Document:

AMENDMENT NO. 2

 

TO THE 

 

PRODUCTS AND SERVICES AGREEMENT 

 

NO. AIR-12-001

 

BETWEEN

 

AIREON LLC

 

AND

 

HARRIS CORPORATION

 

For

 

Automatic Dependent Surveillance-Broadcast
(ADS-B) Payload Development

 

Aireon LLC Business Proprietary Information

 

    	CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

 

PREAMBLE

 

This Amendment No. 2 (the “Amendment”)
to the Products And Services Agreement for ADS-B Payload Development No. AIR-12-001, signed on June 19, 2012 between Aireon LLC
and Harris Corporation, Government Communications Systems Division (the “Agreement”) is entered into
on this 4th day of September, 2012, by and between Aireon LLC, a limited liability company organized and existing under the laws
of Delaware, having its office at 1750 Tysons Boulevard, Suite 1400, McLean, VA 22102 (“Aireon”) and Harris
Corporation, Government Communications Systems organized in the state of Delaware with offices located at 2400 Palm Bay Road NE,
Palm Bay, Florida 32905 USA (“Contractor”).

 

RECITALS

 

WHEREAS, Aireon and Contractor
have engaged in discussions relating to changes each would like to incorporate in the Agreement; and

 

WHEREAS,
the Parties now desire to amend Articles 7.3, 7.7 and 13.2.1 of the Agreement; and Exhibit A, Section 2.2 and Appendix F, [***]
of the Statement of Work.

 

NOW, THEREFORE, in consideration
of the foregoing, the agreements contained herein, the payments to be made by Aireon to Contractor under the Agreement and other
good and valid consideration, the receipt and adequacy of which are hereby expressly acknowledged, and intending to be legally
bound, the Parties hereby amend the Agreement as follows:

 

		1.	Capitalized terms used but not defined
                                                           in this Amendment shall have the meanings ascribed thereto in the Agreement.

 

		2.	Article
                                                                                                7.3 Terms of Payment: first
                                                                                                paragraph, second line, change
                                                                                                “[***]”
                                                                                                to “[***]”.

 

		3.	Article 7.7 Payment in Iridium Services:
                                                           the first paragraph is hereby deleted in its entirety and replaced
                                                           in its entirety as follows:

 

“In
the event Aireon fails to timely make its initial or any other later payment in accordance with the terms of this Agreement, Aireon
shall [***] take action to procure from Iridium Satellite LLC prepaid credits
for services offered by Iridium (e.g., voice, data, open port, etc.) in the disputed amount (credits) owed by Aireon to Contractor.
The amount of Iridium Services to be transferred to Contractor shall equal the portion of the Unpaid Amount [***]
up to  ten million ($10,000,000) U.S. dollars.  The credits will reflect the use of [***]
and the Agreement will permit [***].  In addition, Aireon will
also procure for Contractor the right to [***]; provided, however, that [***]. 
In order to clarify [***], the credits shall only apply to [***]. 
Aireon agrees that it will use its best efforts to negotiate and present to Contractor a fully [***]
between [***] that reflects [***]
within [***] of the [***]
with the understanding that, notwithstanding the above, a [***]
shall be presented to [***] no later than [***]
from the [***] of this Agreement.”

 

	 	Aireon LLC Business Proprietary Information	2

 

    	CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

 

		4.	Article 13.2.1 Background Intellectual
                                                           Property: after the first paragraph reinsert the below three paragraphs
                                                           that were inadvertently deleted in Amendment No. 1:

 

“Aireon agrees that a
violation of this License would cause irreparable injury to Contractor, and that Contractor shall be entitled, in addition to
any other rights and remedies it may have, at law or in equity, to seek an injunction enjoining and restraining Aireon from doing
or continuing to do any such act and any other violations or threatened violations in this License.

 

THE
PARTIES AGREE THAT THE INTELLECTUAL PROPERTY LICENSES HEREIN TERMINATE IF THE PARTIES TERMINATE THIS AGREEMENT PURSUANT TO ARTICLE
17. UPON TERMINATION, CONTRACTOR SHALL HAVE THE RIGHT TO [***], AND AIREON
SHALL IMMEDIATELY [***] AND [***].

 

For
purposes of clarity, Contractor acknowledges and agrees that Aireon retains ownership of: (a) all of Aireon’s Proprietary
Information; and (b) any [***]; and (c) Aireon Background IP and Background
IP Rights (“Aireon Property”). No right or license in such Aireon Property is granted to the Contractor regarding
such Aireon Property, except as necessary to perform the Contractor’s obligations under this Agreement.”

 

		5.	Exhibit
                                                                                                A - Statement of Work
                                                                                                is hereby amended as follows:
                                                                                                [***]
                                                                                                

 

[***]

 

[***]

 

[***]

 

[***]

 

This Amendment may be executed and delivered
(including via facsimile or other electronic means) in one or more counterparts, each of which shall be deemed to be an original,
but all of which shall constitute one and the same agreement.

 

All other provisions of the Agreement
not expressly referred to in this Amendment remain in full force and effect.

  

	 	Aireon LLC Business Proprietary Information	3

  

    	CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

 

IN WITNESS WHEREOF, the Parties have executed this Amendment
by their duly authorized representatives as of the date set forth in the Preamble.

 

	For Aireon	For Contractor
	 	 
	AIREON LLC	HARRIS CORPORATION

GOVERNMENT COMMUNICATIONS

SYSTEMS DIVISION

 

	By:	/s/ Donald L. Thoma	 	By:	/s/ Janis Rubin-Telles
	 	 	 	 	 
	Name:  	Donald L. Thoma	 	Name:  	Janis Rubin-Telles
	 	 	 	 	 
	Title:	President & CEO	 	Title:	Contract Manager
	 	 	 	 	 
	Date:	9/14/12	 	Date:	13 Sept 2012

 

	 	Aireon LLC Business Proprietary Information	4

  

    	CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.EXECUTION VERSION

 

SUPPLEMENTAL
AGREEMENT

 

Dated
1 August 2012

 

BETWEEN

 

IRIDIUM SATELLITE LLC

as Borrower

 

and

 

SOCIÉTÉ GÉNÉRALE

as COFACE
Agent

 

relating to a COFACE
Facility Agreement

dated 4 October 2010

 

 

Allen & Overy LLP

 

    	CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

 

contents

 

	Clause	Page
	 	 	 
	1.	Interpretation	1
	2.	Amendments	2
	3.	Representations	2
	4.	Fees	3
	5.	Consents	3
	6.	Waiver Request	4
	7.	Miscellaneous	4
	8.	Governing law	4
	9.	Enforcement	4
	 	 	 
	Schedule	 
	 	 	 
	1.	Conditions precedent documents	6
	2.	Restated COFACE Facility Agreement	9
	 	 	 
	Signatories	238

 

    	CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

 

THIS AGREEMENT
is dated 1 August 2012

 

BETWEEN:

 

		(1)	IRIDIUM COMMUNICATIONS INC.,
                                                           a Delaware corporation (the Parent);

 

		(2)	IRIDIUM SATELLITE LLC, a Delaware
                                                           limited liability company, as borrower (the Borrower);

 

		(3)	THE GUARANTORS under and as
                                                           defined in the COFACE Facility Agreement (defined below); and

 

		(4)	SOCIÉTÉ
                                                           GÉNÉRALE as agent of the other Finance Parties
                                                           (in this capacity the COFACE Agent).

 

BACKGROUND

 

		(a)	We refer to the COFACE Facility Agreement
                                                           and the Request Letter (as defined below).

 

		(b)	All Lenders have consented to the amendments
                                                           and waivers to the COFACE Facility Agreement contemplated by this Agreement.
                                                           Accordingly, the COFACE Agent is authorised to execute this Agreement
                                                           on behalf of the Finance Parties.

 

IT IS AGREED
as follows:

 

		1.	Interpretation

 

		1.1	Definitions

 

		(a)	In this Agreement:

 

Amended
COFACE Facility Agreement means the COFACE Facility Agreement as amended and restated by this Agreement and attached hereto
as Schedule 2 (Restated COFACE Facility Agreement).

 

COFACE
Consent means the consent of the COFACE to the amendments of the COFACE Facility Agreement made pursuant to Clause 3 of this
Agreement.

 

COFACE
Facility Agreement means the COFACE Facility Agreement between among others the Parent, the Borrower, the Guarantors and the
COFACE Agent dated 4 October 2010.

 

Effective
Date means the date the COFACE Agent notifies the Borrower and the Lenders of its receipt of all the documents set out in
Schedule 1 (Conditions precedent documents) have been received in form and substance satisfactory to the COFACE Agent in accordance
with Clause 2(c) (Amendments) of this Agreement.

 

Request
Letter means the amendment and waiver request letter dated 24 May 2012 from the Borrower requesting certain waivers and amendments
to the COFACE Facility Agreement.

 

Supplemental
Finance Documents means this Agreement, the Amended COFACE Facility Agreement and the documents listed in paragraph (B) of
Schedule 1 to this Agreement, to which the Borrower is a party.

 

    	1
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

 

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

 

		1.2	Construction

 

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

 

		2.	Amendments

 

		(a)	Subject to paragraph (b) below, the
                                                           COFACE Facility Agreement will be amended from the Effective Date so
                                                           that it reads as if it were restated in the form set out in Schedule
                                                           2 (Restated COFACE Facility Agreement).

 

		(b)	The COFACE
                                                           Agent must notify the Borrower and the Lenders of its receipt
                                                           of all of the documents set out in Schedule 1 (Conditions precedent
                                                           documents) as soon as reasonably practicable, except for the Borrower's
                                                           confirmation to SpaceX set out in paragraph (G)(18) which will be provided
                                                           immediately after such notification from the COFACE Agent.

 

		(c)	The COFACE Facility Agreement will
                                                           not be amended in the manner contemplated by this Agreement unless
                                                           the COFACE Agent receives all of
                                                           the documents set out in Schedule 1 (Conditions precedent documents),
                                                           including the condition precedent document set out in paragraph (G)(18)
                                                           in form and substance satisfactory to the COFACE
                                                           Agent. The COFACE Agent must notify the Borrower and the Lenders
                                                           of its receipt of all such documents as soon as reasonably practicable.

 

		3.	Representations

 

		3.1	Representations

 

The representations
set out in this Clause are made by each Obligor on the date of this Agreement to each Finance Party.

 

		3.2	Powers and authority

 

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

 

		3.3	Legal validity

 

Subject to
the Legal Reservations, the obligations expressed to be assumed by it in this Agreement to which it is a party are legal, valid,
binding and enforceable obligations.

 

		3.4	Non-conflict

 

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

 

		(a)	any law or regulation applicable
                                                               to it;

 

		(b)	its constitutional documents; or

 

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

 

    	2
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

 

		3.5	Authorisations

 

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

 

		3.6	Governing law and enforcement

 

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

 

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

 

		3.7	Credit Agreement

 

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

 

		4.	Fees

 

		(a)	The Borrower must on the date of this
                                                           Agreement, pay to the COFACE Agent for the account of each Lender a
                                                           fee computed at the rate of [***]%
                                                           on that Lender's Commitment as at the date of this Agreement.

 

		(b)	The fee described in paragraph (a)
                                                           above once paid is non-refundable and non-creditable against other
                                                           fees payable in connection with the COFACE Facility Agreement.

 

		5.	Consents

 

Each Obligor:

 

		(a)	agrees to the amendment and restatement
                                                               of the COFACE Facility Agreement as contemplated by this Agreement;
                                                               and

 

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

 

		(i)	continue in full force and effect;
                                                             and

 

    	3
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

 

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

 

		6.	Waiver Request

 

		(a)	We refer to the Request Letter requesting
                                                           the Majority Lenders to approve the exchange offer by the Parent to
                                                           holders of its 13.6 million US$7.00 existing warrants (the Warrants)
                                                           of up to approximately [***]
                                                           new shares of its common stock in exchange for the Warrants
                                                           as part of a cashless transaction (except for payment in cash by the
                                                           Parent, in an amount not expected to exceed US$[***],
                                                           to the Warrant holders in lieu of any fractional shares of the Parent's
                                                           common stock that would otherwise be issued as consideration for the
                                                           Warrants) (the Transaction). The Borrower has confirmed
                                                           that the Transaction will not result in a Change of Control of the
                                                           Parent.

 

		(b)	The Majority Lenders have reviewed
                                                           the Request Letter and are pleased to confirm their approval of the
                                                           Transaction and a waiver of the provisions set forth in Clause 20.23
                                                           (Share Capital) of the COFACE Facility Agreement solely to the extent
                                                           necessary for the Parent to consummate the Transaction.

 

		7.	Miscellaneous

 

		(a)	Each of this Agreement and the Amended
                                                           COFACE Facility Agreement is a Finance Document.

 

		(b)	Subject to the terms of this Agreement,
                                                           the COFACE Facility Agreement will remain in full force and effect
                                                           and, from the Effective Date, the COFACE Facility Agreement and this
                                                           Agreement will be read and construed as one document.

 

		(c)	Each Finance Party reserves any other
                                                           right or remedy it may have now or subsequently. This letter does not
                                                           constitute a waiver of any right or remedy other than in relation to
                                                           the specific waiver expressly given under this letter.

 

		8.	Governing law

 

This Agreement
and any non-contractual obligations arising out of or in connection with it are governed by English law.

 

		9.	Enforcement

 

		9.1	Jurisdiction of English courts

 

		(a)	The courts of England have exclusive
                                                           jurisdiction to settle any dispute arising out of or in connection
                                                           with this Agreement (including a dispute relating to the existence,
                                                           validity or termination of this Agreement) (a Dispute).

 

		(b)	The Parties agree that the courts of
                                                           England are the most appropriate and convenient courts to settle Disputes
                                                           and accordingly no Party will argue to the contrary.

 

		(c)	This Clause 9.1 is for the benefit
                                                           of the Finance Parties and Secured Parties only. As a result, no Finance
                                                           Party or Secured Party shall be prevented from taking proceedings relating
                                                           to a Dispute in any other courts with jurisdiction. To the extent allowed
                                                           by law, the Finance Parties and Secured Parties may take concurrent
                                                           proceedings in any number of jurisdictions.

 

    	4
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

 

		9.2	Arbitration

 

		(a)	Notwithstanding the above terms of
                                                           this Clause, if the COFACE Agent so elects in writing, any dispute,
                                                           difference, claim or controversy arising out of or in connection with
                                                           this Agreement, including any question regarding its existence, validity,
                                                           interpretation, breach or termination, shall be referred to and finally
                                                           resolved by arbitration under the London Court of International Arbitration
                                                           Rules (for the purposes of this Subclause, the Rules).

 

		(b)	The Rules are incorporated by reference
                                                           into this Clause and capitalised terms used in this Clause which are
                                                           not otherwise defined in this Agreement, have the meaning given to
                                                           them in the Rules. Any requirement in the Rules to take account of
                                                           the nationality of a person considered for appointment as an arbitrator
                                                           shall be disapplied and a person shall be nominated or appointed as
                                                           an arbitrator (including as Chairman) regardless of his or her nationality.

 

		(c)	The number of arbitrators shall be
                                                           three. The parties agree that the London Court of International Arbitration
                                                           shall appoint the Arbitral Tribunal without regard to any party's nomination.

 

		(d)	Each Obligor and each Finance Party:

 

		(i)	expressly agrees and consents to
                                                               this procedure for nominating and appointing the Arbitral Tribunal;
                                                               and

 

		(ii)	irrevocably and unconditionally
                                                                waives any right to choose its own arbitrator.

 

		(e)	The seat, or legal place of arbitration,
                                                           shall be London. The language used in the arbitral proceedings shall
                                                           be English.

 

		9.3	Waiver of trial by jury

 

EACH PARTY
WAIVES ANY RIGHT IT MAY HAVE TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION IN CONNECTION WITH ANY FINANCE DOCUMENT OR ANY TRANSACTION
CONTEMPLATED BY ANY FINANCE DOCUMENT. THIS AGREEMENT MAY BE FILED AS A WRITTEN CONSENT TO TRIAL BY THE COURT.

 

This Agreement has been
entered into on the date stated at the beginning of this Agreement.

 

    	5
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    
 

Schedule
1

 

Conditions
precedent documents

 

		(A)	Corporate documentation

 

		1.	A copy of the constitutional documents
                                                               of each Obligor (it being understood and agreed that the copies
                                                               of the constitutional documents of any Obligor previously delivered
                                                               to the COFACE Agent on or prior to the date of this Agreement shall
                                                               not be required to be re-delivered pursuant to this paragraph (A)(1)).

