Document:

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                                                                    EXHIBIT 10.2

                               AMENDMENT NO. 2 TO
                            ASSET PURCHASE AGREEMENT

                  This Amendment No. 2 (this "Amendment") to that certain Asset
Purchase Agreement, dated as of July 15, 2003, as amended by Amendment No. 1
thereto, dated as of August 18, 2003 (the "Asset Purchase Agreement"), among
Intelsat, Ltd., a Bermuda company ("Parent"), Intelsat (Bermuda), Ltd., a
Bermuda company ("Purchaser"), Loral Space & Communications Corporation, a
Delaware corporation and a debtor and debtor in possession ("Loral Space"),
Loral SpaceCom Corporation, a Delaware corporation and a debtor and debtor in
possession ("Loral SpaceCom"), and Loral Satellite, Inc., a Delaware corporation
and a debtor and debtor in possession (together with Loral Space and Loral
SpaceCom, the "Sellers"), is entered into as of September 12, 2003 among Parent,
Purchaser and Sellers.

                               W I T N E S S E T H

                  WHEREAS, the parties have previously entered into the Asset
Purchase Agreement; and

                  WHEREAS, the parties now wish to amend and modify the
agreement among the parties under the Asset Purchase Agreement on the terms and
conditions set forth herein.

                  NOW THEREFORE, in consideration of the foregoing premises and
the parties' respective covenants, agreements, representations and warranties
contained herein and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged and accepted, the parties hereto
hereby agree as follows:

                  SECTION 1. Definitions. Capitalized terms used, but not
defined, herein shall have the respective meanings ascribed to such terms in the
Asset Purchase Agreement.

                  SECTION 2. Amendment to the Definition of "Revenues" in
Section 1.1 of the Asset Purchase Agreement. The definition of "Revenues" set
forth in Section 1.1 of the Asset Purchase Agreement is hereby deleted in its
entirety and replaced with the following:

                  "Revenues" shall mean the revenues recognized by Sellers in
                  accordance with GAAP, applied consistently with the
                  consolidated financial statements of Loral Parent as at and
                  for the year ended December 31, 2002, for services rendered
                  under the Customer Service Contracts (including any Customer
                  Service Contracts with Loral Skynet Network Services, Inc.)
                  and Portability-In Contracts (but only to the extent
                  attributable to Purchased Satellites) and including revenues
                  derived from the transponders sold by AT&T prior to Sellers'
                  acquisition of Skynet in accordance with past practices. For
                  the avoidance of doubt, GAAP for purposes of this definition
                  shall refer to GAAP as applied to such financial statements,
                  notwithstanding any changes in GAAP occurring after December
                  31, 2002 or any adjustments to Sellers' accounting

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                  principles or policies adopted subsequent to that date,
                  whether as a result of the audit contemplated by Section 6.7
                  or otherwise, and, notwithstanding any requirements of GAAP,
                  revenues derived from the transponders sold by AT&T prior to
                  Sellers' acquisition of Skynet shall be included in Revenues
                  in accordance with past practices. As used herein with respect
                  to a specified date, the term "Revenues" does not include any
                  revenues that are not attributable to Contracts that would
                  have been Assumed Contracts if the Closing had occurred on the
                  date such revenues accrued.

                  Each of the Sellers hereby represents and warrants that, as of
the date hereof: (a) there have been no adjustments to Sellers' accounting
principles or policies, including revenue recognition policies, adopted
subsequent to December 31, 2002 and (b) it is not aware of any changes in GAAP
which have occurred after December 31, 2002 that would have any significant
impact on Revenues or any other matters which have arisen after December 31,
2002 that would change in any significant manner Sellers' accounting treatment
of Revenues.

                  SECTION 3. Amendment to Section 6.7(a) of the Asset Purchase
Agreement. Section 6.7(a) of the Asset Purchase Agreement is hereby amended by
deleting the last sentence of that section in its entirety and replacing that
sentence with the following:

                  Each of the Sellers shall use its Best Reasonable Efforts to
                  take, or cause to be taken, all action and to do, or cause to
                  be done, all things necessary, proper or advisable to: (i)
                  prepare in accordance with the Accounting Requirements and
                  deliver to Purchaser the financial statements as at and for
                  the years ended December 31, 2001 and December 31, 2002 as
                  promptly as reasonably practicable, but in no event later than
                  October 8, 2003 (provided that such financial statements are
                  not required to be audited by the Retained Accountants and be
                  accompanied by their audit report); and (ii) prepare in
                  accordance with the Accounting Requirements and assist and
                  otherwise cause the Retained Accountants to complete the audit
                  of such financial statements and deliver to Purchaser such
                  financial statements and the Retained Accountants' audit
                  report relating thereto (x) for the financial statements as at
                  and for the years ended December 31, 2001 and December 31,
                  2002, as promptly as reasonably practicable, but in no event
                  later than October 15, 2003 and (y) for the financial
                  statements as at and for the year ended on any December 31
                  thereafter occurring prior to the Closing Date, no later than
                  seventy-four (74) days after such year end (regardless of
                  whether the Closing has occurred prior to such date).

                  SECTION 4. Amendment to Section 6.7(b) of the Asset Purchase
Agreement. Section 6.7(b) of the Asset Purchase Agreement is hereby amended by
deleting the last sentence of that section in its entirety and replacing that
sentence with the following:

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                  Each of the Sellers shall deliver to Purchaser: (x) the
                  financial statements as at the dates and for the periods set
                  forth in clause (i) above, in accordance with the first
                  sentence of this clause (b) (except for the requirement that
                  such financial statements be subject to a SAS 71 or a similar
                  type of review or audit by the Retained Accountants and be
                  accompanied by the report of the Retained Accountants with
                  respect to their SAS 71 or similar type of review or their
                  audit report, as the case may be), as promptly as reasonably
                  practicable, but in no event later than October 8, 2003; and
                  (y) the financial statements as at the dates and for the
                  periods set forth in clauses (i), (ii) and (iii) above and the
                  report of the Retained Accountants with respect to their SAS
                  71 or similar type of review or their audit report, as the
                  case may be, in accordance with the first sentence of this
                  clause (b), (A) for the financial statements required by
                  clause (i), as promptly as reasonably practicable, but in no
                  event later than October 15, 2003 and (B) for the financial
                  statements required by clauses (ii) and (iii), no later than
                  the fifty-fifth (55th) day after the end of the relevant
                  fiscal quarter (regardless of whether the Closing has occurred
                  prior to such date).

                  SECTION 5. Creation of New Section 6.7(c) of the Asset
Purchase Agreement. The following is hereby added to the end of Section 6.7 of
the Asset Purchase Agreement as a new paragraph (e):

                  (c)      Prior to the delivery to Purchaser of each of the
                  financial statements referred to in Sections 6.7(a) and (b)
                  above in accordance with the terms of such sections, Sellers
                  shall: (i) keep Purchaser informed on a regular basis
                  regarding the status of the preparation, review and audit of,
                  and any other matters relating to, such financial statements,
                  and will participate and cause the Retained Accountants to
                  participate in periodic telephone conference calls with
                  Purchaser to discuss such matters at such times as Purchaser
                  shall reasonably request (which may be weekly) and (ii)
                  provide, or cause the Retained Accountants to provide,
                  Purchaser with weekly drafts of such financial statements as
                  soon as such drafts are available (with the first such draft
                  to be provided no later than September 5, 2003).

                  SECTION 6. Amendment to Section 11.1(i) of the Asset Purchase
Agreement. Section 11.1(i) of the Asset Purchase Agreement is hereby amended by
deleting that section in its entirety and replacing it with the following:

                  By Parent and Purchaser if: (i) the Sellers have not delivered
                  the financial statements referred to in Sections 6.7(a)(i) or
                  6.7(b)(x) on or prior to October 8, 2003 (and in accordance
                  with the terms of

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                  Sections 6.7(a)(i) or 6.7(b)(x), as appropriate) or (ii) the
                  Sellers have not delivered the financial statements referred
                  to in Sections 6.7(a)(ii)(x) or 6.7(b)(y)(A) on or prior to
                  October 15, 2003 (and in accordance with the terms of Sections
                  6.7(a)(ii)(x) or 6.7(b)(y)(A), as appropriate); provided that
                  such right under clauses (i) and (ii) above may only be
                  exercised on or prior to the later of (A) the date such
                  financial statements are delivered or (B) five (5) days after
                  Sellers provide notice that such financial statements will be
                  available for delivery.

