Document:

<PAGE>
                                                                 EXHIBIT 10.78.2

                                 AMENDMENT NO. 2

                  AMENDMENT NO. 2, dated as of October 29, 2003, to the Credit
Agreement dated as of February 25, 2002 (as heretofore modified and supplemented
and in effect on the date hereof, the "Credit Agreement"), between PANAMSAT
CORPORATION, a Delaware corporation (the "Borrower"), the several banks and
other financial institutions from time to time parties thereto (the "Existing
Lenders") and CREDIT SUISSE FIRST BOSTON, as Administrative Agent for the
Lenders (in such capacity, the "Administrative Agent").

                              W I T N E S S E T H:

                  WHEREAS, the Borrower has requested that the Existing Lenders
consent (i) to the creation of a new term loan facility (the loans thereunder,
the "Tranche B1 Term Loans") under the Credit Agreement in an amount equal to
$650,000,000 to be used by the Borrower to refinance the Tranche B Term Loans
(as defined in the Credit Agreement) and all of the Tranche A Term Loans and
(ii) to certain other amendments to the Credit Agreement and, in that
connection, the Administrative Agent has been granted authority by Existing
Lenders constituting the Required Lenders, the Required Tranche A Term Loan
Lenders and the Required Tranche B Term Loan Lenders under and as defined in the
Credit Agreement to execute and deliver this Amendment on behalf of the Existing
Lenders currently party to the Credit Agreement;

                  WHEREAS, each bank or financial institution or other entity
(each, a "Tranche B1 Term Loan Lender" and, together with each Existing Lender,
the "Lenders") executing a Lender Addendum substantially in the form of Annex A
attached hereto (a "Lender Addendum") wishes to agree to (i) extend credit to
the Borrower under the Credit Agreement in the form of the Tranche B1 Term Loans
in an amount, as to each Tranche B1 Term Loan Lender, equal to the "Tranche B1
Term Loan Commitment" set forth opposite such Tranche B1 Term Loan Lender's name
on such Tranche B1 Term Loan Lender's Lender Addendum and (ii) thereby (to the
extent not already an Existing Lender) become a "Lender" under the Credit
Agreement;

                  NOW, THEREFORE, in consideration of the premises and of the
mutual agreements herein contained, the parties hereto hereby agree as follows:

                  Section 1. Defined Terms. Terms defined in the Credit
Agreement and used herein shall have the meanings given to them in the Credit
Agreement.

                  Section 2. Amendments to the Credit Agreement. Subject to the
satisfaction of the conditions set forth in Section 4 hereof, the Credit
Agreement is hereby amended as follows:

                  2.01. Definitions. Section 1.01 of the Credit Agreement shall
be amended by (i) deleting the definitions of "Echostar", "Echostar Combination
Transaction" and "Stock Purchase Agreement" in their entirety, (ii) adding the
following definitions (to the extent not already included in said Section 1.01)
and inserting the same in the appropriate alphabetical
<PAGE>
                                      -2-

locations and (iii) amending in their entirety the following definitions (to the
extent already included in said Section 1.01) as follows:

                  "Amendment No. 2 Effective Date" has the meaning assigned to
         such term in Section 4 of Amendment No. 2 hereto.

                  "Applicable Rate" means, for any day, (a) with respect to any
         Tranche B1 ABR Loan, 1.5% and any Tranche B1 Eurodollar Loan, 2.5%, (b)
         with respect to any Tranche B ABR Loan, 2.50% and any Tranche B
         Eurodollar Loan, 3.50% and (c) with respect to any ABR Loan (including
         any Swingline Loan) or Eurodollar Loan that is a Revolving Credit or
         Tranche A Term Loans, or with respect to the commitment fees payable
         hereunder, as the case may be, the applicable rate per annum set forth
         below under the caption "ABR" or "Eurodollar" for the respective Class
         of Loans, or "Commitment Fee Rate", respectively, based upon the Total
         Leverage Ratio as of the most recent determination date:

<TABLE>
<CAPTION>
                                                                                                   COMMITMENT FEE
                   TOTAL LEVERAGE RATIO      REVOLVING CREDIT LOANS      TRANCHE A TERM LOANS           RATE
                   ----------------------------------------------------------------------------------------------
                           -----               ABR       Eurodollar       ABR       Eurodollar         -----
                   ----------------------------------------------------------------------------------------------
<S>                                          <C>         <C>             <C>        <C>            <C>
                          > 4.50              2.25%         3.25%        2.25%         3.25%           0.750%
                     < 4.50 and > 4.00        2.00%         3.00%        2.00%         3.00%           0.500%
                     < 4.00 and > 3.50        1.75%         2.75%        1.75%         2.75%           0.500%
                     < 3.50 and > 3.00        1.50%         2.50%        1.50%         2.50%           0.375%
                          < 3.00              1.25%         2.25%        1.25%         2.25%           0.375%
</TABLE>

         For purposes of the foregoing, (i) the Total Leverage Ratio shall be
         determined as of the end of each fiscal quarter of the Borrower's
         fiscal year based upon the Borrower's consolidated financial statements
         delivered pursuant to Section 5.01(a) or (b) and (ii) each change in
         the Applicable Rate resulting from a change in the Total Leverage Ratio
         shall be effective during the period commencing on and including the
         date two Business Days after delivery to the Administrative Agent of
         such consolidated financial statements indicating such change and
         ending on the date immediately preceding the effective date of the next
         such change; provided that the Total Leverage Ratio shall be deemed to
         be in the highest range provided above (A) at any time that an Event of
         Default has occurred and is continuing and (B) if the Borrower fails to
         deliver the consolidated financial statements required to be delivered
         by it pursuant to Section 5.01(a) or (b), during the period from the
         expiration of the time for delivery thereof until such consolidated
         financial statements are delivered.
<PAGE>
                                      -3-

                  "Change in Control" means the occurrence of any one or more of
         the following events:

                           (a) at any time that the Borrower is not a Subsidiary
                  of a Permitted Holder, the ownership, directly or indirectly,
                  beneficially or of record, by any Person or group (within the
                  meaning of the Securities Exchange Act of 1934 and the rules
                  of the SEC thereunder as in effect on the date hereof) other
                  than one or more Permitted Holders of shares representing more
                  than 30% of the total voting power represented by the issued
                  and outstanding capital stock of the Borrower then entitled to
                  vote in the election of the Board of Directors;

                           (b) at any time that the Borrower is a Subsidiary of
                  Hughes or a Holding Company, the acquisition of Control of
                  Hughes or such Holding Company by any Person or group (within
                  the meaning of the Securities Exchange Act of 1934 and the
                  rules of the SEC thereunder as in effect on the date hereof),
                  other than a Permitted Holder;

                           (c) at any time, the occupation of a majority of the
                  seats (other than vacant seats) on the board of directors of
                  the Borrower (or, at any time the Borrower is a Subsidiary of
                  Hughes or a Holding Company of Hughes or such Holding Company)
                  by Persons who were neither (i) nominated by the board of
                  directors of the Borrower (or of Hughes or such Holding
                  Company, as the case may be) with the affirmative vote of a
                  majority of the members of said board of directors at the time
                  of such nomination or election nor (ii) appointed by directors
                  so nominated or elected or appointed by Permitted Holders;

                           (d) any "Change of Control" (however defined in the
                  relevant indenture or other instrument) shall occur with
                  respect to the Senior 1998 Notes, the Senior 2002 Notes, or
                  any Permitted Senior Indebtedness or Permitted Subordinated
                  Indebtedness if the effect thereof is to require the Borrower
                  to repurchase or redeem (or make an offer to repurchase of
                  redeem) any such Notes or Indebtedness: or

                           (e) at any time after the consummation of a Holding
                  Company Transaction, the Holding Company shall cease to own
                  directly all of the issued and outstanding capital stock and
                  other ownership interests of the Borrower.

