Document:

Omnibus Abreement,dated as of October 30, 2007

 Exhibit 10.1 
 OMNIBUS AGREEMENT 
 OMNIBUS AGREEMENT, dated as of October 30, 2007 (this
“Agreement”), by and among Loral Space & Communications Inc., a Delaware corporation (“Parent”), Loral Skynet Corporation, a Delaware corporation and an indirect wholly owned subsidiary of Parent
(“Skynet”), Public Sector Pension Investment Board, a Canadian Crown corporation (“PSP”), Red Isle Private Investments Inc., a Canadian corporation and an Affiliate of PSP (“Red Isle”), and Telesat
Holdings Inc. (formerly 4363205 Canada Inc.), a Canadian corporation (“Holdco”). Capitalized, undefined terms used herein shall have the respective meanings ascribed to them in the Asset Transfer Agreement (as hereinafter
defined). Unless otherwise specified herein, all dollar amounts expressed in this Agreement as (i) “$” are to United States dollars and (ii) “C$” are to Canadian dollars. 
 R E C I T A L S: 
 WHEREAS, on
December 16, 2006, Telesat Interco Inc. (formerly 4363213 Canada Inc.), a Canadian corporation and a wholly owned subsidiary of Holdco (“Acquisition Sub”), BCE Inc., a Canadian corporation (“BCE”), and Telesat
Canada, a Canadian corporation (“Telesat”), entered into a Share Purchase Agreement (as amended from time to time, the “Share Purchase Agreement”), pursuant to which Acquisition Sub has agreed to purchase from BCE,
and BCE has agreed to sell to Acquisition Sub, all of the outstanding shares of Telesat and certain “Safe Income Notes” upon the terms and subject to the conditions set forth in the Share Purchase Agreement; 
 WHEREAS, in connection with the Share Purchase Agreement, Parent has committed to acquire shares of Holdco simultaneously with the consummation of the
transactions contemplated by the Share Purchase Agreement, the terms of which transaction are set forth in (i) an Alternative Subscription Agreement, dated as of August 7, 2007 (as amended from to time, the “Alternative
Subscription Agreement”), by and among Parent, Skynet and Holdco and (ii) an Asset Transfer Agreement, dated as of August 7, 2007 (as amended from time to time, the “Asset Transfer Agreement”), by and among
Skynet, Holdco and Parent; 
 WHEREAS, in connection with the Share Purchase Agreement, Red Isle has committed to acquire shares of Holdco
simultaneously with the consummation of the transactions contemplated by the Share Purchase Agreement, the terms of which transaction are set forth in a Subscription Agreement, dated as of August 7, 2007 (as amended from time to time, the
“PSP Subscription Agreement”), by and between PSP, Red Isle and Holdco; 
 WHEREAS, an Asset Purchase Agreement, dated as of
August 7, 2007 (as amended from time to time, the “Asset Purchase Agreement”), has been entered into by and among Skynet, Skynet Satellite Corporation, a Delaware corporation (“Buyer”), and Parent; 

WHEREAS, upon the consummation of the transactions contemplated by the Share Purchase Agreement, the Alternative Subscription Agreement, the PSP
Subscription Agreement, the Asset Transfer Agreement, the Asset Purchase Agreement and an Ancillary Agreement, , dated as of August 7, 2007 (as amended from time to time, the “Ancillary Agreement”), by and among Skynet, Holdco,
Parent, and 4363230 Canada Inc., a Canadian corporation and a wholly owned subsidiary of Holdco (collectively, including this Agreement and the agreements entered into by Holdco and its subsidiaries with respect to the Financing, the
“Transaction Documents”), 

 
(i) Parent is to own, directly or indirectly, shares of Holdco representing 64% of the economic equity interests and 331/3% of the voting equity interests of Holdco, and (ii) PSP is to own, directly or
indirectly, shares of Holdco representing 36% of the economic equity interests and 662/3% of the non-director voting equity interests of Holdco; 
 WHEREAS, in
connection with the transactions contemplated by the Transaction Documents, (i) Parent caused Skynet to enter into certain foreign currency exchange transactions, the terms and conditions of which transactions are set forth in the contracts
listed on Schedule I attached hereto (such contracts, the “Skynet Hedge Agreements”) and (ii) PSP entered into certain foreign currency exchange transactions, the terms and conditions of which transactions are set
forth in the contracts listed on Schedule II attached hereto (such contracts, the “PSP Hedge Agreements”); 
 WHEREAS, in connection with the Transaction Documents, (i) Skynet desires to transfer to Holdco, for subsequent transfer to Acquisition Sub, Skynet’s right, title and interest in, to and under the Skynet Hedge Agreements and
(ii) PSP desires to pay to Holdco, for subsequent transfer to Acquisition Sub, an amount in cash equal to the economic value of the PSP Hedge Agreements; 
 WHEREAS, on October 23, 2007, Acquisition Sub entered into a foreign currency transaction to hedge $316,000,000 to Canadian dollars, which transaction is to be settled on October 31, 2007 (the
“Interco Hedge”); 
 WHEREAS, the parties hereto anticipate that Acquisition Sub will settle the transactions contemplated
by the Skynet Hedge Agreements and the Interco Hedge on the Closing Date and that PSP will settle the transactions contemplated by the PSP Hedge Agreements on or around December 27, 2007; 
 WHEREAS, Skynet has entered into the Basis Swap, which the parties now desire to include as part of the Transferred Property; 
 WHEREAS, Red Isle desires to pay a portion of the consideration payable by it under the PSP Subscription Agreement for Equity Shares (as defined in the
PSP Subscription Agreement) in the form of Marketable Securities (as defined in the Asset Purchase Agreement) having an aggregate fair market value on the Closing Date equal to the “Purchase Price” of $25,472,000 under the Asset Purchase
Agreement; and 
 WHEREAS, the parties desire to provide for certain amendments, modifications and/or clarifications of the provisions of the
Asset Transfer Agreement so as to reflect the transactions contemplated by this Agreement; 
 NOW, THEREFORE, in consideration of the
foregoing premises, and of the covenants and agreements contained herein, the parties hereto hereby covenant and agree as follows: 
 SECTION
1. TRANSFER AND PAYMENT. 
 SECTION 1.1. Transfer by Skynet. On or before October 30, 2007, Skynet (on behalf of Parent)
shall transfer, convey, assign and deliver unto Holdco, for subsequent transfer to Acquisition Sub, all of Skynet’s right, title and interest in, to and under the Skynet Hedge Agreements. 
  

