Document:

Commitment Letter, dated as of June 19, 2007

 Exhibit 10.19 
  

					
	 Credit Suisse
	 	Morgan Stanley Senior Funding, Inc.	 	Banc of America Securities LLC
	 Credit Suisse Securities (USA) LLC
	 	1585 Broadway	 	Banc of America Bridge LLC
	 Eleven Madison Avenue
	 	New York, New York 10036	 	Bank of America, N.A.
	 New York, New York 10010
	 		 	9 West 57th Street
		 		 	New York, NY 10019

 CONFIDENTIAL 
 June 19, 2007 
 Serafina Acquisition Limited 
 c/o BC Partners Ltd. 
 43-45 Portman Square 
 London, UK 
 W1H 6DA 
 Attention:
Justin Bateman 
 Commitment Letter 
 Ladies and
Gentlemen: 
 You have advised (a) Credit Suisse (together with its affiliates, “CS”), Banc of America, N.A.
(“BoA”), Banc of America Bridge LLC (“BoA Bridge”) and Morgan Stanley Senior Funding, Inc. (“MSSF”), as initial lenders (collectively, in such capacity, the “Initial Banks” and each
a “Bank”), and (b) Credit Suisse Securities (USA) LLC (“Credit Suisse”), MSSF and Banc of America Securities LLC (“BAS”), as the joint lead arrangers (collectively, in such capacity, the
“Lead Arrangers”) that Serafina Acquisition Limited, a newly formed Bermuda exempted company (“AcquisitionCo” or “you”) controlled by funds (the “BCEC Funds”) advised by BC Partners
Ltd. (together with certain of its affiliates, the “Sponsor”), intends to enter into a share purchase agreement (together with the schedules and exhibits thereto, the “Acquisition Agreement”) pursuant to which it
will acquire (the “Acquisition”) issued and outstanding shares of Intelsat Holdings, Ltd., a Bermuda exempted company (“Target” and, together with its subsidiaries, the “Acquired Business”). You
have further advised us that, in connection with the foregoing, you intend to consummate the other transactions described in the Transaction Description attached hereto as Exhibit A. Capitalized terms used but not defined herein have the meanings
assigned to them in Exhibit A and in the Term Sheets (as defined below). All references to “dollars” or “$” in this letter agreement and the attachments hereto (collectively, this “Commitment
Letter”) are references to United States dollars. 
 We understand that the sources of funds required to fund (a) the payment
of the Acquisition consideration, (b) the redemption of Existing Notes in the Refinancing, (c) the refinancing (if any) of the Existing Credit Agreements, (d) the purchase of Existing Notes tendered in the Change of Control Offers,
and (e) the payment of fees, commissions and expenses in connection with the Transactions, will include: 

	 	•	 	 either (A) the issuance by the Borrower of $2,555 million aggregate gross proceeds of 10-year, unsecured senior cash-pay notes (the “Senior
Notes”) pursuant to a Rule 144A or other private placement (the “Senior Notes Offering”) or (B) in the event less than all of the Senior Notes are issued at the time the Transactions are consummated, borrowings by the
Borrower of up to $2,555 million under an unsecured senior cash-pay credit facility (the “Senior Bridge Facility”) as described in the Summary of Principal Terms and Conditions attached hereto as Annex I (the “Senior Bridge
Term Sheet”); 

  

	 	•	 	 either (A) the issuance by the Borrower of $2,555 million aggregate gross proceeds of 10-year, unsecured senior notes with a pay-in-kind toggle (the
“Senior PIK Notes” and, together with the Senior Notes, the “Notes”) pursuant to a Rule 144A or other private placement (the “Senior PIK Notes Offering” and, together with the Senior Notes Offering,
an “Offering”) or (B) in the event less than all of the Senior PIK Notes are issued at the time the Transactions are consummated, borrowings by the Borrower of up to $2,555 million under an unsecured senior credit facility with
a pay-in-kind toggle (the “Senior PIK Bridge Facility” and, together with the Senior Bridge Facility, the “Bridge Facilities”) as described in the Summary of Principal Terms and Conditions attached hereto as Annex
II (the “Senior PIK Bridge Term Sheet”); 

  

	 	•	 	 if the terms of an Existing Credit Facility set forth in Column A below are not amended by the Proposed Amendments on or prior to the date on which the Acquisition
is consummated, borrowings under the senior credit facilities listed opposite such Existing Credit Facility in column B below (the “Senior Credit Facilities”), in each case having the terms described in the Summary of Principal
Terms and Conditions attached hereto as Annex III (the “Senior Credit Facilities Term Sheet”): 

  

			
	 Column A Existing Credit Facility
	 	 Column B Senior Credit Facility

	Existing Sub Holdco Credit Facilities	 	Senior secured first lien credit facilities in an aggregate amount of $642 million consisting of (i) an 8.5-year, senior secured term loan B facility to Sub Holdco of $344 million, and
(ii) a 6-year, senior secured revolving credit facility to Sub Holdco of $300 million (the “Sub Holdco Secured Credit Facilities”).
		
	Existing Intelsat Corp Credit Facilities	 	Senior secured first lien credit facilities in an aggregate amount of $2,378 million consisting of (i) an 8.5-year, senior secured term loan A facility to Intelsat Corp of $347 million,
(ii) an 8.5-year, senior secured term loan B facility to Intelsat Corp of $1,781 million, and (iii) a 6-year, senior secured revolving credit facility to Intelsat Corp of $250 million (the “Intelsat Corp Secured Credit
Facilities”).
		
	Existing Bermuda Credit Facility	 	Senior unsecured credit facility in an aggregate amount of $1,000 million consisting of an 8.5-year term loan (the “Bermuda Unsecured Credit Facility”).

  

	 	•	 	 to the extent that a Change of Control Offer is accepted by the holders of a series of Existing Notes listed in column A below, borrowings under the term loan
facility listed opposite such 

  

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series of Existing Notes in column B below (each, a “Backstop Change of Control Facility”), in each case having the terms described in the
Summary of Principal Terms and Conditions attached hereto as Annex IV (the “Backstop Change of Control Term Sheet”): 

  

			
	 Column A Existing Notes
	 	 Column B Backstop Change of Control Facility

	 9 1/4% Notes

	 	Term borrowings by New Bermuda under a senior unsecured term loan facility (the “9 1/4% Note Facility”).
		
