Document:

EXHIBIT 10.58

 Exhibit 10.58 
  
 FIRST AMENDMENT TO CREDIT AGREEMENT 
  
 This FIRST AMENDMENT TO CREDIT AGREEMENT is dated as of January 13, 2004 (this “Amendment”) and
entered into by and among XM Satellite Radio Inc., XM Satellite Radio Holdings Inc., and General Motors Corporation (collectively, the “Parties,” and each, a “Party”). 
  
 WITNESSETH: 
  
 WHEREAS, the Parties have entered into a Credit Agreement dated as of
January 28, 2003 (the “Original Agreement”); providing for advances in an aggregate maximum principal amount of $100,000,000; 
  
 WHEREAS, the Parties desire to amend the Original Agreement pursuant to the terms hereof to provide, among other things, for a change in the
interest rate, a change in the interest payment dates, and a right to reborrow any amounts that are voluntarily prepaid from time to time; and 
  
 WHEREAS, certain capitalized terms used herein without definition shall have the respective meanings set forth in the Original Agreement.

  
 NOW, THEREFORE, for good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereby agree as follows: 
  
 ARTICLE I 
  
 AMENDMENTS 
  
 1.1 Deletion of Certain
Definitions. Section 1.1 of the Original Agreement is amended by deleting the following definitions: “Quarterly Date”, and “Quarterly Period”. 
  
 1.2 Amendments to Existing Definitions. Section 1.1 of the Original Agreement is amended by amending and
restating the following definitions in their entirety: 
  
 “Applicable Margin” means a rate per annum equal to (i) 10%, for periods or portions thereof ending prior to January 1, 2004, and (ii) 8%, for periods or portions thereof commencing on or after January 1, 2004. 

 
 “Fair Market Value” means, with respect to the Class A
Common Stock on any Interest Payment Date, the last reported sale price during regular trading hours on the date in question (or, if there is no reported sale on such date, the mean between the last high bid and low asked quotations on such date) of
one share of Class A Common Stock on the 

 principal exchange or the Nasdaq National Market on which the shares of Class A Common Stock are then
listed for trading, as the case may be, or if the shares of Class A Common Stock are not listed for trading on any exchange or on the Nasdaq National Market or any similar system then in use, the mean between the closing high bid and low asked
quotations of one share on the date in question as reported by Nasdaq or any similar quotation system then in use, or, if no such quotations are available, the fair market value on such date of one share of Class A Common Stock as the board of
directors of Holdings shall determine in good faith. 
  
 “Interest Payment Date” means June 30, 2003, December 31, 2003, and the 26th day of
January and the 26th day of July of each calendar year, beginning on July 26, 2004; provided that (i) if any
Interest Payment Date is not a Business Day, the Interest Payment Date will be deferred until the next succeeding Business Day and (ii) if any Interest Payment Date would occur after the Maturity Date, such Interest Payment Date shall be the
Maturity Date. 
  
 “Interest Rate” means for any
day during an Interest Period, a rate per annum equal to the LIBOR Rate in effect for such Interest Period plus the Applicable Margin. 
  
 “LIBOR Rate” means, for each Interest Period, the rate that is reported on the Interest Payment Date on which such Interest Period
commences as the 6-month London Interbank Offered Rate in The Wall Street Journal’s listing of Money Rates, or if such newspaper shall have ceased publishing, then in any successor publication designated by the Lender. 
  
 1.3 Addition of New Definition. Section 1.1 of the Original
Agreement is amended by inserting the following new definition in alphabetical order: 
  
 “Interest Period” means each period commencing on and including an Interest Payment Date through, but not including, the next following Interest Payment Date. 
  
 1.4 Amendment to Section 2.3(a). Section 2.3(a) of the
Original Agreement is amended by amending and restating such Section in its entirety to read as follows: 
  
 “(a) Interest Accrual. Interest shall accrue at the Interest Rate on a daily basis during each Interest Period on the unpaid principal amount
of all Advances and shall be payable in arrears on each Interest Payment Date.” 
  
