Document:

<PAGE>   1
                                                                   EXHIBIT 10.37

*Certain portions of this exhibit have been omitted pursuant to a request for
confidential treatment which has been filed separately with the SEC.

                                [KOCH LETTERHEAD]

                                February 6, 2001

Koch Petroleum Group, L.P.
Attention:  Mr. James B. Urban
P. O. Box 2302
Wichita, Kansas  67201

          Re:  Crude Oil Supply and Terminalling Agreement ("Agreement") dated
               December 1, 1998 by and between EOTT Energy Operating Limited
               Partnership ("EOTT") and Koch Petroleum Group, L.P. ("Koch"),
               EOTT Contract No. 37562

Gentlemen:

         Effective March 1, 2001, for a period of six months, each party agrees
to amend Section 3.1 of the Agreement, Supply Volume Price Formula, in its
entirety, to provide:

                        ARTICLE 3 - SUPPLY VOLUME PRICE

3.1  [*]

     (a)  [*]

     (b)  [*]

         In recognition of this amendment, both parties agree to suspend the
right to make any claims regarding any renegotiation of the Supply Volume Price
pursuant to Section 8 and termination of the aforementioned Agreement pursuant
to Sections 8.3 through 8.6 for a period of six months, effective March 1, 2001.

         If the parties have not negotiated a subsequent amendment to Section
3.1 of the Agreement thirty (30) days prior to the end of the six month term
referenced herein, the claims previously suspended shall be reinstated and each
party shall be allowed to exercise any and all rights they may have under the
Agreement. Additionally, Section 3.1 shall revert to the language in the
original Agreement at the end of the six month term.

<PAGE>   2
EOTT Energy Operating Limited Partnership
February 6, 2001
Page 2

         Should any party claim Uneconomic Market Conditions, as defined in the
Agreement, the prices used to calculate such conditions shall be [*]. Any claim
for Uneconomic Market Conditions shall be made pursuant to the terms of the
original Agreement and the suspension period shall not affect how such
calculation is performed.

         Except as hereby modified, all other terms and conditions of the
Agreement, and any amendments hereto, shall remain in full force and effect.

<TABLE>
<S>                                               <C>
EOTT ENERGY OPERATING LIMITED PARTNERSHIP         KOCH PETROLEUM GROUP, L.P.
BY:  EOTT ENERGY CORP., ITS GENERAL PARTNER       BY:  KPG/GP, INC. IT GENERAL PARTNER

By: /s/ Dana R. Gibbs                             By: /s/ James B. Urban
    ---------------------------------------           --------------------------------------
Printed Name:  Dana R. Gibbs                      Printed Name:  James B. Urban
Title:  President                                 Title:  V.P., North American Light Trading
</TABLE><PAGE>

                                                                  Exhibit 10.8.5

                             Amendment Number 4 to
                    Launch Services Agreement LKEC-9411-002

This Amendment Number 4 ("the Amendment") entered into as of the date last
written below, by and between PanAmSat Corporation, a Connecticut corporation
and the successor in interest to PanAmSat L.P. ("PanAmSat" or Customer"), and
Lockheed-Khrunichev-Energia International, Inc. ("LKE" or "Contractor").  This
Amendment amends that certain Launch Services Agreement, dated 14 November 1994,
by and between PanAmSat and LKE (the "Agreement").  All capitalized terms used
in this Amendment, unless otherwise specified, have the meanings set forth in
the Agreement.

     WHEREAS, PanAmSat and LKE desire to assign the PAS-10 spacecraft Launch C
under the Agreement, in place of the Galaxy IV-R spacecraft previously assigned
to Launch C under the Agreement; and

     WHEREAS, PanAmSat and LKE have reached an agreement on the basic terms for
the assignment of the PAS-10 spacecraft to Launch C under the Agreement and
desire to make the appropriate modifications to the Agreement; and

     NOW THEREFORE, in consideration of the mutual benefits to be derived, and
for other good and valuable consideration, the receipt of which is hereby
acknowledged, PanAmSat and LKE agree that:

1.  Spacecraft   The PAS-10 spacecraft will be assigned as the Payload for
    ----------
    Launch C under the Agreement in place of the previously-assigned Galaxy IV-R
    spacecraft.

2.  Launch Period   Launch C shall be rescheduled to a Launch Slot, in
    -------------
    accordance with Section 7.2 of the Agreement, of 1 December 2000 through 31
    December 2000. This rescheduling of Launch C from the previous Launch Day of
    17 March 2000 shall not be attributed to either PanAmSat or LKE for purposes
    of determining penalties for delays in accordance with Article 8 or Article
    9 of the Agreement, nor for the purpose of determining postponements
    attributable to LKE in the event of a termination for cause as allowable
    under Article 21 of the Agreement.

3.  Reintegration Costs   LKE shall be reimbursed up to [***] by PanAmSat for
    -------------------
    actual reintegration costs as a result of the assignment of the PAS-10
    spacecraft as the Payload for Launch C in place of the previously-assigned
    Galaxy IV-R spacecraft.

4.  Payment Schedule for Launch C   The Payment schedule set forth in Section
    -----------------------------
    6.1 of the Agreement is modified with respect to Launch C as follows:

     [***]

The payment due dates shown in the table above shall not be postponed for
PanAmSat-requested launch postponements.

5.  [***]

6.  Execution in Counterparts   This Amendment may be executed in several
    -------------------------
    counterparts, each of which shall be deemed an original, and all of these
    counterparts together shall constitute but on and the same instrument.

    [***] Filed separately with the Commission pursuant to a request
    confidential treatment.

