirable for its own protection in the performance of its
duties hereunder or under any First Priority Security Document, the Collateral Trustee and Satmex
shall execute and deliver all instruments and agreements necessary or proper to constitute another
bank or trust company, or one or more persons approved by the Collateral Trustee and, unless an
Enforcement Period is in effect, Satmex, either to act as co-trustee or co-trustees or agent or
bailee of all or any of the First Priority Collateral under this Trust Agreement or under any of
the First Priority Security Documents, jointly with the Collateral Trustee originally named herein
or therein or any successor Collateral Trustee, or to act as separate trustee or trustees or agent
or bailee of any of the First Priority Collateral. If Satmex shall not have joined in the
execution of such instruments and agreements within 10 days after it receives a written request
from the Collateral Trustee to do so, or if an Enforcement Period is in effect, the Collateral
Trustee may act under the foregoing provisions of this subsection without the concurrence of Satmex
and execute and deliver such instruments and agreements on behalf of Satmex. Satmex hereby
appoints the Collateral Trustee as its agent and attorney-in-fact to act for it under the foregoing
provisions of this subsection in either of such contingencies.

     (b) Every separate trustee and every co-trustee, other than any successor Collateral Trustee
appointed pursuant to subsection 8.7, shall, to the extent permitted by law, be appointed and act
and be such, subject to the following provisions and conditions:

          (i) all rights, powers, duties and obligations conferred upon the Collateral Trustee in
respect of the custody, control and management of moneys, papers or securities shall be exercised
solely by the Collateral Trustee or any agent appointed by the Collateral Trustee;

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          (ii) all rights, powers, duties and obligations conferred or imposed upon the Collateral
Trustee hereunder and under the relevant First Priority Guarantee or First Priority Security
Document shall be conferred or imposed and exercised or performed by the Collateral Trustee and
such separate trustee or separate trustees or co-trustee or co-trustees, jointly, as shall be
provided in the instrument appointing such separate trustee or separate trustees or co-trustee or
co-trustees, except to the extent that under any law of any jurisdiction in which any particular
act or acts are to be performed the Collateral Trustee shall be incompetent or unqualified to
perform such act or acts, or unless the performance of such act or acts would result in the
imposition of any tax on the Collateral Trustee which would not be imposed absent such joint act or
acts, in which event such rights, powers, duties and obligations shall be exercised and performed
by such separate trustee or separate trustees or co-trustee or co-trustees;

          (iii) no power given hereby or by the relevant First Priority Guarantee or First Priority
Security Documents to, or which it is provided herein or therein may be exercised by, any such
co-trustee or co-trustees or separate trustee or separate trustees, shall be exercised hereunder or
thereunder by such co-trustee or co-trustees or separate trustee or separate trustees except
jointly with, or with the consent in writing of, the Collateral Trustee, anything contained herein
to the contrary notwithstanding;

          (iv) no trustee hereunder shall be personally liable by reason of any act or omission of any
other trustee hereunder, and

          (v) Satmex and the Collateral Trustee, at any time by an instrument in writing executed by
them jointly, may (and, at the direction of the Requisite First Priority Holders, shall) accept the
resignation of or remove any such separate trustee or co-trustee and, in that case by an instrument
in writing executed by them jointly, may appoint a successor to such separate trustee or
co-trustee, as the case may be, anything contained herein to the contrary notwithstanding. If
Satmex shall not have joined in the execution of any such instrument within 10 days after it
receives a written request from the Collateral Trustee to do so, or if an Enforcement Event is in
effect, the Collateral Trustee shall have the power to (and, at the direction of the Requisite
First Priority Holders, shall) accept the resignation of or remove any such separate trustee or
co-trustee and to appoint a successor without the concurrence of Satmex, Satmex hereby appointing
the Collateral Trustee its agent and attorney to act for it in such connection in such contingency.
If the Collateral Trustee shall have appointed a separate trustee or separate trustees or
co-trustee or co-trustees as above provided, the Collateral Trustee may at any time, by an
instrument in writing, accept the resignation of or remove any such separate trustee or co-trustee
and the successor to any such separate trustee or co-trustee shall be appointed by Satmex and the
Collateral Trustee, or by the Collateral Trustee alone pursuant to this subsection.

     8.11 Treatment of Payee or Indorsee by Collateral Trustee; Representatives of Secured
Parties.

     (a) The Collateral Trustee may treat the registered holder or, if none, the payee or indorsee
of any promissory note or debenture evidencing a First Priority Obligation as the absolute owner
thereof for all purposes and shall not be affected by any notice to the contrary, whether such
promissory note or debenture shall be past due or not.

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     (b) Any Person which shall be designated as the duly authorized representative of one or more
Secured Parties to act as such in connection with any matters pertaining to this Trust Agreement or
the First Priority Collateral shall present to the Collateral Trustee such documents, including,
without limitation, Opinions of Counsel, as the Collateral Trustee may reasonably require, to
demonstrate to the Collateral Trustee the authority of such Person to act as the representative of
such Secured Parties (it being understood that the authority of the Indenture Trustee shall be
demonstrated by its inclusion as such in the lists from time to time delivered pursuant to
subsection 6.2.)

     (c) Whenever this Trust Agreement requires or permits any Secured Party or the Requisite First
Priority Holders to sign any instrument, give any notice or take any action, the Requisite First
Priority Holders, the Indenture Trustee, or the Indenture Trustee on behalf of such Secured Party
or Requisite First Priority Holders may sign such instrument, give such notice or take such action
with the same effect as if done directly by such Secured Party or Requisite First Priority Holders.

     (d) Notwithstanding anything to the contrary in this Trust Agreement or any First Priority
Document, any Person holding a beneficial interest in any First Priority Security as of a date
shall qualify hereunder as a First Priority Holder of that First Priority Security, to the extent
of its beneficial interest, as of that date, and shall have the benefits hereunder of a First
Priority Holder of that First Priority Security, to the extent of its beneficial interest, as of
that date, upon providing to the Collateral Trustee written documentation of its beneficial
interest as of that date that is reasonably satisfactory to the Collateral Trustee. For the
purposes of the foregoing sentence, documentation of a beneficial interest meeting the requirements
of Section 7.9 of the First Priority Indenture will be reasonably satisfactory.

     8.12 Notices to Collateral Trustee under First Priority Security Documents. In the
event that the Collateral Trustee receives any notice from the grantor under any First Priority
Security Document, the Collateral Trustee shall promptly transmit a copy thereof to Satmex, the
Indenture Trustee and the Collateral Trustee. The Collateral Trustee shall take such action in
respect of such notice which is permitted by this Trust Agreement as shall be directed by the
Requisite First Priority Holders.

SECTION 9

REPRESENTATIONS AND WARRANTIES

     9.1 Representations and Warranties of the Collateral Trustee. The Collateral Trustee
hereby represents and warrants that:

     (a) it is a national banking association duly organized, validly existing and in good standing
under the laws of the United States and has the corporate power and authority and the legal right
to execute and deliver, and to perform its obligations under, this Trust Agreement and has taken
all necessary corporate action to authorize the execution, delivery and performance of this Trust
Agreement; and

     (b) this Trust Agreement has been duly executed by the Collateral Trustee and constitutes a
legal, valid and binding obligation of the Collateral Trustee, enforceable in

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accordance with its terms, subject to the effects of insolvency, reorganization, moratorium
and other similar laws relating to or affecting the enforcement of creditors’ rights generally,
general equitable principles and an implied covenant of good faith and fair dealing.

     (c) it meets the requirements set forth in Section 8.8.

     9.2 Representations and Warranties of Satmex and the First Priority Guarantors. Each
of Satmex and the First Priority Guarantors hereby represents and warrants that:

     (a) it is duly organized, validly existing and in good standing under the laws of Mexico and
has the power and authority and the legal right to execute and deliver, and to perform its
obligations under, this Trust Agreement and has taken all necessary action to authorize the
execution, delivery and performance of this Trust Agreement;

     (b) this Trust Agreement has been duly executed and delivered by it and constitutes its legal,
valid and binding obligation, enforceable in accordance with its terms, subject to the effects of
bankruptcy, insolvency, reorganization, moratorium and other similar laws relating to or affecting
the enforcement of creditors’ rights generally, general equitable principles and implied covenant
of good faith and fair dealing;

     (c) the execution, delivery and performance by it of this Trust Agreement will not violate,
result in a default under, or give rise to any acceleration, prepayment, repurchase or redemption
obligation of it or any Subsidiary which is a party to any First Priority Guarantee or First
Priority Security Document as a result of (i) any certificate of incorporation, membership
agreement or other document relating to the creation or governance of it or any such Subsidiary or
(ii) any law, rule or regulation binding on it or any such Subsidiary or any of its contractual
obligations and will not result in, or require, the creation or imposition of any lien, claim,
encumbrance or security interest on any of its or their respective properties or revenues pursuant
to any such law, rule or regulation or contractual obligation, other than the liens, claims,
encumbrances, and security interests created by the First Priority Security Documents; and

     (d) no consent or authorization of, filing with, or other act by or in respect of, any
arbitrator or governmental authority and no consent of any other Person is required by it in
connection with the execution, delivery, performance, validity or enforceability of this Trust
Agreement, except for any of the foregoing that have been obtained and are in full force and
effect.

SECTION 10

MISCELLANEOUS

     10.1 Notices. Unless otherwise specified herein, all notices, requests, demands or
other communications given to Satmex, the First Priority Guarantors, the Collateral Trustee or the
Indenture Trustee pursuant to this Trust Agreement shall be given in writing or by facsimile
transmission and shall be deemed to have been duly given when personally delivered or when duly
deposited in the mails, registered or certified mail postage prepaid, or if transmitted by
facsimile transmission, when received in legible form, addressed to such party at its address
specified on the signature pages hereof or any other address which such party shall have

38

 

specified as its address for the purpose of communications hereunder, by notice given in
accordance with this subsection 10.1 to the party sending such communication; provided that any
notice, request or demand to the Collateral Trustee shall not be effective until received by the
Collateral Trustee in the corporate trust division at the office designated by it pursuant to this
subsection 10.1.

     10.2 No Waivers. No failure on the part of the Collateral Trustee, any co-trustee,
any separate trustee, or any Secured Party to exercise, no course of dealing with respect to, and
no delay in exercising, any right, power or privilege under this Trust Agreement, any First
Priority Guarantee or any First Priority Security Document shall operate as a waiver thereof, nor
shall any single or partial exercise of any such right, power or privilege preclude any other or
further exercise thereof or the exercise of any other right, power or privilege.

     10.3 Amendments, Supplements, Waivers and Releases.

     (a) With the written consent of the Requisite First Priority Holders, the Collateral Trustee
and Satmex may, from time to time, enter into written agreements supplemental hereto or to any
First Priority Guarantee or to any First Priority Security Document for the purpose of adding to,
or waiving any provisions of, this Trust Agreement, any First Priority Guarantee or any First
Priority Security Document or changing in any manner the rights of the Collateral
Trustee, the Secured Parties or Satmex hereunder or thereunder or releasing any of the Collateral
or any First Priority Guarantee; provided that no such supplemental agreement shall (i) (A)
without the consent of all of the First Priority Holders, amend, modify or waive any provision of
this subsection 10.3, (B) without the consent of all of the First Priority Holders, amend, modify
or waive any provision of subsections 3.10 or 4.4, or the definitions of First Priority
Obligations, Secured Parties or Requisite First Priority Holders, or (C) release any First Priority
Guarantee, terminate any First Priority Security Document or release all or any part of the First
Priority Collateral (except an immaterial part of the First Priority Collateral, as established by
a written certificate of the Indenture Trustee), unless the Collateral Trustee has received a
certificate of a Responsible Officer of Satmex, and an Opinion of Counsel, in each case to the
effect that such action does not violate any First Priority Document or (ii) amend, modify or waive
any provision of Section 6 or 8 or alter the duties, rights or obligations of the Collateral
Trustee hereunder or under the First Priority Guarantees or the First Priority Security Documents
without the written consent of the Collateral Trustee, or (iii) amend, modify, or waive any
provision of or relating to Sections 4.8 and 4.9 hereof or alter any rights of the Loral Entities
or the Grant Holders hereunder without the written consent of the Loral Entities or Grant Holders.
Any such supplemental agreement shall be binding upon Satmex, the First Priority Guarantors, the
Indenture Trustee, the Secured Parties and the Collateral Trustee and its successors and assigns.

     (b) Without the consent of the Indenture Trustee or any Secured Party, the Collateral Trustee
and Satmex and, in the case of any modification of any First Priority Guarantee, the First Priority
Guarantor party to such First Priority Guarantee, at any time and from time to time, may enter into
one or more agreements supplemental hereto, to any First Priority Guarantee or to any First
Priority Security Document, in form satisfactory to the Collateral Trustee, (i) to add to the
covenants of Satmex, any First Priority Guarantor to any First Priority Guarantee or any grantor
party to any First Priority Security Document, for the benefit of

39

 

the Secured Parties or to surrender any right or power herein conferred upon Satmex; or (ii)
to cure any ambiguity, to correct or supplement any provision herein or in any First Priority
Guarantee or First Priority Security Document which may be defective or inconsistent with any other
provision herein or therein, or to make any other provision with respect to matters or questions
arising hereunder which shall not be inconsistent with any provision hereof; provided that
any such action contemplated by this clause (ii) shall not, and could not reasonably be expected
to, adversely affect the interests of any Secured Party (as certified by a Responsible Officer
pursuant to paragraph (c) below).

     (c) The Collateral Trustee shall not enter into any agreement supplemental hereto pursuant to
subsection 10.3(a) or (b) unless the Collateral Trustee has received a certificate of a Responsible
Officer of Satmex, and an Opinion of Counsel, in each case to the effect that such action does not
violate this Trust Agreement or any other First Priority Document.

     (d) The Collateral Trustee shall at the expense of Satmex promptly deliver to the Indenture
Trustee copies of all amendments, waivers or supplements to this Trust Agreement, any First
Priority Guarantee or any First Priority Security Document that may be entered into pursuant to
subsection 10.3(a) or (b).

     10.4 Headings. The table of contents and the headings of Sections and subsections
have been included herein for convenience only and should not be considered in interpreting this
Trust Agreement.

     10.5 Severability. Any provision of this Trust Agreement which is prohibited or
unenforceable in any jurisdiction shall not invalidate the remaining provisions hereof, and any
such prohibition or unenforceability in any jurisdiction shall not invalidate or render
unenforceable such provision in any other jurisdiction.

     10.6 Successors and Assigns and Third Party Beneficiaries. This Trust Agreement shall
be binding upon and inure to the benefit of each of the parties hereto and shall inure to the
benefit of each of the Secured Parties and their respective successors and assigns, and nothing
herein is intended or shall be construed to give any other Person any right, remedy or claim under,
to or in respect of this Trust Agreement, any First Priority Guarantee or any First Priority
Collateral; provided, however, that the Loral Entities and/or Grant Holders shall, but in respect
of Sections 4.8 and 4.9, 10.3 and 10.6 (collectively, the “Subject Provisions”) only, be
third-party beneficiaries hereof and shall have full rights to enforce the Subject Provisions as if
they had been a party to this Agreement.

     10.7 Currency Conversions. In calculating the amount of proceeds received by the
Collateral Trustee for any purpose hereunder, the amount of any such proceeds which are denominated
in a currency other than Dollars shall be converted into Dollars at such exchange rate as the
Collateral Trustee may be advised by the Indenture Trustee.

     10.8 GOVERNING LAW. THIS TRUST AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND
INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO CONFLICTS OF

40

 

LAWS PRINCIPLES (OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS
LAW).

     10.9 Agent for Service; Waiver of Immunities; Submission to Jurisdiction.

     (a) By the execution and delivery of this Trust Agreement or any amendment, supplement, or
supplemental indenture hereto, each of Satmex and the First Priority Guarantors (i) designates and
appoints, and acknowledges that it has, by separate written instrument, designated and appointed
CT Corporation System currently located at 111 8th Avenue, New York,
NY 10011 as its authorized agent upon which process may be
served in any suit, action, or proceeding, including without limitation any enforcement,
collection, insolvency, bankruptcy, or similar proceeding, with respect to, arising out of, or
relating to, the First Priority Securities or this Trust Agreement or any other First Priority
Document, whether commenced by the Collateral Trustee, Indenture Trustee, one or more First
Priority Holders, one or more holders of beneficial interests in the First Priority Securities, or
any other interested party, or an action for recognition and enforcement of any judgment in respect
thereof, and acknowledges that CT Corporation System has accepted such designation and (ii) agrees
that service of process upon CT Corporation System at the foregoing address shall be deemed in every
respect effective service of process upon Satmex or any First Priority Guarantor, as the case may
be, in any such suit, action or proceeding. Each of Satmex and the First Priority Guarantors
further agrees to take any and all action, including the execution and filing of any and all such
documents and instruments as may be necessary to continue such designation and appointment of
CT Corporation System in full force and effect so long as this Trust Agreement shall be in full
force and effect; provided, however, that each of Satmex and the First Priority Guarantors may and
shall (to the extent CT Corporation System ceases to be able to be served on the basis contemplated
herein), by written notice to the Collateral Trustee, designate such additional or alternative
agents for service of process under this Section 10.9 that (i) maintains an office located in the
Borough of Manhattan, The City of New York in the State of New York, (ii) is either (x) counsel for
Satmex or (y) a corporate service company which acts as agent for service of process for other
persons in the ordinary course of its business and (iii) agrees in writing, a copy of which is
delivered to the Collateral Trustee, to act as agent for service of process in accordance with this
Section 10.9. Such notice shall identify the name of such agent for process and the address of
such agent for process in the Borough of Manhattan, The City of New York, State of New York. Upon
the request of the Indenture Trustee or any First Priority Holder, the Collateral Trustee shall
deliver such information to such First Priority Holder or the Indenture Trustee, as applicable.
Notwithstanding the foregoing, there shall, at all times, be at least one agent for service of
process for each of Satmex and the First Priority Guarantors appointed and acting in accordance
with this Section 10.9.

     (b) To the extent that Satmex or any First Priority Guarantor has or hereafter may acquire any
immunity from jurisdiction of any court or from any legal process (whether through service of
notice, attachment prior to judgment, attachment in aid of execution, execution, or otherwise) with
respect to itself or its property, each of Satmex and the First Priority Guarantors hereby
irrevocably waives such immunity in respect of its obligations under this Trust Agreement, the
First Priority Securities, and the other First Priority Documents, to the extent permitted by law.

41

 

     (c) Each party hereto hereby irrevocably and unconditionally:

          (i) submits for itself and its Property in any suit, action, or proceeding, including without
limitation any enforcement, collection, insolvency, bankruptcy, or similar proceeding, with respect
to, arising out of, or relating to, this Trust Agreement or any other First Priority Document,
whether commenced by the Collateral Trustee, the Indenture Trustee, one or more First Priority
Holders, one or more holders of beneficial interests in the First Priority Securities, or any other
interested party, or an action for recognition and enforcement of any judgment in respect thereof,
to the general jurisdiction of the Courts of the State of New York sitting in New York County, the
courts of the United States for the Southern District of New York, appellate courts from any
thereof and to the courts of its own corporate domicile in respect of actions brought against it as
a defendant;

          (ii) consents that any suit, action, or proceeding, including without limitation any
enforcement, collection, insolvency, bankruptcy, or similar proceeding, with respect to, arising
out of, or relating to, the First Priority Securities or this First Priority Indenture or any other
First Priority Document, whether commenced by the Collateral Trustee, the Indenture Trustee, one or
more First Priority Holders, one or more holders of beneficial interests in the First Priority
Securities, or any other interested party, or an action for recognition and enforcement of any
judgment in respect thereof, may be brought in the courts set forth in Section 10.9(c)(i) and
waives, to the fullest extent it may effectively do so under applicable law, trial by jury and any
objection that it may now or hereafter have to the venue of any such action or proceeding in any
such court or that such suit, action, or proceeding was brought in an inconvenient court, and
agrees not to plead or claim the same;

          (iii) agrees that service of process in any such action or proceeding may be effected by
mailing a copy thereof by registered or certified mail (or any substantially similar form of mail),
postage prepaid, to the agent for service of process described above; and

          (iv) agrees that nothing herein shall affect the right to effect service of process in any
other manner permitted by law.

     10.10 Counterparts. This Trust Agreement may be signed in any number of counterparts
with the same effect as if the signatures thereto and hereto were upon the same instrument.

     10.11 Release of Liens; First Priority Guarantees.

     (a) Upon indefeasible payment in full of all First Priority Obligations and all Collateral
Trustee Fees, the liens and security interests created by subsection 6.7 and by the First Priority
Security Documents shall terminate forthwith, and all right, title and interest of the Collateral
Trustee in and to such First Priority Collateral shall revert to Satmex or such other grantor and
their respective successors and assigns.

