Document:

irdm-ex101_193.htm

Exhibit 10.1

THIS AMENDMENT TO THE COFACE FACILITY AGREEMENT (this “Amendment”), dated as of February 10, 2017 (the “Effective Date”), is made by and among IRIDIUM COMMUNICATIONS INC., a Delaware corporation (the “Parent”), IRIDIUM SATELLITE LLC, a Delaware limited     liability company, as borrower (the “Borrower”), THE GUARANTORS under and as defined in the COFACE Facility Agreement referred to below, and SOCIÉTÉ GÉNÉRALE as agent of the other  Finance Parties (in this capacity the “COFACE Agent”) and is made with reference to the COFACE Facility Agreement, dated as of October 4, 2010, as amended and restated as of May 2, 2014 and as       further amended as of May 7, 2015, November 24, 2015, December 31, 2015, February 24, 2016 and July 18, 2016, by and among the Parent, the Borrower, the other Obligors party thereto, the Lenders party thereto, the COFACE Agent and DEUTSCHE BANK TRUST COMPANY AMERICAS as security agent and trustee for the Secured Parties (as amended, restated, supplemented, replaced or otherwise modified from time to time, the “COFACE Facility Agreement”).

 

agreement:

	
1.
	
Definitions; Interpretation

 

1.1Definitions 

Capitalised terms defined in the COFACE Facility Agreement have, unless expressly defined in this Amendment, the same meaning in this Amendment. 

1.2Construction 

The principles of construction set out in Clause 1.2 (Construction) of the COFACE Facility Agreement 
will have effect as if set out in this Amendment.

	
2.
	
AmendmentS

	
 
	
(a)
	
Effective as of the Effective Date, the table in Clause 22.1(a)(iii) of the COFACE Facility Agreement is hereby amended by changing the amount in Column 2 for the row with a 
date of “12/31/2017” in Column 1 to “[***]” (as follows):

	
Column 1

Financial Year Ending
	
Column 2

Non-TAS Capital Expenditure ($M)

	
12/31/2017
	
[***]

provided, that the Base Carry Forward Amount and Headroom Carry Forward Amount 
for the Financial Year ending December 31, 2018 (and any subsequent year) shall be calculated as though the amount in Column 2 above was not so amended.

	
 
	
(b)
	
Effective as of the Effective Date, the table in Clause 22.1(b)(i) of the COFACE Facility Agreement is hereby amended by changing the amount in Column 2 for the row with a
date of “12/31/2017” in Column 1 to “[***]” (as follows):

 

*** Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended.

 

		
		
	
Column 1 
Calculation Period expiring
	
Column 2 
Consolidated Operational EBITDA ($M)

	
12/31/2017
	
[***]

	
 
	
(c)
	
Effective as of the Effective Date, the table in Clause 22.1(b)(ii) of the COFACE Facility Agreement is hereby amended by changing the amount in Column 2 for the row with a 
date of “12/31/2017” in Column 1 to “[***]” and by adding a new row with a date of “6/30/2018” in Column 1 and an amount of “[***]” in Column 2 (as follows):

	
Column 1

Calculation Date
	
Column 2

Secondary Payload Cashflows ($M)

	
12/31/2017
	
[***]

	
6/30/2018
	
[***]

	
 
	
(d)
	
Effective as of the Effective Date, Schedule 24 to the COFACE Facility Agreement is hereby amended by deleting the “Post Production Milestones” and replacing them with 
the following:

Post Production Milestones:

 

	
[***]
	
[***]
	
[***]
	
[***]

	
[***]
	
[***]
	
[***]
	
[***]

	
[***]
	
[***]
	
[***]
	
[***]

	
[***]
	
[***]
	
[***]
	
[***]

 

	
3.
	
Representations

	
3.1
	
Representations

The representations set out in this Clause 3 (Representations) are made by each Obligor on the 
date of this Amendment to each Finance Party.