	 Intermediate Holdco Notes
	 	Term borrowings by Intermediate Holdco under a senior unsecured term loan facility (the “Intermediate Holdco Note Facility”).
		
	 8 1/4% Notes or 8 5/8% Notes
	 	Term borrowings by Sub Holdco under a senior unsecured term loan facility (the “Sub Holdco Note Facility”).
		
	 9% Notes due 2014 or 9% Notes due 2016
	 	Term borrowings by Intelsat Corp under a senior unsecured term loan facility (the “Intelsat Corp Note Facility”).

  

	 	 •
	 	 to the extent that a Change of Control Offer is accepted by the holders of the 11 1/4% Notes, borrowings under an unsecured cash-pay credit facility of New Bermuda (the “New Bermuda Credit Facility”,
and together with the Bridge Facilities, the Senior Credit Facilities and the Backstop Change of Control Facilities, the “Facilities”), having the terms set forth in Annex V (the “New Bermuda Term Sheet” and
together with the Senior Bridge Term Sheet, the Senior PIK Bridge Term Sheet, the Senior Credit Facilities Term Sheet and the Backstop Change of Control Term Sheet, the “Term Sheets”); 1 and

  

	 	•	 	 equity investments in the Borrower (including all existing direct and indirect equity interests in the Target that “roll over” on or around the date that
the Acquisition is consummated, whether of vested shares, unvested shares or otherwise, the “Equity Financing”) in an aggregate amount not less than 9.0% of the total pro forma capitalization of the Borrower after giving effect to
the Transactions (excluding, for the avoidance of doubt, any letters of credit issued and undrawn on the Closing Date (as defined below)) from the Equity Investors. 

 No other new debt financing will be required to fund (a) the payment of the Acquisition consideration, (b) the redemption of the Existing Notes in the Refinancing, (c) the refinancing (if any) of the
Existing Credit Agreements, (d) the purchase of Existing Notes tendered in the Change of Control Offers, and (e) the payment of fees, commissions and expenses in connection with the Transactions. As used herein, the term “Closing
Date” means the date of the closing of the Acquisition, the initial funding of the Bridge Facilities or the issuance of the Notes, as applicable (or if any Notes are issued prior to the closing of the Acquisition and funded into escrow, the
application of the proceeds of such Notes from such escrow account to pay a portion of the purchase price for the Acquisition), the amendments to the Existing Credit Facilities or the funding of the Senior Credit Facilities, as applicable, and the
purchase of Existing Notes tendered in each Change of Control Offer. 
  

	 1
	 The exact amount of each Backstop Change of Control Facility and the New Bermuda Credit Facility shall be an amount
sufficient to purchase all Existing Notes tendered in the applicable Change of Control Offer (including any applicable premium), and shall be determined based on (a) the actual Closing Date, (b) accrued interest, and (c) other
applicable refinancing costs. 

  

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	 	1.	Commitments. 

 You have requested that the Initial
Banks (together with any other financial institutions that may with our and your consent act as initial commitment parties hereunder, the “Banks”) commit to provide the Facilities, and the Arrangers agree to structure, arrange and
syndicate the Facilities. 
 In connection with the foregoing, each Bank is pleased to advise you of its commitment to provide one third of
the principal amount of each of the Facilities (the “Commitments”), in each case, upon the terms and subject to the conditions set forth in this Commitment Letter and in the Term Sheets and the Conditions Annex. 
 In addition, at your request, each Arranger has delivered to you a separate engagement letter dated the date hereof (the “Engagement
Letter”) setting forth, among other things, the terms on which each Arranger has, in response to your request, proposed terms for it to act, on an exclusive basis (together with any other Arranger(s) hereunder or their respective
affiliates), as joint book-running manager, underwriter, initial purchaser and placement agent. 
  

	 	2.	Syndication. 

 It is agreed that the Initial Banks
acting alone or through one of its affiliates selected by it, will act as joint lead arranger (in such capacity, an “Arranger” and, together with any other financial institutions that may with our and your consent act as joint lead
arranger hereunder, the “Arranger”) and as joint book-runner for the Facilities. It is also agreed that a Bank will act as administrative agent in connection with the Facilities. The Arrangers reserve the right, prior to or after
the execution of definitive documentation for any of the Facilities (the “Facilities Documentation”; provided that if definitive Facilities Documentation for any Facility is not completed prior to the closing date anticipated
or required by the Acquisition Agreement, then the Banks shall fund such Facility pursuant to an interim loan agreement in substantially the form attached to this Commitment Letter as Exhibit B (the “Interim Loan Agreement”), and
the definitive Facilities Documentation as used herein shall be construed to mean such funded Interim Loan Agreement), to syndicate the Facilities. It is further agreed that the Arrangers will exclusively manage the syndication of the Facilities,
and will, in such capacity, exclusively perform the duties and exercise the authority customarily associated with their role as Arranger. No Lender (as defined below) will receive compensation from you or the Borrower with respect to any of the
Facilities outside the terms contained herein and in the letter of even date herewith addressed to you providing, among other things, for certain fees relating to the Facilities (the “Fee Letter”) in order to obtain its Commitments
to participate in such Facilities, in each case unless you and we so agree. You agree that no other agents, co-agents, arrangers, co-arrangers or book-runners, managers or co-managers will be appointed, no other titles will be awarded and no
compensation (other than that expressly contemplated by the Term Sheets or the Fee Letter) will be paid in connection with the Facilities unless you and we so agree; provided, however, (i) you may bring one or more other financial
institutions selected by you into any or all of the Facilities as additional agents, co-agents, arrangers, co-arrangers, book-runners, managers or co-managers, in which case the Commitments of the Banks hereunder in respect of the relevant
Facilities will be reduced ratably by the amount of the Commitments of such other financial institutions in respect of such Facilities (provided that in no event shall the aggregate Commitments of any Initial Bank hereunder in respect of each
of the Facilities be reduced to less than 25% for each of the relevant Facilities) and (ii) you shall be entitled to replace any agent, co-agent, arranger, co-arranger, book-runner, manager or co-manager in respect of any or all of the
Facilities. Credit Suisse shall have the “left” and/or the “top” placement for each Facility in any and all marketing materials or other documents used in connection with the syndication of such Facilities, and shall have the
leading role and responsibilities conventionally associated with such “left” and/or “top” name placement (including maintaining sole “physical books”) in respect of each such Facility. 
  

