Document:

EX-10.2

EXECUTION VERSION

CONTINUING CORPORATE GUARANTY

THIS CONTINUING CORPORATE GUARANTY is dated as of September 4, 2007 (“Guaranty”) and
by Loral Space & Communications Inc., a Delaware corporation, whose address is 600 Third Avenue,
New York, New York 10016 (“Guarantor”) to Valley National Bank (“Lender”), with a
place of business at 275 Madison Avenue, New York, New York 10016-1101.

WITNESSETH:

WHEREAS, Loral Skynet Corporation (“Borrower”) has executed and delivered, or is about
to execute and deliver, to Lender a certain Loan and Security Agreement (“Loan Agreement”)
and a certain Secured Time Note (“Note”) for a loan (“Time Loan”)in the amount of
One Hundred Forty-One Million Fifty Thousand Dollars ($141,050,000.00). The Loan Agreement and the
Note, as the same may be modified, amended, supplemented, restated or replaced from time to time,
are referred to herein collectively as the “Loan Documents”; and

WHEREAS, Lender is unwilling to make the Time Loan to Borrower unless it receives this
Guaranty; and

WHEREAS, Guarantor is willing to execute and deliver this Guaranty to Lender in order to
induce Lender to make the Time Loan.

NOW, THEREFORE, in order to induce Lender to make the Time Loan to Borrower and in
consideration of the premises and of other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, Guarantor intends to guarantee absolutely and
unconditionally to Lender, the punctual payment of the Obligations and such further payment and
performance as set forth in Article 2 hereof.

1 REPRESENTATIONS AND WARRANTIES OF GUARANTOR

Guarantor hereby represents and warrants to Lender that:

1.1. Capacity of Guarantor. Guarantor: (a) is a corporation duly organized and
existing and in good standing under the laws of the State of Delaware; (b) the execution and
delivery of this Guaranty has been duly authorized by all requisite corporate action; and (c)
Guarantor’s chief executive office is located at the address set forth at the head of this
Guaranty.

1.2. No Violation of Restrictions. Neither the execution and delivery of this
Guaranty, the consummation of the transactions contemplated hereby nor the fulfillment of or
compliance with the provisions of this Guaranty will conflict with or result in a breach of any of
the terms, covenants, conditions or provisions of any agreement, judgment or order to which
Guarantor is a party or by which Guarantor is bound, or will constitute a default under any of the
foregoing, or result in the creation or imposition of any lien of any nature whatsoever other than
the lien in favor of Lender.

1.3. Compliance with Law. Guarantor is not in violation of any law, ordinance,
governmental rule, regulation, order or judgment to which Guarantor may be subject which is likely
to materially and adversely affect the financial condition of Guarantor.

1.4. Financial Statements. The financial statements submitted by Guarantor to Lender
fairly present the financial condition as of the date of each statement and there has been no
material adverse change in the financial condition of Guarantor since the date(s) of such
statements.

1.5. Tax Returns. Guarantor has paid all material taxes that Guarantor is responsible
for and has filed all requisite federal and state tax returns, including all estimated tax returns
and shall continue to do so while this Guaranty remains in effect. Such tax returns have been
filed under the name set forth in its certificate of incorporation as filed with the State of
Delaware.

1.6. Solvency of Guarantor and Borrower. Guarantor is solvent and has made an
appropriate financial investigation of Borrower and has determined that Borrower is solvent at the
time of execution of this Guaranty.

2 COVENANTS AND AGREEMENTS

2.1. Guaranty. Guarantor irrevocably, absolutely and unconditionally guarantees to
Lender:

(A) The punctual payment and performance of the Obligations. The term “Obligations”
shall mean and include (i) the unpaid principal balance of the Time Loan (ii) all interest,
charges, expenses, commitment fees, or other fees, reasonable attorneys’ fees and expenses related
to the Time Loan or the Loan Documents, and (iii) any other sum chargeable to Borrower under the
Loan Documents;

(B) The payment of all costs incurred by Lender in the protection and recovery of any assets
of Borrower securing the Obligations, which costs shall accrue interest at the highest interest
rate provided in the Loan Agreement; and

(C) The payment of all fees and costs incurred by Lender (including the reasonable fees and
costs of Lender’s counsel) in the enforcement of or in collecting under this Guaranty.