<PAGE>

                          LKE PROPRIETARY INFORMATION

     Each of the parties have duly executed and delivered this Amendment as of
the day and year first written above.

PanAmSat Corporation                         Lockheed-Khrunichev-Energia
                                             International, Inc.

By:    /s/ Robert A. Bednarek                By:    /s/ David Abrahamian
   --------------------------------             --------------------------------

Name:  Robert A. Bednarek                    Name: David Abrahamian
     ------------------------------               ------------------------------

Title: EVP & CTO                             Title: Manager, Business Operations
      -----------------------------                -----------------------------

Date:  12.28.99                              Date: 12/16/99
     ------------------------------               ------------------------------<PAGE>

                                                                 EXHIBIT 10.33.4

                                AMENDMENT TO THE
                              PANAMSAT CORPORATION
                         LONG-TERM STOCK INCENTIVE PLAN
                              ESTABLISHED IN 1997
                  (AS AMENDED AND RESTATED ON MARCH 20, 2000)

     WHEREAS, PanAmSat Corporation (the "Company") sponsors the PanAmSat
Corporation Long-Term Stock Incentive Plan Established in 1997 (as Amended and
Restated on March 20, 2000) (the "Plan");

     WHEREAS, Section 5.10 (a) of the Plan provides that the Board of Directors
of the Company may, without further action by shareholders or without further
approval by Plan participants, amend the Plan from time to time in response to
changes in securities or other laws or rules or regulatory interpretations
thereof; and

     WHEREAS, the Company desires to amend the Plan;

     NOW THEREFORE, subject to approval by the shareholders of the Company, the
Plan is hereby amended, effective December 7, 2000, as follows:

     1.   A new paragraph (e) is added to Section 1.08 of the Plan to read as
follows:

          "(e) Nonconsolidated Entities.  Notwithstanding paragraph (d) of
          Section 1.08, with respect to any awards granted on or after December
          7, 2000, in the case of a Recipient who is an employee of the Company
          or any subsidiary or affiliated company that is, as of the date an
          award is granted, considered to be a "consolidated group member" of
          the Company within the meaning of FASB Interpretation No. 44, if (i)
          such Recipient's employment is transferred to a subsidiary or
          affiliated company that is not considered to be a consolidated group
          member of the Company or (ii) the Recipient's employer ceases to be a
          consolidated group member but otherwise continues to qualify as a
          "subsidiary" or "affiliated company" for purposes of the Plan, the
          vesting of such award shall cease, and all unvested portions of such
          award shall terminate, as of the date of such event (provided that the
          Committee, in its sole discretion, may accelerate or continue the
          vesting of such award and establish any terms and conditions
          applicable thereto), but, solely for purposes of  this Section 1.08,
          such Recipient's employment shall be deemed to continue."
<PAGE>

          2.   In all other respects, the Plan is hereby ratified and confirmed.

          IN WITNESS WHEREOF, this Amendment to the Plan has been executed the
7th day of December, 2000.

                              PANAMSAT CORPORATION

                              By:  _______________________________

                                       2<PAGE>

                                                                 Exhibit 10.38.1

                               AMENDMENT No. 1 TO

                              FIXED PRICE CONTRACT

                                    BETWEEN

                              PANAMSAT CORPORATION

                                      AND

                    HUGHES SPACE AND COMMUNICATIONS COMPANY

                                      FOR

                              PAS 1R & PAS 9 HS702

                 SPACECRAFT, RELATED SERVICES AND DOCUMENTATION

                            CONTRACT No. 97-HCG-001
<PAGE>

        AMENDMENT No. 1 TO FIXED PRICE CONTRACT FOR PAS 1R & PAS 9 HS702
                 SPACECRAFT, RELATED SERVICES AND DOCUMENTATION

This AMENDMENT No. 1 (the "Amendment"), entered into as of 6 November 2000, by
                                                           ---------------
and between PANAMSAT CORPORATION (herein called "Buyer"), a Delaware corporation
having a principal place of business at One Pickwick Plaza, Greenwich,
Connecticut 06830, and HUGHES SPACE AND COMMUNICATIONS COMPANY (herein called
"Contractor"), a Delaware corporation having a principal place of business at
909 North Sepulveda Boulevard, El Segundo, California 90245, amends that certain
Fixed Price Contract for PAS 1R & PAS 9 HS702 Spacecraft, Related Services and
Documentation with an effective date of August 15, 1997 (Contract No. 97-HCG-
001) (the "Agreement").

                                    RECITALS

     WHEREAS, Buyer and Contractor are party to the Agreement, providing for
Buyer to purchase and Contractor to provide the PAS 1R & PAS 9 Spacecraft,
Documentation, and Related Services as therein specified;

     WHEREAS, the Parties now desire to amend the Agreement;

                                   AGREEMENT

     NOW, THEREFORE, the Parties hereby agree to amend and restate the Agreement
as follows:

1. All references in the Agreement to "PAS 9" are hereby amended to read "Galaxy
   IIIC".

2. ARTICLE 4.  DELIVERABLES AND SCHEDULE is hereby amended as follows:
   -------------------------------------

   Section 4.1, Item 1A., is hereby amended by adding one week to the PAS 1R
   -----------
   Shipment Date.  The Shipment Date is changed from "May 15, 1999/1/" to "May
   22, 1999/1/."

   Page seven (7) of the Agreement is replaced by page seven (7) "Amendment
   No. 1."

3. ARTICLE 5.  PRICE is hereby amended as follows:
   -----------------

   (a) Section 5.1(a) for PAS 1R is hereby amended by replacing [*******]
       -------------------------

   (b) Section 5.1(b) for GIIIC is hereby amended by replacing [********].
       ------------------------
<PAGE>

   Page twelve (12) of the Agreement is replaced by page twelve (12) "Amendment
   No. 1."