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 SECTION 1.2. Payment by PSP; Treatment. 
 (a) At the Closing, Red Isle shall pay to Holdco, for subsequent transfer to Acquisition Sub, C$55,163,172 (the “PSP Hedge Amount”) in
cash, representing the economic value of the PSP Hedge Agreements. 
 (b) The payment by PSP of the PSP Hedge Amount as provided in
Section 1.2(a) hereof shall be made in addition to the amounts otherwise due under the PSP Subscription Agreement and without regard to the “PSP Cap” under the Ancillary Agreement, and the PSP Hedge Amount shall not be taken into
consideration for the purpose of (i) determining whether the PSP Cap is met or exceeded or (ii) calculating or determining the PSP Common Equity Amount or the Required Equity Contribution Amount (as defined in the Alternative
Subscription Agreement). 
 SECTION 1.3. Consideration. In consideration for
the transfer and payment (as applicable) set forth in Sections 1.1 and 1.2 hereof, Holdco shall (a) issue to Skynet, on the date of the transfer to Holdco of Skynet’s right, title and interest in, to and under the Skynet Hedge
Agreements, non-voting participating preferred shares of Holdco in such number as shall equal the value of (i) the Skynet Hedge Agreements on such date, less (ii) the amount of any positive Tranche Differential with respect to any
Tranche that is the subject of any such Skynet Hedge Agreement, at an issue price of C$10.00 per share, and (b) issue to PSP, at the Closing (upon payment to Holdco of the PSP Hedge Amount), such number of voting participating preferred shares
and common shares of Holdco as shall equal the number of shares issued to Skynet under this Section 1.3, divided by 64 and multiplied by 36. For greater certainty, as a result of the issuances of shares of Holdco under this Agreement and under
the Transaction Documents: (A) Parent will own, directly or indirectly, shares of Holdco representing 64% of the economic equity interests and 331/3% of the voting equity interests of Holdco; and (B) PSP will own, directly or indirectly, shares of Holdco representing 36% of the economic
equity interests and 662/3% of the non-director voting equity
interests of Holdco. 
 SECTION 2. SUBSCRIPTION CONSIDERATION. 
 SECTION 2.1. Subscription Consideration; Transaction Expenses. On the Closing Date, Red Isle shall pay a portion of the consideration payable by
it for Equity Shares pursuant to the PSP Subscription Agreement in the form of Marketable Securities having an aggregate fair market value on the Closing Date equal to the “Purchase Price” of $25,472,000 under the Asset Purchase Agreement,
it being understood that such Purchase Price amount denominated in United States dollars shall be translated into Canadian dollars for the purposes of the PSP Subscription Agreement at the exchange rate at which PSP or Red Isle, as the case may be,
converts Canadian dollars into United States dollars in order to purchase such Marketable Securities. For the avoidance of doubt, any costs or expenses that either PSP or Red Isle incurs in connection with the acquisition or transfer of such
Marketable Securities are Transaction Expenses (as defined in the Ancillary Agreement) with respect to which PSP or Red Isle, as the case may be, shall be entitled to reimbursement pursuant to the Ancillary Agreement. 
  

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 SECTION 3. BASIS SWAP; AMENDMENT, MODIFICATION AND CLARIFICATION OF ASSET TRANSFER AGREEMENT.

 SECTION 3.1. Basis Swap. On or before October [29], 2007, Skynet (on behalf of Parent) shall transfer, convey, assign and deliver
unto Holdco, for subsequent transfer to Acquisition Sub, all of Skynet’s right, title and interest in, to and under the Basis Swap (which transfer shall be deemed to satisfy Parent’s obligations under Section 3.6(b) of the Ancillary
Agreement). Notwithstanding anything to the contrary contained in any Transaction Document, including, without limitation, the Asset Transfer Agreement, the parties agree that: (a) the Basis Swap shall form part of the “Transferred
Property” under the Asset Transfer Agreement for which the consideration therefor is being paid under Article II thereof; and (b) “Interim Taxes” under the Asset Transfer Agreement shall include any and all Taxes payable by
Skynet or any of its Affiliates in respect of taxable income realized thereby in connection with such transfer of the Basis Swap as part of the Transferred Property (“Basis Swap Taxes”), provided that, for the purposes of
Section 2.6 of the Asset Transfer Agreement, the portion of the Interim Taxes that constitutes Basis Swap Taxes shall be expressed in Canadian dollars at the Closing Date Exchange Rate. 
 SECTION 3.2. Section 1.1; Definition of Basis Swap. Section 1.1 of the Asset Transfer Agreement is hereby amended by deleting the
definition of “Basis Swap” contained therein in its entirety and inserting the following in lieu thereof: 
 “‘Basis Swap” means that certain letter agreement, dated December 27, 2006, between Morgan Stanley Capital Services Inc. and Skynet relating to $1,054,000,000 in respect of the term loan B under the
Financing;” 
 SECTION 3.3. Sections 2.6(h) and 2.6(i) of the Asset Transfer Agreement. Sections 2.6(h) and 2.6(i) of the
Asset Transfer Agreement are hereby amended by deleting them in their entirety and inserting the following in lieu thereof: 
 “(h) “Tranche Differential” means for each Tranche, the share of such Tranche that is hedged by Parent, multiplied by the Tranche Differential Rate. 
 (i) “Tranche Differential Rate” means, (a) in respect of the Note Tranche, the difference between the exchange rate
obtained by Parent and the exchange rate obtained by PSP and (b) in respect of the Remaining Term Loan B Tranche, the difference between the exchange rate obtained by Parent and the exchange rate at which Canadian dollars are purchased with
respect to the remaining $282,566,500 of the Remaining Term Loan B Tranche at the Telesat Closing (which purchase may be made pursuant to a hedge contract entered into by Holdco or one of its subsidiaries). The Tranche Differential Rate will be
(i) positive, if the exchange rate obtained by Parent in respect of the applicable Tranche is greater than the PSP exchange rate (in the case of the Note Tranche) or the actual exchange rate (in the case of the Remaining Term Loan B Tranche),
(ii) negative, if the exchange rate obtained by Parent in respect of the applicable Tranche is less than the PSP exchange rate (in the case of the Note Tranche) or the actual exchange rate (in the case of the Remaining Term Loan B Tranche), or
(iii) zero, if the exchange rate obtained by Parent in respect of the applicable Tranche is the same as the PSP exchange rate (in the case of the Note Tranche) or the actual exchange rate (in the case of the Remaining Term Loan B
Tranche).” 
  