     (b) Upon the termination of the Collateral Trustee’s security interest and the release of any
First Priority Collateral in accordance with subsection 10.11(a), the Collateral Trustee will
promptly, at Satmex’s written request and expense, execute and deliver to Satmex,

42

 

such documents shall reasonably request to evidence the termination of such security interest
or the release of such First Priority Collateral.

     (c) This Trust Agreement shall terminate when all of the following have occurred: (i) the
First Priority Guarantees have terminated, (ii) the liens and security interests granted under the
First Priority Security Documents have terminated and (iii) the First Priority Collateral has been
released and the First Priority Obligations have been fully and indefeasibly paid and performed in
full; provided that the provisions of subsections 6.3, 6.4, 6.5 and 6.6 shall survive and
not be affected by any such termination.

     (d) The Collateral Trustee shall promptly give notice to the Indenture Trustee of any release
of First Priority Collateral or a First Priority Guarantee pursuant to this subsection.

     10.12 Complete Agreement. This Trust Agreement constitutes the entire agreement
between the parties hereto with respect to the subject matter hereof and supersedes all prior
representations, negotiations, writings, memoranda and agreements.

43

 

     IN WITNESS WHEREOF, the parties hereto have caused this Trust Agreement to be duly executed by
their respective authorized officers or representatives as of the day and year first written above.

	 	 	 	 	 
	 	HSBC Bank USA, National Association, as Collateral

Trustee

 	 
	 	By:  	
 	 
	 	 	Name:  	 	 
	 	 	Title:

Address for Notices:  	 	 
	 

	 	 	 	 	 
	 	HSBC Bank USA, National Association, as Indenture

Trustee

 	 
	 	By:  	
 	 
	 	 	Name:  	 	 
	 	 	Title:

Address for Notices:  	 	 

44

 

	 	 	 	 	 

[NOTARIAL ACKNOWLEDGEMENTS]

 

 

SCHEDULE I

INITIAL FIRST PRIORITY GUARANTEES

SMVS-Administración,
S. de R.I. de C.V., Rodolfo Gaona #86, Col. Lomas de
Sotelo, 11200, Mexico, D.F., Mexico

SMVS-Servicios
Técnicos, S. de R.I. de C.V., Rodolfo Gaona #86, Col. Lomas de
Sotelo, 11200, Mexico, D.F., Mexico

 

 

SCHEDULE II

INITIAL SECURITY DOCUMENTS

1. First Priority Mortgage (as defined in the First Priority Indenture)

2. [Pledges]

 

 

EXHIBIT A

FORM OF

ADDITIONAL COLLATERAL DESIGNATION

[Date]

			
	To:  	 	_________, as Collateral Trustee

			
	Re:  	 	Collateral Trust Agreement, dated as of __________, 2006, (as the same
may be amended, supplemented or otherwise modified, the “Collateral
Trust Agreement”) among Satélites Mexicanos, S.A. de C.V., a
corporation (sociedad anónima de capital variable) organized under the
laws of the United Mexican States (“Satmex”), __________, as
Collateral Trustee thereunder (in such capacity, together with any
successor appointed hereunder, the “Collateral Trustee”) and,
___________, as Trustee under the First Priority Indenture described
therein (in such capacity, together with any successor appointed
thereunder, the “Indenture Trustee”).

     Reference is hereby made to the Collateral Trust Agreement. Capitalized terms which are
defined in the Collateral Trust Agreement are used herein as therein defined.

     In accordance with subsection 5.2 of the Collateral Trust Agreement, the following Additional
Collateral is hereby added as First Priority Collateral under the Collateral Trust Agreement:

[DESCRIBE ADDITIONAL COLLATERAL]

	 	 	 	 	 	 	 
	 	 	SATÉLITES MEXICANOS, S.A. de C.V.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Title:	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Title:	 	 	 	 

 

 

EXHIBIT B

FORM OF ADDITIONAL GUARANTEE 
DESIGNATION

[Date]

			
	To:  	 	__________, as Collateral Trustee

			
	Re:  	 	Intercreditor and Collateral Trust Agreement, dated as of __________,
2006, (as the same may be amended, supplemented or otherwise modified,
the “Collateral Trust Agreement”) among Satélites Mexicanos, S.A. de
C.V., a corporation (sociedad anónima de capital variable) organized
under the laws of the United Mexican States (“Satmex”), ___________,
as Collateral Trustee thereunder (in such capacity, together with any
successor appointed hereunder, the “Collateral Trustee”) and,
__________., as Trustee under the First Priority Indenture described
therein (in such capacity, together with any successor appointed
thereunder, the “Indenture Trustee”).

     Reference is hereby made to the Collateral Trust Agreement. Capitalized terms which are
defined in the Collateral Trust Agreement are used herein as therein defined.

     In accordance with subsection 5.4 of the Collateral Trust Agreement, the following Additional
Guarantee is hereby added as a First Priority Guarantee under the Collateral Trust Agreement:

[DESCRIBE ADDITIONAL GUARANTEE]

	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Title:	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Title:EX-4.2

 

Exhibit 4.2

 

SECOND PRIORITY COLLATERAL TRUST AGREEMENT

among

SATÉLITES MEXICANOS, S.A. de C.V.,

Each of the SECOND PRIORITY GUARANTORS names herein,

WELLS FARGO BANK, N.A., as Indenture Trustee,

and

WELLS FARGO BANK, N.A., as Collateral Trustee

Dated as
of November 29, 2006

 

 

 

TABLE OF CONTENTS

	 	 	 	 	 	 	 
	 	 	 	 	Page
	SECTION 1 DEFINITIONS	 	 	2	 
	1.1
	 	Defined Terms	 	 	2	 
	1.2
	 	Other Definitional Provisions	 	 	11	 
	 
	 	 	 	 	 	 
	SECTION 2 GOVERNANCE PROVISIONS	 	 	11	 
	2.1
	 	Indenture Trustee to Act on Behalf of Second Priority Holders	 	 	11	 
	 
	 	 	 	 	 	 
	SECTION 3 ENFORCEMENT OF SECURITY INTERESTS AND GUARANTEES	 	 	12	 
	3.1
	 	Notice of Default	 	 	12	 
	3.2
	 	General Authority of the Collateral Trustee over the Second Priority Collateral and Second Priority Guarantees	 	 	13	 
	3.3
	 	Right to Initiate Judicial Proceedings	 	 	14	 
	3.4
	 	Right to Appoint a Receiver	 	 	14	 
	3.5
	 	Exercise of Powers; Instructions of Requisite Second Priority Holders	 	 	15	 
	3.6
	 	Remedies Not Exclusive	 	 	15	 
	3.7
	 	Waiver and Estoppel	 	 	16	 
	3.8
	 	Limitation on Collateral Trustee’s Duty in Respect of Second Priority Collateral	 	 	17	 
	3.9
	 	Limitation by Law	 	 	17	 
	3.10
	 	Rights of Secured Parties Under Second Priority Securities Facility	 	 	17	 
	3.11
	 	Records	 	 	17	 
	3.12
	 	Notices	 	 	17	 
	 
	 	 	 	 	 	 
	SECTION 4 COLLATERAL ACCOUNT; DISTRIBUTIONS	 	 	18	 
	4.1
	 	The Collateral Account	 	 	18	 
	4.2
	 	Control of Collateral Account	 	 	19	 
	4.3
	 	Investment of Funds Deposited in Collateral Account	 	 	19	 
	4.4
	 	Application of Moneys	 	 	20	 
	4.5
	 	[Intentionally Deleted]	 	 	21	 
	4.6
	 	[Intentionally Deleted]	 	 	21	 
	4.7
	 	Collateral Trustee’s Calculations	 	 	21	 
	4.8
	 	Loral Usufructo	 	 	21	 
	4.9
	 	Distribution of Loral Transponder Sale Proceeds	 	 	23	 
	 
	 	 	 	 	 	 
	SECTION 5 ADDITIONAL COLLATERAL; ADDITIONAL GUARANTEES; CERTAIN DOCUMENTATION REQUIREMENTS	 	 	24	 
	5.1
	 	Delivery of Second Priority Securities Facility, Initial Security Documents and Initial Guarantees	 	 	24	 
	5.2
	 	Additional Collateral	 	 	25	 
	5.3
	 	Notice to Secured Parties of Additional Collateral	 	 	25	 
	5.4
	 	Additional Guarantees	 	 	25	 
	5.5
	 	Notice to Secured Parties of Additional Guarantee	 	 	25	 
	5.6
	 	Actions Required with respect to Second Priority Obligations	 	 	25	 

-i-

 

	 	 	 	 	 	 	 
	 	 	 	 	Page
	5.7
	 	Actions Required with respect to Second Priority Security Documents and Second Priority Collateral	 	 	25	 
	5.8
	 	Actions Required with Respect to Second Priority Guarantees	 	 	27	 
	5.9
	 	Possessory Collateral	 	 	28	 
	5.10
	 	Collateral Opinion	 	 	28	 
	 
	 	 	 	 	 	 
	SECTION 6 AGREEMENTS WITH COLLATERAL TRUSTEE	 	 	28	 
	6.1
	 	Delivery of Amendments to Second Priority Securities Facility	 	 	28	 
	6.2
	 	Information as to Secured Parties, the Indenture Trustee, Etc	 	 	28	 
	6.3
	 	Compensation and Expenses	 	 	29	 
	6.4
	 	Stamp and Other Similar Taxes	 	 	29	 
	6.5
	 	Filing Fees, Excise Taxes, Etc	 	 	29	 
	6.6
	 	Indemnification	 	 	30	 
	6.7
	 	Collateral Trustee’s Lien	 	 	31	 
	6.8
	 	Further Assurances	 	 	31	 
	 
	 	 	 	 	 	 
	SECTION 7 POSSESSION AND USE OF COLLATERAL; PARTIAL RELEASES	 	 	31	 
	7.1
	 	Use Prior to Notice of Default	 	 	31	 
	7.2
	 	Purchase of Second Priority Collateral	 	 	32	 
	 
	 	 	 	 	 	 
	SECTION 8 THE COLLATERAL TRUSTEE	 	 	32	 
	8.1
	 	Acceptance of Trust	 	 	32	 
	8.2
	 	Exculpatory Provisions	 	 	32	 
	8.3
	 	Delegation of Duties	 	 	33	 
	8.4
	 	Reliance by Collateral Trustee	 	 	33	 
	8.5
	 	Limitations on Duties of Collateral Trustee	 	 	35	 
	8.6
	 	Moneys to be Held in Trust	 	 	35	 
	8.7
	 	Resignation and Removal of the Collateral Trustee	 	 	36	 
	8.8
	 	Status of Successor Collateral Trustee	 	 	37	 
	8.9
	 	Merger of the Collateral Trustee	 	 	37	 
	8.10
	 	Co-Collateral Trustee; Separate Collateral Trustee	 	 	37	 
	8.11
	 	Treatment of Payee or Indorsee by Collateral Trustee; Representatives of Secured Parties	 	 	39	 
	8.12
	 	Notices to Collateral Trustee under Second Priority Security Documents	 	 	39	 
	 
	 	 	 	 	 	 
	SECTION 9 REPRESENTATIONS AND WARRANTIES	 	 	40	 
	9.1
	 	Representations and Warranties of the Collateral Trustee	 	 	40	 
	9.2
	 	Representations and Warranties of Satmex and the Second Priority Guarantors	 	 	40	 
	 
	 	 	 	 	 	 
	SECTION 10 MISCELLANEOUS	 	 	41	 
	10.1
	 	Notices	 	 	41	 
	10.2
	 	No Waivers	 	 	41	 
	10.3
	 	Amendments, Supplements, Waivers and Releases	 	 	42	 
	10.4
	 	Headings	 	 	42	 
	10.5
	 	Severability	 	 	42	 
	10.6
	 	Successors and Assigns and Third Party Beneficiaries	 	 	43	 
	10.7
	 	Currency Conversions	 	 	43	 

-ii-

 

	 	 	 	 	 	 	 
	 	 	 	 	Page
	10.8
	 	GOVERNING LAW	 	 	43	 
	10.9
	 	Agent for Service; Waiver of Immunities; Submission to Jurisdiction	 	 	43	 
	10.10
	 	Counterparts	 	 	45	 
	10.11
	 	Release of Liens; Second Priority Guarantees	 	 	45	 
	10.12
	 	Rights of Indenture Trustee	 	 	45	 
	10.13
	 	Complete Agreement	 	 	45	 
	10.14
	 	Intercreditor Agreement	 	 	45	 

-iii-

 

	 	 	 
	SCHEDULES:
	 	 
	 
	 	 
	SCHEDULE I

	 	Initial Guarantees
	SCHEDULE II

	 	Initial Security Documents
	 
	 	 
	EXHIBITS:
	 	 
	 
	 	 
	EXHIBIT A

	 	Form of Additional Collateral Designation
	EXHIBIT B

	 	Form of Additional Guarantee Designation
	EXHIBIT C

	 	Form of Opinion

 

 

          COLLATERAL TRUST AGREEMENT,
dated as of November 29, 2006, among SATÉLITES MEXICANOS,
S.A. de C.V., a corporation (sociedad anónima de capital variable) organized under the laws of the
United Mexican States (“Satmex” or the “Company”), each of the Second Priority
Guarantors (defined below), Wells Fargo Bank, N.A., as Collateral Trustee hereunder (in such
capacity, together with any successor appointed hereunder, the “Collateral Trustee”) and,
Wells Fargo Bank, N.A., as Trustee under the Second Priority Indenture described herein (in such
capacity, together with any successor appointed thereunder, the “Indenture Trustee”).

W I T N E S S E T H:

          WHEREAS, on or
about August 11, 2006, Satmex filed a petition under Chapter 11 of the United
States Bankruptcy Code in the United States Bankruptcy Court for the Southern District of New York
(the “Bankruptcy Court”) (such terms and other capitalized terms used in these Recitals and
in the Declaration of Trust below and not otherwise defined being used with the definitions given
to such terms in Section 1);

          WHEREAS,
on or about October 26, 2006, the Bankruptcy Court entered an
order confirming the First Amended Chapter 11 Plan of Reorganization
of Satélites Mexicanos, S.A. de C.V., dated September 8, 2006 (the “Bankruptcy Plan”);

          WHEREAS, it is a condition to the effectiveness of such Bankruptcy Plan that Satmex issue the
Second Priority Securities and that the Second Priority Securities be secured by the Initial
Guarantees and a valid and enforceable, security interest in the Initial Collateral;

          WHEREAS, Satmex and certain of its Subsidiaries may, from time to time, execute and deliver to
the Collateral Trustee certain Additional Guarantees and Additional Security Documents and,
pursuant to such Additional Security Documents, create in favor of the Collateral Trustee a valid
and enforceable, security interest in Additional Collateral, all in the manner described in this
Trust Agreement.

DECLARATION OF TRUST:

          NOW, THEREFORE, to secure the payment, observance, and performance of the Second Priority
Obligations and in consideration of the premises and the mutual agreements set forth herein, the
Collateral Trustee does hereby declare that it holds and will hold as trustee in trust under this
Trust Agreement all of its right, title and interest in, to and under all of the Second Priority
Collateral, the Second Priority Guarantees and the Second Priority Security Documents, whether now
existing or hereafter arising (and Satmex does hereby consent thereto);

          TO HAVE AND TO HOLD the Second Priority Security Documents and the Second Priority Collateral
(the right, title and interest of the Collateral Trustee in the Second Priority Security Documents
and the Second Priority Collateral being hereinafter referred to as the “Trust Estate”)
unto the Collateral Trustee and its successors in trust under this Trust Agreement and its assigns
and the assigns of its successors in trust forever;

          IN TRUST NEVERTHELESS, under and subject to the conditions herein set forth and for the
benefit of the Secured Parties, for the enforcement of the payment of all Second

 

 

Priority Obligations, and as security for the performance of and compliance with the covenants and
conditions of this Trust Agreement and the other Second Priority Documents;

          IT IS HEREBY FURTHER COVENANTED AND DECLARED, that the Trust Estate is to be held and applied
by the Collateral Trustee, subject to the further covenants, conditions and trusts hereinafter set
forth.

SECTION 1

DEFINITIONS

          1.1 Defined Terms. As used herein, the following terms shall have the following
meanings:

          “Additional Collateral”: all Second Priority Collateral other than the Initial
Collateral.

          “Additional Collateral Designation”: each Additional Collateral Designation,
substantially in the form of Exhibit A, duly completed and executed by a Responsible Officer and
delivered pursuant to subsection 5.2.

          “Additional Guarantee”: each guarantee executed and delivered hereunder in the manner
provided in subsection 5.4, as amended, supplemented or otherwise modified from time to time in
accordance with this Trust Agreement and the Second Priority Securities Facility.

          “Additional Guarantee Designation”: each Additional Guarantee Designation,
substantially in the form of Exhibit B, duly completed and executed by a Responsible Officer and
delivered pursuant to subsection 5.4.

          “Additional Guarantor”: each Person, other than an Initial Guarantor, that is
required hereby or by any other Second Priority Document to provide an Additional Guarantee.

          “Additional Second Priority Securities” means all Second Priority Securities issued
from time to time pursuant to Section 4.1(b) of the Second Priority Indenture.

          “Additional Security Documents”: each agreement or instrument (other than the Initial
Security Documents) creating or evidencing a security interest of the Collateral Trustee in, or a
lien in favor of the Collateral Trustee on, any Second Priority Collateral, as amended,
supplemented or otherwise modified from time to time in accordance with this Trust Agreement and
the Second Priority Securities Facility.

          “Article 980”: has the meaning set forth below in the definition of “Loral
Usufructo.”

          “Automatic Enforcement Event”: the commencement by or against Satmex or any Second
Priority Guarantor of any case or proceeding or other action under any law or jurisdiction (i)
relating to bankruptcy, insolvency, suspension of payments, composition of creditors, or
reorganization or relief of debtors or credits, seeking to have an order for relief

-2-

 

entered with
respect to it, or seeking to adjudicate it a bankrupt or insolvent, or seeking reorganization,
arrangement, assignment for the benefit of creditors, adjustment, winding-up, liquidation,
dissolution, composition or other relief with respect to its debts, or seeking it to be declared in
suspension of payments status or (ii) seeking appointment of a receiver, trustee, conciliator,
síndico, conservator, or other similar official for it or all or any substantial part of its
assets.

          “Bankruptcy Court”: shall have the meaning assigned to it in the recitals above.

          “Bankruptcy Law”: Title 11 of the United States Code, the Concurso Law of Mexico (Ley
de Concursos Mercantiles), or any similar federal, state, or foreign law for the relief of debtors,
as such laws may be amended from time to time.

          “Bankruptcy Plan”: shall have the meaning assigned to it in the recitals above.

          “Business Day”: any
day other than a day on which banks are authorized or required by
law to close in New York City, Mexico City or in any city under the
Corporate Trust Office of the Collateral Trustee or the Indenture
Trustee is located.

          “Cash Equivalents”: (a) marketable direct obligations issued by, or unconditionally
guaranteed by, the United States Government or issued by any agency or instrumentality thereof and
backed by the full faith and credit of the United States, in each case maturing within one year
from the date of acquisition; (b) certificates of deposit, time deposits, eurodollar time deposits
or overnight bank deposits having maturities of six (6) months or less from the date of acquisition
issued by any commercial bank organized under the laws of the United States of America or any state
thereof having combined capital and surplus of not less than $500,000,000 (or any Subsidiary of any
such bank; so long as such Subsidiary is established under the laws of Mexico or the United States
of America with a valid banking license); (c) commercial paper of an issuer, organized under the
laws of a state of the United States of America, rated at least A-2 by Standard & Poor’s Ratings
Services (“S&P”) or P-2 by Moody’s Investors Service, Inc. (“Moody’s”), or carrying
an equivalent rating by a nationally recognized rating agency, if both of the two named rating
agencies cease publishing ratings of commercial paper issuers generally, and maturing within six
(6) months from the date of acquisition; (d) repurchase obligations of any commercial bank
satisfying the requirements of clause (b) of this definition, having a term of not more than thirty
(30) days with respect to securities issued or fully guaranteed or insured by a Person described in
clause (a) above; (e) securities with maturities of one year or less from the date of acquisition
issued or fully guaranteed by any state, commonwealth or territory of the United States, by any
political subdivision or taxing authority of any such state, commonwealth or territory or by any
foreign government, the securities of which state, commonwealth, territory, political subdivision,
taxing authority or foreign government (as the case may be) are rated at least A by S&P or A by
Moody’s; (f) securities with maturities of six months or less from the date of acquisition backed
by standby letters of credit issued by any commercial bank satisfying the requirements of clause
(b) of this definition; (g) shares of money market mutual or similar funds which invest primarily
in assets satisfying the requirements of clauses (a) through (f) of this definition and the shares
of which are repriced daily to provide a constant net asset value of $1.00 per share.

