Document:

Third Amendment to Credit Agreement

 Exhibit 10.25 
 THIRD AMENDMENT TO CREDIT AGREEMENT 
 THIS THIRD AMENDMENT made as of this 17th day of December, 2007
(the “Third Amendment”), is made by and among II-VI INCORPORATED, a Pennsylvania corporation (the “Borrower”), each of the Guarantors party hereto, the Banks (as defined in the Credit
Agreement described below), and PNC BANK, NATIONAL ASSOCIATION, as Agent (the “Agent”) for the Banks. 
 WHEREAS, the
Borrower, the Guarantors, the Banks, and the Agent are parties to a Credit Agreement dated as of October 23, 2006, as amended by the First Amendment to Credit Agreement dated as of May 31, 2007, and as further amended by the Second
Amendment to Credit Agreement dated as of August 31, 2007 (as so amended, the “Credit Agreement”); and 
 WHEREAS, the parties hereto wish to amend the Credit Agreement as provided herein. 
 NOW, THEREFORE, in consideration of the
premises and covenants contained herein and intending to be legally bound hereby, the Borrower, the Guarantors, the Agent and the Required Banks agree as follows: 
 1. Definitions. Except as set forth herein, capitalized terms used herein but not defined or amended herein shall have the meanings set forth in the Credit Agreement. 
 2. Additional Definition. Section 1.1 of the Credit Agreement is hereby amended to add the following definitions: 
 Specified Canadian Assets shall mean the capital stock of 5NPlus, Inc. held by Borrower as of the Third Amendment Effective Date. 
 Third Amendment Effective Date shall mean December 17, 2007. 
 3. Amendment to Definitions. The definition of “Permitted Investment” is hereby amended and restated as follows: 
 Permitted Investments shall mean: 
 (i) direct obligations of the United States of America or any
agency or instrumentality thereof or obligations backed by the full faith and credit of the United States of America maturing in twelve (12) months or less from the date of acquisition; 
 (ii) commercial paper maturing in 180 days or less rated not lower than A-1, by Standard & Poor's or P-1 by Moody's Investors Service, Inc. on
the date of acquisition; 

 (iii) demand deposits, time deposits or certificates of deposit maturing within one year in commercial
banks whose obligations are rated A-1, A or the equivalent or better by Standard & Poor's on the date of acquisition; 
 (iv) loans
to any Person (based on outstanding principal balance measured from time to time) made on or after the Third Amendment Effective Date or investments in any Person (measured at the time of each such investment) made on or after the Third Amendment
Effective Date, together with investments in Permitted Joint Ventures (measured at the time of each such investment) made on or after the Third Amendment Effective Date, not to exceed $40,000,000 in the aggregate at any time outstanding; 

(v) Investments in Permitted Joint Ventures; 
 (vi) Investments and acquisitions permitted under Section 8.2.6; and 
 (vii) mutual funds that invest substantially all their
assets in investments described in (i), (ii) or (iii) above. 
 4. Amendment of Section 8.2.7 of the Credit
Agreement. Section 8.2.7 of the Credit Agreement is hereby amended to renumber subsection (v) as subsection (vi) and to insert immediately prior to such renumbered subsection the following new subsection (v): 
 (vi) the sale from time to time of all or any part of the Specified Canadian Assets. 
 5. Amendment of Section 8.2.9(b) of the Credit Agreement. Section 8.2.9(b) of the Credit Agreement is hereby amended and restated
as follows: 
 (b) Borrower and its Subsidiaries shall be permitted to create, invest in or acquire interests in corporations or other
entities formed under the laws of nations other than the United States and its political subdivisions (each a “Permitted Joint Venture”) provided that in each such case the following conditions are met: 
 (i) Borrower shall provide the Agent notice of any such investment or acquisition not later than 15 days prior to such investment or acquisition; and

 (ii) The total amount of investments and acquisitions (measured at the time of each such investment or acquisition) made under this
Section 8.2.9(b) (including any indebtedness of such Permitted Joint Venture guaranteed by Borrower or any subsidiary) on of after the Third Amendment Effective Date, together with investments and loans made under Section 8.2.4 in
investments and loans described in Subpart (iv) of the Definition of “Permitted Investments” (using the computation methodology set forth in such Subpart(iv)) on or after the Third Amendment Effective Date, shall not exceed
$40,000,000 in the aggregate at any time. 
  