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 SECTION 3.4. Section 4.20 of the Asset Transfer Agreement. Section 4.20 of the Asset
Transfer Agreement is hereby amended by deleting it in its entirety and inserting the following in lieu thereof: 
 “4.20 Currency
Hedging. 
 (a) For the purposes of calculating the Total Hedging Differential, the parties acknowledge and agree that
Parent and PSP have entered into the following hedge transactions: 
 (i) Parent and PSP have hedged $594,000,000 and
$316,000,000, respectively, of the $910,000,000 of unsecured debt tranche under the Financing (the “Note Tranche”); and 
 (ii) Parent has hedged $103,433,500 of the $386,000,000 of original term loan B-1 under the Financing that is not hedged by the Basis Swap (the “Remaining Term Loan B Tranche”). 
 (b) Each of the Note Tranche and the Remaining Term Loan Tranche is a Tranche for purposes of calculating the Total Hedging Differential
pursuant to Section 2.6 hereof. For purposes of this Section 4.20, hedges procured by an Affiliate of Parent shall be deemed to be hedges procured by Parent.” 
 SECTION 3.5. Exhibit D to Asset Transfer Agreement. Exhibit D to the Asset Transfer Agreement is hereby amended by deleting it in its
entirety and inserting in lieu thereof Exhibit A to this Agreement. 
 SECTION 4. MISCELLANEOUS. 
 SECTION 4.1. Successors and Assigns. No party may transfer or assign any of its rights or obligations hereunder without the express written
consent of the other party hereto, and any such attempted transfer or assignment in violation of this Section 4.1 shall be null and void ab initio; provided, however, that a party hereto may, without the prior written
consent of any other party hereto, (a) assign (in whole or in part) this Agreement and all of its rights hereunder to its lenders and debt providers (or any administrative or collateral agent therefor) for collateral security purposes, and
(b) assign (in whole or in part) this Agreement and its rights and obligations hereunder to any of its Subsidiaries; provided, further, that, notwithstanding any such assignment described in the immediately preceding clauses
(a) and (b), the assigning party shall remain liable to perform all of its obligations hereunder. 
 SECTION 4.2. Governing Law and
Waiver of Jury Trial. This Agreement, and all matters arising out of or relating to this Agreement and the transactions contemplated hereby, including (a) its negotiation, execution, and validity, and (b) any claim or cause of action,
whether in contract, tort or otherwise (including any representation or warranty made in or in connection with this Agreement or as an inducement to enter into this Agreement), shall be 

  

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governed by, construed and interpreted in accordance with the laws of the State of New York, without regard to the conflicts of law rules and principles
thereof; provided that, to the extent that the provisions of this Agreement amend the terms of the PSP Subscription Agreement, such provisions of this Agreement shall be governed by, construed and interpreted in accordance with the laws of
the Province of Ontario, Canada. Any suit, action or proceeding against any party or any of its assets arising out of or relating to this Agreement shall be brought in the federal or state courts located in New York, New York, and each party hereby
irrevocably and unconditionally attorns and submits to the exclusive jurisdiction of such courts over the subject matter of any such suit, action or proceeding. Each party irrevocably waives and agrees not to raise any objection it might now or
hereafter have to any such suit, action or proceeding in any such court including any objection that the place where such court is located is an inconvenient forum or that there is any other suit, action or proceeding in any other place relating in
whole or in part to the same subject matter. EACH PARTY HEREBY ACKNOWLEDGES AND AGREES THAT ANY DISPUTE OR CONTROVERSY WHICH MAY ARISE UNDER THIS AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES AND, THEREFORE, EACH SUCH PARTY HEREBY
IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY SUIT, ACTION OR PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. Each
party irrevocably consents to process being served by any party to this Agreement in any legal proceeding by delivery of a copy thereof in accordance with the provisions of Section 4.4 hereof. 
 SECTION 4.3. Severability. If any term or other provision of this Agreement is invalid, illegal or incapable of being enforced by any rule of law
or public policy, all other conditions and provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic or legal substance of the transactions contemplated hereby is not affected in any manner adverse to
any party. Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced, the parties hereto shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as
closely as possible in an acceptable manner to the end that the transactions contemplated hereby are fulfilled to the fullest extent possible. 
 SECTION 4.4. Notices. Any notice or other communication required or permitted to be given hereunder shall be in writing and shall be given by hand, courier (with a copy sent by facsimile), by facsimile or other means of electronic
communication (with a copy sent by courier) or by delivery as hereafter provided. Any such notice or other communication, if sent by courier or if sent by facsimile or other means of electronic communication, shall be deemed to have been received on
the Business Day following the confirmation of receipt, or if delivered by hand shall be deemed to have been received at the time it is delivered to the applicable address noted below. Notice of change of address shall also be governed by this
Section 4.4. Notices and other communications shall be addressed as follows or to such other address as the parties shall notify each other in writing from time to time: 
 (a) If to Parent, Skynet or Holdco, as provided in the Asset Transfer Agreement; and 
 (b) If to PSP, as provided in the Ancillary Agreement. 
  

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 SECTION 4.5. Amendments; Waivers. The parties hereto may modify or amend this Agreement only by
written agreement executed and delivered by duly authorized officers of such parties. No amendment or waiver of any provision of this Agreement shall be binding on any party unless consented to in writing by the parties hereto. No waiver of any
provision of this Agreement shall constitute a waiver of any other provision, nor shall any waiver constitute a continuing waiver unless otherwise expressly provided. 
 SECTION 4.6. Entire Agreement. Except as agreed to in writing on or after the date hereof, this Agreement and the Transaction Documents constitute the entire agreement, and supersede all other prior agreements,
understandings, representations and warranties (both written and oral), among the parties with respect to the subject matter hereof. 
 SECTION 4.7. Parties in Interest. This Agreement shall be binding upon and inure solely to the benefit of each party hereto, and nothing in this Agreement, express or implied, is intended to or shall confer upon any other person or
entity any rights, benefits or remedies of any nature whatsoever under or by reason of this Agreement; provided that, from the date hereof through the date of the Telesat Closing, PSP shall have the right to take any action on behalf of
Holdco, and to exercise all remedies and rights on behalf of and for the benefit of Holdco, under this Agreement, and shall be entitled to full indemnity from Holdco in respect of, and Holdco shall pay to PSP an amount equal to, any Losses incurred
by PSP in doing so (including any costs and expenses incurred by PSP incident to exercising any such remedies or rights) unless PSP shall have acted in bad faith or shall have been grossly negligent, provided, further, that nothing
contained in this Section 4.7 shall be deemed to create any liability on PSP’s part to any of the other parties hereto in connection with, and no such other party hereto shall have any recourse against PSP for, any action so taken, or any
exercise of such remedies or rights made, by PSP on behalf of or for the benefit of Holdco prior to the Telesat Closing pursuant to this Section 4.7. 
 SECTION 4.8. Section and Paragraph Headings. The section and paragraph headings in this Agreement are for reference purposes only and shall not affect the meaning or interpretation of this Agreement.

 SECTION 4.9. Counterparts. For the convenience of the parties hereto, this Agreement may be executed in any number of counterparts,
each such counterpart being deemed to be an original instrument, and all such counterparts shall together constitute the same agreement. 
 SECTION 4.10. Successors. This Agreement shall inure to the benefit of and be binding upon the parties hereto and their respective successors. 
 [remainder of page intentionally left blank] 
  

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 IN WITNESS WHEREOF, the parties hereto have duly executed this Omnibus Agreement as of the date first
above written. 
  

					
	LORAL SPACE & COMMUNICATIONS INC.
		
	By:	 	/s/ Avi Katz
		 	Name:	 	Avi Katz
		 	Title:	 	Vice President and Secretary
	
	LORAL SKYNET CORPORATION
		
	By:	 	/s/ Avi Katz
		 	Name:	 	Avi Katz
		 	Title:	 	Vice President and Secretary
	
	 PUBLIC SECTOR PENSION INVESTMENT BOARD

		
	By:	 	/s/ Derek Murphy
		 	Name:	 	Derek Murphy
		 	Title:	 	First Vice President, Private Equity
		
	By:	 	/s/ John Valentini
		 	Name:	 	John Valentini
		 	Title:	 	First Vice President and CFO

 [Omnibus Agreement] 

					
	TELESAT HOLDINGS INC.
		 	(formerly 4363205 Canada Inc.)
		
