Document:

Exhibit
10.36

 

 

FIRST
AMENDMENT TO CREDIT AGREEMENT

 

FIRST AMENDMENT (this “Amendment”),
dated as of February 22, 2005, among NEW SKIES HOLDING B.V., a private
company with limited liability (besloten
vennootschap met beperkte aansprakelijkheid) organized under the
laws of The Netherlands (“Holdings”), NEW SKIES SATELLITES B.V., a
private company with limited liability (besloten
vennootschap met beperkte aansprakelijkheid) organized under the
laws of The Netherlands (“Parent”), the LENDERS party to the Credit
Agreement referred to below (the “Lenders”), DEUTSCHE BANK AG, NEW YORK
BRANCH, as Administrative Agent and as Collateral Agent (in such capacities,
the “Administrative Agent”) for the Lenders and ABN AMRO BANK N.V., as
syndication agent (in such capacity, the “Syndication Agent”).  All capitalized terms used herein and not
otherwise defined herein shall have the respective meanings provided such terms
in the Credit Agreement referred to below.

 

W I T N E S S E T H:

 

WHEREAS, Holdings, Parent, the Lenders, the
Administrative Agent, the Collateral Agent, the Syndication Agent and Deutsche
Bank Securities Inc. and ABN AMRO Incorporated, as joint lead arrangers, are
parties to a Credit Agreement, dated as of November 2, 2004 (the “Credit
Agreement”);

 

WHEREAS, Holdings, Parent and/or one or more
of their Subsidiaries will be receiving NSS-8 Asset Sale Proceeds in an
aggregate amount of approximately $168,000,000 and the parties hereto wish to
modify the terms of the Credit Agreement relating to the application of such
NSS-8 Asset Sale Proceeds;

 

WHEREAS, a Parent Company of Holdings, New
Skies Satellites Holdings, Ltd., intends to (i) conduct an initial public
offering of its common stock pursuant to a registration statement that is
declared effective by the SEC (the “Parent Company IPO”) and (ii) loan
or contribute a portion of the net proceeds from such Parent Company IPO to
Holdings and Parent;

 

WHEREAS, on the date hereof, there are
outstanding Term Loans (for purposes of this Amendment, herein called the “Refinanced
Term Loans”) in an aggregate principal amount of $460,000,000 million;

 

WHEREAS, among other amendments to the Credit
Agreement contained herein, in accordance with the provisions of Section 9.08(e) of
the Credit Agreement, Parent wishes to amend the Credit Agreement to enable it
to convert and/or refinance in full the outstanding Term Loans described in the
immediately preceding recital through (x) the conversion of outstanding Term
Loans into replacement Term Loans and/or (y) its incurrence of replacement Term
Loans (for purposes of this Amendment, the replacement Term Loans described in
preceding changes (x) and (y) collectively being herein called the “Replacement
Term Loans”) as more fully provided herein, in each case with the same
terms as were theretofore applicable to the Term Loans except that the pricing
applicable thereto shall be as more fully described herein; and

 

WHEREAS, subject to the terms and conditions
of this Amendment, the parties hereto wish to amend the Credit Agreement, and
to enter into certain agreements relating to the Credit Agreement, as herein
provided;

 

 

NOW, THEREFORE, IT IS AGREED:

 

I.                                         Amendments and Consents Relating to the Receipt of
NSS-8 Assets Sale Proceeds.

 

1.                                       On the First
Amendment Effective Date (as hereinafter defined) (subject to the receipt of a
Borrowing Request in form and substance reasonably satisfactory to the
Administrative Agent and substantially in accordance with the requirements of Section 2.03
of the Credit Agreement, and subject to the relevant conditions specified in Section 4.01
of the Credit Agreement and the occurrence of the First Amendment Effective
Date (as hereinafter defined)), each Lender with a Term Loan Commitment as
shown on Schedule 2.01 to this Amendment hereby agrees to make a Term Loan
in the respective principal amount set forth opposite its name under the
heading “Term Loan Commitment” on Schedule 2.01 to this Amendment, in each
case in accordance with the relevant requirements of the Credit Agreement
except that (i) the date of the making of the Term Loans described in this
paragraph, other than those Term Loans being converted into Replacement Term
Loans, shall be as set forth above and (ii) each Lender with a Term Loan
Commitment as set forth in Schedule 2.01 to this Amendment shall make the
respective Term Loan available (through the Administrative Agent) in cash,
except that each Lender with a Term Loan Commitment as shown on Schedule 2.01
to this Amendment with existing Term Loans outstanding immediately prior to the
occurrence of the First Amendment Effective Date shall convert its theretofore
outstanding Term Loans (in a principal amount up to, but not in excess of, the
Term Loan Commitment of such Lender as specified in Schedule 2.01 hereto)
into Replacement Term Loans hereunder without any requirement that it make cash
proceeds available to the Parent (except to the extent that the Term Loan
Commitment of such Lender as specified on Schedule 2.01 hereto exceeds the
principal amount of its therefore outstanding Term Loans).  Parent hereby directs the Administrative
Agent to apply (and the Administrative Agent shall apply) all cash proceeds of
Replacement Term Loans made hereunder to refinance then outstanding Refinanced
Term Loans pursuant to the Credit Agreement (before giving effect to this
Amendment) other than those Term Loans being converted into Replacement Term
Loans, it being agreed that such direction shall satisfy the prepayment notice
requirements of Sections 2.11(a) and 2.10(e) of the Credit
Agreement.  It is understood that the
Replacement Term Loans being made pursuant to this Amendment (whether by
conversion or the making of cash proceeds available to Parent to refinance
Refinanced Term Loans) shall constitute Replacement Term Loans pursuant to Section 9.08(e) of
the Credit Agreement and the Term Loans being refinanced or converted shall
constitute Refinanced Term Loans as described therein.  It is understood and agreed by all parties
hereto that the aggregate principal amount of Term Loans outstanding after
giving effect to the First Amendment Effective Date shall be equal to the
aggregate amount of Term Loans which were outstanding immediately prior to
giving effect thereto.  Any Lender
holding outstanding Term Loans immediately prior to the First Amendment
Effective Date, that does not (in its sole discretion) provide a Term Loan
Commitment pursuant hereto, shall have its outstanding Term Loans (together
with all accrued but unpaid interest thereon) repaid in full on the First
Amendment Effective Date (if same occurs). 
On the First Amendment Effective Date, the aggregate amount of
Replacement Term Loans (including those made by conversion or the making of
cash proceeds available to Parent) shall be comprised of the same number of
Borrowings as were applicable to the outstanding Refinanced Term Loans
immediately prior to the First Amendment Effective Date, which Borrowings shall
be of the same Types and in the same amounts as the Borrowings theretofore
applicable to the Refinanced Term Loans, and in the case of any such Borrowings
of Eurocurrency Loans, shall have the same Interest Period (i.e. continuing to
the date of expiration of the Interest Period theretofore applicable to the
corresponding Borrowing of Refinanced Term Loan) and the same Adjusted LIBO Rate
(although,

 

2

 

from and after the First Amendment Effective Date, the Applicable
Margins shall be determined in accordance with the Credit Agreement, as amended
by this amendment) applicable thereto on the First Amendment Effective
Date.  Each Lender with Replacement Term
Loans shall participate on a pro rata basis in each outstanding Borrowing of
Replacement Term Loans as described in the immediately preceding sentence. In
connection with the incurrence of the Replacement Term Loans and the repayment
of Refinanced Term Loans in accordance with this Amendment, Parent hereby
agrees that, notwithstanding anything to the contrary contained in the Credit
Agreement, (i) if requested by any Lender making cash proceeds available
to Parent pursuant to the Replacement Term Loans (but not with respect to that
portion of the Replacement Term Loans of any Lender constituting a conversion
of Refinanced Term Loans of such Lender), Parent shall pay to such Lender such amounts
necessary, as reasonably determined by such Lender and set forth by such Lender
in a certificate delivered to Parent, to compensate such Lender for making such
Replacement Term Loans in the middle of an existing Interest Period (rather
than at the beginning of the respective Interest Period, based upon the rates
then applicable thereto) and (ii) Parent shall be obligated to pay to each
Lender whose Term Loans are being repaid in cash (rather than converted into
Replacement Term Loans on the First Amendment Effective Date) amounts of the
type referred to in Section 2.16 of the Credit Agreement in connection
with its repayment in cash (but not by way of conversion of Refinanced Term
Loans into Replacement Term Loans as contemplated above) of such Refinanced
Term Loans of such Lender incurred in connection with the conversion of
Refinanced Term Loans and/or the actions taken pursuant to the preceding
sentence of this Section I.1.  A
certificate of any Lender setting forth any amount or amounts that such Lender
is entitled to receive pursuant to clause (ii) of the foregoing sentence
shall be delivered to Parent and shall be prima facie evidence of the amounts
thereof.  Parent shall pay such Lender
the amount shown as due on any such certificate within 10 days after receipt
thereof.

 

2.                                       The definition
of “Applicable Margin” appearing in Section 1.01 of the Credit Agreement
is hereby deleted in its entirety and the following new definition is inserted
in lieu thereof:

 

“Applicable
Margin” shall mean, for all Loans, for any Margin Adjustment Period, from
and after any Start Date to and including the corresponding End Date, the
respective percentage per annum set forth below opposite the respective Level (i.e.,
Level 1, Level 2, Level 3 or Level 4, as the case may be), (x) indicated to
have been achieved on the applicable Test Date for such Start Date (as shown in
the respective officer’s certificate delivered pursuant to Section 5.04(c)),
(y) indicated to have been achieved on a pro forma basis (as shown in a certificate
of a Financial Officer of Holdings delivered to the Administrative Agent
setting forth computations in reasonable detail satisfactory to the
Administrative Agent demonstrating the Total Leverage Ratio as of the end of
the most recently ended fiscal quarter and determined on a pro  forma
basis giving effect to the transactions contemplated by Section I of the
First Amendment) or (z) indicated to have been achieved on a pro forma basis
(as shown in a certificate of a Financial Officer of Holdings delivered to the
Administrative Agent setting forth computations in reasonable detail
satisfactory to the Administrative Agent demonstrating the Total Leverage Ratio
as of the end of the most recently ended fiscal quarter and determined on a pro
forma basis giving effect to the transactions contemplated by Section II
of the First Amendment), as the case may be:

 

3

 

	
   

  	
   

  	
  Level 1:

  	
   

  	
  Level 2:

  	
   

  	
  Level 3:

  	
   

  	
  Level 4:

  	
   

  
	
  Total

  Leverage

  Ratio

  	
   

  	
  less than or

  equal to

  3.00:1.00

  	
   

  	
  greater than

  3.00:1.00 and less

  than or equal to

  4.00:1.00

  	
   

  	
  greater than

  4.00:1.00 and less

  than or equal to

  5.40:1.00

  	
   

  	
  greater than

  5.40:1.00

  	
   

  
	
  Applicable
  Margin for Eurocurrency Loans

  	
   

  	
  2.00

  	
  %

  	
  2.25

  	
  %

  	
  2.50

  	
  %

  	
  2.75

  	
  %

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Applicable
  Margin for Alternate Base Rate Loans

  	
   

  	
  0.75

  	
  %

  	
  1.00

  	
  %

  	
  1.25

  	
  %

  	
  1.50

  	
  %

  

 

Notwithstanding
the foregoing, (i) if Parent fails to deliver the financial statements
required to be delivered pursuant to Section 5.04(a) or (b) (accompanied
by the officer’s certificate required to be delivered pursuant to Section 5.04(c) showing
the applicable Total Leverage Ratio on the relevant Test Date) on or prior to
the respective date required by such Sections, then Level 4 pricing shall
apply from the day following the most recent End Date until such time, if any,
as the financial statements required as set forth above and the accompanying
officer’s certificate have been delivered showing the pricing for the
respective Margin Adjustment Period is at a level below Level 4 (it being
understood that, in the case of any late delivery of the financial statements
and officer’s certificate as so required, any reduction in the Applicable
Margin shall apply only from and after the date of the delivery of the
complying financial statements and officer’s certificate); and (ii) Level
4 pricing shall apply for the period from the Closing Date to the First
Amendment Effective Date”.

 

3.                                       The definition
of “Commitments” appearing in Section 1.01 of the Credit Agreement is
hereby amended by inserting the text “, Incremental Revolving Facility
Commitment” immediately after the text “Revolving Facility Commitment”
appearing in said definition.

 

4.                                       The definition
of “Consolidated Net Debt” appearing in Section 1.01 of the Credit
Agreement is hereby deleted in its entirety and the following new definition is
inserted in lieu thereof:

 

“Consolidated
Net Debt” at any date shall mean (A) Consolidated Debt on such date
less (B) (i) unrestricted cash or marketable securities (determined
in accordance with US GAAP) of Holdings and its Subsidiaries on such date and (ii) the
Boeing Escrow Amount, for so long as such amount is held in escrow.

 

5.                                       The definition
of “EBITDA” appearing in Section 1.01 of the Credit Agreement is hereby
amended by (i) deleting the period appearing at the end of sub-clause (iv) of
clause (b) thereof and inserting a semi-colon in lieu thereof and (ii) inserting
the following text at the end of sub-clause (iv) of clause (b) thereof:

 

“provided that, for purposes of
calculating EBITDA for any period ending on or prior to March 31, 2006,
there shall be added to Consolidated Net Income for such period (to the extent
not already included therein) the annualized portion of Consolidated Net Income
attributable to all

 

4

 

contracts
arising out of the failure of the satellite IS-804 and signed by Parent or any
of its Subsidiaries during the fiscal quarter ending March 31, 2005”.

 

6.                                       The definition
of “End Date” appearing in Section 1.01 of the Credit Agreement is hereby
deleted in its entirety and the following new definition is inserted in lieu
thereof:

 

“End Date”
shall mean, with respect to any Margin Adjustment Period or Commitment Fee
Adjustment Period, the last day of such Margin Adjustment Period or Commitment
Fee Adjustment Period, as the case may be.

 

7.                                       The definition
of “Margin Adjustment Period” appearing in Section 1.01 of the Credit
Agreement is hereby deleted in its entirety and the following new definition is
inserted in lieu thereof:

 

“Margin
Adjustment Period” shall mean (i) the period, if any, which shall
commence on the date of delivery of a certificate of a Financial Officer of
Holdings to the Administrative Agent setting forth computations in reasonable
detail satisfactory to the Administrative Agent demonstrating the Total
Leverage Ratio as of the end of the most recently ended fiscal quarter and
determined on a pro  forma basis giving effect to the transactions
contemplated by Section I of the First Amendment and which shall end on
the earlier of (x) the date of actual delivery of the next officer’s
certificate pursuant to Section 5.04(c) (and related financial
statements), (y) the latest date on which such next officer’s certificate (and
related financial statements) is required to be so delivered and (z) the date,
if any, upon which the certificate first referred to in clause (ii) of
this definition is delivered to the Administrative Agent, (ii) the period,
if any, which shall commence on the date of delivery of a certificate of a
Financial Officer of Holdings to the Administrative Agent setting forth
computations in reasonable detail satisfactory to the Administrative Agent
demonstrating the Total Leverage Ratio as of the end of the most recently ended
fiscal quarter and determined on a pro  forma basis giving effect
to the transactions contemplated by Section II of the First Amendment and
which shall end on the earlier of the date of actual delivery of the next
officer’s certificate pursuant to Section 5.04(c) (and related
financial statements) and the latest date on which such next officer’s
certificate (and related financial statements) is required to be so delivered
and (iii) each other period which shall commence on the date upon which
the respective officer’s certificate is delivered pursuant to Section 5.04(c) (together
with the related financial statements pursuant to Section 5.04(a) or
(b), as the case may be) and which shall end on the earlier of (x) the date of
actual delivery of the next officer’s certificate pursuant to Section 5.04(c) (and
related financial statements), (y) the latest date on which such next officer’s
certificate (and related financial statements) is required to be so delivered
and (z) if occurring after the date of commencement of such period, the date,
if any, upon which the certificate first referred to in clause (ii) of
this definition is delivered to the Administrative Agent.