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 6. Amendment of Section 8.3.6 of the Credit Agreement. Section 8.3.6(i) of
the Credit Agreement is hereby amended and restated as follows: 
 (i) at least ten (10) calendar days prior thereto, with respect to any
proposed sale or transfer of assets pursuant to Section 8.2.7(vi), and 
 7. Representations and Warranties. The Loan
Parties, jointly and severally hereby represent and warrant to the Agent and each of the Banks as follows: 
 (a) all representations,
warranties and covenants made by the Loan Parties to the Agent and the Banks that are contained in the Loan Documents are true and correct in all material respects on and as of the date hereof with the same effect as though such representations,
warranties and covenants had been made on and as of the date hereof; 
 (b) to the Loan Parties' knowledge, no event or condition has
occurred or exists which, with the giving of notice or the passage of time, or both, would constitute an Event of Default under any of the Loan Documents; and 
 (c) the execution and delivery of this Third Amendment and the consummation of the transactions contemplated hereby and by any other documents executed by the Loan Parties required to be delivered to the Agent and the
Banks in connection with this Third Amendment have been duly and validly authorized by each Loan Party and all such documents together constitute the legal, valid and binding agreement of each Loan Party, enforceable against each Loan Party in
accordance with their respective terms, except to the extent that enforceability of any of such documents may be limited by bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting the enforceability of creditors' rights
generally or general equitable principles. 
 8. Effectiveness. This Third Amendment and the amendment to the Credit Agreement
effected hereby shall become effective upon the delivery to the Agent of: 
 (a) a copy of this Third Amendment, executed by each Loan Party;
and 
 (b) payment by the Borrower of all accrued fees and expenses (including the fees and expenses of Kirkpatrick & Lockhart
Preston Gates Ellis LLP) of the Agent in connection with this Third Amendment. 
 9. Counterparts. This Third Amendment may be
executed in one or more counterparts by any party hereto in separate counterparts, each of which when so executed and delivered to the other party shall be deemed an original. All such counterparts together shall constitute one and the same
instrument. 
 10. Waivers. This Third Amendment shall not serve to waive, supplement or amend the Credit Agreement, which
Credit Agreement shall remain in full force and effect as amended hereby. 
  

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 IN WITNESS WHEREOF, the parties hereto have executed and delivered this Third Amendment as of the date
and year first above written. 
  

									
	 	 	 	 	 	 	BORROWER:
				
	WITNESS:	 		 		 	II-VI INCORPORATED
					
	 /s/ Richard P. Figel
	 		 		 	By:	 	 /s/ Craig A. Creaturo

		 		 		 	Title:	 	Chief Financial Officer and Treasurer
				
		 		 		 	GUARANTORS:
				
	WITNESS:	 		 		 	II-VI DELAWARE, INC.
					
	 /s/ Richard P. Figel
	 		 		 	By:	 	 /s/ Craig A. Creaturo

		 		 		 	Title:	 	Chief Financial Officer and Treasurer
				
	WITNESS:	 		 		 	VLOC INCORPORATED
					
	 /s/ Richard P. Figel
	 		 		 	By:	 	 /s/ Craig A. Creaturo

		 		 		 	Title:	 	Chief Financial Officer and Treasurer
				
	WITNESS:	 		 		 	EXOTIC ELECTRO-OPTICS, INC.
					
	 /s/ Richard P. Figel
	 		 		 	By:	 	 /s/ Craig A. Creaturo

		 		 		 	Title:	 	Chief Financial Officer and Treasurer
				
	WITNESS:	 		 		 	II-VI WIDE BAND GAP, INC.
					
	 /s/ Richard P. Figel
	 		 		 	By:	 	 /s/ Craig A. Creaturo

		 		 		 	Title:	 	Chief Financial Officer and Treasurer

  

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	WITNESS:	 		 		 	MARLOW INDUSTRIES, INC.,
					
	 /s/ Richard P. Figel
	 		 		 	By:	 	 /s/ Craig A. Creaturo

		 		 		 	Name:	 	Craig A. Creaturo
		 		 		 	Title:	 	Chief Financial Officer and Treasurer
				
	WITNESS:	 		 		 	MARLOW INDUSTRIES ASIA, INC.
					
	 /s/ Richard P. Figel
	 		 		 	By:	 	 /s/ Craig A. Creaturo

		 		 		 	Name:	 	Craig A. Creaturo
		 		 		 	Title:	 	Chief Financial Officer and Treasurer

  

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	PNC BANK, NATIONAL ASSOCIATION,
individually and as Agent
		
	By:	 	 /s/ Troy Brown

	Title:	 	Vice President

  

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	WACHOVIA BANK, NATIONAL ASSOCIATION,
as a Bank
		
	By:	 	 /s/ Patrick J. Kaufmann

	Title:	 	Senior Vice President

  

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	 MANUFACTURERS AND TRADERS
 TRUST COMPANY,
as a Bank

		
	By:	 	 /s/ Jon Werbitsky

	Title:	 	Vice President

  

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	NATIONAL CITY BANK, as a Bank
		
	By:	 	 /s/ Cristina S. Feden

	Title:	 	Vice President

  