	By:	 	/s/ Avi Katz
		 	Name:	 	Avi Katz
		 	Title:	 	Vice President and Secretary
		
	By:	 	/s/ James Pittman
		 	Name:	 	James Pittman
		 	Title:	 	Vice President
	
	RED ISLE PRIVATE INVESTMENTS INC.
		
	By:	 	/s/ Derek Murphy
		 	Name:	 	Derek Murphy
		 	Title:	 	Vice Chairman
		
	By:	 	/s/ James Pittman
		 	Name:	 	James Pittman
		 	Title:	 	Vice PresidentAmending Agreement,dated as of October 31,2007

 Exhibit 10.2 
 AMENDING AGREEMENT 
 THIS AGREEMENT is made as of the 31st day of October , 2007 

B E T W E E N: 
 RED ISLE PRIVATE INVESTMENTS INC.,
a corporation incorporated under the laws of Canada (hereinafter referred to as “Red Isle”) 
 – and – 

PUBLIC SECTOR PENSION INVESTMENT BOARD, a corporation incorporated under the laws of Canada (hereinafter referred to as
“PSPIB”) 
 – and – 
 TELESAT HOLDINGS INC. (formerly 4363205 CANADA INC.), a corporation incorporated under the laws of Canada (hereinafter referred to as “Holdco”) 
 – and – 
 LORAL SPACE &
COMMUNICATIONS INC., a corporation incorporated under the laws of Delaware (hereinafter referred to as “Loral”) 
 –
and – 
 LORAL SKYNET CORPORATION, a corporation incorporated under the laws of Delaware (hereinafter referred to as
“Skynet”) 
 WHEREAS Red Isle, PSPIB and Holdco have entered into a Subscription Agreement for Shares dated August 7,
2007 (the “Subscription Agreement”) pursuant to which Red Isle has agreed to purchase, inter alia, Senior Preferred Shares of the Corporation having the rights, privileges, restrictions and conditions contemplated by the
Subscription Agreement; 
 AND WHEREAS the parties hereto wish to change the rights, privileges, restrictions and conditions of the Senior
Preferred Shares in the manner set out herein; 
 AND WHEREAS Loral has agreed to enter into a Consulting Services Agreement with Telesat
Canada in the form attached as Exhibit C to an Asset Transfer Agreement (the “Asset Transfer Agreement”) dated August 7, 2007 entered into among Loral, Skynet and Holdco, which Consulting Services Agreement will be entered into
on the date (the “Closing Date”) of the acquisition by Telesat Interco Inc. (formerly 4363213 Canada Inc.), a wholly-owned subsidiary of Holdco, of all of the shares of Telesat Canada pursuant to a Share Purchase Agreement
dated December 16, 2006 between Telesat Interco Inc., BCE Inc. and Telesat Canada; 

 AND WHEREAS the parties hereto wish to change the terms of such Consulting Services Agreement in the
manner set out herein; 
 AND WHEREAS Red Isle, PSPIB, Holdco and Loral have agreed to enter into a Unanimous Shareholders Agreement in the
form attached as Exhibit E to the Asset Transfer Agreement, which Unanimous Shareholders Agreement will be entered into on the Closing Date; 
 AND WHEREAS the parties hereto wish to change the terms of such Unanimous Shareholders Agreement in the manner set out herein; 
 NOW THEREFORE, in consideration of the covenants contained herein and for other consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows: 
  

	1.	The rights, privileges, restrictions and conditions attaching to the Senior Preferred Shares are amended in the manner disclosed in Schedule A attached hereto, and such
Schedule A, without indication by way of blacklines of the changes made by virtue of this Amending Agreement, shall be attached to the Subscription Agreement as indicating the rights, privileges, restrictions and conditions attaching to the
Senior Preferred Shares to be purchased by Red Isle pursuant to the Subscription Agreement. 

  

	2.	The rights, privileges, restrictions and conditions attaching to the Common Shares, Voting Participating Preferred Shares, Non-Voting Participating Preferred Shares, Redeemable
Common Shares and Redeemable Non-Voting Participating Preferred Shares shall each be amended by deleting the provision entitled “Tax on Conversion” contained in the rights, privileges, restrictions and conditions attached to each such
class of shares and replacing it with the following, adjusted to reflect the applicable class of shares: 

 “The
Corporation shall pay any governmental or other taxes imposed on the Corporation in respect of the conversion of [Common Shares], but shall not pay any governmental or other taxes imposed on the holder of [Common Shares] in respect of any conversion
of [Common Shares].” 
  

	3.	Section 4.04 of the Consulting Services Agreement shall be deleted in its entirety and shall be replaced by the following prior to execution: 

 “4.04 Payment in Kind 
 If and for so long as the terms of the Acquisition Debt (as defined in the terms of the Senior Preferred Shares of Telesat Holdings Inc. as they exist on the date hereof) (the “Acquisition Financing”)
permit the payment of the fees set out in Section 4.01 in cash without recourse to any 

  

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provision of the Acquisition Financing providing for a fixed or calculated amount available for such purposes and other purposes (including without
limitation the Applicable Amount defined in the credit agreement originally forming part of the Acquisition Debt (each such provision a “basket provision”; provided, that, for the avoidance of doubt, a basket provision does not
include a covenant that requires compliance with a financial ratio other than with respect to the financial ratios in the Applicable Amount)), Telesat shall pay such fees in cash. Otherwise, unless the Directors determine to utilize such basket
provision in order to pay all or part of such fee in cash, Telesat shall not be required to pay such fees in cash but shall issue to Loral, on each payment date provided in Section 4.01, a promissory note of Telesat for the amount of such
payment. Such promissory notes shall be payable in full, or to the extent then permitted, 10 days after (i) a determination being made, by way of the certification provided in this Section 4.04, that such promissory notes, or a portion of
such promissory notes, may be paid pursuant to the terms of the Acquisition Financing without recourse to a basket provision, or (ii) if the Directors subsequently determine to utilize such basket provision to pay some or all of such promissory
notes, that such determination has been made by the Directors, or if not then paid in full, all such promissory notes shall be paid in full on ·October 31, 2018. Any such payment shall be made in the manner provided in Section 4.03
without necessity of delivery to Telesat of any promissory notes for cancellation. Telesat shall provide Loral with a quarterly certificate to be delivered by not later than 60 days after each fiscal quarter-end of Telesat certifying whether any
such promissory notes, or a portion thereof, may be paid pursuant to the terms of the Acquisition Financing without recourse to a basket provision or whether the Directors shall have determined to pay any promissory notes by utilizing and reducing
any such basket provision, and shall specify in such certificate the amount of such promissory notes that may then be paid, and shall provide to Loral details in support of such certificate. Interest on all such promissory notes shall be payable on
the outstanding principal balance of each promissory note at the rate of 7% per annum, compounded quarterly, from the date of issue of any such promissory note to the date of payment thereof. Promissory notes, including all accrued interest
thereon, shall be repaid in order of issuance. Loral shall deliver to Telesat all promissory notes that have been paid in full as soon as practicable after payment in full thereof.” 
  