         For purposes of clause (a) above, a Person or group shall be deemed to
         own "beneficially" all shares that any such Person or group has the
         right to acquire, whether such right is exercisable immediately or only
         after the passage of time).

                  "Class", when used in reference to any Loan or Borrowing,
         refers to whether such Loan, or the Loans constituting such Borrowing,
         are Revolving Credit Loans, Tranche A Term Loans, Tranche B Term Loans,
         Tranche B1 Term Loans or Swingline Loans and, when used in reference to
         any Commitment, refers to whether such Commitment is a
<PAGE>
                                      -4-

         Revolving Credit Commitment, Tranche A Term Loan Commitment, Tranche B
         Term Loan Commitment, or Tranche B1 Term Loan Commitment.

                  "Commitment" means a Revolving Credit Commitment, Tranche A
         Term Loan Commitment, Tranche B Term Loan Commitment or Tranche B1 Term
         Loan Commitment, or any combination thereof (as the context requires).

                  "EBITDA" means, for any period, the sum, for the Borrower and
         its Restricted Subsidiaries (determined on a consolidated basis without
         duplication in accordance with GAAP), of the following (in each case
         adjusted to exclude all extraordinary and unusual items, income or loss
         attributable to equity in affiliates and non-cash minority interest
         payments and receipts): (a) net operating income (calculated before
         taxes, Interest Expense, extraordinary and unusual items and income or
         loss attributable to equity in Affiliates) for such period plus (b)
         depreciation and amortization (to the extent deducted in determining
         net operating income) and other non-cash items deducted from net income
         for such period plus (c) costs associated with the Refinancing
         (including in connection with the execution and delivery of this
         Agreement and the other Loan Documents) allocated to such period plus
         (d) loss (or minus income) attributable to operations discontinued
         during such period plus (e) the aggregate collections by the Borrower
         and its Restricted Subsidiaries during such period on investments in
         sales-type leases minus (f) the aggregate amount of gross profit on
         sales-type leases included in net operating income for such period
         minus (g) any Specified Affiliate Payments made during such period (net
         of any contributions contemplated by clause (b) of the definition of
         "Specified Affiliate Payments").

                  Notwithstanding the foregoing, if during any period for which
         EBITDA is being determined the Borrower or any of its Restricted
         Subsidiaries shall have consummated any acquisition or Disposition of a
         business or operating unit then, for all purposes of this Agreement,
         EBITDA shall be determined on a pro forma basis as if such acquisition
         or Disposition had been made or consummated on the first day of such
         period.

                  "Holding Company" means a corporation, limited liability
         company or limited partnership that owns directly 100% of the issued
         and outstanding shares of capital stock and other ownership interest of
         each class of the Borrower, and which is formed either pursuant to
         Section 6.03(f) or clause (q) of Article VII. Anything herein to the
         contrary notwithstanding, Hughes shall not be a "Holding Company" for
         purposes of this Agreement.

                  "Interest Coverage Ratio" means, as at any date, the ratio of
         (a) EBITDA for the period of four fiscal quarters ending on or most
         recently ended prior to such date to (b) Interest Expense for such
         Period.

                  "Interest Expense" means, for any period, the sum, for the
         Borrower and its Restricted Subsidiaries (determined on a consolidated
         basis without duplication in accordance with GAAP), of the following:
         (a) all interest in respect of Indebtedness (including the interest
         component of any payments in respect of Capital Lease
<PAGE>
                                      -5-

         Obligations but excluding any interest not required to be paid in cash)
         accrued or capitalized during such period (whether or not actually paid
         during such period) plus (b) the aggregate amount of dividends paid in
         cash in respect of Disqualified Stock during such period plus (c) the
         net amount payable (or minus the net amount receivable) under Hedging
         Agreements relating to interest during such period (whether or not
         actually paid or received during such period) minus (d) interest income
         for such period (but only to the extent not included in the
         determination of EBITDA for such period).

                  Notwithstanding the foregoing, (i) if during any period for
         which Interest Expense is being determined the Borrower or any of its
         Restricted Subsidiaries shall have consummated any acquisition or
         Disposition then, for all purposes of this Agreement, Interest Expense
         shall be determined on a pro forma basis as if such acquisition or
         Disposition (and any Indebtedness incurred by the Borrower or any of
         its Restricted Subsidiaries in connection with such acquisition or
         repaid as a result of such Disposition) had been made or consummated
         (and such Indebtedness incurred or repaid) on the first day of such
         period and (ii) if, as at any date (a "calculation date"), fewer than
         four complete consecutive fiscal quarters have elapsed subsequent to
         the Effective Date, Interest Expense shall be calculated (after giving
         effect to the adjustment contemplated in the foregoing clause (i)) only
         for the portion of such period commencing on the Effective Date and
         ending on the calculation date and shall then be annualized by
         multiplying the amount of such Interest Expense by a fraction, the
         numerator of which is 365 and the denominator of which is the number of
         days during the period commencing on the day immediately following the
         Effective Date through and including the calculation date.

                  "Lenders" means the Persons listed on Schedule I, each Tranche
         B1 Term Lender executing and delivering a Lender Addendum to Amendment
         No. 2 hereto, and any other Person that shall have become a party
         hereto pursuant to an Assignment and Acceptance, other than any such
         Person that ceases to be a party hereto pursuant to an Assignment and
         Acceptance. Unless the context otherwise requires, the term "Lenders"
         includes the Swingline Lender.

                  "Permitted Holder" means each of (i) General Motors or Hughes
         or, at any time after the completion of the Stock Purchase
         Transactions, News Corp. and (ii) any Subsidiary (including a Holding
         Company) or any other Person, directly or indirectly, Controlled by any
         of the foregoing.

                  "Principal Payment Dates" means each Quarterly Date,
         commencing with March 31, 2004 through and including September 30,
         2010, or if such date is not a Business Day, on the next preceding
         Business Day.

                  "Syndicated", when used in reference to any Loan or Borrowing,
         refers to whether the Class of such Loan or Borrowing is Revolving
         Credit, Tranche A Term, Tranche B Term, or Tranche B1 Term, as opposed
         to Swingline.
<PAGE>
                                      -6-

                  "Term", when used in reference to any Loan or Borrowing,
         refers to whether the Class of such Loan or Borrowing is Tranche A
         Term, Tranche B Term or Tranche B1 Term, as opposed to Revolving Credit
         or Swingline.

                  "Term Loan Commitments" means, collectively, the Tranche A
         Term Loan Commitments, the Tranche B Term Loan Commitments and the
         Tranche B1 Term Loan Commitments.

                  "Tranche B1 Term", when used in reference to any Loan or
         Borrowing, refers to whether such Loan, or the Loans constituting such
         Borrowing, are made pursuant to Section 2.01(d).