 

8.                                       The definition
of “Material Subsidiary” appearing in Section 1.01 of the Credit Agreement
is hereby amended by inserting at the end of such definition, immediately
before the period, the following text:

 

5

 

“; provided, further, that the
proceeds of any Investment in NSS Newco made under Section 6.04(w) shall
be excluded in calculating the total assets of NSS Newco”

 

9.                                       The definition
of “Net Proceeds” appearing in Section 1.01 of the Credit Agreement is
hereby amended by deleting the text “$5 million” appearing at the end of
paragraph (a) of such definition and inserting the text “$10 million” in
lieu thereof.

 

10.                                 The definition of “Pledged
Collateral” appearing in Section 1.01 of the Credit Agreement is hereby
deleted in its entirety and the following new definition is inserted in lieu
thereof:

 

“Pledged
Collateral” shall have the meaning assigned to such term in (a) the
documents described in clauses (viii) and (ix) of the definition of “Dutch
Security Documents”, (b) the Parent Guarantee and U.S. Pledge Agreement, (c) the
documents described in clauses (ii) and (iii) of the definition of “Holdings
Agreements”, (d) the U.K. Equitable Charge over Shares or (e) any
Other Pledge Agreement, as applicable.

 

11.                                 The definition of “Start
Date” appearing in Section 1.01 of the Credit Agreement is hereby deleted
in its entirety and the following new definition is inserted in lieu thereof:

 

“Start Date”
shall mean, with respect to any Margin Adjustment Period or Commitment Fee
Adjustment Period, the first day of such Margin Adjustment Period or Commitment
Fee Adjustment Period, as the case may be.

 

12.                                 Section 1.01 of
the Credit Agreement is hereby further amended by inserting in the appropriate
alphabetical order the following new definitions:

 

“Boeing
Escrow Amount” shall mean an amount of up to $30,000,000 to be held for the
benefit of Boeing in connection with NSS-8.

 

“Boeing
Liens” shall mean (i) Liens in favor of Boeing on the Boeing Escrow
Amount and (ii) Liens securing obligations to Boeing pursuant to the NSS-8
Contract over NSS-8, accounts receivable relating to NSS-8 and any bank
accounts into which payments pursuant to such accounts receivable are paid so
long as no other accounts receivable are paid into such bank accounts.

 

“Commitment
Fee Adjustment Period” shall mean (i) the period, if any, which shall
commence on the date of delivery of a certificate of a Financial Officer of
Holdings to the Administrative Agent setting forth computations in reasonable
detail satisfactory to the Administrative Agent demonstrating the Total
Leverage Ratio as of the end of the most recently ended fiscal quarter and determined
on a pro  forma basis giving effect to the transactions
contemplated by Section I of the First Amendment and which shall end on
the earlier of, (x) the date of actual delivery of the next officer’s
certificate pursuant to Section 5.04(c) (and related financial
statements), (y) the latest date on which such next officer’s certificate (and
related financial statements) is required to be so delivered and (z) the date,
if any, upon which the certificate first referred to in clause (ii) of
this definition is delivered to the Administrative Agent, (ii) the period,
if any, which shall commence on the date of delivery of a certificate of a
Financial Officer of Holdings to the Administrative Agent setting forth
computations in reasonable detail satisfactory to the Administrative Agent

 

6

 

demonstrating the Total Leverage Ratio as of
the end of the most recently ended fiscal quarter and determined on a pro
forma basis giving effect to the transactions contemplated by Section II
of the First Amendment and which shall end on the earlier of the date of actual
delivery of the next officer’s certificate pursuant to Section 5.04(c) (and
related financial statements) and the latest date on which such next officer’s
certificate (and related financial statements) is required to be so delivered
and (iii) each other period which shall commence on the date upon which
the respective officer’s certificate is delivered pursuant to Section 5.04(c) (together
with the related financial statements pursuant to Section 5.04(a) or
(b), as the case may be) and which shall end on the earlier of (x) the date of
actual delivery of the next officer’s certificate pursuant to Section 5.04(c) (and
related financial statements), (y) the latest date on which such next officer’s
certificate (and related financial statements) is required to be so delivered
and (z) if occurring after the date of commencement of such period, the date,
if any, upon which certificate first referred to in clause (ii) of this
definition is delivered to the Administrative Agent.

 

“Commitment
Fee Rate” shall mean, for any Commitment Fee Adjustment Period, from and
after any Start Date to and including the corresponding End Date, the
respective percentage per annum set forth below opposite the respective Level (i.e.,
Level 1, Level 2, Level 3 or Level 4, as the case may be), (x) indicated to
have been achieved on the applicable Test Date for such Start Date (as shown in
the respective officer’s certificate delivered pursuant to Section 5.04(c)),
(y) indicated to have been achieved on a pro forma basis (as shown in a
certificate of a Financial Officer of Holdings delivered to the Administrative
Agent setting forth computations in reasonable detail satisfactory to the
Administrative Agent demonstrating the Total Leverage Ratio as of the end of
the most recently ended fiscal quarter and determined on a pro  forma
basis giving effect to the transactions contemplated by Section I of the
First Amendment) or (z) indicated to have been achieved on a pro forma basis
(as shown in a certificate of a Financial Officer of Holdings delivered to the
Administrative Agent setting forth computations in reasonable detail
satisfactory to the Administrative Agent demonstrating the Total Leverage Ratio
as of the end of the most recently ended fiscal quarter and determined on a pro
forma basis giving effect to the transactions contemplated by Section II
of the First Amendment), as the case may be:

 

	
   

  	
   

  	
  Level 1:

  	
   

  	
  Level 2:

  	
   

  	
  Level 3:

  	
   

  	
  Level 4:

  	
   

  
	
  Total

  Leverage

  Ratio

  	
   

  	
  less than or

  equal to

  3.00:1.00

  	
   

  	
  greater than

  3.00:1.00 and less

  than or equal to

  4.00:1.00

  	
   

  	
  greater than

  4.00:1.00 and less

  than or equal to

  5.40:1.00

  	
   

  	
  greater than

  5.40:1.00

  	
   

  
	
  Commitment
  Fee Rate

  	
   

  	
  0.375

  	
  %

  	
  0.375

  	
  %

  	
  0.50

  	
  %

  	
  0.50

  	
  %

  

 

Notwithstanding the foregoing, (i) if
Parent fails to deliver the financial statements required to be delivered
pursuant to Section 5.04(a) or (b) (accompanied by the officer’s
certificate required to be delivered pursuant to Section 5.04(c) showing
the applicable Total Leverage Ratio on the relevant Test Date) on or prior to
the respective date required by such Sections,

 

7

 

then the Level 4 rate shall apply from
the day following the most recent End Date until such time, if any, as the
financial statements required as set forth above and the accompanying officer’s
certificate have been delivered showing the rate for the respective Commitment
Fee Adjustment Period is at a level below Level 4 (it being understood that, in
the case of any late delivery of the financial statements and officer’s
certificate as so required, any reduction in the Commitment Fee Rate shall
apply only from and after the date of the delivery of the complying financial
statements and officer’s certificate); and (ii) the Level 4 rate shall
apply for the period from the Closing Date to the First Amendment Effective
Date.

 

“First
Amendment” shall mean the First Amendment to this Agreement, dated as of February 22,
2005.

 

“First
Amendment Effective Date” shall have the meaning provided in the First
Amendment.

 

“Incremental
Revolving Commitment Request Requirements” shall mean, with respect to any
request for an Incremental Revolving Facility Commitment made pursuant to Section 2.23,
the satisfaction of each of the following conditions on the date of such
request: (x) no Default or Event of Default then exists or would result
therefrom (for purposes of such determination, assuming the relevant Loans in
an aggregate principal amount equal to the full amount of Incremental Revolving
Facility Commitments then requested had been incurred, and the proposed
investment (if any) to be financed with the proceeds of such Loans had been
consummated, on such date of request) and all of the representations and
warranties contained herein and in the other Loan Documents are true and
correct in all material respects at such time (unless stated to relate to a
specific earlier date, in which case such representations and warranties shall
be true and correct in all material respects as of such earlier date); and (y)
Parent shall be in compliance with the Financial Performance Covenants for the
Test Period most recently ended prior to the date of the request for
Incremental Revolving Facility Commitments on a Pro  Forma Basis,
as if the relevant Loans to be made pursuant to such Incremental Revolving
Facility Commitments (assuming the full utilization thereof) had been incurred,
and the proposed investment (if any) to be financed with the proceeds of such
Revolving Facility Loans (as well as other investments or Permitted Business
Acquisitions theretofore consummated after the first day of such Test Period)
had occurred, on the first day of such Test Period.

 

“Incremental
Revolving Facility Commitment Agreement” shall mean an Incremental Revolving
Facility Commitment Agreement substantially in the form of Exhibit M
(appropriately completed), with such revisions reasonably approved by the
Administrative Agent, executed in accordance with Section 2.23.

 

“Incremental
Revolving Facility Commitments” shall mean, for any Lender, any commitment
by such Lender to make Revolving Facility Loans as agreed to by such Lender in
the Incremental Revolving Facility Commitment Agreement delivered pursuant to Section 2.23;
it being understood, however,
that on each date upon which an Incremental Revolving Facility Commitment of
any Lender becomes effective, such Incremental Revolving Facility Commitment of
such Lender shall be added to (and thereafter become a part of) the Revolving

 

8

 

Facility
Commitment of such Lender for all purposes of this Agreement as contemplated by
Section 2.23.

 

“Incremental
Revolving Facility Lender” shall have the meaning given such term in Section 2.23(b).

 

“NSS Newco”
shall mean a Subsidiary of Parent capitalized initially with NSS-8 Asset Sale
Proceeds and cash on hand of Parent in an aggregate amount not to exceed
$100,000,000.

 

“NSS-8
Contract” shall mean the amended and restated NSS-8 Spacecraft and
Associated Equipment and Services Contract (Number NSS-20-03-01) to be dated on
or around February 22, 2005.

 

13.                                 Notwithstanding
anything to the contrary contained in Sections 2.10 or 2.11 of the Credit
Agreement, in the definition of “Required NSS-8 Proceeds Percentage” or
elsewhere in the Credit Agreement, Holdings, Parent and the Lenders hereby
agree that NSS-8 Asset Sale Proceeds received by Holdings, Parent and/or their
Subsidiaries shall be used to prepay outstanding Term Loans on the First
Amendment Effective Date to the extent necessary to reduce Consolidated Debt to
$660,000,000, with such prepayment being applied (i) first, to
reduce scheduled amortization payments pursuant to Section 2.10(a) of
the Credit Agreement on Installment Dates occurring within the 36-month period
after the First Amendment Effective Date and (ii) second to reduce
on a pro rata basis (based on the amount of
such amortization payments) the remaining scheduled amortization payments in
respect of the Term Loans.

 

14.                                 Section 2.12 of
the Credit Agreement is hereby amended by deleting the phrase “at a rate equal
to 0.50% per annum” in the first sentence thereof and inserting in lieu thereof
the phrase “at a rate per annum equal to the Commitment Fee Rate in effect on
such day”.

 

15.                                 Article II of the
Credit Agreement is hereby amended by adding the following new Section 2.23
at the end of such Article:

 

“SECTION 2.23 Incremental
Revolving Facility Commitments.  (a) So
long as the Incremental Revolving Commitment Request Requirements are satisfied
at the time of the delivery of the request referred to below, Parent shall have
the right, in consultation and coordination with the Administrative Agent as to
all of the matters set forth below in this Section 2.23, but without
requiring the consent of any of the Lenders, to request at any time and from
time to time after the Closing Date and prior to the date which is 12 months
prior to the Revolving Facility Maturity Date, that one or more Lenders (and/or
one or more other persons which will become Lenders as provided below) provide
Incremental Revolving Facility Commitments and, subject to the applicable terms
and conditions contained in this Agreement, make Revolving Facility Loans
pursuant thereto to the Revolving Borrowers; it being understood and agreed,
however, that (i) no Lender shall be obligated to provide an Incremental
Revolving Facility Commitment as a result of any such request by Parent, and
until such time, if any, as such Lender has agreed in its sole discretion to
provide an Incremental Revolving Facility Commitment and executed and delivered
to the Administrative Agent an Incremental Revolving Facility Commitment
Agreement in respect thereof as

 

9

 

provided in clause (b) of this Section 2.23,
such Lender shall not be obligated to fund any Revolving Facility Loans in
excess of its Revolving Facility Commitment as in effect prior to giving effect
to such Incremental Revolving Facility Commitment provided pursuant to this Section 2.23,
(ii) any Lender (including any person who will become a Lender) may so
provide an Incremental Revolving Facility Commitment without the consent of any
other Lender, (iii) the provision of Incremental Revolving Facility
Commitments pursuant to this Section 2.23 shall be in a minimum aggregate
amount (for all Lenders (including any person who will become a Lender)) of at
least $10,000,000 and in integral multiples of $1,000,000 in excess thereof, (iv) the
aggregate amount of all Incremental Revolving Facility Commitments provided pursuant
to this Section 2.23 shall not exceed $50,000,000, (v) all Revolving
Facility Loans provided pursuant to an Incremental Revolving Facility
Commitment (and all interest, fees and other amounts payable thereon) shall be
Obligations under this Agreement and the other applicable Loan Documents and
shall be guaranteed and secured by the relevant Security Documents on a pari
passu basis with all other Obligations guaranteed and/or secured by each
such Security Document and (vi) all actions taken by Parent pursuant to
this Section 2.23 shall be done in coordination with the Administrative
Agent.

 

(b)                                 At the time of the provision of Incremental
Revolving Facility Commitments pursuant to this Section 2.23, Parent, the
Administrative Agent and each such Lender or other person which agrees to
provide an Incremental Revolving Facility Commitment (each, an “Incremental
Revolving Facility Lender”) shall execute and deliver to the Administrative
Agent an Incremental Revolving Facility Commitment Agreement, with the effectiveness
of such Incremental Revolving Facility Lender’s Incremental Revolving Facility
Commitment to occur on the date set forth in such Incremental Revolving
Facility Commitment Agreement, which date in any event shall be no earlier than
the date on which (v) all fees (if any) required to be paid in connection
therewith at the time of such effectiveness shall have been paid, (w) the
Administrative Agent shall have received evidence reasonably satisfactory to it
that the additional Obligations to be incurred pursuant to the Incremental
Revolving Facility Commitment shall constitute “Designated Senior Indebtedness”
under the Senior Subordinated Note Indenture or any indenture governing any
Permitted Senior Subordinated Debt Securities, (x) the Administrative Agent
shall have received evidence reasonably satisfactory to it that the additional
Obligations to be incurred pursuant to the Incremental Revolving Facility
Commitments are permitted by the terms of the outstanding Indebtedness of
Holdings, Parent and their respective Subsidiaries including, without
limitation, the Senior Note Documents and the Senior Subordinated Note
Documents, (y) all Incremental Revolving Commitment Request Requirements are
satisfied and (z) all other conditions set forth in this Section 2.23
shall have been satisfied.  The
Administrative Agent shall promptly notify each Lender as to the effectiveness
of each Incremental Revolving Facility Commitment Agreement, and at such time, (i) the
total Revolving Credit Commitment under, and for all purposes of, this
Agreement shall be increased by the aggregate amount of such Incremental
Revolving Facility Commitments and (ii) Schedule 2.01 shall be deemed
modified to reflect the revised Revolving Facility Commitments of the affected
Lenders.