	4.	The definition of “Fair Market Value” contained in Section 1.01 of the Unanimous Shareholders Agreement shall be amended prior to execution of the Unanimous
Shareholders Agreement by deleting from the end of such definition the words “, with no discount for minority interests or illiquidity and no premium for a control block of Equity Shares.” 

  

	5.	The Unanimous Shareholders Agreement shall be further amended prior to its execution to add thereto the following provision: 

 “10.13 Effectiveness 
 Article 3 (Corporate Governance) of this Agreement shall come into effect upon the release from escrow on the date of this Agreement of all documents contemplated by the closing agenda for the acquisition of the
shares of Telesat, and the contribution to the 

  

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Company of assets from Loral Skynet pursuant to the Skynet Asset Transfer Agreement and subscription and purchase of shares of the Company by PSP pursuant to
the PSP Subscription Agreement, including the corporate reorganizations contemplated by such closing agenda and all documents necessary for the financings of the acquisition of such Telesat Shares. The remainder of this Agreement shall come into
effect immediately upon execution of this Agreement.” 
  

	6.	This Agreement shall be governed by, and interpreted and enforced in accordance with, the laws in force in the Province of Ontario (excluding any conflict of laws rule or principle
which might refer such construction to the laws of another jurisdiction). Each Party irrevocably submits to the non-exclusive jurisdiction of the courts of Ontario with respect to any matter arising hereunder or related hereto.

 (signature page follows) 
  

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 IN WITNESS WHEREOF the Parties have executed this Agreement as of the day and year first above written.

  

					
	RED ISLE PRIVATE INVESTMENTS INC.
		
	By:	 	/s/ Derek Murphy
		 	Name:	 	Derek Murphy
		 	Title:	 	Vice Chairman
		
	By:	 	/s/ James Pittman
		 	Name:	 	James Pittman
		 	Title:	 	Vice President
	
	PUBLIC SECTOR PENSION INVESTMENT BOARD
		
	By:	 	/s/ Derek Murphy
		 	Name:	 	Derek Murphy
		 	Title:	 	First Vice President, Private Equity
	
	4363205 CANADA INC.
		
	By:	 	/s/ James Pittman
		 	Name:	 	James Pittman
		 	Title:	 	Vice President
		
	By:	 	/s/ Avi Katz
		 	Name:	 	Avi Katz
		 	Title:	 	Vice President and Secretary
	
	LORAL SPACE & COMMUNICATIONS INC.
		
	By:	 	/s/ Avi Katz
		 	Name:	 	Avi Katz
		 	Title:	 	Vice President and Secretary
	
	LORAL SKYNET CORPORATION
		
	By:	 	/s/ Avi Katz
		 	Name:	 	Avi Katz
		 	Title:	 	Vice President and Secretary

  

 - 5 - 

 SCHEDULE A 
 SHARE CONDITIONS – SENIOR PREFERRED SHARES 

 SHARE CONDITIONS – SENIOR PREFERRED SHARES 
  

	1.	To provide that the rights, privileges, restrictions and conditions attaching to the Senior Preferred Shares are as follows: 

  

	 	(a)	Dividends: The holders of the Senior Preferred Shares shall be entitled to receive if, as and when declared by the Directors out of monies of the Corporation properly
applicable to the payment of dividends, cumulative preferential dividends at the rate of (i) 7% per annum on the Liquidation Value until a Performance Failure and (ii) 8.5% per annum on the Liquidation Value after a Performance
Failure and while such Performance Failure is continuing, in priority to the declaration or payment of dividends or other distributions on the Common Shares, the Voting Participating Preferred Shares, the Non-Voting Participating Preferred Shares,
the Redeemable Common Shares, the Redeemable Non-Voting Participating Preferred Shares, the Director Voting Preferred Shares or any other class of shares which ranks junior to the Senior Preferred Shares with respect to dividends. All such dividend
amounts shall be paid annually on October 31 of each year to the holders of the Senior Preferred Shares as they appear in the share register of the Corporation on the tenth day prior to each such date, and shall be pro-rated, if applicable for
(i) the number of days in which the Senior Preferred Shares shall be outstanding in any year, in relation to the actual number of days in such year, and (ii) the number of days in any year in which a Performance Failure shall not have
occurred or be continuing, and the number of days in such year in which a Performance Failure shall have occurred and been continuing, in each case in relation to the actual number of days in such year. The holders of the Senior Preferred Shares
shall not be entitled to any dividends other than or in excess of the cumulative dividends provided for in this clause. 

 The
Annual Dividend Amount (i) shall be paid in cash, if such amount may be paid in cash on the dividend payment date under the terms of the agreements or instruments governing the Acquisition Debt, without recourse to any provision of such
agreements or instruments providing for a fixed or calculated amount available for such purposes and other purposes (including without limitation the Applicable Amount as defined in the Senior Secured Credit Facilities (each such provision a
“basket provision” provided, that (a) for the avoidance of doubt, a basket provision does not include a covenant that requires compliance with a financial ratio other than with respect to the financial ratio in the Applicable Amount,
and (b) a reduction in the “Restricted Payments Basket “ (as defined in the form of indenture for each of the senior exchange notes and the subordinate exchange notes attached to the Senior Bridge Loan Facility and the Senior
Subordinate Bridge Facility, as applicable, forming part of the Acquisition Debt) in respect of cash dividend payments on the Senior Preferred Shares will not constitute recourse to a basket provision if the Company is otherwise in compliance with
the financial ratio permitting cash dividend 
  