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 The Arrangers reserve the right, prior to or after the execution of the Facilities Documentation, to
syndicate all or a portion of their Commitments in respect of each Facility to one or more institutions reasonably acceptable to you that will become parties to the Facilities Documentation applicable to such Facility (the Banks and the institutions
becoming parties to such Facilities Documentation, collectively, the “Lenders”); provided that the initial syndication of the Commitments of the Banks in respect of each Facility will be on a pro rata basis. Notwithstanding
the foregoing, the Banks (i) shall not be released from their Commitments hereunder by any such syndication unless and until the applicable assignee funds all of the Commitments assigned to it on the Closing Date and (ii) shall retain,
unless you agree in writing, exclusive control over all rights and obligations with respect to the Commitments, including all rights with respect to consents, modifications and amendments to the Facilities and to this Commitment Letter, the Term
Sheets, the Conditions Annex, the Fee Letter and the Engagement Letter, until the Closing Date has occurred. Each of the Banks agrees that syndication of the Facilities is not a condition to the Banks’ Commitments hereunder. 
 The Arrangers will, in consultation with you, exclusively manage all aspects of the syndication of the Facilities, including selection of additional
Lenders reasonably acceptable to you, determination of when the Arrangers will approach potential additional Lenders, and the final allocations of the Commitments in respect of the Facilities among the additional Lenders; provided that,
except as otherwise set forth herein, any naming rights shall be subject to your consent. You agree to, and will use commercially reasonable efforts to cause appropriate members of management of the Acquired Business to, actively assist the
Arrangers in achieving a syndication of the Facilities. To assist the Arrangers in their syndication efforts, you agree that you will, and will use commercially reasonable efforts to cause your representatives and non-legal advisors, representatives
of the Sponsor, and appropriate members of management of the Acquired Business to, (a) use commercially reasonable efforts to ensure that the syndication efforts benefit from existing lending relationships of the Sponsor and the Acquired
Business, (b) use commercially reasonable efforts to make available to prospective Lenders senior management and non-legal advisors of the Borrower and (to the extent reasonable and practical) representatives of the Sponsor and appropriate
members of management of the Acquired Business, (c) host, with the Arrangers, one (and, if necessary, more than one) meeting with prospective Lenders under each of the Facilities, (d) assist the Arrangers in the preparation of one or more
confidential information memoranda and other marketing materials to be used in connection with the syndication of each of the Facilities, and (e) use commercially reasonable efforts to obtain, at your expense (or at the expense of the Acquired
Business), monitored public ratings of the Bridge Facilities and the Notes from Moody’s Investors Service, Inc. (“Moody’s”) and Standard & Poor’s Ratings Group (“S&P”) and to participate
actively in the process of securing such ratings, including having senior management of the Borrower and (to the extent reasonable and practical) representatives of the Sponsor and appropriate members of management of the Acquired Business meet with
such rating agencies. 
 From the date of this Commitment Letter until the Closing Date, you will ensure that no debt financing for the
Borrower, the Acquired Business or any of their respective subsidiaries is announced, syndicated or placed without the prior written consent of the Arrangers if such financing, syndication or placement would have, in the reasonable judgment of the
Arrangers, a materially detrimental effect upon an offering of Notes. 
 Notwithstanding anything to the contrary contained in this
Commitment Letter or the Fee Letter, none of (i) the commencement or completion of the syndication of the Facilities, (ii) the obtaining of ratings referred to above or ratings on any of the Notes and (iii) any of the other
undertakings by you set forth in this Section 2 (Syndication) shall constitute a condition to the availability of the Facilities on the Closing Date. 
  

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	 	3.	Information. 

 You hereby represent and covenant
that to your knowledge (a)(i) all written factual information (other than projections, other forward-looking information and information of a general economic or industry nature) that has been or will be made available to the Banks by you or
any of your representatives and (ii) all information contained in any official presentation made by you or any of your representatives to prospective Lenders, in each case in connection with the transactions contemplated hereby (the
“Information”), when taken as a whole, is, and in the case of Information made available after the date hereof, will be, correct in all material respects and does not, and in the case of Information made available after the date
hereof, will not, contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements contained therein, in light of the circumstances under which such statements are made (including customary bank
syndication practices), not materially misleading, and (b) any projections that have been or will be made available to the Arrangers by you or any of your representatives in connection with the transactions contemplated hereby have been and
will be prepared in good faith based upon assumptions believed by you to be reasonable at the time made, it being understood that actual results may vary materially from such projections. You agree to supplement the Information if necessary so that
the representations and warranties in clause (a) of the preceding sentence remain correct on the Closing Date. You acknowledge that the Banks and the Arrangers may share with any of their respective affiliates (it being understood that such
affiliates will be subject to the confidentiality agreements between you and us), and such affiliates may share with the Banks and the Arrangers, any information related to the Acquired Business, or any of its subsidiaries or affiliates (including,
without limitation, in each case, information relating to creditworthiness) and the transactions contemplated hereby. In arranging and syndicating the Facilities, we will be entitled to use and rely on the Information and the projections without
responsibility for independent verification thereof. 
  