 1.5 Amendment to Section 2.6(a). Section 2.6(a) of the Original Agreement is amended by inserting the following new sentence at the end thereof: 
  
 “Any Advances prepaid pursuant to this Section 2.6(a) shall not reduce
the Loan Commitment and, within the limits of such Loan Commitment, amounts of Advances so prepaid may be reborrowed pursuant to Section 2.1 hereof.” 
  

 2 

 1.6 Amendment to Section 2.6(c). Section 2.6(c) of the Original Agreement is amended by
amending and restating such Section in its entirety to read as follows: 
  
 “(c) Loan Commitment Termination. Any amounts prepaid pursuant to Section 2.6(b) shall permanently reduce the Loan Commitment by an equal amount and may not be reborrowed.” 
  
 1.7 Amendment to Section 3.3. Section 3.3 of the Original
Agreement is amended by amending and restating such Section in its entirety to read as follows: 
  
 “Upon the payment and satisfaction in full of all Obligations of the Borrowers under this Agreement and termination of the Loan Commitment, the
Lender shall, at the request of either Borrower, promptly deliver a certificate to the Collateral Agent stating that such Obligations have been paid in full and such Loan Commitment has been terminated, and instruct the Collateral Agent to release
all rights and interests of the Lender with respect to the Liens under the Security Agreements.” 
  
 ARTICLE II 
  
 MISCELLANEOUS 
  
 2.1 Original
Agreement. Except as specifically amended hereby, the Original Agreement, shall continue to be in full force and effect and is hereby ratified by the Parties. 
  
 2.2 Effectiveness. This Amendment shall become effective only on the date on which XM Satellite Radio,
Inc. and XM Satellite Radio Holdings, Inc. (collectively, the “XM Parties”) have obtained all necessary approvals from stockholders and/or note holders, given all requested notices, etc. (collectively, the
“Approvals”) such that the effectiveness of this Amendment would not cause a default under any contract, agreement, document or instrument to which either of the XM Parties is a party or to which it is subject. Without limiting the
foregoing, the XM Parties shall provide written notice to Lender once all such Approvals are obtained for this Amendment; provided that any delay in giving such notice shall not delay the effectiveness of this Amendment unless Lender is
materially prejudiced by the delay in such notice. The XM Parties agree to use commercially reasonable best efforts to obtain such Approvals. 
  
 2.3 Governing Law. THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK OR THE CORPORATE
LAWS OF THE STATE OF DELAWARE, AS APPLICABLE, WITHOUT GIVING EFFECT TO ANY CONFLICT OF LAW PROVISIONS THEREOF OTHER THAN NEW YORK GENERAL OBLIGATIONS LAW SECTIONS 5-1401 AND 5-1402. 
  

 3 

 2.4 Counterparts. This Amendment may be executed in any number of counterparts and by
different Parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. 
  
 [THE REMAINDER OF THIS PAGE IS INTENTIONALLY LEFT BLANK] 
  

 4 

 IN WITNESS WHEREOF, the Parties hereto have caused this Amendment to be executed by their
respective duly authorized officers as of the date first written above. 
  

	
	 XM SATELLITE RADIO INC.

	
	  
	

	 Name:

	 Title:

	
	 XM SATELLITE RADIO HOLDINGS INC.

	
	  
	

	 Name:

	 Title:

	
	 GENERAL MOTORS CORPORATION

	
	  
	

	 Name:

	 Title:

  

 5 

 The undersigned Subsidiary Guarantor acknowledges and consents to the foregoing First Amendment to Credit Agreement, by
and among XM Satellite Radio Inc., XM Satellite Radio Holdings Inc. and General Motors Corporation as of the date first above written. 
  

	
	 XM EQUIPMENT LEASING LLC

	
	  
	

	 Name:

	 Title:

  

 6EXHIBIT 10.59

 Exhibit 10.59 
  
 FIRST AMENDMENT TO 
 SECOND AMENDED AND RESTATED DISTRIBUTION AGREEMENT 
  
 This FIRST AMENDMENT TO SECOND AMENDED AND RESTATED DISTRIBUTION AGREEMENT is dated as of January 13, 2004 (this “Amendment”) and entered into by and among OnStar Corporation, XM Satellite Radio Holdings Inc., and XM
Satellite Radio Inc. (collectively the “Parties,” and each, a “Party”). 
  