 1A 

 
payments on the Senior Preferred Shares)) or (ii) may be paid in cash by utilizing any such basket provisions, if the Directors determine to utilize
such basket provisions in order to pay all or part of such Annual Dividend Amount in cash. The Annual Dividend Amount, to the extent not paid in cash on the dividend payment date, shall be paid in additional Senior Preferred Shares (“PIK
Shares”). Not later than thirty (30) days prior to any dividend payment date, the Directors shall determine whether the Corporation shall pay any portion or all of the Annual Dividend Amount in cash or in PIK Shares in accordance with the
terms of the Acquisition Debt. 
 If the Directors determine to pay any portion or all of any dividend in PIK Shares, the Corporation shall
pay such portion of the Annual Dividend Amount in newly-issued Senior Preferred Shares, at the rate of one Senior Preferred Share per $1,000 of Annual Dividend Amount in respect of which the Directors have determined to pay such dividend in PIK
Shares (rounded to the nearest whole Senior Preferred Share in respect of the aggregate dividend paid in PIK Shares to any registered holder of Senior Preferred Shares). Such Senior Preferred Shares shall be duly and validly issued as fully-paid and
non-assessable, in the name of the registered holder of the Senior Preferred Shares on which such dividend is to be paid (according to the shareholder register of the Corporation) and certificates evidencing such Senior Preferred Shares shall be
mailed to the address of such shareholders as set out in the shareholder register of the Corporation. On and after a dividend payment date, until certificates representing additional Senior Preferred Shares shall have been issued, the certificates
representing such shares held by a holder on the dividend payment date shall represent not only such existing shares, but also the additional Senior Preferred Shares issued to such holder pursuant to such dividend. 
 The Directors shall declare and the Corporation shall pay all dividends on the Senior Preferred Shares to the full extent that they are legally entitled
to do so, and the Corporation shall not take any action solely to prevent it from being legally entitled to do so. If the Directors determine that any Annual Dividend Amount may not legally be declared, such Annual Dividend Amount, or the portion
thereof which may not legally be declared, shall cumulate from the date on which such annual dividend should have been paid until such dividend is paid in full and at the same rate as is then otherwise payable on the Senior Preferred Shares, and
shall be compounded annually. 
 If the Directors determine to pay any portion or all of any dividend in cash, all such cash dividends shall
be paid in the manner provided in By-law Number 1 of the Corporation. 
 So long as any Senior Preferred Shares remain outstanding, the
Corporation shall not pay or declare any dividend, or make any distribution, upon the Common Shares, the Voting Participating Preferred Shares, the Non-Voting Participating Preferred Shares, the Redeemable Common Shares, the Redeemable Non-Voting
Participating Preferred Shares and the Director Voting Preferred Shares or the 

  

 1B 

 
shares of any other class which ranks junior to the Senior Preferred Shares with respect to dividends unless and until all accrued and unpaid dividends shall
have been paid in cash or in PIK Shares in respect of the Senior Preferred Shares. 
  

	 	(b)	Return of Capital upon Liquidation, Dissolution or Winding Up: In the event of the liquidation, dissolution or winding up of the Corporation or other distribution of assets
of the Corporation among its shareholders for the purpose of winding up its affairs, in each case, whether voluntary or involuntary, (but for greater certainty, not including an amalgamation, arrangement, consolidation or other merger or similar
event, or a sale, exchange, lease or transfer of all or substantially all of the assets of the Corporation), the holders of the Senior Preferred Shares shall be entitled, out of funds available for distribution to shareholders (after satisfaction of
all liabilities and financial or monetary obligations to creditors, including without limitation Obligations in respect of the Acquisition Debt, in each case as required by law) and to the extent available for such purpose, in priority to the rights
of the holders of Common Shares, the Voting Participating Preferred Shares, the Non-Voting Participating Preferred Shares, the Director Voting Preferred Shares, the Redeemable Common Shares, the Redeemable Non-Voting Participating Preferred Shares
and any other class of shares which ranks junior to the Senior Preferred Shares with respect to distribution of assets on liquidation, dissolution or winding up, to an amount equal to the Liquidation Value with respect to each Senior Preferred Share
so held. The holders of Senior Preferred Shares shall not be entitled to any other or additional participation or distribution in the event of the liquidation, dissolution or winding up of the Corporation. 

  

	 	(c)	Voting Rights: The holders of Senior Preferred Shares shall not be entitled as such to receive notice of, to attend or to vote at any meeting of shareholders of the
Corporation, except for meetings of the holders of the Senior Preferred Shares as a class, as provided in Section 7(h). At any meeting of shareholders at which the holders of the Senior Preferred Shares are entitled to vote, each holder shall
be entitled to one vote in respect of each Senior Preferred Share held. 

  

	 	(d)	 Mandatory Redemption: Subject to compliance with (i) the terms of all the agreements and instruments governing Acquisition Debt relating to the subject
matter of this clause (d) (subject to the exclusion described in the final sentence of this clause (d) with respect to clause (iii) of the definition of Acquisition Debt), and (ii) Section 36(2) of the Canada Business
Corporations Act, the Corporation shall redeem for cash all Senior Preferred Shares which have been tendered for redemption by the requested holder thereof at any time on or after October 31, 2019, or on the first date thereafter that it is
legally able to do so. A holder of Senior Preferred Shares wishing to have Senior Preferred Shares redeemed shall provide to the Corporation a written notice of redemption specifying the date of redemption (which shall be no less than 30 days from
the date of receipt by the Corporation of the notice of redemption, and which can first be sent to the Corporation 30 days before the date on which Senior Preferred Shares can first be tendered for redemption). No agreement or instrument governing

  

 1C 

	 	 
Obligations of the type described in clause (iii) of the definition of Acquisition Debt shall restrict the ability of the Corporation to redeem any
Senior Preferred Shares in cash on any such specified redemption date. 

  

	 	(e)	Redemption After a Change of Control: Subject to compliance with the terms of all the agreements and instruments governing Acquisition Debt relating to the subject matter of
this clause (e) (subject to the exclusion described in the following paragraphs of this clause (e) with respect to clause (iii) of the definition of Acquisition Debt), the Corporation shall offer to all holders of Senior Preferred
Shares the right to redeem for cash all Senior Preferred Shares then outstanding upon (i) a Change of Control which occurs after ·October 31, 2012 or (ii) on ·October 31, 2012, if prior to such date, a Change of Control has
occurred. 

 With respect to the right described in clause (i) of the first paragraph of this clause (e), such offer of
redemption shall be made to all holders of Senior Preferred Shares upon the later of (i)(A) at least 30 days prior to the occurrence of the Change of Control or (B) in the event that the Common Shares are publicly traded and a Change of Control
occurs without the Corporation being aware of such event, as promptly as possible upon the Corporation acquiring knowledge of such Change of Control; (ii) the Corporation being able to redeem the Senior Preferred Shares pursuant to
Section 36(2) of the Canada Business Corporations Act and (iii) such redemption not being prohibited by the terms of the Acquisition Debt, but excluding, for such purposes, any indebtedness described in clause (iii) of the definition
of Acquisition Debt incurred in contemplation of such Change of Control or incurred after such Change of Control (it being understood that no agreement or instrument governing any Obligation of the type described in clause (iii) of the
definition of Acquisition Debt that was incurred in contemplation of such Change of Control or incurred after such Change of Control shall restrict the ability of the Corporation to redeem the Senior Preferred Shares in cash pursuant to this clause
(e)). Each holder of Senior Preferred Shares to whom an offer of redemption is made may accept such offer of redemption by delivering to the Corporation a redemption acceptance notice, in the form provided by the Corporation with its offer of
redemption, within 25 days of the date of the Corporation’s offer of redemption, in which case all Senior Preferred Shares in respect of which an accepted offer of redemption has been received by the Corporation within 25 days of the date of
the Corporation’s offer of redemption shall be called for redemption by the Corporation with effect from the later of the date of Change of Control and such 25th day after the date of the offer of redemption (and such date shall be the
redemption date referred to in clause (g) below). 
 With respect to the right described in clause (ii) of the first paragraph of
this clause (e), such offer of redemption shall be made to all holders of Senior Preferred Shares upon the later of (i) 30 days prior to ·October 31, 2012, (ii) the Corporation being able to redeem the Senior Preferred Shares
pursuant to Section 36(2) of the Canada Business Corporations Act and (iii) such redemption not 