	
3.2
	
Powers and authority

It has the power to enter into, perform and deliver, and has taken all necessary action to authorise the entry into, performance and delivery of, this Amendment and the transactions contemplated 
by this Amendment.

*** Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended.

 

 

	
3.3
	
Legal validity

Subject to the Legal Reservations, the obligations expressed to be assumed by it in this 
Amendment are legal, valid, binding and enforceable obligations.

	
3.4
	
Non-conflict

The entry into and performance by it of, and the transactions contemplated by, this Amendment 
do not and will not conflict with:

	
 
	
(a)
	
any law or regulation applicable to it;

	
 
	
(b)
	
its constitutional documents; or

	
 
	
(c)
	
any agreement or instrument binding upon it or any of its assets or constitute a default of termination event (however described) under any such agreement or instrument where 
such circumstance has or is reasonably likely to have a Material Adverse Effect.

	
3.5
	
Authorisations

All authorisations required by it in connection with the entry into, performance, validity and enforceability of, and the transactions contemplated by, this Amendment have been obtained or effected (as appropriate) and are in full force and effect.

3.6Governing law and enforcement

	
 
	
(a)
	
Subject to the Legal Reservations, the choice of governing law of this Amendment will 
be recognised and enforced in its Relevant Jurisdictions.

	
 
	
(b)
	
Subject to the Legal Reservations, any judgment obtained in relation to this Amendment will be recognised and enforced in its Relevant Jurisdictions.

3.7COFACE Facility Agreement

Unless a representation and warranty set out in Clause 20 (Representations) of the COFACE Facility Agreement is expressed to be given at a specific date, each Obligor makes the representations and warranties set out in Clause 20 (Representations) of the COFACE Facility Agreement (other than the representations and warranties in Clauses 20.14(a), (b) and (c) 
(Original Financial Statements), 20.18 (Taxation) and 20.24 (Shares and Material Companies) of the COFACE Facility Agreement) on the Effective Date, in each case as if references to the COFACE Facility Agreement are references to the COFACE Facility Agreement, as amended hereby, with reference to the facts and circumstances then existing, provided that, in the case of those representations and warranties contained in Clause 20.13 (No misleading information) of 
the COFACE Facility Agreement, such representations and warranties are made only with respect to any subsequent and new information delivered under the COFACE Facility Agreement since 
the last period where such representation and warranty was made or deemed to be made under the COFACE Facility Agreement.

*** Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended.

 

 

3.8No Default or Event of Default

No Default or Event of Default (including, for the avoidance of doubt, any Event of Default under Clause 24.6 (Insolvency) or Clause 24.7 (Insolvency Proceedings) of the COFACE Facility Agreement) has occurred and is continuing or will result from the execution and delivery of this Amendment.

	
4.
	
CONDITIONS TO EFFECTIVENESS

 

This Amendment shall become effective on the Effective Date upon the due execution of a signature page to this Amendment by each of the Parent, the Borrower, the other Obligors and the COFACE Agent on behalf of the Finance Parties and delivery of each party’s respective signature pages to each of the other parties hereto.

	
5.
	
Governing law; jurisdiction, etc.

This Amendment and any non-contractual obligations arising out of or in connection with it are governed by English law. The provisions of Clause 40 (Enforcement) of the COFACE Facility Agreement are 
hereby incorporated by reference, mutatis mutandis, as if set forth in full herein.

 

	
6.
	
Miscellaneous

	
 
	
(a)
	
This Amendment is a Finance Document.

	
 
	
(b)
	
Each Obligor:

	
 
	
(i)
	
agrees to the amendments to the COFACE Facility Agreement as contemplated 
by this Amendment; and

	
 
	
(ii)
	
with effect from the Effective Date, confirms that any guarantee or security given by it or created under a Finance Document will:

	
 
	
(A)
	
continue in full force and effect; and

	
 
	
(B)
	
extend to the liabilities and obligations of the Obligors to the Finance Parties under the Finance Documents as amended by this Amendment.