2.2. Obligations Unconditional. This Guaranty shall remain in full force and effect
until the Obligations and all sums due hereunder are paid in full. Guarantor’s obligations
hereunder shall not be affected, modified or impaired by any state of facts or the happening from
time to time of any event, including, without limitation, any of the following, whether or not with
notice to or the consent of Guarantor:

(A) The invalidity, irregularity, illegality or unenforceability of, or any defect in any Loan
Document or any collateral security for the Obligations (“Collateral”);

(B) Any present or future law or order of any government or of any agency thereof purporting
to reduce, amend or otherwise affect any Loan Document or any Obligation or any terms of payment;

(C) The waiver, compromise, settlement, release or termination of any or all of the
Obligations, covenants or agreements of Borrower under any Loan Document; or;

(D) The failure to give notice to Guarantor of the occurrence of an Event of Default under any
Loan Document;

(E) The loss, release, sale, exchange, surrender or other change in any Collateral;

(F) The extension of the time for payment of any principal of or interest on the Obligations
or of the time for performance of any other obligations, covenants or agreements under or arising
out of any Loan Document or the extension or the renewal of any thereof;

(G) The modification or amendment (whether material or otherwise) of any obligation, covenant
or agreement set forth in any Loan Document;

(H) The performance of, or the omission to perform, any of the actions referred to in any Loan
Document;

(I) Any failure, omission or delay on the part of Lender to enforce, assert or exercise any
right, power or remedy conferred on Lender in any Loan Document, including, without limitation, the
failure to perfect any security interest in and to Collateral;

(J) The voluntary or involuntary liquidation, dissolution, sale or other disposition of all or
substantially all the assets, marshaling of assets and liabilities, receivership, insolvency,
bankruptcy, assignment for the benefit of creditors, reorganization, arrangement, composition with
creditors or readjustment of, or other similar proceedings affecting Borrower or its assets, or any
allegation or contest of the validity of any Loan Document;

(K) The default or failure of Guarantor to fully perform any obligations set forth in this
Guaranty;

(L) Any event or action that would, in the absence of this paragraph, result in the release or
discharge of Guarantor from the performance or observance of any obligation, covenant or agreement
contained in this Guaranty (other than payment in full of the Obligations or a written release
provided by Lender to Guarantor); or

(M) Any other circumstances which might otherwise constitute a legal or equitable discharge or
defense of a surety or a guarantor.

2.3. Waiver by Guarantor. Guarantor hereby waives:

(A) Notice of acceptance of this Guaranty;

(B) Diligence, presentment and demand for payment of the Obligations;

(C) Protest and notice of protest, dishonor or default to Guarantor or to any other party with
respect to the Obligations;

(D) Any and all notices to which Guarantor might otherwise be entitled except for those
required hereunder;

(E) Any demand for payment under this Guaranty;

(F) Any and all defenses to payment including, without limitation, any defenses and
counterclaims of Guarantor or Borrower based upon fraud, negligence or the failure of any condition
precedent or claims of offset or defenses involving the invalidity, irregularity or
unenforceability of all or any part of the Obligations or any defense otherwise available to
Guarantor or Borrower; and

(G) Until such time as the Obligations are indefeasibly paid in full and Lender has received
all other sums due hereunder and under the terms of the Loan Documents, any and all rights of
subrogation, reimbursement, indemnity, exoneration, contribution or any other claim which Guarantor
may now or hereafter have against Borrower or any other person directly or contingently liable for
the Obligations, or against or with respect to any of Borrower’s property (including, without
limitation, property constituting Collateral), arising from the existence or performance of this
Guaranty and whether or not such claim, right or remedy arises in equity, under contract, by
statute, under common law or otherwise.

2.4. Nature of Guaranty. This Guaranty is a guaranty of payment and not of collection
and Guarantor hereby waives the right to require that any action be brought first against Borrower
or any other guarantor, or to require that resort be made to any Collateral, or to require that
resort be made to any security or to any balance of any deposit account or credit on the books of
Lender in favor of Borrower or of Guarantor.