 

(c)                                  At
the time of any provision of Incremental Revolving Facility Commitments
pursuant to this Section 2.23, Parent shall, in coordination with the
Administrative Agent, (x) repay outstanding Revolving Facility Loans of certain
of the Revolving Facility Lenders, and incur additional Revolving Facility
Loans from certain other

 

10

 

Revolving Facility Lenders (including the
Incremental Revolving Facility Lenders) and/or (y) take such other actions as
may be reasonably required by the Administrative Agent, in each case to the
extent necessary so that all of the Revolving Facility Lenders participate in
each outstanding Borrowing of Revolving Facility Loans pro  rata
on the basis of their respective Revolving Facility Commitments (after giving
effect to any increase in the aggregate Revolving Credit Commitment pursuant to
this Section 2.23) and with Parent being obligated to pay to the
respective Revolving Facility Lenders any costs of the type referred to in Section 2.16
in connection with any such repayment (in accordance with the terms and
procedures set forth in the relevant provisions of this Agreement covering such
costs).  To the extent the provisions of
this clause (c) require that Lenders make new Revolving Facility Loans
which are added to (and deemed to form a part of) the then outstanding
Borrowings of Revolving Loans maintained as Eurocurrency Loans, it is
acknowledged that the effect thereof may result in such new Revolving Facility
Loans having short Interest Periods (i.e., an Interest Period that began
during an Interest Period then applicable to outstanding Eurocurrency Loans and
which will end on the last day of such Interest Period).  In connection therewith, Parent may agree, in
the respective Incremental Revolving Facility Commitment Agreement, to
compensate the Lenders making the new Revolving Facility Loans for funding
Eurocurrency Loans during an existing Interest Period on such basis as may be
agreed by Parent and the respective Lender or Lenders.”.

 

16.                                 Section 5.10(g) of
the Credit Agreement is hereby amended by (i) deleting the word “or”
appearing at the end of clause (ii) of said Section and inserting a
comma in lieu thereof and (ii) inserting the following text at the end of
said Section:

 

“or (iv) any
assets subject to a Boeing Lien”.

 

17.                                 Section 5.14 of
the Credit Agreement is hereby amended by inserting the text “(other than NSS-8
at any time when any Boeing Lien is in effect)” in each of the following
places: (1) immediately following the text “monitoring services for any
Satellite” in clause (a)(i) of said Section; (2) immediately
following the text “yet to be launched” in clause (ii) of said Section; (3) immediately
following the text “control and monitoring of any Satellite” in clause (iii) of
said Section; (4) immediately following the text “monitoring services for
any Satellite” in paragraph (b) of said Section; and (5) immediately
following the text “control and monitoring of each Satellite” in paragraph (b) of
said Section.

 

18.                                 Section 6.02 of
the Credit Agreement is hereby amended by (i) deleting the word “and”
appearing at the end of clause (v) of said Section, (ii) deleting the
period appearing at the end of clause (w) of said Section and inserting
the text “; and” in lieu thereof and (iii) inserting the following new
clause (x) at the end of said Section:

 

“(x)                             Boeing Liens.”.

 

19.                                 Section 6.04 of
the Credit Agreement is hereby amended by (i) deleting the word “and” from
the end of paragraph (u) thereof, (ii) deleting the period at the end of
paragraph (v) thereof and replacing it with the text “; and” and (iii) inserting
the following new paragraph (w) following paragraph (v) thereof:

 

11

 

“(w)                         Investments
by Parent in NSS Newco with NSS-8 Asset Sale Proceeds and cash-on-hand of
Parent in an aggregate amount not to exceed $100,000,000, and intercompany
loans from NSS Newco to any Parent Company with the proceeds of such
Investments by Parent.”

 

20.                                 Section 6.06 of
the Credit Agreement is hereby amended by (i) deleting the text of
paragraph (f) of said Section in its entirety and inserting the
following new text in lieu thereof:

 

“(f)                              so
long as no Event of Default exists at the time of any such dividend or
distribution or would exist immediately after giving effect thereto, at any
time and from time to time on or following the First Amendment Effective Date,
Parent may pay one or more cash dividends or other cash distributions to
Holdings and Holdings may in turn pay one or more cash dividends or other cash
distributions in a like amount with NSS-8 Asset Sale Proceeds and cash-on-hand
of the Parent in an aggregate amount (when added to the aggregate amount of any
Investments made pursuant to Section 6.04(w)) not to exceed $100,000,000;”;

 

and (ii) deleting
the text “10.0 million” in paragraph (h) of said Section and
inserting the text “$20.0 million” in lieu thereof.

 

21.                                 Section 6.09(b)(i) of the Credit Agreement is hereby amended by
inserting the following proviso at the end of said Section:

 

“; provided, however, that, in
the event that Parent or Holdings elects not to apply the $100,000,000 referred
to in Section 6.06(f) in full towards making dividends or
distributions and/or pursuant to Section 6.04(w), Parent or Holdings, as
the case may be, may use such remaining amount at any time and from time to
time on or following the First Amendment Effective Date to prepay the Investor
Financing or the Parent Investor Financing, as the case may be.

 

22.                                 Section 6.09(c) of
the Credit Agreement is hereby amended by (i) deleting the word “or” from
the end of clause (J) thereof, (ii) replacing the period at the end of
clause (K) thereof with a semi-colon and (iii) inserting the following new
clause (L) at the end of said Section:

 

“(L)                           any
restrictions imposed by the NSS-8 Contract.”

 

23.                                 Section 6.10(d) of
the Credit Agreement is hereby amended by deleting the text commencing “if
Parent exercises the NSS-8 Proceeds Reinvestment Option” and ending “within the
time period set forth in the definition of the NSS-8 Proceeds Reinvestment
Option” in its entirety and inserting in lieu thereof the following text:

 

“Holdings and the Subsidiaries may make
additional Capital Expenditures at any time in respect of the NSS-8 Contract in
an amount not to exceed the amount of the NSS-8 Asset Sale Proceeds”.

 

24.                                 Schedule 2.01 to
the Credit Agreement is hereby restated in its entirety in the form of Schedule 2.01
attached hereto.

 

12

 

25.                                 The Credit Agreement
is hereby further amended by adding an Exhibit M thereto in the form of Exhibit M
to this Amendment.

 

II.                                     Amendments
and Consents Relating to the Parent Company IPO.

 

1.                                       The definition
of “Available Investment Basket Amount” appearing in Section 1.01 of the
Credit Agreement is hereby amended by deleting therefrom the text “the
aggregate amount of Capital Expenditures made after the Closing Date and on or
prior to such date pursuant to Section 6.10(c)” and inserting in lieu
thereof the text “any amounts thereof used to prepay, repurchase or redeem the
Senior Notes, any Permitted Senior Debt Securities, the Senior Subordinated
Notes or any Permitted Senior Subordinated Debt Securities pursuant to the
fourth proviso to Section 6.09(b)(i)”.

 

2.                                       The definition
of “Commitments” appearing in Section 1.01 of the Credit Agreement is
hereby amended by deleting therefrom the text “and Term Loan Commitment” and
inserting in lieu thereof the text “, Term Loan Commitment and Incremental Term
Loan Commitment, if applicable”.

 

3.                                       The definition
of “Excess Cash Flow” appearing in Section 1.01 of the Credit Agreement is
hereby amended by (i) deleting from sub-clause (x) of clause (i) of
the first paragraph (d) thereof the text “pursuant to Section 6.10(a) or
(b), as applicable,” and inserting in lieu thereof the text “from internally
generated funds”, (ii) deleting from the first paragraph (d) thereof
the text commencing with the words “, and (ii) the aggregate amount” and
ending with the words “during the period referred to in clause (x) above”, (iii) inserting
at the beginning of the first paragraph (h) thereof the text “(i)” and (iv) inserting
at the end of the first paragraph (h) thereof, immediately before the
comma, the following text:

 

“(ii) permitted payments of the Investor
Financing and the Parent Investor Financing paid in cash by Holdings and/or
Parent during such Excess Cash Flow Period in accordance with the third proviso
of Section 6.09(b)(i) and (iii) payments
of interest in respect of any Indebtedness permitted pursuant to Section 6.01(w)
paid in cash by Holdings or any Subsidiary during such Excess Cash Flow Period.”.

 

4.                                       The definition
of “Excluded Equity Issuances” appearing in Section 1.01 of the Credit
Agreement is hereby amended by inserting, immediately before the word “Blackstone”,
the text “any Parent Company,”.

 

5.                                       The definition
of “Loans” appearing in Section 1.01 of the Credit Agreement is hereby
amended by inserting, immediately following the text “the Term Loans”, the text
“, Incremental Term Loans of any Series,”.

 

6.                                       The definition
of “Required Percentage” appearing in Section 1.01 of the Credit Agreement
is hereby deleted in its entirety and the following new definition is inserted
in lieu thereof:

 

“Required
Percentage” shall mean, with respect to an Excess Cash Flow Period, 75%;
provided, that if at the time of any prepayment required by Section 2.11(d) in
respect of such Excess Cash Flow Period (a) (i) the Total Leverage
Ratio as of the last day of the most recent fiscal quarter for which financial
statements have been delivered pursuant to Section 5.04(a) or (b) (together
with the corresponding officer’s certificate pursuant to Section 5.04(c))

 

13

 

is less than or equal to 5.40:1.00 but
greater than 4.80:1.00 and (ii) no Event of Default has occurred and is
continuing, such percentage shall be 50%, (b) (i) the Total Leverage
Ratio as of the last day of the most recent fiscal quarter for which financial
statements have been delivered pursuant to Section 5.04(a) or (b) (together
with the corresponding officer’s certificate pursuant to Section 5.04(c))
is less than or equal to 4.80:1.00 but greater than 4.00 and (ii) no Event
of Default has occurred and is continuing, such percentage shall be 25% and (c) (i) the
Total Leverage Ratio as of the last day of the most recent fiscal quarter for
which financial statements have been delivered pursuant to Section 5.04(a) or
(b) (together with the corresponding officer’s certificate pursuant to Section 5.04(c))
is less than or equal to 4.00:1.00 and (ii) no Event of Default has
occurred and is continuing, such percentage shall be 0%.

 

7.                                       Section 1.01
of the Credit Agreement is hereby amended by inserting in the appropriate
alphabetical order the following new definitions:

 

“Cumulative
Retained Dividend Amount” shall mean, at any date, the cumulative amount by
which the aggregate amount of dividends and distributions made pursuant to Section 6.06(i) and
the aggregate amount of payments or prepayments made pursuant to the third
proviso to Section 6.09(b)(i) is less than
the maximum amounts permitted to be paid pursuant to such Sections for all
fiscal years of Parent beginning with fiscal year 2005.

 

“Incremental
Term Loan Commitment Request Requirements” shall mean, with respect to any
request for an Incremental Term Loan Commitment made pursuant to Section 2.24,
the satisfaction of each of the following conditions on the date of such
request: (x) no Default or Event of Default then exists or would result
therefrom or from the making of Incremental Term Loans thereunder (for purposes
of such determination, assuming the proposed investment (if any) to be financed
with the proceeds of such Incremental Term Loans had been consummated on such
date of request) and all of the representations and warranties contained herein
and in the other Loan Documents are true and correct in all material respects
at such time (unless stated to relate to a specific earlier date, in which case
such representations and warranties shall be true and correct in all material
respects as of such earlier date); and (y) Parent shall be in compliance with
the Financial Performance Covenants for the Test Period most recently ended
prior to the date of the request for Incremental Term Loan Commitments on a Pro
Forma Basis, as if the relevant Incremental Term Loans to be made pursuant to
such Incremental Term Loan Commitments (assuming the full utilization thereof)
had been incurred and the proposed investment (if any) to be financed with the
proceeds of such Incremental Term Loans (as well as other investments or
Permitted Business Acquisitions theretofore consummated after the first day of
such Test Period) had occurred, on the first day of such Test Period.

 

“Incremental
Term Loan Agreement” shall mean an Incremental Term Loan Agreement
substantially in the form of Exhibit N (appropriately completed),
with such revisions reasonably approved by the Administrative Agent, executed
in accordance with Section 2.24.

 

14

 

“Incremental
Term Loan Commitments” shall mean, for any Lender, any commitment by such
Lender to make Incremental Term Loans as agreed to by such Lender in the
Incremental Term Loan Agreement delivered pursuant to Section 2.24.

 

“Incremental
Term Loan Date” shall have the meaning given such term in Section 2.24(b).

 

“Incremental
Term Loans” shall have the meaning given such term in Section 2.24(a).

 

“Incremental
Term Loan Lender” shall have the meaning given such term in Section 2.24(b).

 

“IPO
Related Conditions” shall have the meaning provided in the First Amendment.

 

“IPO
Proceeds Loans” shall mean any loans made with the direct or indirect
proceeds of the Parent Company IPO, so long as the terms and conditions of such
loans (including without limitation, the subordination provisions thereof) are
no less favorable to the Lenders than the terms and conditions of the Investor
Finance Documents or otherwise reasonably satisfactory to the Administrative
Agent.

 

“Parent
Company IPO” shall have the meaning provided in the First Amendment.

 

“Series” shall have the meaning
provided in Section 2.24(a).

 

8.                                       Sections
2.10(a), (b) and (c) of the Credit Agreement are hereby deleted in
their entirety and the following text is inserted in lieu thereof:

 

“SECTION 2.10
Repayment of Loans.  (a)  Parent shall repay Term Loans (to
the extent not previously paid) on the Term Loan Maturity Date in an amount
equal to the remaining principal amount of the Term Loans.

 

(b)                                 [Intentionally
deleted].

 

(c)                                  Prepayment
from Net Proceeds of the types described in the definition of Net Proceeds and
Excess Cash Flow pursuant to Section 2.11(d) shall be made with
respect to the Term Loans and shall be applied to reduce the outstanding
principal amount of the Term Loans.  To
the extent the amount of any required prepayment of Term Loans pursuant to Section 2.11(c) or
2.11(d) exceeds the aggregate principal amount of Term Loans then
outstanding, such excess (which may be the entire amount of such required
prepayment if no Term Loans were outstanding immediately prior to such required
prepayment) shall be retained by Parent (and applied as it elects, consistent
with the terms of this Agreement).”.

 

9.                                       Section 2.11(a) is
herby amended by deleting the proviso appearing in said Section in its
entirety.

 

15

 

10.                                 Section 2.11(c) is
hereby amended deleting the text of said Section in its entirety and
inserting the following text in lieu thereof:

 

“(c)                            Holdings
and Parent shall apply all Net Proceeds promptly upon receipt thereof to prepay
Term Loan Borrowings and/or Revolving Facility Borrowings in accordance with
paragraph (c) of Section 2.10.”.