	
 
	
(c)
	
On and after the date hereof, each reference in the COFACE Facility Agreement to “this Agreement”, “hereunder”, “hereof”, “herein” or words of like import referring to the COFACE Facility Agreement, and each reference in the other Finance Documents to the “COFACE Facility Agreement”, “thereunder”, “thereof” or words of like import referring to the COFACE Facility Agreement shall mean and be a reference to the COFACE 
Facility Agreement as amended by this Amendment.

	
 
	
(d)
	
Except as specifically amended by this Amendment, the COFACE Facility Agreement shall remain unchanged and in full force and effect and is hereby ratified and confirmed.

	
 
	
(e)
	
Each Finance Party reserves any other right or remedy it may have now or subsequently.  The execution, delivery and performance of this Amendment shall not constitute a waiver 

*** Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended.

 

 

	
 
		
of any provision of, or operate as a waiver of any right, power or remedy of the Finance Parties under the COFACE Facility Agreement except as expressly provided herein.

	
 
	
(f)
	
Section headings in this Amendment are included herein for convenience of reference 
only and shall not constitute a part of this Amendment for any other purpose or be given any substantive effect.

	
 
	
(g)
	
This Amendment may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed and delivered shall be deemed an original, but all such counterparts together shall constitute but one and the 
same instrument; signature pages may be detached from multiple separate counterparts 
and attached to a single counterpart so that all signature pages are physically attached to the same document.  Signatures to this Amendment may be delivered by facsimile or 
other electronic means of transmission, and any signature so delivered shall be deemed an original executed counterpart.

 

[Signature pages follow.]

 

 

*** Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended.

 

 

IN WITNESS WHEREOF, each of the parties hereto has caused this Amendment to be duly executed and delivered as of the date first above written.

 

Parent

IRIDIUM COMMUNICATIONS INC.

 

By: /s/ Thomas J. Fitzpatrick

Name:  Thomas J. Fitzpatrick

Title:Chief Financial Officer

 

Borrower

IRIDIUM SATELLITE LLC

 

By: /s/ Thomas J. Fitzpatrick

Name:  Thomas J. Fitzpatrick

Title:Chief Financial Officer

 

Obligors

IRIDIUM COMMUNICATIONS INC.

 

By: /s/ Thomas J. Fitzpatrick

Name:  Thomas J. Fitzpatrick

Title:Chief Financial Officer

 

IRIDIUM HOLDINGS LLC

 

By: /s/ Thomas J. Fitzpatrick

Name:  Thomas J. Fitzpatrick

Title:Chief Financial Officer

 

IRIDIUM CARRIER HOLDINGS LLC 

 

By: /s/ Thomas J. Fitzpatrick

Name:  Thomas J. Fitzpatrick

Title:Chief Financial Officer

 

*** Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended.

 

 

IRIDIUM CARRIER SERVICES LLC 

 

By: /s/ Thomas J. Fitzpatrick

Name:  Thomas J. Fitzpatrick

Title:Chief Financial Officer

 

IRIDIUM CONSTELLATION LLC 

 

By: /s/ Thomas J. Fitzpatrick

Name:  Thomas J. Fitzpatrick

Title:Chief Financial Officer

 

IRIDIUM GOVERNMENT SERVICES LLC 

 

By: /s/ Thomas J. Fitzpatrick

Name:Thomas J. Fitzpatrick

Title:Chief Financial Officer, Iridium Constellation LLC, its manager

 

SYNCOM-IRIDIUM HOLDINGS CORP.

 

By: /s/ Thomas J. Fitzpatrick

Name:  Thomas J. Fitzpatrick

Title:Chief Financial Officer

 

 

IRIDIUM BLOCKER-B INC.