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          “Changing Orbital Foreclosure Sale”: any final sale or transfer of Satmex 5 or Satmex
6, as applicable, by the applicable collateral trustee (i) in connection with the foreclosure by
the applicable collateral trustee of any lien or security interest in such satellites, pursuant to
and in accordance with this Trust Agreement or any of the Second Priority Security Documents, and
(ii) to a third party that contemporaneously with, or within 90 days of, such sale or transfer
moves such satellite from the Orbital Slot to a new orbital slot (the “New Orbital Slot”).

          “Collateral Account”: as defined in subsection 4.1.

          “Collateral Trustee”: as defined in the Preamble to this Trust Agreement.

          “Collateral Trustee Fees”: all compensation, fees, costs, expenses, and claims for
payment or reimbursement of the Collateral Trustee of the types described in subsections 6.3, 6.4,
6.5 and 6.6.

          “Company”: shall have the meaning assigned to it in the Preamble hereto.

          “Corporate Trust Offices” means, collectively, (i) the office of the Indenture Trustee at which the
corporate trust business of the Indenture Trustee shall, at any particular time, be principally
administered, which office is, at the date of this Trust Agreement, the address of the Indenture
Trustee specified in Section 10.1 hereof, or such other address as to which the Indenture Trustee
shall have given notice to Satmex, and (ii) the office of the Collateral Trustee at which the
corporate trust business of the Collateral Trustee shall, at any particular time, be principally
administered, which office is, at the date of this Trust Agreement, the address of the Collateral
Trustee specified in Section 10.1 hereof, or such other address as to which the Collateral Trustee
shall have given notice to Satmex.

          “Designee”: as defined in subsection 4.8.

          “Distribution Date”: each date fixed by the Collateral Trustee or the Requisite
Second Priority Holders for a distribution to the Secured Parties of funds held in the Collateral
Account.

          “Dollars” and “$”: lawful currency of the United States of America.

          “Effective
Date”: November 29, 2006.

          “Enforcement Period”: as defined in subsection 3.1(b).

          “Enforcement Proceeds Sub-Account”: as defined in subsection 4.1(a).

          “Event of Default”: any Event of Default as defined in the Second Priority Indenture.

          “Fair Market
Value of the Loral Transponders”: the fair market value of the Loral
Transponders, as determined by a panel of three (3) satellite industry experts on satellite
valuation, with such experts to be selected in the following manner: each of (x) the Grant Holders
and (y) the First Priority Collateral Trustee (so long as the First Priority Securities are
outstanding), and when the First Priority Securities are no longer outstanding, then and only then,
the Collateral Trustee and not the First Priority Collateral Trustee shall appoint one (1) of the
experts and the two (2) experts so appointed by the Grant Holders and, the First Priority
Collateral Trustee (so long as the First Priority Securities are outstanding), and when the First
Priority Securities are no longer outstanding, then and only then, the Collateral Trustee and not
the First Priority Collateral Trustee shall mutually agree on the
third expert provided that for the purposes of such
valuation, the experts shall assume that Satmex 5 or Satmex 6, as applicable, has not been and will
not be moved from the orbital slot for which it was designed (the “Orbital Slot”) and,
further, that the experts shall take into account, among other things, the customer base on the
Loral Transponders existing at the time of the valuation.

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          “First Priority Collateral Trust Agreement” means the First Priority Collateral Trust
Agreement, of even date herewith, among the Company and each First Priority Guarantor, the First
Priority Collateral Trustee, and the First Priority Indenture Trustee.

          “First Priority Collateral Trustee” means HSBC Bank USA, National Association, as
collateral trustee under the First Priority Collateral Trust Agreement and any permitted successor
thereto.

          “First Priority Holder” means a Person in whose name a First Priority Security is
registered in accordance with the terms of the First Priority Indenture.

          “First Priority Indenture” means the Indenture of even date herewith, by and between
the Company and the First Priority Indenture Trustee, providing for the issuance of the First
Priority Securities,, as amended, supplemented, or otherwise modified from time to time in
accordance with the terms hereof.

          “First Priority Indenture Trustee” means HSBC Bank USA, National Association, as
trustee for First Priority Securities and any permitted successor thereto.

          “First
Priority Obligations” has the meanings given such terms in
the First Priority Collateral Trust Agreement.

          “First
Priority Securities” means the [U.S.$238,200,000] aggregate original principal
amount of First Priority Senior Secured Notes due 2011 issued by the Company pursuant to the First
Priority Indenture, as the same may be amended, supplemented, or otherwise modified from time to
time in accordance with the terms hereof and thereof.

          “Foreclosure Sale”: any Changing Orbital Foreclosure Sale or Non-Changing Orbital
Foreclosure Sale, as applicable.

          “Governmental Authority”: means any nation or government, any state or other
political subdivision thereof, and any entity exercising executive, legislative, judicial,
regulatory or administrative functions of or pertaining to government (including without limitation
the National Association of Insurance Commissioners).

          “Grant Holders”: the Loral Entities and/or their assignee(s) that hold the rights to
the Loral Usufructo.

          “Indenture Trustee”: as defined in the Preamble to this Trust Agreement.

          “Initial Collateral”: the Second Priority Collateral in existence on the Effective
Date in which a security interest is created or granted under or evidenced by the Initial Security
Documents.

          “Initial Guarantees”: the guarantees described in Schedule I hereto, as amended,
supplemented or otherwise modified from time to time in accordance with this Trust Agreement and
the Second Priority Securities Facility.

          “Initial Guarantors”: [Names to be inserted].

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          “Initial Security Documents”: the documents described in Schedule II hereto, as
amended, supplemented or otherwise modified from time to time in accordance with this Trust
Agreement and the Second Priority Securities Facility.

          “Intercreditor Agreement”: that certain Intercreditor Agreement dated on or about the
date hereof among Satmex, the Collateral Trustee, the Indenture Trustee, the First Priority
Collateral Trustee, and the First Priority Indenture Trustee.

          “Loral Entities”: certain affiliates of Loral Skynet Corporation and Loral Satmex
Ltd. (collectively “Loral”) as designated by Loral.

          “Loral Grant”: has the meaning set forth below in the definition of “Loral
Usufructo.”

          “Loral Transponders”: the three (3) 36 MHz 132 Watt Ku-Band full hemisphere
transponders on Satmex 5, specifically Ku-15, Ku-21 and Ku-23, and the two (2) 36 MHz 132 Watt
Ku-Band full hemisphere transponders and two (2) 36 MHz C-Band transponders on Satmex 6,
specifically Ku-16 and Ku-18 and C-15 and C-17.

          “Loral Transponder Sale Proceeds”: an amount equal to the greater of (A) (i) in the
case of a Foreclosure Sale of Satmex 5, an amount equal to 6.25%, 4.17%, or 2.08% of the net sale
proceeds actually received from a Foreclosure Sale of Satmex 5 with respect to all three (3), any
two (2), or any one (1) of the Loral Transponders on Satmex 5, respectively and (ii) in the case of
a Foreclosure Sale of Satmex 6, an amount equal to 6.7%, 5.0%, 3.33%, or 1.67% of the net sale
proceeds actually received from a Foreclosure Sale of Satmex 6 with respect to all four (4), any
three (3), any two (2) or any one (1) of the Loral Transponders on Satmex 6, respectively and (B)
the Fair Market Value of the Loral Transponders actually sold on Satmex 5 in the case of
Foreclosure Sale of Satmex 5 or Satmex 6 in the case of a Foreclosure Sale of Satmex 6.

          “Loral Usufructo”: that certain usufructo granted by Satmex to the Loral Entities
under Articles 980 et seq. of Mexico’s Federal Civil Code (“Article 980”) with respect to
the Loral Transponders as set forth in the Restructuring Agreement and pursuant to the certain
Agreements (the “Usufructo Agreements”) in respect of the Loral Usufructo between Loral
Skynet Corporation and Satmex dated on or about the date hereof (the “Loral Grant”).

          “Moody’s”: as defined in the definition of “Cash Equivalents.”

          “New Orbital Slot” as defined in the definition of “Changing Orbital Foreclosure Sale”
above.

          “Non-Changing Orbital Foreclosure Sale”: any final sale or transfer of Satmex 5 or
Satmex 6, as applicable, by the applicable collateral, other than a Changing Orbital Foreclosure
Sale, in connection with the foreclosure by the applicable collateral trustee of any lien or
security interest in such satellites, pursuant to and in accordance with this Trust Agreement or
any of the Second Priority Security Documents.

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          “Notice of Cancellation of Enforcement”: with respect to any Enforcement Period, a
written notice delivered to the Collateral Trustee [by the Requisite Second Priority Holders,
canceling a Notice of Default.]

          “Notice of Default”: a written notice or notices identified as a Notice of Default
hereunder delivered to the Collateral Trustee by the Requisite Second Priority Holders stating that
the Second Priority Obligations have become due and payable at or prior to the stated maturity
thereof and remain unpaid.

          “Opinion of Counsel”: an opinion in writing signed by legal counsel reasonably
satisfactory to the Collateral Trustee, who may at the election of the Collateral Trustee in its
sole discretion be an individual employed as counsel to the Collateral Trustee, the Indenture
Trustee or Satmex. Any Opinion of Counsel may contain customary exceptions, assumptions and
qualifications and may rely, as to factual matters, on certificates of public officials or
representatives of Satmex.

          “Orbital Slot”: as defined above in the definition of “Fair Market Value of the
Loral Transponders.”

          “Person”: an individual, partnership, corporation, limited liability company,
business trust, joint stock company, trust, unincorporated association, joint venture, governmental
authority, or other entity of whatever nature.

          “Possessory Collateral”: Second Priority Collateral in which the Collateral Trustee’s
security interest may be, in accordance with applicable law, perfected by means of possession of
such Second Priority Collateral by the Collateral Trustee or an agent or bailee on its behalf and
which, pursuant to the Second Priority Securities Facility or Second Priority Security Documents,
is to be perfected by such possession.

          “Proceeds”: with respect to any assets or other Property, any and all proceeds
thereof, including but not limited to any and all proceeds within the meaning of the UCC.

          “Proceeds Release Request”: a written request delivered by Satmex to the Collateral
Trustee requesting the Collateral Trustee to release funds from the Second Priority Collateral
Trustee Segregated Sub-Account for use by Satmex in accordance with Sections 3.2 and 4.25 of the
Second Priority Indenture.

          “Property”: any right, title, or interest in or to property of any kind whatsoever,
whether real, personal, or mixed, and whether tangible or intangible, including, without
limitation, Capital Stock (as defined in the Second Priority Indenture), rights to and in the
Concessions (as defined in the Second Priority Indenture) and the orbital slots subject thereto,
and regulatory, governmental, and all other rights under any law, treaty, rule, regulation, or
determination of an arbitrator or a court or other Governmental Authority.

          “Recovery Event”: any settlement of or payment in respect of any property or casualty
insurance claim or any condemnation proceeding relating to any asset or Property of Satmex or any
Second Priority Guarantor.

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          “Requisite Second Priority Holders”: at any time, one or more Second Priority Holders
that hold Second Priority Securities in an aggregate principal amount equal to more than fifty
percent (50%) of the then aggregate outstanding principal amount of Second Priority Securities.

          “Responsible Officer”: as to Satmex, the chairman of the Board of Directors, the
chief executive officer, the chief financial officer, the treasurer, general counsel, or the
controller (or the customary Mexican equivalents thereof), but in any event, with respect to
financial matters, the chief financial officer (or the customary Mexican equivalent thereof); and
as to any other Person, any officer of such Person with direct responsibility for the
administration of this Trust Agreement or the Second Priority Obligations.

          “Responsible Collateral Trustee Officer”: any officer of the Collateral Trustee with
direct responsibility for the administration of this Trust Agreement, and with respect to a
particular corporate trust matter, any other officer of the Collateral Trustee to whom such matter
is referred because of his knowledge of and familiarity with the particular subject.

          “Restructuring Agreement”: that certain Restructuring Agreement, dated as of March
31, 2006, by and among Satmex; Servicios Corporativos Satelitales, S.A. de C.V.; Loral Skynet
Corporation and Loral Satmex Ltd.; Principia, S.A. de C.V.; and certain beneficial owners (or
investment managers or advisors with power to vote or dispose of all or substantially all of the
relevant securities on behalf of the beneficial owners) of (a) the First Priority Senior Secured
Notes due June 30, 2004 and/or (b) the 10-1/8% Senior Notes due November 1, 2004.

          “Sale Notice”: as defined in subsection 4.9(a).

          “Satellite”: means any telecommunications satellite owned by Satmex or a Second
Priority Guarantor, including but not limited to the satellites known as Solidaridad 2, Satmex 5
and Satmex 6 Satellites, and any other satellite in which Satmex or a Second Priority Guarantor now
has or at any time hereafter has an insurable interest.

          “Satmex”: shall have the meaning assigned to it in the Preamble hereto.

          “Satmex 5”: Satmex’s telecommunications satellite known as Satmex 5.

          “Satmex 6”: Satmex’s telecommunications satellite known as Satmex 6.

          “Satmex 5 Transponder Sale Date”: the first Business Day following the receipt by the
Collateral Trustee of the net proceeds of the sale or transfer of Satmex 5 through a Foreclosure
Sale.

          “Satmex 6 Transponder Sale Date”: the first Business Day following the receipt by the
Collateral Trustee of the net proceeds of the sale or transfer of Satmex 6 through a Foreclosure
Sale.

          “Second Priority Collateral”: all right, title and interest of Satmex and each Second
Priority Guarantor in any assets or other Property, including but not limited to all assets

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and
Property of whatever nature, whether real, personal or mixed, tangible or intangible, now owned or
existing or hereafter acquired or arising, and including but not limited to all assets or other
Property with respect to which a lien or security interest is purported to or may be created or
granted as security for any of the Second Priority Obligations pursuant to any of the Second
Priority Documents, and all products and Proceeds of the foregoing. Without limiting the
generality of the foregoing, the Second Priority Collateral includes any and all assets and other
Property of Satmex or each Second Priority Guarantor in which the Collateral Trustee, for itself or
for the benefit of the Indenture Trustee or, the Second Priority Holders, acquires a lien or
security interest or other interest after the commencement of any proceeding under any Bankruptcy
Law for any of the Second Priority Obligations during an Enforcement Period.

          “Second Priority Collateral Trustee Segregated Account Proceeds”: proceeds that
Satmex and each Restricted Subsidiary are required to deposit into the Second Priority Collateral
Trustee Segregated Sub-Account in Section 4.25(b) of the Second Priority Indenture.

          “Second Priority Collateral Trustee Segregated Sub-Account”: as defined in subsection
4.1(a).

          “Second Priority Documents”: the Second Priority Indenture, the Second Priority
Securities, the Second Priority Security Documents, this Trust Agreement, the Second Priority
Guarantees, and any other document executed or delivered by any of Satmex or any Second Priority
Guarantor in connection with the Second Priority Securities Facility or Second Priority
Obligations.

          “Second Priority Guarantees”: the collective reference to the Initial Guarantees and
the Additional Guarantees.

          “Second Priority Guarantor”: the collective reference to the Initial Guarantors and
the Additional Guarantors.

          “Second Priority Holder”: any holder of, or creditor in respect of, Second Priority
Obligations.

          “Second Priority Indenture”: that certain Indenture with respect to the Second
Priority Securities dated as of November 29, 2006 entered into among Satmex, each of the Second
Priority Guarantors thereto, and the Indenture Trustee, as it may be amended, supplemented or
modified from time to time.

          “Second Priority Obligations”: the unpaid principal of and interest on (including,
without limitation, interest accruing after the maturity, acceleration, or other due date of any of
the Second Priority Securities and interest accruing after the filing of any petition in
bankruptcy, or the commencement of any insolvency, reorganization, concurso mercantil, or like
proceeding, relating to Satmex or any Second Priority Guarantor, whether or not a claim for
post-filing or post-petition interest is allowed in such proceeding) the Second Priority Securities
(including any Additional Amounts) and all other obligations and liabilities of Satmex or any
Second Priority Guarantor to the Indenture Trustee, the Collateral Trustee, any Second Priority
Holder, or any of their respective affiliates, whether direct or indirect, absolute or contingent,
due or to become

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due, or now existing or hereafter incurred, which may arise under, out of, or in
connection with, any Second Priority Document, any interest rate protection agreement required or
permitted under the Second Priority Indenture and entered into with any party thereto or any
affiliate of any such party, or any other document made, delivered, or given in connection herewith
or therewith, whether existing on the date hereof or hereafter arising, and whether on account of
principal, interest, reimbursement obligations, fees, indemnities, costs, expenses (including,
without limitation, all fees, charges, and disbursements of counsel to the Indenture Trustee and/or
Collateral Trustee) or otherwise.

          “Second Priority Securities”: all Second Priority Senior Secured Notes due 2013
issued by Satmex pursuant to the Second Priority Indenture, as the same may be amended,
supplemented or otherwise modified from time to time, including any Additional Second Priority
Securities.

          “Second Priority Securities Facility”: the Second Priority Indenture and the Second
Priority Securities, including without limitation all indebtedness and other obligations due or
outstanding thereunder.

          “Second Priority Security Documents”: (a) the Initial Security Documents and (b) the
Additional Security Documents.

          “Secured Parties”: the Second Priority Holders of the Second Priority Obligations,
including the Indenture Trustee and Collateral Trustee.

          “S&P”: as defined in the definition of “Cash Equivalents.”

          “Sub-Account”: as defined in subsection 4.1(a).

          “Subsidiary”: as to any Person, a corporation, partnership or other entity of which
shares of stock or other ownership interests having ordinary voting power (other than stock or such
other ownership interests having such power only by reason of the happening of a contingency) to
elect a majority of the board of directors or other managers of such corporation, partnership,
limited liability company or other entity are at the time owned, or the management of which is
otherwise controlled, directly or indirectly through one or more intermediaries, or both, by such
Person. Unless otherwise qualified, all references to a “Subsidiary” or to “Subsidiaries” in this
Trust Agreement shall refer to a Subsidiary or Subsidiaries of Satmex or one or more of its
Subsidiaries.

          “Trust Agreement”: this Second Priority Collateral Trust Agreement as amended,
supplemented or otherwise modified from time to time.

          “Trust Estate”: as defined in the Declaration of Trust in this Trust Agreement.

          “UCC”: the Uniform Commercial Code as in effect from time to time in the State of New
York.

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          1.2 Other Definitional Provisions. Unless the context otherwise requires: (i) a term
has the meaning assigned to it herein; (ii) an accounting term not otherwise defined herein has the
meaning assigned to it in accordance with U.S. GAAP; (iii) “or” is not exclusive; (iv) words in the
singular include the plural, and words in the plural include the singular; (v) provisions apply to
successive events and transactions; (vi) “herein,” “hereof” and other words of similar import refer
to this Trust Agreement as a whole and not to any particular Article, Section or other subdivision;
(vii) the words “including,” “includes,” and similar words shall be deemed to be followed by
“without limitation”; (viii) for avoidance of doubt, references to cash, payments, currency, and
similar terms shall be deemed to be references in Dollars unless otherwise specified; and (ix)
references to subsection, Sections or Articles mean reference to such subsection, Section or
Article in this Trust Agreement, unless stated otherwise.

SECTION 2

GOVERNANCE PROVISIONS

          2.1 Indenture Trustee to Act on Behalf of Second Priority Holders. In any matter
requiring the consent or approval of the Requisite Second Priority Holders hereunder or under any
other Second Priority Document, the Indenture Trustee shall communicate with the Second Priority
Holders in accordance with the Second Priority Securities Facility and shall provide to the
Collateral Trustee a certificate as to the principal amount of Second Priority Securities held by
the Second Priority Holders who have given their consent or approval to such matter. The
Collateral Trustee shall be authorized to take such action for which the consent or approval of the
Requisite Second Priority Holders is required in reliance on such certificates. Nothing contained
in this section 2.1 shall prevent the Second Priority Holders from acting or providing any consent
or approval directly rather than through the Indenture Trustee.

SECTION 3

ENFORCEMENT OF SECURITY INTERESTS AND GUARANTEES

          3.1 Notice of Default.

          (a) Upon the occurrence and during the continuance of any Event of Default under the Second
Priority Securities Facility, the Requisite Second Priority Holders may deliver a Notice of Default
to the Collateral Trustee.