 -9-Second Amendment and Waiver, dated as of February 1, 2008

 Confidential treatment has been requested for portions of this exhibit. The copy filed herewith omits the information
subject to the confidentiality request. Omissions are designated as [***]. A complete version of this exhibit has been filed separately with the Securities and Exchange Commission. 
 Exhibit 10.1 
 SECOND AMENDMENT AND WAIVER 
 This Second Amendment and Waiver (this “Second Amendment”), dated as of February 1, 2008, is among XM Satellite Radio Inc. (the
“Borrower”), XM Satellite Radio Holdings Inc. (“Holdings”), the undersigned lenders party to the Credit Agreement referred to below (the “Lenders”) and the Administrative Agent party to the Credit
Agreement referred to below. 
 Reference is made to that certain Credit Agreement, dated as of May 5, 2006 (as amended, restated,
supplemented or otherwise modified from time to time, the “Credit Agreement”), among the Borrower, Holdings, the lenders party thereto, JPMorgan Chase Bank, N.A., as administrative agent (the “Administrative
Agent”), Credit Suisse Securities (USA) LLC, as Syndication Agent, Citicorp North America Inc., as Documentation Agent, and J.P. Morgan Securities Inc. and UBS Securities LLC, as Joint Bookrunners and Joint Lead Arrangers. Capitalized terms
used but not defined herein have the meanings given such terms in the Credit Agreement. 
 On February 19, 2007, Holdings and Sirius
Satellite Radio Inc. (“SIRIUS”) entered into an Agreement and Plan of Merger, pursuant to which Holdings and SIRIUS proposed to combine their businesses through a merger of Holdings and a newly formed, wholly owned subsidiary of
SIRIUS (such transaction, together with any amendments, supplements or modifications thereto that would not have an adverse effect on the interests of the Lenders, the “Merger”), with Holdings remaining as the surviving corporation
following the Merger. A copy of such Agreement and Plan of Merger was filed by Holdings with the SEC on February 21, 2007 as Exhibit 2.1 to the Form 8-K filed on such date (such Agreement and Plan of Merger, together with any amendments,
supplements or modifications thereto that would not have an adverse effect on the interests of the Lenders, the “Merger Agreement”). 
 The Borrower and Holdings have requested that the Administrative Agent and the Lenders, in connection with the Merger, (1) agree to amend the Credit Agreement to make the changes set forth herein, which include,
among other things, certain changes to the definition of “Change in Control” and certain permitted uses of funds and Loan proceeds for obtaining extensions, waivers and other permitted purposes in connection with the Merger, and
(2) waive, immediately prior to the effective time of the Merger (such time, the “Merger Effective Time”), the potential Default (the “Potential Default”) under clause (f)(2) of Article VII of the Credit
Agreement that would occur as a result of the Borrower being required to (a) make a “Change of Control Offer” under the New Senior Notes and the Existing 10% Notes or (b) make an “Offer to Purchase or Refinance”
pursuant to Section 11.07 of the Participation Agreement (as defined below), in each case as a result of the Merger and/or as a result of any Merger Related Event (as defined below). 
 Accordingly, (a) the parties hereto hereby amend the Credit Agreement and (b) the Lenders and the Administrative Agent hereby waive the
Potential Default immediately prior to the Merger Effective Time, in each case as set forth herein: 
 1. Section 1.01 of the Credit Agreement is hereby
amended by adding the following definitions in proper alphabetical sequence: 
 “Amendment Fee” has the meaning assigned to
such term in Section 13 of the Second Amendment. 

 “Beneficial Interest” has the meaning assigned to such term in the Participation
Agreement. 
 “Beneficial Interest Purchase Date” means any date on which the Borrower and/or Holdings is required to
purchase any or all of the Beneficial Interest pursuant to the terms of the XM-4 Sale and Leaseback Offer to Purchase or Refinance and in accordance with the terms of the Participation Agreement and this Agreement; provided, however, that if the
Beneficial Interest is purchased for a note or other evidence of Indebtedness permitted to be incurred under the Credit Agreement (including any Permitted Beneficial Interest Indebtedness), the Beneficial Interest Purchase Date shall not occur until
the date on which any or all of the principal amount of such Indebtedness shall have been paid. 
 “Existing 10% Notes Change of
Control Offer” means a Change of Control Offer (as defined in the Noteholders Agreement) with respect to the Existing 10% Notes made by the Borrower in connection with the Merger and/or any Merger Related Event pursuant to the terms of
Section 8.7 of the Noteholders Agreement. 
 “Existing 10% Notes Extension” means each extension, in accordance with
the terms of the Note Purchase Agreement, of the date on which the Borrower is required to make a Change of Control Offer (as defined in the Noteholders Agreement) with respect to all of the Existing 10% Notes as a result of any Change of Control
(under and as defined in the Note Purchase Agreement) that occurs or will occur in connection with the Merger and/or any Merger Related Event. 
 “Existing 10% Notes Waiver” means a waiver, in accordance with the terms of the Note Purchase Agreement, of any Change of Control (under and as defined in the Note Purchase Agreement) with respect to all of the Existing 10%
Notes that occurs or will occur in connection with the Merger and/or any Merger Related Event and the consequences of such Change of Control (including the requirement that the Borrower make a Change of Control Offer (as defined in the Noteholders
Agreement)). 
 “Merger” has the meaning assigned to such term in the recitals to the Second Amendment. 
 “Merger Agreement” has the meaning assigned to such term in the recitals to the Second Amendment. 
 “Merger Effective Time” has the meaning assigned to such term in the recitals to the Second Amendment. 
 “Merger Related Event” means any event or condition directly related to, and that occurs or will occur as a result of, the Merger
(including, without limitation, changes in the composition of the Board of Directors of the Borrower and/or Holdings) that would constitute a “Change of Control” under and as defined in each of the Senior Notes Indentures, the Note
Purchase Agreement and/or the Participation Agreement. 
 “New Senior Notes Change of Control Offers” means each Change of
Control Offer (as defined in the Senior Notes Indentures) with respect to the Senior Notes made by the Borrower in connection with the Merger and/or any Merger Related Event pursuant to the terms of Section 4.14 of each Senior Notes Indenture.