 

11.                                 Article II of the
Credit Agreement is hereby amended by adding the following new Section 2.24
at the end of such Article:

 

“SECTION 2.24 Incremental
Term Loan Commitments.  (a) So
long as the Incremental Term Loan Commitment Request Requirements are satisfied
at the time of the delivery of the request referred to below, Parent shall have
the right, in consultation and coordination with the Administrative Agent as to
all of the matters set forth below in this Section 2.24, but without
requiring the consent of any of the Lenders, to request at any time and from
time to time after the Closing Date and prior to the date which is 12 months
prior to the Term Loan Maturity Date, that one or more Lenders (and/or one or
more other persons which will become Lenders as provided below) provide
Incremental Term Loan Commitments and, subject to the applicable terms and
conditions contained in this Agreement, make Loans pursuant thereto to Parent
(any such Loans, “Incremental Term Loans”); it being understood and
agreed, however, that (i) no Lender shall be obligated to provide an
Incremental Term Loan Commitment as a result of any such request by Parent, and
until such time, if any, as such Lender has agreed in its sole discretion to
provide an Incremental Term Loan Commitment and executed and delivered to the
Administrative Agent an Incremental Term Loan Agreement in respect thereof as
provided in clause (b) of this Section 2.24, such Lender shall not be
obligated to fund any Incremental Term Loans, (ii) any Lender (including
any person who will become a Lender) may so provide an Incremental Term Loan
Commitment without the consent of any other Lender, (iii) the provision of
Incremental Term Loan Commitments pursuant to this Section 2.24 shall be
in a minimum aggregate amount (for all Lenders (including any person who will
become a Lender)) of at least $10,000,000 and in integral multiples of
$1,000,000 in excess thereof, (iv) the aggregate amount of all Incremental
Term Loan Commitments provided pursuant to this Section 2.24 shall not
exceed $150,000,000, (v) all Incremental Term Loans provided pursuant to
an Incremental Term Loan Commitment (and all interest, fees and other amounts
payable thereon) shall be Obligations under this Agreement and the other
applicable Loan Documents and shall be guaranteed and secured by the relevant
Security Documents on a pari  passu basis with all other
Obligations guaranteed and/or secured by each such Security Document and (vi) all
actions taken by Parent pursuant to this Section 2.24 shall be done in
coordination with the Administrative Agent. 
Any Incremental Term Loans made on a single Incremental Term Loan Date
(as defined below) shall be designated a separate series (a “Series”) of
Incremental Term Loans for all purposes of this Agreement.

 

(b)                                 At the time of the provision of Incremental Term
Loan Commitments pursuant to this Section 2.24, Parent, the Administrative
Agent and each such Lender or other person which agrees to provide an
Incremental Term Loan Commitment (each, an “Incremental Term Loan Lender”)
shall execute and deliver to the Administrative Agent an Incremental Term Loan
Agreement, with the effectiveness of such Incremental Term Loan Lender’s
Incremental Term Loan Commitment to occur on the date set forth in such

 

16

 

Incremental Term Loan Agreement (the “Incremental Term
Loan Date”), which date in any event shall be no earlier than the date on
which, (v) all fees (if any) required to be paid in connection therewith
at the time of such effectiveness shall have been paid, (w) the Administrative
Agent shall have received evidence reasonably satisfactory to it that the
additional Obligations to be incurred pursuant to the Incremental Term Loan
Commitment shall constitute “Designated Senior Indebtedness” under the Senior
Subordinated Note Indenture or any indenture governing any Permitted Senior
Subordinated Debt Securities, (x) the Administrative Agent shall have received
evidence reasonably satisfactory to it that the additional Obligations to be
incurred pursuant to the Incremental Term Loan Commitments are permitted by the
terms of the outstanding Indebtedness of Holdings, Parent and their respective
Subsidiaries including, without limitation, the Senior Note Documents and the
Senior Subordinated Note Documents, (y) all Incremental Term Loan Commitment
Requirements are satisfied and (z) all other conditions set forth in this Section 2.24
shall have been satisfied.  The
Administrative Agent shall promptly notify each Lender as to the effectiveness
of each Incremental Term Loan Agreement, and at such time Schedule 2.01
shall be deemed modified to reflect the amount of each Incremental Term Loan
Commitment.

 

(c)                                  On any Incremental Term Loan Date on which any
Incremental Term Loan Commitments of any Series are effective, each
Incremental Term Loan Lender of any Series shall make an Incremental Term
Loan to Parent in an amount equal to its Incremental Term Loan Commitment of
such Series.  The terms and provisions of
Incremental Term Loans of any Series shall be, except as otherwise set
forth herein or in the Incremental Term Loan Agreement, identical to the Term
Loans (including, without limitation, as to any mandatory prepayments); provided,
however, that (i) the applicable Incremental Term Loan Maturity Date of
each Series will be no shorter than the final maturity of the Term Loans
and (ii) the rate of interest applicable to the Incremental Term Loans of
any Series shall be determined by Parent and the applicable Incremental
Term Loan Lenders and shall be set forth in each applicable Incremental Term
Loan Agreement.  Each Incremental Term
Loan Agreement may, without the consent of any other Lenders, effect such
amendments to this Agreement and the other Loan Documents as may be necessary
or appropriate, in the opinion of the Administrative Agent, to effect the
provisions of this Section 2.24.”.

 

12.                                 Section 5.12 of
the Credit Agreement is hereby amended by deleting said Section in its
entirety and inserting in lieu thereof the text “[Intentionally deleted]”.

 

13.                                 Section 6.01 of
the Credit Agreement is hereby amended by (i) deleting the word “and” from
the end of paragraph (u) thereof, (ii) deleting the period at the end of
paragraph (v) thereof and replacing it with the text “; and”, (iii) inserting
the following new paragraph (w) following paragraph (v) thereof:

 

“(w)                         Indebtedness
of Holdings or any Subsidiary resulting from any IPO Proceeds Loans.”

 

and (iv) deleting
from the final sentence therof the text “and (m)” and inserting the text “, (m)
and (w)” in lieu of such text.

 

17

 

14.                                 Section 6.04 of
the Credit Agreement is hereby amended by (i) deleting the word “and” from
the end of paragraph (v) thereof, (ii) deleting the period at the end
of paragraph (w) thereof and replacing it with the text “; and”, (iii) inserting
the following new paragraphs (x) and (y) following paragraph (w) thereof:

 

“(x)                             IPO
Proceeds Loans; and

 

(y)                             loans
to any Affiliate (other than Holdings or any Subsidiary); provided, that
(1) no Default or Event of Default exists at the time of any such loan or
would exist immediately after giving effect thereto, (2) the aggregate
amount of (A) loans made pursuant to this paragraph (y), (B) dividends
and other distributions made pursuant to Section 6.06(i), (C) payments
or prepayments made pursuant to the third proviso to Section 6.09(b)(i), (D) payments
or prepayments of principal and interest made pursuant to Section 6.09(b)(iii) and
(E) payments of cash interest pursuant to Section 6.16 shall not
exceed (1) $65.0 million for the 2005 fiscal year of Parent and (2) for
each successive fiscal year thereafter, an amount equal to 1.05% of the amount
permitted to be paid in the immediately preceding fiscal year of Parent
pursuant to this paragraph (y) and the provisions referred to in subclauses
(B), (C), (D) and (E) of this paragraph (y) and (3) the Total
Leverage Ratio as of the last day of the most recently ended fiscal quarter is
less than or equal to 4.80:1.00 at the time such loans shall be made pursuant
to this paragraph (y).”.

 

15.                                 Section 6.06 of
the Credit Agreement is hereby amended by (i) deleting the word “and”
appearing at the end of clause (g) of said Section, (ii) deleting the
period appearing at the end of clause (h) of said Section and
inserting a semi-colon in lieu thereof and (iii) inserting the following
new clauses (i) and (j) at the end of said Section:

 

“(i)                               Parent may declare and pay dividends or make
other distributions to Holdings, and Holdings may in turn declare and pay
dividends or make other distributions in a like amount, provided that
(x) no Default or Event of Default exists at the time of any such dividend or
distribution or would exist immediately after giving effect thereto, (y) the
aggregate amount of (A) dividends and other distributions made pursuant to
this paragraph (i) plus (B) payments or prepayments made pursuant to
the third proviso to Section 6.09(b)(i) plus (C) payments or
prepayments of principal and interest made pursuant to Section 6.09(b)(iii) plus
(D) loans made pursuant to Section 6.04(y) plus (E) payments of
cash interest pursuant to Section 6.16 shall not exceed (1) $65.0
million for the 2005 fiscal year of Parent and (2) for each successive
fiscal year thereafter, an amount equal to 1.05% of the amount permitted to be
paid in the immediately preceding fiscal year of Parent pursuant to this paragraph
(i) and the provisions referred to in subclauses (B), (C), (D) ad (E) of
this paragraph (i) and (z) the Total Leverage Ratio as of the last day of
the most recently ended fiscal quarter is less than or equal to 4.80:1.00 at
the time such dividends shall be paid or other distributions made pursuant to
this paragraph (i); and

 

(j)                                     Parent
and Holdings may each declare and pay dividends or make other distributions
with any proceeds of the Parent Company IPO indirectly received by either of
them which are not required to be applied to reduce Consolidated Debt in order
to fulfill the IPO Related Conditions.”

 

18

 

16.                                 Notwithstanding
anything to the contrary contained in the Credit Agreement, Holdings, Parent
and the Lenders hereby agree that upon the consummation of the Parent Company
IPO, New Skies Satellites Holdings, Ltd. shall, directly or indirectly,
contribute or loan net proceeds from the Parent Company IPO to Parent in order
to enable Parent to reduce Consolidated Debt to $515,000,000 through the
repayment of outstanding Borrowings of Term Loans in accordance with Section 2.10(e) of
the Credit Agreement.

 

17.                                 Section 6.07 of
the Credit Agreement is hereby amended by (i) inserting in clause (A) of
the proviso to paragraph (a) thereof, immediately after the text “monitoring
and management”, the text “or termination”, (ii) inserting at the end of
clause (b)(vii) thereof the text “and payments and prepayments permitted
under Section 6.09(b)(i), 6.09(b)(iii) and 6.16 and loans made
pursuant to Section 6.04(w), (x) and (y)” and (iii) inserting the
following proviso at the end of paragraph (c) thereof:

 

“; provided, that Parent may pay a
termination fee to Blackstone with the proceeds of the Parent Company IPO in an
amount not to exceed $7,000,000.”

 

18.                                 Section 6.08(b) is
hereby amended by (i) deleting the text “and” from the end of clause (viii) of
said Section and inserting a comma in lieu thereof and (ii) inserting,
immediately following the text “HC Activities,” the following new clause (x):

 

“and (x) the making of payments, loans,
dividends and distributions permitted pursuant to Section 6.04(y), Section 6.06(i),
Section 6.06(j), the third proviso to Section 6.09(b)(i), Section 6.09(b)(iii) and
Section 6.16”.

 

19.                                 Section 6.09(b) of
the Credit Agreement is hereby amended by (i) inserting the following
provisos at the end of Section 6.09(b)(i):

 

“; provided, further, however,
that Holdings and Parent may each prepay the Investor Financing and the Parent
Investor Financing, as the case may be, with any proceeds of the Parent Company
IPO indirectly received by either of them which are not required to be applied
to reduce Consolidated Debt in order to fulfill the IPO Related Conditions; provided,
further, however, that Holdings and Parent may each prepay the
Investor Financing and the Parent Investor Financing, as the case may be, so
long as (x) no Default or Event of Default exists at the time of any such
prepayment or would exist immediately after giving effect thereto, (y) the
aggregate amount of (A) prepayments made pursuant to this proviso plus (B) dividends
and other distributions made pursuant to Section 6.06(i) plus (C) payments
and prepayments of principal and interest made pursuant to Section 6.09(b)(iii) plus
(D) loans made pursuant to Section 6.04(y) plus (E) payments of
cash interest pursuant to Section 6.16 shall not exceed (1) $65.0
million for the 2005 fiscal year of Parent and (2) for each successive
fiscal year thereafter, an amount equal to 1.05% of the amount permitted to be
paid in the immediately preceding fiscal year of Parent pursuant to this
proviso and the provisions referred to in subclauses (B), (C), (D) and (E) of
this proviso and (z) the Total Leverage Ratio as of the last day of the most
recently ended fiscal quarter is less than or equal to 4.80:1.00 at the time
such prepayments shall be made pursuant to this proviso; and provided, further,
however, that Parent may prepay, repurchase or redeem the Senior Notes,
any Permitted Senior Debt Securities, the Senior Subordinated Notes or any
Permitted Senior Subordinated Debt

 

19

 

Securities so long as (x) no Default or Event
of Default exists at the time of any such prepayment, repurchase or redemption
or would exist immediately after giving effect thereto, (y) the amount of any
such prepayment, repurchase or redemption shall not exceed the sum of the
Available Investment Basket Amount at the time of such prepayment, repurchase
or redemption plus the Cumulative Retained Dividend Amount at such time and (z)
the Total Leverage Ratio as of the last day of the most recently ended fiscal
quarter is less than or equal to 4.80:1.00 at the time of any such prepayment,
repurchase or redemption.”

 

and (ii) deleting
the period at the end of Section 6.09(b)(ii) and inserting in lieu
thereof the text “; and” and (iii) inserting at the end of Section 6.09(b) the
following new paragraph (iii):

 

“(iii)                         Make any
voluntary or optional payment or prepayment of principal or pay any interest in
cash with respect to any IPO Proceeds Loan made to Holdings or any Subsidiary
unless (1) no Default or Event of Default exists at the time of any such
payment or prepayment or would exist immediately after giving effect thereto, (2) the
aggregate amount of (A) payments and prepayments of principal and interest
made pursuant to this paragraph (iii), (B) dividends and other
distributions made pursuant to Section 6.06(i), (C) payments or
prepayments made pursuant to the third proviso to Section 6.09(b)(i), (D) loans
made pursuant to Section 6.04(y) and (E) payments of cash interest
pursuant to Section 6.16 shall not exceed (1) $65.0 million for the
2005 fiscal year of Parent and (2) for each successive fiscal year
thereafter, an amount equal to 1.05% of the amount permitted to be paid in the
immediately preceding fiscal year of Parent pursuant to this paragraph (iii) and
the provisions referred to in subclauses (B), (C), (D) and (E) of
this paragraph (iii) and (3) the Total Leverage Ratio as of the last
day of the most recently ended fiscal quarter is less than or equal to
4.80:1.00 at the time such payment or prepayment shall be made pursuant to this
paragraph (iii).”

 

20.                                 Section 6.10 of
the Credit Agreement is hereby amended by deleting said Section in its
entirety and inserting in lieu thereof the text “[Intentionally deleted]”.

 

21.                                 Section 6.11 of
the Credit Agreement is hereby amended by deleting the text of said Section in
its entirety and inserting the following new text in lieu thereof:

 

“SECTION 6.11  Interest
Coverage Ratio.  Permit the ratio
(the “Interest Coverage Ratio”) on the last day of any fiscal quarter,
for the four quarter period ended as of such day, of (a) EBITDA to (b) Cash
Interest Expense to be less than 2.50:1.00; provided that to the extent
any Asset Disposition or any Asset Acquisition (or any similar transaction or
transactions for which a waiver or a consent of the Required Lenders pursuant
to Section 6.05 has been obtained) or any incurrence or repayment of
Indebtedness (excluding normal fluctuations of revolving Indebtedness incurred
for working capital purposes) has occurred during the relevant Test Period, the
Interest Coverage Ratio shall be determined for the respective Test Period on a
Pro Forma Basis for such occurrences.”.

 

22.                                 Section 6.12 of
the Credit Agreement is hereby amended by deleting the text of said Section in
its entirety and inserting the following text in lieu thereof:

 

“SECTION 6.12  Total
Leverage Ratio.  Permit the Total
Leverage Ratio on the last day of any fiscal quarter to be in excess of
5:00:1.00.”.

 

20

 

23.                                 Section 6.13 of
the Credit Agreement is hereby amended by deleting the text “Swap Agreements
required by Section 5.12 or” from clause (a) thereof.