 

		2.	A copy of a resolution of the board
                                                               of directors or members (as applicable) of each Obligor:

 

		(a)	approving the terms of, and the
                                                               transactions contemplated by, the Supplemental Finance Documents
                                                               to which it is a party and resolving that it execute, deliver and
                                                               perform the Supplemental Finance Documents to which it is a party;

 

		(b)	authorising a specified person
                                                               or persons to execute the Supplemental Finance Documents to which
                                                               it is a party on its behalf;

 

		(c)	authorising a specified person
                                                               or persons, on its behalf, to sign and/or despatch all documents
                                                               and notices to be signed and/or despatched by it under or in connection
                                                               with the Supplemental Finance Documents to which it is a party;
                                                               and

 

		(d)	in the case of an Obligor other
                                                               than the Borrower, authorising the Borrower to act as its agent
                                                               in connection with the Supplemental Finance Documents to which
                                                               it is a party.

 

		3.	A specimen of the signature of
                                                               each person authorised on behalf of an Obligor to enter into the
                                                               Supplemental Finance Documents to which it is a party or to sign
                                                               or send any document or notice in connection with the Supplemental
                                                               Finance Documents to which it is a party.

 

		4.	A certificate of an authorised
                                                               officer of each Obligor certifying that:

 

		(a)	each copy document specified in
                                                               paragraph (A)(1) of this Schedule delivered by such Obligor is
                                                               true and complete as in effect on the date of such certificate,
                                                               or if previously delivered to the COFACE Agent, a certification
                                                               that such documents previously delivered to the COFACE Agent have
                                                               not been amended, supplemented or otherwise modified (except for
                                                               those amendments, modifications, waivers, supplements thereto for
                                                               which true and complete copies have been provided to the COFACE
                                                               Agent) and such documents previously delivered (together with any
                                                               amendments, modifications, waivers or supplements thereto delivered
                                                               to the COFACE Agent, if applicable) remain true and complete copies;

 

		(b)	each copy document specified in
                                                               paragraph (A)(2) of this Schedule delivered by such Obligor is
                                                               true and complete and has not been amended, annulled, rescinded
                                                               or revoked and there exist no other resolutions of the Obligor
                                                               relating to the matters set forth therein; and

 

		(c)	borrowing or guaranteeing or securing,
                                                               as appropriate, the Total Commitments would not cause any borrowing,
                                                               guarantee, security or similar limit binding on it to be exceeded.

 

    	6
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

 

		5.	A certificate of an authorised
                                                               officer of the Borrower certifying that each copy document specified
                                                               in this Schedule 1 provided to the COFACE Agent is true and complete
                                                               in all material respects and, except in the case where only drafts
                                                               of the documents specified in this Schedule 1 have been provided
                                                               to the COFACE Agent, in full force and effect and has not been
                                                               amended or superseded (in each case, except for those amendments,
                                                               modifications, supplements or waivers for which true and complete
                                                               copies have been provided to the COFACE Agent).

 

		6.	Certificates of good standing in
                                                               respect of each Obligor issued as of a date no earlier than 5 Business
                                                               Days prior to the Effective Date by the Secretary of State or other
                                                               appropriate official of such Obligor's jurisdiction of incorporation
                                                               or organisation.

 

		7.	Evidence that the process agent
                                                               of the Obligors under this Agreement governed by English law for
                                                               service of process in England & Wales has accepted its appointment.

 

		(B)	Finance Documents

 

		8.	Originals of each of the following
                                                               Finance Documents duly entered into by the parties thereto:

 

		(a)	this Agreement;

 

		(b)	the COFACE Consent; and

 

		(c)	each Transaction Security Document
                                                               listed in section (C) (9 below.

 

		(C)	Transaction Security Documents

 

		9.	Originals of each of the following
                                                               Transaction Security Documents duly entered into by the parties
                                                               thereto:

 

		(a)	a pledge agreement over all of
                                                               the membership interests in the Excluded Company held by the Borrower,
                                                               executed by the Borrower and the Security Agent.

 

		(b)	delivery of all original share
                                                               certificates and stock powers, executed in blank, pledged under
                                                               paragraph 9(i) above (if any).

 

		(D)	Aireon System Documents

 

		10.	A copy of each Aireon System Document
                                                           that has been executed by the parties thereto on or prior to the Effective
                                                           Date and (ii) with respect to any Aireon System Document that has not
                                                           yet been executed on or prior to the Effective Date, a copy of the
                                                           latest draft of such Aireon System Document, to the extent available
                                                           on or prior to the Effective Date.

 

		11.	A copy of the Aireon Equity Instrument,
                                                           if any.

 

		12.	A copy of certificate of formation
                                                                and membership agreement for the Excluded Company certified as
                                                                true and correct copies of such documents by an authorized signatory
                                                                of the Excluded Company.

 

		13.	A certificate of good standing
                                                                in respect of the Excluded Company issued as of a date no earlier
                                                                than 5 Business Days prior to the Effective Date by the Secretary
                                                                of State of Delaware.

 

    	7
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

 

		(E)	Opinions

 

		14.	A legal opinion of Allen & Overy
                                                           LLP, Paris, legal advisers as to English law to the Finance Parties,
                                                           addressed to the Finance Parties.

 

		15.	A legal opinion of Milbank Tweed
                                                                Hadley & McCloy LLP, legal advisers in New York to the Obligors,
                                                                addressed to the Finance Parties.

 

		(F)	Base Case

 

		16.	The Base Case.

 

		(G)	Other documents and evidence

 

		17.	The amendment no.2 to the SpaceX
                                                                Launch Contract.

 

		18.	Evidence that the Borrower has
                                                                confirmed to SpaceX that all conditions under article 22 of the
                                                                SpaceX Launch Contract have been fulfilled.

 

		19.	Evidence that fees and expenses
                                                                then due and payable by the Obligors under this Agreement have
                                                                been paid.

 

		20.	The Technical Adviser's Quarterly
                                                                Report delivered in Q2 2012, dated 23 May 2012, from the Technical
                                                                Adviser.

 

		21.	A copy of any other authorisation
                                                                or other document, opinion or assurance which the COFACE Agent
                                                                (acting reasonably) has notified the Borrower is necessary or
                                                                desirable in connection with the entry into and performance of,
                                                                and the transactions contemplated by, any Supplemental Finance
                                                                Document or for the validity and enforceability of any Supplemental
                                                                Finance Document.

 

    	8
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

 

Schedule
2

 

Restated
COFACE Facility Agreement

 

Execution Version

 

COFACE
FACILITY AGREEMENT

 

DATED 4
OCTOBER 2010

and as
amended on 1 August 2012

 

For

 

IRIDIUM SATELLITE LLC

 

arranged by

 

DEUTSCHE BANK AG (PARIS BRANCH)

BANCO SANTANDER SA

SOCIÉTÉ
GÉNÉRALE

NATIXIS

MEDIOBANCA INTERNATIONAL (LUXEMBOURG)
S.A.

 

as Mandated Lead Arrangers and Bookrunners

 

and

 

BNP PARIBAS

CRÉDIT INDUSTRIEL ET COMMERCIAL

INTESA SANPAOLO S.p.A. (PARIS BRANCH)

UNICREDIT BANK AUSTRIA AG

 

as Lead Arrangers

 

with

 

SOCIÉTÉ GÉNÉRALE

as COFACE Agent

 

and

 

DEUTSCHE BANK TRUST COMPANY AMERICAS

as Security Agent and U.S. Collateral
Agent

 

    	9
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

 

Contents

 

	Clause	 	Page
	 	 	 
	1.	Definitions and Interpretation	12
	2.	The Facility	55
	3.	Purpose	58
	4.	Conditions of Utilisation	59
	5.	Utilisation – Loans	60
	6.	Repayment	62
	7.	Illegality, Voluntary Prepayment and Cancellation	64
	8.	Mandatory Prepayment	66
	9.	Restrictions	69
	10.	Interest	70
	11.	Interest Periods	71
	12.	Changes to the Calculation of Interest	72
	13.	Fees	74
	14.	Tax Gross Up and Indemnities	74
	15.	Increased Costs	78
	16.	Other Indemnities	79
	17.	Mitigation by the Lenders	80
	18.	Costs and Expenses	81
	19.	Guarantee and Indemnity	82
	20.	Representations	86
	21.	Information Undertakings	94
	22.	Financial Covenants	101
	23.	General Undertakings	105
	24.	Events of Default	120
	25.	Changes to the Lenders	126
	26.	Changes to the Obligors	131
	27.	Role of the Administrative Parties	131
	28.	Conduct of Business by the Finance Parties	138
	29.	Sharing Among the Finance Parties	138
	30.	Payment Mechanics	139
	31.	Set-Off	142
	32.	Notices	142
	33.	Calculations and Certificates	145
	34.	Partial Invalidity	145
	35.	Remedies and Waivers	145
	36.	Amendments and Waivers	145
	37.	Confidentiality	147
	38.	Counterparts	151
	39.	Governing Law	151
	40.	Enforcement	151
	41.	Complete agreement	152
	42.	USA Patriot Act	152

 

    	10
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    
 

	Schedule	 	Page
	 	 	 
	1.	The Original Parties	153
	 	Part 1	The Original Obligors	153
	 	Part 2	The Original Lenders	154
	2.	Conditions Precedent	155
	 	Part 1	Conditions Precedent to Initial Utilisation	155
	 	Part 2	Conditions Precedent required to be delivered by an
    Additional Guarantor	159
	3.	Requests and Notices	160
	 	Part 1	Form of Reimbursement Request	160
	 	Part 2	Form of Supplier's Confirmation	163
	 	Part 3	Form of Disbursement Request	165
	 	Part 4	Form of Supplier's Confirmation	167
	4.	Form of Budget	169
	5.	Form of Promissory Notes	174
	6.	Form of Joint Interest Mandate	175
	7.	Mandatory Cost Formula	178
	8.	Form of Transfer Certificate	181
	9.	Form of Assignment Agreement	184
	10.	Form of Accession Deed	187
	11.	Form of Resignation Letter	189
	12.	Form of Compliance Certificate	190
	13.	Form of Auditors' Report	192
	14.	LMA Form of Confidentiality Undertaking	193
	15.	Timetables	198
	16.	Existing Guarantees	199
	17.	Existing Liens	200
	18.	Communications Licences	201
	19.	Existing Financial Indebtedness	202
	20.	Group Structure Chart	203
	21.	Insurance	204
	22.	Back-Up Launch Strategy	218
	23.	Secondary Payload Heads of Terms	219
	24.	Milestones	220
	25.	Shares and Material Companies	221
	26.	Form of Secondary Payload Status Report	222
	27.	Existing Joint Ventures	223
	28.	Security Agent	224
	 	 	 
	Signatories	230

 

    	11
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

 

THIS AGREEMENT
is dated 4 October 2010 and made

 

BETWEEN:

 

		(1)	IRIDIUM COMMUNICATIONS INC.,
                                                           a Delaware corporation (the Parent);

 

		(2)	IRIDIUM SATELLITE LLC, a Delaware
                                                           limited liability company, as borrower (the Borrower);

 

		(3)	THE SUBSIDIARIES of the Parent
                                                           listed in Part 1 of Schedule 1 as original guarantors (together with
                                                           the Parent, the Original Guarantors);

 

		(4)	DEUTSCHE BANK AG (PARIS BRANCH),
                                                           BANCO SANTANDER SA, SOCIÉTÉ GÉNÉRALE, NATIXIS,
                                                           and MEDIOBANCA INTERNATIONAL (LUXEMBOURG) S.A. as mandated
                                                           lead arrangers and bookrunners (the Mandated Lead Arrangers
                                                           and Bookrunners);

 

		(5)	BNP PARIBAS, CRÉDIT INDUSTRIEL
                                                           ET COMMERCIAL, INTESA SANPAOLO S.p.A. (PARIS BRANCH) and UNICREDIT
                                                           BANK AUSTRIA AG as lead arrangers (the Lead Arrangers);

 

		(6)	THE FINANCIAL INSTITUTIONS listed
                                                           in Part 2 of Schedule 1 as lenders (the Original Lenders);

 

		(7)	SOCIÉTÉ GÉNÉRALE
                                                           as agent of the other Finance Parties (the COFACE Agent);
                                                           and

 

		(8)	DEUTSCHE BANK TRUST COMPANY AMERICAS
                                                           as security agent and trustee for the Secured Parties (in this
                                                           capacity the Security Agent) and as agent for the Finance Parties
                                                           under the Motorola Intercreditor Agreement (in this capacity the U.S.
                                                           Collateral Agent).

 

IT IS AGREED
as follows:

 

		1.	Definitions and Interpretation

 

		1.1	Definitions

 

In this Agreement:

 

Acceptable
Bank means:

 

		(a)	a bank or financial institution
                                                               which has a rating for its long-term unsecured and non credit-enhanced
                                                               debt obligations of A- or higher by Standard & Poor's Rating
                                                               Services or Fitch Ratings Ltd or A3 or higher by Moody's Investor
                                                               Services Limited or a comparable rating from an internationally
                                                               recognised credit rating agency; or

 

		(b)	any other bank or financial institution
                                                               approved by the COFACE Agent.

 

Acceptable
Launch Insurance Proposal has the meaning given in Clause 8.3 (Launch Insurance Proceeds).

 

Accession
Deed means a document substantially in the form set out in Schedule 10 (Form of Accession Deed).

 

Account
Bank means the Security Agent in its capacity as account bank for the Finance Parties.

 

Accounting
Principles means GAAP.

 

    	12
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

 

Accounting
Reference Date means 31 December of any given year.

 

Additional
Cost Rate has the meaning given to it in Schedule 7 (Mandatory Cost Formula).

 

Additional
Guarantor means any Material Company which becomes an Additional Guarantor in accordance with Clause 23.30 (Additional Guarantors
and resignation of Guarantors).

 

Administrative
Party means any Mandated Lead Arranger and Bookrunner, any Lead Arranger and any Agent.

 

Adviser
means the Technical Adviser, the Insurance Adviser or any other adviser appointed under this Agreement.

 

Affiliate
means, in relation to any person, any other person that, directly or indirectly, controls, is controlled by or is under common
control with such person; and for purposes of this definition, the term “control” (including the terms “controlling”,
“controlled by” and “under common control with”) of a person shall mean the possession,
direct or indirect, of the power to vote more than 50% of the securities having ordinary voting power for the election of directors
(or persons performing similar functions) of such person or to direct or cause the direction of the management and policies of
such person, whether through the ownership of such securities, by contract or otherwise.

 

Agent
means the COFACE Agent, the Security Agent or the U.S. Collateral Agent.

 

Aireon
Equity Injection means (i) an investment in an aggregate amount of no more than $12,500,000 (whether in cash, tangible or
intangible property) in the Excluded Company made by any member of the NEXT Group, by way of an issuance of Aireon Equity Instruments
by the Excluded Company to such member of the NEXT Group, (ii) any other investment in an aggregate amount of no more than $15,000,000
in the Excluded Company made by any member of the NEXT Group by way of issuance of Aireon Equity Instruments to such member of
the NEXT Group, made with the proceeds of a Capital Raising specifically for that purpose and (iii) an investment in the Excluded
Company made by any member of the NEXT Group, by way of issuance of Aireon Equity Instruments by the Excluded Company to such
member of the NEXT Group in exchange for a corresponding value of no more than $[***]
of Airtime Credits pursuant to and in accordance with the Airtime Credits Agreement.

 

Aireon
Equity Instruments means equity-linked instruments, capital stock, shares or other equivalent instruments, subordinated debt
or other securities issued by the Excluded Company to any member of the NEXT Group including any additional contribution made
in respect of such instruments, subordinated debt or other securities, which are subject to Transaction Security (until disposed
of in accordance with the terms of this Agreement) in favour of the Security Agent.

 

Aireon
Investment Agreement means that certain investment agreement to be entered into among the Excluded Company, the Borrower and
the other investors in the Excluded Company with respect to each of their investments in the Excluded Company.

 

Aireon
Proceeds means all dividends, charges, fees, distributions or other proceeds received in cash by any member of the NEXT Group
from time to time solely in respect of any Aireon Equity Instruments, including any Disposal Proceeds (in each case, after deducting
any reasonable expenses incurred by any member of the NEXT Group in connection with such proceeds or Taxes paid or incurred by
any member of the NEXT Group in connection with such proceeds or the ownership of such Aireon Equity Instruments).