  

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 “New Senior Notes Change of Control Offers Payment Date” means each “Change of
Control Offer Payment Date” as defined in Section 4.14 of each Senior Notes Indenture with respect to the Senior Notes and set forth in each New Senior Notes Change of Control Offer. 
 “New Senior Notes Extension” means each extension, in accordance with the terms of the Senior Notes Indentures, of the date on which the
Borrower is required to make a Change of Control Offer (as defined in the Senior Notes Indentures) with respect to all of the New Senior Notes as a result of any Change of Control (under and as defined in the Senior Notes Indentures) that occurs or
will occur in connection with the Merger and/or any Merger Related Event. 
 “New Senior Notes Refinance Date” means any
date on which all of the New Senior Notes have been refinanced (with the proceeds of Permitted Refinancing Indebtedness or the proceeds from the issuance of Equity Interests of Holdings (prior to the Merger) or SIRIUS (following the Merger)) in
accordance with the terms of the Senior Notes Indentures and this Agreement. 
 “New Senior Notes Waiver” means a waiver, in
accordance with the terms of the Senior Notes Indentures, of any Change of Control (under and as defined in the Senior Notes Indentures) with respect to all of the New Senior Notes that occurs or will occur in connection with the Merger and/or any
Merger Related Event and the consequences of such Change of Control (including the requirement that the Borrower make a Change of Control Offer (as defined in the Senior Notes Indentures)). 
 “New Senior Notes Waiver Date” means any date on which any New Senior Notes Waiver shall be effective in accordance with its terms with
respect to all of the New Senior Notes. 
 “Noteholders Agreement” means that certain Third Amended and Restated
Shareholders and Noteholders Agreement, dated as of June 16, 2003, by and among Holdings and the other parties named on the signature pages thereof, as such agreement has been or may be amended, modified or supplemented from time to time.

 “Owner Trustee” has the meaning assigned to such term in the defined term “Participation Agreement.”

 “Owner Trustee Indenture” means that certain Indenture dated as of February 13, 2007, between the Owner Trustee and
The Bank of New York, a New York banking corporation, not in its individual capacity, except as otherwise expressly set forth therein, but solely as Indenture Trustee under the Indenture, as such Indenture may be amended, modified or supplemented
from time to time. 
 “Owner Trustee Notes” means the Notes issued by the Owner Trustee pursuant to the Owner Trustee
Indenture. 
 “Owner Trustee Notes Refinance Date” means any date on which all of the outstanding Owner Trustee Notes have
been refinanced with the proceeds of Permitted Refinancing Indebtedness (provided that, notwithstanding clause (e) of the definition of Permitted Refinancing Indebtedness, such Permitted Refinancing Indebtedness may be incurred by Holdings) or
the proceeds from the issuance of Equity Interests of Holdings (prior to the Merger) or SIRIUS 

  

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(following the Merger), in each case pursuant to the terms of the XM-4 Sale and Leaseback Offer to Purchase or Refinance and in accordance with the terms of
the Participation Agreement and this Agreement. 
 “Owner Trustee Notes Repurchase Date” means any date on which the
Borrower or Holdings is required to repurchase any or all of the outstanding Owner Trustee Notes pursuant to the terms of the XM-4 Sale and Leaseback Offer to Purchase or Refinance and in accordance with the terms of the Participation Agreement and
this Agreement. 
 “Participation Agreement” means that certain Participation Agreement dated as of February 13, 2007
among Holdings, as Seller, the Borrower, as Lessee, Satellite Leasing (702-4), LLC, a Delaware limited liability company, as Owner Participant, Wells Fargo Bank Northwest, National Association, a national banking association, not in its individual
capacity, except as otherwise expressly set forth therein, but solely in its capacity as Owner Trustee (the “Owner Trustee”) and as Lessor, The Bank of New York, a New York banking corporation, as Indenture Trustee, and the
purchasers identified on the signature pages thereto, as initial purchasers of the Owner Trustee Notes, entered into in connection with that certain XM-4 Sale and Leaseback Transaction, as such agreement may be amended, modified or supplemented from
time to time. 
 “Permitted Beneficial Interest Indebtedness” means any Indebtedness of the Borrower or any of its Material
Subsidiaries the net proceeds of which are used to purchase, refinance or replace the Beneficial Interest; provided that: 
 (a) the
aggregate principal amount (or accreted value, if applicable) of such Permitted Beneficial Interest Indebtedness does not exceed $85.0 million; 
 (b) such Permitted Beneficial Interest Indebtedness shall have a final maturity date later than the final maturity date of the Loans, and shall not require payment of any or all of the principal amount of such Permitted Beneficial Interest
Indebtedness prior to the final maturity date of the Loans; and 
 (c) such Permitted Beneficial Interest Indebtedness is either unsecured or
is secured on terms at least as favorable to the Lenders as those contained in the documentation governing the Beneficial Interest. 
 “Second Amendment” means that certain Second Amendment and Waiver dated as of February 1, 2008 among Holdings, the Borrower, the Administrative Agent and the Lenders listed on the signature pages thereto. 

“Second Amendment Effective Date” has the meaning assigned to such term in Section 12 of the Second Amendment. 
 “SIRIUS” means Sirius Satellite Radio Inc. 
 “Waiver Effective Date” has the meaning assigned to such term in Section 11 of the Second Amendment. 
 “Waiver Expiration Date” means the first date on which any or all of the following shall have occurred: (a) a New Senior Notes Change of Control Offer Payment Date, (b) an Owner Trustee
Notes Repurchase Date, (c) a Beneficial Interest Purchase Date, (d) an XM-4 Sale and Leaseback Repurchase Date or (e) the first Business Day immediately following the Merger Effective Time, if the Administrative Agent has not received
the Amendment Fee pursuant to Second Amendment on or prior to such date. 
  