                  "Tranche B1 Term Loan Commitment" means, with respect to each
         Lender, the commitment, if any, of such Lender to make one or more
         Tranche B1 Term Loans hereunder on the Amendment No. 2 Effective Date,
         expressed as an amount representing the maximum aggregate principal
         amount of the Tranche B1 Term Loans to be made by such Lender
         hereunder, as such commitment may be (a) reduced from time to time
         pursuant to Section 2.08 or 2.10(b) and (b) reduced or increased from
         time to time pursuant to assignments by or to such Lender pursuant to
         Section 9.04. The initial amount of each Lender's Tranche B1 Term Loan
         Commitment is set forth in the Lender Addendum executed and delivered
         by such Tranche B1 Term Loan Lender, or in the Assignment and
         Acceptance pursuant to which such Lender shall have assumed its Tranche
         B1 Term Loan Commitment, as applicable. The initial aggregate amount of
         the Lenders' Tranche B1 Term Loan Commitments is $650,000,000.

                  "Tranche B1 Term Loan Lender" means a Lender with a Tranche B1
         Term Loan Commitment or an outstanding Tranche B1 Term Loan.

                  2.02. The Commitments. Section 2.01 of the Credit Agreement
shall be amended by inserting a new paragraph (d) at the end thereof to read as
follows:

                  "(d) Tranche B1 Term Loans. Subject to the terms and
         conditions set forth herein, each Tranche B1 Term Loan Lender agrees to
         make one or more Tranche B1 Term Loans to the Borrower on the Amendment
         No. 2 Effective Date in a principal amount not exceeding its Tranche B1
         Term Loan Commitment. The proceeds of the Tranche B1 Term Loans shall
         be applied, concurrently with the making thereof, to the prepayment of,
         first, the Tranche B Term Loans and, second, any excess thereof shall
         be applied to the prepayment of Tranche A Term Loans, as more
         particularly provided in Section 4(h) of Amendment No. 2 hereto.
         Amounts prepaid or repaid in respect of Tranche B1 Term Loans may not
         be reborrowed."
<PAGE>
                                      -7-

                  2.03. Requests for Syndicated Borrowings. Section 2.03(b)(i)
of the Credit Agreement shall be amended and restated to read in its entirety as
follows:

                  "(i) whether the requested Borrowing is to be a Revolving
         Credit Borrowing, Tranche A Term Borrowing, Tranche B Term Borrowing or
         Tranche B1 Term Borrowing;"

                  2.04. Termination and Reduction of Commitments. Section
2.08(a) of the Credit Agreement shall be amended and restated to read in its
entirety as follows:

                  "(a) Scheduled Termination. Unless previously terminated, (i)
         the Term Loan Commitments of each Class shall terminate at 5:00 p.m.,
         New York City time, on the Effective Date (or, in the case of the
         Tranche B1 Term Loan Commitment, on the Amendment No. 2 Effective
         Date), and (ii) the Revolving Credit Commitments shall terminate on the
         Revolving Credit Commitment Termination Date."

                  2.05. Repayment of Loans; Evidence of Debt. Section 2.09(a) of
the Credit Agreement shall be amended by inserting a new clause (v) at the end
thereof to read as follows:

                  "(v) to the Administrative Agent for account of the Tranche B1
         Term Loan Lenders the outstanding principal of the Tranche B1 Term
         Loans on each Principal Payment Date falling on or nearest to each date
         set forth in column (A) below, by an amount equal to the percentage of
         the original aggregate principal amount of the Tranche B1 Term Loans
         (after giving effect to the making thereof on the Amendment No. 2
         Effective Date) set forth in column (B) below of the aggregate
         principal amount of the Tranche B1 Term Loans:

<TABLE>
<CAPTION>
                               (A)                                  (B)
                      Principal Payment Date               Percentage Reduction
                      ----------------------               --------------------
<S>                                                        <C>
                        March 31, 2004                              .25%
                        June 30, 2004                               .25%
                        September 30, 2004                          .25%
                        December 31, 2004                           .25%

                        March 31, 2005                              .25%
                        June 30, 2005                               .25%
                        September 30, 2005                          .25%
                        December 31, 2005                           .25%

                        March 31, 2006                              .25%
                        June 30, 2006                               .25%
                        September 30, 2006                          .25%
                        December 31, 2006                           .25%
</TABLE>
<PAGE>
                                      -8-

<TABLE>
<S>                                                        <C>
                        March 31, 2007                              .25%
                        June 30, 2007                               .25%
                        September 30, 2007                          .25%
                        December 31, 2007                           .25%

                        March 31, 2008                              .25%
                        June 30, 2008                               .25%
                        September 30, 2008                          .25%
                        December 31, 2008                           .25%

                        March 31, 2009                              .25%
                        June 30, 2009                               .25%
                        September 30, 2009                          .25%
                        December 31, 2009                       23.5625%

                        March 31, 2010                          23.5625%
                        June 30, 2010                           23.5625%
                        September 30, 2010                      23.5625%"
</TABLE>

                  2.06. Manner of Payment. Section 2.09(b) of the Credit
Agreement shall be amended and restated to read in its entirety as follows:

                  "(b) Manner of Payment. Prior to any repayment or prepayment
         of any Borrowings of any Class hereunder, the Borrower shall select the
         Borrowing or Borrowings of the applicable Class to be paid and shall
         notify the Administrative Agent by telephone (confirmed by telecopy) of
         such selection not later than 11:00 a.m., New York City time, three
         Business Days before the scheduled date of such repayment; provided
         that each repayment or prepayment of Borrowings of any Class shall be
         applied to repay any outstanding ABR Borrowings of such Class before
         any other Borrowings of such Class. If the Borrower fails to make a
         timely selection of the Borrowing or Borrowings to be repaid or
         prepaid, such payment shall be applied, first, to pay any outstanding
         ABR Borrowings of the applicable Class and, second, to other Borrowings
         of such Class in the order of the remaining duration of their
         respective Interest Periods (the Borrowing with the shortest remaining
         Interest Period to be repaid first). Each payment of a Syndicated
         Borrowing shall be applied ratably to the Loans included in such
         Borrowing."

                  2.07. Optional Prepayment. Section 2.10(a) of the Credit
Agreement shall be amended and restated to read in its entirety as follows:

                  "(a) Optional Prepayments. The Borrower shall have the right
         at any time and from time to time to prepay any Borrowing in whole or
         in part, subject to prior notice in accordance with paragraph (c) of
         this Section. Prepayments of Term Loan Borrowings under this paragraph
         (a) shall be applied (i) as between each Class of Term Loan Borrowings,
         pro rata in accordance with the respective aggregate principal amounts
         of the Loans of such Class outstanding on the date of prepayment and
         (ii) as within each
<PAGE>
                                      -9-

         such Class of Loans, to the respective installments thereof ratably in
         accordance with the respective principal amounts of such installments."

                  2.08. Prepayment of Loans. Section 2.10(b)(v) of the Credit
Agreement shall be amended by deleting the final paragraph thereof in its
entirety.

                  2.09. Payments Generally; Pro Rata Treatment; Sharing of
Set-offs. Section 2.17(c) of the Credit Agreement shall be amended and restated
to read in its entirety as follows:

                  "(c) Pro Rata Treatment. Except to the extent otherwise
         provided herein: (i) each Syndicated Borrowing of a particular Class
         shall be made from the relevant Lenders, each payment of commitment fee
         under Section 2.11 in respect of Commitments of a particular Class
         shall be made for account of the relevant Lenders, and each termination
         or reduction of the amount of the Commitments of a particular Class
         under Section 2.08 shall be applied to the respective Commitments of
         such Class of the relevant Lenders, pro rata according to the amounts
         of their respective Commitments of such Class; (ii) each Syndicated
         Borrowing of any Class shall be allocated pro rata among the relevant
         Lenders according to the amounts of their respective Commitments of
         such Class (in the case of the making of Syndicated Loans) or their
         respective Loans of such Class that are to be included in such
         Borrowing (in the case of conversions and continuations of Loans);
         (iii) each payment or prepayment of principal of Revolving Credit
         Loans, Tranche A Term Loans, Tranche B Term Loans and Tranche B1 Term
         Loans by the Borrower shall be made for account of the relevant Lenders
         pro rata in accordance with the respective unpaid principal amounts of
         the Syndicated Loans of such Class held by them; and (iv) each payment
         of interest on Revolving Credit Loans, Tranche A Term Loans, Tranche B
         Term Loans and Tranche B1 Term Loans by the Borrower shall be made for
         account of the relevant Lenders pro rata in accordance with the amounts
         of interest on such Loans then due and payable to the respective
         Lenders."