 

By: /s/ Thomas J. Fitzpatrick

Name:  Thomas J. Fitzpatrick

Title:Chief Financial Officer

 

IRIDIUM SATELLITE SA LLC

 

By: /s/ Thomas J. Fitzpatrick

Name:Thomas J. Fitzpatrick

Title:Chief Financial Officer, Iridium Satellite LLC, its manager

*** Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended.

 

 

COFACE Agent

SOCIÉTÉ GÉNÉRALE

 

By: /s/ Fleur Ferrari

Name:  Fleur Ferrari

Title:  Structured Finance Middle Office Operations Head

 

 

By: /s/ Benjamin Graisley

Name:  GRAISLEY Benjamin

Title:  Structured Finance Middle Office Operations

 

 

 

 

 

 

*** Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended.irdm-ex102_194.htm

Exhibit 10.2

Execution Version

AMENDMENT NO. 5 TO 
SECOND AMENDED AND RESTATED LIMITED LIABILITY 
COMPANY AGREEMENT OF 
AIREON LLC 
A DELAWARE LIMITED LIABILITY COMPANY

This Amendment No. 5 to Second Amended and Restated Limited Liability Company Agreement (this "Amendment"), of Aireon LLC (the "Company"), is dated as of March 8, 2017 and is entered into by NAV CANADA Satellite, Inc., a Delaware corporation; Iridium Satellite LLC, a Delaware limited liability company; ENAV North Atlantic LLC, a Delaware limited liability company; IAA North Atlantic Inc., a Delaware corporation; and Naviair Surveillance A/S, a Danish limited liability company (collectively, the "Members"); NAV CANADA, a Canadian corporation ("NAV CANADA"); Enav, S.p.A., a company formed under the laws of the Italian Republic ("Enav"); Irish Aviation Authority Limited, a company organized under the laws of the Republic of Ireland ("IAA"); Naviair, an independent state owned company owned by the Kingdom of Denmark, registered with the Danish Business Authority under CVR-no.: 26 05 97 63 ("Naviair"); and the Company.

RECITALS

A.The Members, NAV CANADA, Enav, IAA, Naviair and the Company are party to that certain Second Amended and Restated Limited Liability Company Agreement of the Company, dated as of February 14, 2014, as amended (the "Operating Agreement").

B.The Members, NAV CANADA, Enav, IAA, Naviair and the Company wish to amend the Operating Agreement as set forth herein, effective as of January 1, 2016.

AGREEMENT

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by each of the parties hereto, the parties agree as follows:

1.Amendments. 

a.The definition of "Accrued Dividend" contained in Article 1 of the Operating Agreement is hereby amended and restated in its entirety and replaced with the following, effective as of January 1, 2016:

“Accrued Dividend” means, (i) with respect to any Preferred Interest issued on the A&R Effective Date, the Second A&R Effective Date or in connection with the Second Additional Investors Tranche Financing, the Third NAV CANADA Tranche Financing, the Third Additional Investors Tranche Financing, the Fourth NAV CANADA Tranche Financing, the Fourth Additional Investors Tranche Financing, the Fifth NAV CANADA Tranche Financing or the exercise of the Contingent B Financing Option (if any), (A) prior to January 1, 2021, zero (0), and (B) on or after January 1, 2021, an amount that would have accrued if the total amount of Unreturned Capital attributable to such Preferred Interest had been accruing daily at the rate of five percent (5%) per annum, from (and including) the date of issuance of such Preferred Interest until (and including) the date on which such Preferred Interest is converted into Common Interest or redeemed with full payment of applicable Redemption Price by the 

 

 

 

Company, (ii) with respect to any Preferred Interest issued in connection with the Second NAV CANADA Tranche Financing, (A) prior to January 1, 2021, zero (0), and (B) on or after January 1, 2021, an amount that would have accrued if the total amount of Unreturned Capital attributable to such Preferred Interest had been accruing daily at the rate of ten percent (10%) per annum, from (and including) the date of issuance of such Preferred Interest until (and including) the date on which such Preferred Interest is converted into Common Interest or redeemed with full payment of applicable Redemption Price by the Company, and (iii) with respect to any Non-Voting Preferred Interest issued, an amount that would have accrued if the total amount of Unreturned Capital attributable to such Non-Voting Preferred Interest had been accruing daily at the rate to be determined by the Board of Directors and reflected in the applicable Addendum of Designation attached to this Agreement, from (and including) the date of issuance of such Non-Voting Preferred Interest and thereafter." 