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 “Waiver/Refinance Event Date” means the latest to occur of the following (it being
understood that the Waiver/Refinance Event Date shall not occur until each of clauses (a) and (b) has occurred): (a) the date that is the earlier of (i) the New Senior Notes Waiver Date and (ii) the New Senior Notes
Refinance Date; and (b) the date that is the earlier of (i) the XM-4 Sale and Leaseback Waiver Date and (ii) the Owner Trustee Notes Refinance Date. 
 “XM-4 Sale and Leaseback Extension” means either (i) each extension, in accordance with the terms of the Participation Agreement, by the Lessor (as defined in the Participation Agreement), the
Owner Participant (as defined in the Participation Agreement), the holders of the Owner Trustee Notes and each other applicable party in respect of the XM-4 Sale and Leaseback Transaction consummated pursuant to the Participation Agreement (each
such foregoing Person, an “XM-4 Sale and Leaseback Party”) of the date on which the Borrower is required to make an XM-4 Sale and Leaseback Offer to Purchase or Refinance as a result of any “Change of Control” or
“SDARS License Event” (each term under and as defined in the Participation Agreement) that occurs or will occur in connection with the Merger and/or any Merger Related Event or (ii) each declining, in accordance with the terms of the
Participation Agreement, of an XM-4 Sale and Leaseback Offer to Purchase or Refinance that occurs or will occur in connection with the Merger and/or any Merger Related Event in exchange for a commitment by the Borrower to make another such offer,
for one or both of the Beneficial Interest or the Owner Trustee Notes, at a later date. 
 “XM-4 Sale and Leaseback Party”
has the meaning assigned to such term in the definition of “XM-4 Sale and Leaseback Extension.” 
 “XM-4 Sale and Leaseback
Waiver” means either (i) the waiver, in accordance with the terms of the Participation Agreement, by the Lessor (as defined in the Participation Agreement), the Owner Participant (as defined in the Participation Agreement), the holders
of the Owner Trustee Notes and each other applicable party in respect of the XM-4 Sale and Leaseback Transaction consummated pursuant to the Participation Agreement of any “Change of Control” or “SDARS License Event” (each term
under and as defined in the Participation Agreement) or (ii) the declining, in accordance with the terms of the Participation Agreement, of an XM-4 Sale and Leaseback Offer to Purchase or Refinance, in each case that occurs or will occur in
connection with the Merger and/or any Merger Related Event and the consequences of such “Change of Control” or “SDARS License Event” (including, for purposes of clause (i) above, the requirement that the Borrower make an
XM-4 Sale and Leaseback Offer to Purchase or Refinance). 
 “XM-4 Sale and Leaseback Waiver Date” means the date on which
the XM-4 Sale and Leaseback Waiver shall be effective in accordance with its terms. 
 “XM-4 Sale and Leaseback Offer to Purchase or
Refinance” means the Offer to Purchase or Refinance (as defined in the Participation Agreement) made by the Borrower in connection with the Merger and/or any Merger Related Event pursuant to the terms of Section 11.07 of the
Participation Agreement. 
 “XM-4 Sale and Leaseback Repurchase Date” means the date on which the Borrower and/or Holdings
is required to purchase any or all of the Transponders (as defined in the Participation Agreement) pursuant to the terms of the XM-4 Sale and Leaseback Offer to Purchase or Refinance and in accordance with the terms of the Participation Agreement
and this Agreement. 
  

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 2. Section 1.01 of the Credit Agreement is hereby amended by replacing the definition of “Change in
Control” with the following: 
 “ “Change in Control” means: 
 (a) at any time prior to the Merger Effective Time, the occurrence of any of the following: 
 (i) Holdings shall cease to beneficially own and control at least 100% on a fully diluted basis of the economic interests and voting power in the Equity
Interests of the Borrower; 
 (ii) the direct or indirect sale, transfer, conveyance or other disposition (other than by way of merger or
consolidation), in one or a series of related transactions, of all or substantially all of the properties or assets of the Borrower and its Material Subsidiaries taken as a whole to any “person” (as that term is used in
Section 13(d)(3) of the Exchange Act) other than a Principal or a Principal Related Party; 
 (iii) the adoption of a plan relating to
the liquidation or dissolution of the Borrower; 
 (iv) the consummation of any transaction (including, without limitation, any merger or
consolidation) the result of which is that any “person,” other than the Principals and the Principal Related Parties, becomes the Beneficial Owner, directly or indirectly, of more than 35% of the Voting Stock of Holdings or the Borrower,
measured by voting power rather than number of shares; or 
 (v) the first day on which a majority of the members of the Board of Directors
of the Borrower or Holdings are not Continuing Directors; and 
 (b) at any time on or after the Merger Effective Time, the occurrence of any
of the following: 
 (i) SIRIUS shall cease to beneficially own and control at least 100% on a fully diluted basis of the economic interests
and voting power in the Equity Interests of Holdings; 
 (ii) Holdings shall cease to beneficially own and control at least 100% on a fully
diluted basis of the economic interests and voting power in the Equity Interests of the Borrower; 
 (iii) the direct or indirect sale,
transfer, conveyance or other disposition (other than by way of merger or consolidation), in one or a series of related transactions, of all or substantially all of the properties or assets of the Borrower and its Material Subsidiaries taken as a
whole to any “person” (as that term is used in Section 13(d)(3) of the Exchange Act); 
 (iv) the adoption of a plan relating
to the liquidation or dissolution of the Borrower; 
 (v) any “person” (as such term is used in Sections 13(d) and 14(d) of the
Exchange Act), is or becomes the Beneficial Owner, directly or indirectly, of more than 50% of the total voting power of the Voting Stock of SIRIUS, Holdings or the Borrower (other than 