                  2.10. No Material Adverse Change. Section 3.04(b) of the
Credit Agreement shall be amended and restated to read in its entirety as
follows:

                  "(b) No Material Adverse Change. Since September 30, 2001,
         there has been no material adverse change in the business, assets,
         operations or condition, financial or otherwise, of the Borrower and
         its Restricted Subsidiaries, taken as a whole (other than general
         economic conditions which have not yet affected the business, assets,
         operations or condition, financial or otherwise, of the Borrower and
         its Restricted Subsidiaries, taken as a whole, and other than as
         disclosed in the Borrower's Form 8K, 10K and 10Q filings made prior to
         the Amendment No. 2 Effective Date). It is understood and agreed that,
         in determining whether a material adverse change as described above
         shall have occurred, reference shall not be made to whether or not the
         Borrower has achieved the financial results set forth in the
         projections delivered by the Borrower to the Administrative Agent in
         connection with the syndication of the Revolving Credit, Tranche A Term
         Loan and Tranche B Term Loan Commitments hereunder."
<PAGE>
                                      -10-

                  2.11. Disclosure. Section 3.11 of the Credit Agreement shall
be amended and restated to read in its entirety as follows:

                  "SECTION 3.11. Disclosure. As of the date hereof, the Borrower
         has disclosed to the Lenders all agreements, instruments and corporate
         or other restrictions to which it or any of its Restricted Subsidiaries
         is subject, and all other matters (other than general economic
         conditions or the effects (i) resulting from the downgrading prior to
         the fourth quarter of 2001 of the credit rating for the Borrower's debt
         securities or (ii) resulting from Hughes' request that the Borrower
         consummate the Refinancing) known to it, that, individually or in the
         aggregate, could reasonably be expected to result in a Material Adverse
         Effect. The written reports, financial statements, certificates and
         other written information furnished by or on behalf of the Obligors to
         the Lenders in connection with the negotiation of this Agreement and
         the other Loan Documents or delivered hereunder or thereunder (as
         modified or supplemented by other information so furnished), taken as a
         whole, contain no material misstatement of fact or omit to state any
         material fact necessary to make the statements therein, in the light of
         the circumstances under which they were made, not misleading (it being
         understood that the Borrower does not represent and warrant pursuant to
         this Section that the financial statements, taken alone, satisfy the
         provisions of this sentence); provided that, with respect to projected
         financial information, the Borrower represents only that such
         information was prepared in good faith based upon assumptions believed
         to be reasonable at the time, it being understood that projections are
         subject to significant uncertainties and contingencies, many of which
         are beyond the Borrower's control, and that no assurance can be given
         that such projections will be realized. For purposes of this Section
         3.11 as of the date hereof, (i) the Offering Memorandum and (ii) all
         information contained in SEC filings by the Borrower or any Person with
         which the Borrower is consolidated on its financial statements shall be
         deemed disclosed to the Lenders."

                  2.12. Other Information. Section 5.01(h) of the Credit
Agreement shall be amended and restated to read in its entirety as follows:

                  "(h) promptly following any request therefor, such other
         information regarding the operations, business affairs and financial
         condition of the Borrower or any of its Subsidiaries, or compliance
         with the terms of this Agreement and the other Loan Documents, as the
         Administrative Agent or any Lender may reasonably request, which may
         include such information as any Lender may reasonably determine is
         necessary or advisable to enable it either (i) to comply with the
         policies and procedures adopted by it and its Affiliates to comply with
         the Bank Secrecy Act, as amended, with the Uniting and Strengthening
         America by Providing Appropriate Tools Required to Intercept and
         Obstruct Terrorism Act of 2001 (the "Patriot Act") and with applicable
         regulations thereunder or (ii) to respond to requests for information
         concerning the Borrower and its Subsidiaries from any governmental,
         self-regulatory organization or financial institution in connection
         with its anti-money laundering and anti-terrorism regulatory
         requirements or its compliance procedures under the Patriot Act,
         including in either case information concerning the Borrower's direct
         and indirect shareholders and its use of the proceeds of the Loans
         hereunder."

<PAGE>
                                      -11-

            2.13. Insurance.

            (a) The first paragraph of Section 5.06(b)(iii) of the Credit
      Agreement shall be amended and restated to read in its entirety as
      follows:

                  "(iii) In-Orbit Risk Management. Other than with respect to
            (A) Excluded Satellites, (B) any In-Orbit Spare Satellite (but only
            to the extent that such In-Orbit Spare Satellite is not expected or
            intended, in the good faith determination of the Board of Directors
            and evidenced by a Board Resolution delivered to the Administrative
            Agent, to earn revenues in excess of $15,000,000 for the immediately
            succeeding twelve calendar months), and (C) any other Covered
            Satellite as the Borrower shall designate, with the prior consent of
            the Required Lenders, the Borrower either will obtain, maintain and
            keep in full force and effect, with respect to each Covered
            Satellite, In-Orbit Insurance or comply with the terms of the
            Satellite Risk Management Program, with respect to each Covered
            Satellite, provided that in no event, at any time, shall more than
            47% of the aggregate number of transponders on all Covered
            Satellites (other than Excluded Satellites) that are in orbit be
            protected by In-Orbit Spare Satellites in accordance with the
            Satellite Risk Management Program."

            (b) Section 5.06(b)(iii)(II)(2) of the Credit Agreement shall be
      amended and restated to read in its entirety as follows:

                  "(2) for such time as the Borrower and its Restricted
            Subsidiaries shall maintain at least 10 Covered Satellites (other
            than Excluded Satellites) in commercial operation in orbit, for all
            such insured Covered Satellites in the aggregate, shall be in an
            amount not less than 60% of the aggregate book value of all Covered
            Satellites insured in accordance with Section 5.06(b)(iii) (with the
            allocation of such insurance among such Covered Satellites being in
            the Borrower's discretion). In the event that fewer than 10 Covered
            Satellites (other than Excluded Satellites) are in commercial
            operation in-orbit, the Borrower shall have 120 days to obtain
            additional insurance in accordance with this Section 5.06(b)(iii)
            such that each insured Covered Satellite in-orbit shall be insured
            in an amount of not less than the book value for such Covered
            Satellite, provided that the Borrower shall be deemed to be in
            compliance with this Section 5.06(b)(iii) for such 120 day period;"

            2.14. Hedging Agreements. Section 5.10 of the Credit Agreement shall
be deleted it in its entirety.

            2.15. Permitted Business Acquisition. Section 6.03(d)(i) of the
Credit Agreement shall be amended and restated to read in its entirety as
follows:

            "(i) the aggregate Purchase Price of any individual such acquisition
      shall not exceed (x) $200,000,000 during any single fiscal year or (y)
      $500,000,000 during the
<PAGE>
                                      -12-

      term of this Agreement, provided that without regard to and without usage
      of such limits, (A) the Borrower shall be permitted to make a Permitted
      Business Acquisition by Reinvestment of the Net Cash Proceeds of any
      Equity Issuance or the incurrence of any Affiliate Subordinated
      Indebtedness following the occurrence of such Equity Issuance or such
      incurrence as contemplated by Section 2.10(b)(ii) during the period
      contemplated therein and (B) the Borrower shall be permitted to make a
      Permitted Business Acquisition through the issuance of shares of its
      common stock (or the capital stock or other ownership interests of a
      Holding Company, or any parent company of such Holding Company or any
      Permitted Holder) to the respective seller(s) in such Acquisition,"

            2.16. Fundamental Changes. Section 6.03(f)(ii) of the Credit
Agreement shall be amended and restated to read in its entirety as follows:

            "(ii) subject to the satisfaction of the requirements set forth
      below, PanAmSat may merge with any direct or indirect Wholly Owned
      Subsidiary of Hughes or General Motors in a transaction designed to make
      the Borrower a Wholly Owned Subsidiary of Hughes or General Motors,"

            2.17. Investments. Section 6.05(m) of the Credit Agreement shall be
amended and restated to read in its entirety as follows:

            "(m) additional Investments up to but not exceeding $100,000,000 in
      the aggregate at any one time outstanding, if at the time of any such
      Investment the Total Leverage Ratio is greater than or equal to 3.50 to 1,
      or $200,000,000 in the aggregate at any one time outstanding, if at the
      time of any such Investment the Total Leverage Ratio is less than 3.50 to
      1."

            2.18. Restricted Payments. Section 6.06 clauses 6.06(ii) and
6.06(iii) of the Credit Agreement shall be amended and restated to read in their
entirety as follows:

            "(ii) the aggregate amount of Restricted Payments (excluding any
      Restricted Payments described in clauses (A), (B) or (C) above or clauses
      (a), (b), (c) or (d) below) made during any fiscal year shall not exceed
      $50,000,000;

            (iii) the Total Leverage Ratio as at the last day of the fiscal
      quarter most recently ended prior to the date of such Restricted Payments
      shall not exceed 3.50 to 1 and the Borrower shall be in compliance with
      Section 6.10 (the determination of such compliance to be calculated on a
      pro forma basis) as at the end of and for the period of four fiscal
      quarters most recently ended prior to the date of such Restricted Payment
      for which financial statements of the Borrower and its Subsidiaries are
      available, under the assumption that such Restricted Payments shall have
      occurred at the beginning of the applicable period; and"
<PAGE>
                                      -13-

            2.19. Transactions with Affiliates. Section 6.07(d)(i) of the Credit
Agreement shall be amended and restated to read in its entirety as follows:

            "(i) the aggregate amount paid by the Borrower and its Restricted
      Subsidiaries in respect of such reimbursement (x) during any period when
      such common parent is General Motors or Hughes, shall not exceed the
      aggregate amount of Federal, state and local income taxes the Borrower and
      its Subsidiaries would have been required to pay in the event they were a
      separate affiliated group with the Borrower being the common parent for
      such period and all prior periods (such taxes to be determined after
      giving effect to any net operating losses which would have been available
      to such separate affiliated group regardless of whether such net operating
      losses were used to offset income of other members of the group of which
      General Motors or Hughes was the common parent) and (y) during any period
      when such common parent is any other Person, shall not exceed the
      aggregate amount of such taxes the Borrower and its Subsidiaries would
      have been required to pay in the event they were a separate affiliated
      group with the Borrower being the common parent for such period and all
      prior periods after the date such other Person became such common parent
      (such taxes to be determined after giving effect to any net operating
      losses which would have been available to, and usable by, such separate
      affiliated group regardless of whether such net operating losses were used
      to offset income of other members of the group of which such other Person
      was the common parent) and"

            2.20. Capital Expenditures. Section 6.10(d) of the Credit Agreement
shall be amended and restated to read in its entirety as follows:

            "(d) Capital Expenditures. The Borrower will not permit the
      aggregate amount of Capital Expenditures by the Borrower and its
      Restricted Subsidiaries to exceed the following respective amounts for the
      following respective fiscal years:

      <TABLE>
      <CAPTION>
      Fiscal Year Ending                              Amount
      ------------------                              ------
      <S>                                         <C>
      December 31, 2002                           $425,000,000
      December 31, 2003                           $300,000,000
      December 31, 2004                           $300,000,000
      December 31, 2005                           $300,000,000
      December 31, 2006                           $300,000,000
      December 31, 2007                           $300,000,000
      December 31, 2008                           $300,000,000
      December 31, 2009                           $300,000,000
      December 31, 2010                           $300,000,000
      </TABLE>

      If the aggregate amount of Capital Expenditures for any period set forth
      in the schedule above shall be less than the amount set forth opposite
      such period in the schedule above, then the shortfall shall be added to
      the amount of Capital Expenditures permitted for the immediately
      succeeding (but not any other) period, except that any such amount added
      to such immediately succeeding period that is not expended during such
      period may (but
<PAGE>
                                      -14-

      only so long as the same are applied to Capital Expenditures in connection
      with the purchase or construction of Satellites) be applied to Capital
      Expenditures in the next following period. By way of illustration,
      permitted amounts not expended in 2002 may be carried forward to 2003 and,
      to the extent applied to the purchase or construction of Satellites, may
      be carried forward to 2004."

            2.21. Successors and Assigns. Section 9.04(b)(iii) of the Credit
Agreement shall be amended and restated to read in its entirety as follows:

            "(iii) except in the case of an assignment to a Lender or an
      Affiliate (or Approved Fund) of a Lender or an assignment of the entire
      remaining amount of the assigning Lender's Commitment(s), the amount of
      the Commitment(s) of the assigning Lender subject to each such assignment
      (determined as of the date the Assignment and Acceptance with respect to
      such assignment is delivered to the Administrative Agent) shall not be
      less than $5,000,000 (in the case of the Revolving Credit Commitments) or
      $1,000,000 (in the case of the Tranche A, Tranche B or Tranche B1 Term
      Loan Commitments) unless each of the Borrower and the Administrative Agent
      otherwise consent,"

            Section 3. Representations and Warranties. Each Obligor represents
and warrants to the Lenders and the Administrative Agent that the
representations and warranties set forth in Article III of the Credit Agreement
as amended hereby are true and complete on the date hereof as if made on and as
of the date hereof (or, if any such representation or warranty is expressly
stated to have been made as of a specific date, as of such specific date) and as
if each reference in said Article III to "this Agreement" included reference to
this Amendment.

            Section 4. Conditions to Effectiveness. The effectiveness of the
amendments to the Credit Agreement set forth in Section 2, and the obligation of
each Tranche B1 Term Loan Lender to make its Tranche B1 Term Loan under the
Credit Agreement as amended hereby, is subject to the satisfaction of the
following conditions precedent or, as applicable, to the receipt by the
Administrative Agent (with sufficient copies for each of the Lenders) of the
following documents, in each case (unless otherwise specified) in a manner in
form and substance satisfactory to the Administrative Agent (the date of such
satisfaction herein referred to as the "Amendment No. 2 Effective Date"):

            (a) Amendment No. 2. Duly executed and delivered counterparts of
      this Amendment from each Obligor and the Administrative Agent, duly
      executed and delivered Lender Addenda from the Tranche B1 Term Loan
      Lenders for aggregate Tranche B1 Term Loan Commitments in an amount equal
      to $650,000,000 and duly executed and delivered authorizations to the
      Administrative Agent from Existing Lenders constituting the Required
      Lenders, the Required Tranche A Term Loan Lenders and the Required Tranche
      B Term Loan Lenders to execute and deliver this Amendment No. 2.