                  SECTION 7. Definition of "Accounting Requirements" in Section
6.7(a) of the Asset Purchase Agreement. The definition of "Accounting
Requirements" shall be interpreted in accordance with the definition of
"Accounting Requirements" set forth in Section 6.7(a) of the Asset Purchase
Agreement and the Letter Agreement, dated August 26, 2003, among Parent,
Purchaser and Sellers. Sellers, Parent and Purchaser acknowledge and agree that
the financial statements to be delivered under Sections 6.7(a) and (b) of the
Asset Purchase Agreement shall be prepared in accordance with the terms of the
relief granted by the U.S. Securities and Exchange Commission ("SEC") in its
letter to Parent, dated August 28, 2003, but only to the extent of and subject
to the conditions pertaining to such grant of relief and only so long as such
financial statements comply with rules and regulations of the SEC (other than
Rules 3-01 and 3-02 of Regulation S-X) and GAAP, in each case to the extent
applicable to such financial statements.

                  SECTION 8. No Other Amendments; Continuing Effect of the Asset
Purchase Agreement. This Amendment shall not constitute an amendment or waiver
of any other provision of the Asset Purchase Agreement not expressly referred to
herein (including, for the avoidance of doubt and without limitation, such
provisions in Section 6.7 and Article XI of the Asset Purchase Agreements as are
not expressly referred to herein). Except as expressly provided hereby, the
Asset Purchase Agreement shall continue in full force and effect in accordance
with the provisions thereof and the Asset Purchase Agreement is in all respects
hereby ratified, confirmed and preserved. This Amendment and all of its
provisions shall be deemed a part of the Asset Purchase Agreement in the manner
and to the extent herein provided.

                  SECTION 9. Incorporation of Article XII of the Asset Purchase
Agreement. Article XII of the Asset Purchase Agreement is incorporated herein by
reference as if set forth fully in this Amendment.

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                  IN WITNESS WHEREOF, the parties hereto have executed or caused
this Amendment to be executed as of September 12, 2003.

                                           LORAL SPACE & COMMUNICATIONS
                                              CORPORATION,
                                              as debtor and debtor in possession

                                           By: /s/ Avi Katz
                                               ---------------------------------
                                               Name:  Avi Katz
                                               Title: Vice President

                                           LORAL SPACECOM CORPORATION,
                                              as debtor and debtor in possession

                                           By: /s/ Avi Katz
                                               ---------------------------------
                                               Name:  Avi Katz
                                               Title: Vice President

                                           LORAL SATELLITE INC.,
                                              as debtor and debtor in possession

                                           By: /s/ Avi Katz
                                               ---------------------------------
                                               Name:  Avi Katz
                                               Title: Vice President

                                           INTELSAT, LTD.

                                           By: /s/ Ramu V. Potarazu
                                               ---------------------------------
                                               Name:  Ramu V. Potarazu
                                               Title: Chief Operating Officer

                                           INTELSAT (BERMUDA), LTD.

                                           By: /s/ Ramu V. Potarazu
                                               ---------------------------------
                                               Name:  Ramu V. Potarazu
                                               Title: President

                                      -5-<PAGE>

                                                                    EXHIBIT 10.3

                               AMENDMENT NO. 3 TO
                            ASSET PURCHASE AGREEMENT

                  This Amendment No. 3 (this "Amendment") to that certain Asset
Purchase Agreement, dated as of July 15, 2003, as amended (the "Asset Purchase
Agreement"), among Intelsat, Ltd., a Bermuda company ("Parent"), Intelsat
(Bermuda), Ltd., a Bermuda company ("Purchaser"), Loral Space & Communications
Corporation, a Delaware corporation and a debtor and debtor in possession
("Loral Space"), Loral SpaceCom Corporation, a Delaware corporation and a debtor
and debtor in possession ("Loral SpaceCom"), and Loral Satellite, Inc., a
Delaware corporation and a debtor and debtor in possession (together with Loral
Space and Loral SpaceCom, the "Sellers"), is entered into as of October 21, 2003
among Parent, Purchaser and Sellers.

                               W I T N E S S E T H

                  WHEREAS, the parties have previously entered into the Asset
Purchase Agreement; and

                  WHEREAS, the parties now wish to further amend and modify the
agreement among the parties under the Asset Purchase Agreement on the terms and
conditions set forth herein.