  

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SIRIUS or a Wholly Owned Subsidiary thereof) (for the purposes of this clause (v), such other person shall be deemed to beneficially own any Voting Stock of
a Person held by any other Person (the “parent entity”), if such other person is the Beneficial Owner, directly or indirectly, of more than 50% of the voting power of the Voting Stock of such parent entity); or 
 (vi) any “change of control” or similar event (other than the Merger and/or any Merger Related Event) under the New Senior Notes, the Owner
Trustee Notes, any Material Indebtedness (other than the Existing 10% Notes, to the extent they constitute Material Indebtedness), and/or any Material Indebtedness of SIRIUS, including in each case any Permitted Refinancing Indebtedness in respect
thereof. 
 Notwithstanding the foregoing, a Parent Company Merger shall not constitute a Change in Control.” 
 3. Section 1.01 of the Credit Agreement is hereby amended by inserting the words “or Holdings” immediately before the words “who (a)” in the
definition of “Continuing Directors.” 
 4. Section 4.02 of the Credit Agreement is hereby amended by adding a new clause (c) immediately
after clause (b) thereof as follows: 
 “(c) Notwithstanding anything to the contrary in this Agreement, there shall
be no Borrowing or issuance, amendment, renewal or extension of a Letter of Credit at any time on and after the Merger Effective Time through and until the day after the Waiver/Refinance Event Date unless the proceeds of such Borrowing or such
issuance, amendment, renewal or extension of a Letter of Credit are used solely to finance the working capital and capital expenditure needs of the Borrower and its Subsidiaries; provided, however, that, notwithstanding the foregoing,
the proceeds of such Borrowing may be used in connection with the repurchase, redemption or refinancing of any or all of the Existing 10% Notes, including in connection with an Existing 10% Notes Change of Control Offer, in an aggregate amount (the
“Take-Out Amount”) not to exceed 101% of the principal amount of such Existing 10% Notes plus accrued and unpaid interest, if any; provided that, the determination of such Take-Out Amount for purposes hereof shall exclude any
amount paid in Equity Interests of Holdings (prior to the Merger) or SIRIUS (following the Merger) or proceeds of such Equity Interest.” 
 5.
Section 5.08 of the Credit Agreement is hereby amended by: 
 (a) adding the following proviso to the end of the first sentence therein:

 “; provided that at any time on and after the Merger Effective Time through and until the day after the
Waiver/Refinance Event Date the proceeds of the Loans and Letters of Credit will be used solely to finance the working capital and capital expenditure needs of the Borrower and its Subsidiaries; provided, however, that, notwithstanding
the foregoing, the proceeds of the Loans may be used in connection with the repurchase, redemption or refinancing of any or all of the Existing 10% Notes, including in connection with an Existing 10% Notes Change of Control Offer, in an aggregate
amount (the “Take-Out Amount”) not to exceed 101% of the principal amount of such Existing 10% Notes plus accrued and unpaid interest, if any; provided that, the determination of such Take-Out Amount for purposes hereof shall
exclude any amount paid in Equity Interests of Holdings (prior to the Merger) or SIRIUS (following the Merger) or proceeds of such Equity Interest.”; and 
  

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 (b) deleting the last sentence therein and replacing it with the following: 
 “No part of the proceeds of any Loan will be used, whether directly or indirectly, (a) for any purpose that entails a violation
of any of the Margin Regulations of the Board or (b) to repurchase, redeem or refinance, or to make extension, waiver or similar payments with respect to, any or all of the Existing 10% Notes, the New Senior Notes, the Owner Trustee Notes or
any of the XM-4 Satellite Collateral subject to the XM-4 Sale and Leaseback Transaction consummated pursuant to the Participation Agreement and the other documents related thereto; provided, however, that, notwithstanding the
foregoing, the proceeds of the Loans may be used in connection with the repurchase, redemption or refinancing of any or all of the Existing 10% Notes, including in connection with an Existing 10% Notes Change of Control Offer, in an aggregate amount
(the “Take-Out Amount”) not to exceed 101% of the principal amount of such Existing 10% Notes plus accrued and unpaid interest, if any; provided that, the determination of such Take-Out Amount for purposes hereof shall
exclude any amount paid in Equity Interests of Holdings (prior to the Merger) or SIRIUS (following the Merger) or proceeds of such Equity Interest.” 
 6. Section 6.01 of the Credit Agreement is hereby amended by deleting clause (xii) thereof and replacing it with the following: 
 “(xii) any Qualified Sale and Leaseback Transaction, including an XM-4 Sale and Leaseback Transaction, and any Permitted Beneficial Interest Indebtedness.” 
 7. Section 6.11 of the Credit Agreement is hereby amended by adding the following proviso at the end of clause (b)thereof: 
 “; provided, however, that (i) any payments permitted by clauses (x) and (y) of Section 6.14 and
any changes to the terms of the applicable Senior Notes Documents that are necessary to implement (or are directly related to the implementation of) any New Senior Notes Waiver and/or any New Senior Notes Extension and (ii) any other changes to
the terms of the applicable Senior Notes Documents made in connection with any New Senior Notes Waiver and/or any New Senior Notes Extension, if such changes would be permitted to be included in any Permitted Refinancing Indebtedness that would be
permitted under this Agreement to be used to refinance the applicable Senior Notes, in each case shall be deemed not to be materially adverse to the interests of the Borrower or the Lenders.” 
 8. Article VI of the Credit Agreement is hereby amended by adding a new Section 6.14 at the end thereof as follows: 
 “SECTION 6.14 Limitation on Outstandings and Use of Cash. The Borrower shall not permit any of its cash or Cash Equivalents to
be used, whether directly or indirectly, for the repurchase, redemption or refinancing of any or all of the Existing 10% Notes, the New Senior Notes or the Owner Trustee Notes, other than such cash and Cash Equivalents that are the proceeds of
Permitted Refinancing Indebtedness in respect of such Existing 10% Notes, New Senior Notes or Owner Trustee Notes, as applicable; provided, however, that, notwithstanding the foregoing, (x) any Cash or Cash Equivalents of the
Borrower may be used in connection with the repurchase, redemption or refinancing of any or all of the Existing 10% Notes, including in connection with an 