4. ARTICLE 6.  PAYMENTS is hereby amended as follows:
   --------------------

   (a)  Section 6.2, Table 6.2.1, PAS 1R - Progress Payment Plan, is hereby
        -----------
   amended and restated in its entirety with the attached Table 6.2.1 PAS 1R -
   Progress Payment Plan.

   (b)  Section 6.2, Table 6.2.2, Galaxy IIIC - Progress Payment Plan, is
        -----------
   hereby amended and restated in its entirety with the attached Table 6.2.2
   Galaxy IIIC - Progress Payment Plan.

   (c) Sections 6.3.1.2 through 6.3.4.4, have been amended and restated to
       --------------------------------
   correct various administrative errors and for clarification purposes.

   Pages fourteen through thirty-three (18 through 33) of the Agreement are
   replaced by pages fourteen through thirty-three (18 through 33) "Amendment
   No. 1."

5. Contractor agrees to perform COMSEC efforts for PAS 1R and Galaxy IIIC
   accordance with the terms identified under PanAmSat letter dated January 9,
   1998 attached hereto.

6. Each capitalized term used but not defined in this Amendment shall have the
   same meaning described to such term in the Agreement.  Except as amended by
   this Amendment, the Agreement shall continue in full force and effect.

7. For clarity and continuity purposes, replacement pages of the Contract are
   attached hereto, and are designated with "Amendment No. 1" in the lower left
   hand corner.  There are no other Amendments to the Contract except as
   expressly set forth herein.

IN WITNESS WHEREOF, the Parties have executed this Amendment No. 1 to the PAS 1R
& Galaxy IIIC Agreement.

HUGHES SPACE AND         PANAMSAT CORPORATION
<PAGE>

COMMUNICATIONS COMPANY

By:                                       By:
   --------------------------                --------------------------

   --------------------------                --------------------------
          (printed)                                  (printed)

Title:                                    Title:
      -----------------------                   -----------------------

Date:                                     Date:
      -----------------------                   -----------------------
<PAGE>

ARTICLE 4.  DELIVERABLES AND SCHEDULE

     4.1  The following deliverables to be furnished under this Contract shall
          be furnished at the designated location(s) on or before the dates
          specified below:

<TABLE>
<CAPTION>
                                        Date of Shipment           Location of Shipment
                                            Delivery                   Delivery or
       Deliverables                     or Performance                 Performance
---------------------------------------------------------------------------------------------
<S>                                    <C>                        <C>
1A. One PAS 1R Spacecraft                May 22, 1999/1/          . Shipped from Contractor's
    ("PAS 1R)                            ---------------            facility.
                                                                  . Delivery Site at Ariane
                                        ("Shipment Date")           facility, Kourou, French
                                                                    Guyana (subject to change
                                                                    pursuant to Paragraph
                                                                    4.2.)
---------------------------------------------------------------------------------------------
1B. One Galaxy IIIC Spacecraft         August 15, 1999/1/         . Shipped from Contractor's
    ("Galaxy IIIC)                                                  facility.
                                        ("Shipment Date")         . Delivery Site at  Sea
                                                                    Launch facility at Long
                                                                    Beach Ca (subject to
                                                                    change to Paragraph 4.2.)
---------------------------------------------------------------------------------------------
2A. Launch Support, Mission            In Accordance with         . Performance Site to be
    Operations and In-Orbit            Exhibit A                    determined pursuant to
    Testing for PAS 1R                                              Paragraph 4.2.
    ("Related Services")                                          . Fillmore, California
                                                                  . Castle Rock, Colorado
                                                                  . El Segundo, California
---------------------------------------------------------------------------------------------
</TABLE>

                                               Buyer _______  Contractor _______
<PAGE>

ARTICLE 5.   PRICE

     5.1  The total  price (the  "Contract  Price")  for  Contractor  to provide
          Spacecraft, Documentation and Related Services shall be as follows:

          For PAS 1R, [*********]

          (b)  For Galaxy IIIC, [**********]

     5.2  Buyer shall pay Contractor the Contract Price stated in Paragraph 5.1
          above in accordance with Article 6, Paragraph 6.2 of this Contract.

     5.3  The Contract Price for each Spacecraft identified in Paragraph 5.1 are
          contingent upon the utilization of the launch vehicles initially
          designated for such Spacecraft in Paragraph 4.2.1.  If Buyer changes
          the designated launch vehicle for the Spacecraft in accordance with
          Paragraph 4.2.1 (as opposed to Article 29), the Contract Price for the
          applicable Spacecraft shall be adjusted in accordance with the
          following table:

                                  Table 5.3.1
                                  -----------

                          Adjustment to Contract Price
                          ----------------------------

<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------
                Launch Vehicle                          PAS 1R             Galaxy IIIC
-------------------------------------------------------------------------------------------
<S>                                                   <C>                   <C>
                  Sea Launch                          [*******]             [*******]
-------------------------------------------------------------------------------------------
                    Ariane                             [*****]               [******]
-------------------------------------------------------------------------------------------
                    Proton                             [*****]               [*****]
-------------------------------------------------------------------------------------------
</TABLE>

                                               Buyer _______  Contractor _______
<PAGE>

ARTICLE 6.  PAYMENTS

     6.1  Pursuant to the terms set forth in this Article 6, and subject to
          Buyer's rights, defenses and remedies as expressly stated in this
          Contract, Buyer shall pay to Contractor the Contract Price as stated
          in Article 5 herein for the applicable Spacecraft, Documentation, and
          Related Services under this Contract.