 

24.                                 Section 6.16 of
the Credit Agreement is hereby amended by adding at the end of said Section,
immediately prior to the period, the following text:

 

“unless (1) no Default or Event of
Default exists at the time of any such payment or would exist immediately after
giving effect thereto, (2) the aggregate amount of (A) payments of
cash interest made pursuant to this Section 6.16, (B) dividends and
other distributions made pursuant to Section 6.06(i), (C) payments or
prepayments made pursuant to the third proviso to Section 6.09(b)(i), (D) loans
made pursuant to Section 6.04(y) and (E) payments and prepayments of
principal and interest made pursuant to Section 6.09(b)(iii) shall
not exceed (1) $65.0 million for the 2005 fiscal year of Parent and (2) for
each successive fiscal year thereafter, an amount equal to 1.05% of the amount
permitted to be paid in the immediately preceding fiscal year of Parent
pursuant to this Section 6.16 and the provisions referred to in subclauses
(B), (C), (D) and (E) of this Section 6.16 and (3) the
Total Leverage Ratio as of the last day of the most recently ended fiscal
quarter is less than or equal to 4.80:1.00 at the time such payment or
prepayment shall be made pursuant to this Section 6.16.”

 

25.                                 The Credit Agreement
is hereby further amended by adding an Exhibit N thereto in the form of Exhibit N
to this Amendment.

 

III.                                 Miscellaneous Provisions.

 

1.                                       In
order to induce the Lenders to enter into this Amendment, Holdings and Parent
hereby represent and warrant that:

 

(a)                                  no
Default or Event of Default exists as of the First Amendment Effective Date,
both before and after giving effect to this Amendment; and

 

(b)                                 all
of the representations and warranties contained in the Credit Agreement and in
the other Loan Documents are true and correct in all material respects on the
First Amendment Effective Date, both before and after giving effect to this
Amendment, with the same effect as though such representations and warranties
had been made on and as of the First Amendment Effective Date (it being
understood that any representation or warranty made as of a specific date shall
be true and correct in all material respects as of such specific date).

 

2.                                       This
Amendment is limited as specified and shall not constitute a modification,
acceptance or waiver of any other provision of the Credit Agreement or any
other Loan Document.

 

3.                                       This
Amendment may be executed in any number of counterparts and by the different
parties hereto on separate counterparts, each of which counterparts when
executed and delivered shall be an original, but all of which shall together
constitute one and the same instrument. 
A complete set of counterparts shall be lodged with Holdings, Parent and
the Administrative Agent.

 

21

 

4.                                       THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE
PARTIES HEREUNDER SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAW
OF THE STATE OF NEW YORK.

 

5.                                       The
amendments and agreements set forth in Section I of this Amendment shall
become effective on the date (the “First Amendment Effective Date”) when
each of the following conditions shall have been satisfied:

 

(i)                                     Holdings,
Parent, the Administrative Agent, the Required Lenders and each Lender
providing any Replacement Term Loans shall have signed a counterpart hereof
(whether the same or different counterparts) and shall have delivered
(including by way of facsimile transmission) the same to White & Case
LLP, 1155 Avenue of the Americas, New York, NY 10036 Attention:  May Yip-Daniels (facsimile number 212-354-8113);

 

(ii)                                  there
shall have been delivered to the Administrative Agent copies of resolutions of
the board of directors and the shareholders of each Loan Party approving and
authorizing the execution, delivery and performance of this Amendment and the
Loan Documents as amended by this Amendment, certified as of the First
Amendment Effective Date by the corporate secretary or an assistant secretary
of such Loan Party as being in full force and effect without modification or
amendment;

 

(iii)                               Parent
shall have delivered the Initially Charged Shares (as defined in the U.K.
Equitable Charge of Shares) to the Collateral Agent; and

 

(iv)                              Parent
shall have applied (or shall, simultaneously with the effectiveness of the provisions
of Section I of this Amendment, apply) NSS-8 Asset Sale Proceeds to prepay
outstanding Term Loans to the extent necessary to reduce Consolidated Debt to
$660,000,000.

 

Notwithstanding the foregoing, the
modifications to the definition of “Applicable Margin” set forth in Section I,
as such modifications relate to Revolving Facility Loans only, and the
modifications relating to the payment of Commitment Fees, shall only become
effective when the First Amendment Effective Date shall have occurred and a
counterpart of this Amendment has been executed and delivered by each Revolving
Facility Lender.

 

6.                                       The amendments
and agreements set forth in Section II of this Amendment shall become
effective on the date when each of the following conditions (the “IPO
Related Conditions”) shall have been satisfied:

 

(i)                                     the
First Amendment Effective Date shall have occurred;

 

(ii)                                  the
Parent Company IPO shall have been consummated; and

 

(iii)                               Parent
shall have reduced Consolidated Debt to no more than $515,000,000 through the
repayment of outstanding Borrowings of Term Loans.

 

7.                                       By
executing and delivering a copy hereof, each Loan Party hereby agrees that all
Loans (including, without limitation, the Replacement Term Loans) shall be
fully guaranteed and secured pursuant to the Security Documents.

 

22

 

8.                                       From
and after the First Amendment Effective Date, all references in the Credit
Agreement and each of the other Loan Documents to the Credit Agreement shall be
deemed to be references to the Credit Agreement as modified hereby.

 

*         
*          *

 

23

 

IN WITNESS WHEREOF, the
parties hereto have caused their duly authorized officers to execute and
deliver this Amendment as of the date first above written.

 

	
   

  	
  NEW SKIES
  HOLDING B.V.

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ David
  A. Vietor 

  	
   

  
	
   

  	
   

  	
  Title: Attorney-in-fact

  
	
   

  	
   

  
	
   

  	
  NEW SKIES SATELLITES
  B.V.

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ David
  A. Vietor

  	
   

  
	
   

  	
   

  	
  Title: Attorney-in-fact

  
	
   

  	
   

  
	
   

  	
  DEUTSCHE BANK AG, NEW YORK BRANCH,

  as Administrative Agent, as Issuing Bank

  and as a Lender

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/
  Gregory Shefrin 

  	
   

  
	
   

  	
   

  	
  Title: Director

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Paul O’Leary
  

  	
   

  
	
   

  	
   

  	
  Title: Vice
  President

  
	
   

  	
   

  
	
   

  	
  ABN AMRO BANK N.V.,

  as Syndication Agent and as a Lender 

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ M.
  Dethmers 

  	
   

  
	
   

  	
   

  	
  Title: SCPM
  Account Manager 

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ J.
  Reynders

  	
   

  
	
   

  	
   

  	
  Title:Vice
  President

  
	
   

  	
   

  
	
   

  	
  BNP PARIBAS
  SA,

  as a Co-Documentation Agent and as a Lender 

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Philippe-Olivier Rousseau 

  	
   

  
	
   

  	
   

  	
  Title: Managing Director

  BNP Paribas Media Telecom Finance

  
	
   

  	
   

  	
   

  
	
   

  	
  ING BANK N.V.,

  as a Co-Documentation Agent and as a Lender 

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Wim
  Steenbakkers 

  	
   

  
	
   

  	
   

  	
  Title: Vice
  President 

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ T.
  Brouner

  	
   

  
	
   

  	
   

  	
  Title: Managing
  Director

  

 

24

 

	
   

  	
  CREDIT INDUSTRIEL ET COMMERCIAL,

  as a Lender 

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Marcus
  Edward

  	
   

  
	
   

  	
   

  	
  Title: Vice
  President

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/
  Anthony Rock 

  	
   

  
	
   

  	
   

  	
  Title: Vice
  President

  

 

25

 

	
   

  	
  SIGNATURE PAGE TO THE FIRST AMENDMENT,
  DATED AS OF FEBRUARY 22, 2005, TO THE CREDIT AGREEMENT, DATED AS OF NOVEMBER 2,
  2004, AMONG NEW SKIES HOLDING B.V., NEW SKIES SATELLITES B.V., THE SUBSIDIARY
  REVOLVING BORROWERS, THE VARIOUS LENDERS PARTY TO THE CREDIT AGREEMENT
  REFERRED TO ABOVE, DEUTSCHE BANK AG, NEW YORK BRANCH, AS ADMINISTRATIVE AGENT
  AND ABN AMRO BANK N.V., AS SYNDICATION AGENT

  
	
   

  	
   

  	
   

  
	
   

  	
  ACA CLO 2005-I, LIMITED

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ John Haltmaier

  	
   

  
	
   

  	
   

  	
  Title:
  Managing Director

  ACA Management, LLC, as Advisor

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  WB LOAN FUNDING 1, LLC

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Ronald E. Schumer

  	
   

  
	
   

  	
   

  	
  Title: President

  
	
   

  	
   

  	
   

  
	
   

  	
  NEW ALLIANCE GLOBAL CDO

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Robert Bayer

  	
   

  
	
   

  	
   

  	
  Title: Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
  AIMCO CDO SERIES 2000-A

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Chris Goergen

  	
   

  
	
   

  	
   

  	
  Title: Authorized Signatory

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Jerry D. Zinkula

  	
   

  
	
   

  	
   

  	
  Title: Authorized Signatory

  

 

26

 

	
   

  	
  AIMCO CLO SERIES 2001-A

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Chris Goergen

  	
   

  
	
   

  	
   

  	
  Title: Authorized Signatory

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Jerry D. Zinkula

  	
   

  
	
   

  	
   

  	
  Title: Authorized Signatory

  
	
   

  	
   

  	
   

  
	
   

  	
  CENTURION CDO 8, LIMITED

  
	
   

  	
   

  	
  By: American Express Asset Management Group, Inc.,

  as Collateral Manager

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Vincent P. Pham

  	
   

  
	
   

  	
   

  	
  Title: Director-Operations

  
	
   

  	
   

  	
   

  
	
   

  	
  CENTURION CDO II, LTD.

  
	
   

  	
   

  	
  By: American Express Asset Management Group, Inc.,

  as Collateral Manager

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Vincent P. Pham

  	
   

  
	
   

  	
   

  	
  Title: Director-Operations

  
	
   

  	
   

  	
   

  
	
   

  	
  CENTURION CDO VII, LTD.

  
	
   

  	
   

  	
  By: American Express Asset Management Group, Inc.

  as Collateral Manager

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Vincent P. Pham

  	
   

  
	
   

  	
   

  	
  Title: Director-Operations

  
	
   

  	
   

  	
   

  
	
   

  	
  CENTURION CDO VI, LTD.

  
	
   

  	
   

  	
  By: American Express Asset Management Group, Inc.

  as Collateral Manager

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Vincent P. Pham

  	
   

  
	
   

  	
   

  	
  Title: Director-Operations

  
	
   

  	
   

  	
   

  
	
   

  	
  AMERICAN EXPRESS CERTIFICATE
  COMPANY

  
	
   

  	
   

  	
  By: American Express Asset Management Group, Inc.

  as Collateral Manager

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Yvonne E. Stevens

  	
   

  
	
   

  	
   

  	
  Title: Senior Managing Director

  

 

27

 

	
   

  	
  IDS LIFE INSURANCE COMPANY

  
	
   

  	
   

  	
  By: American Express Asset Management Group, Inc.

  as Collateral Manager

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Yvonne E. Stevens

  	
   

  
	
   

  	
   

  	
  Title: Senior Managing Director

  
	
   

  	
   

  	
   

  
	
   

  	
  KZH CYPRESSTREE-1 LLC

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Hi Hua

  	
   

  
	
   

  	
   

  	
  Title: Authorized Agent

  
	
   

  	
   

  	
   

  
	
   

  	
  KZH STERLING LLC

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Hi Hua

  	
   

  
	
   

  	
   

  	
  Title: Authorized Agent

  
	
   

  	
   

  	
   

  
	
   

  	
  SEQUILS-CENTURION V, LTD.

  
	
   

  	
   

  	
  By: American Express Asset Management Group, Inc.

  as Collateral Manager

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Vincent P. Pham

  	
   

  
	
   

  	
   

  	
  Title: Director-Operations

  
	
   

  	
   

  	
   

  
	
   

  	
  AMMC CDO I, LIMITED

  
	
   

  	
   

  	
  By: American Money Management Corp.,

  as Collateral Agent

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Chester M. Eng

  	
   

  
	
   

  	
   

  	
  Title: Senior Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
  AMMC CDO II, LIMITED

  
	
   

  	
   

  	
  By: American Money Management Corp.,

  as Collateral Agent

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Chester M. Eng

  	
   

  
	
   

  	
   

  	
  Title: Senior Vice President

  

 

28

 

	
   

  	
  AMMC CLO III, LIMITED

  
	
   

  	
   

  	
  By: American Money Management Corp.,

  as Collateral Agent

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Chester M. Eng

  	
   

  
	
   

  	
   

  	
  Title: Senior Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
  AG ALPHA CREDIT MASTER LTD.

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Joseph R. Wekselblatt

  	
   

  
	
   

  	
   

  	
  Title: Authorized Signatory

  
	
   

  	
   

  	
   

  
	
   

  	
  NORTHWOODS CAPITAL III,
  LIMITED

  
	
   

  	
   

  	
  By: Angelo, Gordon & Co., L.P.

   as Collateral Agent

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ John W. Fraser

  	
   

  
	
   

  	
   

  	
  Title: Managing Director

  
	
   

  	
   

  	
   

  
	
   

  	
  NORTHWOODS CAPITAL IV,
  LIMITED

  
	
   

  	
   

  	
  By: Angelo, Gordon & Co., L.P.

   as Collateral Agent

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ John W. Fraser

  	
   

  
	
   

  	
   

  	
  Title: Managing Director

  
	
   

  	
   

  	
   

  
	
   

  	
  BABSON CLO LTD. 2004-I

  
	
   

  	
  BABSON CLO LTD. 2004-II

  
	
   

  	
  SEABOARD CLO 2000 LTD.

  
	
   

  	
  SUFFIELD CLO, LIMITED

  
	
   

  	
  TRYON CLO LTD. 2000-I

  
	
   

  	
   

  	
  By: Babson Capital Management LLC

  as Collateral Manager

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
    /s/ Adrienne Musgnug

  	
   

  
	
   

  	
   

  	
  Title: Managing Director

  

 

29

 

	
   

  	
  MASSACHUSETTS MUTUAL LIFE INSURANCE

  COMPANY

  
	
   

  	
   

  	
  By: Babson Capital Management LLC

   as Investment Manager

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Adrienne Musgnug

  	
   

  
	
   

  	
   

  	
  Title: Managing Director

  
	
   

  	
   

  	
   

  
	
   

  	
  LOAN FUNDING VIII LLC

  
	
   

  	
   

  	
  By: Babson Capital Management LLC

   as Investment Manager

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Adrienne Musgnug

  	
   

  
	
   

  	
   

  	
  Title: Managing Director

  
	
   

  	
   

  	
   

  
	
   

  	
  BEAR STEARNS INVESTMENT
  PRODUCTS INC.

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Richard Bram Smith

  	
   

  
	
   

  	
   

  	
  Title: Senior Managing Director

  
	
   

  	
   

  	
   

  
	
   

  	
  BLACK DIAMOND CLO 2000-1,
  LTD.

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Alan Corkish

  	
   

  
	
   

  	
   

  	
  Title: Director

  
	
   

  	
   

  	
   

  
	
   

  	
  BLACKROCK GLOBAL FLOATING
  RATE INCOME TRUST

  
	
   

  	
  BLACKROCK SENIOR INCOME
  SERIES

  
	
   

  	
  MAGNETITE IV CLO, LIMITED

  
	
   

  	
  MAGNETITE V CLO, LIMITED

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Tom Colwell

  	
   

  
	
   

  	
   

  	
  Title: Authorized Signatory

  
	
   

  	
   

  	
   

  
	
   

  	
  RIVIERA FUNDING LLC

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Meredith J. Koslick

  	
   

  
	
   

  	
   

  	
  Title: Assistant Vice President

  

 

30

 

	
   

  	
  By: CALLIDUS DEBT PARTNERS
  CDO FUND I, LTD.

  
	
   

  	
   

  	
  By: Its Collateral Manager,

   Callidus Capital Management, LLC

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Mavis Taintor

  	
   

  
	
   

  	
   

  	
  Title: Senior Managing Director

  
	
   

  	
   

  	
   

  
	
   

  	
  By: CALLIDUS DEBT PARTNERS
  CLO FUND II, LTD.