  

 8 

 
Existing 10% Notes Change of Control Offer, in an aggregate amount (the “Take-Out Amount”) not to exceed 101% of the principal amount of
such Existing 10% Notes plus accrued and unpaid interest, if any; provided that, the determination of such Take-Out Amount for purposes hereof shall exclude any amount paid in Equity Interests of Holdings (prior to the Merger) or SIRIUS
(following the Merger) or proceeds of such Equity Interests) and (y) the Borrower may use its cash and Cash Equivalents (i) in an aggregate amount not to exceed the amount set forth on part (a) of Schedule 6.14 to pay any fees
required to be paid by the Borrower or Holdings in connection with the Existing 10% Notes Waiver, the New Senior Notes Waiver and/or the XM-4 Sale and Leaseback Waiver and (ii) in an aggregate amount not to exceed the amount set forth on part
(b) of Schedule 6.14 to pay any fees required to be paid by the Borrower or Holdings in connection the Existing 10% Notes Extension, the New Senior Notes Extension and/or the XM-4 Sale and Leaseback Extension; provided that the aggregate
amount of cash and Cash Equivalents used pursuant to this clause (y) shall not exceed the amount set forth on part (a) of Schedule 6.14.” 
 9. Article VII of the Credit Agreement is hereby amended by adding the following proviso immediately at the end of subclause (3) in the proviso at the end of clause (f) of such Article: 
 “; provided that, for the avoidance of doubt, this subclause (3) shall not apply to the sale, assignment, transfer,
conveyance or other disposition of all or substantially all of the property or assets or Equity Interests of Holdings or the Borrower or any other parent entity thereof.” 
 10. The Credit Agreement is hereby amended by inserting Schedule 6.14, as set forth on Annex A hereto, in the appropriate numerical order. 
 11. Effective as of immediately prior to the Merger Effective Time and upon the satisfaction of the condition precedent set forth in Section 12 below (the “Waiver Effective Date”), the Lenders
hereby waive the occurrence of the Potential Default from the Waiver Effective Date until the Waiver Expiration Date; provided, however, that nothing in this Section 11, nor any actions taken or not taken by the Administrative
Agent or any Lenders pursuant hereto or pursuant to the Loan Documents, shall or shall be deemed to: (i) constitute a waiver of any other Default or Event of Default now existing or hereafter arising or a waiver of compliance with any other
term or provision in the Credit Agreement or any other Loan Document or (ii) except as expressly set forth herein, constitute a waiver of any rights, claims and/or remedies under the Loan Documents and/or applicable law. 
 12. The amendments and waiver included in this Second Amendment shall be effective when the Administrative Agent shall have received a counterpart signature page of this
Second Amendment duly executed by each of the Loan Parties and each of the Required Lenders (the date on which such condition is satisfied, the “Second Amendment Effective Date”), it being understood that any Required Lender shall
be permitted to withdraw its consent to such amendment and waiver prior to the receipt by the Administrative Agent of such counterpart signature pages from each of the Loan Parties. 
 13. The Borrower hereby agrees to pay a fee (the “Amendment Fee”) to the Lenders executing this Second Amendment in an aggregate amount equal to 0.125% of such Lenders’ outstanding Commitments as of the
Second Amendment Effective Date, which Amendment Fee shall be received by the Administrative Agent no later than the Merger Effective Time for distribution to such Lenders (provided, that, for the avoidance of doubt, such Lenders shall not
be entitled to payment of such Amendment Fee until the Merger Effective Time). 
  