2.5. Continuation of Guaranty. Guarantor further agrees that the obligations
hereunder shall continue to be effective or reinstated, as the case may be, if at any time payment
or any part thereof of the Obligations is rescinded or must otherwise be restored by Lender upon
the bankruptcy or reorganization of Borrower, Guarantor or otherwise. If any demand is made at any
time upon Lender for the repayment or recovery of any amount received by it in payment or on
account of any of the Obligations and if Lender repays all or any part of such amount by reason of
any judgment, decree or order of any court or administrative body or by reason of any settlement or
compromise of any such demand, Guarantor will be and remain liable hereunder for the amount so
repaid or recovered to the same extent as if such amount had never been received originally by
Lender. The provisions of this Section will be and remain effective notwithstanding any contrary
action which may have been taken by Guarantor in reliance upon such payment, and any such contrary
action so taken will be without prejudice to Lender’s rights hereunder and will be deemed to have
been conditioned upon such payment having become final and irrevocable.

2.6. Subordination of Debt. Guarantor hereby subordinates any and all indebtedness of
Borrower now or hereafter owed to Guarantor to the Obligations and agrees with Lender that, from
and after the date whereon Lender notifies Guarantor that an Event of Default under one or more of
the Loan Documents has occurred and is continuing, Guarantor shall not demand or accept any payment
from Borrower of any such indebtedness, shall not claim any offset or other reduction of
Guarantor’s obligations hereunder because of any such indebtedness and shall not take any action to
obtain any interest in any of the Collateral described in and encumbered by the Loan Documents;
provided, however, that, if Lender so requests, such indebtedness shall be collected, enforced and
received by Guarantor as trustee for Lender and paid over to Lender on account of the Obligations,
but without reducing or affecting in any manner the liability of Guarantor under the other
provisions of this Guaranty except to the extent the Obligations shall have been reduced by such
payment.

2.7. Financial Statements. Guarantor agrees to deliver to Lender, annual and
quarterly financial statements in the form, and as and when, required to be delivered by Borrower
pursuant to Section 6.5 of the Loan Agreement.

2.8. Transfer of Interest. Guarantor agrees not to make or permit to be made, by
voluntary or involuntary means, any transfer of the direct or indirect equity interest of Guarantor
in Borrower, which would result in the occurrence of an Event of Default under the Loan Agreement.

2.9. Conveyance of Assets. Guarantor hereby covenants and agrees that, so long as any
of the Obligations shall remain unpaid, Guarantor will not, without Lender’s prior written consent,
convey, sell, lease, transfer or otherwise dispose of, in one transaction or a series of
transactions, all or a substantial part of its now owned or hereafter acquired assets (whether real
or personal), which after giving effect thereto shall (a) render the Guarantor insolvent (within
the meaning of the United States Bankruptcy Code), or (b) have a material adverse effect on the
validity or enforceability of this Guaranty or the collectibility of Guarantor’s liability to
Lender under this Guaranty.

3 EVENTS OF DEFAULT AND REMEDIES

3.1. Events of Default. An “Event of Default” shall exist if any of the following
events occurs:

(A) Guarantor fails to perform or observe any covenant contained herein;

(B) Any warranty, representation or other statement by or on behalf of Guarantor contained in
this Guaranty is false or misleading in any material respect when made;

(C) Guarantor purports to terminate this Guaranty;

(D) Guarantor files a voluntary bankruptcy petition or seeks relief under any reorganization,
arrangement, insolvency, readjustment of debt, dissolution or liquidation law of any jurisdiction,
whether now or hereafter in effect, or consents to the filing of any petition against him under any
such law;

(E) Guarantor makes an assignment for the benefit of creditors or admits in writing its
inability to pay debts generally as they become due, or consents to the appointment of a receiver,
trustee or liquidator of all or any part of its property; or

(F) The occurrence of an Event of Default under any of the Loan Documents.