  
	
   

  	
   

  	
  By: Its Collateral Manager,

   Callidus Capital Management, LLC

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Mavis Taintor

  	
   

  
	
   

  	
   

  	
  Title: Senior Managing Director

  
	
   

  	
   

  	
   

  
	
   

  	
  By: CALLIDUS DEBT PARTNERS
  CLO FUND III LTD.

  
	
   

  	
   

  	
  By: Its Collateral Manager,

   Callidus Capital Management, LLC

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Mavis Taintor

  	
   

  
	
   

  	
   

  	
  Title: Senior Managing Director

  
	
   

  	
   

  	
   

  
	
   

  	
  CANYON CAPITAL CLO 2004-1,
  LTD.,

  
	
   

  	
   

  	
  By Canyon Capital Advisors, LLC,

  a Delaware Limited Liability Company,

  its Collateral Manager

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Patrick J. Dooley

  	
   

  
	
   

  	
   

  	
  Title: Authorized Signatory

  
	
   

  	
   

  	
   

  
	
   

  	
  CARLYLE HIGH YIELD PARTNERS
  II, LTD.

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Linda Pace

  	
   

  
	
   

  	
   

  	
  Title: Managing Director

  
	
   

  	
   

  	
   

  
	
   

  	
  CARLYLE HIGH YIELD PARTNERS
  VI, LTD.

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Linda Pace

  	
   

  
	
   

  	
   

  	
  Title: Managing Director

  
	
   

  	
   

  	
   

  
	
   

  	
  WHITNEY CLO 1 LTD.

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Kevin J. Hickam

  	
   

  
	
   

  	
   

  	
  Title: Managing Director

  

 

31

 

	
   

  	
  ECL FUNDING LLC for itself
  or

  
	
   

  	
   

  	
  as agent for ECL2 Funding
  LLC

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Tim Houghton

  	
   

  
	
   

  	
   

  	
  Title: Attorney-in-Fact

  
	
   

  	
   

  	
   

  
	
   

  	
  KALDI FUNDING LLC

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Meredith J. Koslick

  	
   

  
	
   

  	
   

  	
  Title: Assistant Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
  CANADIAN IMPERIAL BANK OF
  COMMERCE

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ John Dowd

  	
   

  
	
   

  	
   

  	
  Title: Authorized Signatory

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Milena Gagic

  	
   

  
	
   

  	
   

  	
  Title: Authorized Signatory

  
	
   

  	
   

  	
   

  
	
   

  	
  CITADEL HILL 2000 LTD

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ P. Van Schaick

  	
   

  
	
   

  	
   

  	
  Title: Authorized Signatory

  
	
   

  	
   

  	
   

  
	
   

  	
  CITADEL HILL 2004 LTD

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ P. Van Schaick

  	
   

  
	
   

  	
   

  	
  Title: Authorized Signatory

  
	
   

  	
   

  	
   

  
	
   

  	
  CITIGROUP INVESTMENTS
  CORPORATE LOAN FUND INC.

  
	
   

  	
   

  	
  By: Travelers Asset Management International Company LLC

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Melanie Hanlon

  	
   

  
	
   

  	
   

  	
  Title: Vice President

  

 

32

 

	
   

  	
  EAGLE MASTER FUND LTD.

  
	
   

  	
   

  	
  By: Citigroup Alternative Investments LLC,

   as Investment Manager for and on behalf of

   Eagle Master Fund Ltd.

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Melanie Hanlon

  	
   

  
	
   

  	
   

  	
  Title: Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
  JUPITER LOAN FUNDING LLC

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Meredith J. Koslick

  	
   

  
	
   

  	
   

  	
  Title: Assistant Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
  WINGED FOOT FUNDING TRUST

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Diana M. Himes

  	
   

  
	
   

  	
   

  	
  Title: Authorized Agent

  
	
   

  	
   

  	
   

  
	
   

  	
  CREDIT SUISSE FIRST BOSTON
  INTERNATIONAL

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Mana de Lellis

  	
   

  
	
   

  	
   

  	
  Title: Assistant Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Irina Boflsova

  	
   

  
	
   

  	
   

  	
  Title: Assistant Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
  ATRIUM III

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ David H. Lerner

  	
   

  
	
   

  	
   

  	
  Title: Authorized Signatory

  
	
   

  	
   

  	
   

  
	
   

  	
  CREDIT SUISSE ASSET MANAGEMENT SYNDICATED LOAN FUND

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ David H. Lerner

  	
   

  
	
   

  	
   

  	
  Title: Authorized Signatory

  
	
   

  	
   

  	
   

  
	
   

  	
  CSAM FUNDING III

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ David H. Lerner

  	
   

  
	
   

  	
   

  	
  Title: Authorized Signatory

  

 

33

 

	
   

  	
  CSAM FUNDING IV

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ David H. Lerner

  	
   

  
	
   

  	
   

  	
  Title: Authorized Signatory

  
	
   

  	
   

  	
   

  
	
   

  	
  CYPRESSTREE CLAIF FUNDING
  LLC

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Meredith J. Koslick

  	
   

  
	
   

  	
   

  	
  Title: Assistant Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
  HEWETT’S ISLAND CLO II,
  LTD.

  
	
   

  	
   

  	
  By: CypressTree Investment Management Company, Inc.,

   as Portfolio Manager

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Jeffrey Megar

  	
   

  
	
   

  	
   

  	
  Title: Managing Director

  
	
   

  	
   

  	
   

  
	
   

  	
  ACCESS INSTITUTIONAL LOAN
  FUND

  
	
   

  	
   

  	
  By: Deerfield Capital Management LLC

   as its Portfolio Manager

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Mark E. Wittnebel

  	
   

  
	
   

  	
   

  	
  Title: Senior Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
  BRYN MAWR CLO, LTD.

  
	
   

  	
   

  	
  By: Deerfield Capital Management LLC

  as its Collateral Manager

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Mark E. Wittnebel

  	
   

  
	
   

  	
   

  	
  Title: Senior Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
  FOREST CREEK CLO, LTD.

  
	
   

  	
   

  	
  By: Deerfield Capital Management LLC

   as its Collateral Manager

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Mark E. Wittnebel

  	
   

  
	
   

  	
   

  	
  Title: Senior Vice President

  

 

34

 

	
   

  	
  LONG GROVE CLO, LIMITED

  
	
   

  	
   

  	
  By: Deerfield Capital Management LLC

  as its Collateral Manager

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Mark E. Wittnebel

  	
   

  
	
   

  	
   

  	
  Title: Senior Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
  ROSEMONT CLO, LTD.

  
	
   

  	
   

  	
  By: Deerfield Capital Management LLC

  as its Collateral Manager

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Mark E. Wittnebel

  	
   

  
	
   

  	
   

  	
  Title: Senior Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
  MUIRFIELD TRADING LLC

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Meredith J. Koslick

  	
   

  
	
   

  	
   

  	
  Title: Assistant Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
  THE DRAKE LOW VOLATILITY
  MASTER, LTD.

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Chris Testa

  	
   

  
	
   

  	
   

  	
  Title: Managing Director

  
	
   

  	
   

  	
   

  
	
   

  	
  FEINGOLD OKEEFFE MASTER
  FUND LTD

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ R. John O’Keeffe

  	
   

  
	
   

  	
   

  	
  Title: Authorized Signatory

  
	
   

  	
   

  	
   

  
	
   

  	
  BALLYROCK CDO I LIMITED 

  
	
   

  	
   

  	
  By: Ballyrock Investment Advisors LLC

  as Collateral Manager

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Lisa Rymut

  	
   

  
	
   

  	
   

  	
  Title: Assistant Treasurer

  
	
   

  	
   

  	
   

  
	
   

  	
  BALLYROCK CLO II LIMITED

  
	
   

  	
   

  	
  By: Ballyrock Investment Advisors LLC

  as Collateral Manager

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Lisa Rymut

  	
   

  
	
   

  	
   

  	
  Title: Assistant Treasurer

  

 

35

 

	
   

  	
  Fidelity Advisors Series II:

  
	
   

  	
   

  	
  FIDELITY ADVISOR FLOATING
  RATE HIGH

  INCOME FUND

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Mark Osterhold

  	
   

  
	
   

  	
   

  	
  Title: Assistant Treasurer

  
	
   

  	
   

  	
   

  
	
   

  	
  SRF 2000, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Meredith J. Koslick

  	
   

  
	
   

  	
   

  	
  Title: Assistant Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
  FLAGSHIP CLO II

  
	
   

  	
   

  	
  By: Flagship Capital Management, Inc.

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Eric S. Meyer

  	
   

  
	
   

  	
   

  	
  Title: Director

  
	
   

  	
   

  	
   

  
	
   

  	
  FLAGSHIP CLO III

  
	
   

  	
   

  	
  By: Flagship Capital Management, Inc.

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Eric S. Meyer

  	
   

  
	
   

  	
   

  	
  Title: Director

  
	
   

  	
   

  	
   

  
	
   

  	
  FLAGSHIP CLO 2001-1

  
	
   

  	
   

  	
  By: Flagship Capital Management, Inc.

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Eric S. Meyer

  	
   

  
	
   

  	
   

  	
  Title: Director

  
	
   

  	
   

  	
   

  
	
   

  	
  FORTRESS PORTFOLIO TRUST,
  as Lender

  
	
   

  	
   

  	
  By: Four Corners Capital Management, LLC,

  as Investment Manager

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Steven Columbaro

  	
   

  
	
   

  	
   

  	
  Title: Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
  SEMINOLE FUNDING LLC

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Meredith J. Koslick

  	
   

  
	
   

  	
   

  	
  Title: Assistant Vice President

  

 

36

 

	
   

  	
  FRANKLIN CLO I, LIMITED

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ David Ardini

  	
   

  
	
   

  	
   

  	
  Title: Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
  FRANKLIN CLO II, LIMITED

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ David Ardini

  	
   

  
	
   

  	
   

  	
  Title: Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
  FRANKLIN CLO III, LIMITED

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ David Ardini

  	
   

  
	
   

  	
   

  	
  Title: Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
  FRANKLIN FLOATING RATE
  MASTER SERIES

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Richard Hsu

  	
   

  
	
   

  	
   

  	
  Title: Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
  FRANKLIN FLOATING RATE
  TRUST

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Richard Hsu

  	
   

  
	
   

  	
   

  	
  Title: Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
  FRANKLIN FLOATING RATE
  DAILY ACCESS FUND

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Richard Hsu

  	
   

  
	
   

  	
   

  	
  Title: Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
  FRANKLIN TEMPLETON LIM DURATION INCOME

  TRUST

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Richard Hsu

  	
   

  
	
   

  	
   

  	
  Title: Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
  GALAXY III CLO, LTD.

  
	
   

  	
   

  	
  By: AIG Global Investment Corp.

   Its Investment Adviser

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ W. Jeffrey Baxter

  	
   

  
	
   

  	
   

  	
  Title: Vice President

  

 

37

 

	
   

  	
  GOLDENTREE LOAN
  OPPORTUNITIES I, LIMITED

  
	
   

  	
   

  	
  GoldenTree Asset
  Management, LP

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Frederick S. Haddad

  	
   

  
	
   

  	
   

  	
  Title: Portfolio Manager

  
	
   

  	
   

  	
   

  
	
   

  	
  GOLDENTREE LOAN
  OPPORTUNITIES II, LIMITED

  
	
   

  	
   

  	
  GoldenTree Asset
  Management, LP

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Frederick S. Haddad

  	
   

  
	
   

  	
   

  	
  Title: Portfolio Manager

  
	
   

  	
   

  	
   

  
	
   

  	
  GOLDMAN SACHS CREDIT
  PARTNERS

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Pedro Ramirez

  	
   

  
	
   

  	
   

  	
  Title: Authorized Signatory

  
	
   

  	
   

  	
   

  
	
   

  	
  BUSHNELL CBNA LOAN FUNDING
  LLC,

  
	
   

  	
   

  	
  for itself or as agent for
  Bushnell CFPI Loan Funding LLC

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Theresa Lynch

  	
   

  
	
   

  	
   

  	
  Title: Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
  STANWICH LOAN FUNDING LLC

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Meredith J. Koslick

  	
   

  
	
   

  	
   

  	
  Title: Assistant Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
  ARCHIMEDES FUNDING III,
  LTD.

  
	
   

  	
   

  	
  By: ING Capital Advisors LLC,

   as Collateral Manager

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Peanie C. Wang

  	
   

  
	
   

  	
   

  	
  Title: Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
  ARCHIMEDES FUNDING IV
  (CAYMAN), LTD.

  
	
   

  	
   

  	
  By: ING Capital Advisors LLC,

   as Collateral Manager

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Peanie C. Wang

  	
   

  
	
   

  	
   

  	
  Title: Vice President

  

 

38

 

	
   

  	
  ENDURANCE CLO I, LTD.

  
	
   

  	
   

  	
  By: ING Capital Advisors LLC,

   as Collateral Manager

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Peanie C. Wang

  	
   

  
	
   

  	
   

  	
  Title: Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
  NEMEAN CLO, LTD.

  
	
   

  	
   

  	
  By: ING Capital Advisors LLC,

   as Investment Manager

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Peanie C. Wang

  	
   

  
	
   

  	
   

  	
  Title: Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
  ING-ORYX CLO, LTD.

  
	
   

  	
   

  	
  By: ING Capital Advisors LLC,

  as Collateral Manager

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Peanie C. Wang

  	
   

  
	
   

  	
   

  	
  Title: Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
  SEQUILS-ING I (HBDGM),
  LTD.

  
	
   

  	
   

  	
  By: ING Capital Advisors LLC,

  as Collateral Manager

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Peanie C. Wang

  	
   

  
	
   

  	
   

  	
  Title: Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
  ING SENIOR INCOME FUND

  
	
   

  	
   

  	
  By: ING Investment Management, Co.,

  as its Investment Manager

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Mohamed Basma

  	
   

  
	
   

  	
   

  	
  Title: Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
  AIM FLOATING RATE FUND

  
	
   

  	
   

  	
  By: Invesco Senior Secured Management, Inc.

  as Sub-Advisor

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Scott Baskind

  	
   

  
	
   

  	
   

  	
  Title: Authorized Signatory

  

 

39

 

	
   

  	
  ALZETTE EUROPEAN CLO S.A.

  
	
   

  	
   

  	
  By: Invesco Senior Secured Management, Inc.

  as Collateral Manager

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Scott Baskind

  	
   

  
	
   

  	
   

  	
  Title: Authorized Signatory

  
	
   

  	
   

  	
   

  
	
   

  	
  CHAMPLAIN CLO, LTD.

  
	
   

  	
   

  	
  By: Invesco Senior Secured Management, Inc.

  as Collateral Manager

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Scott Baskind

  	
   

  
	
   

  	
   

  	
  Title: Authorized Signatory

  
	
   

  	
   

  	
   

  
	
   

  	
  LOAN FUNDING IX LLC 

  
	
   

  	
   

  	
  By: Invesco Senior Secured Management, Inc.

  as Portfolio Manager

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Scott Baskind

  	
   

  
	
   

  	
   

  	
  Title: Authorized Signatory

  
	
   

  	
   

  	
   

  
	
   

  	
  AVALON CAPITAL LTD.

  
	
   

  	
   

  	
  By: Invesco Senior Secured Management, Inc.

  as Portfolio Advisor

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Scott Baskind

  	
   

  
	
   

  	
   

  	
  Title: Authorized Signatory

  
	
   

  	
   

  	
   

  
	
   

  	
  AVALON CAPITAL LTD. 2

  
	
   

  	
   

  	
  By: Invesco Senior Secured Management, Inc.

  as Portfolio Advisor

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Scott Baskind

  	
   

  
	
   

  	
   

  	
  Title: Authorized Signatory

  
	
   

  	
   

  	
   

  
	
   

  	
  CHARTER VIEW PORTFOLIO

  
	
   

  	
   

  	
  By: Invesco Senior Secured Management, Inc.

  as Investment Advisor

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Scott Baskind

  	
   

  
	
   

  	
   

  	
  Title: Authorized Signatory

  

 

40

 

	
   

  	
  DIVERSIFIED CREDIT
  PORTFOLIO LTD.