     6.2  Invoices shall be prepared and submitted by Contractor for the
          Spacecraft in a form reasonably acceptable to Buyer. Payments to
          Contractor for each Spacecraft shall be made according to the
          following payment plans:

                                    [*****]
                                    -------

<TABLE>
<S>                                            <C>                <C>
-------------------------------------------------------------------------------------
                   [*****]                          [*****]             [*****]
-------------------------------------------------------------------------------------
[*****]                                        [*****]            [*****]
-------------------------------------------------------------------------------------
[*****]                                        [*****]            [*****]
-------------------------------------------------------------------------------------
[*****]                                        [*****]            [*****]
-------------------------------------------------------------------------------------
[*****]                                        [*****]            [*****]
-------------------------------------------------------------------------------------
[*****]                                        [*****]            [*****]
-------------------------------------------------------------------------------------
[*****]                                        [*****]            [*****]
-------------------------------------------------------------------------------------
[*****]                                        [*****]            [*****]
-------------------------------------------------------------------------------------
</TABLE>

______________________________
/1/ [*****]

                                               Buyer _______  Contractor _______
<PAGE>

                                    [*****]
                                    -------

<TABLE>
<S>                                            <C>                <C>
-------------------------------------------------------------------------------------
[*****]                                        [*****]            [*****]
-------------------------------------------------------------------------------------
[*****]                                        [*****]            [*****]
-------------------------------------------------------------------------------------
[*****]                                        [*****]            [*****]
-------------------------------------------------------------------------------------
[*****]                                        [*****]            [*****]
-------------------------------------------------------------------------------------
[*****]                                        [*****]            [*****]
-------------------------------------------------------------------------------------
[*****]                                        [*****]            [*****]
-------------------------------------------------------------------------------------
[*****]                                        [*****]            [*****]
-------------------------------------------------------------------------------------
[*****]                                        [*****]            [*****]
-------------------------------------------------------------------------------------
</TABLE>

______________________________
/1/ [*****]

/2/ [*****].

                                               Buyer _______  Contractor _______
<PAGE>

                    6.3.1.2 "Successfully Operating Payload." Each Spacecraft
                            shall be equipped with one or more Payloads, as
                            specified In Exhibit B. Each Payload shall be deemed
                            to be Successfully Operating if at least that number
                            of Transponders that is one more than one-half of
                            the total number of Transponders within such Payload
                            are Successfully Operating Transponders (as defined
                            below).

            6.3.1.3 "Successfully Operating Transponder".  A Successfully
                    Operating Transponder is a Transponder which meets either or
                    both of the following two criteria:

                    (a)  The Transponder meets or exceeds the performance
                         specifications set forth in Exhibit B.  For the
                         avoidance of doubt, if the Spacecraft is placed into
                         inclined orbit, then the Transponders shall be deemed
                         not to meet the criteria stated in this Paragraph
                         6.3.1.3(a) at such time as the Spacecraft would have
                         ceased to have a Useful Commercial Life, (as mutually
                         determined by the Parties) had it not been placed in
                         such an orbit.

                    (b)  The Transponder, while not meeting or exceeding the
                         performance specifications, provides Buyer with no
                         material loss in its commercial value.

                         A Transponder shall also be deemed to be a Successfully
                         Operating Transponder if it meets the performance
                         specifications through use of any redundant or spare
                         equipment not already in use by another Transponder.

                                               Buyer _______  Contractor _______
<PAGE>

                         For the avoidance of doubt, if Buyer must shut down one
                         or more Transponders during any portion of a
                         Spacecraft's useful life for reasons due to Spacecraft
                         constraints or in order to protect the overall health
                         of such Spacecraft, such Transponder(s) shall not be
                         deemed to be "Successfully Operating Transponders,"
                         unless Buyer subsequently is able to use such
                         Transponder to provide full-time commercial service to
                         its customer(s) on such Transponder with no reduction
                         in Buyer's future revenue therefrom resulting solely
                         from such shutdown; provided, however, that Buyer shall
                         not shut down Transponders without the consent of
                         Contractor (such consent not to be unreasonably
                         withheld); provided further that Contractor's right to
                         consent shall apply only to the total number of
                         Transponders to be shut down in any instance, and Buyer
                         shall have the right to select which Transponders on a
                         Spacecraft to shut down.

                         Notwithstanding the foregoing, in the event that Buyer
                         shuts down a certain number of Transponders with the
                         consent of Contractor due to Spacecraft constraints or
                         to protect the overall health of the Spacecraft, the
                         total number of Transponders deemed not to be
                         Successfully Operating Transponders (for purposes of
                         Paragraph 6.3.1.2) solely on account of being shut down
                         for such reasons shall not increase beyond such certain
                         number (even if in the future Buyer shuts down
                         different Transponders than the Transponders initially
                         shut down) unless Buyer shuts down additional
                         Transponders for such reasons with the consent of
                         Contractor pursuant to the foregoing.

                                               Buyer _______  Contractor _______
<PAGE>

                6.3.1.4 "Useful Commercial Life". The Useful Commercial Life of
                        a Spacecraft means the period beginning on the
                        Commencement Date and ending on the earlier to occur of
                        (i) the date on which there is just sufficient fuel
                        remaining on board the Spacecraft only to eject the
                        Spacecraft from its geostationary orbital location or
                        (ii) the date on which at least one-half of the
                        Transponders on each Payload are not Successfully
                        Operating Transponders.