3.2. Remedies on Default. Upon the occurrence of any Event of Default, (a) Guarantor
shall pay to Lender the amount of the Obligations; (b) Lender may, without notice to or demand upon
Guarantor apply Guarantor’s funds on deposit with Lender, including such of the Collateral as has
been pledged by Guarantor, to repay the Obligations; or (c) Lender, in its sole discretion, may
exercise from time to time any other rights and remedies available to it at law, in equity or
otherwise. No modification, limitation or discharge of the Obligations arising out of or by virtue
of any bankruptcy, reorganization or similar proceeding for relief of debtors under federal or
state law will affect, modify, limit or discharge Guarantor’s liability in any manner whatsoever
and this Guaranty will remain and continue in full force and effect and will be enforceable against
Guarantor to the same extent and with the same force and effect as if any such proceeding had not
been instituted. Guarantor waives all rights and benefits which might accrue to Guarantor by
reason of any such proceeding and will be liable to the full extent hereunder, irrespective of any
modification, limitation or discharge of the liability of Borrower that may result from any such
proceeding.

3.3. Waiver and Notice.

(A) No remedy herein conferred upon or reserved to Lender is intended to be exclusive of any
other available remedy or remedies, but each and every such remedy shall be cumulative and shall be
in addition to every other remedy given under this Guaranty now or hereafter existing at law or in
equity or by statute.

(B) No delay or omission to exercise any right or power accruing upon the occurrence of any
Event of Default shall impair any such right or power or shall be construed to be a waiver thereof,
but any such right or power may be exercised from time to time and as often as may be deemed
expedient.

(C) In order to entitle Lender to exercise any remedy reserved to them in this Guaranty, it
shall not be necessary to give any notice, other than such notice as may be expressly required in
this Guaranty.

4 RIGHT OF SETOFF; INDEMNITY

4.1. Right of Setoff. In addition to all liens upon and rights of setoff against
Guarantor’s money, securities or other property given to Lender by law, Lender shall have, with
respect to Guarantor’s obligations to Lender under this Guaranty and to the extent permitted by
law, a contractual possessory security interest in and a contractual right of setoff against, and
Guarantor hereby grants Lender a security interest in, and hereby assigns, conveys, delivers,
pledges and transfers to Lender all of Guarantor’s right, title and interest in and to, all of
Guarantor’s deposits, moneys, securities and other property now or hereafter in the possession of
or on deposit with, or in transit to, Lender. Every such security interest and right of setoff may
be exercised without demand upon or notice to Guarantor upon the occurrence and during the
continuance of an Event of Default. Every such right of setoff shall be deemed to have been
exercised immediately upon the occurrence of an Event of Default without any action of Lender,
although Lender may enter such setoff on its books and records at a later time.

4.2 Indemnity. Guarantor agrees to indemnify Lender, each legal entity, if any, which
controls Lender and each of their respective directors, officers and employees (the “Indemnified
Parties”), and to hold each Indemnified Party harmless from and against, any and all claims,
damages, losses, liabilities and expenses (including all fees and charges of internal or external
counsel with whom any Indemnified Party may consult and all expenses of litigation and preparation
therefor) which any Indemnified Party may incur or which may be asserted against any Indemnified
Party by any person, entity or governmental authority (including any person or entity claiming
derivatively on behalf of Guarantor), in connection with or arising out of or relating to the
matters referred to in this Guaranty, whether (a) arising from or incurred in connection with any
breach of a representation, warranty or covenant by Guarantor, or (b) arising out of or resulting
from any suit, action, claim, proceeding or governmental investigation, pending or threatened,
whether based on statute, regulation or order, or tort, or contract or otherwise, before any court
or governmental authority; provided, however, that the foregoing indemnity
agreement shall not apply to any claims, damages, losses, liabilities and expenses solely
attributable to an Indemnified Party’s gross negligence or willful misconduct as determined by a
final and non appealable order of a court of competent jurisdiction. The indemnity agreement
contained in this Section shall survive the termination of this Guaranty and assignment of any
rights hereunder. Guarantor may participate at its expense in the defense of any such claim.