  
	
   

  	
   

  	
  By: Invesco Senior Secured Management, Inc.

  as Investment Advisor

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Scott Baskind

  	
   

  
	
   

  	
   

  	
  Title: Authorized Signatory

  
	
   

  	
   

  	
   

  
	
   

  	
  INVESCO EUROPEAN CDO I
  S.A.

  
	
   

  	
   

  	
  By: Invesco Senior Secured Management, Inc.

  as Collateral Manager

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Scott Baskind

  	
   

  
	
   

  	
   

  	
  Title: Authorized Signatory

  
	
   

  	
   

  	
   

  
	
   

  	
  PETRUSSE EUROPEAN CLO S.A.

  
	
   

  	
   

  	
  By: Invesco Senior Secured Management, Inc.

  as Collateral Manager

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Scott Baskind

  	
   

  
	
   

  	
   

  	
  Title: Authorized Signatory

  
	
   

  	
   

  	
   

  
	
   

  	
  SAGAMORE CLO LTD.

  
	
   

  	
   

  	
  By: Invesco Senior Secured Management, Inc.

  as Collateral Manager

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Scott Baskind

  	
   

  
	
   

  	
   

  	
  Title: Authorized Signatory

  
	
   

  	
   

  	
   

  
	
   

  	
  SARATOGA CLO I, LIMITED

  
	
   

  	
   

  	
  By: Invesco Senior Secured Management, Inc.

  as Asset Manager

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Scott Baskind

  	
   

  
	
   

  	
   

  	
  Title: Authorized Signatory

  
	
   

  	
   

  	
   

  
	
   

  	
  SEQUILS-LIBERTY, LTD.

  
	
   

  	
   

  	
  By: Invesco Senior Secured Management, Inc.

  as Collateral Manager

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Scott Baskind

  	
   

  
	
   

  	
   

  	
  Title: Authorized Signatory

  

 

41

 

	
   

  	
  FOX RIVER CLO, LTD.

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Mark D. Senkpiel

  	
   

  
	
   

  	
   

  	
  Title: Managing Director

  
	
   

  	
   

  	
   

  
	
   

  	
  LIBTERTYVIEW LOAN FUND LLC

  
	
   

  	
   

  	
  as Nominee for various
  Libertyview Funds

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ George T. Hartigan

  	
   

  
	
   

  	
   

  	
  Title: Authorized Signatory

  
	
   

  	
   

  	
   

  
	
   

  	
  PREMIUM LOAN TRUST I LTD.

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Timothy S. Van Kirk

  	
   

  
	
   

  	
   

  	
  Title: Managing Director

  
	
   

  	
   

  	
   

  
	
   

  	
  IXIS LOOMIS SAYLES SENIOR
  LOAN FUND

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ See Following Page

  	
   

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  
	
   

  	
  LCM I LIMITED PARTNERSHIP

  
	
   

  	
   

  	
  By: Lyon Capital Management LLC,

  as Collateral Agent

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Alex Kenna

  	
   

  
	
   

  	
   

  	
  Title: Portfolio Manager

  
	
   

  	
   

  	
   

  
	
   

  	
  LCM II LIMITED PARTNERSHIP

  
	
   

  	
   

  	
  By: Lyon Capital Management LLC,

  as Collateral Agent

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Alex Kenna

  	
   

  
	
   

  	
   

  	
  Title: Portfolio Manager

  
	
   

  	
   

  	
   

  
	
   

  	
  MAINSTAY FLOATING RATE
  FUND,

  
	
   

  	
   

  	
  a Series of Eclipse
  Funds Inc.

  
	
   

  	
   

  	
  By: New York Life
  Investment Management LLC

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Mark AS. Campellone

  	
   

  
	
   

  	
   

  	
  Title: Director

  

 

42

 

	
   

  	
  BILL & MELINDA
  GATES FOUNDATION

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Adrienne Musgnug

  	
   

  
	
   

  	
   

  	
  Title: Managing Director

  
	
   

  	
   

  	
   

  
	
   

  	
  WIND RIVER CLO I LTD.

  
	
   

  	
   

  	
  By: McDonnell Investment Management, LLC

  as Manager

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Kathleen A. Zarn

  	
   

  
	
   

  	
   

  	
  Title: Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
  DEBT STRATEGIES FUND, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Andrew C. Liggio

  	
   

  
	
   

  	
   

  	
  Title: Authorized Signatory

  
	
   

  	
   

  	
   

  
	
   

  	
  MERRILL LYNCH GLOBAL INVESTMENT SERIES: INCOME

  
	
   

  	
   

  	
  STRATEGIES PORTFOLIO

  
	
   

  	
   

  	
  By: Merrill Lynch Investment Managers, L.P.

  as Investment Advisor

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Andrew C. Liggio

  	
   

  
	
   

  	
   

  	
  Title: Authorized Signatory

  
	
   

  	
   

  	
   

  
	
   

  	
  SENIOR HIGH INCOME
  PORTFOLIO, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Andrew C. Liggio

  	
   

  
	
   

  	
   

  	
  Title: Authorized Signatory

  
	
   

  	
   

  	
   

  
	
   

  	
  MADISON AVENUE CDO I

  
	
   

  	
   

  	
  By: Metropolitan Life Insurance Company

  as Collateral Manager

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ James R. Dingler

  	
   

  
	
   

  	
   

  	
  Title: Director

  
	
   

  	
   

  	
   

  
	
   

  	
  METROPOLITAN LIFE
  INSURANCE COMPANY

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ James R. Dingler

  	
   

  
	
   

  	
   

  	
  Title: Director

  

 

43

 

	
   

  	
  VENTURE IV CDO LIMITED

  
	
   

  	
   

  	
  By its investment advisor
  MJX Asset Management LLC

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ M. G. Regan

  	
   

  
	
   

  	
   

  	
  Title: Authorized Signatory

  
	
   

  	
   

  	
   

  
	
   

  	
  VISTA LEVERAGED INCOME
  FUND

  
	
   

  	
   

  	
  By its investment advisor
  MJX Asset Management LLC

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ M. G. Regan

  	
   

  
	
   

  	
   

  	
  Title: Authorized Signatory

  
	
   

  	
   

  	
   

  
	
   

  	
  NATEXIS BANQUES POPULAIRES

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Evan S. Kraus

  	
   

  
	
   

  	
   

  	
  Title: Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Michael T. Pellerito

  	
   

  
	
   

  	
   

  	
  Title: Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
  NEW YORK LIFE INSURANCE
  COMPANY

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Mark AS. Campellone

  	
   

  
	
   

  	
   

  	
  Title: Director

  
	
   

  	
   

  	
   

  
	
   

  	
  NEW YORK LIFE INSURANCE
  AND ANNUITY CORPORATION

  
	
   

  	
   

  	
  By: New York Life Investment Management LLC

  its Investment Manager

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Mark AS. Campellone

  	
   

  
	
   

  	
   

  	
  Title: Director

  
	
   

  	
   

  	
   

  
	
   

  	
  NYLIM FLATIRON CLO 2003-I
  LTD.

  
	
   

  	
   

  	
  By: New York Life Investment Management LLC

  as Collateral Manager and Attorney-In-Fact

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Mark AS. Campellone

  	
   

  
	
   

  	
   

  	
  Title: Director

  

 

44

 

	
   

  	
  NYLIM FLATIRON CLO 2004-I LTD.

  
	
   

  	
   

  	
  By: New York Life Investment Management LLC

  as Collateral Manager and Attorney-In-Fact

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Mark AS. Campellone

  	
   

  
	
   

  	
   

  	
  Title: Director

  
	
   

  	
   

  	
   

  
	
   

  	
  OAK HILL CREDIT PARTNERS
  II, LIMITED

  
	
   

  	
   

  	
  By: Oak Hill CLO
  Management II, LLC

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Scott D. Krase

  	
   

  
	
   

  	
   

  	
  Title: Authorized Person

  
	
   

  	
   

  	
   

  
	
   

  	
  OAK HILL CREDIT PARTNERS
  III, LIMITED

  
	
   

  	
   

  	
  By: Oak Hill CLO
  Management III, LLC

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Scott D. Krase

  	
   

  
	
   

  	
   

  	
  Title: Authorized Person

  
	
   

  	
   

  	
   

  
	
   

  	
  OAK HILL CREDIT PARTNERS
  I, LIMITED

  
	
   

  	
   

  	
  By: Oak Hill CLO
  Management I, LLC

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Scott D. Krase

  	
   

  
	
   

  	
   

  	
  Title: Authorized Person

  
	
   

  	
   

  	
   

  
	
   

  	
  OAK HILL CREDIT PARTNERS
  IV, LIMITED

  
	
   

  	
   

  	
  By: Oak Hill CLO
  Management IV, LLC

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Scott D. Krase

  	
   

  
	
   

  	
   

  	
  Title: Authorized Person

  
	
   

  	
   

  	
   

  
	
   

  	
  OCTAGON INVESTMENT
  PARTNERS VI, LTD.

  
	
   

  	
   

  	
  By: Octagon Credit Investors, LLC

  as collateral manager

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Andrew D. Gordon

  	
   

  
	
   

  	
   

  	
  Title: Portfolio Manager

  

 

45

 

	
   

  	
  OCTAGON INVESTMENT PARTNERS IV, LTD.

  
	
   

  	
   

  	
  By: Octagon Credit Investors, LLC

  as collateral manager

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Andrew D. Gordon

  	
   

  
	
   

  	
   

  	
  Title: Portfolio Manager

  
	
   

  	
   

  	
   

  
	
   

  	
  OCTAGON INVESTMENT PARTNERS V, LTD.

  
	
   

  	
   

  	
  By: Octagon Credit Investors, LLC

  as collateral manager

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Andrew D. Gordon

  	
   

  
	
   

  	
   

  	
  Title: Portfolio Manager

  
	
   

  	
   

  	
   

  
	
   

  	
  OCTAGON INVESTMENT PARTNERS VII, LTD. 

  
	
   

  	
   

  	
  By: Octagon Credit Investors, LLC

  as collateral manager

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Andrew D. Gordon

  	
   

  
	
   

  	
   

  	
  Title: Portfolio Manager

  
	
   

  	
   

  	
   

  
	
   

  	
  OPPENHEIMER SENIOR FLOATING RATE FUND

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Lisa Chaffee

  	
   

  
	
   

  	
   

  	
  Title: Assistant Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
  ORIX FUNDING LLC

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Meredith J. Koslick

  	
   

  
	
   

  	
   

  	
  Title: Assistant Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
  WATERVILLE FUNDING LLC

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Meredith J. Koslick

  	
   

  
	
   

  	
   

  	
  Title: Assistant Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
  ADDISON CDO, LIMITED

  
	
   

  	
   

  	
  By: Pacific Investment Management Company LLC,

  as its Investment Advisors

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Mohan V. Phansalkar

  	
   

  
	
   

  	
   

  	
  Title: Managing Director

  

 

46

 

	
   

  	
  PIMCO FLOATING RATE INCOME
  FUND

  
	
   

  	
   

  	
  By: Pacific Investment Management Company LLC,

  as its Investment Advisors, acting through Investors

  Fiduciary Trust Company in the Nominee Name of

  IFTCO

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Mohan V. Phansalkar

  	
   

  
	
   

  	
   

  	
  Title: Managing Director

  
	
   

  	
   

  	
   

  
	
   

  	
  JISSEKIKUN FUNDING, LTD.

  
	
   

  	
   

  	
  By: Pacific Investment Management Company LLC,

  as its Investment Advisors

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Mohan V. Phansalkar

  	
   

  
	
   

  	
   

  	
  Title: Managing Director

  
	
   

  	
   

  	
   

  
	
   

  	
  LOAN FUNDING III LLC

  
	
   

  	
   

  	
  By: Pacific Investment Management Company LLC,

  as its Investment Advisors

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Mohan V. Phansalkar

  	
   

  
	
   

  	
   

  	
  Title: Managing Director

  
	
   

  	
   

  	
   

  
	
   

  	
  SEQUILS-MAGNUM, LTD.

  
	
   

  	
   

  	
  By: Pacific Investment Management Company LLC,

  as its Investment Advisors

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Mohan V. Phansalkar

  	
   

  
	
   

  	
   

  	
  Title: Managing Director

  
	
   

  	
   

  	
   

  
	
   

  	
  WAVELAND-INGOTS, LTD.

  
	
   

  	
   

  	
  By: Pacific Investment Management Company LLC,

  as its Investment Advisors

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Mohan V. Phansalkar

  	
   

  
	
   

  	
   

  	
  Title: Managing Director

  
	
   

  	
   

  	
   

  
	
   

  	
  WRIGLEY CDO, LTD.

  
	
   

  	
   

  	
  By: Pacific Investment Management Company LLC,

  as its Investment Advisors

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Mohan V. Phansalkar

  	
   

  
	
   

  	
   

  	
  Title: Managing Director

  

 

47

 

	
   

  	
  PIMCO FLOATING INCOME FUND

  
	
   

  	
   

  	
  By: Pacific Investment Management Company LLC,

  as its Investment Advisors, acting through Investors

  Fiduciary Trust Company in the Nominee Name of IFTCO

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Mohan V. Phansalkar

  	
   

  
	
   

  	
   

  	
  Title: Managing Director

  
	
   

  	
   

  	
   

  
	
   

  	
  PIMCO FLOATING RATE
  STRATEGY FUND

  
	
   

  	
   

  	
  By: Pacific Investment Management Company LLC,

  as its Investment Advisors, acting through Investors

  Fiduciary Trust Company in the Nominee Name of IFTCO

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Mohan V. Phansalkar

  	
   

  
	
   

  	
   

  	
  Title: Managing Director

  
	
   

  	
   

  	
   

  
	
   

  	
  SOUTHPORT CLO, LIMITED

  
	
   

  	
   

  	
  By: Pacific Investment Management Company LLC,

  as its Investment Advisors

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Mohan V. Phansalkar

  	
   

  
	
   

  	
   

  	
  Title: Managing Director

  
	
   

  	
   

  	
   

  
	
   

  	
  INSTITUTIONAL HIGH YIELD FUND OF THE PRUDENTIAL

  
	
   

  	
   

  	
  TRUST COMPANY COLLECTIVE EMPLOYEE BENEFIT 

  
	
   

  	
   

  	
  TRUST

  
	
   

  	
   

  	
  By: Prudential Investment Management, Inc.

  as investment advisor

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Janet G. Crowe

  	
   

  
	
   

  	
   

  	
  Title: Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
  DRYDEN LEVERAGED LOAN CDO
  2002-II

  
	
   

  	
   

  	
  By: Prudential Investment Management, Inc.

  as Collateral Manager

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ B. Ross Smead

  	
   

  
	
   

  	
   

  	
  Title: Vice President

  

 

48

 

	
   

  	
  DRYDEN III-LEVERAGED LOAN
  CDO 2002

  
	
   

  	
   

  	
  By: Prudential Investment Management, Inc.

  as Collateral Manager

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s /B. Ross Smead

  	
   

  
	
   

  	
   

  	
  Title: Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
  DRYDEN IV-LEVERAGED LOAN
  CDO 2003

  
	
   

  	
   

  	
  By: Prudential Investment Management, Inc.

  as Collateral Manager

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ B. Ross Smead

  	
   

  
	
   

  	
   

  	
  Title: Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
  DRYDEN V-LEVERAGED LOAN
  CDO 2003

  
	
   

  	
   

  	
  By: Prudential Investment Management, Inc.

  as Collateral Manager

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ B. Ross Smead

  	
   

  
	
   

  	
   

  	
  Title: Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
  DRYDEN VII-LEVERAGED LOAN
  CDO 2004

  
	
   

  	
   

  	
  By: Prudential Investment Management, Inc.

  as Collateral Manager

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ B. Ross Smead

  	
   

  
	
   

  	
   

  	
  Title: Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
  LOAN FUNDING V, LLC

  
	
   

  	
   

  	
  By: Prudential Investment Management, Inc.

  as Portfolio Manager

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ B. Ross Smead

  	
   

  
	
   

  	
   

  	
  Title: Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
  DRYDEN HIGH YIELD FUND
  INC.