 

Aireon
System Debt means any Financial Indebtedness incurred by the Excluded Company in connection with the Aireon System Project
(including any transaction incidental and in support of the Aireon System Project) provided that the provider of the Financial
Indebtedness to the Excluded Company has (and has confirmed in writing to the Borrower and the COFACE Agent that it has) no recourse
against any member of the NEXT Group or any of the NEXT Group's assets.

 

    	13
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

 

Aireon
System Document means:

 

		(a)	the Secondary Payload Contracts
                                                               (including the hosting agreement, the data services agreement and
                                                               the hosted payload operations center agreement) to be entered into
                                                               between the Excluded Company and the Borrower;

 

		(b)	the management services contract
                                                               to be entered into between the Excluded Company and the Borrower
                                                               or any other NEXT Group member;

 

		(c)	the Airtime Credits Agreement;

 

		(d)	the Aireon Investment Agreement;
                                                               and

 

		(e)	any agreement, document or instrument
                                                               incidental to any of the documents listed in clauses (a) to (d)
                                                               above and notified to the COFACE Agent by the Borrower.

 

Aireon
System Project means the design, financing, construction, deployment and operation of a satellite-based global aviation monitoring
system, which uses Automatic Dependent Surveillance-Broadcast technology for the purposes of providing secondary payload services
in connection and compliance with the NEXT System.

 

Airtime
Credit means a credit (valued at an arm’s-length rate) for airtime minutes, data fees, access fees or licensing fees
with respect to services on Block One or the NEXT Constellation and associated ground infrastructure.

 

Airtime
Credits Agreement means any agreement or arrangement entered into between the Excluded Company and any member of the NEXT
Group pursuant to which such member of the NEXT Group has agreed, in exchange for Aireon Equity Instruments, to provide and make
available to the Excluded Company from time to time Airtime Credits, in an aggregate amount of up to $[***],
for application as discharge of the Aireon System Debt owed to Harris Corporation by the Excluded Company, provided that, under
no circumstances will Harris Corporation have any recourse to any member of the NEXT Group or any of the NEXT Group's assets in
respect of such Aireon System Debt.

 

Ancillary
Cashflows means, for any Calculation Date, the aggregate (without double-counting) (adding (if positive) or deducting (if
negative)) of:

 

		(a)	an amount equal to the aggregate
                                                               of (i) the net cash proceeds from the exercise of the Existing
                                                               Warrants received by the Parent, and (ii) all Excluded Capital
                                                               Raising Proceeds (other than in respect of the Non Eligible Capital
                                                               Raising) received by the Parent (or of a newly-formed subsidiary
                                                               of the Parent which is not a shareholder of any member of the Group)
                                                               and allocated for such purpose (and not previously utilised for
                                                               any other purpose), in each case on or prior to that Calculation
                                                               Date; and

 

		(b)	the difference (positive or negative)
                                                               between:

 

		(i)	Cumulative Cashflow for that Calculation
                                                             Date, and

 

		(ii)	the Cumulative Cashflow level in
                                                              the Base Case for that Calculation Date (without taking into account
                                                              any amounts of Capital Expenditure in respect of the Satellite Supply
                                                              Contract, the Launch Services Contract or the Launch Insurance premia
                                                              projected in the Base Case to be paid prior to such Calculation
                                                              Date, but not actually paid, due to a delay or postponement under
                                                              the Satellite Supply Contract, the Launch Services Contract or the
                                                              Launch Insurance premia (as the case may be)); and

 

    	14
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

 

		(c)	the difference (positive or negative)
                                                               between:

 

		(i)	the cumulative Secondary Payload
                                                             Cashflows received (directly or indirectly) by any Obligor on or
                                                             prior to that Calculation Date, and

 

		(ii)	the cumulative level of Secondary
                                                              Payload Cashflows in the Base Case at that Calculation Date,

 

(provided
that the amount of any positive difference to be taken into account for any Calculation Date may not exceed the amount (if
any) by which the total amount of committed Secondary Payload Cashflows payable to the Obligors pursuant to binding Secondary
Payload Contracts as at that Calculation Date exceeds $[***] million).

 

Annual
Financial Statements means the financial statements for a Financial Year delivered pursuant to paragraph (a) of Clause 21.1
(Financial statements).

 

Assignment
Agreement means an agreement substantially in the form set out in Schedule 9 (Form of Assignment Agreement) or any other form
agreed between the relevant assignor and assignee.

 

Auditors
means one of PricewaterhouseCoopers LLP, Ernst & Young LLP, KPMG LLP or Deloitte & Touche LLP or any other firm approved
in advance by the COFACE Agent (such approval not to be unreasonably withheld, conditioned or delayed).

 

Authorisation
means an authorisation, consent, approval, resolution, licence, exemption, filing, notarisation or registration (including
each Communications Licence).

 

Authorization
to Proceed means the Authorization to Proceed between the Borrower and TAS dated 1 June 2010.

 

Availability
Period means the period from the Initial CP Satisfaction Date until the earlier of:

 

		(a)	the date falling 5 months after
                                                               the In-Orbit Acceptance in respect of the [***]
                                                               Satellite (as confirmed by the Technical Adviser); and

 

		(b)	the Longstop Availability Date.

 

Available
Cash means, at any time, (i) cash in hand or at bank and (in the latter case) credited to an account with an Acceptable Bank
in the name of a member of the NEXT Group and to which a member of the NEXT Group is alone (or together with other members of
the NEXT Group) beneficially entitled and for so long as:

 

		(a)	that cash is repayable on demand
                                                               within 10 days after the relevant date of calculation;

 

		(b)	repayment of that cash is not contingent
                                                               on the prior discharge of any other indebtedness of any member
                                                               of the NEXT Group or of any other person whatsoever or on the satisfaction
                                                               of any other condition;

 

		(c)	there is no security over that
                                                               cash except for liens granted or permitted under the Finance Documents
                                                               or other security constituted by a netting or set-off arrangement
                                                               entered into by members of the NEXT Group in the ordinary course
                                                               of their banking arrangements; and

 

    	15
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

 

		(d)	the cash is freely available to
                                                               be applied in repayment or prepayment of the Facility as and when
                                                               due and payable,

 

and (ii) Cash
Equivalent Investments (and excluding, for the avoidance of doubt, any amounts standing to the credit of the Debt Service Reserve
Account).

 

Available
Commitment means, in relation to a Tranche, a Lender's Commitment under that Tranche minus (subject as set out below):

 

		(a)	its participation in any outstanding
                                                               Utilisations under that Tranche; and

 

		(b)	in relation to any proposed Utilisation
                                                               under that Tranche, its participation in any other Utilisations
                                                               under that Tranche that are due to be made on or before the proposed
                                                               Utilisation Date.

 

Available
Cure Amount means, in respect of a Calculation Date:

 

		(a)	the amount of Ancillary Cashflows
                                                               at such Calculation Date (without double counting and without giving
                                                               effect to the Available Cure Amount in respect of the then current
                                                               Calculation Date),

 

minus:

 

		(b)	in respect of each election by
                                                               the Borrower to allocate the Available Cure Amount to a Relevant
                                                               Financial Covenant in accordance with Clause 22.1(a)(iii) (22.1(a)(iii)
                                                               (Capital Expenditure), (b)(i) (Consolidated Operational EBITDA)
                                                               or (b)(ii) (Secondary Payload Cashflows), the aggregate of all
                                                               amounts previously required to meet the relevant levels in the
                                                               Base Case at each Calculation Date in respect of which the Borrower
                                                               elected to allocate an Available Cure Amount to a Relevant Financial
                                                               Covenant,

 

in each case,
as certified in the relevant Compliance Certificate delivered in accordance with Clause 21.2 (Provision and contents of Compliance
Certificate) (and provided, for the avoidance of doubt, that any Available Cure Amount or portion thereof that has been
allocated to cure a Relevant Financial Covenant may not be allocated to cure another Relevant Financial Covenant);

 

provided,
however, notwithstanding anything to the contrary herein, if at any time the calculation of the Available Cure Amount results
in a negative number, the Available Cure Amount shall be deemed to equal zero.

 

Available
Facility means the aggregate for the time being of each Lender's Available Commitment.

 

Average
Call Establishment Rate means, at any time, an up to date [***]
day average of the call establishment rate as measured by an autodialer located at the SNOC (in continuous operation) using [***]
call attempts with a [***] second wait time between each
successful call and where such call establishment rate is calculated by dividing (i) the number of Calls Connected by (ii) the
number of Call Attempts.

 

The [***]
day average will be measured based upon the previous [***]
contiguous days. A complete data set, including each call record providing each Call Attempt and Call Connected for that [***]
day period, if requested, will be supplied by the Borrower to the Technical Adviser. This data set may (or, if otherwise
reasonably requested by the Borrower, shall) be reviewed by the Technical Adviser in order to identify and acknowledge any issues
or incidents that are not indicative of the Iridium system performance (including but not limited to any power failures of the
“Iridium Subscriber Unit” phone, anomalies attributable to autodialer resets, SNOC information technology issues and
severe weather conditions) (any such issues or incidents, collectively, the Non-Iridium System Performance Issues). The
Non-Iridium System Performance Issues will be removed from the data set upon the mutual concurrence of the Technical Adviser and
the COFACE Agent (acting on the instructions of the Majority Lenders), in consultation with the Borrower.

 

    	16
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

 

Base Case
means the base case financial model for the NEXT System in an agreed form showing the projected operating results and cash
flow for the period commencing on the Signing Date and ending on the Final Maturity Date, reviewed and approved by the Lenders
prior to the Signing Date, as updated by the COFACE Agent within 10 Business Days after the Initial CP Satisfaction Date using
the USD/EUR exchange rate confirmed to the COFACE Agent pursuant to paragraph 21 of Part 1 of Schedule 2 (Conditions Precedent)
to give effect to the final USD value of the Satellite Supply Contract and notified to the Borrower and the Original Lenders,
as further amended, reviewed and approved by the Lenders prior to the Effective Date.

 

Base Rate
means:

 

		(a)	in respect of Tranche A, CIRR;
                                                               and

 

		(b)	in respect of Tranche B, LIBOR.

 

Base Reference
Bank Rate means the arithmetic mean of the rates (rounded upwards to four decimal places) as supplied to the COFACE Agent
at its request by the Base Reference Banks as the rate at which the relevant Base Reference Bank could borrow funds in the Relevant
Interbank Market in the relevant currency and for the relevant period, were it to do so by asking for and then accepting interbank
offers for deposits in reasonable market size in that currency and for that period.

 

Base Reference
Banks means the principal London offices of Société Générale, Deutsche Bank AG and BNP Paribas
or such other banks as may be appointed by the COFACE Agent in consultation with the Borrower.

 

Block One
means the NEXT Group’s existing mobile satellite telecommunications system including a constellation of 66 satellites
plus spares (at the date of this Agreement).

 

BOA Revenue
Account means the Borrower's revenue account held with Bank of America with account number [***]
into which the Borrower's main revenues are paid (and any replacement account of such account).

 

Boeing
means The Boeing Company.

 

Boeing
O&M Agreement means the amended and restated operations and maintenance agreement between ICLLC and Boeing dated 28 May
2010.

 

Borrower
shall have the meaning given to it in the preamble hereto.

 

Break Costs
means the amount (if any) by which:

 

		(a)	the interest which a Lender should
                                                               have received for the period from the date of receipt of all or
                                                               any part of its participation in a Loan or Unpaid Sum to the last
                                                               day of the current Interest Period in respect of that Loan or Unpaid
                                                               Sum, had the principal amount or Unpaid Sum received been paid
                                                               on the last day of that Interest Period;

 

exceeds:

 

		(b)	the amount which that Lender would
                                                               be able to obtain by placing an amount equal to the principal amount
                                                               or Unpaid Sum received by it on deposit with a leading bank in
                                                               the Relevant Interbank Market for a period starting on the Business
                                                               Day following receipt or recovery and ending on the last day of
                                                               the current Interest Period.

 

    	17
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

 

Budget
means any budget delivered by the Borrower to the COFACE Agent pursuant to Clause 21.4 (Budget and Business Plan).

 

Business
Acquisition means the acquisition or incorporation of a company or any shares or securities or a business or undertaking (or,
in each case, any interest in any of them).

 

Business
Day means a day (other than a Saturday or Sunday) on which banks and trust institutions are open for general business in London,
Paris and New York.

 

Business
Plan means each Business Plan delivered by the Borrower to the COFACE Agent pursuant to Clause 21.4 (Budget and Business Plan).

 

Calculation
Date means each 30 June and 31 December.

 

Calculation
Period means each period of 12 months ending or commencing (as applicable) on each Calculation Date.

 

Call Attempts
means the number of calls made by an autodialer located at the SNOC (using [***]
calls with a [***] second wait time between each successful
call) to dial a call to the Tempe Gateway digital answering system.

 

Calls Connected
means the number of calls that have been “connected” and where “connected” is determined by (i) the
Tempe Gateway digital answering system answering the call, (ii) the “Iridium Subscriber Unit” phone receiving an acknowledgment
of the call connected from the Tempe Gateway digital answering system, and (iii) the autodialers receiving an acknowledgment of
the call connected from the “Iridium Subscriber Unit” phone.

 

Capital
Expenditure means any expenditure or obligation in respect of expenditure which, in accordance with the Accounting Principles,
is treated as capital expenditure (which shall, for the avoidance of doubt, include NEXT Expenses and the Aireon Equity Injection
made solely pursuant to clause (i) of the definition thereof, whether treated as capital expenditure or operational expenditure)
and including the capital element of any expenditure or obligation incurred in connection with a Finance Lease, but excluding
any capitalised interest.

 

Capital
Raising means any capital increase, issue of equity-linked instruments (excluding the Existing Warrants), capital stock, shares
or other equivalent instruments, subordinated debt or other securities by any member of the NEXT Group to any person other than
a member of the Group.

 

Capital
Raising Proceeds means the consideration receivable by any member of the NEXT Group for any Capital Raising made by any member
of the NEXT Group after deducting any reasonable expenses which are incurred by any member of the NEXT Group with respect to that
Capital Raising to persons who are not members of the Group.

 

Cash Available
for Debt Service means, for each Calculation Period:

 

		(a)	Cashflow in respect of that Calculation
                                                               Period;

 

plus:

 

		(b)	Available Cash on balance sheet
                                                               on the first day of such Calculation Period.

 

    	18
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

  

Cash Equivalent
Investments means at any time:

 

		(a)	certificates of deposit maturing
                                                               within one year after the relevant date of calculation and issued
                                                               by an Acceptable Bank;

 

		(b)	any investment in marketable debt
                                                               obligations issued or guaranteed by the government of the United
                                                               States of America, the United Kingdom, any member state of the
                                                               European Economic Area or any Participating Member State or by
                                                               an instrumentality or agency of any of them having an equivalent
                                                               credit rating, maturing within one year after the relevant date
                                                               of calculation and not convertible or exchangeable to any other
                                                               security;

 

		(c)	commercial paper not convertible
                                                               or exchangeable to any other security:

 

		(i)	for which a recognised trading market
                                                             exists;

 

		(ii)	issued by an issuer incorporated
                                                              in the United States of America, the United Kingdom, any member
                                                              state of the European Economic Area or any Participating Member
                                                              State;

 

		(iii)	which matures within one year after
                                                               the relevant date of calculation; and

 

		(iv)	which has a credit rating of either
                                                              A-1 or higher by Standard & Poor's Rating Services or F1 or
                                                              higher by Fitch Ratings Ltd or P-1 or higher by Moody's Investor
                                                              Services Limited, or, if no rating is available in respect of the
                                                              commercial paper, the issuer of which has, in respect of its long-term
                                                              unsecured and non-credit enhanced debt obligations, an equivalent
                                                              rating;

 

		(d)	any investment in money market
                                                               funds which (i) have a credit rating of either A-1 or higher by
                                                               Standard & Poor's Rating Services or F1 or higher by Fitch
                                                               Ratings Ltd or P-1 or higher by Moody's Investor Services Limited,
                                                               and (ii) which invest substantially all their assets in securities
                                                               of the types described in paragraphs (a) to (c) above; or

 

		(e)	any other debt security approved
                                                               by the Majority Lenders,

 

in each case,
denominated in Dollars and which can be turned into cash on not more than 30 days' notice and to which any Obligor is alone (or
together with other Obligors beneficially entitled at that time and which is not issued or guaranteed by any member of the NEXT
Group or subject to any Security (other than Security arising under the Transaction Security Documents).