                6.3.1.5 "Successfully Injected Spacecraft". A Launched
                        Spacecraft shall be deemed to be a Successfully Injected
                        Spacecraft if:

                        (a)     The transfer orbit/spacecraft attitude meets the
                                following required criteria:

                                (1)     Perigee altitude error is less than or
                                        equal to + or - 3 sigma;

                                (2)     Apogee Altitude error is less than or
                                        equal to + or - 3 sigma;

                                (3)     Inclination error is less than or equal
                                        to + or - 3 sigma;

                                (4)     Argument of perigee error is less than
                                        or equal to + or - 3 sigma; and

                                (5)     The Spacecraft has been separated with
                                        attitude rate errors of less than or
                                        equal to + or - 3 sigma and

                                               Buyer _______  Contractor _______
<PAGE>

                    (b)  The Spacecraft has not suffered physical damage which
                         resulted from Launch Vehicle malfunction.

                    The calculated amount of Useful Commercial Life (the
                    "Calculated Operational Lifetime") shall be mutually
                    determined by Buyer and Contractor, based on standard
                    engineering practices, using measured actuals of the
                    Spacecraft, existing at the time of the operational hand-off
                    of the Spacecraft to Contractor from the Launch Vehicle
                    provider.  If the attained transfer orbit/Spacecraft
                    attitude does not meet the criteria stated in this Section,
                    but the Calculated Operational Lifetime is greater than or
                    equal to the Specified Operational Lifetime for the
                    Spacecraft, then the Spacecraft shall be deemed to have been
                    a Successfully Injected Spacecraft.  If, on the other hand,
                    the attained transfer orbit/Spacecraft attitude does not
                    meet the criteria stated above, and the Calculated
                    Operational Lifetime is less than the Specified Operational
                    Lifetime, then the Spacecraft shall be deemed not to be a
                    Successfully Injected Spacecraft.  If Buyer and Contractor
                    cannot agree on the Calculated Operational Lifetime, then
                    the Parties shall resolve such disagreement in acceptance
                    with the dispute resolution procedures set forth in Article
                    33.  During such dispute resolution procedure, Buyer shall
                    commence all payments under Section 6.3.2 to Contractor
                    based on Contractor's calculation of such Calculated
                    Operational Lifetime, except only the disputed amount(s)
                    which shall be paid by Buyer in escrow as set forth in
                    Section 29.4, and the prevailing party shall be entitled to
                    interest as Provided therein.

                                               Buyer _______  Contractor _______
<PAGE>

                6.3.1.6 "Incentives Interest Rate". The Incentives Interest Rate
                        shall be the lesser of (i) [*****]or (ii) [*****].

                6.3.1.7 "Commencement Date". The Commencement Date shall be the
                        date on which Buyer receives written certification from
                        Contractor that, based upon the results of completed in-
                        orbit performance tests, at least one Payload is a
                        Successfully Operating Payload.

        6.3.2   Buyer shall pay to Contractor the Incentives Obligations and the
                Change Order Profit Component (if applicable), as follows:

                6.3.2.1 Incentives Obligations and Change Order Profit
                        Component. Subject to Section 6.3.2.3 through 6.3.2.6,
                        Buyer shall be obligated to pay to Contractor the
                        Incentives Obligation and any Change Order Profit
                        Component (if applicable), as follows: Buyer shall pay
                        Contractor equal monthly payments that, when summed on a
                        net present value basis to the Commencement Date using
                        the Incentives Interest Rate, equals the total amount of
                        Incentives Obligations plus Change Order Profit
                        Component due hereunder. For example, if the PAS 1R
                        Spacecraft is a Successfully Injected Spacecraft and on
                        the Commencement Date all Transponders on such
                        Spacecraft are and continue to be Successfully Operating
                        Transponders for fifteen (15) years, assuming the
                        maximum [*****] for the entire period, the monthly
                        Incentives Obligations payment would be [*****] for PAS

                        1R and [*****] for Galaxy IIIC (the "Nominal Payment").
                        If the Incentives Interest Rate is less than [*****] per
                        annum for any given month, the Incentives Obligations
                        payment will be less than

                                               Buyer _______  Contractor _______
<PAGE>

                        the Nominal Payment. In such circumstances, the amount
                        of each month's payment will be calculated on a net
                        present value basis to the date of the last month's
                        payment using the remaining unpaid principal as the new
                        principal, the Incentives Interest Rate, and a term
                        equal to the number of months remaining in the
                        Incentives period. The Parties shall agree in writing
                        upon an appropriate allocation of the portion of
                        Incentive Obligations which shall be payable for each
                        Payload on the Spacecraft. The Incentives Obligations,
                        identified above, shall be payable in 180 equal and
                        consecutive monthly installments over a fifteen (15)
                        year life of the Spacecraft, except as may be adjusted
                        as set forth herein. Except as provided in Paragraph
                        6.3.4, the first installment of each Incentives
                        Obligations shall be paid on the Spacecraft's
                        Commencement Date.

                        The foregoing notwithstanding:

                        (a) If the Spacecraft is not a Successfully Injected
                        Spacecraft pursuant to Section 6.3.1.4 but is
                        successfully placed into its on-station orbit by Hughes
                        during the "Transfer Period" (defined as the period from
                        separation of the Launch Vehicle through on-station
                        acquisition) then, subject to Section 6.3.2.3, Buyer
                        shall pay the Incentives Obligations for the Spacecraft
                        in equal and consecutive monthly installments over a
                        period of the Spacecraft's On Station Operational
                        Lifetime (defined at Section 6.3.2. 1 (b)).