          (b) Upon either (i) the delivery of a Notice of Default in accordance with Section 3.1(a) or
(ii) the occurrence of an Automatic Enforcement Event, an “Enforcement Period” shall automatically
commence without any other or further action.

          (c) Once commenced, an Enforcement Period shall continue until a Notice of Cancellation of
Enforcement becomes effective for such Enforcement Period. A Notice of Cancellation of Enforcement
becomes effective upon the later of (i) delivery of the Notice of Cancellation of Enforcement by
the Requisite Second Priority Holders to the Collateral Trustee, provided the Collateral Trustee
has not taken any action to exercise any material remedy against
any Second Priority Collateral or
under any Second Priority Document, and (ii) if, during such Enforcement Period, the Collateral
Trustee has taken any action to exercise any material remedy against any Second Priority Collateral
or under any Second Priority Document, the first date

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thereafter that any such action can in the
sole discretion of the Collateral Trustee be reversed, suspended, or withdrawn without undue
difficulty.

          (d) A Notice of Cancellation of Enforcement shall not constitute any waiver, admission or
consent on behalf of the Requisite Second Priority Holders or any other Person, and the existence
and continuance of any Event of Default under the Second Priority Securities Facility shall not be
affected in any manner whatsoever by the delivery of a Notice of Cancellation of Enforcement.

          (e) The Collateral Trustee shall promptly notify Satmex and the Indenture Trustee upon receipt
of any Notice of Default or Notice of Cancellation of Enforcement and shall provide Satmex and the
Indenture Trustee with a copy of any such Notice of Default or Notice of Cancellation of
Enforcement, provided, however, that any failure of the Collateral Trustee to comply with this
Section 3.1(e) shall have no effect on the validity or effectiveness of any Notice of Default,
Enforcement Period, or Notice of Cancellation of Enforcement and shall not impair any of the
rights, powers, and remedies of the Collateral Trustee, Indenture Trustee, or Second Priority
Holders under this Trust Agreement or any other Second Priority Document.

          (f) During an Enforcement Period, the Collateral Trustee may (but in the absence of direction
from the Requisite Second Priority Holders shall not be required to) take any action to exercise
any remedies that are (i) permitted under any of the Second Priority Documents or applicable law,
and (ii) not inconsistent with any written direction given to the Collateral Trustee by the
Requisite Second Priority Holders under Section 3.5(b).

          (g) Notwithstanding Section 3.1(f) or any other provision of this Trust Agreement, nothing
shall limit the right of the Collateral Trustee to take any and all actions at any time that the
Collateral Trustee deems necessary to protect and preserve the Second Priority Collateral and the
rights of the Collateral Trustee, the Indenture Trustee, and the Second Priority Holders, provided,
however, that (x) no such action shall be inconsistent with any written direction of the Requisite
Second Priority Holders under Section 3.5(b) or the provisions of the other Second Priority
Documents, and (y) in the absence of written direction from the Requisite Second Priority Holders
under Section 3.5(b), the Collateral Trustee shall not foreclose on any Second Priority Collateral
or enforce any judgment entered on account of any Second Priority Guarantee. The Indenture
Trustee, the Second Priority Holders, the Company, and each of the Second Priority Guarantors
expressly authorize the Collateral Trustee to take the protective and preservative actions
described in the immediately preceding sentence.

          3.2 General Authority of the Collateral Trustee over the Second Priority Collateral and
Second Priority Guarantees.

          (a) Each of Satmex and the Second Priority Guarantors hereby irrevocably constitute and
appoint the Collateral Trustee and any officer or agent thereof, with full power of
substitution,
as its true and lawful attorneys-in-fact with full irrevocable power and authority in the name of
Satmex or in its or his or her own name, from time to time in the Collateral Trustee’s discretion,
so long as any Enforcement Period is in effect, to take any and all appropriate action and to
execute any and all documents and instruments which may be necessary or desirable to carry out the
terms of this Trust Agreement, and the other Second Priority Documents and

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accomplish the purposes
hereof and thereof, and, without limiting the generality of the foregoing, each of Satmex and the
Second Priority Guarantors hereby gives the Collateral Trustee the power and right on behalf of
Satmex and such Second Priority Guarantors, without notice to or further assent by Satmex or such
Second Priority Guarantors, to do the following so long as an Enforcement Period is in effect and
such action is consistent with the rights and remedies permitted under any of the Second Priority
Documents (and, in the case of clause (v)(A) below, whether or not an Enforcement Period is in
effect):

               (i) to ask for, demand, sue for, collect, receive and give acquittance for any and all moneys
due or to become due upon, or in connection with, the Second Priority Documents or the Second
Priority Collateral;

               (ii) in the name of Satmex or any Second Priority Guarantor or its own name, or otherwise,
receive, take possession of, endorse, assign, collect and deliver any and all checks, notes,
drafts, acceptances, documents and other negotiable and non-negotiable instruments taken or
received by the Collateral Trustee as Second Priority Collateral or in connection with any Second
Priority Document;

               (iii) to file, commence, prosecute, defend, settle, compromise or adjust any claim, suit,
action or proceeding with respect to, or in connection with, the Second Priority Guarantees or the
Second Priority Collateral or the interests, rights, powers or duties of the Collateral Trustee or
any Secured Party therein, whether brought by or against Satmex, any Second Priority Guarantor, the
Collateral Trustee or any Secured Party;

               (iv) to sell, transfer, assign or otherwise deal in or with the Second Priority Collateral or
any part thereof as fully and effectively as if the Collateral Trustee were the absolute owner
thereof, including but not limited to directing any party liable for any payment under any of the
Second Priority Collateral to make payment of any and all moneys due or to become due thereunder
directly to the Collateral Trustee or as the Collateral Trustee shall direct; and

               (v) to do, at its option and at the expense and for the account of Satmex or any Second
Priority Guarantor, at any time or from time to time, all acts and things which the Collateral
Trustee deems necessary (A) to protect or preserve the Second Priority Collateral and the rights of
the Collateral Trustee and the Secured Parties therein and (B) to realize upon the Second Priority
Guarantees or the Second Priority Collateral or any part thereof.

          (b) All powers, authorizations and agencies contained in this Trust Agreement are coupled with
an interest and are irrevocable until this Trust Agreement is terminated and the liens and security
interests created by the Second Priority Security Documents are released.

          (c) The Collateral Trustee shall, to the extent necessary or appropriate under applicable law,
assist the Indenture Trustee in filing any proof of any claims under the Second Priority Documents.

          3.3 Right to Initiate Judicial Proceedings. If an Enforcement Period is in effect,
the Collateral Trustee, subject to the provisions of subsection 3.5(b), (a) shall

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have the right
and power to institute and maintain such suits and proceedings as it may deem appropriate to
protect and enforce the rights vested in it or the Secured Parties by this Trust Agreement, the
Second Priority Guarantees or any of the Second Priority Security Documents and (b) may proceed by
suit or suits at law or in equity to enforce such rights and to foreclose upon the Second Priority
Collateral and to sell all or, from time to time, any of the Trust Estate or Second Priority
Collateral under the judgment or decree of a court of competent jurisdiction.

          3.4 Right to Appoint a Receiver. If an Enforcement Period is in effect, upon the
filing of a bill in equity or other commencement of judicial or other proceedings to enforce the
rights of the Collateral Trustee under this Trust Agreement, any Second Priority Guarantee or any
Second Priority Security Document, the Collateral Trustee shall, to the extent permitted by
applicable law, without notice to Satmex or the Second Priority Guarantors or any party claiming
through Satmex or the Second Priority Guarantors, without regard to the solvency or insolvency at
the time of any Person then liable for the payment of any of the Second Priority Obligations,
without regard to the then value of the Trust Estate, and without requiring any bond from any
complainant in such proceedings, be entitled as a matter of right to the appointment of a receiver
or receivers (who may be a Collateral Trustee) of the Trust Estate, or any part thereof, and of the
rents, issues, tolls, profits, royalties, revenues and other income thereof, pending such
proceedings, with such powers as the court making such appointment shall confer, and to the entry
of an order directing that the rents, issues, tolls, profits, royalties, revenues and other income
of the property constituting the whole or any part of the Trust Estate be segregated, sequestered
and impounded for the benefit of the Collateral Trustee and the Secured Parties, and Satmex and
each of the Second Priority Guarantors irrevocably consents to the appointment of such receiver or
receivers and to the entry of such order; provided that, notwithstanding the appointment of
any receiver, the Collateral Trustee shall be entitled to retain possession and control, pursuant
to the terms of the Trust Agreement, of all cash and Cash Equivalents held by or deposited with it
pursuant to this Trust Agreement or any other Second Priority Document.

          3.5 Exercise of Powers; Instructions of Requisite Second Priority Holders.

          (a) All of the powers, remedies and rights of the Collateral Trustee as set forth in this
Trust Agreement may be exercised by the Collateral Trustee in respect of any Second Priority
Guarantee or any Second Priority Security Document as though set forth in full therein, and all of
the powers, remedies and rights of the Collateral Trustee as set forth in any Second Priority
Guarantee or any Second Priority Security Document may be exercised from time to
time as herein and
therein provided. Without limiting the generality of the foregoing sentence, the Collateral
Trustee may instruct any trustee, bailee or agent under any Second Priority Security Document to
take such actions as are permitted thereunder in connection with the exercise of such remedies.

          (b) The Requisite Second Priority Holders shall have the right, by one or more instruments in
writing executed and delivered to the Collateral Trustee, to direct the time, method and place of
conducting any proceeding for any right or remedy available to the Collateral Trustee, or of
exercising any trust or power conferred on the Collateral Trustee, or for the appointment of a
receiver, or to direct the taking or the refraining from taking of any action authorized by this
Trust Agreement, any Second Priority Guarantee or any Second Priority

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Security Document, and the
Collateral Trustee shall act in accordance with any such direction; provided that such
direction shall not conflict with any provision of applicable law or of this Trust Agreement, any
Second Priority Guarantee or any Second Priority Security Document and the Collateral Trustee shall
be reasonably secured or indemnified as provided in subsection 8.4(d).

          3.6 Remedies Not Exclusive.

          (a) No remedy conferred upon or reserved to the Collateral Trustee herein or in any Second
Priority Guarantee or Second Priority Security Document is intended to be exclusive of any other
remedy or remedies, but every such remedy shall be cumulative and shall be in addition to every
other remedy conferred herein, in any Second Priority Guarantee or in any Second Priority Security
Document or now or hereafter existing at law or in equity or by statute.

          (b) No delay by the Collateral Trustee in exercising or failure by the Collateral Trustee to
exercise any right, remedy or power hereunder or under any Second Priority Guarantee or Second
Priority Security Document shall impair any such right, remedy or power or shall be construed to be
a waiver thereof or acquiescence therein, and every right, power and remedy given to the Collateral
Trustee under this Trust Agreement, any Second Priority Guarantee or any Second Priority Security
Document may be exercised from time to time and as often as may be deemed expedient by the
Collateral Trustee or the Requisite Second Priority Holders.

          (c) If the Collateral Trustee shall have proceeded to enforce any right, remedy or power under
this Trust Agreement, any Second Priority Guarantee or any Second Priority Security Document, and the
proceeding for the enforcement thereof shall have been discontinued or abandoned for any reason or
shall have been determined adversely to the Collateral Trustee, then Satmex, the Collateral Trustee
and the Secured Parties shall, subject to any effect of or determination in such proceeding,
severally and respectively be restored to their former positions and rights hereunder or thereunder
with respect to the Trust Estate and in all other respects, and thereafter all rights, remedies and
powers of the Collateral Trustee shall continue as though no such proceeding had been taken.

          (d) All rights of action and of asserting claims upon or under this Trust Agreement, the
Second Priority Guarantees and the Second Priority Security Documents may, to the extent permitted
by applicable law, be enforced by the Collateral Trustee without the possession of any Second
Priority Document or instrument evidencing any Second Priority Obligation or the production thereof
at any trial or other proceeding relative thereto, and any suit or proceeding instituted by the
Collateral Trustee shall be, subject to subsections 8.5(c) and 8.10(b)(ii), brought in its name as
Collateral Trustee and any recovery of judgment shall be held as part of the Trust Estate.

          3.7 Waiver and Estoppel.

          (a) Each of Satmex and the Second Priority Guarantors hereby agrees, to the extent it may do
so lawfully, that it will not at any time in any manner whatsoever claim, or take

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the benefit or
advantage of, any appraisement, valuation, stay, extension, moratorium, turnover or redemption law,
or any law permitting it to direct the order in which the Second Priority Collateral shall be sold,
now or at any time hereafter in force, which may delay, prevent or otherwise affect the performance
or enforcement of this Trust Agreement, any Second Priority Guarantee or any Second Priority
Security Document and waives, to the extent it may lawfully do so, all benefit or advantage of all
such laws, and Satmex hereby covenants, to the extent it may lawfully do so, that it will not
hinder, delay or impede the execution of any power granted to the Collateral Trustee in this Trust
Agreement, any Second Priority Guarantee or any Second Priority Security Document but will suffer
and permit the execution of every such power as though no such law were in force.

          (b) Each of Satmex and the Second Priority Guarantors, to the extent it may lawfully do so, on
behalf of itself and all who may claim through or under it, including, without limitation, any and
all subsequent creditors, vendees, assignees and lienors, waives and releases all rights to demand
or to have any marshalling of the Second Priority Collateral upon any sale, whether made under any
power of sale granted herein or in any Second Priority Security Document or pursuant to judicial
proceedings or upon any foreclosure or any enforcement of this Trust Agreement or any Second
Priority Security Document and consents and agrees that all the Second Priority Collateral may at
any such sale be offered and sold as an entirety.

          (c) Each of Satmex and the Second Priority Guarantors waives, to the extent permitted by
applicable law, presentment, demand, protest and any notice of any kind (except notices explicitly
required hereunder or under any other applicable Second Priority Document) in connection with this
Trust Agreement, the Second Priority Guarantees and the Second Priority Security Documents, and any
action taken by the Collateral Trustee with respect to the Second Priority Collateral.

          3.8 Limitation on Collateral Trustee’s Duty in Respect of Second Priority Collateral.
Beyond its duties as to the custody, safekeeping and preservation thereof expressly provided herein
or in any Second Priority Security Document and to account to the
Secured Parties, Satmex and the
Second Priority Guarantors for moneys and other property received by them hereunder or under any
Second Priority Security Document, the Collateral Trustee shall not have any duty to Satmex, the
Second Priority Guarantors or to the Secured Parties as to any Second Priority Collateral in its
possession or control or in the possession or control of any of its agents or nominees, or any
income thereon or as to the preservation of rights against prior parties or any other rights
pertaining thereto.

          3.9 Limitation by Law. All rights, remedies and powers provided herein may be
exercised only to the extent that the exercise thereof does not violate any applicable provision of
law, and all the provisions hereof are intended to be subject to all applicable provisions of law
which may be controlling and to be limited to the extent necessary so that they will not render
this Trust Agreement invalid, unenforceable in whole or in part or not entitled to be recorded,
registered or filed under the provisions of any applicable law.

          3.10 Rights of Secured Parties Under Second Priority Securities Facility.
Notwithstanding any other provision of this Trust Agreement, any Second Priority Guarantee or any
Second Priority Security Document, the right of each Secured Party to receive payment of

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the Second
Priority Obligations held by such Secured Party when due (whether at the stated maturity thereof,
by acceleration, redemption or otherwise) as expressed in the related Second Priority Document or
other instrument evidencing or agreement governing a Second Priority Obligation or to institute
suit or to obtain a judgment for the collection of such Second Priority Obligations or to enforce
any such judgment on or after such due date, and to otherwise exercise the rights and remedies as a
general creditor in accordance with the Second Priority Securities Facility to which it is a party,
and the obligation of Satmex and each Second Priority Guarantor to pay such Second Priority
Obligation when due, shall not be impaired or affected.

          3.11 Records. The Collateral Trustee shall maintain records regarding instructions of
the Requisite Second Priority Holders, the identity of the Indenture Trustee and the other Secured
Parties, determinations of the types and amounts of the Second Priority Obligations for any purpose
and the allocation of deposits to the Collateral Account and the Sub-Accounts thereof and any
distributions therefrom. The information contained in such records shall be made available to any
Secured Party upon request.

          3.12 Notices. The Collateral Trustee shall promptly notify the Indenture Trustee in
the event it shall receive, and shall deliver to the Indenture Trustee a copy of, (a) any Notice of
Default, (b) any instructions by the Requisite Second Priority Holders to take any action under
this Trust Agreement or any Second Priority Security Document or Second Priority Guarantee,
including any instruction to commence any exercise of remedies with respect to the Second Priority
Collateral or Second Priority Guarantees, (c) any request by Satmex, any Second Priority
Guarantor
or the Indenture Trustee acting on behalf of any Secured Party or the Requisite Second Priority
Holders for any consent, waiver, amendment, supplement, modification or release with respect to
this Trust Agreement, any Second Priority Security Document, any Second Priority Collateral or any
Second Priority Guarantee, or (d) any other material instruction, notice, request, demand,
certificate, opinion of counsel or other communications from any person which is related to the
Second Priority Collateral, the Second Priority Security Documents or the Second Priority
Guarantees. The Collateral Trustee shall also deliver a notice to the Indenture Trustee regarding
the taking of any enforcement action or the exercise of any remedies by the Collateral Trustee with
respect to the Second Priority Security Documents, the Second Priority Collateral or the Second
Priority Guarantees, which notice shall be delivered promptly after the occurrence of any such
event.

SECTION 4

COLLATERAL ACCOUNT; DISTRIBUTIONS

          4.1 The Collateral Account.

          (a) On the Effective Date there shall be established and, at all times thereafter until the
trusts created by this Trust Agreement shall have terminated, there shall be maintained with the
Collateral Trustee at the U.S. office of the Collateral Trustee’s corporate trust division, a
collateral account, in the name of the Collateral Trustee which shall be entitled the “Satmex
Collateral Account” (the “Collateral Account”). All cash deposits, monies and proceeds of
Second Priority Collateral required to be held or otherwise received by the Collateral Trustee
pursuant hereto or pursuant to any Second Priority Document or otherwise shall be deposited in the
Collateral Account and held as part of the Trust Estate. The Collateral Account shall be

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subdivided into two sub-accounts, designated as the “Enforcement Proceeds Sub-Account” and
the “Second Priority Collateral Trustee Segregated Sub-Account” (each, a
“Sub-Account,” all of which shall be non-interest bearing trust accounts (except to the
extent invested in Cash Equivalents)).

          (b) All cash deposits, monies, and proceeds of Second Priority Collateral which are required
by this Trust Agreement or any Second Priority Document to be delivered to the Collateral Trustee
or which are received by the Collateral Trustee or any agent or nominee of the Collateral Trustee
in respect of the Second Priority Collateral or the Second Priority Guarantees, whether in
connection with the exercise of the remedies provided in this Trust Agreement, any Second Priority
Guarantee or any Second Priority Security Document or otherwise, while an Enforcement Period is in
effect, shall be deposited in the Enforcement Proceeds Sub-Account and, in each case, held by the
Collateral Trustee as part of the Trust Estate and applied in accordance with the terms of this
Trust Agreement. Upon the termination of any Enforcement Period pursuant to subsection 3.1(c), the
Collateral Trustee shall (subject to subsection 4.4) cause all funds on deposit in the Enforcement
Proceeds Sub Account, together with all income on such amounts, to be deposited in the Second
Priority Collateral Trustee Segregated Sub-Account for application in accordance with the terms of
Section 4 hereof and for use by Satmex in accordance with Section 4.25(b) of the Second Priority
Indenture.

          (c) All moneys constituting Second Priority Collateral Trustee Segregated Sub-Account Proceeds
which are delivered to the Collateral Trustee pursuant to Section 3.2 and 4.25 of the Second
Priority Indenture or otherwise, while an Enforcement Period is not in effect, shall be deposited
in the Second Priority Collateral Trustee Segregated Sub-Account and held by the Collateral Trustee
as part of the Trust Estate and applied in accordance with Sections 3.2 and 4.25 of the Second
Priority Indenture. Upon the receipt by the Collateral Trustee of a Notice of Default, all amounts
on deposit in the Second Priority Collateral Trustee Segregated Sub-Account shall automatically be
deemed to be held in, and shall be transferred to the Enforcement Proceeds Sub-Account; provided,
that all amounts so transferred from the Second Priority Collateral Trustee Segregated Sub-Account
to the Enforcement Proceeds Sub-Account, together with all interest and income on such amounts,
shall be returned to the Second Priority Collateral Trustee Segregated Sub-Account under the
circumstances set forth in subsection 4.1(b).