                  NOW THEREFORE, in consideration of the foregoing premises and
the parties' respective covenants and agreements and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged and
accepted, the parties hereto hereby agree as follows:

                  SECTION 1. Definitions. Capitalized terms used, but not
defined, herein shall have the respective meanings ascribed to such terms in the
Asset Purchase Agreement.

                  SECTION 2. Amendment to Section 2.5(a) of the Asset Purchase
Agreement. Section 2.5(a) of the Asset Purchase Agreement is hereby amended by
deleting "$1.0 billion" and replacing it with "$1,025,000,000".

                  SECTION 3. Amendment to Section 2.5(b)(iii) of the Asset
Purchase Agreement. Section 2.5(b)(iii) of the Asset Purchase Agreement is
hereby amended by deleting that section in its entirety and replacing it with
the following:

                           (iii)    The Base Price shall be decreased by any
                  insurance payments received, net of any payments by Sellers to
                  parties under Contracts With Warranty with respect to the
                  insured loss, prior to the Closing in respect of (i) a loss
                  suffered by the Transferred Business or the Purchased Assets
                  (or assets that would have been Purchased Assets but for such
                  loss) subsequent to the date hereof and prior to the Closing
                  Date (including, without limitation, the loss of Telstar 4) or
                  (ii) a new proof of loss first filed after the date hereof
                  other than with respect to matters described on Schedule
                  3.20(b).

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                  SECTION 4. Amendment to Section 2.5(d) of the Asset Purchase
Agreement. Section 2.5(d) of the Asset Purchase Agreement is hereby amended by
deleting that section in its entirety and replacing it with the following:

                           (d)      If on or prior to the Closing Date, Sellers,
                  in compliance with Section 6.17, shall have entered into a New
                  Lease that constitutes a Lease Agreement under Section 6.17,
                  and the Lease Agreement is a valid and binding Contract (which
                  is an Assumed Contract, all rights under which are legally and
                  validly assigned to Purchaser at Closing) then: (A) (i) if the
                  New Lease is an Assumed Contract pursuant to Section 6.17(c),
                  the Base Price shall be increased by $100 million or (ii) if
                  the New Lease is an Assumed Contract pursuant to Section
                  6.17(d), the Base Price shall be increased by $50 million, and
                  (B) provided that SS/L executes and delivers at Closing
                  amendments to the Purchased Satellite Procurement Agreements
                  eliminating all obligations to make orbital incentive
                  payments, Purchaser shall pay SS/L on the Closing Date $25
                  million, whereupon the covenant of Sellers in Section 6.16
                  hereof and the closing condition in Section 9.1(r) hereof
                  shall cease to be effective.

                  SECTION 5. Section 2.9 of the Asset Purchase Agreement. A new
Section 2.9 is hereby added to the Asset Purchase Agreement to read as follows:

                  Section 2.9. Title to Telstar 4. Notwithstanding any other
                  provision of this Agreement, Purchaser will not acquire
                  ownership of or title to Telstar 4, but will, unless for any
                  reason there shall have been a decrease in the Base Price
                  pursuant to Section 2.5(b)(iii) with respect to the insurance
                  proceeds payable with respect to the Total Loss (or lesser
                  loss) of Telstar 4, be entitled to receipt and ownership of
                  such proceeds, to the extent such proceeds are received on or
                  after the Closing, net of any payments by Sellers to parties
                  under Contracts With Warranty with respect to the insured
                  loss. For avoidance of doubt, if such proceeds are received
                  prior to Closing and so reduce the Base Price, such proceeds
                  shall not constitute Purchased Assets hereunder.

                  SECTION 6. Amendment to Section 6.5(d) of the Asset Purchase
Agreement. The language contained in Section 6.5(d) of the Asset Purchase
Agreement shall be deleted in its entirety and replaced with "Intentionally
omitted."

                  SECTION 7. Amendment to Section 6.17 of the Asset Purchase
Agreement. Section 6.17 of the Asset Purchase Agreement is hereby amended by
deleting subsection (d) in its entirety, replacing subsection (d) with the
following and adding the following subsection (e):

                           (d)      Notwithstanding the provisions of
                  subparagraphs (a) through (c) of this Section 6.17, if Seller
                  shall enter into a New

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                  Lease which is, in all material respects, the same as Schedule
                  6.17A hereto and the other conditions set forth on Schedule
                  6.17B, or such other conditions to which Parent and Purchaser
                  consent to in writing (which consent shall not be unreasonably
                  withheld), are met in all material respects, Purchaser and
                  Parent agree that such New Lease (i) shall constitute the
                  Lease Agreement for purposes of Section 2.5(d) and (ii) shall
                  be an Assumed Contract for all purposes of this Agreement
                  (and, for avoidance of doubt, any revenues recognized by
                  Sellers from the Lease Agreement shall constitute Revenues for
                  all purposes under this Agreement).