5 MISCELLANEOUS

5.1. Governing Law. This Guaranty shall be governed by and construed in accordance
with the laws of the State of New York without regard to conflicts of laws principles.

5.2. Successors and Assigns. This Guaranty is entered into for the benefit of Lender
and its successors and assigns and is binding upon the Guarantor and its successors and assigns.
Lender shall have the right, without the necessity of any further consent or authorization by
Guarantor, to sell, assign, securitize or grant participations in all, or a portion of, Lender’s
interest hereunder, to other financial institutions of Lender’s choice and on such terms as are
acceptable to Lender in its sole discretion.

5.3. Notices. Wherever this Guaranty provides for notice to any party (except as
expressly provided to the contrary), it shall be given by messenger, facsimile, certified U.S. mail
with return receipt requested, or nationally recognized overnight courier with receipt requested,
effective when received by the party to whom addressed, and shall be addressed as follows, or to
such other address as the party affected may hereafter designate:

	 	 	 	 	 
	If to Lender:
	 	Valley National Bank
	 
	 	275 Madison Avenue, 10th Floor
	 
	 	Attention:  James Moore, S.V.P.
	 
	 	Telephone:  212-973-6685
	 
	 	Facsimile:  212-973-6664
	If to Guarantor:
	 	Loral Space & Communications Inc.
	 
	 	600 Third Avenue
	 
	 	New York, New York
	 
	 	Attn:  Richard Mastoloni, Treasurer
	 
	 	Tel:  (212) 338-5605
	 
	 	Fax:   (212) 338-5626

5.4. Entire Agreement. This Guaranty supersedes, with respect to the subject matter
hereof, all prior and contemporaneous agreements, understandings, inducements or conditions between
the Guarantor and Lender, whether express or implied, oral or written. No amendment or waiver of
any provision of this Guaranty, nor consent to any departure by Guarantor from the terms hereof
shall in any event be effective unless the same shall be in a written consent signed by Lender and,
with respect to any amendment hereof, by the Guarantor, and then such waiver or consent shall be
effective only in the specific instance and for the specific purpose for which given.

5.5. Partial Invalidity. Any provision of this Guaranty that is prohibited or
unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of
such prohibition or unenforceability without invalidating the remaining provisions of this Guaranty
affecting the validity or enforceability of such provision in any other jurisdiction.

5.6. JURISDICTION. AS PART OF THE CONSIDERATION FOR NEW VALUE RECEIVED, AND
REGARDLESS OF ANY PRESENT OR FUTURE DOMICILE OR PRINCIPAL PLACE OF BUSINESS OF GUARANTOR OR LENDER,
GUARANTOR HEREBY CONSENTS AND AGREES THAT ANY FEDERAL COURT LOCATED IN THE SOUTHERN DISTRICT OF NEW
YORK OR ANY STATE COURT LOCATED IN NEW YORK COUNTY, NEW YORK, SHALL HAVE JURISDICTION TO HEAR AND
DETERMINE ANY CLAIMS OR DISPUTES BETWEEN GUARANTOR AND LENDER PERTAINING TO THIS GUARANTY OR TO ANY
MATTER ARISING OUT OF OR RELATED TO THIS GUARANTY; PROVIDED, HOWEVER, LENDER MAY, AT ITS OPTION,
COMMENCE ANY ACTION, SUIT OR PROCEEDING IN ANY OTHER APPROPRIATE FORUM OR JURISDICTION TO OBTAIN
POSSESSION OF OR FORECLOSE UPON ANY COLLATERAL, TO OBTAIN EQUITABLE RELIEF OR TO ENFORCE ANY
JUDGMENT OR ORDER OBTAINED BY LENDER AGAINST GUARANTOR OR WITH RESPECT TO ANY COLLATERAL, IF ANY,
TO ENFORCE ANY OTHER RIGHT OR REMEDY UNDER THIS GUARANTY OR TO OBTAIN ANY OTHER RELIEF DEEMED
APPROPRIATE BY LENDER. GUARANTOR EXPRESSLY SUBMITS AND CONSENTS IN ADVANCE TO SUCH JURISDICTION IN
ANY ACTION OR SUIT COMMENCED IN ANY SUCH COURT, AND GUARANTOR HEREBY WAIVES ANY OBJECTION WHICH
GUARANTOR MAY HAVE BASED UPON LACK OF PERSONAL JURISDICTION, IMPROPER VENUE OR FORUM NON CONVENIENS
AND HEREBY CONSENTS TO THE GRANTING OF SUCH LEGAL OR EQUITABLE RELIEF AS IS DEEMED APPROPRIATE BY
SUCH COURT. GUARANTOR REPRESENTS AND WARRANTS THAT IT HAS REVIEWED THIS CONSENT TO JURISDICTION
PROVISION WITH ITS LEGAL COUNSEL, AND HAS MADE THIS WAIVER KNOWINGLY AND VOLUNTARILY.