	 	4.	Compensation and Expenses. 

 If the Closing Date
occurs, as consideration for the Commitments of the Banks hereunder with respect to the Facilities and the agreement of the Arrangers to structure, arrange and syndicate the Facilities, you agree to pay, or cause to be paid, to the Banks the fees
set forth in the Term Sheets and the Fee Letter in accordance with the terms thereof. Once paid, such fees shall not be refundable under any circumstances, except as provided in the Fee Letter. 
 If the Closing Date occurs, you agree to reimburse, or to cause the Acquired Business to reimburse, each of the Banks and the Arrangers upon the Closing
Date for (i) all reasonable and documented out-of-pocket costs and expenses (including, without limitation, reasonable legal fees and expenses for not more than one counsel with respect to the Facilities plus, if necessary, one local counsel
per jurisdiction) and (ii) all reasonable and documented out-of-pocket printing, reproduction, document delivery, travel and communication costs incurred in connection with the syndication and execution of the Facilities and the preparation,
review, negotiation, execution and delivery of this Commitment Letter, the Term Sheets, the Conditions Annex, the Fee Letter and the Facilities Documentation. 
  

	 	5.	Conditions. 

 The initial funding of the Facilities
by the Banks hereunder is subject to the conditions set forth in Annex VI hereto (the “Conditions Annex”), which shall have been satisfied or waived. 
 Notwithstanding anything in this Commitment Letter, the Fee Letter, the Term Sheets, the Facilities Documentation or any other letter agreement or other undertaking concerning the financing of the Transactions to the
contrary, (i) the only representations and warranties the making of which shall be a condition to availability of the Facilities or loans under the Interim Loan Agreement on the Closing 

  

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Date shall be the Specified Representations (as defined below), (ii) the terms of the Facilities Documentation shall contain no condition precedent
(including, without limitation, written notice of borrowing and absence of any default or potential event of default) other than those set forth in the Conditions Annex and shall not impair availability of the Facilities on the Closing Date if the
conditions set forth in the Conditions Annex are satisfied, and (iii) it is understood that (A) other than with respect to any UCC Filing Collateral or Stock Certificates (each as defined below), to the extent any guarantee under a
Facility or collateral under a Senior Credit Facility is not provided on the Closing Date after your use of commercially reasonable efforts to do so, the delivery of such guarantee and/or collateral shall not constitute a condition precedent to the
availability of the Facilities on the Closing Date but shall be required to be delivered after the Closing Date pursuant to arrangements to be mutually agreed by the parties hereto acting reasonably, (B) with respect to perfection of security
interests in UCC Filing Collateral, your sole obligation shall be to deliver, or cause to be delivered, necessary UCC financing statements to the Administrative Agent or to cause borrower of the applicable secured facility or the applicable
guarantor to irrevocably authorize the Administrative Agent to file necessary UCC financing statements, and (C) with respect to perfection of security interests in Stock Certificates, your sole obligation shall be to deliver, or cause to be
delivered, (x) the stock certificates of the borrower of the applicable secured facility duly endorsed in blank and (y) the Stock Certificates to the Administrative Agent as and to the extent they are delivered by the Target pursuant to
the Acquisition Agreement, duly endorsed in blank. For purposes hereof, (1) “Specified Representations” means customary representations and warranties relating to corporate power and authority, the enforceability of the
applicable Facilities Documentation or Interim Loan Agreement, as applicable (only to the extent such Facility is funded on the Closing Date), Federal Reserve margin regulations and the Investment Company Act, (2) “UCC Filing
Collateral” means collateral for which a security interest can be perfected by filing a Uniform Commercial Code financing statement and (3) “Stock Certificates” means collateral consisting of stock certificates
representing capital stock of the material domestic restricted subsidiaries of the borrower under each secured facility for which a security interest can be perfected by delivering such stock certificates to the extent the same may be pledged under
applicable law and without causing material adverse tax consequences. 
  

	 	6.	Indemnity. 

 By your acceptance below, you hereby
agree to indemnify and hold harmless each of the Banks and the Arrangers and their respective affiliates (including, without limitation, controlling persons) and the directors, officers, employees and agents of the foregoing (each, an
“Indemnified Person”) from and against any and all losses, claims, damages, liabilities or expenses to which any such Indemnified Person shall become subject arising out of or in connection with any action, investigation, suit or
other proceeding (whether commenced or threatened) relating to or arising out of or in connection with this Commitment Letter, the Term Sheets, the Conditions Annex, the Fee Letter, the Facilities or any of the transactions contemplated hereby or
the providing or syndication of the Facilities, and to reimburse each Indemnified Person for any reasonable and documented out-of-pocket legal or other expenses incurred in connection with investigating, preparing to defend or defending against, or
participating in, any such action, investigation, suit or other proceeding (whether or not such Indemnified Person is a party to any action or proceeding), other than any of the foregoing of any Indemnified Person to the extent determined by a court
of competent jurisdiction to have resulted by reason of the gross negligence, bad faith or willful misconduct of, or breach of this Commitment Letter, the Term Sheets, the Conditions Annex, or the Fee Letter by, such Indemnified Person or any of its
affiliates, or the directors, officers, employees or agents of any of them. You shall not be liable for any settlement of any such proceeding effected without your written consent, but if settled with such consent, you shall indemnify the
Indemnified Persons from and against any loss or liability by reason of such settlement, subject to your rights in this paragraph to claim exemption from your indemnity obligations. None of the Banks, the Arrangers or any other Lender (or any of
their respective affiliates) shall be responsible or liable to the Sponsor, the Borrower or any of their 

  

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respective subsidiaries, affiliates or stockholders for any consequential damages which may be alleged as a result of this Commitment Letter, the Term
Sheets, the Conditions Annex, the Fee Letter, the Facilities or the transactions contemplated hereby. 
  