  

 1D 

 
being prohibited by the terms of the Acquisition Debt, but excluding, for such purposes, any term contained in any agreement or instrument governing
Obligations, described in clause (iii) of the definition of Acquisition Debt incurred in contemplation of the applicable Change of Control or incurred after such Change of Control (it being understood that no agreement or instrument governing
any Obligation of the type described in clause (iii) of the definition of Acquisition Debt that was incurred in contemplation of such Change of Control, or incurred after such Change of Control, shall restrict the ability of the Corporation to
redeem the Senior Preferred Shares in cash pursuant to this clause (e)). Each holder of Senior Preferred Shares to whom an offer of redemption is made may accept such offer of redemption by delivering to the Corporation a redemption acceptance
notice, in the form provided by the Corporation with its offer of redemption, within 45 days of the date of the Corporation’s offer of redemption, in which case all Senior Preferred Shares in respect of which an accepted offer of redemption has
been received by the Corporation within 45 days of the date of the Corporation’s offer of redemption shall be called for redemption by the Corporation with effect from October 31, 2012 (and such date shall be the redemption date referred to in
clause (g) below). 
  

	 	(f)	Optional Redemption: Unless prohibited by the terms of any agreement or instrument governing the Acquisition Debt, the Corporation may, at its option, redeem at any time or
times all or any part of the Senior Preferred Shares registered in the name of any holder of any such Senior Preferred Shares on the books of the Corporation without the consent of such holder by giving notice in writing to such holder specifying:

  

	 	(i)	that the Corporation desires to redeem all or any part of the Senior Preferred Shares registered in the name of such holder; 

  

	 	(ii)	any conditions precedent to the effectiveness of the redemption of such Senior Preferred Shares; 

  

	 	(iii)	if part only of the Senior Preferred Shares registered in the name of such holder is to be redeemed, the number thereof to be so redeemed; 

  

	 	(iv)	the business day on which the Corporation desires to redeem such Senior Preferred Shares. The redemption date shall be the date on which the redemption notice is given by the
Corporation unless a later date is specified in the redemption notice; and 

  

	 	(v)	the place of redemption. 

 Any such partial optional
redemption shall be made on a pro rata basis with respect to all Senior Preferred Shares then outstanding. 
  

	 	(g)	 Redemption Procedures: The Corporation shall, on the redemption date for any Senior Preferred Shares pursuant to clauses (d), (e) or (f), redeem such
Senior Preferred Shares by paying to such holder the then current Liquidation Value per 

  

 1E 

	 	 
share on presentation and surrender of the certificate(s) for the Senior Preferred Shares so called for redemption at such place as may be specified in such
notice or, if no such place is named, at the registered office of the Corporation. The certificate(s) for such Senior Preferred Shares shall thereupon be cancelled and the Senior Preferred Shares represented thereby shall thereupon be redeemed and
cancelled. Such payment shall be made by wire transfer in immediately available funds to the bank account or accounts designated by the holders of Senior Preferred Shares, or if no such account has been designated, then by delivery to such holder of
a cheque payable at any branch of the Corporation’s bankers for the time being in Canada. From and after the redemption date, holders of Senior Preferred Shares called for redemption shall not be entitled to exercise any of their rights as
holders of Senior Preferred Shares unless payment of the said redemption price is not made on the redemption date, in which case the rights of the holders of the said Senior Preferred Shares shall remain unaffected. 

 The Corporation shall have the right, at any time on or after the date for redemption of Senior Preferred Shares or the mailing or delivery of notice of
its intention to redeem Senior Preferred Shares, to deposit the redemption price of the Senior Preferred Shares so called for redemption, or of such of the Senior Preferred Shares which are represented by certificates which have not at the date of
such deposit been surrendered by the holders thereof in connection with such redemption, to a special account maintained by the Corporation with a branch of a Canadian chartered bank or trust company designated by the Corporation in the notice of
redemption (the “Trustee”) which has offices in the City of Ottawa, to be paid without interest to or to the order of the respective holders of Senior Preferred Shares whose shares have been called for redemption, upon presentation and
surrender to the Trustee of the certificates representing such shares. Upon such deposit being made or upon the date specified for redemption, whichever is later, the Senior Preferred Shares in respect of which such deposit shall have been made
shall be deemed to have been redeemed and the rights of the holders thereof after such deposit or such redemption date, as the case may be, shall be limited to receiving their proportion of the amount so deposited without interest, upon presentation
and surrender to the Trustee of the certificate or certificates representing the Senior Preferred Shares being redeemed. Any interest allowed on any such deposit shall belong to the Corporation. Redemption moneys that are represented by a cheque
that has not been presented for payment or that otherwise remain unclaimed (including moneys held on deposit in a special account as provided for above) for a period of six years from the date specified for redemption shall be forfeited to the
Corporation. If less than all Senior Preferred Shares represented by a certificate are redeemed, the holder shall be entitled to receive, at the expense of the Corporation, a new certificate representing Senior Preferred Shares of such holder which
have not been redeemed. 
 No Senior Preferred Shares acquired by the Corporation shall be reissued, and all such shares shall be cancelled,
retired and eliminated from the Senior Preferred Shares which the Corporation shall be authorized to issue. 
  

 1F 

	 	(h)	Approval of Holders of Senior Preferred Shares: Subject to compliance with the terms of all agreements and instruments governing the Acquisition Debt relating to the subject
matter of this clause (h), the rights, privileges, restrictions and conditions of the Senior Preferred Shares may be added to, changed or removed, or any matter as may by law require the consent of the Senior Preferred Shares may be obtained, only
with the approval of the holders of the Senior Preferred Shares given as hereinafter specified. 

 Subject to compliance with the terms of all agreements and instruments governing the Acquisition Debt relating to the subject matter of this clause (h), the approval of the holders of the Senior Preferred Shares to
add to, change or remove any right, privilege, restriction or condition attaching to the Senior Preferred Shares, or any other matter as may by law require the consent of the holders of the Senior Preferred Shares, may be given by the affirmative
vote of holders of Senior Preferred Shares holding not less than 66- 2/3% of the Senior Preferred Shares voting
on a resolution in respect of such matter or by such other percentage as may then be permitted by law. An increase in the number of Senior Preferred Shares, or the creation of a new class of shares having priority, or ranking pari passu, as to
payment of dividends or return of capital upon liquidation, dissolution or winding up of the Corporation, or as to any other distribution of assets of the Corporation among its shareholders for the purpose of winding up its affairs, whether
voluntary or involuntary, shall not require the consent of the holders of the Senior Preferred Shares. The formalities to be observed in respect of the giving of notice of any meeting or any adjourned meeting of the holders of the Senior Preferred
Shares for such purpose, and in the conduct thereof, shall be those from time to time prescribed by law and by the by-laws of the Corporation with respect to meetings of shareholders of the Corporation. 
  