b.The definition of "Non-Voting Preferred Interests" contained in Article 1 of the Operating Agreement is hereby amended and restated in its entirety and replaced with the following, effective as of January 1, 2016:

“Non-Voting Preferred Interests” means Interests designated by the Board of Directors as “Non-Voting Preferred Interests” with the rights and privileges (including the right to receive the Accrued Dividend on or after January 1, 2021) set forth in this Agreement, the applicable Addendum of Designation and held by those Persons designated by the Board of Directors from time to time and/or any of their respective Permitted Transferee. 

c.The definition of "Preferred Interests" contained in Article 1 of the Operating Agreement is hereby amended and restated in its entirety and replaced with the following, effective as of January 1, 2016:

“Preferred Interests” means Interests designated by the Board of Directors as “Preferred Interests” with the rights and privileges (including the right to receive the Accrued Dividend on or after January 1, 2021) set forth in this Agreement and held by NAV CANADA US Subsidiary, the Additional Investors Subsidiaries and/or any of their respective Permitted Transferees and which have not been converted into Common Interests in accordance with the terms hereof. 

2.Except as expressly provided herein, nothing in this Amendment shall be deemed to waive or modify any of the other provisions of the Operating Agreement. In the event of any conflict between the Operating Agreement, any previous amendment of the Operating Agreement, this Amendment and any subsequent amendment, the document later in time shall prevail.

3.This Amendment shall be binding upon and shall inure to the benefit of the successors in interest of the parties hereto.

 

2

 

 

IN WITNESS WHEREOF, the undersigned has caused this Amendment to be executed as of the date first hereinabove set forth.

 

Aireon LLCIridium Satellite LLC 

By: /s/ Donald L. Thoma                                                    By:  /s/ Matthew J. Desch

Name:  Donald L. ThomaName:  Matthew J. Desch

Title:  Chief Executive OfficerTitle:  Chief Executive Officer

 

NAV CANADA Satellite, Inc.Naviair Surveillance A/S 

By: /s/ Neil R. Wilson                                                         By:  s/ Morton Dambæk

Name:  Neil R. WilsonName:  Morton Dambæk

Title:  PresidentTitle:  Chairman

By: /s/ Leigh Ann Kirby                                                    By:  /s/ Søren Stahlfest Møller

Name:  Leigh Ann KirbyName:  Søren Stahlfest Møller

Title:  Vice President and SecretaryTitle:  CEO

 

Enav S.p.A.ENAV North Atlantic LLC

By: /s/ Roberta Neri                                                            By:  /s/ Jason Gerlis

Name:  Roberta NeriName:  Jason Gerlis

Title:  Chief Executive OfficerTitle:  Director

 

NAV CANADAIAA North Atlantic Inc.

By: /s/ Neil R. Wilson                                                         By:  /s/ Philip Hughes

Name:  Neil R. WilsonName:  Philip Hughes

Title:  President & CEOTitle:  President

By: /s/ Leigh Ann Kirby                                                    By:  /s/ Maeve Hogan

Name:  Leigh Ann KirbyName:  Maeve Hogan

Title:  Vice President, General Counsel &Title:  Secretary and Treasurer

Corporate Secretary

Irish Aviation Authority LimitedNaviair

By: /s/ Eamonn Brennan                                                     By:  /s/ Morton Dambæk

Name:  Eamonn BrennanName:  Morton Dambæk

Title:  Chief ExecutiveTitle:  CEO

Signature Page to Amendment No. 5

3

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