5.7. WAIVER OF JURY TRIAL. GUARANTOR WAIVES THE RIGHT TO TRIAL BY JURY IN THE EVENT
OF ANY ACTION, SUIT, PROCEEDING, COUNTERCLAIM OR OTHER LITIGATION IN RESPECT OF ANY MATTER ARISING
UNDER THIS GUARANTY OR ANY OTHER MATTER INVOLVING GUARANTOR AND LENDER, WHETHER OR NOT OTHER
PERSONS ARE ALSO PARTIES THERETO. GUARANTOR ACKNOWLEDGES THAT THE FOREGOING WAIVER IS A MATERIAL
INDUCEMENT TO LENDER’S ACCEPTANCE OF THIS GUARANTY AND MAKING THE TIME LOAN TO BORROWER AND THAT
LENDER IS RELYING ON THE FOREGOING WAIVER IN ITS DEALINGS WITH BORROWER AND GUARANTOR. GUARANTOR
REPRESENTS AND WARRANTS THAT GUARANTOR REVIEWED THIS JURY WAIVER PROVISION WITH ITS LEGAL COUNSEL,
AND HAS MADE THIS WAIVER KNOWINGLY AND VOLUNTARILY.

[Signature Page Follows.]

1

IN WITNESS WHEREOF, Guarantor has executed this Guaranty as of the day and year first above
written.

Loral Space & Communications Inc.

By:_/s/ Richard J. Townsend     

Print Name: Richard J. Townsend

Print Title: Executive Vice President and

  Chief Financial Officer

2EX-10.3

EXECUTION VERSION

PLEDGE AGREEMENT

TO: VALLEY NATIONAL BANK as of September 4, 2007

1. Grant of Security Interest. For valuable consideration, the undersigned Loral
Space & Communications, Inc., (“Pledgor”), hereby assigns, transfers to and pledges with
Valley National Bank (“Lender”), and grants to Lender a security interest in, the
following: all money on deposit with Lender in Certificate of Deposit Number 73097055 together
with all interest accrued and to accrue thereon (“Collateral”).

2. Obligations Secured. The obligations secured hereby are the payment and
performance of: (a) all Obligations of Loral Skynet Corporation (“Borrower”) as such term
is defined as set forth in that certain Loan and Security Agreement with Lender of even date, (b)
all Obligations guaranteed by Pledgor pursuant to its Continuing Corporate Guaranty of even date
(“Guaranty”), guaranteeing the obligations of Borrower under such Loan and Security
Agreement, and (c) all other payment obligations of Pledgor pursuant to the Guaranty. Any
capitalized term used, but not defined in this Pledge Agreement shall be defined as set forth in
the Loan Agreement or Guaranty, as applicable.

3. Termination. This Agreement will terminate upon the indefeasible payment in full
of all obligations enumerated in paragraph 2 above.