	 	7.	Confidentiality. 

 This Commitment Letter is
furnished for your benefit, and may not be relied on by any other person or entity. This Commitment Letter is entered into upon the condition that neither the existence of this Commitment Letter, the Term Sheets, the Conditions Annex or the Fee
Letter nor any of their contents shall be disclosed by the Banks or the Arrangers or any of their affiliates, or by you or any of your affiliates, directly or indirectly, to any other person, except that such existence and contents may be disclosed
(i) as may be compelled in a judicial or administrative proceeding or as otherwise required by law, and (ii) to the Banks, the Arrangers and their respective affiliates’ directors, officers, employees, advisors and agents and to you,
the Equity Investors and your and their respective directors, officers, employees, advisors and agents, in each case on a confidential and “need-to-know” basis and only in connection with the transactions contemplated hereby, and as
reasonably required for the syndication. In addition, (a) this Commitment Letter, the Term Sheets, the Conditions Annex and the Fee Letter may be disclosed to the stockholders of the Target, the Acquired Business and their respective directors,
officers, employees, advisors and agents, in each case on a confidential and “need-to-know” basis and only in connection with the transactions contemplated hereby; provided that, prior to the execution of the Acquisition Agreement
by you and Target, the Fee Letter may be so disclosed only to the extent portions thereof have been redacted in a manner reasonably satisfactory to us, and (b) this Commitment Letter, the Term Sheets and the Conditions Annex may be disclosed to
regulatory agencies and other authorities with jurisdiction over the Acquired Business, the approval of which is necessary or desirable for the consummation of the Acquisition. 
  

	 	8.	Other Services. 

 You acknowledge and agree that the
Banks, the Arrangers and/or their affiliates may be requested to provide additional services with respect to the Sponsor, the Acquired Business and/or their respective affiliates or other matters contemplated hereby. Any such services will be set
out in and governed by a separate agreement(s) (containing terms relating, without limitation, to services, fees and indemnification) in form and substance satisfactory to the parties thereto. Nothing in this Commitment Letter is intended to
obligate or commit the Banks or the Arrangers or any of their respective affiliates to provide any services other than as set out herein. 
 You acknowledge that each Arranger and its affiliates (the term “Arranger” as used in this paragraph being understood to include such affiliates) may be providing debt financing, equity capital or other services (including
financial advisory services) to other companies with which you, the Borrower, the Sponsor, the Acquired Business, the stockholders of the Target or your or their respective affiliates may have conflicting interests regarding the Transactions and
otherwise and that each Arranger may act as it deems appropriate in acting in such capacities. You and your affiliates further acknowledge and agree that in connection with all aspects of the Transactions and the transactions contemplated by this
Commitment Letter, you and your affiliates, on the one hand, and the Arrangers, on the other hand, have an arm’s length business relationship that creates no fiduciary duty on the part of the Arrangers and each expressly disclaims any fiduciary
relationship. The Arrangers will not use confidential information obtained from you, the Borrower, the Acquired Business or the stockholders of the Target in connection with the performance by the Arrangers of services for other companies and will
not furnish any such information to other companies. You also acknowledge that the Arrangers have no obligation in connection with the Transactions to use, or to furnish to you, the Borrower, the Sponsor, the Acquired Business or your or their
respective subsidiaries, confidential information obtained from other companies or entities. 
  

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 You further acknowledge that each Arranger is a full service securities firm and it and each Bank may
from time to time effect transactions, for its own or its affiliates’ account or the account of customers, and hold positions in loans, securities or options on loans or securities of the Acquired Business, the Borrower, their respective
affiliates and other companies that may be the subject of the transactions contemplated by this Commitment Letter. 
  

	 	9.	Governing Law, Etc. 

 This Commitment Letter and the
Commitments of the Banks shall not be assignable by you without the prior written consent of the Banks and the Arrangers except to a newly formed wholly owned subsidiary of yours, and any purported assignment without such consent shall be void. This
Commitment Letter may not be amended or any provision hereof waived or modified except by an instrument in writing signed by the Banks, the Arrangers and you. This Commitment Letter may be executed in any number of counterparts, each of which shall
be an original and all of which, when taken together, shall constitute one agreement. Delivery of an executed counterpart of a signature page of this Commitment Letter by facsimile transmission or electronic photocopy (i.e., “pdf”)
shall be effective as delivery of a manually executed counterpart of this Commitment Letter. Headings are for convenience only. This Commitment Letter is intended to be for the benefit of the parties hereto and is not intended to confer any benefits
upon, or create any rights in favor of, any person other than the parties hereto, the Lenders and, with respect to the indemnification provided under Section 6 (Indemnity) above, each Indemnified Person. 
 THIS COMMITMENT LETTER SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO PRINCIPLES OF
CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY. ANY RIGHT TO TRIAL BY JURY WITH RESPECT TO ANY CLAIM OR ACTION ARISING OUT OF THIS COMMITMENT LETTER IS HEREBY WAIVED. THE PARTIES
HERETO HEREBY SUBMIT TO THE NON-EXCLUSIVE JURISDICTION OF THE FEDERAL AND NEW YORK STATE COURTS LOCATED IN THE CITY OF NEW YORK (AND APPELLATE COURTS THEREOF) IN CONNECTION WITH ANY DISPUTE RELATED TO THIS COMMITMENT LETTER OR ANY OF THE MATTERS
CONTEMPLATED HEREBY. The parties hereto agree that service of any process, summons, notice or document by registered mail addressed to any other party hereto shall be effective service of process against such other party for any action, suit or
other proceeding relating to any such dispute. The parties hereto irrevocably and unconditionally waive any objection to the laying of such venue of any such action, suit or other proceeding brought in any such court and any claim that any such
action, suit or other proceeding has been brought in an inconvenient forum. A final judgment in any such action, suit or other proceeding brought in any such court may be enforced in any other courts to whose jurisdiction the party against whom
judgment has been rendered is or may be subject by suit upon judgment. 
  

	 	10.	Patriot Act. 

 We hereby notify you that pursuant to
the requirements of the USA Patriot Act, Title III of Pub. L. 107-56 (signed into law October 26, 2001) (the “Patriot Act”), the Banks, the Arrangers, and the Lenders are required to obtain, verify and record information that
identifies each borrower under the Facilities, which information includes the name, address and tax identification number of each Borrower and other information regarding each Borrower that will allow the Banks, the Arrangers, or such Lender to
identify each Borrower in accordance with the Patriot Act. This notice is given in accordance with the requirements of the Patriot Act and is effective as to the Banks, the Arrangers, and the Lenders. 
  