            (b) Payment of Fees. The payment by the Borrower to the
      Administrative Agent for the account of the Tranche B1 Lenders of such
      amendment, upfront and other fees as
<PAGE>
                                      -15-

      have been agreed to be paid in connection with the making of the Tranche
      B1 Loans under the Credit Agreement contemplated hereby.

            (c) Corporate Documents. Such documents and certificates as the
      Administrative Agent or its counsel may reasonably request relating to the
      borrowings under the Credit Agreement in respect of the Tranche B1 Term
      Loans and any other legal matters relating to the Obligors (including
      board of director resolutions and evidence of the incumbency of officers),
      the Credit Agreement as amended by this Amendment and the Tranche B1 Term
      Loans, all in form and substance satisfactory to the Administrative Agent
      and its counsel.

            (d) Officer's Certificate. A certificate, dated the Amendment No. 2
      Effective Date and signed by the President, a Vice President or a
      Financial Officer of the Borrower, confirming compliance with the
      conditions set forth in the lettered clauses of the first sentence of
      Section 4.02 of the Credit Agreement.

            (e) Opinion of Counsel. An opinion, dated the Amendment No. 2
      Effective Date, of Gibson, Dunn & Crutcher LLP, special New York counsel
      to the Obligors, covering the matters covered by clauses 1 through and
      including 6 of the opinion of Gibson, Dunn & Crutcher LLP delivered in
      connection with the Credit Agreement with respect to matters relating to
      the Tranche B1 Term Loans, and in each case covering such other matters as
      the Administrative Agent may reasonably request, including, without
      limitation, matters related to the Security Documents (and each Obligor
      hereby instructs such counsel to deliver each such opinion to the Lenders
      and to the Administrative Agent).

            (f) Opinion of Special New York Counsel to CSFB. An opinion, dated
      the Amendment No. 2 Effective Date, of Milbank, Tweed, Hadley & McCloy
      LLP, special New York counsel to the Joint Arrangers, substantially in the
      form of Exhibit I of the Credit Agreement (and CSFB hereby instructs such
      counsel to deliver such opinion to the Lenders).

            (g) Additional Security Documents.

                  (i) All necessary modifications or confirmations to the
            Security Documents in effect on the Amendment No. 2 Effective Date
            duly executed and delivered so as to ensure the continued
            effectiveness of the security interests created thereby and the
            spreading of the liens created thereby to cover the additional
            obligations to be incurred by the Obligors on the Amendment No. 2
            Effective Date, in each case covering such matters as shall be
            requested by the Administrative Agent, provided, it being understood
            that the Tranche B1 Term Loan Lenders will not benefit from the
            Mortgage over the property located in Brooklyn, New York;
<PAGE>
                                      -16-

                  (ii) Evidence that such other action as shall be necessary to
            perfect or record the liens contemplated by the foregoing clause (i)
            under applicable law shall have been taken.

            (h) Repayment of Tranche B Term Loans. The principal of and interest
      on, and all other amounts owing in respect of the Tranche B Term Loans
      (including, without limitation, any amounts owing under Section 2.15 of
      the Credit Agreement), shall have been (or be concurrently) paid in full.

            (i) Other Documents. Such other documents as the Administrative
      Agent, any Lender or special New York counsel to the Administrative Agent
      may reasonably request.

            Section 5. Delivery of Lender Addenda. Each Tranche B1 Term Loan
Lender shall become a party to this Amendment by delivering to the
Administrative Agent a Lender Addendum duly executed by such Tranche B1 Term
Loan Lender, the Obligors and the Administrative Agent.

            Section 6. Confirmation of Guarantee Agreement and Security
Documents. Each of the Subsidiary Guarantors hereby confirms that the
obligations of the Borrower in respect of the Tranche B1 Term Loans under the
Credit Agreement shall be entitled to the benefits of the guarantee set forth in
the Guarantee Agreement (and shall constitute "Guaranteed Obligations" under the
Guarantee Agreement), and each of the Obligors hereby confirms that the
obligations of the Obligors in respect of the Tranche B1 Term Loans under the
Credit Agreement as amended hereby (in the case of the Borrower), and in respect
of its guarantee under the Guarantee Agreement (in the case of the Subsidiary
Guarantor), shall be entitled to the benefits of the collateral security
provided by the Security Documents (and shall constitute "Secured Obligations"
under each Security Agreement).

            Section 7. Miscellaneous. Except as herein provided, the Credit
Agreement shall remain unchanged and in full force and effect. This Amendment
may be executed in any number of counterparts, all of which taken together shall
constitute one and the same amendatory instrument and any of the parties hereto
may execute this Amendment by signing any such counterpart. This Amendment shall
be governed by, and construed in accordance with, the law of the State of New
York.
<PAGE>
                                      -17-

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

                                          PANAMSAT CORPORATION

                                          By:     /s/ Mike J. Inglese
                                             -----------------------------------
                                          Title: Executive Vice President and
                                                 Chief Financial Officer

                                          CREDIT SUISSE FIRST BOSTON,
                                            as Administrative Agent

                                          By:    /s/ Sovonna Day-Goins
                                             -----------------------------------
                                          Title: Vice President

                                          CREDIT SUISSE FIRST BOSTON,
                                             as Administrative Agent

                                          By:     /s/ Jay Chall
                                             -----------------------------------
                                          Title:  Director

            Each of the Subsidiary Guarantors, by its signature below, hereby
consents to the foregoing Amendment No. 2 for purposes of the Guarantee
Agreement.

ESATEL COMMUNICATIONS, INC.                                  NET/36, INC.

By       /s/ James W. Cuminale            By       /s/ James W. Cuminale
  ------------------------------------      ------------------------------------
  Name:  James W. Cuminale                  Name:  James W. Cuminale
  Title: Executive Vice President -         Title: Executive Vice President -
         Corporate Development and                 Corporate Development and
         Corporate Secretary                       Corporate Secretary
<PAGE>
                                      -18-

PANAMSAT ASIA CARRIER                     PANAMSAT CAPITAL CORPORATION
  SERVICES, INC.

By       /s/ Michael J. Inglese           By       /s/ James W. Cuminale
  ------------------------------------      ------------------------------------
  Name:  Michael J. Inglese                 Name:  James W. Cuminale
  Title: Executive Vice President and       Title: Executive Vice President -
         Chief Financial Officer                   Corporate Development,
                                                   General Counsel and
                                                   Corporate Secretary

PANAMSAT CARRIER SERVICES, INC.           PANAMSAT COMMUNICATIONS
                                            CARRIER SERVICES, INC.

By       /s/ Michael J. Inglese           By       /s/ James W. Cuminale
  ------------------------------------      ------------------------------------
  Name:  Michael J. Inglese                 Name:  James W. Cuminale
  Title: Executive Vice President and       Title: Executive Vice President -
         Chief Financial Officer                   Corporate Development,
                                                   General Counsel and
                                                   Corporate Secretary

PANAMSAT COMMUNICATIONS                   PANAMSAT COMMUNICATIONS
  JAPAN, INC.                               SERVICES, INC.

By       /s/ Michael J. Inglese           By       /s/ James W. Cuminale
  ------------------------------------      ------------------------------------
  Name:  Michael J. Inglese                 Name:  James W. Cuminale
  Title: Executive Vice President and       Title: Executive Vice President -
         Chief Financial Officer                   Corporate Development,
                                                   General Counsel and
                                                   Corporate Secretary

PANAMSAT INDIA, INC.                      PANAMSAT INDIA MARKETING, L.L.C.