          (d) Satmex may, by delivery to the Collateral Trustee of a Proceeds Release Request, at any
time, request a release of funds from the Second Priority Collateral Trustee Segregated Sub-Account
for any use in the aggregate amount permitted by Sections 3.2 and 4.25 of the Second Priority
Indenture. For all purposes under the Trust Agreement and otherwise, to be effective, each
Proceeds Release Request (a) shall specify (i) the amount of funds to be released, (ii) the date of
the requested release, (iii) the purpose for which Satmex expects to use such funds, (iv) the
investments to be liquidated to provide cash to make such release, and (v) the wire instructions
for the transfer of such funds and (b) shall be accompanied by a certificate of a Responsible
Officer to the effect that such requested release of funds and proposed use thereof will not
violate any Second Priority Document and that no default or Event of Default has occurred and is
continuing under any Second Priority Document. If no Enforcement Period is in effect and no
default or Event of Default has occurred and is continuing with respect to any Second Priority
Document, on the date on which such funds are requested to be released

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pursuant to such Proceeds
Release Request, the Collateral Trustee shall release to Satmex funds from the Second Priority
Collateral Trustee Segregated Sub-Account in accordance with such Proceeds Release Request. To
effect such release, the Collateral Trustee shall liquidate such investments of such funds in the
Second Priority Collateral Trustee Segregated Sub-Account as shall be specified in such Proceeds
Release Request.

          4.2 Control of Collateral Account. All right, title and interest in and to the
Collateral Account shall vest in the Collateral Trustee on behalf of the Secured Parties, and funds
on deposit in the Collateral Account shall constitute part of the Trust Estate. The Collateral
Account shall be subject to the sole and exclusive dominion and control of the Collateral Trustee.

          4.3 Investment of Funds Deposited in Collateral Account. (a) The Collateral Trustee
shall invest and reinvest moneys on deposit in the Collateral Account at any time in Cash
Equivalents as directed in writing by Satmex so long as no Enforcement Period is in effect. All
such investments of funds in the Collateral Account, including any Sub-Account, the interest and
income received thereon and the net proceeds realized on the sale or redemption thereof shall be
held in the Collateral Account or such Sub-Account as part of the Trust Estate.

          (b) The Collateral Trustee shall have no obligation to invest or reinvest the amounts
deposited in the Collateral Account if deposited with the Collateral Trustee after 11:00 a.m., New
York time, on such day of deposit other than specified in clause (c) hereinabove. Instructions
received after 11:00 a.m., New York time, will be treated as if received on the following Business
Day. Any proceeds, payments, income or other gain from investments in Cash Equivalents made in
respect of funds in or credited to the Collateral Account, as outlined in subsection (a) above,
shall be credited to the Collateral Account. Satmex shall be liable for any loss incurred on funds
invested in any Cash Equivalents directed by it. The Collateral Trustee shall not be liable for
any loss incurred on any funds invested or reinvested in Cash Equivalents pursuant to the
provisions of this Section. In no event shall the Collateral Trustee be liable for the selection
of investments or for losses incurred as a result of the liquidation of any investment prior to its
stated maturity or for the failure of any appropriate Person to provide timely written investment
direction. Any interest or other income received on such investment and reinvestment of amounts in
the Collateral Account shall become part of the Collateral Account
and any losses incurred on such
investment and reinvestment of the amounts in the Collateral Account shall be debited against the
amounts in the Collateral Account. It is agreed and understood that the Collateral Trustee may
earn fees associated with the Cash Equivalents in accordance with the terms of the Cash
Equivalents. In no event shall the Collateral Trustee be deemed an investment manager or adviser
in respect of any selection of Cash Equivalents hereunder. It is understood and agreed that the
Collateral Trustee or its affiliates are permitted to receive additional compensation that could be
deemed to be in the Collateral Trustee’s economic self-interest for (1) serving as investment
adviser, administrator, shareholder servicing agent, custodian or sub-custodian with respect to
certain of the Cash Equivalents, (2) using affiliates to effect transactions in certain Cash
Equivalents and (3) effecting transactions in Cash Equivalents.

          (c) Each party hereto
agrees that the Collateral Account constitutes a “securities
account” within the meaning of Section 8-105(a) of the UCC the

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Collateral
Trustee shall be acting as a “securities intermediary” within the meaning of Section 8-102(a)(14)
of the UCC and that, regardless of any provision in any other agreement, for purposes of the UCC,
the State of New York shall be deemed to be the “securities intermediary’s jurisdiction” under
Section 8-110(e) of the UCC. Each item of property (whether investment property, financial asset,
security, instrument or cash) credited to the Collateral Account shall be treated as a “financial
asset” within the meaning of Section 8-102(a)(9) of the UCC.

          (d) The financial assets credited to, and other items deposited to, the Collateral Account
will not be subject to deduction, set-off, banker’s lien, or any other in favor of any Person other
than as created pursuant to this Trust Agreement.

          4.4 Application of Moneys. The Collateral Trustee shall have the right (pursuant to
subsection 6.7 hereof) at any time to apply moneys held by it in the Collateral Account to the
payment of due and unpaid Collateral Trustee Fees. All remaining moneys held by the Collateral
Trustee in the Collateral Account or received by the Collateral Trustee while an Enforcement Period
is in effect shall, to
the extent available for distribution (it being understood that the
Collateral Trustee may liquidate investments prior to maturity to make a distribution pursuant to
this subsection 4.4), be distributed by the Collateral Trustee on each Distribution Date as
follows:

     First: to the Collateral Trustee, an amount equal to any unpaid Collateral
Trustee Fees, and then to any Secured Party which has theretofore advanced or paid any
Collateral Trustee Fees constituting administrative expenses allowable under 11 U.S.C. §
503(b), an amount equal to the amount thereof so advanced or paid by such Secured Party and
for which such Secured Party has not been reimbursed prior to such Distribution Date;

     Second: to any Secured Party which has theretofore advanced or paid any
Collateral Trustee Fees other than such administrative expenses and has provided written
notice of such advance or payment to the Collateral Trustee, an amount equal to the amount
thereof so advanced or paid by such Secured Party and for which such Secured Party has not
been reimbursed prior to such Distribution Date;

     Third: to the Indenture Trustee, for redistribution or application in
accordance with the terms of the Second Priority Indenture, an amount equal to all sums
which constitute Second Priority Obligations then held by the Secured Parties, including
without limitation the unpaid principal or face amount of, and unpaid interest on and other
charges, if any, in respect of, the Second Priority Obligations then outstanding whether or
not due and payable and the costs and expenses of the Secured Parties and their respective
representatives which are due and payable under the relevant Second Priority Documents and
which constitute Second Priority Documents as of such Distribution Date; and

     Fourth: after indefeasible payment in full of all Second Priority Obligations,
any surplus then remaining shall be paid to Satmex or its successors or to whomsoever may be
lawfully entitled to receive the same or as a court of competent jurisdiction may direct.

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          4.5 [Intentionally Deleted]

          4.6 [Intentionally Deleted]

          4.7 Collateral Trustee’s Calculations. In making the determinations and allocations
required by subsection 4.4, the Collateral Trustee may, unless a Responsible Collateral Trustee
Officer has actual knowledge to the contrary, conclusively rely upon a certificate executed and
supplied by the Indenture Trustee as to the amounts payable with respect to Second Priority
Obligations and the Collateral Trustee shall have no
liability to any of the Secured Parties for actions taken in reliance on such information;
provided, however, that if the Indenture
Trustee receives on any Distribution Date
an amount pursuant to subsection 4.4 in excess of the amount to which it was entitled to receive on
such Distribution Date pursuant to such subsection 4.4 as a result of any such certificate
overstating the amount of the Second Priority Obligations the Indenture Trustee shall pay such
excess to the Collateral Trustee for application in accordance with subsection 4.4 as soon as
practicable after the existence of such overstatement shall have been determined. All
distributions made by the Collateral Trustee pursuant to subsection 4.4 shall be (subject to any
decree of any court of competent jurisdiction and to the proviso in the preceding sentence) final,
and the Collateral Trustee shall have no duty to inquire as to the application by any Second
Priority Holder or the Indenture Trustee of any amounts distributed to them. By accepting the
benefits of this Trust Agreement, the Second Priority Security Documents and the Second Priority
Guarantees, each Secured Party and the Indenture Trustee agrees to act in accordance with this
Trust Agreement and not take any action inconsistent herewith.

          4.8 Loral Usufructo.

          (a) Each of the Collateral Trustee and the Indenture Trustee, each for themselves and on
behalf of the Second Priority Holders, hereby acknowledges that (i) consistent with Mexican law,
the Loral Usufructo shall constitute an in rem property right whereby the Grant Holders are
entitled to the quiet use and enjoyment of the Loral Transponders for (x) the life of Satmex 6 as
to the Loral Transponders on Satmex 6 and (y) the life of Satmex 5 as to the Loral Transponders on
Satmex 5; and (ii) as a consequence of the Loral Usufructo and consistent with Mexican law, the
Loral Transponders cannot, under any circumstances, including, without limitation, in an
insolvency, bankruptcy or similar proceeding under Mexican or U.S. law, be modified, diminished,
sold, transferred, pledged or otherwise disposed of free and clear of the usufructo embodied in the
Loral Grant and any purchaser or transferee thereof takes subject to the Loral Usufructo; provided,
however, that the Grant Holders may, in their sole discretion, determine to accept the Loral
Transponder Sale Proceeds in exchange for the termination and extinguishment of the Loral Usufructo
as provided in Section 4.9 below.

          (b) The Collateral Trustee hereby is irrevocably directed to pay the Loral Transponder Sale
Proceeds to the applicable Grant Holders, as provided in Section 4.9 below.

          (c) The Grant Holders may take any action necessary to enforce their rights under the Loral
Usufructo against Satmex, its successors and assigns, or any other party in any context.

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          (d) Each of the Collateral Trustee and the Indenture Trustee, each for themselves and on
behalf of each of the Second Priority Holders, hereby acknowledges the existence of the Loral
Usufructo and that the liens granted by Satmex to the Second Priority Holders in the Second
Priority Collateral to secure the Second Priority Obligations are subject to the Loral Usufructo.
Each of the Collateral Trustee and the Indenture Trustee, each for themselves and on behalf of each
of the Second Priority Holders, shall not, and hereby waive any right to, foreclose the Loral
Usufructo in the Loral Transponders.

          (e) In any proceeding outside Mexico with respect to (x) the subject matter of section
5A(a)(iv) of the Restructuring Agreement, (y) the Loral Usufructo or the Loral Grant or (z) Satmex
5 or Satmex 6 as it relates to the rights of the Grant Holders in the Loral Transponders, each of
the Collateral Trustee and the Indenture Trustee, each for themselves and on behalf of the Second
Priority Holders, irrevocably agree that Luis A. Nicolau or such other designee selected by the
Grant Holders (the “Designee”), which Designee shall be reasonably acceptable to Satmex and the
Collateral Trustee for the First Priority Holders and the collateral trustee for the Second
Priority Holders, shall be the sole expert on Mexican law (specifically including Article 980) and
agree that Mr. Nicolau or such Designee will be the only witness (expert or otherwise) that may
submit evidence including, without limitation, any expert report, testimony or opinion, for all
purposes in interpreting, enforcing or otherwise explaining the Mexican Federal Civil Code,
including Article 980 thereof, with respect to the Loral Usufructo and the Loral Grant or the
parties’ rights in respect thereof (and each party shall waive any right to call any other witness
in respect of these matters).

          (f) Each of the Collateral Trustee and the Indenture Trustee, each for themselves and on
behalf of the Second Priority Holders, are and shall be estopped from arguing or taking any
position that the Loral Usufructo embodied in the Loral Grant is other than as expressly described
herein or therein.

          (g) In any dispute (in any court or other proceeding whether in Mexico, the United States or
otherwise) with respect to the Loral Usufructo embodied in the Loral Grant, the laws of Mexico
shall apply in connection with the interpretation, enforceability and application of the Loral
Usufructo, and such application of Mexican law is to be considered to the fullest extent under Rule
44.1 of the Federal Rules of Civil Procedure and Rule 9017 of the Federal Rules of Bankruptcy
Procedure, as may be applicable.

          (h) Neither the Loral Usufructo nor the Loral Grant shall affect the exercise of rights and
remedies of any of the Second Priority Holders, and, except in the event the Grant Holders shall
elect to terminate the Loral Usufructo as provided in Section 4.9 below, the Loral Usufructo shall
survive any exercise of such rights and remedies.

          4.9 Distribution of Loral Transponder Sale Proceeds.

          Upon
satisfaction of the First Priority Obligations:

          (a)(i) If as a result of any enforcement action or exercise of rights and remedies by the
Collateral Trustee hereunder, Satmex 5 or Satmex 6 is transferred in a Changing Orbital Foreclosure
Sale, then the Collateral Trustee shall, and is hereby irrevocably directed to, segregate from the
sale proceeds and hold in escrow (i) the Loral Transponder Sale Proceeds with respect to Satmex 5
on the Satmex 5 Transponder Sale Date and (ii) the Loral Transponder

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Sale Proceeds with respect to
Satmex 6 on the Satmex 6 Transponder Sale Date. On or before the Satmex 5 Loral Transponder Sale
Date or the Satmex 6 Loral Transponder Sale Date, as applicable, the Collateral Trustee shall, and
is hereby irrevocably directed to, notify Loral Skynet Corporation (the “Sale Notice”) of the sale,
the location of the New Orbital Slot, and the proposed course of action, if any. The applicable
Grant Holder shall have the right, within ninety (90) days of receipt of the Sale Notice, to advise
the Collateral Trustee in writing, whether
it elects to continue or terminate any existing Loral
Usufructo on some or all of the Loral Transponders at the New Orbital Slot, which election shall be
at the applicable Grant Holders’ sole discretion. In no event shall Satmex 5 or Satmex 6, as
applicable, be moved to the New Orbital Slot prior to the expiration of such ninety (90) day
period.

          (ii) If the Grant Holders shall elect within such ninety (90) days to terminate the Loral
Usufructo on some or all of the Loral Transponders, the Grant Holders shall be entitled to receive,
and the Collateral Trustee herby is irrevocably directed to pay to, the applicable Grant Holders
(x) the Loral Transponder Sale Proceeds with respect to Satmex 5 and (y) the Loral Transponder Sale
Proceeds with respect to Satmex 6, as applicable; provided, however, that simultaneous with the
applicable Grant Holders’ receipt of such Loral Transponder Sale Proceeds, such applicable Grant
Holder shall release and terminate the Loral Grant with respect to the Loral Transponders for which
such Grant Holder has elected to terminate the Loral Usufructo as set forth above, (and shall be
obligated only to return such Loral Transponder(s) in their “as is” “where is” condition).

          (b) If as a result of any enforcement action or exercise of rights and remedies by the
Collateral Trustee hereunder, Satmex 5 or Satmex 6 is transferred in a Non-Changing Orbital
Foreclosure Sale, then the Collateral Trustee shall, and is hereby irrevocably directed to, use
commercially reasonable efforts in such foreclosure process to obtain the agreement of any
transferee to assume at no cost the Collateral Trustee or any of the Second Priority Holders the
applicable Usufructo Agreement. If such purchaser, in its sole discretion, does not agree to such
assumption, the Collateral Trustee shall, and is hereby irrevocably directed to, pay to the
applicable Grant Holders (i) the Loral Transponder Sale Proceeds with respect to Satmex 5 on the
Satmex 5 Transponder Sale Date and (ii) the Loral Transponder Sale Proceeds with respect to Satmex
6 on the Satmex 6 Transponder Sale Date.

          (c) Notwithstanding the foregoing, nothing in this Trust Agreement shall affect or otherwise
limit the rights, remedies, or powers of the Collateral Trustee provided herein or under applicable
law to sell, transfer or exercise any rights and remedies with respect to the Second Priority
Collateral or otherwise; provided that the Collateral Trustee shall afford the Grant Holders the
same opportunity as any other third-party bidder to bid on and purchase Satmex 5 and/or Satmex 6 in
any foreclosure; and provided further that nothing in this sentence shall give the Grant Holders
any rights greater than any other third-party bidder. In addition, whether or not the Grant
Holders elect to continue the Loral Usufructo in whole or in part at the New Orbital Slot and
regardless of the Grant Holders receipt of any Loral Transponder Sale Proceeds under any
circumstances as provided in this Section 4.9, nothing herein shall be deemed a waiver of any
rights of the Grant Holders, and the Grant Holders shall be entitled, to an unsecured claim against
Satmex in an amount equal to the direct damages, losses and liabilities that will be incurred by
the Grant Holders under customer contracts then utilizing capacity on the

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Loral Transponders that
arise from or relate to (x) the move of Satmex 5 or Satmex 6, as applicable, from its Orbital Slot
or (y) the loss or impairment of any Services (as defined in the Usufructo Agreement) and any other
of Grant Holders’ rights under the applicable Usufructo Agreement.

SECTION 5

ADDITIONAL COLLATERAL; ADDITIONAL

GUARANTEES; CERTAIN DOCUMENTATION REQUIREMENTS

          5.1 Delivery of Second Priority Securities Facility, Initial Security Documents and
Initial Guarantees. On or before the Effective Date, Satmex shall deliver to the Collateral
Trustee copies, certified by a Responsible Officer to be true and complete, of the Second Priority
Securities Facility and executed originals of the Initial Security Documents and copies of the duly
executed Initial Guarantees.

          5.2 Additional Collateral. Satmex, the Initial Guarantors and the Additional
Guarantors and their respective Subsidiaries may from time to time and shall, to the extent
required in any Second Priority Document, provide Additional Collateral to the Collateral Trustee
and, in connection therewith, (a) deliver to the Collateral Trustee an Additional Collateral
Designation in respect of such Additional Collateral and (b) fulfill the requirements of subsection
5.7(b) in respect of such Additional Collateral Designation. The Additional Collateral designated
by such Additional Collateral Designation shall constitute Second Priority Collateral for the
Second Priority Obligations.

          5.3 Notice to Secured Parties of Additional Collateral. Promptly after the delivery
of Additional Collateral pursuant to subsection 5.2, the Collateral Trustee will deliver a copy of
the related Additional Collateral Designation to the Indenture Trustee.

          5.4 Additional Guarantees. Satmex may from time to time and shall, to the extent
required in any Second Priority Document (including but not limited to Sections 4.28(b) and 10.3 of
the Second Priority Indenture), cause a Subsidiary of Satmex or any Initial Guarantor to provide
duly executed copies of the Additional Guarantees to the Collateral Trustee and, in connection
therewith, (a) deliver to the Collateral Trustee an Additional Guarantee Designation in respect of
each such Additional Guarantee, and (b) fulfill the requirements of subsection 5.8(b) in respect of
such Additional Guarantee Designation. The Additional Guarantee designated by such Additional
Guarantee Designation shall constitute a Second Priority Guarantee of the Second Priority
Obligations.

          5.5 Notice to Secured Parties of Additional Guarantee. Promptly after the delivery of
any Additional Guarantee Designation pursuant to subsection 5.4, the Collateral Trustee will
deliver a copy of the Additional Guarantee Designation to the Indenture Trustee.

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          5.6 Actions Required with respect to Second Priority Obligations. Simultaneously with
its delivery to the Collateral Trustee of the Second Priority Securities Facility pursuant to
subsection 5.1, Satmex and the Initial Guarantors shall:

               (i) deliver to the Collateral Trustee certificates of Responsible Officers (A) as to the names
and signatures of the officers who are authorized to execute this Trust Agreement on behalf of
Satmex and the Initial Guarantors and (B) attaching copies of resolutions of the Board of Directors
or other governing bodies of Satmex and the Initial Guarantors authorizing the execution and
delivery by Satmex and the Initial Guarantors of this Trust Agreement, and certifying that such
resolutions are in full force and effect; and

               (ii) cause to be delivered to the Collateral Trustee and the Indenture Trustee Opinion of
Counsel substantially in the form of Exhibit C.

          5.7 Actions Required with respect to Second Priority Security Documents and Second
Priority Collateral.

          (a) Simultaneously with its delivery to the Collateral Trustee of the Initial Security
Documents pursuant to subsection 5.1, Satmex shall:

               (i) deliver to the Collateral Trustee certificates of Responsible Officers (A) as to the names
and signatures of the officers of Satmex and the Initial Guarantors who are authorized to execute
the Initial Security Documents on behalf of each grantor party thereto and (B) attaching copies of
resolutions of the Boards of Directors or other governing bodies of Satmex and the Initial
Guarantors authorizing the execution and delivery of the Initial Security Documents, by each
grantor party thereto, and certifying that such resolutions are in full force and effect;

               (ii) deliver to the Collateral Trustee (or its bailee or agent as designated by the Collateral
Trustee or as required in the Second Priority Security Document relating to such Possessory
Collateral) possession of any Possessory Collateral covered by the Initial Security Documents;

               (iii) cause to be filed or recorded in all required filing or recording registries or offices
or with appropriate governmental agencies all financing statements, mortgages and other instruments
reasonably requested by the Collateral Trustee to perfect the lien of the Collateral Trustee
created by such Initial Security Documents, and deliver to the Collateral Trustee evidence
reasonably satisfactory to it of each such filing and recording; and

               (iv) deliver to the Collateral Trustee and the Indenture Trustee Opinion of Counsel
substantially in the form of Exhibits C.