                                               Buyer _______  Contractor _______
<PAGE>

                    (b)  If the Spacecraft is Successfully Injected, but is not
                         successfully placed into its on-station orbit by
                         Contractor during the Transfer Period, then the total
                         amount of the Incentives Obligations for the Spacecraft
                         shall be multiplied by a percentile equal to (i) the
                         On-Station Operational Lifetime divided by (ii) the
                         Calculated Operational Lifetime, which percentile
                         shall, in no event, be greater than one.  Subject to
                         Section 6.3.2.3, Buyer shall pay such Incentives
                         Obligations for the Spacecraft in equal and consecutive
                         monthly installments over a period of the Spacecraft's
                         On Station Operational Lifetime.  The "On Station
                         Operational Lifetime" shall be mutually determined by
                         Buyer and Contractor, based on standard engineering
                         practices, measured actuals of the Spacecraft, existing
                         at the end of the Transfer Period.  However, should the
                         Spacecraft continue to operate successfully beyond the
                         On-Station Operational Lifetime, Contractor will
                         continue to earn Incentives Obligations at the same
                         monthly rate up to the Specified Operational Lifetime.

                    (c)  Finally, if the Spacecraft is not a Successfully
                         Injected Spacecraft and, in addition, is not
                         successfully placed into its on-station orbit during
                         the Transfer Period, then the total amount of the
                         Incentives Obligations shall be multiplied by the sum
                         of (A)(i) the Specified Operational Lifetime, plus (ii)
                         the On-Station Operational Lifetime, minus (iii) the
                         Calculated Operational Lifetime, divided by (B) the
                         Specified Operational Lifetime, which percentile shall,
                         in no event, be greater than one. Subject to Section
                         6.3.2.3, Buyer shall pay such Incentives Obligations
                         for the

                                               Buyer _______  Contractor _______
<PAGE>

                        Spacecraft in equal and consecutive monthly installments
                        over a period of the Spacecraft's On-Station
                        Operational Lifetime.

                        For purposes of any provision of this Contract, if the
                        Incentives Obligations or related payment periods are to
                        be recalculated, the monthly installments due shall be
                        recalculated to reflect the imputed interest element
                        that is reflected in the payment plans specified above.

        6.3.2.2 Notwithstanding the foregoing, if at any time Buyer continues to
                utilize for revenue-producing purposes any Transponder that 'is
                not a Successfully Operating Transponder, then Buyer shall pay a
                pro rated amount of the Incentives Obligation attributable to
                such Transponder that is proportionate to the partial benefit
                that Buyer derives from such Transponder (the "Partial Incentive
                Payment"), all as mutually agreed upon by the Parties in good
                faith.

        6.3.2.3 Except for any Change Order Profit Component (which is
                non-contingent), and except as provided in Paragraph 6.3.2.2,
                payment of any Incentives Obligation shall be contingent upon
                the Transponders being Successfully Operating Transponders, as
                set forth herein, on the applicable Payload and shall be
                pro-rated, therefore, on a Transponder equivalent-by-Transponder
                equivalent basis over the duration of the applicable term of
                such Obligation; provided, however, that beginning on the date,
                if any, that any one or more of the Payloads are no longer a
                Successfully Operating Payload, as and when ascertained pursuant
                to Section 6.3.2.4 (the "Degraded Payload"), then Buyer's
                then-remaining Incentives

                                               Buyer _______  Contractor _______
<PAGE>

                Obligations for such Payload(s) (exclusive of any Change Order
                Profit Component, as applicable) shall be deemed extinguished.

        6.3.2.4 Whether any Transponder is not Successfully Operating shall be
                mutually determined by Buyer and Contractor, based on relevant
                technical data, reports and analyses, and each Party will make
                available to the other Party for its review upon reasonable
                request all data used in making such determination. Any
                disagreements between the Parties shall be resolved in
                accordance with the dispute resolution procedure set forth in
                Article 33.

        6.3.2.5 If the Spacecraft has not been, or is not being, Properly
                Operated by the Buyer, and any Transponders thereof are not
                Successfully Operating Transponders, then the Transponders of
                the Spacecraft which were Successfully Operating prior to such
                improper operation of the Spacecraft shall be deemed to be
                Successfully Operating Transponders for purposes of Contractor's
                entitlement to payment of any applicable Incentives Obligations
                for such period as such Transponders would have reasonably been
                predicted to continue to be Successfully Operating had the
                Spacecraft and transponder thereon been Properly Operated by
                Buyer; provided, however, that if the failure is the result of a
                defect in the deliverable software (except to the extent that
                such defect was caused solely by a modification to such software
                by Buyer) or if Buyer demonstrates that the failure of any
                Transponder to be Successfully Operating was not caused
                primarily, directly or indirectly, by any act or omission of
                Buyer, its agents, Subcontractors, Consultants or
                representatives of any kind, then the foregoing provision shall
                not apply with respect to such Transponder.

                                               Buyer _______  Contractor _______
<PAGE>

                6.3.2.6 Buyer may prepay any portion of the Incentives
                        Obligations or the Change Order Profit Component
                        pursuant to the schedule matrix attached as Exhibit J.
                        Any remaining Incentives Obligations so prepaid shall be
                        subject to refund by Contractor to Buyer, in any
                        instance and to the extent that Buyer's obligation to
                        make such payments is relieved pursuant to this Article
                        6, as outlined in the last sentence of Section 6.3.4.1
                        hereof.