By       /s/ Michael J. Inglese           By       /s/ James W. Cuminale
  ------------------------------------      ------------------------------------
  Name:  Michael J. Inglese                 Name:  James W. Cuminale
  Title: Executive Vice President and       Title: Manager
         Chief Financial Officer
<PAGE>
                                      -19-

PANAMSAT INTERNATIONAL                    PANAMSAT INTERNATIONAL
  HOLDINGS, LLC                             SALES, INC.

By       /s/ Michael J. Inglese           By       /s/ James W. Cuminale
  ------------------------------------      ------------------------------------
  Name:  Michael J. Inglese                 Name:  James W. Cuminale
  Title: Executive Vice President and       Title: Executive Vice President -
         Chief Financial Officer                   Corporate Development,
                                                   General Counsel and
                                                   Corporate Secretary

PANAMSAT INTERNATIONAL                    PANAMSAT INTERNATIONAL
  SYSTEMS LIMITED                           SYSTEMS, LLC

By       /s/ Michael J. Inglese           By       /s/ James W. Cuminale
  ------------------------------------      ------------------------------------
  Name:  Michael J. Inglese                 Name:  James W. Cuminale
  Title: Executive Vice President and       Title: Manager
         Chief Financial Officer

PANAMSAT INTERNATIONAL                    PANAMSAT LICENSEE CORP.
  SYSTEMS MARKETING, LLC

By       /s/ James W. Cuminale            By       /s/ James W. Cuminale
  ------------------------------------      ------------------------------------
  Name:  James W. Cuminale                  Name:  James W. Cuminale
  Title: Manager                            Title: Executive Vice President -
                                                   Corporate Development,
                                                   General Counsel and
                                                   Corporate Secretary

PANAMSAT MARKETING                        PAS INTERNATIONAL
  CORPORATION                               EMPLOYMENT, INC.

By       /s/ Michael J. Inglese           By       /s/ James W. Cuminale
  ------------------------------------      ------------------------------------
  Name:  Michael J. Inglese                 Name:  James W. Cuminale
  Title: Executive Vice President and       Title: Executive Vice President -
         Chief Financial Officer                   Corporate Development,
                                                   General Counsel and
                                                   Corporate Secretary
<PAGE>
                                      -20-

PAS INTERNATIONAL LLC                     SERVICE AND EQUIPMENT
                                            CORPORATION

By       /s/ James W. Cuminale            By       /s/ Michael J. Inglese
  ------------------------------------      ------------------------------------
  Name: James W. Cuminale                   Name:  Michael J. Inglese
  Title: Manager                            Title: Executive Vice President and
                                                   Chief Financial Officer

SOUTHERN SATELLITE CORP.                  SOUTHERN SATELLITE
                                            LICENSEE CORPORATION

By       /s/ James W. Cuminale            By       /s/ Michael J. Inglese
  ------------------------------------      ------------------------------------
  Name:  James W. Cuminale                  Name:  Michael J. Inglese
  Title: Executive Vice President -         Title: Executive Vice President and
         Corporate Development,                    Chief Financial Officer
         General Counsel and
         Corporate Secretary

USHI, LLC

By       /s/ James W. Cuminale
  ------------------------------------
  Name:  James W. Cuminale
  Title: Executive Vice President -
         Corporate Development,
         General Counsel and
         Corporate Secretary<PAGE>

                                                                     EXHIBIT 4.2

                         FORM OF SUPPLEMENTAL INDENTURE

              SUPPLEMENTAL INDENTURE, dated as of        , 2003, by and between
Volume Services America, Inc., a Delaware corporation (the "Company"), and Wells
Fargo Bank Minnesota, N.A., as successor to Norwest Bank Minnesota, National
Association, as trustee (the "Trustee") to the Indenture, dated as of March 4,
1999 (the "Indenture").

                              W I T N E S S E T H :

              WHEREAS, the Company and the Trustee have heretofore executed and
delivered the Indenture providing for the issuance of 11 1/4% Senior
Subordinated Notes due 2009 (the "Securities") of the Company;

              WHEREAS, there is currently outstanding under the Indenture
$100,000,000 in aggregate principal amount of the Securities;

              WHEREAS, Volume Services America Holdings, Inc., a Delaware
corporation and the parent entity of the Company ("Holdings"), intends to offer
and sell to the public Income Deposit Securities, representing shares of common
stock and subordinated notes of Holdings pursuant to a Registration Statement on
Form S-1 (the "IPO") and enter into a series of transactions (together with the
IPO, the "Restructuring") which require the amendment and/or waiver of various
provisions of the Indenture;

              WHEREAS, Section 9.02 of the Indenture provides that the Company
and the Trustee may, with the written consent of the Holders of at least a
majority in aggregate principal amount of the outstanding Securities, (i) enter
into a supplemental indenture for the purpose of amending the Indenture or (ii)
waive compliance with certain provisions of the Indenture;

              WHEREAS, the Company has offered to purchase for cash all of the
outstanding Securities upon the terms and subject to the conditions set forth in
the Offer to Purchase and Consent Solicitation Statement dated        , 2003, as
the same may be amended, supplemented or modified (the "Offer");

              WHEREAS, the Offer is conditioned upon, among other things, the
proposed amendments and waivers (the "Proposed Amendments") to the Indenture set
forth herein having been approved by at least a majority in aggregate principal
amount of the outstanding Securities (and a supplemental indenture in respect
thereof having been executed and delivered) with the effectiveness of such
Proposed Amendments with respect to the Securities being subject to the
acceptance for payment by the Company of the Securities representing a majority
in aggregate principal amount of the outstanding Securities pursuant to the
Offer (the "Acceptance");

              WHEREAS, the Company has received and delivered to the Trustee the
requisite consents to effect the Proposed Amendments under the Indenture;

              WHEREAS, the Company has been authorized by a resolution of its
Board of Directors to enter into this Supplemental Indenture; and

<PAGE>
                                                                               2

              WHEREAS, all other acts and proceedings required by law, by the
Indenture and by the certificate of incorporation and by-laws of the Company to
make this Supplemental Indenture a valid and binding agreement for the purposes
expressed herein, in accordance with its terms, have been duly done and
performed;

              NOW, THEREFORE, in consideration of the premises and the covenants
and agreements contained herein, and for other good and valuable consideration
the receipt of which is hereby acknowledged, and for the equal and proportionate
benefit of the Holders of the Securities, the Company and the Trustee hereby
agree as follows:

                                   ARTICLE ONE

Section 1.01  Definitions.

              Capitalized terms used in this Supplemental Indenture and not
otherwise defined herein shall have the meanings assigned to such terms in the
Indenture.

                                  ARTICLE TWO

Section 2.01  Waiver of Compliance with Sections 4.02, 4.03, 4.04, 4.05, 4.06,
              4.07, 4.08, 4.09, 4.10, 4.11, and 5.01.

              Effective immediately upon execution of this Supplemental
Indenture, the Trustee waives compliance with the provisions of Sections 4.02,
4.03, 4.04, 4.05, 4.06, 4.07, 4.08, 4.09, 4.10, 4.11 and 5.01 of the Indenture
and with any events of default set forth in Section 6.01 with respect thereto
arising in connection with the consummation of the IPO and the transactions
contemplated by the Restructuring, including, without limitation, (i) the entry
into and the borrowing under the new senior credit facility in an amount up to
$        million, (iii) the issuance by Holdings of new senior subordinated
notes due 2013 in an amount equal to $        , and (iv) any and all other
actions that are taken by the Holdings, the Company, or any of their
Subsidiaries in connection with the consummation of the IPO and the transactions
contemplated by the Restructuring.