          (b) Simultaneously with its delivery to the Collateral Trustee of any Additional Collateral
Designation pursuant to subsection 5.2, Satmex (or the Second Priority Guarantors or the Subsidiary
of Satmex or a Second Priority Guarantor that is delivering such Additional Collateral Designation)
shall:

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               (i) deliver to the Collateral Trustee copies, duly executed by the grantor parties thereto, of
all Additional Security Documents described in such Additional Collateral Designation;
provided that each such Additional Security Document shall be in substantially the same
form as the corresponding Initial Security Document or, in the event there is no applicable
corresponding Initial Security Document, in form and substance reasonably satisfactory to the
Collateral Trustee;

               (ii) deliver to the Collateral Trustee a certificate of a Responsible Officer (A) as to the
names and signatures of the officers of each grantor party thereto who are authorized to execute
such Additional Security Documents on behalf of each grantor party thereto and (B) attaching copies
of resolutions of the Board of Directors or other governing body of each grantor party thereto
authorizing the execution and delivery of such Additional Security Document by each grantor party
thereto, and certifying that such resolutions are in full force and effect;

               (iii) deliver to the Collateral Trustee (or its bailee or agent as designated by the
Collateral Trustee or as required in the Second Priority Security Document relating to such
Possessory Collateral) possession of any Possessory Collateral covered by such Additional Security
Documents;

               (iv) cause to be filed or recorded in all required filing or recording registries or offices
or with appropriate governmental agencies all financing statements, mortgages and other instruments
reasonably requested by the Collateral Trustee to perfect the security interest of the Collateral
Trustee created by such Additional Security Documents, and deliver to the Collateral Trustee
customary evidence of each such filing and recording; and

               (v) deliver to the Collateral Trustee and the Indenture Trustee an Opinion of Counsel or
Opinions of Counsel which, taken together, shall include opinions with respect to substantially the
same matters as the opinions delivered hereunder with respect to the Initial Collateral.

Promptly after receipt by the Collateral Trustee of any such documents delivered by Satmex pursuant
to this paragraph (b), the Collateral Trustee shall at the expense of Satmex deliver copies thereof
to the Indenture Trustee.

          5.8 Actions Required with Respect to Second Priority Guarantees.

          (a) Simultaneously with its delivery to the Collateral Trustee of the Initial Guarantees
pursuant to subsection 5.1, Satmex shall:

               (i) deliver to the Collateral Trustee certificates of Responsible Officers (A) as to the names
and signatures of the officers of the Initial Guarantors who are authorized to execute the Initial
Guarantees and (B) attaching copies of resolutions of the Boards of Directors or other governing
bodies of the Initial Guarantors authorizing the execution and delivery by such guarantor of the
Initial Guarantee to which it is a party or evidence of such authorization, and certifying that
such resolutions are in full force and effect; and

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               (ii) deliver to the Collateral Trustee and the Indenture Trustee Opinion of Counsel
substantially in the form of Exhibits C.

          (b) Simultaneously with its delivery to the Collateral Trustee of any Additional Guarantee
Designation pursuant to subsection 5.2, Satmex shall:

               (i) deliver to the Collateral Trustee copies, duly executed by the grantor parties thereto, of
all Additional Guarantees described in such Additional Guarantee Designation; provided that
each such Additional Guarantee shall be substantially in the form of the Initial Guarantees; and

               (ii) deliver to the Collateral Trustee a certificate of a Responsible Officer (A) as to the
names and signatures of the officers of the relevant guarantors who are authorized to execute the
Additional Guarantees and (B) attaching copies of resolutions of the Board of Directors or other
governing bodies of each guarantor authorizing the execution and delivery by such guarantor of the
Additional Guarantee to which it is a party, and certifying that such resolutions are in full force
and effect; and

               (iii) deliver to the Collateral Trustee and the Indenture Trustee an Opinion of Counsel or
Opinions of Counsel which, taken together, shall include opinions with respect to substantially the
same matters as set forth in the opinions delivered hereunder with respect to the Initial
Guarantees.

Promptly after receipt by the Collateral Trustee of any such documents delivered by Satmex pursuant
to this paragraph (b), the Collateral Trustee shall at the expense of Satmex deliver copies thereof
to the Indenture Trustee.

          5.9 Possessory Collateral. Satmex shall immediately deliver to the Collateral Trustee
(or an agent or bailee on its behalf designated by the Collateral Trustee or as required in the
Second Priority Security Document relating to such Possessory Collateral, at the sole cost and
expense of Satmex) all Possessory Collateral that is or may be in the possession of Satmex or any
of its Subsidiaries, to the extent Satmex is required to do so by any Second Priority Document.

          5.10 Collateral Opinion. Satmex and each Second Priority Guarantor shall furnish to
the Collateral Trustee copies of any evidence or documents required to be submitted to the
Indenture Trustee under Section 4.8 of the Second Priority Indenture and, in addition, evidence of
the recording or filing of the Second Priority Indenture or any other documents filed or recorded
in connection with the creation or perfection of the liens and security interests granted or
evidenced by the other Second Priority Documents, including, without limitation, the following
evidence:

               (i) promptly after the execution and delivery of the Second Priority Indenture, an Opinion of
Counsel stating in the opinion of such counsel the Second Priority Security Documents and all other
necessary and appropriate documents have been properly filed for recordation in the corresponding
public registries so that, upon such recordation, the liens and

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security interests intended to be
created by the Second Priority Documents will constitute perfected liens and security interests;
and

               (ii) at least annually, on or before January 31 of each calendar year, after the execution and
delivery of the Second Priority Indenture, an Opinion of Counsel either stating that in the opinion
of such counsel such action has been taken with respect to the recording, filing, re-recording, and
refilling of the Second Priority Security Documents, as required, and all other necessary and
appropriate documents to maintain the perfected status of the liens and security interests intended
to be created by the Second Priority Security Documents, or stating that in the opinion of such
counsel no such action is necessary to maintain such perfected status of the liens or security
interests.

SECTION 6

AGREEMENTS WITH COLLATERAL TRUSTEE

          6.1 Delivery of Amendments to Second Priority Securities Facility. Satmex shall
deliver to the Collateral Trustee (and the Collateral Trustee shall thereupon promptly deliver to
the Indenture Trustee at the sole expense of Satmex), promptly upon the execution thereof, a true
and complete copy of all amendments, supplements or other modifications to any Second Priority
Document entered into after the Effective Date.

          6.2 Information as to Secured Parties, the Indenture Trustee, Etc. The Indenture
Trustee shall deliver to the Collateral Trustee (and the Collateral Trustee shall, with respect to
the list identified in clause (x) below, promptly upon written request deliver to Satmex), within
30 days after the Effective Date, and between May 1 and May 15 and between November 1 and November
15 in each year, and from time to time as may be reasonably requested by the Collateral Trustee
(which request shall be made by the Collateral Trustee at the reasonable direction of any Secured
Party), (x) a list, setting forth as of a specified date not more than 30 days prior to the date of
such delivery, of the aggregate unpaid principal or face amount of Second Priority Obligations
outstanding and the name and address of the Indenture Trustee and the amount of Second Priority
Obligations and (y) a list, as of a date not more than 30 days prior to the date of such list, (i)
naming each Secured Party and (ii) setting forth the amount of Second Priority Obligations held by
each Secured Party.

          6.3 Compensation and Expenses. Satmex agrees to pay to the Collateral Trustee, from
time to time upon demand, (i) compensation (which shall not be limited by any provision of law in
regard to compensation of fiduciaries or of a trustee of an express trust) for its services
hereunder and under the Second Priority Guarantees and Second Priority Security Documents and for
administering the Trust Estate as agreed to in writing between the
Collateral Trustee and Satmex and (ii) all of the fees, costs and expenses of the Collateral
Trustee (including, without limitation, the reasonable fees and disbursements of its counsel and
such special counsel as the Collateral Trustee shall reasonably elect to retain) (A) arising in
connection with the preparation, execution, delivery, modification, and termination of or
performance under this Trust Agreement, the Second Priority Guarantees and the Second Priority
Second Priority Security Documents or the enforcement of any of the provisions hereof or thereof,
(B) incurred or required to be advanced in connection with the administration of the Trust Estate,
the sale or other disposition of Second Priority Collateral

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pursuant to any Second Priority
Security Document and the preservation, protection, enforcement or defense of the Collateral
Trustee’s rights under this Trust Agreement, the Second Priority Guarantees and the Second Priority
Security Documents and in and to the Second Priority Collateral and the Trust Estate or (C)
incurred by the Collateral Trustee in connection with the removal of the Collateral Trustee
pursuant to subsection 8.7(a). The obligations of Satmex under this subsection shall survive the
termination of the other provisions of this Trust Agreement and the resignation or removal of the
Collateral Trustee.

          6.4 Stamp and Other Similar Taxes. Satmex agrees to indemnify and hold harmless the
Collateral Trustee and each Secured Party from, and shall reimburse the Collateral Trustee and each
Secured Party for, any present or future claim for liability for any stamp or any other similar tax
and any penalties or interest with respect thereto, which may be assessed, levied or collected by
any jurisdiction in connection with this Trust Agreement, any Second Priority Security Document,
any Second Priority Guarantee, the Trust Estate or any Second Priority Collateral. The obligations
of Satmex under this subsection shall survive the termination of the other provisions of this Trust
Agreement and the resignation or removal of the Collateral Trustee.

          6.5 Filing Fees, Excise Taxes, Etc. Satmex agrees to pay or to reimburse the
Collateral Trustee for any and all payments made by the Collateral Trustee in respect of all
search, filing, recording and registration fees, taxes, excise taxes and other similar imposts
which may be payable or determined to be payable in respect of the execution and delivery,
performance, or enforcement of this Trust Agreement, the Second Priority Guarantees and the Second
Priority Security Documents. The obligations of Satmex under this subsection shall survive the
termination of the other provisions of this Trust Agreement and the resignation or removal of the
Collateral Trustee.

          6.6 Indemnification.

          (a) Satmex agrees to pay, indemnify, and hold each of the Collateral Trustee and any
predecessor Collateral Trustee, and each of their respective officers, directors,
attorneys-in-fact, and agents harmless from and against any and all liabilities, obligations,
losses, damages, penalties, actions, judgments, suits, costs, expenses (including, without
limitation, the reasonable fees and expenses of the Collateral Trustee’s agents counsel) or
disbursements of any kind or nature whatsoever arising out of or in connection with the acceptance
and/or administration of the Trust Estate created hereunder or with respect to the execution,
delivery, enforcement, performance and administration of this Trust Agreement, the Second Priority
Guarantees, or the Second Priority Security Documents, unless arising from the gross negligence or
willful misconduct of the indemnified party, including, without limitation, indemnification of the
Collateral Trustee for liabilities of the Collateral Trustee for the net amount of taxes (after
taking account of any deduction, credit or other tax reduction or benefit available by reason of
the imposition of any such tax) in any jurisdiction in which the Collateral Trustee would not
otherwise be subject to tax except by reason of its acting under this Trust Agreement, any Second
Priority Guarantee or any Second Priority Security Document (directly or through agents, separate
trustees or co-trustees), provided that such indemnification for taxes (a) shall apply only
(i) in respect of taxes attributable to the performance of the Collateral Trustee’s

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obligations as
Collateral Trustee hereunder or under any Second Priority Guarantee or Second Priority Security
Document and (ii) in respect of such reasonable foreseeable
taxes, to the extent that the Collateral Trustee, using reasonable efforts, shall have
been unable to avoid or minimize the same as contemplated by subsection 8.10 and (b) shall in no
event cover any taxes imposed upon the Collateral Trustee with respect to or measured by its net or
gross income or profits.

          (b) In any suit, proceeding or action brought by the Collateral Trustee under or with respect
to any contract, agreement, interest or obligation constituting part of the Second Priority
Collateral for any sum owing thereunder, or to enforce any provisions thereof, Satmex will save,
indemnify and keep the Collateral Trustee and its officers, directors, attorneys-in-fact, and
agents harmless from and against all expense, loss or damage suffered by reason of any defense,
setoff, counterclaim, recoupment or reduction of liability whatsoever of the obligor thereunder,
arising out of a breach by Satmex or any Second Priority Guarantor, as applicable, of any
obligation thereunder or arising out of any other agreement, indebtedness or liability at any time
owing to or in favor of such obligor or its successors from Satmex or any Second Priority
Guarantor, as applicable, and all such obligations of Satmex or such Second Priority Guarantor
shall be and remain enforceable against and only against Satmex or such Second Priority Guarantor,
as applicable, and shall not be enforceable against the Collateral Trustee. The agreements in this
subsection shall survive the termination of the other provisions of this Trust Agreement and the
resignation or removal of the Collateral Trustee.

          (c) No provision of this Trust Agreement shall require the Collateral Trustee to expend or
risk its own funds or otherwise incur any financial liability in the performance of any of its
duties hereunder, or in the exercise of any of its rights or powers, if it shall have reasonable
grounds for believing that repayment of such funds or reasonable indemnity against such risk or
liability is not reasonably assured to it.

          (d) Whether or not therein expressly so provided, every provision of this Trust Agreement
relating to the conduct or affecting the liability of or affording protection to the Collateral
Trustee shall be subject to the provisions of this Section.

          6.7 Collateral Trustee’s Lien. Notwithstanding anything to the contrary in this Trust
Agreement, as security for the payment of Collateral Trustee Fees (i) the Collateral Trustee is
hereby granted a lien upon all Collateral prior to the lien securing the Second Priority
Obligations and (ii) the Collateral Trustee shall have the right to use and apply any of the funds
held by the Collateral Trustee in the Collateral Account to cover such Collateral Trustee Fees.

          6.8 Further Assurances. At any time and from time to time, whether or not an
Enforcement Event shall be in effect, upon the written request of the Collateral Trustee (which
shall be made only upon the written direction of the Requisite Second Priority Holders), and at the
expense of Satmex, Satmex and each Second Priority Guarantor, as applicable, will promptly execute
and deliver any and all such further instruments and documents and take such further action as the
Collateral Trustee has been so directed is necessary or reasonably requested to obtain the full
benefits of this Trust Agreement and the Second Priority Security Documents and of the rights and
powers herein and therein granted or to cause any assets required under a Second Priority Document
to be subject to a perfected security interest of the Collateral Trustee to be so subject,
including, without limitation, the filing of any financing or continuation

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statements under the UCC
in effect in any jurisdiction with respect to the liens and security interests granted under the
Second Priority Security Documents. Satmex and each Second Priority Guarantor also hereby
authorize the Collateral Trustee to sign and/or to file any such documents, instruments or
financing or continuation statements without the signature of Satmex or such Second Priority
Guarantor, as applicable, (including any financing statements
indicating that it covers “all assets” or “all
personal property” of such Person) and to take such other actions to the extent permitted by applicable law,
but in no way is the Collateral Trustee obligated to do so.

SECTION 7

POSSESSION AND USE OF COLLATERAL; PARTIAL RELEASES

          7.1 Use Prior to Notice of Default.

          (a) So long as no Enforcement Period is in effect, Satmex shall have the right: (i) to remain
in possession and retain exclusive control of the Second Priority Collateral (except any Possessory
Collateral) with power freely and without hindrance on the part of the Collateral Trustee or the
Secured Parties to operate, manage, develop, use and enjoy the Second Priority Collateral and to
receive the rents, issues, tolls, profits, royalties, revenues and other income thereof, and (ii)
subject to Section 11.2 of the Second Priority Indenture and the other provisions of the Second
Priority Indenture to sell or otherwise dispose of, free and clear of the lien and security
interest created by subsection 6.7 hereof and by the Second Priority Security Documents, any Second
Priority Collateral if such sale or other disposition is not prohibited by
any Second Priority
Document. The Collateral Trustee shall have no duty to monitor the exercise by Satmex of its
rights under this subsection.

          (b) If an Enforcement Period is in effect, Satmex, the Second Priority Guarantors and all
other grantors of Additional Security Documents or Additional Guarantees shall promptly surrender
control of and turn over to the Collateral Trustee upon demand all Second Priority Collateral and
any Proceeds thereof and, pending such surrender and turnover shall hold such Collateral and
Proceeds in trust for the Collateral Trustee for the benefit of the Second Priority Holders.

          7.2 Purchase of Second Priority Collateral. Any Secured Party may purchase Second
Priority Collateral at any public sale of such Second Priority Collateral and, with the consent of
the Requisite Second Priority Holders and if permitted by the Second Priority Documents governing
such Second Priority Obligation and by applicable law, may make payment on account of such purchase
by using any Second Priority Obligation then due and payable to such Secured Party as a credit (up
to the amount of such Second Priority Obligation) against the purchase price.

SECTION 8

THE COLLATERAL TRUSTEE

          8.1 Acceptance of Trust. The Collateral Trustee, for itself and its successors,
hereby accepts the trusts created by this Trust Agreement upon the terms and conditions hereof.

          8.2 Exculpatory Provisions.

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          (a) The Collateral Trustee shall not be responsible in any manner whatsoever for the
correctness of any recitals, statements, representations or warranties herein, all of which are
made solely by Satmex or the Second Priority Guarantors, as applicable. The Collateral Trustee
makes no representations as to the value or condition of the Trust Estate or any part thereof, or
as to the title of Satmex or any Second Priority Guarantor thereto or as to the security afforded
by this Trust Agreement or any Second Priority Security Document, or as to the validity, execution
(except its own execution), enforceability, legality or sufficiency of this Trust Agreement, the
Second Priority Guarantees, the Second Priority Security Documents or the Second Priority
Obligations, and the Collateral Trustee shall incur no liability or responsibility in respect of
any such matters. The Collateral Trustee shall not be responsible for insuring the Second Priority
Collateral or for the payment of taxes, charges or assessments or discharging of liens upon the
Second Priority Collateral or otherwise as to the maintenance of the Second Priority Collateral,
except that if the Collateral Trustee takes possession of any Second Priority Collateral, the
Collateral Trustee shall use reasonable care in the preservation of the Second Priority Collateral
in its possession.

          (b) The Collateral Trustee shall not be required to ascertain or inquire as to the performance
by Satmex or any of its Subsidiaries of any of the covenants or agreements contained herein or in
any other Second Priority Document. Whenever it is necessary, or in the opinion of the Collateral
Trustee advisable, for the Collateral Trustee to ascertain the amount of Second Priority
Obligations then held by Secured Parties, the Collateral Trustee may conclusively rely, absent
actual knowledge of a Responsible Collateral Trustee Officer to the
contrary, on (a) an Officers’ Certificate of Satmex or
(b) the written direction of the Requisite Second Priority Holders.

          (c) The Collateral Trustee shall be under no obligation or duty to take any action under this
Trust Agreement, any Second Priority Guarantee or any Second Priority Security Document if taking
such action (i) would subject the Collateral Trustee to a tax in any jurisdiction where it is not
then subject to a tax or (ii) would require the Collateral Trustee to qualify to do business in any
jurisdiction where it is not then so qualified, unless the Collateral Trustee receives security or
indemnity reasonably satisfactory to it against such tax (or equivalent liability), or any
liability resulting from such qualification, in each case as results from the taking of such action
under this Trust Agreement, any Second Priority Guarantee or any Second Priority Security Document.

          (d) Notwithstanding any other provision of this Trust Agreement, the Collateral Trustee, in
its or his individual capacity, shall not be personally liable for any action taken or omitted to
be taken by it or him in accordance with this Trust Agreement, the Second Priority Guarantees or
the Second Priority Security Documents except for its or his own gross negligence or willful
misconduct.

          (e) The Collateral Trustee shall have the same rights with respect to any Second Priority
Obligation held by it as any other Secured Party and may exercise such rights as though it were not
the Collateral Trustee hereunder, and may accept deposits from, lend money to, and generally engage
in any kind of banking or trust business with Satmex and its affiliates as if it were not the
Collateral Trustee.

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          (f) The Collateral Trustee shall
not be liable for the selection of investments or for investment
losses incurred thereon. The Collateral Trustee shall have no liability
in respect of losses incurred as a result of the liquidation of any
investments prior to its stated maturity or the failure of Satmex to
provide timely written direction. In no event shall the
Second Priority Collateral Trustee be liable for any action taken or omitted to be taken by the
Common Representative or any failure or delay in the performance by the Common Representative of
its obligations under the Common Representative Agreement, and the Second Priority Collateral
Trustee shall have no duty to monitor or supervise the Common Representative or its performance of
its obligations pursuant to the Common Representative Agreement.