                           (e)      There can only be one New Lease under this
                  Section 6.17.

                  SECTION 8. Amendment to Schedule 9.1(j) of the Asset Purchase
Agreement. Schedule 9.1(j) of the Asset Purchase Agreement is hereby amended by:
(a) deleting the first bullet point under "Governmental Approvals" in its
entirety and (b) deleting "two or fewer degrees" under the first bullet point
under "Other Approvals" and replacing it with "fewer than two degrees".

                  SECTION 9. Amendment to Section 9.1(n) of the Asset Purchase
Agreement. Section 9.1(n) of the Asset Purchase Agreement shall be amended by
deleting the last sentence of such section.

                  SECTION 10. Amendment to Schedule 9.1(o) of the Asset Purchase
Agreement. Schedule 9.1(o) of the Asset Purchase Agreement shall be amended to
change $500 million to $490 million if a New Lease is not entered into.

                  SECTION 11. Amendment to Section 9.1(q) of the Asset Purchase
Agreement. Section 9.1(q) of the Asset Purchase Agreement is hereby amended by
deleting that section in its entirety and replacing it with the following:

                           Section 9.1(q) Customer Service Contracts. Unless
                  Purchaser shall have otherwise consented in writing and except
                  (i) for the impact on average price resulting from a New Lease
                  which becomes an Assumed Contract under Section 6.17(d) and
                  (ii) as set forth in Schedule 9.l (q), the average annual
                  price per transponder unit (36MHz equivalent) charged by
                  Sellers under new Contracts that are Assumed Contracts
                  (including any renewal of an existing Contract that is an
                  Assumed Contract) that are entered into or renewals that take
                  place after the date hereof ("Average Transponder Price") and
                  prior to the Closing for transponders on the Purchased
                  Satellites shall be not less than the amount set forth on
                  Schedule 9.1(q).

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                  SECTION 12. No Other Amendments; Continuing Effect of the
Asset Purchase Agreement. This Amendment shall not constitute an amendment or
waiver of any other provision of the Asset Purchase Agreement not expressly
referred to herein (including, for the avoidance of doubt and without
limitation, such provisions of Sections 2.5, 2.9, 6.5, 6.17 and 9.1 of the Asset
Purchase Agreement as are not expressly referred to herein). Except as expressly
provided hereby, the Asset Purchase Agreement shall continue in full force and
effect in accordance with the provisions thereof and the Asset Purchase
Agreement is in all respects hereby ratified, confirmed and preserved. This
Amendment and all of its provisions shall be deemed a part of the Asset Purchase
Agreement in the manner and to the extent herein provided.

                  SECTION 13. Incorporation of Article XII of the Asset Purchase
Agreement. Article XII of the Asset Purchase Agreement is incorporated herein by
reference as if set forth fully in this Amendment.

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

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                  IN WITNESS WHEREOF, the parties hereto have executed or caused
this Amendment to be executed as of October 21, 2003.

                                           LORAL SPACE & COMMUNICATIONS
                                              CORPORATION,
                                              as debtor and debtor in possession

                                           By: /s/ Avi Katz
                                               ---------------------------------
                                               Name:  Avi Katz
                                               Title: Vice President

                                           LORAL SPACECOM CORPORATION,
                                              as debtor and debtor in possession

                                           By: /s/ Avi Katz
                                               ---------------------------------
                                               Name:  Avi Katz
                                               Title: Vice President

                                           LORAL SATELLITE, INC.,
                                              as debtor and debtor in possession

                                           By: /s/ Avi Katz
                                               ---------------------------------
                                               Name:  Avi Katz
                                               Title: Vice President

                                           INTELSAT, LTD.

                                           By: /s/ Ramu Potarazu
                                               ---------------------------------
                                               Name:  Ramu Potarazu
                                               Title: Chief Operating Officer

                                           INTELSAT (BERMUDA), LTD.

                                           By: /s/ Ramu Potarazu
                                               ---------------------------------
                                               Name:  Ramu Potarazu
                                               Title: President

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