 

Cashflow
means, in respect of any Calculation Period, Consolidated Operational EBITDA for that Calculation Period after:

 

		(a)	adding the amount of any decrease
                                                               (and deducting the amount of any increase) in Working Capital for
                                                               that Calculation Period;

 

		(b)	adding the amount of any cash receipts
                                                               during that Calculation Period in respect of any Tax rebates or
                                                               credits and deducting the amount actually paid or due and payable
                                                               in respect of Taxes during that Calculation Period by any member
                                                               of the NEXT Group (in each case, to the extent not taken into account
                                                               in paragraph (a) above);

 

		(c)	adding (to the extent not already
                                                               taken into account in determining EBITDA) the amount of any dividends
                                                               or other profit distributions received in cash by any member of
                                                               the NEXT Group during that Calculation Period from any entity which
                                                               is itself not a member of the NEXT Group and deducting (to the
                                                               extent not already deducted in determining EBITDA) the amount of
                                                               any dividends paid in cash during the Calculation Period to minority
                                                               shareholders in members of the NEXT Group;

 

    	19
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

  

		(d)	deducting:

 

		(i)	the amount of any Capital Expenditure
                                                             actually made during that Calculation Period by any member of the
                                                             NEXT Group (not including any amount of such Capital Expenditure
                                                             financed with Utilisations under the Facility); and

 

		(ii)	the aggregate of any cash consideration
                                                              paid for, or the cash cost of, any Business Acquisitions and the
                                                              amount of any Joint Venture investments in cash,

 

except (in each
case) to the extent funded from Relevant Proceeds; and

 

		(e)	deducting the amount of any other
                                                               cash items during that Calculation Period to the extent not taken
                                                               into account in establishing Consolidated Operational EBITDA (including,
                                                               for the avoidance of doubt, any dividends or other distributions
                                                               paid in cash by the Parent during that Calculation Period),

 

and so that
no amount shall be added (or deducted) more than once.

 

Change
of Control means:

 

		(a)	any "person" or "group"
                                                               (within the meaning of Rule 13(d) of the Securities Exchange Act
                                                               of 1934 and the related rules of the U.S. Securities and Exchange
                                                               Commission) gains the right to direct or cause the direction of
                                                               the management and policies of the Parent, whether through ownership
                                                               of voting securities, by contract or otherwise; or

 

		(b)	the acquisition of ownership, directly
                                                               or indirectly, beneficially or of record, by any other "person"
                                                               or "group" (within the meaning of Rule 13(d) of the Securities
                                                               Exchange Act of 1934 and the related rules of the U.S. Securities
                                                               and Exchange Commission), of equity interests representing more
                                                               than 50% of the aggregate ordinary voting power represented by
                                                               the issued and outstanding equity interests in the Parent; or

 

		(c)	occupation of a majority of the
                                                               seats (other than vacant seats) on the board of directors of the
                                                               Parent by persons who were neither (i) nominated by the board of
                                                               directors of the Parent or a committee thereof nor (ii) appointed
                                                               by directors so nominated; or

 

		(d)	except to the extent otherwise
                                                               required by applicable law (or pursuant to local requirements in
                                                               the ordinary course of business) in the case of a Local Partner
                                                               Entity, the Parent ceases to own, directly or indirectly, 100%
                                                               of the equity interests and voting rights in each Obligor.

 

For the purposes
of this definition, equity interests means shares of capital stock, partnership interests, membership interests in a corporation,
partnership or limited liability company, beneficial interests in a trust or other equity ownership interests in a person, and
any warrants, options or other rights entitling the holder to purchase or acquire any such equity interest.

 

Charged
Property means all of the assets of the Obligors which from time to time are, or are expressed to be, the subject of the Transaction
Security.

 

CIRR
means 3.56 (three point five six) per cent. per annum, being the commercial interest reference rate determined according to articles
15 to 17 of the OECD Arrangement on Guidelines for Officially Supported Export Credits and notified by COFACE to the COFACE Agent.

 

Code
means the United States Internal Revenue Code of 1986, as amended.

 

    	20
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

 

COFACE
means the Compagnie Française d’Assurance pour le Commerce Extérieur, a French société
anonyme with a share capital of one hundred and eighteen million three hundred and six thousand and fifty-six Euros and ninety-nine
cents (€118,306,056.99), whose registered office is at La Défense, 10-12 Cours Michelet, 92800, Puteaux, France and
which is registered with the Registre du Commerce et des Societés of Nanterre under number 552 069 791.

 

COFACE
Agent shall have meaning given to it in the preamble hereto.

 

COFACE
Eligible Content means the part of the Satellite Supply Contract and the Authorization to Proceed which is eligible for cover
under the COFACE Insurance Policy and is therefore recognised as being eligible by the French Authorities to be financed by this
Agreement.

 

COFACE
Insurance Policy means the export credit insurance policy granted by COFACE in favour of the Lenders covering 95 per cent.
of the commercial and political risk in respect of the Facility, executed by COFACE, the COFACE Agent and the Original Lenders
and delivered pursuant to ‎Schedule 2 (Conditions Precedent).

 

COFACE
Premium means the premium payable to COFACE pursuant to the COFACE Insurance Policy.

 

COFACE
Premium Letter means the letter dated on or around the date of this Agreement from the COFACE Agent to the Borrower setting
out the amount of the COFACE Premium and the COFACE Premium Percentage.

 

COFACE
Premium Percentage has the meaning given to that term in Clause 2.5 (COFACE Premium).

 

COFACE
Premium Proportional Amount has the meaning given to that term in Clause 2.5 (COFACE Premium).

 

Commitment
means a Tranche A Commitment or a Tranche B Commitment.

 

Communications
Act means the United States Communications Act of 1934 (47 U.S.C. 151, et seq.).

 

Communications
Licences means all Material Communications Licences and any other licences, permits, authorisations or certificates (including
those for special temporary authority under the Communications Act) to construct, own, operate or promote the telecommunications
business of the NEXT Group (including, without limitation, the launch and operation of Satellites and the operation of Gateways)
as granted by the FCC (and any other Governmental Authority), and all extensions, additions and renewals thereto or thereof.

 

Compliance
Certificate means a certificate substantially in the form set out in Schedule 12 (Form of Compliance Certificate).

 

Confidential
Information means all information relating to the Parent, any Obligor, the Group, the NEXT System, the Finance Documents or
the Facility of which a Finance Party becomes aware in its capacity as, or for the purpose of becoming, a Finance Party or which
is received by a Finance Party in relation to, or for the purpose of becoming a Finance Party under, the Finance Documents or
the Facility from either:

 

		(a)	any member of the Group, or any
                                                               of its advisers; or

 

		(b)	another Finance Party, if the information
                                                               was obtained by that Finance Party directly or indirectly from
                                                               any member of the Group or any of its advisers,

 

    	21
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

 

in whatever
form, and includes information given orally and any document, electronic file or any other way of representing or recording information
which contains or is derived or copied from such information but excludes information that:

 

		(i)	is or becomes public information
                                                               other than as a direct or indirect result of any breach by that
                                                               Finance Party of Clause 37 (Confidentiality); or

 

		(ii)	is identified in writing at the
                                                                time of delivery as non-confidential by any member of the Group
                                                                or any of its advisers; or

 

		(iii)	is known by that Finance Party
                                                                 before the date the information is disclosed to it in accordance
                                                                 with paragraphs (a) or (b) above or is lawfully obtained by that
                                                                 Finance Party after that date, from a source which is, as far
                                                                 as that Finance Party is aware, unconnected with the Group and
                                                                 which, in either case, as far as that Finance Party is aware,
                                                                 has not been obtained in breach of, and is not otherwise subject
                                                                 to, any obligation of confidentiality.

 

Confidentiality
Undertaking means a confidentiality undertaking substantially in a recommended form of the LMA as set out in Schedule 14 (LMA
Form of Confidentiality Undertaking) or in any other form agreed between the Borrower and the COFACE Agent.

 

Consolidated
EBITDA means, in relation to a Calculation Period, EBIT for that Calculation Period after adding back any depreciation and
amortisation and taking no account of any charge for impairment or any reversal of any previous impairment charge made in the
period.

 

Consolidated
Operational EBITDA means Consolidated EBITDA excluding NEXT Expenses and any Aireon Equity Injection, stock-based compensation
expenses, transaction expenses associated with the acquisition by the Parent of Iridium Holdings LLC, impact of purchase accounting
adjustments, change in the fair value of warrants, and other standard non-cash items determined in accordance with the Accounting
Principles.

 

Contract
Amount means the total amount payable by the Borrower in Dollars to the Supplier under the Satellite Supply Contract (including,
for the avoidance of doubt, amounts payable under the Authorization to Proceed) (being an amount in aggregate of up to $2,297,529,385,
where the final amount shall be calculated using the USD/EUR exchange rate confirmed to the COFACE Agent pursuant to paragraph
21 of Schedule 2 (Conditions Precedent) and notified by the COFACE Agent to the Original Lenders within 10 Business Days after
the Initial CP Satisfaction Date).

 

Cumulative
Cashflow means, at any Calculation Date, the aggregate (without double-counting) of all Cashflow for each Calculation Period
ending on or prior to that Calculation Date.

 

Current
Assets means amounts reported as such in the NEXT Group Other Financial Information accompanying the financial statements
delivered pursuant to Clause 21.1 (Financial statements) but excluding amounts in respect of:

 

		(a)	Exceptional Items and other non-operating
                                                               items;

 

		(b)	insurance claims to the extent
                                                               relating to non-current assets; and

 

		(c)	any interest owing to any member
                                                               of the NEXT Group.

 

Current
Liabilities means amounts reported as such in the NEXT Group Other Financial Information accompanying the financial statements
delivered pursuant to Clause 21.1 (Financial statements) but excluding amounts in respect of:

 

		(a)	liabilities for Financial Indebtedness
                                                               and Finance Charges;

 

    	22
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    
 

		(b)	Exceptional Items and other non-operating
                                                               items;

 

		(c)	liabilities to the extent covered
                                                               by insurance claims; and

 

		(d)	liabilities in relation to dividends
                                                               declared but not paid by the Parent or by a member of the NEXT
                                                               Group in favour of a person which is not a member of the NEXT Group.

 

Debt Service
means, in respect of any Calculation Period, the aggregate of:

 

		(a)	Finance Charges for that Calculation
                                                               Period;

 

		(b)	the aggregate of all scheduled
                                                               repayments of Financial Indebtedness falling due during that Calculation
                                                               Period but excluding:

 

		(i)	any amounts falling due under any
                                                             overdraft or revolving facility and which were available for simultaneous
                                                             redrawing according to the terms of that facility;

 

		(ii)	any such obligations owed to any
                                                              member of the NEXT Group; and

 

		(c)	the amount of the capital element
                                                               of any payments in respect of that Calculation Period payable under
                                                               any Finance Lease entered into by any member of the NEXT Group,

 

and so that
no amount shall be included more than once.

 

Debt Service
Cover Ratio or DSCR means, in respect of a Calculation Period ending on a Calculation Date, the ratio of:

 

		(a)	Cash Available for Debt Service
                                                               in respect of that Calculation Period;

 

to

 

		(b)	Debt Service falling due in that
                                                               Calculation Period.

 

Debt Service
Reserve Account means the non-interest-bearing account designated as such:

 

		(a)	held by the Borrower with the Account
                                                               Bank;

 

		(b)	subject to Security in favour of
                                                               the Security Agent which Security is in form and substance satisfactory
                                                               to the COFACE Agent and Security Agent; and

 

		(c)	from which no withdrawals may be
                                                               made by any members of the NEXT Group except as contemplated by
                                                               this Agreement,

 

(as the same
may be redesignated, substituted or replaced from time to time).

 

Debt to
Equity Ratio means, in respect of a Calculation Period, the ratio of Total Net Debt to the aggregate of Total Net Debt and
Shareholders' Equity, as reported in the consolidated balance sheet of the Parent delivered pursuant to Clause 21.1 (Financial
statements) on the last day of that Calculation Period.

 

Default
means an Event of Default or any event or circumstance specified in Clause 24 (Events of Default) which would (with the expiry
of a grace period, the giving of notice, the making of any determination under the Finance Documents or any combination of any
of the foregoing) be an Event of Default.

 

    	23
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

 

Delegate
means any delegate, agent, attorney or co-trustee appointed by the Security Agent or the U.S. Collateral Agent.

 

Delisting
means the Parent ceasing to have all of its common stock listed on the NASDAQ, the New York Stock Exchange or any successor
thereof.

 

Disbursement
Request means a disbursement request signed by the Borrower, substantially in the form set out in Part 3 of Schedule 3 (Requests
and Notices).

 

Disposal
means a sale, lease, licence, transfer, loan or other disposal by a person of any asset, undertaking or business (whether
by a voluntary or involuntary single transaction or series of transactions).

 

Disposal
Proceeds means the consideration receivable by any member of the NEXT Group for the Disposal of Aireon Equity Instruments
made by any member of the NEXT Group to persons who are not members of the NEXT Group.

 

Disruption
Event means either or both of:

 

		(a)	a material disruption to those
                                                               payment or communications systems or to those financial markets
                                                               which are, in each case, required to operate in order for payments
                                                               to be made in connection with the Facility (or otherwise in order
                                                               for the transactions contemplated by the Finance Documents to be
                                                               carried out) which disruption is not caused by, and is beyond the
                                                               control of, any of the Parties; or

 

		(b)	the occurrence of any other event
                                                               which results in a disruption (of a technical or systems-related
                                                               nature) to the treasury or payments operations of a Party preventing
                                                               that, or any other Party:

 

		(i)	from performing its payment obligations
                                                             under the Finance Documents; or

 

		(ii)	from communicating with other Parties
                                                              in accordance with the terms of the Finance Documents,

 

and which (in
either such case) is not caused by, and is beyond the control of, the Party whose operations are disrupted.

 

Dollars,
$ or U.S. Dollars means the lawful currency of the United States.

 

Down Payment
means, in relation to any Utilisation, the first fifteen per cent. (15%) of the aggregate amount payable by the Borrower to
the Supplier pursuant to the invoices under the Satellite Supply Contract or the Authorization to Proceed which are to be financed
(or, in the case of the Authorization to Proceed, of which the reimbursement to the Borrower is to be financed) with that Utilisation.

 

EBIT
means, in respect of any Calculation Period, the consolidated operating profit from continuing operations of the NEXT Group as
reported in the NEXT Group Other Financial Information accompanying the financial statements delivered pursuant to Clause 21.1
(Financial statements):

 

		(a)	before deducting any income
                                                               tax provision or adding any income tax benefit;

 

		(b)	before deducting any interest,
                                                               commission, fees, discounts, prepayment fees, premiums or charges
                                                               and other finance payments whether paid, payable or capitalised
                                                               by any member of the NEXT Group (calculated on a consolidated basis)
                                                               in respect of that Calculation Period;

 

    	24
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

 

		(c)	not including any amount
                                                               of Secondary Payload Cashflows;

 

		(d)	not including any interest
                                                               expense during that Calculation Period owing to any member of the
                                                               NEXT Group;

 

		(e)	before taking into account
                                                               any Exceptional Items;

 

		(f)	after deducting the amount
                                                               of any profit (or adding back the amount of any loss) of any member
                                                               of the NEXT Group which is attributable to minority interests;

 

		(g)	(after deducting the amount
                                                               of any profit of any Joint Venture to the extent that the amount
                                                               of the profit included in the financial statements delivered pursuant
                                                               to Clause 21.1 (Financial statements) exceeds the amount actually
                                                               received in cash by members of the NEXT Group through distributions
                                                               by the Joint Venture); and

 

		(h)	before taking into account any
                                                               gain or loss arising from an upward or downward revaluation of
                                                               any other asset at any time after the date as at which the latest
                                                               financial statements of the Group were prepared,

 

in each case,
to the extent added, deducted or taken into account, as the case may be, for the purposes of determining operating profits of
the NEXT Group before taxation.

 

Effective
Date has the meaning ascribed thereto in the Supplemental Agreement.

 

Environment
means humans, animals, plants and all other living organisms including the ecological systems of which they form part and
the following media:

 

		(a)	air (including, without limitation,
                                                               air within natural or man-made structures, whether above or below
                                                               ground);

 

		(b)	water (including, without limitation,
                                                               territorial, coastal and inland waters, water under or within land
                                                               and water in drains and sewers); and

 

		(c)	land (including, without limitation,
                                                               land under water).

 

Environmental
Claim means any claim, action, proceeding, formal notice or investigation by any person in respect of any Environmental Law.