        6.3.3   "Spacecraft Retirement Payment". At any time following the
                Spacecraft's Delivery, Buyer may, at its option, cease to
                utilize the Spacecraft for any purpose; provided, however, that
                if Buyer does cease using the Spacecraft (or if the Spacecraft
                is rendered a total loss by virtue of Buyer's failure to
                Properly Operate the Spacecraft), then, upon the exercise date
                of such option or the declaration of the Spacecraft as a total
                loss as applicable, all remaining Incentives Obligations
                payments for any Transponder (and any Change Order Profit
                Component, if applicable) (subject to the provisions of Section
                6.3.2.3 through 6.3.2.5) shall become immediately due and
                payable, all relative to the Spacecraft; and Buyer shall pay to
                Contractor such amounts, in immediately available funds, along
                with the outstanding balance of principal and accrued interest
                on any other outstanding payment obligations with respect to the
                Spacecraft, if any, as of such date. In determining the amount
                of principal and interest due, present value analysis discounted
                at the Incentives Interest Rate per annum shall be done for any
                scheduled payment stream previously created by the Parties
                hereunder. Notwithstanding the foregoing, Buyer shall have the
                right to cease using the Spacecraft and remove it from its
                orbital location at any time following the expiration of the
                Spacecraft's Useful Commercial Life, without payment of such
                Spacecraft Retirement Payment.

                                               Buyer _______  Contractor _______
<PAGE>

        6.3.4   Incentive Obligations and Launch Delay

                6.3.4.1 If the Spacecraft has not been launched by the 181st day
                        after the earlier of (i) the actual date of shipment of
                        the Spacecraft by Contractor or (ii) Buyer's Preliminary
                        Acceptance of the Spacecraft, then, except as set forth
                        in Paragraph 6.3.4.2, the first of the equal and
                        consecutive monthly installment payments for Incentive
                        Obligations on the Spacecraft shall be due and payable
                        and the fifteen year period shall be deemed to have
                        begun for purposes of this Paragraph 6.3 and such
                        payments shall commence (the "Pre- Launch Incentive
                        Payments"). If upon the Commencement Date or at any time
                        thereafter, any Transponder ceases to be a successfully
                        Operating Transponder or a Payload becomes a Degraded
                        Payload, then Contractor shall deliver to Buyer a refund
                        (without interest) of that portion of the Pre-Launch
                        Incentive Payment attributable to such Transponder or
                        Payload, taking into account the amount of such time
                        such Transponder or Payload met the performance
                        specifications, and Buyer's subsequent Incentives
                        Obligations shall be reduced thereafter on a pro rata
                        basis; provided, if applicable, Buyer shall receive a
                        credit to the extent of any Pre-Launch Incentive
                        Payments, to be applied as an offset against Buyer's
                        consecutive monthly installment payments for the
                        Incentives Obligations otherwise due and payable for the
                        months immediately following the Commencement Date.

                6.3.4.2 If the Spacecraft has not been Launched due primarily to
                        (1) Contractor's fault after shipment or (2)
                        Contractor's failure to timely meet the Spacecraft's
                        scheduled Shipment Date (where such failure in shipment
                        is not caused by Buyer's actions or inactions)

                                               Buyer _______  Contractor _______
<PAGE>

                        (or a combination of clauses (1) and (2) immediately
                        above), then the first of the equal and consecutive
                        monthly installments of the Incentives Obligations on
                        the Spacecraft shall be due and payable on, and interest
                        shall not accrue until, the earlier to occur of (i) the
                        Commencement Date or (ii) one year after the earlier of
                        (a) the actual date of shipment of the Spacecraft by
                        Contractor or (b) Buyer's Preliminary Acceptance of the
                        Spacecraft. If upon the Commencement Date, or at any
                        time thereafter, any Transponder on the Spacecraft
                        (which has been subject to a Launch delay under this
                        Paragraph 6.3.4.2) ceases to be a Successfully Operating
                        Transponder or a Payload becomes a Degraded Payload,
                        then Contractor shall deliver to Buyer a refund (without
                        interest) of that portion of the Pre-Launch Incentives
                        Payments attributable to such Transponder or Payload,
                        taking into account the amount of time such Transponder
                        or Payload met the performance specifications, and
                        Buyer's subsequent Incentives Obligation for the
                        affected Payload on the Spacecraft shall be reduced
                        thereafter on a pro rata basis; provided however, that
                        Buyer shall receive a credit to the extent of any
                        Pre-Launch Incentive Payments, such credit to be applied
                        as an offset against Buyer's consecutive monthly
                        installment payments for the Incentives Obligations
                        otherwise due and payable for the months immediately
                        following the Commencement Date.

                6.3.4.3 If, for any reason other than primarily Contractor's
                        Fault, the Spacecraft has not been Launched within 24
                        months following the Spacecraft's actual date of
                        shipment, then the full amount of the Incentives
                        Obligations (and any Change Order Profit Component, if
                        applicable) (including principal and accrued interest,
                        if any) shall become immediately due and payable upon
                        the last day of such 24th

                                               Buyer _______  Contractor _______
<PAGE>

                        month. If, however, the Spacecraft is subsequently
                        Launched within 54 months of its actual date of shipment
                        and any Transponder of the Spacecraft ceases to be a
                        Successfully Operating Transponder or a Payload becomes
                        a Degraded Payload, then Buyer shall be entitled to a
                        proportionate refund (without interest) for any
                        Incentives Obligations (and any Change Order Profit, if
                        applicable) paid for such Transponder or Payload, taking
                        into account the amount of time such Transponder or
                        Payload met the performance specifications. If, for any
                        reason, the Spacecraft has not been Launched prior to
                        the third anniversary of its actual date of shipment
                        (the "Third Anniversary"), then Buyer shall have an
                        option (the "LOPS/MOPS Option"), exercisable in writing
                        received by Contractor on or before the Third
                        Anniversary, to extend its right to utilize the Related
                        Services for the Spacecraft to the fifth anniversary of
                        the Spacecraft's actual date of shipment (the "Extension
                        Period"). If Buyer does not timely exercise the
                        LOPS/MOPS Option, then Buyer shall pay Contractor the
                        portion of the "Related Services Price" (as defined
                        below) for the Spacecraft expended by the Contractor. If
                        Buyer timely exercises the LOPS/MOPS Option, then the
                        Related Services Price for the Spacecraft during the
                        Extension Period, shall be increased by a [*****]
                        beginning on the Third Anniversary. Buyer shall be
                        obligated to pay such escalation amount within 30 days
                        of receipt of invoice from Contractor. In any case,
                        Contractor's obligation to provide such services shall
                        terminate on the date which is fifty-four (54) months
                        (or as early as thirty-six (36) months) from the actual
                        date of shipment of the Spacecraft. If Contractor's
                        obligation to provide Related Services is terminated
                        under the immediately preceding sentence, then Buyer
                        shall pay the portion of the Related Services Price
                        expended by the Contractor. For purposes of this