  
	
   

  	
   

  	
  By: Prudential Investment Management, Inc.

  as Investment Advisor

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ B. Ross Smead

  	
   

  
	
   

  	
   

  	
  Title: Vice President

  

 

49

 

	
   

  	
  THE PRUDENTIAL SERIES FUND, INC. HIGH YIELD BOND
  PORTFOLIO

  
	
   

  	
   

  	
  By: Prudential Investment Management, Inc.

  as Investment Advisor

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ B. Ross Smead

  	
   

  
	
   

  	
   

  	
  Title: Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
  PROSPERO CLO I, LTD.

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ John Randolph Watkins

  	
   

  
	
   

  	
   

  	
  Title: Executive Director

  
	
   

  	
   

  	
   

  
	
   

  	
  REGIMENT CAPITAL, LTD

  
	
   

  	
   

  	
  By: Regiment Capital Management, LLC

  as its Investment Advisor

  
	
   

  	
   

  	
  By: Regiment Capital Advisors, LLC

  its Manager and Pursuant to delegated authority

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Timothy S. Peterson

  	
   

  
	
   

  	
   

  	
  Title: President

  
	
   

  	
   

  	
   

  
	
   

  	
  SMBC MVI SPC,

  
	
   

  	
   

  	
  By: Oak Hill Separate
  Account Management I, LLC

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Scott D. Krase

  	
   

  
	
   

  	
   

  	
  Title: Authorized Person

  
	
   

  	
   

  	
   

  
	
   

  	
  SOL LOAN FUNDING LLC for itself or as agent for

  SOL2 Loan Funding LLC

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Janet Haack

  	
   

  
	
   

  	
   

  	
  Title: as Attorney-in-Fact

  
	
   

  	
   

  	
   

  
	
   

  	
  STANFIELD/RMF
  TRANSATLANTIC CDO LTD.

  
	
   

  	
   

  	
  By: Stanfield Capital Partners LLC

  as its Collateral Manager

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Christopher E. Jansen

  	
   

  
	
   

  	
   

  	
  Title: Managing Director

  

 

50

 

	
   

  	
  ULT CBNA LOAN FUNDING LLC for itself or as

  agent for ULT CFPI Loan Funding LLC

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Janet Haack

  	
   

  
	
   

  	
   

  	
  Title: as Attorney-in-Fact

  
	
   

  	
   

  	
   

  
	
   

  	
  STANFIELD CARRERA CLO,
  LTD.

  
	
   

  	
   

  	
  By: Stanfield Capital Partners LLC

  as its Asset Manager

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Christopher E. Jansen

  	
   

  
	
   

  	
   

  	
  Title: Managing Director

  
	
   

  	
   

  	
   

  
	
   

  	
  STANFIELD MODENA CLO, LTD.

  
	
   

  	
   

  	
  By: Stanfield Capital Partners LLC

  as its Asset Manager

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Christopher E. Jansen

  	
   

  
	
   

  	
   

  	
  Title: Managing Director

  
	
   

  	
   

  	
   

  
	
   

  	
  AURUM CLO 2002-1 LTD.

  
	
   

  	
   

  	
  By: Columbia Management Advisors, Inc.

  as Investment Manager

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Eric S. Meyer

  	
   

  
	
   

  	
   

  	
  Title: Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
  STONE TOWER CLO II LTD.

  
	
   

  	
   

  	
  By: Stone Tower Debt Advisors LLC,

  as its Collateral Manager

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ William J. Sheoris

  	
   

  
	
   

  	
   

  	
  Title: Authorized Signatory

  
	
   

  	
   

  	
   

  
	
   

  	
  STRONG SHORT-TERM HIGH
  YIELD BOND FUND

  
	
   

  	
   

  	
  By: Wells Capital
  Management, LLC

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Gilbert L. Southwell, III

  	
   

  
	
   

  	
   

  	
  Title: Vice President

  

 

51

 

	
   

  	
  SUNAMERICA LIFE INSURANCE
  COMPANY

  
	
   

  	
   

  	
  By: AIG Global Investment Corp.

  Its Investment Adviser

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ W. Jeffrey Baxter

  	
   

  
	
   

  	
   

  	
  Title: Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
  FIRST 2004-II CLO, LTD.

  
	
   

  	
   

  	
  By: TCW
  Advisors, Inc.

  its Collateral Manager

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Mark L. Gold

  	
   

  
	
   

  	
   

  	
  Title: Managing Director

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Jonathan R. Insull

  	
   

  
	
   

  	
   

  	
  Title: Managing Director

  
	
   

  	
   

  	
   

  
	
   

  	
  FIRST 2004-I CLO, LTD.

  
	
   

  	
   

  	
  By: TCW
  Advisors, Inc.

  its Collateral Manager

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Mark L. Gold

  	
   

  
	
   

  	
   

  	
  Title: Managing Director

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Jonathan R. Insull

  
	
   

  	
   

  	
  Title: Managing Director

  
	
   

  	
   

  	
   

  
	
   

  	
  KZH CRESCENT-3 LLC

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Hi Hua

  	
   

  
	
   

  	
   

  	
  Title: Authorized Agent

  
	
   

  	
   

  	
   

  
	
   

  	
  TCW SELECT LOAN FUND, LIMITED

  
	
   

  	
   

  	
  By: TCW
  Advisors, Inc.

  its Collateral Manager

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Mark L. Gold

  	
   

  
	
   

  	
   

  	
  Title: Managing Director

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Jonathan R. Insull

  	
   

  
	
   

  	
   

  	
  Title: Managing Director

  

 

52

 

	
   

  	
  TCW SENIOR SECURED LOAN
  FUND

  
	
   

  	
   

  	
  By: TCW
  Advisors, Inc.

  its Investment Advisor

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Mark L. Gold

  	
   

  
	
   

  	
   

  	
  Title: Managing Director

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Jonathan R. Insull

  
	
   

  	
   

  	
  Title: Managing Director

  
	
   

  	
   

  	
   

  
	
   

  	
  VELOCITY CLO, LTD. 

  
	
   

  	
   

  	
  By: TCW
  Advisors, Inc.

  its Collateral Manager

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Mark L. Gold

  	
   

  
	
   

  	
   

  	
  Title: Managing Director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   /s/ Jonathan R. Insull

  	
   

  
	
   

  	
   

  	
  Title: Managing Director

  
	
   

  	
   

  	
   

  
	
   

  	
  APEX (TRIMARAN) CDO I,
  LTD.

  
	
   

  	
   

  	
  By: Trimaran Advisors,
  L.L.C.

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ David M. Millison

  	
   

  
	
   

  	
   

  	
  Title: Managing Director

  
	
   

  	
   

  	
   

  
	
   

  	
  SAWGRASS TRADING LLC

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Meredith J. Koslick

  
	
   

  	
   

  	
  Title: Assistant Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
  UBS AG, STAMFORD BRANCH

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Toba Lumbantobing

  	
   

  
	
   

  	
   

  	
  Title: Associate Director

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Barbara Ezell-McMichael

  	
   

  
	
   

  	
   

  	
  Title: Associate Director

  

 

53

 

	
   

  	
  WESTERN ASSET FLOATING
  RATE

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Illegible

  	
   

  
	
   

  	
   

  	
  Title: Authorized Signatory

  
	
   

  	
   

  	
   

  
	
   

  	
  WHITEHORSE I, LTD. 

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Ethan M. Underwood

  	
   

  
	
   

  	
   

  	
  Title: Portfolio Manager

  
	
   

  	
   

  	
   

  
	
   

  	
  WHITEHORSE II, LTD.

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
    /s/ Ethan
  M. Underwood

  	
   

  
	
   

  	
  Title: Portfolio
  Manager

  

 

54Exhibit
10.37

 

 

 

FIRST AMENDMENT TO AGREEMENT OF NON-POSSESSORY PLEDGE OF ASSETS 

DATED 2 NOVEMBER 2004

 

 

between

 

NEW SKIES
SATELLITES B.V.

 

 

as Pledgor

 

and

 

 

DEUTSCHE BANK AG, NEW YORK BRANCH

 

as Pledgee

 

 

Assets

 

 

Stibbe N.V.

Strawinskylaan 2001

Amsterdam

 

 

 

 

 

THIS FIRST AMENDMENT TO
AGREEMENT OF NON-POSESSORY PLEDGE OF ASSETS IS DATED 22 FEBRUARY 2005

 

BETWEEN:

 

1                                           New Skies Satellites B.V., a private company with limited liability (besloten vennootschap), incorporated and existing under the
laws of The Netherlands, with corporate seat in Amsterdam, The Netherlands,
having its registered address at Rokin 55, 1012 KK Amsterdam, The Netherlands,
registered with the Commercial Register under number 30146277 (the “Pledgor”); and

 

2                                           Deutsche Bank AG, New York Branch,
with its principal place of business at 60 Wall Street, New York 10005, United
States of America, acting as Collateral Agent pro se
in its capacity as creditor under the Parallel Debt Obligations (as defined
below) and also for the Secured Parties, as such term is defined in the Credit
Agreement (as defined below), pursuant to the terms of the Credit Agreement
(the “Pledgee”).

 

WHEREAS:

 

(a)                                  on 2 November 2004,
amongst others, New Skies Holding B.V., the Pledgor, the Lenders party thereto,
the Pledgee (as Administrative Agent and as Collateral Agent for the Secured
Parties), ABN AMRO Bank N.V. (as Syndication Agent) and Deutsche Bank
Securities Inc. and ABN AMRO Incorporated (as Joint Lead Arrangers) entered
into a USD 535,000,000 Credit Agreement (the “Credit
Agreement”);

 

(b)                                 as a condition to
the (continuing) availability of the credit extended pursuant to the Credit
Agreement and in order to secure and provide for the payment and discharge of, inter alia, the Parallel Debt Obligations
(as defined in the Pledge of Assets -as defined below-), the Pledgor and the
Pledgee have entered into an Agreement of Non-Possessory Pledge of Assets dated
2 November 2004 (the “Pledge of Assets”);

 

(c)                                  on 22 February 2005,
amongst others, New Skies Holding B.V., the Pledgor, the Lenders party thereto,
the Pledgee (as Administrative Agent and as Collateral Agent for the Secured
Parties), ABN AMRO Bank N.V. (as Syndication Agent) and Deutsche Bank
Securities Inc. and ABN AMRO Incorporated (as Joint Lead Arrangers) entered
into an amendment to the Credit Agreement (the “Amendment”);

 

(d)                                 the Amendment
envisages that certain assets of the Pledgor will be pledged to Boeing Satellite Systems International, Inc.
pursuant to, amongst others, an Agreement of non-possessory pledge of assets
(NSS-8), dated 22 February 2005 between New Skies Satellites B.V. and
Boeing Satellite Systems International, Inc. (the “NSS-8 Asset
Pledge”) and as a result thereof, Pledgor and Pledgee hereby wish to
modify the terms of the Pledge of Assets 

 

2

 

by entering into this First
Amendment to the Pledge of Assets (this “Amendment to the Pledge of
Assets”); and

 

(e)                                  pursuant to Clause 17 of the Pledge of Assets, the Pledgor and the Pledgee
have the consent of the Required Secured Parties (as defined in
the Pledge of Assets pursuant to the Amendment to enter into this Amendment to
the Pledge of Assets.

 

 

IT IS HEREBY AGREED AS FOLLOWS:

 

The Pledgee agrees to release and hereby releases any right of pledge
created on satellite NSS-8 (defined in the NSS-8 Asset Pledge as the “Spacecraft”)
(hereinafter: “NSS-8”) and the Pledgor agrees to
and accepts such release.

 

The
definition of “Assets” in clause 1.3 of the Pledge of Assets is hereby deleted
in its entirety and the following new definition is inserted:

 

“Assets”
means any and all moveable assets (roerende zaken),
including but not limited to all Satellites (as defined in the Credit
Agreement), except NSS-8 for the period during which a right of pledge is
vested on the NSS-8 pursuant to the NSS-8 Asset Pledge, all equipment (including the respective hardware and
software), all equipment capable of receiving, treating and transmitting
electromagnetic signals where the signals can carry content of different kinds,
all means of production (productiemiddelen)
and other plants (machinerie) and equipment,
presently owned or hereafter acquired by the Pledgor of any kind, nature or
description, including, but not limited to, those listed and located at the addresses
listed in Annex 1 hereto. For the avoidance of doubt,
the definition of Assets shall include NSS-8 once the right of pledge vested on
NSS-8 pursuant to the NSS-8 Asset Pledge has ceased to exist in any way.

 

Clause
2.2 of the Pledge of Assets is hereby deleted in its entirety and the following
new clause 2.2 is inserted:

 

2.2                                 As
security for the payment and discharge in full, when due (whether at stated
maturity, by acceleration or otherwise), of the Secured Obligations, the
Pledgor hereby grants, for the duration of the Security Period, to the Pledgee
a first ranking non-possessory right of pledge (stil pandrecht eerste in rang), over all Assets and, once
the right of pledge on NSS-8 created pursuant to the NSS-8 Asset Pledge has
ceased to exist in any way, hereby grants in advance (verpanden bij voorbaat) to the Pledgee a
first ranking right of pledge over NSS-8 and furthermore, to the extent it
concerns future Assets, hereby grants in advance

 

3

 

(verpanden bij
voorbaat) to the Pledgee a first ranking non-possessory right of
pledge over such future Assets and the Pledgee hereby accepts such rights of
pledge.

 

Clause
4.1 of the Pledge of Assets is hereby deleted in its entirety and the following
new clause 4.1 is inserted:

 

4.1                                 The Pledgor represents and warrants that the following is true and
correct on the date of this Agreement, on the date the right of pledge created
pursuant to the NSS-8 Asset Pledge ceases to exist in any way and each time any
future Assets will be pledged to the Pledgee:

 

(i)   the
Pledgor holds full and exclusive title to the Assets and is authorised (beschikkingsbevoegd) to create a right of pledge thereover; and

 

(ii)  except
for the Rights of Pledge created pursuant to this Agreement and any
encumbrances or liens permitted by the Credit Agreement, the Assets have not
been encumbered with any attachment (beslag) or any
rights in rem (beperkte rechten), none of the
Assets have been assigned or pledged in advance and all Assets can be pledged
to the Pledgee.

 

[remainder of page
intentionally left blank]

 

4

 

This Amendment has been
entered into on 22 February 2005.

 

 

	
  THE PLEDGOR

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  NEW SKIES SATELLITES B.V.

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  /s/
  D.A. Vietor

  	
   

  	
   

  
	
  By: D.A. Vietor

  	
   

  
	
  Title: attorney in fact

  	
   

  
			

 

 

	
  THE PLEDGEE

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  DEUTSCHE BANK AG, NEW YORK BRANCH

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  /s/
  Pieter Schutte

  	
   

  	
   

  
	
  By: Pieter Schutte

  	
   

  
	
  Title: attorney in fact

  	
   

  
			

 

5

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