 9 

 14. Each Guarantor is referred to herein as a “Loan Support Party” and collectively as the “Loan Support
Parties”, and the Loan Documents to which they are a party are collectively referred to herein as the “Loan Support Documents”. Each Loan Support Party hereby acknowledges that it has reviewed the terms and provisions of the Credit
Agreement and this Second Amendment and consents to the amendment of the Credit Agreement and waiver of the Potential Default effected pursuant to this Second Amendment. Each Loan Support Party hereby confirms that each Loan Support Document to
which it is a party or otherwise bound and all Collateral encumbered thereby will continue to guarantee or secure, as the case may be, to the fullest extent possible in accordance with the Loan Support Documents the payment and performance of all
“Obligations” under each of the Loan Support Documents to which it is a party (in each case as such terms are defined in the applicable Loan Support Document). Each Loan Support Party acknowledges and agrees that each of the Loan Support
Documents to which it is a party or otherwise bound shall continue in full force and effect and that all of its obligations thereunder shall be valid and enforceable and shall not be impaired or limited by the execution or effectiveness of this
Second Amendment. Each Loan Support Party acknowledges and agrees that (i) notwithstanding the conditions to effectiveness set forth in this Second Amendment, such Loan Support Party is not required by the terms of the Credit Agreement or any
other Loan Support Document to consent to the amendments to the Credit Agreement or waiver of the Potential Default effected pursuant to this Second Amendment and (ii) nothing in the Credit Agreement, this Second Amendment or any other Loan
Support Document shall be deemed to require the consent of such Loan Support Party to any future amendments to the Credit Agreement. 
 Except as expressly set forth herein, this Second Amendment shall not by implication or otherwise limit, impair, constitute a waiver of or otherwise affect the rights and remedies of the Lenders or the Administrative Agent under the Credit
Agreement or any other Loan Document, and shall not alter, modify, amend or in any way affect any of the terms, conditions, obligations, covenants or agreements contained in the Credit Agreement or any other Loan Document, all of which are ratified
and affirmed in all respects and shall continue in full force and effect. Nothing herein shall be deemed to entitle any Loan Party to a further consent to, or any waiver, amendment, modification or other change of, any of the terms, conditions,
obligations, covenants or agreements contained in the Credit Agreement or any other Loan Document in similar or different circumstances. 
 On and after the Second Amendment Effective Date, each reference in the Credit Agreement to “this Agreement”, “hereunder”, “hereof”, “herein” or words of like import referring to the Credit Agreement,
and each reference in the other Loan Documents to the “Credit Agreement”, “thereunder”, “thereof” or words of like import referring to the Credit Agreement shall mean and be a reference to the Credit Agreement as
amended by and in accordance with this Second Amendment. 
 THIS SECOND AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER
SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO CONFLICTS OF LAWS PRINCIPLES. 
 This Second Amendment may be executed in counterparts (and by different parties hereto on different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract.

  

 10 

 IN WITNESS WHEREOF, the parties hereto have caused this Second Amendment to be duly executed by their
respective officers as of the day and year first above written. 
  

					
	XM SATELLITE RADIO INC.
		
	By:	 	 /s/ Joseph J. Euteneuer

	Name:	 	Joseph J. Euteneuer
	Title:	 	Executive Vice President and Chief Financial Officer
	
	XM SATELLITE RADIO HOLDINGS INC.
		
	By:	 	 /s/ Joseph J. Euteneuer

	Name:	 	Joseph J. Euteneuer
	Title:	 	Executive Vice President and Chief Financial Officer
	
	XM EQUIPMENT LEASING LLC
		
	By:	 	 /s/ Joseph J. Euteneuer

	Name:	 	Joseph J. Euteneuer
	Title:	 	Executive Vice President and Chief Financial Officer
	
	XM RADIO INC.
		
	By:	 	 /s/ Joseph J. Euteneuer

	Name:	 	Joseph J. Euteneuer
	Title:	 	Executive Vice President and Chief Financial Officer

					
	JP MORGAN CHASE BANK, N.A., as Administrative Agent and as a Lender
		
	By:	 	 /s/ Thomas H. Kozlark

	Name:	 	Thomas H. Kozlark
	Title:	 	Executive Director

  

 S-2 

					
	 CREDIT SUISSE, CAYMAN ISLANDS BRANCH, as a Lender

		
	By:	 	 /s/ Judith E. Smith

	Name:	 	Judith E. Smith
	Title:	 	Director
		
	By:	 	 /s/ Karim Blasettie

	Name:	 	Karim Blasetti
	Title:	 	Vice President

  

 S-3 

			
	CITICORP NORTH AMERICA, INC., as a Lender
		
	By:	 	 /s/ Rob Ziemer

	 Name:
 Title:
	 	 Rob Ziemer
 Vice President

  

 S-4 

			
	UBS LOAN FINANCE LLC, as a Lender
		
	By:	 	 /s/ David B. Julie

	Name:	 	David B. Julie
	Title:	 	Associate Director Banking Products Services, US
		
	By:	 	 /s/ Irja R. Otsa

	Name:	 	Irja R. Otsa
	Title:	 	Associate Director Banking Products Services, US

  

 S-5 

			
	BEAR STEARNS CORPORATE LENDING INC., as a Lender
		
	By:	 	 /s/ Stephen G. O’Keefe

	Name:	 	Stephen G. O’Keefe
	Title:	 	Authorized Signatory

  

 S-6 

			
	WELLS FARGO FOOTHILL, INC., as a Lender
		
	By:	 	 /s/ Katy Brooks

	Name:	 	Katy Brooks
	Title:	 	Vice President

  

 S-7 

 Confidential treatment has been requested for portions of this exhibit. The copy filed herewith omits the information
subject to the confidentiality request. Omissions are designated as [***]. A complete version of this exhibit has been filed separately with the Securities and Exchange Commission. 
 Annex A 
 Schedule 6.14 
  

	 	(a)	$[*********] 

  

	 	(b)	$[*********] 

  

 A-1

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