          8.3 Delegation of Duties. The Collateral Trustee may execute any of the trusts or
powers hereof and perform any duty hereunder either directly or by or through agents or
attorneys-in-fact. The Collateral Trustee shall be entitled to advice of counsel of its selection
concerning all matters pertaining to such trusts, powers and duties. The Collateral Trustee shall
not be responsible for
the negligence or misconduct of any agents or attorneys-in-fact selected by
it with reasonable care.

          8.4 Reliance by Collateral Trustee.

          (a) Whenever in the administration of this Trust Agreement, the Second Priority Guarantees or
the Second Priority Security Documents the Collateral Trustee shall deem it necessary or desirable
that a factual matter be proved or established in connection with the Collateral Trustee taking,
suffering or omitting any action hereunder or thereunder, such matter (unless other evidence in
respect thereof is herein specifically prescribed) may be deemed in the absence of actual knowledge
of a Responsible Collateral Trustee Officer to the contrary to be conclusively proved or
established by a certificate of a Responsible Officer of Satmex or of the Indenture Trustee
delivered to the Collateral Trustee, and such certificate shall be full warrant to the Collateral
Trustee for any action taken, suffered or omitted in reliance thereon, subject, however, to the
provisions of subsection 8.5.

          (b) The Collateral Trustee may consult with counsel of its selection, and any Opinion or
advice of Counsel shall be full and complete authorization and protection in respect of any action
taken or suffered by them hereunder or under any Second Priority Guarantee or Second Priority
Security Document in accordance therewith. The Collateral Trustee shall have the right at any time
to seek instructions concerning the administration of this Trust Agreement, the Second Priority
Guarantees and the Second Priority Security Documents from any court of competent jurisdiction.

          (c) The Collateral Trustee may conclusively rely, and shall be fully protected in acting, upon
any resolution, statement, certificate, instrument, opinion, report, notice, request, consent,
order, bond or other paper or document (whether in its original or facsimile form) which it in good
faith believes to be genuine and to have been signed or presented by the proper party or parties
or, in the case of cables, telecopies and telexes, to have been sent by the proper party or
parties. In the absence of its gross negligence or willful misconduct, the Collateral Trustee may
conclusively rely, as to the truth of the statements and the correctness of the opinions expressed
therein, upon any certificates or opinions furnished to the Collateral Trustee and conforming to
the requirements of this Trust Agreement.

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          (d) The Collateral Trustee shall not be under any obligation to exercise any of the rights or
powers vested in the Collateral Trustee by this Trust Agreement, the Second Priority
Guarantees and
the Second Priority Security Documents, at the request or direction of the Requisite Second
Priority Holders pursuant to this Trust Agreement or otherwise, unless the Collateral Trustee shall
have been provided security and indemnity reasonably satisfactory to it against the costs, expenses
and liabilities which may be incurred by it in compliance with such request or direction, including
such reasonable advances as may be requested by the Collateral Trustee.

          (e) Upon any application or demand by Satmex to the Collateral Trustee to take or permit any
action under any of the provisions of this Trust Agreement, any Second Priority Guarantee or any
Second Priority Security Document, Satmex shall furnish to the Collateral Trustee a certificate of
a Responsible Officer stating that all conditions precedent, if any, provided for in this Trust
Agreement, in any relevant Second Priority Document relating to the proposed action have been
complied with, and in the case of any such application or demand as to which the furnishing of any
document is specifically required by any provision of this Trust Agreement, any Second Priority
Guarantee or any Second Priority Security Document relating to such particular application or
demand, such additional document shall also be furnished to the Collateral Trustee.

          (a) The Collateral Trustee is hereby directed to execute, formalize, deliver, and perform its
obligations and exercise its rights and remedies under the Common Representative Agreement,
including to carry out any acts to formalize, grant and deliver the Common Representative Agreement
under Mexican law and to give full legal effect thereto under the applicable Mexican laws pursuant
to the written request and direction of the Company.

          8.5 Limitations on Duties of Collateral Trustee.

          (a) Unless an Enforcement Period is in effect, the Collateral Trustee shall be obligated to
perform such duties and only such duties as are specifically set forth in this Trust Agreement, the
Second Priority Guarantees and the Second Priority Security Documents, and no implied covenants or
obligations shall be read into this Trust Agreement, any Second Priority Guarantee or any Second
Priority Security Document against the Collateral Trustee. If and so long as an Enforcement Period
is in effect, the Collateral Trustee shall, subject to the provisions of subsection 3.5(b),
exercise the rights and powers vested in it by this Trust Agreement, the Second Priority Guarantees
and the Second Priority Security Documents, and shall not be liable with respect to any action
taken by it, or omitted to be taken by it, in accordance with the direction of the Requisite Second
Priority Holders.

          (b) Whenever reference is made in this Trust Agreement to any action by, consent, designation,
specification, requirement or approval of, notice, request or other communication from, or other
direction given or action to be undertaken or to be (or not to be) suffered or omitted by the
Collateral Trustee to any amendment, waiver or other modification of this Trust Agreement or of any
Second Priority Guarantee or any Second Priority Security Document to be executed (or not to be
executed) by the Collateral Trustee or to any election, decision, opinion, acceptance, use of
judgment, expression of satisfaction or other exercise of discretion, rights or remedies to be made
(or not to be made) by the Collateral Trustee, it is understood that in all cases the Collateral
Trustee shall be acting, giving, withholding, suffering, omitting, making or otherwise undertaking
and exercising the same (or shall not be undertaking and exercising the same) as directed in
writing by the Requisite Second Priority Holders. This provision is intended solely for the
benefit of the Collateral Trustee and its successors and permitted assigns and is not intended to
and will not entitle the other parties hereto to any

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defense, claim or counterclaim under or in
relation to any Second Priority Security Documents, or confer any rights or benefits on any party
hereto. The Collateral Trustee shall, subject to subsection 6.1, make available for inspection and
copying by the Indenture Trustee each certificate or other document furnished to the Collateral
Trustee by Satmex under or in respect of this Trust Agreement, any Second Priority Guarantee or any
Second Priority Security Document or any of the Second Priority Collateral.

          (c) No provision of this Trust Agreement, any Second Priority Guarantee or any Second Priority
Security Document shall be deemed to impose any duty or obligation on the Collateral Trustee to
perform any act or acts or exercise any right, power, duty or obligation
conferred or imposed on
it, in any jurisdiction in which it shall be illegal, or in which the Collateral Trustee shall be
unqualified or incompetent, to perform any such act or acts or to exercise any such right, power,
duty or obligation or if such performance or exercise would constitute doing business by the
Collateral Trustee in such jurisdiction or impose a tax on the Collateral Trustee by reason
thereof.

          8.6 Moneys to be Held in Trust. All cash, moneys, and proceeds of Second Priority
Collateral received by the Collateral Trustee under or pursuant to any provision of this Trust
Agreement, any Second Priority Guarantee or any Second Priority Document (except Collateral Trustee
Fees) shall be held in trust for the purposes set forth herein and in the other Second Priority
Documents.

          8.7 Resignation and Removal of the Collateral Trustee.

          (a) The Collateral Trustee may at any time, by giving written notice of resignation to Satmex
and the Indenture Trustee, be discharged of the responsibilities hereby created, such resignation
to become effective upon (i) the appointment of a successor Collateral Trustee, (ii) the acceptance
of such appointment by such successor Collateral Trustee and (iii) the approval of such successor
Collateral Trustee evidenced by one or more instruments signed by the Indenture Trustee, on behalf
of the Requisite Second Priority Holders, or the Requisite Second Priority Holders. If no
successor Collateral Trustee shall be appointed and shall have accepted such appointment within 90
days after the Collateral Trustee gives the aforesaid notice of resignation, the Collateral Trustee
or any Secured Party, may apply to any court of competent jurisdiction to appoint a successor
Collateral Trustee to act until such time, if any, as a successor Collateral Trustee shall have
been appointed as provided in this subsection. Any successor so appointed by such court shall
immediately and without further act be superseded by any successor Collateral Trustee appointed as
provided in this subsection.

          (b) The Requisite Second Priority Holders may, at any time, remove the Collateral Trustee and
appoint a successor Collateral Trustee, such removal to be effective upon the acceptance of such
appointment by the successor.

          (c) If at any time the Collateral Trustee shall resign or be removed or otherwise become
incapable of acting, or if at any time a vacancy shall occur in the office of the Collateral
Trustee for any other cause, a successor Collateral Trustee may be appointed by the Requisite
Second Priority Holders. In such event, the powers, duties, authority and title of the predecessor
Collateral Trustee shall be terminated and cancelled without procuring the resignation of such

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predecessor and without any other formality (except as may be required by applicable law) than
appointment and designation of a successor in writing duly acknowledged and delivered to the
predecessor and Satmex. Such appointment and designation shall be full evidence of the right and
authority to make the same and of all the facts therein recited, and this Trust Agreement, the
Second Priority Guarantees and the Second Priority Security Documents shall vest in such successor,
without any further act, deed or conveyance, all the estates, properties, rights, powers, trusts,
duties, authority and title of its predecessor (subject to the lien of such predecessor
pursuant to
subsection 6.7); but such predecessor shall, nevertheless, on the written request of the Requisite
Second Priority Holders or the successor, execute and deliver an instrument transferring to such
successor all the estates, properties, rights, powers, trusts, duties, authority and title of such
predecessor hereunder and under the Second Priority Security Documents and shall deliver all Second
Priority Collateral held by it or his agents to such successor (subject to the lien of such
predecessor pursuant to subsection 6.7). Should any deed, conveyance or other instrument in
writing from Satmex or any Second Priority Guarantor be required by any successor Collateral
Trustee for more fully and certainly vesting in such successor the estates, properties, rights,
powers, trusts, duties, authority and title vested or intended to be vested in the predecessor
Collateral Trustee, any and all such deeds, conveyances and other instruments in writing shall, on
request of such successor, be executed, acknowledged and delivered by Satmex or such Second
Priority Guarantor, as applicable. If Satmex or any Second Priority Guarantor shall not have
executed and delivered any such deed, conveyance or other instrument within ten (10) calendar days
after it received a written request from the successor Collateral Trustee to do so, or if an
Enforcement Period is in effect, the predecessor Collateral Trustee may execute the same on behalf
of Satmex or such Second Priority Guarantor, as applicable. Satmex and each Second Priority
Guarantor hereby appoint any predecessor Collateral Trustee as its agent and attorney to act for
such purposes.

          8.8 Status of Successor Collateral Trustee. Every successor Collateral Trustee
appointed pursuant to subsection 8.7 shall be a bank or trust company in good standing and having
power to act as Collateral Trustee hereunder, incorporated under the laws of the United States of
America or any State thereof or the District of Columbia and having its principal corporate trust
office within the forty-eight (48) contiguous United States and shall also have capital, surplus
and undivided profits of not less than $150,000,000, if there be such an institution with such
capital, surplus and undivided profits willing, qualified and able to accept the trust hereunder
upon reasonable or customary terms.

          8.9 Merger of the Collateral Trustee. Any corporation into which the Collateral
Trustee may be merged, or with which it may be consolidated, or any corporation resulting from any
merger or consolidation to which the Collateral Trustee shall be a party or to which the Collateral
Trustee has sold its corporate trust business substantially as a whole, shall be Collateral Trustee
under this Trust Agreement, the Second Priority Guarantees, and the Second Priority Security
Documents without the execution or filing of any paper or any further act on the part of the
parties hereto.

          8.10 Co-Collateral Trustee; Separate Collateral Trustee.

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          (a) If at any time or times it shall be necessary or prudent in order to conform to any law of
any jurisdiction in which any of the Second Priority Collateral shall be located, or to avoid any
violation of law or imposition on the Collateral Trustee of taxes by such jurisdiction not
otherwise imposed on the Collateral Trustee, or the Collateral Trustee shall be advised by counsel,
satisfactory to it, that it is necessary or prudent in the interest of the Secured Parties, or
the
Requisite Second Priority Holders shall in writing so request the Collateral Trustee and Satmex, or
the Collateral Trustee shall deem it desirable for its own protection in the performance of its
duties hereunder or under any Second Priority Security Document, the Collateral Trustee and Satmex
shall execute and deliver all instruments and agreements necessary or proper to constitute another
bank or trust company, or one or more persons approved by the Collateral Trustee and, unless an
Enforcement Period is in effect, Satmex, either to act as co-trustee or co-trustees or agent or
bailee of all or any of the Second Priority Collateral under this Trust Agreement or under any of
the Second Priority Security Documents, jointly with the Collateral Trustee originally named herein
or therein or any successor Collateral Trustee, or to act as separate trustee or trustees or agent
or bailee of any of the Second Priority Collateral. If Satmex shall not have joined in the
execution of such instruments and agreements within 10 days after it receives a written request
from the Collateral Trustee to do so, or if an Enforcement Period is in effect, the Collateral
Trustee may act under the foregoing provisions of this subsection without the concurrence of Satmex
and execute and deliver such instruments and agreements on behalf of Satmex. Satmex hereby
appoints the Collateral Trustee as its agent and attorney-in-fact to act for it under the foregoing
provisions of this subsection in either of such contingencies.

          (b) Every separate trustee and every co-trustee, other than any successor Collateral Trustee
appointed pursuant to subsection 8.7, shall, to the extent permitted by law, be appointed and act
and be such, subject to the following provisions and conditions:

               (i) all rights, powers, duties and obligations conferred upon the Collateral Trustee in
respect of the custody, control and management of moneys, papers or securities shall be exercised
solely by the Collateral Trustee or any agent appointed by the Collateral Trustee;

               (ii) all rights, powers, duties and obligations conferred or imposed upon the Collateral
Trustee hereunder and under the relevant Second Priority Guarantee or Second Priority Security
Document shall be conferred or imposed and exercised or performed by the Collateral Trustee and
such separate trustee or separate trustees or co-trustee or co-trustees, jointly, as shall be
provided in the instrument appointing such separate trustee or separate trustees or co-trustee or
co-trustees, except to the extent that under any law of any jurisdiction in which any particular
act or acts are to be performed the Collateral Trustee shall be incompetent or unqualified to
perform such act or acts, or unless the performance of such act or acts would result in the
imposition of any tax on the Collateral Trustee which would not be imposed absent such joint act or
acts, in which event such rights, powers, duties and obligations shall be exercised and performed
by such separate trustee or separate trustees or co-trustee or co-trustees;

               (iii) no power given hereby or by the relevant Second Priority Guarantee or Second Priority
Security Documents to, or which it is provided herein or therein

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may be exercised by, any such
co-trustee or co-trustees or separate trustee or separate trustees, shall be exercised hereunder or
thereunder by such co-trustee or co-trustees or separate trustee or separate trustees except
jointly with, or with the consent in writing of, the Collateral Trustee, anything contained herein
to the contrary notwithstanding;

               (iv) no trustee hereunder shall be personally liable by reason of any act or omission of any
other trustee hereunder, and

               (v) Satmex and the Collateral Trustee, at any time by an instrument in writing executed by
them jointly, may (and, at the direction of the Requisite Second Priority Holders, shall) accept
the resignation of or remove any such separate trustee or co-trustee and, in that case by an
instrument in writing executed by them jointly, may appoint a successor to such separate trustee or
co-trustee, as the case may be, anything contained herein to the contrary notwithstanding. If
Satmex shall not have joined in the execution of any such instrument within 10 days after it
receives a written request from the Collateral Trustee to do so, or if an Enforcement Event is in
effect, the Collateral Trustee shall have the power to (and, at the direction of the Requisite
Second Priority Holders, shall) accept the resignation of or remove any such separate trustee or
co-trustee and to appoint a successor without the concurrence of Satmex, Satmex hereby appointing
the Collateral Trustee its agent and attorney to act for it in such connection in such contingency.
If the Collateral Trustee shall have appointed a separate trustee or separate trustees or
co-trustee or co-trustees as above provided, the Collateral Trustee may at any time, by an
instrument in writing, accept the resignation of or remove any such separate trustee or co-trustee
and the successor to any such separate trustee or co-trustee shall be appointed by Satmex and the
Collateral Trustee, or by the Collateral Trustee alone pursuant to this subsection.

          8.11 Treatment of Payee or Indorsee by Collateral Trustee; Representatives of Secured
Parties.

          (a) The Collateral Trustee may treat the registered holder or, if none, the payee or indorsee
of any promissory note or debenture evidencing a Second Priority Obligation as the absolute owner
thereof for all purposes and shall not be affected by any notice to the contrary, whether such
promissory note or debenture shall be past due or not.

          (b) Any Person which shall be designated as the duly authorized representative of one or more
Secured Parties to act as such in connection with any matters pertaining to this Trust Agreement or
the Second Priority Collateral shall present to the Collateral Trustee such documents, including,
without limitation, Opinions of Counsel, as the Collateral Trustee may reasonably require, to
demonstrate to the Collateral Trustee the authority of such Person to act as the representative of
such Secured Parties (it being understood that the authority of the Indenture Trustee shall be
demonstrated by its inclusion as such in the lists from time to time delivered pursuant to
subsection 6.2.)

          (c) Whenever this Trust Agreement requires or permits any Secured Party or the Requisite
Second Priority Holders to sign any instrument, give any notice or take any action, the Requisite
Second Priority Holders, the Indenture Trustee, or the Indenture Trustee on behalf of such Secured
Party or Requisite Second Priority Holders may sign such instrument, give such

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notice or take such
action with the same effect as if done directly by such Secured Party or Requisite Second Priority
Holders.

          (d) Notwithstanding anything to the contrary in this Trust Agreement or any Second Priority
Document, any Person holding a beneficial interest in any Second Priority Security as of a date
shall qualify hereunder as a Second Priority Holder of that Second Priority Security, to the extent
of its beneficial interest, as of that date, and shall have the benefits hereunder of a Second
Priority Holder of that Second Priority Security, to the extent of its beneficial interest, as of
that date, upon providing to the Collateral Trustee written documentation of its beneficial
interest as of that date that is reasonably satisfactory to the Collateral Trustee. For the
purposes of the foregoing sentence, documentation of a beneficial interest meeting the requirements
of Section 9.9 of the Second Priority Indenture will be reasonably satisfactory.

          8.12 Notices to Collateral Trustee under Second Priority Security Documents. In the
event that the Collateral Trustee receives any notice from the grantor under any Second Priority
Security Document, the Collateral Trustee shall promptly transmit a copy thereof to Satmex, the
Indenture Trustee and the Collateral Trustee. The Collateral Trustee shall take such action in
respect of such notice which is permitted by this Trust Agreement as shall be directed by the
Requisite Second Priority Holders.

SECTION 9

REPRESENTATIONS AND WARRANTIES

          9.1 Representations and Warranties of the Collateral Trustee. The Collateral Trustee
hereby represents and warrants that:

          (a) it is a national banking association duly organized, validly existing and in good standing
under the laws of the United States and has the corporate power and authority and the legal right
to execute and deliver, and to perform its obligations under, this Trust Agreement and has taken
all necessary corporate action to authorize the execution, delivery and performance of this Trust
Agreement; and

          (b) this Trust Agreement has been duly executed by the Collateral Trustee and constitutes a
legal, valid and binding obligation of the Collateral Trustee, enforceable in accordance with its
terms, subject to the effects of insolvency, reorganization, moratorium and other similar laws
relating to or affecting the enforcement of creditors’ rights generally, general equitable
principles and an implied covenant of good faith and fair dealing.

          (c) it meets the requirements set forth in Section 8.8.

          9.2 Representations and Warranties of Satmex and the Second Priority Guarantors. Each
of Satmex and the Second Priority Guarantors hereby represents and warrants that:

          (a) it is duly organized, validly existing and in good standing under the laws of Mexico and
has the power and authority and the legal right to execute and deliver, and to

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perform its
obligations under, this Trust Agreement and has taken all necessary action to authorize the
execution, delivery and performance of this Trust Agreement;

          (b) this Trust Agreement has been duly executed and delivered by it and constitutes its legal,
valid and binding obligation, enforceable in accordance with its terms, subject to the effects of
bankruptcy, insolvency, reorganization, moratorium and other similar laws relating to or affecting
the enforcement of creditors’ rights generally, general equitable principles and implied covenant
of good faith and fair dealing;

          (c) the execution, delivery and performance by it of this Trust Agreement will not violate,
result in a default under, or give rise to any acceleration, prepayment, repurchase or redemption
obligation of it or any Subsidiary which is a party to any Second Priority Guarantee or Second
Priority Security Document as a result of (i) any certificate of incorporation, membership
agreement or other document relating to the creation or governance of it or any such Subsidiary or
(ii) any law, rule or regulation binding on it or any such Subsidiary or any of its contractual
obligations and will not result in, or require, the creation or imposition of any lien, claim,
encumbrance or security interest on any of its or their respective properties or revenues pursuant
to any such law, rule or regulation or contractual obligation, other than the liens, claims,
encumbrances, and security interests created by the Second Priority Security Documents; and

          (d) no consent or authorization of, filing with, or other act by or in respect of, any
arbitrator or governmental authority and no consent of any other Person is required by it in
connection with the execution, delivery, performance, validity or enforceability of this Trust
Agreement, except for any of the foregoing that have been obtained and are in full force and
effect.