4. Obligations of Lender. Lender’s obligations with respect to Collateral in its
possession shall be strictly limited to the duty to exercise reasonable care in the custody and
preservation of such Collateral, and such duty shall not include any obligation to ascertain or to
initiate any action with respect to or to inform Pledgor of maturity dates, or any similar matters,
notwithstanding Lender’s knowledge of the same. Lender shall not be obligated to take any action
with respect to the Collateral requested by Pledgor unless such request is made in writing and
Lender determines, in its sole discretion, that the requested action would not unreasonably
jeopardize the value of the Collateral as security for the obligations secured hereby. Lender may
at any time deliver the Collateral, or any part thereof, to Pledgor and shall deliver all of the
Collateral to Pledgor without premium or penalty upon payment in full of the Obligations referred
to in paragraph 2.(a), and the receipt thereof by Pledgor shall be a complete and full acquittance
for the Collateral so delivered, and Lender shall thereafter be discharged from any liability or
responsibility therefor.

5. Representations and Warranties. Pledgor represents and warrants to Lender that:
(a) Pledgor is the owner of the Collateral; (b) Pledgor has the exclusive right to pledge the
Collateral; (c) the Collateral is free from liens, adverse claims, setoffs, default and defenses,
except the lien created hereby; and (d) all statements contained herein and in all documents
delivered in conjunction with the opening of the certificate of deposit described above are true
and complete in all material respects.

6. Covenants of Pledgor.

(a) Pledgor agrees in general: (i) to indemnify Lender against all losses, claims, demands,
liabilities and expenses of every kind arising as a result of or related in any way to Lender’s
acceptance of this Agreement; (ii) to pay all costs and expenses, including reasonable attorneys’
fees, incurred by Lender in the realization, enforcement and exercise of Lender’s rights, powers
and remedies hereunder; (iii) to execute and deliver such other documents as Lender reasonably
deems necessary to create, perfect and continue the security interests contemplated hereby; and
(iv) not to change its name or the jurisdiction in which it is registered without giving Lender
prior written notice thereof.

(b) Pledgor agrees with regard to the Collateral, unless Lender agrees otherwise in writing:
(i) not to permit any lien on the Collateral except in favor of Lender and (ii) not to withdraw any
funds from any deposit account pledged to Lender hereunder.

7. Powers of Lender. Pledgor appoints Lender its true attorney in fact to perform any
of the following powers, which are coupled with an interest, are irrevocable until termination of
this Agreement and may be exercised from time to time by Lender’s officers and employees, or any of
them, whether or not Pledgor is in default: (a) to exercise all rights, powers and remedies which
Pledgor would have, but for this Agreement, with respect to all Collateral; and (b) to do all acts
and things and execute all documents in the name of Pledgor or otherwise, deemed by Lender as
necessary, proper and convenient in connection with the preservation, perfection or enforcement of
its rights hereunder.

8. Payment of Premiums, Taxes, Charges, Liens and Assessments. Pledgor agrees to pay,
prior to delinquency, taxes, charges, liens and assessments against the Collateral, and upon the
failure of Pledgor to do so, Lender at its option may pay any of them and shall be the sole judge
of the legality or validity thereof and the amount necessary to discharge the same. Any such
payments made by Lender shall be obligations of Pledgor to Lender, due and payable immediately upon
demand, together with interest at the highest rate applicable to Borrower’s Obligations under the
Loan Agreement, and shall be secured by the Collateral, subject to all terms and conditions of this
Agreement.

9. Events of Default. The occurrence of any of the following shall constitute an
“Event of Default” under this Agreement: (a) any Event of Default pursuant to the Guaranty; (b)
any impairment in the rights of Lender in any Collateral, or any attachment or like levy thereon;
or (c) Lender, in good faith, believes any or all of the Collateral to be in danger of dissipation,
commingling, loss or otherwise in jeopardy.

10. Remedies. Upon the occurrence of any Event of Default, Lender shall have the
right to declare immediately due and payable all or any obligation secured hereby as enumerated in
paragraph 2. Lender shall have all other rights, powers, privileges and remedies granted to a
secured party upon default under the UCC or otherwise provided by law or in equity. All rights,
powers, privileges and remedies of Lender shall be cumulative. No delay, failure or discontinuance
of Lender in exercising any right, power, privilege or remedy hereunder shall affect or operate as
a waiver of such right, power, privilege or remedy; nor shall any single or partial exercise of any
such right, power, privilege or remedy preclude, waive or otherwise affect any other or further
exercise thereof or the exercise of any other right, power, privilege or remedy. Any waiver,
permit, consent or approval of any kind by Lender of any default hereunder, or any such waiver of
any provisions or conditions hereof, must be in writing and shall be effective only to the extent
set forth in writing. While an Event of Default exists Lender may (a) appropriate the Collateral
and apply the same toward repayment of the obligation enumerated in paragraph 2 in such order of
application as Lender may from time to time elect; and (b) at any time and at Lender’s sole option,
liquidate any time deposits pledged hereunder, whether or not said time deposits have matured and
notwithstanding the fact that such liquidation may give rise to penalties for early withdrawal of
funds.