	 	(i)	Definitions: With respect to the rights, privileges, restrictions and conditions attaching to the Senior Preferred Shares: 

 “Acquisition Debt” means collectively, (i) Obligations incurred in respect of the Senior Secured Credit Facilities and in respect of
the Senior Bridge Loan Facility and the Senior Subordinated Bridge Loan Facility, including the Rollover Loans and Exchange Notes (each as defined in the Senior Bridge Loan Facility or Senior Subordinated Bridge Loan Facility, as applicable),
(ii) any indebtedness incurred to refinance the Senior Bridge Loan Facility and/or the Senior Subordinated Bridge Loan Facility and (iii) Obligations incurred in respect of any Refinancing of any indebtedness described in the foregoing
clauses (i) and (ii) or this clause (iii); 
  

 1G 

 “Affiliate” has the meaning set forth in the Canada Business Corporations Act;

 “Annual Dividend Amount” means the amount of dividends payable on each Senior Preferred Share in any year in accordance
with Section 7(a); 
 “Change of Control” means and shall be deemed to occur if: 
 (x) a person or group of persons acting jointly or in concert pursuant to the provisions of the Securities Act (Ontario) (other than (A) the Public
Sector Pension Investment Board or any of its Affiliates, (“PSP Permitted Persons”), Loral Space & Communications Inc. or any of its subsidiaries (“Loral Permitted Persons”) or MHR Fund Management LLC
(“MHR”) or any investment funds controlled by MHR (“MHR Permitted Persons”) and together with PSP Permitted Persons and Loral Permitted Persons, “Permitted Persons”) or (B) a group of persons who are
acting jointly or in concert pursuant to the provisions of the Securities Act (Ontario) in which Loral Permitted Persons and/or MHR Permitted Persons, as part of such group of persons, will own, collectively, 10% or more of the securities having a
participating equity interest in the Corporation, 4363213 Canada Inc. (“Acquireco”) or Telesat Canada, or any of their respective successors, as the case may be, immediately following the Change of Control) acquires after
·October 31, 2007, directly or indirectly, ownership of securities of the Corporation, Acquireco or Telesat Canada or any of their respective successors, as the case may be, having (i) participating equity interest that is greater than
fifty-one percent (51%) of the participating equity interest of the Corporation, Acquireco or Telesat Canada, or any of their respective successors, as the case may be, and (ii) aggregate votes that may be cast to elect directors of the
Corporation, Acquireco or Telesat Canada, or any of their respective successors, as the case may be, that is greater than fifty-one percent (51%) of the aggregate votes that may be cast for the election of directors of the Corporation,
Acquireco or Telesat Canada, or their respective successors, as the case may be (including for such purpose any votes that may be cast for the election of directors that would attach to shares issuable upon exercise of rights of conversion into
voting shares which are then exercisable); provided, however, that if a group of persons described in this clause (x) would have caused a Change of Control but for the fact that Loral Permitted Persons and/or MHR Permitted Persons collectively
own securities having a 10% or greater participating equity interest in the Corporation, Acquireco or Telesat Canada, or any of their respective successors, as the case may be, immediately following such Change of Control, there shall thereafter be
a Change of Control on the date that the Loral Permitted Persons and/or MHR Permitted Persons cease to own, collectively, securities having a 10% or greater participating equity interest in the Corporation, Acquireco or Telesat Canada, or any of
their respective successors, as the case may be; or (y) PSP Permitted Persons no longer hold any participating equity in the Corporation, and the Loral Permitted Persons and/or MHR Permitted Persons cease to own, collectively, at least 10% of
the participating equity interests of the Corporation, Acquireco or Telesat Canada, or any of their respective successors; 
  

 1H 

 “Liquidation Value” means the aggregate per Senior Preferred Share of (i) $1,000
and (ii) all accrued and unpaid preferential cumulative dividends on such Senior Preferred Share which, for such purpose, shall be calculated as if such cumulative dividends were accruing from day to day for the period from the expiration of
the last period for which cumulative dividends have been paid up to the date of determination; 
 “Obligation” means any
principal, interest, penalties, fees, indemnification, reimbursements, costs, expenses, damages and other liabilities, including any interest accruing subsequent to the date of filing of a petition of bankruptcy or the occurrence of any insolvency,
bankruptcy, liquidation, dissolution, receivership, reorganization, winding-up or other similar proceedings; 
 “Performance
Failure” means that any of the following events has occurred and is continuing: (i) the failure of the Corporation to pay the Annual Dividend Amount on all Senior Preferred Shares in any year on the date that such payment is due either
in cash or in Senior Preferred Shares, while such failure shall be continuing, (ii) the failure of the Corporation to redeem all Senior Preferred Shares when required pursuant to section 7(d) and (iii) the failure of the Corporation to
redeem such Senior Preferred Shares for which an offer of redemption is accepted in accordance with Section 7(e); 
 “Refinance” means, in respect of any indebtedness, Obligations incurred to refinance, extend, renew, defease, amend, restate, modify, supplement, restructure, replace, refund or repay or to issue other indebtedness in
exchange or replacement for such indebtedness, including any indentures or credit facilities or commercial paper facilities with banks or other institutional lenders or investors that replace, refund or refinance any part of the such indebtedness,
including any such replacement, refunding or refinancing facility or indenture that increases the amount borrowable thereunder or alters the maturity thereof; 
 “Senior Bridge Loan Facility” means the Senior Bridge Loan Agreement dated as of October 31, 2007 by and among Telesat Interco Inc., 4363230 Canada Inc. (before its amalgamation with Telesat Canada, and
thereafter, Telesat Canada), the other borrowers thereunder, the guarantors party thereto, the lenders party thereto, Morgan Stanley Senior Funding, Inc., as Administrative Agent, UBS Securities LLC, as Syndication Agent, and the other agents party
thereto, including any guarantees, instruments and agreements executed in connection therewith; 
 “Senior Secured Credit
Facilities” means the Credit Agreement dated as of October 31, 2007 by and among Telesat Interco Inc., 4363230 Canada Inc. (before its amalgamation with Telesat Canada, and thereafter, Telesat Canada), the other borrowers thereunder,
the guarantors party thereto, the lenders party thereto, Morgan Stanley Senior Funding, Inc., as Administrative Agent, UBS Securities LLC, as Syndication Agent, and the other agents party thereto, including any guarantees, collateral documents,
instruments and agreements executed in connection therewith; 
  

 1I 

 “Senior Subordinated Bridge Loan Facility” means the Senior Subordinated Bridge Loan
Agreement dated as of October 31, 2007 by and among Telesat Interco Inc., 4363230 Canada Inc. (before its amalgamation with Telesat Canada, and thereafter, Telesat Canada), the other borrowers thereunder, the guarantors party thereto, the
lenders party thereto, Morgan Stanley Senior Funding, Inc., as Administrative Agent, UBS Securities LLC, as Syndication Agent, and the other agents party thereto, including any guarantees, instruments and agreements executed in connection therewith;

  

 1J

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