SECTION 10

MISCELLANEOUS

          10.1 Notices. Unless otherwise specified herein, all notices, requests, demands or
other communications given to Satmex, the Second Priority Guarantors, the Collateral Trustee or the
Indenture Trustee pursuant to this Trust Agreement shall be given in writing or by facsimile
transmission and shall be deemed to have been duly given when personally delivered or when duly
deposited in the mails, registered or certified mail postage prepaid, or if transmitted by
facsimile transmission, when received in legible form, addressed to such party at its address
specified on the signature pages hereof or any other address which such party shall have specified
as its address for the purpose of communications hereunder, by notice given in accordance with this
subsection 10.1 to the party sending such communication; provided that any notice, request or
demand to the Collateral Trustee shall not be effective until received by the Collateral Trustee in
the corporate trust division at the office designated by it pursuant to this subsection 10.1.

          10.2 No Waivers. No failure on the part of the Collateral Trustee, any co-trustee,
any separate trustee, or any Secured Party to exercise, no course of dealing with respect to, and
no delay in exercising, any right, power or privilege under this Trust Agreement, any Second
Priority Guarantee or any Second Priority Security Document shall operate as a waiver

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thereof, nor
shall any single or partial exercise of any such right, power or privilege preclude any other or
further exercise thereof or the exercise of any other right, power or privilege.

          10.3 Amendments, Supplements, Waivers and Releases.

          (a) With the written consent of the Requisite Second Priority Holders, the Collateral Trustee
and Satmex may, from time to time, enter into written agreements supplemental hereto or to any
Second Priority Guarantee or to any Second Priority Security Document for the purpose of adding to,
or waiving any provisions of, this Trust Agreement, any Second Priority Guarantee or any Second
Priority Security Document or changing in any manner the rights of the Second Priority Collateral
Trustee, the Secured Parties or Satmex hereunder or thereunder or releasing any of the Collateral
or any Second Priority Guarantee; provided that no such supplemental agreement shall (i)
(A) without the consent of all of the Second Priority Holders, amend, modify or waive any provision
of this subsection 10.3, (B) without the consent of all of the Second Priority Holders, amend,
modify or waive any provision of subsections 3.10 or 4.4, or the definitions of Second Priority
Obligations, Secured Parties or Requisite Second Priority Holders, or (C) release any Second
Priority Guarantee, terminate any Second Priority Security Document or release all or any part of
the Second Priority Collateral (except an immaterial part of the Second Priority Collateral, as
established by a written certificate of the Indenture Trustee), unless the Collateral Trustee has
received a certificate of a Responsible Officer of Satmex, and an Opinion of Counsel, in each case
to the effect that such action does not violate any Second Priority Document or (ii) amend, modify
or waive any provision of Section 6 or 8 or alter the duties, rights or obligations of the
Collateral Trustee hereunder or under the Second Priority Guarantees or the Second Priority
Security Documents without the written consent of the Collateral Trustee or (iii) amend, modify, or
waive any provision of or relating to Sections 4.8 and 4.9 hereof or alter any rights of the Loral
Entities or the Grant Holders hereunder without the written consent of the Loral Entities or the
Grant Holders. Any such supplemental agreement shall be binding upon Satmex, the Second Priority
Guarantors, the Indenture Trustee, the Secured Parties and the Collateral Trustee and its
successors and assigns.

          (b) Without the consent of the Indenture Trustee or any Secured Party, the Collateral Trustee
and Satmex and, in the case of any modification of any Second Priority Guarantee, the Second
Priority Guarantor party to such Second Priority Guarantee, at any time and from time to time, may
enter into one or more agreements supplemental hereto, to any Second Priority Guarantee or to any
Second Priority Security Document, in form satisfactory to the Collateral Trustee, (i) to add to
the covenants of Satmex, any Second Priority Guarantor to any Second Priority Guarantee or any
grantor party to any Second Priority Security Document, for the benefit of the Secured Parties or
to surrender any right or power herein conferred upon Satmex; or (ii) to cure any ambiguity, to
correct or supplement any provision herein or in any Second Priority Guarantee or Second Priority
Security Document which may be defective or
inconsistent with any other provision herein or
therein, or to make any other provision with respect to matters or questions arising hereunder
which shall not be inconsistent with any provision hereof; provided that any such action
contemplated by this clause (ii) shall not, and could not reasonably be expected to, adversely
affect the interests of any Secured Party (as certified by a Responsible Officer pursuant to
paragraph (c) below).

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          (c) The Collateral Trustee shall not enter into any agreement supplemental hereto pursuant to
subsection 10.3(a) or (b) unless the Collateral Trustee has received a certificate of a Responsible
Officer of Satmex, and an Opinion of Counsel, in each case to the effect that such action does not
violate this Trust Agreement or any other Second Priority Document.

          (d) The Collateral Trustee shall at the expense of Satmex promptly deliver to the Indenture
Trustee copies of all amendments, waivers or supplements to this Trust Agreement, any Second
Priority Guarantee or any Second Priority Security Document that may be entered into pursuant to
subsection 10.3(a) or (b).

          10.4 Headings. The table of contents and the headings of Sections and subsections
have been included herein for convenience only and should not be considered in interpreting this
Trust Agreement.

          10.5 Severability. Any provision of this Trust Agreement which is prohibited or
unenforceable in any jurisdiction shall not invalidate the remaining provisions hereof, and any
such prohibition or unenforceability in any jurisdiction shall not invalidate or render
unenforceable such provision in any other jurisdiction.

          10.6 Successors and Assigns and Third Party Beneficiaries. This Trust Agreement shall
be binding upon and inure to the benefit of each of the parties hereto and shall inure to the
benefit of each of the Secured Parties and their respective successors and assigns, and nothing
herein is intended or shall be construed to give any other Person any right, remedy or claim under,
to or in respect of this Trust Agreement, any Second Priority Guarantee or any Second Priority
Collateral; provided, however, that the Loral Entities and/or Grant Holders shall, but in respect
of Sections 4.8 and 4.9, 10.3 and 10.6 (collectively, the “Subject Provisions”) only, be
third party beneficiaries hereof and shall have full rights to enforce the Subject Provisions as if
they had been a party to this Agreement.

          10.7 Currency Conversions. In calculating the amount of proceeds received by the
Collateral Trustee for any purpose hereunder, the amount of any such proceeds which are denominated
in a currency other than Dollars shall be converted into Dollars at such exchange rate as the
Collateral Trustee may be advised by the Indenture Trustee.

          10.8 GOVERNING LAW. THIS TRUST AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND
INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO CONFLICTS OF
LAWS PRINCIPLES (OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW).

          10.9 Agent for Service; Waiver of Immunities; Submission to Jurisdiction.

          (a) By the execution and delivery of this Trust Agreement or any amendment, supplement, or
supplemental indenture hereto, each of Satmex and the Second Priority Guarantors (i) designates and
appoints, and acknowledges that it has, by separate written instrument, designated and appointed
CT Corporation System, 111 Eighth Avenue, #13 New York, NY 10011, as its authorized agent upon which process may be
served in any suit, action, or proceeding, including

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without limitation any enforcement,
collection, insolvency, bankruptcy, or similar proceeding, with respect to, arising out of, or
relating to, the Second Priority Securities or this Trust Agreement or any other Second Priority
Document, whether commenced by the Collateral Trustee, Indenture Trustee, one or more Second
Priority Holders, one or more holders of beneficial interests in the Second Priority Securities, or
any other interested party, or an action for recognition and enforcement of any judgment in respect
thereof, and acknowledges that CT Corporation System has accepted such designation and (ii) agrees
that service of process upon CT Corporation System at the foregoing address shall be deemed in every
respect effective service of process upon Satmex or any Second Priority Guarantor, as the case may
be, in any such suit, action or proceeding. Each of Satmex and the Second Priority Guarantors
further agrees to take any and all action, including the execution and filing of any and all such
documents and instruments as may be necessary to continue such designation and appointment of
CT Corporation System in full force and effect so long as this Trust Agreement shall be in full
force and effect; provided, however, that each of Satmex and the Second Priority Guarantors may and
shall (to the extent CT Corporation System ceases to be able to be served on the basis contemplated
herein), by written notice to the Collateral Trustee, designate such additional or alternative
agents for service of process under this Section 10.9 that (i) maintains an office located in the
Borough of Manhattan, The City of New York in the State of New York, (ii) is either (x) counsel for
Satmex or (y) a corporate service company which acts as agent for service of process for other
persons in the ordinary course of its business and (iii) agrees in writing, a copy of which is
delivered to the Collateral Trustee, to act as agent for service of process in accordance with this
Section 10.9. Such notice shall identify the name of such agent for process and the address of
such agent for process in the Borough of Manhattan, The City of New York, State of New York. Upon
the request of the Indenture Trustee or any Second Priority Holder, the Collateral Trustee shall
deliver such information to such Second Priority Holder or the Indenture Trustee, as applicable.
Notwithstanding the foregoing, there shall, at all times, be at least one agent for service of
process for each of Satmex and the Second Priority Guarantors appointed and acting in accordance
with this Section 10.9.

          (b) To the extent that Satmex or any Second Priority Guarantor has or hereafter may acquire
any immunity from jurisdiction of any court or from any legal process (whether through service of
notice, attachment prior to judgment, attachment in aid of execution, execution, or otherwise) with
respect to itself or its property, each of Satmex and the Second Priority Guarantors hereby
irrevocably waives such immunity in respect of its obligations under this Trust Agreement, the
Second Priority Securities, and the other Second Priority Documents, to the extent permitted by
law.

          (c) Each party hereto hereby irrevocably and unconditionally:

               (i) submits for itself and its Property in any suit, action, or proceeding, including without
limitation any enforcement, collection, insolvency, bankruptcy, or similar proceeding, with respect
to, arising out of, or relating to, this Trust Agreement or any other Second Priority Document,
whether commenced by the Collateral Trustee, the Indenture Trustee, one or more Second Priority
Holders, one or more holders of beneficial interests in the Second Priority Securities, or any
other interested party, or an action for recognition and enforcement of any judgment in respect
thereof, to the general jurisdiction of the Courts of the State of New

-43-

 

York sitting in New York
County, the courts of the United States for the Southern District of New York, appellate courts
from any thereof and to the courts of its own corporate domicile in respect of actions brought
against it as a defendant;

               (ii) consents that any suit, action, or proceeding, including without limitation any
enforcement, collection, insolvency, bankruptcy, or similar proceeding, with respect to, arising
out of, or relating to, the Second Priority Securities or this Second Priority Indenture or any
other Second Priority Document, whether commenced by the Collateral Trustee, the Indenture Trustee,
one or more Second Priority Holders, one or more holders of beneficial interests in the Second
Priority Securities, or any other interested party, or an action for recognition and enforcement of
any judgment in respect thereof, may be brought in the courts set forth in Section 10.9(c)(i) and
waives, to the fullest extent it may effectively do so under applicable law, trial by jury and any
objection that it may now or hereafter have to the venue of any such action or proceeding in any
such court or that such suit, action, or proceeding was brought in an inconvenient court, and
agrees not to plead or claim the same;

               (iii) agrees that service of process in any such action or proceeding may be effected by
mailing a copy thereof by registered or certified mail (or any substantially similar form of mail),
postage prepaid, to the agent for service of process described above; and

               (iv) agrees that nothing herein shall affect the right to effect service of process in any
other manner permitted by law.

          10.10 Counterparts. This Trust Agreement may be signed in any number of counterparts
with the same effect as if the signatures thereto and hereto were upon the same instrument.

          10.11 Release of Liens; Second Priority Guarantees.

          (a) Upon indefeasible payment in full of all Second Priority Obligations and all Collateral
Trustee Fees, the liens and security interests created by subsection 6.7 and by the Second Priority
Security Documents shall terminate forthwith, and all right, title and interest of the Collateral
Trustee in and to such Second Priority Collateral shall revert to Satmex or such other grantor and
their respective successors and assigns.

          (b) Upon the termination of the Collateral Trustee’s security interest and the release of any
Second Priority Collateral in accordance with subsection 10.11(a), the Collateral Trustee will
promptly, at Satmex’s written request and expense, execute and deliver to Satmex, such documents
shall reasonably request to evidence the termination of such security interest or the release of
such Second Priority Collateral.

          (c) This Trust Agreement shall terminate when all of the following have occurred: (i) the
Second Priority Guarantees have terminated, (ii) the liens and security interests granted under the
Second Priority Security Documents have terminated and (iii) the Second Priority Collateral has
been released and the Second Priority Obligations have been fully and indefeasibly paid and
performed in full; provided that the provisions of subsections 6.3, 6.4, 6.5 and 6.6 shall
survive and not be affected by any such termination.

-44-

 

          (d) The Collateral Trustee shall promptly give notice to the Indenture Trustee of any release
of Second Priority Collateral or a Second Priority Guarantee pursuant to this subsection.

          10.12 Rights of Indenture Trustee. Wells Fargo Bank, N.A., in its capacity as
Collateral Trustee hereunder shall be afforded all of the rights,
protections, immunities and indemnities
set forth in the Second Priority Indenture as if such rights,
protections, immunities and indemnities
were specifically set forth herein.

          10.13 Complete Agreement. This Trust Agreement constitutes the entire agreement
between the parties hereto with respect to the subject matter hereof and supersedes all prior
representations, negotiations, writings, memoranda and agreements.

          10.14 Intercreditor Agreement. Notwithstanding anything herein to the contrary, the
lien and security interests granted to the Second Priority Collateral Trustee, the Second Priority
Indenture Trustee, and any other Second Priority Claimholders,
pursuant to this agreement or any of the Second Priority Documents and the
exercise of any right, privilege, power or remedy by the Second Priority Collateral Trustee, the
Second Priority Indenture Trustee, and any other Second Priority
Claim Holders hereunder or any of the Second Priority Documents are
subject to the provisions of the Intercreditor Agreement, dated as of
November 29, 2006 (as amended,
restated,
supplemented or otherwise modified from time to time, the “Intercreditor
Agreement”), among Satélites Mexicanos, S.A. de C.V., HSBC Bank USA, National Association, as
First Priority Collateral Trustee and the Collateral Trustee, and certain other persons party
thereto or that may become party thereto from time to time. In the event of any conflict between
the terms of the Intercreditor Agreement and this Agreement, the terms of the Intercreditor
Agreement shall govern and control as between the First Priority Collateral Trustee, the First
Priority Indenture Trustee and any other First Priority Claimholders and the Second Priority
Collateral Trustee, the Second Priority Indenture Trustee and any other Second Priority
Claimholders.

-45-

 

          IN WITNESS WHEREOF, the parties hereto have caused this Trust Agreement to be duly executed by
their respective authorized officers or representatives as of the day and year first written above.

	 	 	 
	SATÉLITES MEXICANOS, S.A. DE C.V.
	 
	 	 
	By:
	 	 
	 

	 	 
	Name:
	Title:
	Address for Notices:
	By:
	 	 
	Name:
	 	 
	Title:
	 	 
	 
	 	 
	SMVS-ADMINISTRACIÓN, S. DE R.I. DE C.V.
	 
	 	 
	By:
	 	 
	 

	 	 
	Name:
	Title:
	Address for Notices:
	Rodolfo Gaona #86
	Col. Lomas de Sotelo, 11200
	Mexico, D.F., Mexico
	By:
	 	 
	Name:
	 	 
	Title:
	 	 
	 
	 	 
	SMVS-SERVICIOS TÉCNICOS, S. DE R.I. DE C.V.
	 
	 	 
	By:
	 	 
	 

	 	 
	Name:
	Title:
	Address for Notices:
	Rodolfo Gaona #86
	Col. Lomas de Sotelo, 11200
	Mexico, D.F., Mexico
	By:
	 	 
	Name:
	 	 
	Title:
	 	 
	 
	 	 
	WELLS FARGO BANK, N.A.,

as Collateral Trustee
	 
	 	 
	By:
	 	 
	 

	 	 
	Name:
	Title:
	Address for Notices:
	Corporate Trust
	Sixth Street and Marquette Avenue
	MAC N 9303-120
	Minneapolis, MN 55479
	Attention: Corporate Trust
	Telephone:
	Facsimile: 612.667.9825
	 
	 	 
	WELLS FARGO BANK, N.A.,

as Indenture Trustee
	 
	 	 
	By:
	 	 
	 

	 	 
	Name:
	Title:
	Address for Notices:
	Corporate Trust
	Sixth Street and Marquette Avenue
	MAC N 9303-120
	Minneapolis, MN 55479
	Attention: Corporate Trust
	Telephone:
	Facsimile: 612.667.9825

-46-

 

	 	 	 	 	 

[NOTARIAL ACKNOWLEDGEMENTS]

 

 

SCHEDULE I

INITIAL SECOND PRIORITY GUARANTEES

SMVS-Administración, S. de R.I. de C.V., Rodolfo Gaona #86, Col. Lomas de Sotelo, 11200, Mexico,
D.F., Mexico

SMVS-Servicios Técnicos, S. de R.I. de C.V., Rodolfo Gaona #86, Col. Lomas de Sotelo, 11200,
Mexico, D.F., Mexico

 

 

SCHEDULE II

INITIAL SECURITY DOCUMENTS

	1.	 	Second Priority Mortgage (as defined in the Second Priority Indenture)
	 
	2.	 	[Pledges]

 

 

EXHIBIT A

FORM OF

ADDITIONAL COLLATERAL DESIGNATION

	 	 	 
	 

	 	[Date]
	 
	 	 
	To:

	 	                    , as Collateral Trustee
	 
	 	 
	Re:

	 	Collateral Trust Agreement, dated
as of November 29, 2006, (as the same
may be amended, supplemented or otherwise modified, the “Collateral
Trust Agreement”) among Satélites Mexicanos, S.A. de C.V., a
corporation (sociedad anónima de capital variable) organized under the
laws of the United Mexican States (“Satmex”),                     , as
Collateral Trustee thereunder (in such capacity, together with any
successor appointed hereunder, the “Collateral Trustee”) and,
                    , as Trustee under the Second Priority Indenture described
therein (in such capacity, together with any successor appointed
thereunder, the “Indenture Trustee”).

          Reference is hereby made to the Collateral Trust Agreement. Capitalized terms which are
defined in the Collateral Trust Agreement are used herein as therein defined.

          In accordance with subsection 5.2 of the Collateral Trust Agreement, the following Additional
Collateral is hereby added as Second Priority Collateral under the Collateral Trust Agreement:

[DESCRIBE ADDITIONAL COLLATERAL]

	 	 	 	 	 
	 	 	SATÉLITES MEXICANOS, S.A. de C.V.
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	Title:	 	 
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	Title:	 	 

 

 

EXHIBIT B

FORM OF ADDITIONAL GUARANTEE 

DESIGNATION

	 	 	 
	 

	 	[Date]
	 
	 	 
	To:

	 	                    , as Collateral Trustee
	 
	 	 
	Re:

	 	Intercreditor and Collateral Trust
Agreement, dated as of November 29,
2006, (as the same may be amended, supplemented or otherwise modified,
the “Collateral Trust Agreement”) among Satélites Mexicanos, S.A. de
C.V., a corporation (sociedad anónima de capital variable) organized
under the laws of the United Mexican States (“Satmex”),                     ,
as Collateral Trustee thereunder (in such capacity, together with any
successor appointed hereunder, the “Collateral Trustee”) and,
                    ., as Trustee under the Second Priority Indenture described
therein (in such capacity, together with any successor appointed
thereunder, the “Indenture Trustee”).

          Reference is hereby made to the Collateral Trust Agreement. Capitalized terms which are
defined in the Collateral Trust Agreement are used herein as therein defined.

          In accordance with subsection 5.4 of the Collateral Trust Agreement, the following Additional
Guarantee is hereby added as a Second Priority Guarantee under the Collateral Trust Agreement:

[DESCRIBE ADDITIONAL GUARANTEE]

	 	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	Title:	 	 
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	Title:

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