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 Please indicate your acceptance of the terms hereof and of the Term Sheets, the Conditions Annex and the
Fee Letter by returning to us (electronically or otherwise) executed counterparts of this Commitment Letter, the Fee Letter and the Engagement Letter not later than 5:00 p.m., New York City time, on June 29, 2007; provided that the
commitment of Bank of America N.A. to provide its commitment with respect to the Facilities is only conditioned on your acceptance of the Fee Letter. This Commitment Letter and the agreement of the Arrangers to provide the services described herein
are also conditioned upon your acceptance hereof and of the Fee Letter and the Engagement Letter, as set forth above. Upon the earlier to occur of (A) the consummation of the Acquisition with or without the funding of the Facilities,
(B) the date which is fourteen days after the “Outside Date” as defined in the Acquisition Agreement (as the same may be extended in accordance with the terms of the Acquisition Agreement), if none of the Facilities Documentation
(including any funded term sheet as contemplated herein) shall have been executed and delivered by the Banks and the Borrower prior to that date and (C) upon written notice from the Borrower of the termination of the Acquisition Agreement, this
Commitment Letter and the agreement of the Arrangers to provide the services described herein shall automatically terminate unless each of the Borrower and the Arrangers shall, in its discretion, agree to an extension. Notwithstanding the foregoing,
assuming the Acquisition is consummated (and the Change of Control Offers have not been consummated), the commitments with respect to each Backstop Change of Control Facility for which the applicable Change of Control Offer has not been consummated
concurrently with the Acquisition will not terminate until the earlier of (x) 90 days after the Closing Date and (y) the date on which the applicable Change of Control Offer has expired and, as to any such Backstop Change of Control
Facility, such earlier date shall be the “Commitment Termination Date”. The confidentiality, indemnification and governing law and forum provisions hereof and in the Term Sheets and the Fee Letter shall survive termination of this
Commitment Letter (or any portion hereof) or the Commitments of the Lenders hereunder (provided that such provisions of the Commitment Letter shall be superseded by the same provisions of the Facilities Documentation on and after the Closing
Date). The provisions under Section 2 (Syndication) above shall survive the execution and delivery of the Facilities Documentation. 
 BY SIGNING THIS COMMITMENT LETTER, EACH OF THE PARTIES HERETO HEREBY ACKNOWLEDGES AND AGREES THAT (A) BANK OF AMERICA IS OFFERING TO PROVIDE EACH OF THE CREDIT FACILITIES SEPARATE AND APART FROM BANC OF AMERICA BRIDGE’S OFFER TO
PROVIDE THE BRIDGE FACILITIES AND (B) BANC OF AMERICA BRIDGE IS OFFERING TO PROVIDE THE BRIDGE FACILITIES SEPARATE AND APART FROM THE OFFER BY BANK OF AMERICA TO PROVIDE EACH OF THE CREDIT FACILITIES. YOU MAY, AT YOUR OPTION, ELECT TO ACCEPT
THIS COMMITMENT LETTER (AND THE APPLICABLE PROVISIONS OF THE FEE LETTER) WITH RESPECT TO EITHER THE CREDIT FACILITIES OR THE BRIDGE FACILITIES OR BOTH. 
 [signature page follows] 
  

 -10- 

 We are pleased to have been given the opportunity to assist you in connection with the financing for the
Transactions. 
  

			
	 Very truly yours,

	
	 CREDIT SUISSE, CAYMAN ISLANDS BRANCH

		
	By:	 	  

	Name:	 	
	Title:	 	
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	 CREDIT SUISSE SECURITIES (USA) LLC

		
	By:	 	  

	Name:	 	
	Title:	 	

  

 Signature Page to Engagement Letter 

			
	 BANK OF AMERICA, N.A.

		
	By:	 	  

	Name:	 	
	Title:	 	
	
	 BANC OF AMERICA BRIDGE LLC

		
	By:	 	  

	Name:	 	
	Title:	 	
	
	 BANC OF AMERICA SECURITIES LLC

		
	By:	 	  

	Name:	 	
	Title:	 	

  

 Signature Page to Engagement Letter 

			
	 MORGAN STANLEY SENIOR FUNDING, INC.

		
	By:	 	  

	Name:	 	
	Title:	 	

  

 Signature Page to Engagement Letter 

			
	 Accepted and agreed to as of
 the date
first written above:

	
	SERAFINA ACQUISITION LIMITED
		
	By:	 	  

	Name:	 	
	Title:	 	

  

 Signature Page to Engagement LetterAmended and Restated Commitment Letter Amendment

 Exhibit 10.20 
  

					
	 Credit Suisse
	 	Morgan Stanley Senior Funding, Inc.	 	Banc of America Securities LLC
	 Credit Suisse Securities (USA) LLC
	 	1585 Broadway	 	Banc of America Bridge LLC
	 Eleven Madison Avenue
	 	New York, New York 10036	 	Bank of America, N.A.
	 New York, New York 10010
	 		 	9 West 57th Street
		 		 	New York, NY 10019

 CONFIDENTIAL 
 February 7, 2008 
 Intelsat (Bermuda), Ltd. 
 Wellesley House North, 2nd Floor 
 90 Pitts Bay Road 
 Pembroke HM 08 
 Bermuda 
 Attention: General Counsel 
 Amended and Restated Amendment to 
 Commitment Letter, Fee Letter and Engagement Letter 
 Ladies and Gentlemen: 
 Reference is hereby made to
(a) that certain Commitment Letter, dated as of June 19, 2007 (the “Commitment Letter”), among (i) Serafina Acquisition Limited, a Bermuda exempted company (“you”), (ii) Credit Suisse (together
with its affiliates, “CS”), Banc of America, N.A. (“BoA”), Banc of America Bridge LLC (“BoA Bridge”) and Morgan Stanley Senior Funding, Inc. (“MSSF”), as initial lenders
(collectively, in such capacity, the “Initial Banks” and each a “Bank”), and (iii) Credit Suisse Securities (USA) LLC (“Credit Suisse”), MSSF and Banc of America Securities LLC
(“BAS”), as the joint lead arrangers (collectively, in such capacity, the “Lead Arrangers”), (b) that certain Fee Letter, dated as of June 19, 2007 (the “Fee Letter”), among you, the
Initial Banks and the Lead Arrangers, and (c) that certain Engagement Letter, dated as of June 19, 2007 (the “Engagement Letter”, among you and the Lead Arrangers and (d) that certain Amendment to the Commitment Letter,
Fee Letter and Engagement Letter, dated February 4, 2008 (including the exhibits and annexes thereto, the “Original Amendment” and, together with the Commitment Letter, the Fee Letter and the Engagement Letter, the “Existing
Commitment Papers”). This Amended and Restated Amendment to the Commitment Letter, Fee Letter and Engagement Letter (including the exhibits and annexes hereto, the “Amendment”) amends and supplements the Existing Commitment
Papers on the terms set forth in this Amendment. Capitalized terms used but not defined herein have the meanings assigned to them in the Commitment Letter and Fee Letter. All references to “dollars” or “$” in this
letter agreement and the attachments hereto are references to United States dollars. 