                                 ARTICLE THREE

Section 3.01  Amendment of Section 4.02.

              Effective upon, and subject only to, the Acceptance, the
provisions of Section 4.02 of the Indenture are amended by deleting the text of
such Section in its entirety and inserting in lieu thereof the phrase
"[intentionally omitted]".

Section 3.02  Amendment of Section 4.03.

              Effective upon, and subject only to, the Acceptance, the
provisions of Section 4.03 of the Indenture are amended by deleting the text of
such Section in its entirety and inserting in lieu thereof the phrase
"[intentionally omitted]".

Section 3.03  Amendment of Section 4.04.

<PAGE>
                                                                               3

              Effective upon, and subject only to, the Acceptance, the
provisions of Section 4.04 of the Indenture are amended by deleting the text of
such Section in its entirety and inserting in lieu thereof the phrase
"[intentionally omitted]".

Section 3.04  Amendment of Section 4.05.

              Effective upon, and subject only to, the Acceptance, the
provisions of Section 4.05 of the Indenture are amended by deleting the text of
such Section in its entirety and inserting in lieu thereof the phrase
"[intentionally omitted]".

Section 3.05  Amendment of Section 4.06.

              Effective upon, and subject only to, the Acceptance, the
provisions of Section 4.06 of the Indenture are amended by deleting the text of
such Section in its entirety and inserting in lieu thereof the phrase
"[intentionally omitted]".

Section 3.06  Amendment of Section 4.07.

              Effective upon, and subject only to, the Acceptance, the
provisions of Section 4.07 of the Indenture are amended by deleting the text of
such Section in its entirety and inserting in lieu thereof the phrase
"[intentionally omitted]".

Section 3.07  Amendment of Section 4.08.

              Effective upon, and subject only to, the Acceptance, the
provisions of Section 4.08 of the Indenture are amended by deleting the text of
such Section in its entirety and inserting in lieu thereof the phrase
"[intentionally omitted]".

Section 3.08  Amendment of Section 4.09

              Effective upon, and subject only to, the Acceptance, the
provisions of Section 4.09 of the Indenture are amended by deleting the text of
such Section in its entirety and inserting in lieu thereof the phrase
"[intentionally omitted]".

Section 3.09  Amendment of Section 4.10.

              Effective upon, and subject only to, the Acceptance, the
provisions of Section 4.10 of the Indenture are amended by deleting the text of
such Section in its entirety and inserting in lieu thereof the phrase
"[intentionally omitted]".

Section 3.10  Amendment of Section 4.11.

              Effective upon, and subject only to, the Acceptance, the
provisions of Section 4.11 of the Indenture are amended by deleting the text of
such Section in its entirety and inserting in lieu thereof the phrase
"[intentionally omitted]".

Section 3.11  Amendment of Section 5.01.

<PAGE>
                                                                               4

              Effective upon, and subject only to, the Acceptance, the
provisions of Section 5.01 of the Indenture are amended by deleting the text of
such Section in its entirety and inserting in lieu thereof the phrase
"[intentionally omitted]".

Section 3.12  Amendment of Section 6.01.

              Effective upon, and subject only to, the Acceptance, the
provisions of Section 6.01 of the Indenture are amended by (i) deleting the text
of paragraphs of (3), (5), (6) and (9) from Section 6.01 and inserting in lieu
thereof the phrase "[intentionally omitted]"; (ii) deleting the words "or (5)"
after the words "A Default under clause (4)"; (iii) deleting the words "or (5),
as the case may be" after the words "does not cure such Default within the time
specified in clause (4)"; (iv) deleting the words "(6) or" after the words "in
the form of an Officers' Certificate of any Event of Default under clause"; and
(v) deleting the words "(5) or (9)" after the words "with the giving of notice
or the lapse of time would become an Event of Default under clause (4)."

Section 3.13  Amendment of Section 8.02.

              Effective upon, and subject only to, the Acceptance, the
provisions of Section 8.02 of the Indenture are amended by deleting the text of
paragraph (6) from Section 8.02 inserting in lieu thereof the phrase
"[intentionally omitted]".

                                  ARTICLE FOUR

Section 4.01  Continuing Effect of Indenture.

              Except as expressly provided herein, all of the terms, provisions
and conditions of the Indenture and the Securities outstanding thereunder shall
remain in full force and effect. On and after the Settlement Date (as defined in
the Offer), each reference in the Indenture to "the Indenture," "this
Indenture," "hereunder," "hereof" or "herein" shall mean and be a reference to
the Indenture as supplemented by this Second Supplemental Indenture unless the
context otherwise requires.

Section 4.02  Construction of Supplemental Indenture.

              The Supplemental Indenture is executed as and shall constitute an
indenture supplemental to the Indenture and shall be construed in connection
with and as part of the Indenture. This Supplemental Indenture shall be governed
by and construed in accordance with the laws of the State of New York.

Section 4.03  Trust Indenture Act Controls.

              If any provision of this Supplemental Indenture limits, qualifies
or conflicts with another provision of this Supplemental Indenture or the
Indenture that is required to be included by the Trust Indenture Act of 1939, as
amended, as in force at the date this Supplemental Indenture is executed, the
provision required by said Act shall control.

Section 4.04  Trustee Disclaimer.

<PAGE>
                                                                               5

              The recitals contained in this Supplemental Indenture shall be
taken as the statements of the Company, and the Trustee assumes no
responsibility for their correctness. The Trustee makes no representations as to
the validity or sufficiency of this Supplemental Indenture.

Section 4.05  Counterparts.

              This Supplemental Indenture may be executed in any number of
counterparts, each of which so executed shall be deemed to be an original, but
all such counterparts shall together constitute but one and the same instrument.

<PAGE>
                                                                               6

              IN WITNESS WHEREOF, the parties hereto have caused this
Supplemental Indenture to be duly executed as of the day and year first above
written.

                                    VOLUME SERVICES OF AMERICA, INC.

                                    By: ________________________________________
                                        Name:
                                        Title:

                                    VOLUME SERVICES AMERICA HOLDINGS, INC., as
                                        Guarantor

                                    By: ________________________________________
                                        Name:
                                        Title:

                                    VOLUME SERVICES, INC., as Guarantor

                                    By: ________________________________________
                                        Name:
                                        Title:

                                    SERVICE AMERICA CORPORATION, as Guarantor

                                    By: ________________________________________
                                        Name:
                                        Title:

                                    VOLUME SERVICES INC. (Kansas), as Guarantor

<PAGE>
                                                                               7

                                    By: ________________________________________
                                        Name:
                                        Title:

                                    EVENTS CENTER CATERING, INC., as Guarantor

                                    By: ________________________________________
                                        Name:
                                        Title:

                                    SERVICE AMERICA CONCESSIONS CORPORATION, as
                                        Guarantor

                                    By: ________________________________________
                                        Name:
                                        Title:

                                    SERVO-KANSAS, INC., as Guarantor

                                    By: ________________________________________
                                        Name:
                                        Title:

                                    SVM OF TEXAS, INC., as Guarantor

                                    By: ________________________________________
                                        Name:
                                        Title:

                                    SERVICE AMERICA OF TEXAS, INC., as Guarantor

<PAGE>
                                                                               8

                                    By: ________________________________________
                                        Name:
                                        Title:

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

                                    By: ________________________________________
                                        Name:
                                        Title:

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