 

Environmental
Law means any applicable law or regulation which relates to:

 

		(a)	the pollution or protection of
                                                               the Environment;

 

		(b)	the conditions of the workplace;
                                                               or

 

		(c)	the generation, handling, storage,
                                                               use, release or spillage of any substance which, alone or in combination
                                                               with any other, is capable of causing harm to the Environment,
                                                               including, without limitation, any waste.

 

Environmental
Permits means any permit and other Authorisation and the filing of any notification, registration, report or assessment required
under any Environmental Law for the operation of the business of any member of the NEXT Group conducted on or from the properties
owned or used by any member of the NEXT Group.

 

ERISA
means the United States Employee Retirement Income Security Act of 1974.

 

    	25
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

  

ERISA
Affiliate means any person treated as a single employer with any Obligor for the purpose of section 414 of the Code.

 

European
Economic Area means the member states of the European Union together with Iceland, Norway and Liechtenstein.

 

Event of
Default means any event or circumstance specified as such in Clause 24 (Events of Default).

 

Exceptional
Items means extraordinary items as defined by the Accounting Principles and reported as such in the consolidated statement
of operations of the Parent delivered pursuant to Clause 21.1 (Financial statements) and those items arising on:

 

		(a)	the restructuring of the activities
                                                               of an entity and reversals of any provisions for the cost of restructuring;

 

		(b)	disposals, revaluations or impairment
                                                               of non-current assets; and

 

		(c)	disposals of assets associated
                                                               with discontinued operations.

 

Excess
Launch Insurance Proceeds has the meaning given in Clause 8.3 (Launch Insurance Proceeds).

 

Excluded
Capital Raising Proceeds means:

 

		(a)	at any time prior to the Repayment
                                                               Period, any Capital Raising Proceeds in respect of a Capital Raising
                                                               by the Parent (or of a newly-formed subsidiary of the Parent which
                                                               is not a shareholder of any member of the Group); and

 

		(b)	at any time during the Repayment
                                                               Period, Capital Raising Proceeds in respect of a Capital Raising
                                                               by the Parent (or of a newly-formed subsidiary of the Parent which
                                                               is not a shareholder of any member of the Group) which (i) the
                                                               Borrower notifies the COFACE Agent it is committed to apply and
                                                               are applied within 12 months of receipt in payment of Capital Expenditure
                                                               in respect of the NEXT System, or (ii) which the Borrower elects
                                                               to allocate to a Relevant Financial Covenant in accordance with
                                                               Clause 22.1(a)(iii) (Capital Expenditure), (b)(i) (Consolidated
                                                               Operational EBITDA) or (b)(ii) (Secondary Payload Cashflows).

 

Excluded
Company means Aireon LLC, a Delaware limited liability company, and any successor entity thereto, provided that it is and
remains at all times:

 

		(a)	a Ring Fenced Company and does
                                                               not own by itself or together with any member of the NEXT Group
                                                               any Subsidiaries;

 

		(b)	a bankruptcy remote, single purpose
                                                               vehicle whose sole business comprises the Aireon System Project
                                                               and any transaction incidental to and in support of such project;
                                                               and

 

		(c)	has no Financial Indebtedness other
                                                               than the Aireon System Debt.

 

Excluded
Insurance Proceeds means (i) any Launch Insurance Proceeds, and (ii) any other Insurance Proceeds which the Borrower notifies
the COFACE Agent it is committed to apply:

 

		(a)	to meet a third party claim;

 

		(b)	to cover operating losses in respect
                                                               of which the relevant insurance claim was made; or

 

    	26
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

  

		(c)	in the replacement, reinstatement
                                                               and/or repair of the assets or otherwise in amelioration of the
                                                               loss in respect of which the relevant insurance claim was made,

 

in each case
as soon as possible (but in any event within 12 months, or such longer period as the Majority Lenders may agree) after receipt.

 

Existing
Warrants means the Parent's 13.6 million of $7.00 warrants and 14.4 million of $11.50 warrants exercisable until February
2013 and February 2015, respectively, with ticker symbols IRDMW and IRDMZ.

 

Expropriation
means any seizure, expropriation, nationalisation, intervention or other similar action by or on behalf of any Governmental
Authority or other person in relation to any Obligor or Material Company or any of its assets, or the nationalisation, confiscation
or requisitioning of all or any part of the assets comprising the NEXT System.

 

Expropriation
Proceeds means all value (whether in the form of money, securities, property or otherwise) paid by any Governmental Authority
or other person to any member of NEXT Group as compensation for or in respect of an Expropriation.

 

External
Local Partner shall have the meaning given to it in the definition of Local Partner Entity.

 

Facility
means the term loan facility made available under this Agreement in two Tranches as described in Clause 2.1 (The Facility).

 

Facility
Office means:

 

		(a)	in respect of a Lender, the office
                                                               or offices notified by that Lender to the COFACE Agent in writing
                                                               on or before the date it becomes a Lender (or, following that date,
                                                               by not less than five Business Days' written notice) as the office
                                                               or offices through which it will perform its obligations under
                                                               this Agreement; or

 

		(b)	in respect of any other Finance
                                                               Party, the office in the jurisdiction in which it is resident for
                                                               tax purposes.

 

FCC
means the United States Federal Communications Commission.

 

FCC Licenses
means any authorisation, order, license or permit issued by the FCC.

 

Fee Letter
means:

 

		(a)	any letter or letters dated on
                                                               or about the date of this Agreement between any Administrative
                                                               Party and the Borrower) setting out any of the fees referred to
                                                               in Clause 13 (Fees); and

 

		(b)	any agreement setting out fees
                                                               payable to a Finance Party under any other Finance Document.

 

Final Maturity
Date means the date falling 7 years after the Starting Point of Repayment.

 

Finance
Charges means, for any Calculation Period, the aggregate amount of the accrued interest, commission, fees, discounts, prepayment
fees, premiums or charges and other finance payments in respect of Financial Indebtedness whether paid or payable by any member
of the NEXT Group (calculated on a consolidated basis) in respect of that Calculation Period:

 

		(a)	including any upfront fees
                                                               or costs;

 

    	27
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

  

		(b)	including the interest (but
                                                               not the capital) element of payments in respect of Finance Leases;

 

		(c)	including any commission,
                                                               fees, discounts and other finance payments payable by (and deducting
                                                               any such amounts payable to) any member of the NEXT Group under
                                                               any interest rate hedging arrangement; and

 

		(d)	taking no account of any
                                                               unrealised gains or losses on any derivative instruments other
                                                               than any derivative instruments which are accounted for on a hedge
                                                               accounting basis,

 

and so that
no amount shall be added (or deducted) more than once.

 

Finance
Document means:

 

		(a)	this Agreement;

 

		(b)	any Accession Deed;

 

		(c)	any Fee Letter;

 

		(d)	any Subordination Agreement;

 

		(e)	any Resignation Letter;

 

		(f)	the Motorola Intercreditor Agreement;

 

		(g)	the COFACE Insurance Policy;

 

		(h)	the COFACE Premium Letter;

 

		(i)	any Promissory Note;

 

		(j)	any Transaction Security Document;

 

and any other
document designated as a "Finance Document" by the COFACE Agent and the Borrower.

 

Finance
Lease means any lease or hire purchase contract which would, in accordance with the Accounting Principles, be treated as a
finance or capital lease.

 

Finance
Party means an Administrative Party or a Lender.

 

Financial
Covenant means each of the covenants set out in Clause 22.1 (Financial condition).

 

Financial
Indebtedness means any indebtedness for or in respect of:

 

		(a)	moneys borrowed and debit balances
                                                               at banks or other financial institutions;

 

		(b)	any acceptance under any acceptance
                                                               credit or bill discounting facility (or dematerialised equivalent);

 

		(c)	any note purchase facility or the
                                                               issue of bonds (but not Trade Instruments), notes, debentures,
                                                               loan stock or any similar instrument;

 

		(d)	the amount of any liability in
                                                               respect of Finance Leases;

 

    	28
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

  

		(e)	receivables sold or discounted
                                                               (other than any receivables to the extent they are sold on a non-recourse
                                                               basis and meet any requirement for de-recognition under the Accounting
                                                               Principles);

 

		(f)	any Treasury Transaction (and,
                                                               when calculating the value of that Treasury Transaction, only the
                                                               marked to market value (or, if any actual amount is due as a result
                                                               of the termination or close-out of that Treasury Transaction, that
                                                               amount) shall be taken into account);

 

		(g)	any counter-indemnity obligation
                                                               in respect of a guarantee, bond, standby or documentary letter
                                                               of credit or any other instrument issued by a bank or financial
                                                               institution in respect of an underlying liability (but not, in
                                                               any case, Trade Instruments) of an entity which is not a member
                                                               of the NEXT Group which liability would fall within one of the
                                                               other paragraphs of this definition;

 

		(h)	any amount raised by the issue
                                                               of redeemable shares which are redeemable (other than at the option
                                                               of the issuer) before the Final Maturity Date or are otherwise
                                                               classified as Financial Indebtedness under the Accounting Principles);

 

		(i)	any amount of any liability under
                                                               an advance or deferred purchase agreement if (i) one of the primary
                                                               reasons behind entering into the agreement is to raise finance
                                                               or to finance the acquisition or construction of the asset or service
                                                               in question or (ii) the agreement is in respect of the supply of
                                                               assets or services and payment is due more than 90 days after the
                                                               date of supply;

 

		(j)	any amount raised under any other
                                                               transaction (including any forward sale or purchase, sale and sale
                                                               back or sale and leaseback agreement) having the commercial effect
                                                               of a borrowing or otherwise classified as Financial Indebtedness
                                                               under the Accounting Principles; and

 

		(k)	the amount of any liability in
                                                               respect of any guarantee for any of the items referred to in paragraphs
                                                               (a) to (j) above.

 

Financial
Quarter means the period commencing on the day after one Quarter Date and ending on the next Quarter Date.

 

Financial
Year means the annual accounting period of the Group ending on or about 31 December in each year.

 

First Repayment
Date means the date falling six (6) months after the Starting Point of Repayment.

 

First Utilisation
Date means the date on which the first Loan under the Facility is made by the Lenders to the Borrower.

 

French
Authority means:

 

		(a)	the Direction générale
                                                               du Trésor et de la politique économique of the
                                                               French Ministry of Economy and Finance, any successors thereto,
                                                               and

 

		(b)	any legislative, administrative
                                                               or other governmental agency, department, commission, board, bureau
                                                               or any other regulatory authority or, instrumentality thereof and
                                                               any governmental authorities of the Republic of France having jurisdiction
                                                               over and responsibility for the provision, management or regulation
                                                               of their terms, conditions and issuance of export credits in or
                                                               for the Republic of France including, inter alia, such entities
                                                               to whom authority in respect of extension or administration of
                                                               export financing matters have been delegated.

 

    	29
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

  

GAAP means
generally accepted accounting principles in the United States of America as in effect from time to time.

 

Gateway
means any earth station (gateway) licenced for operation by the FCC or by a Governmental Authority outside the United States
that performs or is predominantly used for voice or data call processing operations, connecting subscriber communications to the
public switched telephone network, supporting subscriber billing or information functions and is owned and operated by a member
of the NEXT Group (and excluding, for the avoidance of doubt, any facilities used solely for telemetry, tracking and command).

 

Good Faith
Contest means, with respect to the payment of Taxes or any related claims or liabilities by any person, the satisfaction of
each of the following conditions: (i) the validity, timing or amount thereof is being diligently contested in good faith by such
person by appropriate proceedings timely instituted, (ii) in the case of Taxes or related claims and liabilities of the Borrower,
the Borrower has established adequate cash reserves with respect to the contested items in accordance with the Accounting Principles
applicable to it, and (iii) such contest or proceedings and any resultant failure to pay or discharge the claimed or assessed
amount do not and would not otherwise reasonably be expected to result in a Material Adverse Effect.

 

Government
Revenue Contract means that certain Airtime Contract, dated as of March 31, 2008, by and between Iridium Government Services
LLC and the Defense Information Systems Agency, as such contract may have been amended, amended and restated, supplemented or
otherwise modified from time to time.

 

Governmental
Authority means any agency, authority, central bank, court, department, government, legislature, minister, ministry, official
or public person (whether autonomous or not and whether or not local or regional) of, or of the government of, any state or supranational
organisation.

 

Group
means the Parent and each of its Subsidiaries from time to time.

 

Group Structure
Chart means the group structure chart as set out in Schedule 20 (Group Structure Chart).

 

Guarantor
means an Original Guarantor or an Additional Guarantor, unless it has ceased to be a Guarantor in accordance with Clause 23.30
(Additional Guarantors and resignation of Guarantors).

 

ICLLC
means Iridium Constellation LLC, a Delaware limited liability company.

 

IDC
means the IDC Component interest capitalised during construction in accordance with Clause 10.3 (Capitalisation during construction).

 

IDC Component
means:

 

		(a)	in respect of Tranche A, CIRR;
                                                               and

 

		(b)	in respect of Tranche B, the sum
                                                               of LIBOR plus 0.55 per cent. per annum.

 

Indemnification
Contract means that certain Indemnification Contract, dated as of December 5, 2000, by and among the Borrower, Boeing,
Motorola and the United States.

 

    	30
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

 

Independent
Director means a director of the Excluded Company, whose vote is separate and independent from that of any board member of
the NEXT Group members and whose vote is needed before the filing of any insolvency, reorganization case or proceeding to consolidate
or merge the Excluded Company with or into any member of the NEXT Group or sell all or substantially all of its assets or to institute
proceedings under any applicable insolvency law or to have the Excluded Company be adjudicated bankrupt or insolvent, to seek
any relief under any law relating to relief from debts or the protection of debtors, or consent to the filing or the institution
of bankruptcy or insolvency proceedings against the Excluded Company or file a petition seeking, or consent to, reorganization
or relief with respect to the Excluded Company under any applicable federal or state law relating to bankruptcy or insolvency,
to seek or consent to the appointment of a receiver, liquidator, assignee, trustee, sequestrator, custodian (or other similar
official) of or for the Excluded Company or a substantial part of its property, or make any assignment for the benefit of creditors
of the Excluded Company, or admit in writing the Excluded Company's inability to pay its debts generally as they become due, or
take action in furtherance of any of the foregoing.

 

In-Orbit
Acceptance means, with respect to a Satellite, the acceptance of that Satellite (including, for the avoidance of doubt, any
provisional qualified acceptance of that Satellite, but not including any deemed acceptance resulting from the loss or constructive
loss of that Satellite on or after the launch thereof) in orbit by the Borrower in accordance with the Satellite Supply Contract
has occurred.

 

Initial
CP Satisfaction Date means the date on which the COFACE Agent gives the notification under Clause 4.1.

 

Insurance
means the insurance cover effected or maintained by the Borrower pursuant to Schedule 21 (Insurance).

 

Insurance
Adviser means Jardine Lloyd Thompson Ltd or any replacement thereof.

 

Insurance
Proceeds means the proceeds of any insurance claim under any insurance maintained by any member of the NEXT Group and after
deducting any reasonable expenses in relation to that claim which are incurred by any member of the NEXT Group to persons who
are not members of the NEXT Group.

 

Intellectual
Property means:

 

		(a)	any patents, trade marks, service
                                                               marks, designs, business names, copyrights, database rights, design
                                                               rights, domain names, moral rights, inventions, confidential information,
                                                               knowhow and other intellectual property rights and interests (which
                                                               may now or in the future subsist), whether registered or unregistered;
                                                               and

 

		(b)	the benefit of all applications
                                                               and rights to use such assets of each member of the NEXT Group
                                                               (which may now or in the future subsist).

 

Interest
Payment Date means:

 

		(a)	prior to the date falling six months
                                                               after the Starting Point of Repayment (being the First Repayment
                                                               Date), each date falling at six (6) month intervals from the First
                                                               Utilisation Date; and

 

		(b)	the First Repayment Date; and

 

		(c)	after the First Repayment Date,
                                                               each date falling at six (6) month intervals from the First Repayment
                                                               Date.

 

Interest
Period means, in relation to a Loan, each period determined in accordance with Clause 11 (Interest Periods) and, in relation
to an Unpaid Sum, each period determined in accordance with Clause 10.4 (Default interest).

 

Iridium
Group Partner shall have the meaning given to it in the definition of Local Partner Entity.

 

    	31
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

 

IRS
means the United States Internal Revenue Service.

 

Joint Interest
Mandate means the mandate granted by the Borrower to the COFACE Agent substantially in the form set out in Schedule 6 (Form
of Joint Interest Mandate).