	1.	Amendments to Existing Commitment Papers. 

 You and
we agree, for good and valuable consideration the receipt and sufficiency of which is hereby acknowledged, to effect the changes to the Existing Commitment Papers set forth in this Amendment, which, to the extent they conflict with or are
inconsistent with any provision in the Existing Commitment Papers, supersede the terms in the Existing Commitment Papers. 
  

	2.	Definitive Documentation. 

 You and we agree that,

 (a) the definitive documentation for “Amendment No. 3 to Credit Agreement and Appointment of Administrative Agent” is
attached hereto as Exhibit A-1 (the “Sub Holdco Credit Facility Amendment”); 
 (b) the definitive documentation
for “Amendment No. 2 to Credit Agreement and Appointment of Administrative Agent” is attached hereto as Exhibit A-2 (the “Intelsat Corp Credit Facility Amendment” and, together with the Sub Holdco Credit
Facility Amendment, the “Credit Facility Amendments”); 
 (c) on the Closing Date, the Initial Banks shall pay to you (or to
such person as you may direct) in immediately available funds the amount set forth on Annex I, which represents that portion payable by the Lead Arrangers of the aggregate consent fees payable to the lenders under the Existing Sub Holdco
Credit Facilities and the Existing Corp Secured Credit Facilities in connection with the Credit Facility Amendments; 
 (d) the definitive
documentation for the Senior Bridge Facility is attached hereto as Exhibit B (with such changes as are mutually agreed by the parties hereto in good faith); 
 (e) the definitive documentation for the Senior PIK Bridge Facility is attached hereto as Exhibit C (with such changes as are mutually agreed by the parties hereto in good faith); 
 (f) the definitive documentation for the 11-1/4% Note Facility is attached hereto as Exhibit D (with such changes as are mutually agreed by
the parties hereto in good faith); 
 (g) the definitive documentation for each Backstop Change of Control Facility described in Annex IV to
the Commitment Letter (including, without limitation, the 9-1/4% Note Facility, Intermediate Holdco Note Facility, Sub Holdco Note Facility and Intelsat Corp Note Facility) shall be identical to the definitive documentation for the 11-1/4% Note
Facility attached hereto as Exhibit D, subject to the provisions set forth on Annex III; 
  

 -2- 

 (h) the definitive documentation for the Bermuda Unsecured Credit Facility is attached hereto as
Exhibit E (with such changes as are mutually agreed by the parties hereto in good faith); and 
 (i) the Interim Loan Agreement
shall not be used as definitive documentation for, or to finance, any of the Facilities. 
  

	3.	Conditions Precedent. 

 You and we agree that,

 (a) each of the conditions set forth in Sections 3, 5 and 7 of the Conditions Annex of the Commitment Letter have been either satisfied on
or before the date hereof or are hereby waived by you; 
 (b) the condition set forth in Section 2 of the Conditions Annex of the
Commitment Letter shall be deemed to be satisfied upon the receipt by Serafina Holdings of no less than $1,375,000,000 (as such number may be reduced by up to $70,000,000 to the extent that funds advised by the Initial Banks do not fund their equity
commitments) in cash from the issuance of new equity interests to the investors party to that certain equity commitment letter agreement, dated as of September 5, 2007 (which restates and supersedes the equity commitment letter agreement dated
as of June 19, 2007), among Serafina Holdings, the Borrower and the investors named therein, as such letter agreement may be amended by joinder agreements executed on or prior to the Closing Date without reducing the aggregate amounts of all
commitments thereunder (the “Equity Commitment Letter”); 
 (c) the condition set forth in Sections 4 of the Conditions
Annex of the Commitment Letter shall be deemed to be satisfied upon the delivery to the administrative agent under the Bridge Facilities of a solvency certificate (in form attached hereto as Exhibit H) from an officer of the Borrower certifying the
solvency of the Borrower and its subsidiaries on a consolidated basis after giving effect to the Transactions; and 
 (d) with respect to the
funding of Bridge Facilities on the date hereof, the payment on or promptly following the consummation of the Acquisition of the fees and expenses identified on the Funds Flow Memo (attached hereto as Exhibit G) shall satisfy the condition set forth
in Section 6 of the Conditions Annex of the Commitment Letter. 
 You and we further agree that the only conditions to funding with
respect to the Facilities are the Conditions. Each Initial Bank acknowledges and agrees (i) that it intends to and shall fund the Bridge Facilities on February 4, 2008 subject solely to the satisfaction of the Conditions and
(ii) that, based upon the information provided to such Initial Bank as of the date hereof, it has no knowledge of any fact or circumstance in existence as of the date hereof that has resulted, or could reasonably be expected to result, in any
Condition not being capable of being satisfied on or prior to February 4, 2008. You and we further agree that the fees and expenses set forth on Exhibit G-1 shall be paid as set forth on Exhibit G-1 with respect to the funding of the Bridge
Facilities on the date hereof. 
  