 WITNESSETH: 
  
 WHEREAS, the Parties have entered into a Second Amended and Restated Distribution Agreement dated as of January 28, 2003 (the “Original Agreement”); and 
  
 WHEREAS, the Parties desire to amend the Original Agreement pursuant to the terms hereof to provide, among other
things, for certain payments under the Original Agreement to be made on a semi-annual basis; and 
  
 WHEREAS, certain capitalized terms used herein without definition shall have the respective meanings set forth in the Original Agreement.

  
 NOW, THEREFORE, for good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereby agree as follows: 
  
 ARTICLE I 
  
 AMENDMENTS 
  
 1.1 Addition of New
Definitions. Section 1 of the Original Agreement is amended by inserting the following new definitions in alphabetical order: 
  
 “Payment Date” means June 30, 2003, December 31, 2003, and the 26th day of January and the 26th day of July of each calendar year, beginning on July 26, 2004. 
  
 “Payment Period” means each period commencing on and including a Payment Date through, but not including, the next following Payment Date. 
  
 1.2 Amendment to Existing Definition. Section 1.1 of the Original Agreement is amended by amending and
restating the following definition in its entirety: 
  
 “Stock Fair Market Value” means, with respect to the Class A Common Stock, the last reported sale price during regular trading hours on the date in question (or, if there is no reported sale on such date, the mean between
the last high bid and low asked quotations on such date (it being understood that if the date in question is not a trading day, then the date in question shall be the immediately following trading day)) of one share of Class A 

 Common Stock on the principal exchange or the Nasdaq National Market on which the shares of Class A
Common Stock are then listed for trading, as the case may be, or if the shares of Class A Common Stock are not listed for trading on any exchange or on the Nasdaq National Market or any similar system then in use, the mean between the closing high
bid and low asked quotations of one share on the date in question as reported by Nasdaq or any similar quotation system then in use, or, if no such quotations are available, the fair market value on such date of one share of Class A Common Stock as
the board of directors of Holdings shall determine in good faith. 
  
 1.2 Amendment to Section 4(c). Section 4(c) of the Original Agreement is amended by replacing the last two sentences of such section in their entirety with the following: 
  
 “Notwithstanding the foregoing, from and after January 1, 2003, XM may
satisfy its obligation to make cumulative Subscriber Bounty payments of up to $35,000,000, at its option, by delivery of shares of Class A Common Stock. If XM elects to make a Subscriber Bounty payment in shares of Class A Common Stock, such shares
of Class A Common Stock in respect of (i) a Subscriber Bounty payment on January 1 through and including June 30 of any calendar year shall be deliverable on July 26 of such calendar year and (ii) a Subscriber Bounty Payment due on July 1 through
and including December 31 of any calendar year shall be deliverable on January 26 of the next succeeding calendar year. In all cases, shares of Class A Common Stock in respect of a Subscriber Bounty Payment shall be valued at the Stock Fair Market
Value as of the delivery date.” 
  
 ARTICLE II

  
 MISCELLANEOUS 
  
 2.1 Original Agreement. Except as specifically amended hereby,
the Original Agreement shall continue to be in full force and effect and is hereby ratified by the Parties. 
  
 2.2 Effectiveness. This Amendment shall become effective only on the date on which that certain First Amendment to Note Purchase
Agreement, dated as of the date hereof among XM, Holdings, and OnStar shall have become effective pursuant to Section 2.2. thereof.  
  
 2.3 Governing Law. This Amendment and all manners or issues collateral thereto shall be governed by the laws of the State of New York,
without regard to its choice of law rules. 
  
 2.4
Counterparts. This Amendment may be executed in any number of counterparts and by different Parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall
constitute one and the same agreement. 
  

 2 

 IN WITNESS WHEREOF, the Parties hereto have caused this Amendment to be executed by their
respective duly authorized officers as of the date first written above. 
  

	
	 XM SATELLITE RADIO INC.

	
	  
	

	 Name:

	 Title:

	
	 XM SATELLITE RADIO HOLDINGS INC.

	
	  
	

	 Name:

	 Title:

	
	 ONSTAR CORPORATION

	
	  
	

	 Name:

	 Title:

  

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