 

Joint Venture
means any joint venture entity that is not a Subsidiary of any member of the NEXT Group, whether a company, unincorporated
firm, undertaking, association, joint venture or partnership or any other entity in which any member or members of the NEXT Group
controls or owns less than or equal to 50% of voting rights or share capital.

 

Key Assets
means assets which are necessary and required in order to carry out the business and operations of the NEXT Group as a whole
in all material respects in accordance with the Base Case (including, for the avoidance of doubt, subject to the restrictions
set forth in Clause 23.30 (Additional Guarantors and resignation of Guarantors), all equity interests in each Material Company).

 

Launch
Insurance means the insurance to be procured by the Borrower and/or any other Obligors in respect of claims relating to the
launch of the Satellites as and to the extent set out in Schedule 21 (Insurance).

 

Launch
Insurance Proceeds means the proceeds of any insurance claim under any Launch Insurance maintained by any member of the NEXT
Group after deducting any reasonable expenses in relation to that claim which are incurred by any member of the NEXT Group to
persons who are not members of the NEXT Group.

 

Launch
Services Contract means:

 

		(a)	the SpaceX Launch Contract; and

 

		(b)	any other launch services contract
                                                               with an alternative launch services provider (including any committed
                                                               fixed price proposal and/or any option in respect of such launch
                                                               services contract) to be provided or entered into pursuant to Schedule
                                                               22 (Back-Up Launch Strategy).

 

Launch
Services Provider means SpaceX or any other launch services provider party to a Launch Services Contract.

 

Lead Arrangers
shall have the meaning given to it in the preamble hereto.

 

Legal Opinion
means any legal opinion delivered to the COFACE Agent under Clause 4.1 (Initial conditions precedent).

 

Legal Reservations
means:

 

		(a)	the principle that equitable remedies
                                                               may be granted or refused at the discretion of a court and the
                                                               limitation of enforcement by laws relating to insolvency, reorganisation
                                                               and other laws generally affecting the rights of creditors;

 

		(b)	the time barring of claims under
                                                               the Limitation Acts, the possibility that an undertaking to assume
                                                               liability for or indemnify a person against non-payment of UK stamp
                                                               duty may be void and defences of set-off or counterclaim;

 

		(c)	similar principles, rights and
                                                               defences under the laws of any Relevant Jurisdiction; and

 

		(d)	any other matters which are set
                                                               out as qualifications or reservations as to matters of law of general
                                                               application in the Legal Opinions.

 

    	32
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

 

Lender
means:

 

		(a)	any Original Lender; and

 

		(b)	any bank, financial institution,
                                                               trust, fund or other entity which has become a Party as a Lender
                                                               in accordance with Clause 25 (Changes to the Lenders),

 

which in each
case has not ceased to be a Lender in accordance with the terms of this Agreement.

 

Lenders’
Environmental and Social Policies and Guidelines means the International Finance Corporation's Performance Standards on Environmental
and Social Sustainability, dated April 30, 2006 (other than Performance Standard 1 - Social Impact and Environmental Assessment
and Management Systems specified therein), that are applicable to the NEXT Group and which are valid and in force as at the Signing
Date and required by the Lenders.

 

Leverage
means, in respect of any Calculation Period, the ratio of Total Net Debt on the last day of that Calculation Period to Consolidated
Operational EBITDA in respect of that Calculation Period.

 

LIBOR
means, in relation to any Loan:

 

		(a)	the applicable Screen Rate; or

 

		(b)	(if no Screen Rate is available
                                                               for the currency or Interest Period of that Loan) the Base Reference
                                                               Bank Rate,

 

as of the
Specified Time on the Quotation Day for the currency of that Loan and a period comparable to the Interest Period of that Loan,
provided that, if the period from the beginning of the Interest Period or from the date of Utilisation until the end of
the Interest Period is:

 

		(i)	a period shorter than one (1) Month,
                                                               the reference shall be one (1) Month; or

 

		(ii)	a period longer than one (1) Month
                                                                and which does not correspond to an exact number of Months, the
                                                                relevant rate shall be determined by using a linear interpolation
                                                                of the LIBOR according to usual practice in the international
                                                                monetary market.

 

Limitation
Acts means the Limitation Act 1980 and the Foreign Limitation Periods Act 1984.

 

LMA
means the Loan Market Association.

 

Loan
means a Tranche A Loan or a Tranche B Loan.

 

Local Partner
Entity means a Subsidiary of, or a Joint Venture with, a member of the NEXT Group (the Iridium Group Partner) where
such Subsidiary or Joint Venture is organised or carrying on business in a jurisdiction where applicable law (or local requirements
in the ordinary course of business) requires a proportion of the ownership interests and/or control of such Subsidiary or Joint
Venture to be held by a person or persons (each an External Local Partner) resident, domiciled or incorporated (or
the equivalent) in that jurisdiction.

 

Lock-Up
Period means any period after NEXT System Completion during which:

 

		(a)	the DSCR for either of the last
                                                               two Calculation Periods (as set out in the two most recent Compliance
                                                               Certificates) is less than [***]
                                                               (or would be less than [***]
                                                               based on a pro forma calculation taking into account the
                                                               proposed dividend or distribution in the determination of Cash
                                                               Available for Debt Service); or

 

    	33
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

  

		(b)	Leverage (as set out in the most
                                                               recent Compliance Certificate) is greater than [***]
                                                               (or would be greater than [***]
                                                               based on a pro forma calculation taking into account the
                                                               proposed dividend or distribution); or

 

		(c)	the amount standing to the credit
                                                               of the Debt Service Reserve Account is less than the Required DSRA
                                                               Balance; or

 

		(d)	the Average Call Establishment
                                                               Rate is below [***]
                                                               per cent.

 

Longstop
Availability Date means [***].

 

Majority
Lenders means a Lender or Lenders whose Commitments (drawn and undrawn) aggregate more than 662⁄3% of the Total Commitments
(or, if the Total Commitments have been reduced to zero, aggregated more than 662⁄3% of the Total Commitments immediately
prior to that reduction).

 

Mandated
Lead Arrangers and Bookrunners shall have meaning given to it in the preamble hereto.

 

Mandatory
Cost means the percentage rate per annum calculated by the COFACE Agent in accordance with Schedule 7 (Mandatory Cost Formula).

 

Mandatory
Prepayment Account means the non-interest-bearing account:

 

		(a)	held by the Borrower with the Account
                                                               Bank;

 

		(b)	subject to Security in favour of
                                                               the Security Agent which Security is in form and substance satisfactory
                                                               to the COFACE Agent and Security Agent; and

 

		(c)	from which no withdrawals may be
                                                               made by any members of the Group except as contemplated by this
                                                               Agreement,

 

(as the same
may be redesignated, substituted or replaced from time to time).

 

Margin
means:

 

		(a)	in relation to Tranche A, 1.40
                                                               (one point four zero) per cent. per annum; and

 

		(b)	in relation to Tranche B, 1.95
                                                               (one point nine five) per cent. per annum.

 

Material
Adverse Effect means a material adverse effect on:

 

		(a)	the business, operations, property,
                                                               liabilities or financial condition of (i) the Borrower, or (ii)
                                                               the Obligors or the NEXT Group taken as a whole;

 

		(b)	the economic or technical viability
                                                               of the NEXT System;

 

		(c)	the ability of any member of the
                                                               NEXT Group to perform or comply with any material obligation under
                                                               any NEXT System Document to which it is party;

 

		(d)	the ability of any Obligor to perform
                                                               or comply with its payment or other material obligations under
                                                               any Finance Document;

 

		(e)	the validity or enforceability
                                                               of, or the material rights or remedies of the Finance Parties under
                                                               any relevant Finance Document; or

 

    	34
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

  

		(f)	the validity, priority or enforceability
                                                               of any security created purported to be created by the Transaction
                                                               Security Documents.

 

Material
Communications Licence means (i) the FCC space station authorisation granted to Motorola Satellite Communications Inc. on
31 January 1995 and assigned to the Borrower (including, for the avoidance of doubt, any renewal or replacement thereof), (ii)
each Communications Licence in respect of any Gateway and (iii) any other Communications Licence where the loss, revocation, modification,
non-renewal, suspension or termination of such Communications Licence has or could reasonably be expected to have a Material Adverse
Effect (and including, for the avoidance of doubt, each of the licences set forth on Schedule 18 (Communications Licences)).

 

Material
Company means, at any time:

 

		(a)	a member of the NEXT Group that
                                                               holds shares in an Obligor or one or more Material Communications
                                                               Licences or Key Assets; or

 

		(b)	a Subsidiary, other than the Excluded
                                                               Company, of the Parent which has earnings before interest, tax,
                                                               depreciation and amortisation calculated on the same basis as Consolidated
                                                               EBITDA representing 5% or more of Consolidated EBITDA, or has gross
                                                               assets, net assets or turnover (excluding intra-group items) representing
                                                               5%, or more of the gross assets, net assets or turnover of the
                                                               Group, calculated on a consolidated basis.

 

Compliance
with the conditions set out in paragraph (b) shall be determined by reference to the most recent Compliance Certificate supplied
by the Borrower and/or the latest audited consolidated financial statements of the Group (including the Other Financial Information
prepared in connection therewith). However, if a Subsidiary has been acquired since the date as at which the latest audited consolidated
financial statements of the Group were prepared, the financial statements shall be adjusted to give pro forma effect to the acquisition
of that Subsidiary (that adjustment being certified by an authorized officer of the Borrower as representing an accurate reflection
of the revised Consolidated EBITDA, gross assets, net assets or turnover of the NEXT Group).

 

If there is
a dispute as to whether a Subsidiary is or is not a Material Company, a determination by the COFACE Agent (acting reasonably)
shall, in the absence of manifest error, be conclusive and binding on all Parties.

 

Material
NEXT System Documents means:

 

		(a)	the Satellite Supply Contract and
                                                               the Authorization to Proceed;

 

		(b)	any Launch Services Contract;

 

		(c)	the Boeing O&M Agreement;

 

		(d)	the NEXT Support Services Agreement;

 

		(e)	the Motorola Settlement and Release;

 

		(f)	the Motorola IP Rights Agreement;
                                                               and

 

		(g)	any Re-Launch Contract.

 

Material
Transaction Party means:

 

		(a)	the Supplier; and

 

    	35
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

  

		(b)	each Launch Services Provider.

 

Milestone
means each milestone set out in Schedule 24 (Milestones).

 

Month
means a period starting on one day in a calendar month and ending on the numerically corresponding day in the next calendar month,
except that:

 

		(a)	if the numerically corresponding
                                                               day is not a Business Day, that period shall end on the next Business
                                                               Day in that calendar month in which that period is to end if there
                                                               is one, or if there is not, on the immediately preceding Business
                                                               Day; and

 

		(b)	if there is no numerically corresponding
                                                               day in the calendar month in which that period is to end, that
                                                               period shall end on the last Business Day in that calendar month.

 

The above
rules will only apply to the last Month of any period.

 

Motorola
means Motorola, Inc.

 

Motorola
Intercreditor Agreement means that certain priority and collateral agency agreement dated as of 30 September 2010 by and among
the Borrower, Motorola and the U.S. Collateral Agent, and to which the COFACE Agent (on behalf of the Lenders) is to accede as
a party.

 

Motorola
IP Rights Agreement means the Intellectual Property Rights Agreement between the Borrower and Motorola dated 11 December
2000 (including as amended by that certain System Intellectual Property Rights Amendment and Agreement, dated as of 30 September
2010, by and between Motorola and the Borrower).

 

Motorola
Settlement Agreements means:

 

		(a)	that certain Settlement Agreement
                                                               and Mutual Release, dated as of 30 September 2010, by and among
                                                               Motorola, the Borrower, Iridium Holdings LLC and the Parent (the
                                                               Motorola Settlement and Release);

 

		(b)	that certain Supplemental Subscriber
                                                               Equipment Technology Amendment and Agreement, dated as of 30 September
                                                               2010, by and between Motorola and the Borrower; and

 

		(c)	the Transition Services Agreement.

 

NEXT Constellation
means the LEO constellation of 66 Satellites and 6 in-orbit spare Satellites to be procured and launched under the NEXT System
Documents and the 9 ground spare Satellites to be procured under the NEXT System Documents.

 

NEXT Expenses
means expenses incurred in connection with the development, procurement, financing and launch of the NEXT System which are
treated as capital expenditure under and in accordance with the Base Case, regardless of treatment as a capital expenditure or
an operational expenditure pursuant to the Accounting Principles.

 

NEXT Group
means the Parent and each of its Subsidiaries from time to time excluding the Excluded Company.

 

NEXT Group
Other Financial Information shall have the meaning given to it in paragraph (a) of Clause 21.1 (Financial statements).

 

    	36
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

 

NEXT Support
Services Agreement means that certain agreement, dated as of 28 May 2010, by and between the Borrower and Boeing relating
to the operations and maintenance of the NEXT Constellation.

 

NEXT System
means the development, procurement, launch and operation of the NEXT Constellation and associated ground infrastructure.

 

NEXT System
Completion means:

 

		(a)	the In-Orbit Acceptance of [***]
                                                               Satellites under the Satellite Supply Contract has occurred;
                                                               and

 

		(b)	all costs and expenses (identified
                                                               in the Base Case) incurred or payable by the NEXT Group in implementing
                                                               the NEXT System that are then due and owing under the Satellite
                                                               Supply Contract and the Launch Services Contract have been paid.

 

NEXT System
Completion Longstop Date means [***].

 

NEXT System
Documents means:

 

		(a)	each Material NEXT System Document;

 

		(b)	the Motorola Settlement Agreements;

 

		(c)	each Gateway and/or TTAC ground
                                                               station operation and maintenance agreement;

 

		(d)	each Secondary Payload Contract;

 

		(e)	the Aireon System Documents; and

 

		(f)	any other material contract, licence
                                                               or authorisation entered into by any member of the NEXT Group in
                                                               respect of the NEXT System and designated as such by the Borrower
                                                               and the COFACE Agent.

 

Non Eligible
Capital Raising means:

 

		(a)	the Permitted PIYC Capital Raising;
                                                               and

 

		(b)	any other Capital Raising, the
                                                               proceeds of which are invested in the Excluded Company (for the
                                                               avoidance of doubt, this will include any investment described
                                                               in paragraph (i) and (ii) of the definition of Aireon Equity Injection).

 

Obligor
means the Borrower or a Guarantor.

 

OECD Common
Approaches means the OECD Revised Council Recommendation on Common Approaches on the Environment and Officially Supported
Export Credits (TAD/ECG (2007) 9) dated 12 June 2007.

 

Original
Financial Statements means the Parent’s audited financial statements for its Financial Year ended 31 December 2009.

 

Original
Guarantors shall have meaning given to it in the preamble hereto.

 

Original
Lenders shall have meaning given to it in the preamble hereto.

 

    	37
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

 

Original
Obligor means the Borrower or an Original Guarantor.

 

Other Financial
Information shall have the meaning given to it in paragraph (a) of Clause 21.1 (Financial statements).

 

Participating
Member State means any member state of the European Communities that adopts or had adopted the euro as its lawful currency
in accordance with legislation of the European Community relating to Economic and Monetary Union.

 

Party
means a party to this Agreement.