	4.	Termination of Commitments. 

 Notwithstanding
anything to the contrary in the Commitment Letter, each party hereto agrees that (a) the Commitments with respect to each Facility described in Annex IV or Annex V to the Commitment Letter will terminate on the last date upon which the
corresponding Change of Control Offer is required to be consummated pursuant to the terms of the applicable security pursuant to which such Change of Control Offer is required, and (b) the Commitments with respect to the Bermuda Unsecured
Credit Facility will terminate on the last date upon which the borrower thereunder is required to consummate an offer to prepay pursuant to the terms of the Existing Bermuda Credit Agreement. 
  

 -3- 

	5.	Consent Solicitations. 

 Our agreements with respect
to any consent solicitations are set forth on Annex IV. 
  

	6.	Consent. 

 Each Initial Bank consents to the
amendment and supplement of the Existing Commitment Papers to include the additions, changes and amendments to the Facilities contemplated by this Amendment (including the exhibits hereto). 
 The parties hereto acknowledge and agree that (a) this Amendment does not amend the terms and conditions of the Existing Commitment Papers, which
remain in full force and effect prior to and after giving effect to this Amendment, other than as expressly set forth herein, and (b) this Amendment does not add any condition to funding with respect to the Facilities that is not expressly set
forth in the Existing Commitment Papers. 
  

	7.	Fees. 

 As consideration for the Commitments of the
Initial Banks and their agreements to perform the services described in the Commitment Letter (as amended hereby), you hereby agree to pay to the Initial Banks the fees set forth in Fee Letter. Notwithstanding anything to the contrary set forth in
the Existing Commitment Papers, you and we hereby agree that the Acquired Business shall be permitted to draw upon its revolving credit facilities (including the Intelsat Corp Revolving Credit Facility and Sub Holdco Revolving Loan Facility) to pay
costs, fees and expenses related to the Transactions and the other transactions contemplated hereby. 
  

 -4- 

 You and we further agree to issue to the Borrower (or to one or more of its subsidiaries) US dollar swap
containing the terms set forth on Exhibit F. 
  

	8.	Morgan Stanley Bank. 

 Morgan Stanley Bank, 1585
Broadway, New York, New York 10031 shall be added to the Commitment Letter as an initial lender (and, in such capacity as an Initial Bank and a Bank) and a signatory with respect to certain of the Facilities. 
  

	9.	Entire Agreement. 

 This Amendment and the Existing
Commitment Papers constitute the entire agreement between the parties relative to the subject matter hereof. Any previous agreement or communications (oral or written) among or representations from the parties or their Affiliates with respect to the
subject matter hereof is superseded by this Amendment and the Existing Commitment Papers. 
  

	10.	Governing Law, Etc. 

 This Amendment may not be
amended or any provision hereof waived or modified except by an instrument in writing signed by each party hereto. This Amendment may be executed in any number of counterparts, each of which shall be an original and all of which, when taken
together, shall constitute one agreement. Delivery of an executed counterpart of a signature page of this Amendment by facsimile transmission or electronic photocopy (i.e., “pdf”) shall be effective as delivery of a manually
executed counterpart of this Amendment. Headings are for convenience only. This Amendment is intended to be for the benefit of the parties hereto and is not intended to confer any benefits upon, or create any rights in favor of, any person other
than the parties hereto. 
 THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK
WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY. ANY RIGHT TO TRIAL BY JURY WITH RESPECT TO ANY CLAIM OR ACTION ARISING OUT OF THIS AMENDMENT IS HEREBY
WAIVED. THE PARTIES HERETO HEREBY SUBMIT TO THE NON-EXCLUSIVE JURISDICTION OF THE FEDERAL AND NEW YORK STATE COURTS LOCATED IN THE CITY OF NEW YORK (AND APPELLATE COURTS THEREOF) IN CONNECTION WITH ANY DISPUTE RELATED TO THIS COMMITMENT LETTER OR
ANY OF THE MATTERS CONTEMPLATED HEREBY. The parties hereto agree that service of any process, summons, notice or document by registered mail addressed to any other party hereto shall be effective service of process against such other party for
any action, suit or other proceeding relating to any such dispute. The parties hereto irrevocably and unconditionally waive any objection to the laying of such venue of any such action, suit or other proceeding brought in any such court and any
claim that any such action, suit or other proceeding has been brought in an inconvenient forum. A final judgment in any such action, suit or other proceeding brought in any such court may be enforced in any other courts to whose jurisdiction the
party against whom judgment has been rendered is or may be subject by suit upon judgment. 
  

 -5- 

	11.	Assignment. 

 The Banks hereby consent to the
assignment of all or any part of the Existing Commitment Papers (as amended by this Amendment) and the Commitments of the Banks to any of your direct or indirect wholly owned subsidiaries that is an issuer of Existing Notes after giving effect to
the Transactions. 
  

	12.	Conclusion. 

 Please indicate your acceptance of the
terms of this Amendment by returning to us (electronically or otherwise) executed counterparts of this Amendment not later than 5:00 p.m., New York City time, on February 7, 2008. 
 [signature page follows] 
  

 -6- 

 We are pleased to have been given the opportunity to assist you in connection with the financing for the
Transactions. 
  

			
	Very truly yours,
	
	CREDIT SUISSE, CAYMAN ISLANDS BRANCH
		
	By:	 	  

	Name:	 	
	Title:	 	
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	CREDIT SUISSE SECURITIES (USA) LLC
		
	By:	 	  

	Name:	 	
	Title:	 	

			
	 BANK OF AMERICA, N.A.

		
	By:	 	  

	Name:	 	
	Title:	 	
	
	BANC OF AMERICA BRIDGE LLC
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	BANC OF AMERICA SECURITIES LLC
		
	By:	 	  

	Name:	 	
	Title:	 	

  

 -8- 

			
	 MORGAN STANLEY SENIOR FUNDING, INC.

		
	By:	 	  

	Name:	 	
	Title:	 	
	
	MORGAN STANLEY BANK
		
	By:	 	  

	Name:	 	
	Title:	 	

  

 -9- 

			
	 Accepted and agreed to as of
 the date first
written above:

	
	SERAFINA ACQUISITION LIMITED
		
	By:	 	 Intelsat (Bermuda), Ltd.

	Name:	 	
	Title:	 	

  

 -10-

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