                                               Buyer _______  Contractor _______
<PAGE>

                        Paragraph 6.3.4.3, "Related Services Price" shall mean
                        the amount payable upon completion of the Related
                        Services pursuant to Paragraph 6.2.

                6.3.4.4 If, for any reason, other than Contractor's fault, a
                        Launch failure occurs between the time of Launch and the
                        Commencement Date (or if no Commencement occurs), then
                        the full amount of the Incentives Obligations (and any
                        Change Order Profit Component, if applicable) (the
                        "Recoverable Amount(s)") shall become immediately due
                        and payable upon the date of such Launch failure.
                        Contractor shall be entitled to obtain payment of such
                        Recoverable Amounts from the proceeds of the launch
                        insurance obtained by Buyer and shall be entitled to a
                        priority in obtaining such proceeds over Buyer and all
                        other parties or claims; provided, however, that nothing
                        herein shall relieve Buyer of its obligations to pay to
                        Contractor all such Recoverable Amounts, as set forth
                        herein. Buyer agrees to name Contractor as a loss payee
                        under Buyer's launch insurance policy to the extent
                        Contractor is entitled to payment of Recoverable
                        Amounts. During the six (6) months immediately following
                        such Launch failure, Buyer shall use best reasonable
                        efforts to obtain the proceeds of its launch insurance
                        to pay Contractor the Recoverable Amounts, hereunder.
                        However, if Contractor does not receive all such
                        Recoverable Amounts from the proceeds of Buyer's launch
                        insurance within such six (6) month period, then Buyer
                        shall be obligated immediately to compensate Contractor
                        for, and Contractor may also look to Buyer directly for
                        satisfaction of, all such Recoverable Amounts. For the
                        purposes of this Paragraph 6.3.4.4, "Launch" shall mean
                        intentional ignition of any first stage engine of the
                        Launch Vehicle.

                                               Buyer _______  Contractor _______
<PAGE>

        6.4     Contractor shall not be obligated to deliver the Spacecraft to
                the Launch Site if there are any outstanding Delinquent Payments
                owed by Buyer to Contractor with respect to such Spacecraft
                under this Contract one month prior to shipment of such
                Spacecraft from the Contractor facility. "Delinquent Payments"
                are defined as those payments not received by Contractor within
                thirty (30) days of the dates due as defined in Paragraphs 6.2.1
                and 6.2.2 above. Once Buyer has paid Contractor for any
                "Delinquent Payments" and any interest accrued in accordance
                with Paragraph 6.6 below, Contractor shall use its reasonable
                best efforts to ship such Spacecraft to the Launch Site so as to
                enable launch on the scheduled Launch Date and in any event to
                make shipment as soon as practicable and no later than sixteen
                (16) weeks after payment by Buyer of such Delinquent Payments.
                Buyer will be responsible for and will pay toContractor any
                reasonable costs and [*****] profit on such costs that
                Contractor may incur as a result of a delay in delivery due to
                Buyer's Delinquent Payments. Notwithstanding the foregoing, this
                Section 6.4 shall not relieve Contractor of its obligation to
                deliver a Spacecraft, and no "Delinquent Payment" shall be
                deemed to have occurred, due to any nonpayment by Buyer on
                account of an alleged breach by Contractor or other dispute as
                to such payment. In such event, Buyer shall, within thirty (30)
                days of the date such payment is due, pay the full amount of
                such payment into an interest-bearing escrow account to be
                established at Bank of America, Concord, California. Upon
                settlement of the dispute as to such payment and alleged breach
                in accordance with Article 33, the Party entitled to the amount
                in escrow shall receive such amount together with all accrued
                interest thereon and the other Party shall pay all costs and
                fees associated with the escrow of such amount.

        6.5     Invoice

                6.5.1   Invoices submitted to Buyer for payment shall contain a
                        cross- reference to the Contract number and the date
                        specified in the Payment Plans of Paragraphs 6.3.1 and
                        6.3.2. Contractor shall submit one (1) original invoice
                        for the Spacecraft in each instance to:

                                               Buyer _______  Contractor _______
<PAGE>

               PanAmSat Corporation
               One Pickwick Plaza
               Greenwich, CT 06830

               Attention:   Robert Bednarek, Senior Vice President and
                            Chief Technology Officer

               cc:  James Frownfelter, Vice President -- Space Systems
                    Stephen G. Salem, Senior Counsel (by fax to 310-525-5800)

        6.5.2   Invoice amounts, as specified in Paragraph 6.3, provide for
                billings to be submitted by the 15th day of each month and shall
                be paid by Buyer within thirty (30) days upon receipt of the
                invoice by Buyer.

6.6     Late Payments

                                               Buyer _______  Contractor _______

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