 

Permitted
Acquisition/Investment means:

 

		(a)	acquisitions of assets, inventory/stock
                                                               in trade, investments in debt securities or money market funds
                                                               or other similar instruments for cash management purposes and the
                                                               holding of investments in Subsidiaries and Permitted Joint Ventures
                                                               in existence on the Signing Date, in each case in the ordinary
                                                               course of business;

 

		(b)	the incorporation or formation
                                                               of a company, corporation, partnership or other similar entity
                                                               (in each case with limited liability) which on incorporation or
                                                               formation is wholly-owned by a member of the Group; and

 

		(c)	an acquisition of (i) at least
                                                               50% of the ownership interests of a company, corporation, partnership
                                                               or other similar entity (in each case with limited liability),
                                                               or (ii) a Permitted Joint Venture, or (iii) a business or undertaking
                                                               carried on as a going concern where:

 

		(i)	no Default is continuing on the closing
                                                             date for the acquisition/investment or would occur as a result of
                                                             the acquisition/investment; and

 

		(ii)	the company, corporation, partnership
                                                              or other similar entity, business or undertaking is:

 

		(A)	cash-flow positive (or, if the
                                                               EBITDA of the company, business or undertaking is negative, the
                                                               aggregate negative EBITDA of all such acquired companies, businesses
                                                               or undertakings does not exceed $2,000,000 on the date of acquisition);
                                                               and

 

		(B)	(if acquired prior to NEXT System
                                                               Completion) free of debt; and

 

		(C)	engaged in a Permitted Business
                                                               or a component thereof;

 

		(iii)	the consideration (including associated
                                                               costs and expenses for the acquisition and any Financial Indebtedness
                                                               or other assumed actual or contingent liability, in each case remaining
                                                               in the acquired company, corporation, partnership or other similar
                                                               entity (or any such business)) at the date of acquisition (when
                                                               aggregated with the consideration for any other Permitted Acquisition/Investment)
                                                               does not exceed in aggregate:

 

		(A)	$[***]
                                                               or its equivalent in any Financial Year of the Parent prior
                                                               to NEXT System Completion; or

 

		(B)	$[***]
                                                               or its equivalent in total (excluding acquisitions/investments
                                                               made after NEXT System Completion and funded with proceeds of share
                                                               issues by the Parent in an aggregate amount not exceeding $[***];
                                                               and

 

    	38
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

  

		(iv)	based on a pro forma calculation
                                                              taking into account the proposed acquisition, the Financial Covenants
                                                              would be complied with for the following 12-month period (taking
                                                              into account any reasonably expected synergies); and

 

		(d)	the incorporation or formation
                                                               of the Excluded Company and any investment in the Excluded Company
                                                               made by way of an Aireon Equity Injection in connection with the
                                                               Aireon System Project (including any transaction incidental and
                                                               in support of the Aireon System Project).

 

Permitted
Business means the provision of telecommunications services via mobile satellite services (and not geostationary satellites)
and related terrestrial infrastructure, and any other business reasonably incidental thereto (including (without duplication of
the foregoing) any complementary terrestrial telecommunication services and the operation, sale, purchase, lease, manufacture,
design or procurement of associated equipment, technology, services and applications used directly or indirectly in connection
with the provision of telecommunications services) and any other business of the NEXT Group existing as of the date hereof; provided
that, for the avoidance of doubt , with respect to any member of the NEXT Group, the ownership of any equity interests in the
Excluded Company, the holding of any Aireon Equity Instruments and the entering into and consummation of the Aireon System Documents
by such member of the NEXT Group and any other transactions incidental to the foregoing shall be considered a Permitted Business.

 

Permitted
Carry Forward Amount has the meaning given to it in Clause 22.1 (Financial condition).

 

Permitted
Disposal means any sale, lease, licence, transfer or other disposal which, except in the case of paragraph (b), is on arm's
length terms:

 

		(a)	of inventory, trading stock or
                                                               cash made by any member of the NEXT Group in the ordinary course
                                                               of trading of the disposing entity;

 

		(b)	of any asset by a member of the
                                                               NEXT Group (the Disposing Company) to another member of
                                                               the NEXT Group (the Acquiring Company), but if:

 

		(i)	the Disposing Company is an Obligor,
                                                             the Acquiring Company must also be an Obligor;

 

		(ii)	the Disposing Company had given
                                                              Security over the asset, the Acquiring Company must give equivalent
                                                              Security over that asset; and

 

		(iii)	the Disposing Company is a Guarantor,
                                                               the Acquiring Company must be a Guarantor guaranteeing at all times
                                                               an amount no less than that guaranteed by the Disposing Company;

 

		(c)	of any shares of a member of the
                                                               NEXT Group (other than an Obligor or Material Company) which is
                                                               to become a Local Partner Entity to a person that is to become
                                                               an External Local Partner, but only up to the minimum extent required
                                                               by the applicable law (or local requirements in the ordinary course
                                                               of business) of the relevant jurisdiction, and provided,
                                                               where the Iridium NEXT Group Partner will hold less than 50% of
                                                               the shares and voting rights, the Iridium NEXT Group Partner uses
                                                               its best efforts to retain de facto economic and management
                                                               control (including by way of non-voting shares or call options),
                                                               to the extent permitted by the applicable law (or local requirements
                                                               in the ordinary course of business) of the relevant jurisdiction;

 

		(d)	of assets in exchange for other
                                                               assets comparable or superior as to type, value and quality in
                                                               the ordinary course of trading of the disposing entity;

 

    	39
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

  

		(e)	of obsolete or redundant vehicles,
                                                               plant and equipment;

 

		(f)	of investments in listed shares,
                                                               debt securities, money market funds or other similar instruments
                                                               for cash or in exchange for other similar investments;

 

		(g)	to a Permitted Joint Venture, to
                                                               the extent permitted by Clause 23.9 (Joint Ventures);

 

		(h)	arising as a result of any Permitted
                                                               Security;

 

		(i)	the sale or discount without recourse
                                                               of accounts receivable arising in the ordinary course of trading
                                                               in connection with the compromise or settlement thereof;

 

		(j)	any lease, sub-licence, sale or
                                                               exchange of unused spectrum or (in the case of an exchange) used
                                                               spectrum subject to a Communications Licence, in each case on arms'
                                                               length terms to the extent permitted by applicable law and the
                                                               terms of the relevant Communications Licence and provided such
                                                               arrangement could not reasonably be expected to have a Material
                                                               Adverse Effect; and

 

		(k)	of assets (other than shares in
                                                               a Material Company or an Obligor) for cash where the higher of
                                                               the book value and net consideration receivable (when aggregated
                                                               with the higher of the book value and net consideration receivable
                                                               for any other sale, lease, licence, transfer or other disposal
                                                               not allowed under the preceding paragraphs or as a Permitted Transaction)
                                                               does not exceed $15,000,000 (or its equivalent) in total during
                                                               the term of this Agreement and does not exceed $5,000,000 (or its
                                                               equivalent) in any Financial Year of the Parent

 

		(l)	subject to clause 23.33 (Aireon
                                                               Transaction) of any Aireon Equity Instrument by a member of the
                                                               NEXT Group.

 

Permitted
Distribution means:

 

		(a)	the payment of a dividend by any
                                                               member of the NEXT Group to the Parent or to any of the Parent’s
                                                               direct or indirect wholly-owned Subsidiaries;

 

		(b)	the payment by any Local Partner
                                                               Entity of a dividend out of distributable profits to its External
                                                               Local Partner(s) (where the proportional share is paid simultaneously
                                                               to the Iridium NEXT Group Partner) but in an amount not exceeding
                                                               $[***]
                                                               in respect of each External Local Partner in the aggregate
                                                               in any given year; and

 

		(c)	the payment by the Parent of dividends
                                                               or other distributions on share capital or Permitted PIK Debt or
                                                               repayment of shareholder loans, provided that:

 

	 	(i)	(A)	subject to
                                                                                    paragraph (B) below, such payment does not
                                                                                    occur prior to NEXT System Completion (and
                                                                                    the COFACE Agent has received Compliance Certificates
                                                                                    for the first two Calculation Periods following
                                                                                    the First Repayment Date) or during any Lock-Up
                                                                                    Period thereafter; or

 

		(B)	such payment is of dividends in
                                                               respect of the Permitted PIYC Capital Raising, provided that, prior
                                                               to such payment: (x) a Budget in effect for the fiscal year during
                                                               which the payment is to be made shall have projected the availability
                                                               of funds for, and included the making of, such dividend payments
                                                               without a breach of the then-applicable Financial Covenants , and
                                                               (y) an authorised officer of the Parent shall have, no later than
                                                               2 Business Days prior to the date of declaration of such dividends,
                                                               delivered a certificate to the COFACE Agent certifying compliance
                                                               with each of the Financial Covenants as at the latest Calculation
                                                               Date and each Calculation Date falling in the next 12 month period
                                                               on a pro forma basis taking into account the payment of such dividends,
                                                               such payment to be made prior to the next Calculation Date; and

 

    	40
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

 

		(ii)	no Default is outstanding (or would
                                                              result from the payment of such dividends).

 

Permitted
Financial Indebtedness means Financial Indebtedness:

 

		(a)	arising under a Permitted Treasury
                                                               Transaction;

 

		(b)	arising under a Permitted Loan
                                                               or a Permitted Guarantee;

 

		(c)	incurred under the Finance Documents;

 

		(d)	of the Parent (or of a newly-formed
                                                               subsidiary of the Parent which is not a shareholder of any member
                                                               of the NEXT Group) which:

 

		(i)	does not fall due for repayment (in
                                                             whole or in part), or, require payment of interest in cash, prior
                                                             to NEXT System Completion; and

 

		(ii)	is fully subordinated to the indebtedness
                                                              under the Finance Documents (structurally and/or contractually pursuant
                                                              to a Subordination Agreement); and

 

		(iii)	has an average life higher than
                                                               the residual average life of the COFACE Facility (tested at the
                                                               date such debt is issued or incurred),

 

in each case,
with a maturity date falling at least 12 months after the Final Maturity Date, and where, based on a pro forma calculation (including
an updated Business Plan) taking into account the proposed indebtedness, the Financial Covenants would be complied with (such
Financial Indebtedness, Permitted PIK Debt);

 

		(e)	in respect of amounts due to trade
                                                               creditors, in each case arising in the ordinary and customary course
                                                               of business being not more than 90 days past due (unless disputed
                                                               in good faith) and not to exceed, at any time, in aggregate $[***]
                                                               (or its equivalent in other currencies);

 

		(f)	of any member of the NEXT Group
                                                               to any other member of the NEXT Group which is fully subordinated
                                                               to the indebtedness under the Finance Documents pursuant to a Subordination
                                                               Agreement (and, where the debtor of such Financial Indebtedness
                                                               is not an Obligor, in an aggregate amount not exceeding $15,000,000
                                                               (including an aggregate amount of not more than $5,000,000 in respect
                                                               of Financial Indebtedness incurred after the Signing Date));

 

		(g)	outstanding on the Signing Date
                                                               as set out in Schedule 19 (Existing Financial Indebtedness);

 

		(h)	on an unsecured basis for working
                                                               capital / treasury purposes and debt assumed pursuant to any Permitted
                                                               Acquisition/Investment, in aggregate not exceeding $100,000,000;
                                                               and

 

		(i)	such other indebtedness specifically
                                                               approved by the Majority Lenders in writing.

 

Permitted
Guarantee means:

 

		(a)	the endorsement of negotiable instruments
                                                               in the ordinary course of trade;

 

    	41
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

  

		(b)	any performance guarantee, including
                                                               any Trade Instrument or similar bond, guaranteeing performance
                                                               by a member of the NEXT Group under any contract or license entered
                                                               into in the ordinary course of trade;

 

		(c)	to the extent required to provide
                                                               an unqualified auditors opinion, any shareholder support to maintain
                                                               the solvency of a wholly-owned Subsidiary of the Parent which is
                                                               not a Material Company in respect of obligations owed by that Subsidiary
                                                               to a member of the NEXT Group;

 

		(d)	any guarantee of a Permitted Joint
                                                               Venture to the extent permitted by Clause 23.9 (Joint Ventures);

 

		(e)	any guarantee permitted under Clause
                                                               23.22 (Financial Indebtedness);

 

		(f)	any guarantee given in respect
                                                               of the netting or set-off arrangements permitted pursuant to paragraph
                                                               (b) of the definition of Permitted Security;

 

		(g)	any indemnity given in the ordinary
                                                               course of the documentation of an acquisition or disposal transaction
                                                               which is a Permitted Acquisition/Investment or Permitted Disposal
                                                               where the indemnity is in a customary form and subject to customary
                                                               limitations;

 

		(h)	any guarantee given by the Parent
                                                               or Iridium Holdings LLC in favor of Motorola pursuant to the Motorola
                                                               Settlement Agreements and the debt and security documents related
                                                               thereto; and

 

		(i)	any guarantee outstanding on the
                                                               Signing Date as set out on Schedule 16 (Existing Guarantees).

 

Permitted
Joint Venture means:

 

		(a)	any investment in any Joint Venture
                                                               (other than the Excluded Company) where:

 

		(i)	the Joint Venture is a company, corporation,
                                                             partnership or other similar entity (in each case where, to the extent
                                                             such Joint Venture is not an entity with limited liability, the member
                                                             of the NEXT Group making such investment is a newly-formed company,
                                                             corporation, partnership or other similar entity with limited liability,
                                                             whose sole purpose is to make such investment and whose sole asset
                                                             is such investment, and which is otherwise appropriately ring-fenced)
                                                             engaged in a Permitted Business or a component thereof; and

 

		(ii)	in any financial year of the Borrower,
                                                              the aggregate (the Joint Venture Investment) of:

 

		(A)	all amounts subscribed for shares
                                                               in, lent to, or invested in all such Joint Ventures by any member
                                                               of the NEXT Group;

 

		(B)	the contingent liabilities of any
                                                               member of the NEXT Group under any guarantee given in respect of
                                                               the liabilities of any such Joint Venture; and

 

		(C)	the book value of any assets transferred
                                                               by any member of the NEXT Group to any such Joint Venture,

 

when aggregated
with the total purchase price in respect of other Permitted Acquisitions/Investments in that Financial Year permitted pursuant
to paragraph (c)(iii) of the definition of Permitted Acquisition/Investment does not exceed the thresholds set out therein;

 

    	42
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

  

		(b)	any Joint Venture in existence
                                                               on the Signing Date as set out on Schedule 27 (Existing Joint Ventures);
                                                               and

 

		(c)	to the extent constituting a Joint
                                                               Venture, the Excluded Company and any investment in the Excluded
                                                               Company made by way of an Aireon Equity Injection.

 

Permitted
Loan means:

 

		(a)	any trade credit extended by any
                                                               member of the NEXT Group to its customers on normal commercial
                                                               terms and in the ordinary course of its trading activities;

 

		(b)	Financial Indebtedness which is
                                                               referred to in the definition of, or otherwise constitutes, Permitted
                                                               Financial Indebtedness (except under paragraph (b) of that definition);

 

		(c)	a loan made to a Permitted Joint
                                                               Venture to the extent permitted under Clause 23.9 (Joint Ventures);

 

		(d)	a loan made by a member of the
                                                               NEXT Group to an employee or director of any member of the NEXT
                                                               Group if the amount of that loan when aggregated with the amount
                                                               of all loans to employees and directors by members of the NEXT
                                                               Group does not exceed $1,000,000 (or its equivalent) at any time;

 

		(e)	a loan made by a member of the
                                                               NEXT Group to another member of the NEXT Group (and, where the
                                                               debtor of such Loan is not an Obligor, in an aggregate amount not
                                                               exceeding $15,000,000 (including an aggregate amount of not more
                                                               than $5,000,000 in respect of loans made available after the Signing
                                                               Date); and

 

		(f)	to the extent considered a loan,
                                                               including pursuant to a subordinated loan, an Aireon Equity Injection
                                                               made by a member of the NEXT Group.

 

Permitted
PIK Debt has the meaning given in the definition of Permitted Financial Indebtedness.

 

Permitted
PIYC Capital Raising means the Capital Raising by the Parent in an aggregate amount up to (but not exceeding) $[***]
in the form of [***], provided that:

 

		(a)	such Capital Raising does not lead
                                                               to a Change of Control of the Parent (on a diluted or undiluted
                                                               basis or on a converted or non-converted basis);

 

		(b)	the rate of distributions payable
                                                               on such Capital Raising does not exceed [***]
                                                               per cent per annum;

 

		(c)	the preferred equity instruments
                                                               used in such Capital Raising do not [***]
                                                               and, for the avoidance of doubt, [***];
                                                               and

 

		(d)	[***]
                                                               in respect of such Capital Raising are [***]
                                                               subject to and in accordance with Delaware law.