12. Statute of Limitations. Until all obligations secured hereby shall have been paid
in full, the power of all rights, powers, privileges and remedies granted to Lender hereunder shall
continue to exist and may be exercised by Lender at any time and from time to time irrespective of
the fact that such obligations or any part thereof may have become barred by any statute of
limitations, or that the personal liability of Pledgor may have ceased, unless such liability shall
have ceased due to the payment in full of all obligations secured hereunder.

13. Miscellaneous. Pledgor hereby waives any right to require Lender to (i) proceed
against Pledgor or any other person, (ii) proceed against or exhaust any security from Pledgor or
any other person, (iii) perform any obligation of Pledgor with respect to the Collateral, or (iv)
make any presentment or demand, or give any notice of nonpayment or nonperformance, protest, notice
of protest or notice of dishonor hereunder or in connection with any Collateral or Proceeds.
Pledgor further waives any right to direct the application of payments or security for any of the
obligations enumerated in paragraph 2.

14. Notices. All notices, requests and demands required under this Agreement must be
in writing, addressed to Lender at the address and in the manner specified in the Guaranty.

15. Costs, Expenses, and Attorneys’ Fees. Pledgor shall pay to Lender immediately
upon demand the full amount of all payments, advances, charges, costs and expenses, including
reasonable attorneys’ fees (to include outside counsel fees and all allocated costs of Lender’s
in-house counsel), expended or incurred by Lender in exercising any right, power, privilege or
remedy conferred by this Agreement or in the enforcement thereof, whether incurred at the trial or
appellate level, in an arbitration proceeding or otherwise, and including any of the foregoing
incurred in connection with any bankruptcy proceeding (including without limitation, any adversary
proceeding, contested matter or motion brought by Lender or any other person) relating to Pledgor
or in any way affecting any of the Collateral or Lender’s ability to exercise any of its rights or
remedies with respect thereto. All of the foregoing shall be paid by Pledgor with interest from
the date of demand until paid in full at a rate per annum equal to the highest rate applicable
under the Loan Agreement.

16. Successors, Assigns, Amendment. This Agreement shall be binding upon and inure to
the benefit of the successors and assigns of the parties, and may be amended or modified only in a
writing signed by Lender and Pledgor.

17. Severability of Provisions. If any provision of this Agreement shall be held to
be prohibited by or invalid under applicable law, such provision shall be ineffective only to the
extent of such prohibition or invalidity, without invalidating the remainder of such provision or
any remaining provisions of this Agreement.

18. WAIVER OF JURY TRIAL. PLEDGOR AND LENDER (BY LENDER’S ACCEPTANCE OF THIS PLEDGE
AGREEMENT) HEREBY WAIVE THEIR RIGHT TO A TRIAL BY JURY IN ANY ACTION, LITIGATION OR PROCEEDING
ARISING UNDER OR RELATED IN ANY WAY TO THIS AGREEMENT.

19. GOVERNING LAW. This Agreement shall be governed by and construed in accordance with the
laws of the State of New York.

IN WITNESS WHEREOF, this Agreement has been duly executed as of the day and year first written
above.

LORAL SPACE & COMMUNICATIONS

INC.

By: /s/ Richard J. Townsend

	 
	 	 

                  Name:  Richard J. Townsend
                  Title:          Executive Vice President
                                  and Chief Financial Officer
Name:
    	 	 	Richard J. Townsend
	 	 	Title: Executive Vice President	 
	 	 	 	 	 	and Chief Financial Officer

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