 

Permitted
Security means:

 

		(a)	any lien arising by operation of
                                                               law and in the ordinary course of trading and not as a result of
                                                               any default or omission by any member of the NEXT Group;

 

    	43
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

  

		(b)	any netting or set-off arrangement
                                                               entered into by any member of the NEXT Group in the ordinary course
                                                               of its banking arrangements for the purpose of netting debit and
                                                               credit balances of members of the NEXT Group but only so long as
                                                               (i) such arrangement does not permit credit balances of Obligors
                                                               to be netted or set off against debit balances of members of the
                                                               NEXT Group which are not Obligors and (ii) such arrangement does
                                                               not give rise to other Security over the assets of Obligors in
                                                               support of liabilities of members of the NEXT Group which are not
                                                               Obligors;

 

		(c)	any payment or close out netting
                                                               or set-off arrangement pursuant to any Treasury Transaction or
                                                               foreign exchange transaction entered into by a member of the NEXT
                                                               Group which constitutes Permitted Financial Indebtedness, excluding
                                                               any Security or Quasi-Security under a credit support arrangement;

 

		(d)	any Security or Quasi-Security
                                                               arising under any retention of title, hire purchase or conditional
                                                               sale arrangement or arrangements having similar effect in respect
                                                               of goods supplied to a member of the NEXT Group in the ordinary
                                                               course of trading and on the supplier's standard or usual terms
                                                               and not arising as a result of any default or omission by any member
                                                               of the NEXT Group;

 

		(e)	any Quasi-Security arising as a
                                                               result of a disposal which is a Permitted Disposal;

 

		(f)	the "Motorola Collateral"
                                                               (subject to and as defined in the Motorola Intercreditor Agreement);

 

		(g)	any cash collateral granted in
                                                               the ordinary course of business in support of the obligations of
                                                               any member of the NEXT Group in respect of any Trade Instrument;
                                                               or

 

		(h)	outstanding on the Signing Date
                                                               as set out in Schedule 17 (Existing Liens).

 

Permitted
Share Issue means:

 

		(a)	the issue of shares by the Parent
                                                               to a third party (including any person that is not a member of
                                                               the Group), paid for in full in cash upon issue or as consideration
                                                               for a Permitted Acquisition/Investment, and which by their terms
                                                               are not redeemable and where such issue does not lead to a Change
                                                               of Control of the Parent;

 

		(b)	the Permitted PIYC Capital Raising;

 

		(c)	the issue of shares by a member
                                                               of the NEXT Group which is a Subsidiary to its parent where (if
                                                               the existing shares of the Subsidiary are the subject of the Transaction
                                                               Security) the newly-issued shares also become subject to the Transaction
                                                               Security on the same or equivalent terms; or

 

		(d)	the issue of shares by a member
                                                               of the NEXT Group (other than an Obligor or Material Company) which
                                                               is to become a Local Partner Entity to a person that is to become
                                                               an External Local Partner, but only up to the minimum extent required
                                                               by the applicable law (or local requirements in the ordinary course
                                                               of business) of the relevant jurisdiction, and provided,
                                                               where the Iridium NEXT Group Partner will hold less than 50% of
                                                               the shares and voting rights, the Iridium NEXT Group Partner uses
                                                               its best efforts to retain de facto economic and management
                                                               control (including by way of non-voting shares or call options),
                                                               to the extent permitted by the applicable law (or local requirements
                                                               in the ordinary course of business) of the relevant jurisdiction.

 

    	44
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

 

Permitted
Transaction means:

 

		(a)	any disposal required, Financial
                                                               Indebtedness incurred, guarantee, indemnity or Security or Quasi-Security
                                                               given, or other transaction arising, under the Finance Documents;

 

		(b)	the solvent liquidation or reorganisation
                                                               of any member of the NEXT Group which is not an Obligor so long
                                                               as any payments or assets distributed as a result of such liquidation
                                                               or reorganisation are distributed to other members of the NEXT
                                                               Group;

 

		(c)	the capitalisation of Financial
                                                               Indebtedness owing by a wholly-owned Subsidiary of the Parent which
                                                               is not a Material Company to a member of the NEXT Group in order
                                                               to maintain the solvency of that Subsidiary;

 

		(d)	any merger or consolidation by
                                                               any member of the NEXT Group with or into any other member of the
                                                               NEXT Group (provided that in the case of any merger or consolidation
                                                               by an Obligor with or into any other member of the NEXT Group that
                                                               is not an Obligor, the Obligor shall be the surviving entity, and
                                                               the COFACE Agent receives such evidence and/or legal opinions as
                                                               is reasonably satisfactory to it that the Obligor is the surviving
                                                               entity and that notwithstanding such amalgamation, demerger, merger
                                                               or reconstruction, the Finance Documents to which it is party shall
                                                               remain at all times its legal, valid and binding obligations, enforceable
                                                               in accordance with their terms and the amalgamation, demerger,
                                                               merger or reconstruction shall not adversely affect any Transaction
                                                               Security granted by the Obligor);

 

		(e)	transactions (other than (i) any
                                                               sale, lease, license, transfer or other disposal and (ii) the granting
                                                               or creation of Security or the incurring or permitting to subsist
                                                               of Financial Indebtedness) conducted in the ordinary course of
                                                               trading on arm's length terms.

 

Permitted
Treasury Transaction means:

 

		(a)	any Treasury Transaction to be
                                                               entered into by the Borrower for the purpose of protecting against
                                                               interest rate fluctuations with respect to Tranche B of the Facility;
                                                               and

 

		(b)	any Treasury Transactions entered
                                                               into in the ordinary course of business and not for speculative
                                                               purposes to hedge or mitigate risks to which any Obligor or any
                                                               member of the NEXT Group is exposed in the conduct of its business
                                                               or the management of its liabilities.

 

Plan
means an employee benefit plan as defined in section 3(3) of ERISA, which is subject to the provisions of Title IV of ERISA:

 

		(a)	maintained by any Obligor or any
                                                               ERISA Affiliate; or

 

		(b)	to which any Obligor or any ERISA
                                                               Affiliate is required to make any payment or contribution.

 

Promissory
Notes means the Promissory Notes of Principal and the Promissory Notes of Interest.

 

Promissory
Notes of Interest mean the promissory notes on account of interest issued or to be issued by the Borrower pursuant to the
provisions of Clause 6.2 (Promissory Notes) in the form set out in Schedule 5 (Form of Promissory Notes).

 

Promissory
Notes of Principal mean the promissory notes on account of principal issued or to be issued by the Borrower pursuant to the
provisions of Clause 6.2 (Promissory Notes) in the form set out in Schedule 5 (Form of Promissory Notes).

 

    	45
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

  

Protected
Party means a Finance Party which is or will be subject to any liability or required to make any payment for or on account
of Tax in relation to a sum received or receivable (or any sum deemed for the purposes of Tax to be received or receivable) under
a Finance Document.

 

Qualifying
Lender has the meaning given to that term in Clause 14 (Tax Gross Up and Indemnities).

 

Quarter
Date means each of 31 March, 30 June, 30 September and 31 December.

 

Quarterly
Financial Statements means the financial statements delivered pursuant to paragraph (b)(i) of Clause 21.1 (Financial
statements).

 

Quasi-Security
has the meaning given to that term in Clause 23.15 (Negative pledge).

 

Quotation
Day means, in relation to any period for which an interest rate is to be determined, two Business Days before the first day
of that period, unless market practice differs in the Relevant Interbank Market for a currency, in which case the Quotation Day
for that currency will be determined by the COFACE Agent in accordance with market practice in the Relevant Interbank Market (and
if quotations would normally be given by leading banks in the Relevant Interbank Market on more than one day, the Quotation Day
will be the last of those days).

 

Receiver
means a receiver or receiver and manager or administrative receiver of the whole or any part of the Charged Property.

 

Reimbursement
Request means a reimbursement request signed by the Borrower, substantially in the form set out in Part 1 of Schedule 3 (Requests
and Notices).

 

Re-Launch
Contracts has the meaning given in Clause 8.3 (Launch Insurance Proceeds).

 

Relevant
Financial Covenant means each of the Financial Covenants described in paragraphs 22.1(a)(iii) (Capital Expenditure),
(b)(i) (Consolidated Operational EBITDA) or (b)(ii) (Secondary Payload Cashflows).

 

Relevant
Interbank Market means the London interbank market.

 

Relevant
Jurisdiction means, in relation to an Obligor:

 

		(a)	its jurisdiction of incorporation
                                                               or organization; and

 

		(b)	any jurisdiction relevant for the
                                                               granting or perfection of a security interest over any asset subject
                                                               to or intended to be subject to the Transaction Security.

 

Relevant
Launch Insurance Proceeds has the meaning given in Clause 8.3 (Launch Insurance Proceeds).

 

Relevant
Proceeds means Excluded Capital Raising Proceeds or Excluded Insurance Proceeds.

 

Reliance
Parties means each Administrative Party, each Original Lender, COFACE, and each person which becomes a Lender.

 

Repayment
Date means each of:

 

		(a)	the First Repayment Date;

 

    	46
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

  

		(b)	after the First Repayment Date
                                                               but prior to the Final Maturity Date, each date falling six (6)
                                                               months after the preceding Repayment Date; and

 

		(c)	the Final Maturity Date.

 

Repayment
Instalment means each scheduled instalment for repayment of the Loans.

 

Repayment
Period means the period from the First Repayment Date until the Final Maturity Date.

 

Repeating
Representations means each of the representations set out in Clause 20.2 (Status) to Clause 20.5 (Power and authority), Clause
20.9 (Governing law and enforcement), paragraph (a) of Clause 20.12 (No default), Clause 20.13 (No misleading information),
Clause 20.14 (Original Financial Statements), paragraphs (b) and (c) of Clause 20.16 (No breach of laws), Clause 20.21 (Good
title to assets) to Clause 20.23 (Legal and beneficial ownership), and Clause 20.28 (Compliance with United States laws).

 

Reportable
Event means:

 

		(a)	an event specified as such in section 4043
                                                               of ERISA or any related regulation, other than an event in relation
                                                               to which the requirement to give notice of that event is waived
                                                               by any regulation; or

 

		(b)	a failure to meet the minimum funding
                                                               standard under section 412 of the Code or section 302 of ERISA,
                                                               whether or not there has been any waiver of notice or waiver of
                                                               the minimum funding standard under section 412 of the Code.

 

Representative
means any delegate, agent, manager, administrator, nominee, attorney, trustee or custodian.

 

Resignation
Letter means a letter substantially in the form set out in Schedule 11 (Form of Resignation Letter).

 

Revenue
Accounts means (i) the BOA Revenue Account, or any replacement of such account with an Acceptable
Bank in the U.S., and (ii) such other revenue accounts of the Obligors as are subject to the Transaction Security which,
when taken together with the BOA Revenue Account, constitute the accounts into which the consolidated revenues of the NEXT Group
are received in accordance with Clause 23.27 (Revenue Accounts).

 

Ring Fenced
Company means a company that:

 

		(a)	has a limited business purpose;

 

		(b)	is of limited liability;

 

		(c)	does not carry on any trade with,
                                                               or otherwise contract or deal with a member of the NEXT Group other
                                                               than the Aireon System Documents and any other arms-length transaction,
                                                               undertaken in good faith for its bona fide business purposes;

 

		(d)	except for any other arms-length
                                                               transactions, does not make any loan to or grant any financial
                                                               accommodation to any member of the NEXT Group;

 

		(e)	does not incur any Financial Indebtedness
                                                               from, or have any other liability to, any member of the NEXT Group,
                                                               other than the Aireon Equity Injection ,the Aireon System Documents
                                                               or any other arms-length transactions;

 

    	47
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

  

		(f)	except for the Aireon System Documents
                                                               or any other arms-length transactions, no member of the NEXT Group
                                                               sells, transfers, leases out, lends or otherwise disposes of any
                                                               assets to it;

 

		(g)	does not benefit from any guarantee
                                                               or Security or participation or purchase arrangements from any
                                                               member of the NEXT Group in relation to any of its obligations;

 

		(h)	has separate insurance and is not
                                                               named as a loss payee with respect to the insurances effected or
                                                               procured by any member of the NEXT Group;

 

		(i)	is a separate entity, at all times
                                                               holds itself out to the public and all other members of the NEXT
                                                               Group as a legal entity separate from the members of the NEXT Group
                                                               and corrects any known material misunderstanding as to its separate
                                                               identity;

 

		(j)	maintains books, records and bank
                                                               accounts separate from the members of the NEXT Group;

 

		(k)	except for any consolidation with
                                                               the NEXT Group as may be required by the Accounting Principles,
                                                               maintains separate financial statements showing its assets and
                                                               liabilities separate and apart from those of any members of the
                                                               NEXT Group;

 

		(l)	files its own tax returns, if any,
                                                               as may be required under applicable law;

 

		(m)	conducts its business in its own
                                                               name and complies with all formalities necessary to maintain its
                                                               separate existence;

 

		(n)	pays its own liabilities and expenses
                                                               out of its own funds including the proceeds of the Aireon Equity
                                                               Injection;

 

		(o)	observes all organisational formalities
                                                               including all material formalities as an entity separate and distinct
                                                               from the members of the NEXT Group;

 

		(p)	maintains arm's-length relationships
                                                               with the members of the NEXT Group;

 

		(q)	does not guarantee or become obligated
                                                               for the debts of any members of the NEXT Group or hold out its
                                                               credit as being available to satisfy the obligations of members
                                                               of the NEXT Group;

 

		(r)	does not grant Security over its
                                                               assets for the benefit of any member of the NEXT Group;

 

		(s)	without prejudice to paragraph
                                                               (x) below, does not commingle assets with those of the members
                                                               of the NEXT Group;

 

		(t)	uses separate stationery, invoices
                                                               and checks;

 

		(u)	maintains a sufficient number of
                                                               employees or contractors in light of its contemplated business
                                                               operations;

 

		(v)	maintains adequate capital in light
                                                               of its then contemplated business operations;

 

		(w)	on and following the date falling
                                                               three (3) months after the Effective Date, has a board of directors
                                                               that at all times has at least 2 (two) Independent Directors; and

 

		(x)	on and following the date falling
                                                               three (3) months after the Effective Date, allocates fairly and
                                                               reasonably on an arm's length basis any overhead for shared office
                                                               space and employees with the members of the NEXT Group, including
                                                               any overhead and employees shared from the Effective Date.

 

    	48
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

  

Satellite
Supply Contract means the Full Scale System Development Contract between TAS and the Borrower dated 1 June 2010.

 

Satellites
means the satellites supplied or to be supplied by TAS under the Satellite Supply Contract (whether or not delivered or in
orbit).

 

Scheduled
Completion Date means [***].

 

Screen
Rate means, in relation to LIBOR, the British Bankers' Association Interest Settlement Rate for the relevant currency and
period displayed on the appropriate page of the Reuters screen. If the agreed page is replaced or service ceases to be available,
the COFACE Agent may specify another page or service displaying the appropriate rate after consultation with the Borrower and
the Lenders.

 

Secondary
Payload Cashflows means all cash proceeds (net of tax) payable to any member of the NEXT Group under the Secondary Payload
Contracts (to the extent such proceeds are non-refundable) (but excluding any cash proceeds payable to any member of the NEXT
Group under any Secondary Payload Contract (i) that are paid (or are payable) to TAS by such member of the NEXT Group and (ii)
that are paid in respect of the provision of on-going services, including but not limited to operation and maintenance services
and data services when such secondary payload is in-orbit).

 

Secondary
Payload Contract means each contract for the provision of secondary payload services in connection with the NEXT System entered
into or to be entered into by a member of the Group.

 

Secondary
Payload Heads of Terms means the heads of terms for Secondary Payload Contracts set out in Schedule 23 (Secondary Payload
Heads of Terms).

 

Secondary
Payload Status Report shall have the meaning given to it in Clause 21.6(a)(ii) (NEXT System Documents).

 

Secured
Parties means each Finance Party from time to time party to this Agreement, any Receiver or Delegate.

 

Security
means a mortgage, charge, pledge, lien or other security interest securing any obligation of any person or any other agreement
or arrangement having a similar effect.

 

Security
Agent shall have meaning given to it in the preamble hereto.

 

Shareholders'
Equity means, in relation to any Calculation Period, the stockholders’ equity in the NEXT Group, as presented in the
NEXT Group Other Financial Information accompanying the consolidated financial statements of the Parent most recently delivered
pursuant to Clause 21.1 (Financial statements).

 

Signing
Date means the date of this Agreement.

 

SNOC
means the Satellite Network Operations Center in Leesburg, Virginia.

 

Solvent
means, with respect to any person at any time, that (a) (i) the sum of such person's debts is not greater than all of such
person's property, at a fair valuation, and (ii) such person is generally paying its debts as they become due; (b) the present
fair salable value of the value of all of the property of such person is greater than the amount that will be required to pay
such person's probable liability on such person's existing debts (including contingent debts) as they become absolute and matured;
(c) such person is not engaged in a business or a transaction, and is not about to engage in a business or a transaction, for
which such person’s property would constitute unreasonably small capital; and (d) such person does not intend to incur,
and does not believe that such person would incur, debts that would be beyond such person's ability to pay as such debts mature.

 

    	49
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

 

SpaceX
means Space Exploration Technologies Corp.

 

SpaceX
Launch Contract means the Launch Services Contract dated 19 March 2010 between the Borrower and SpaceX as amended pursuant
to an amendment no.1 dated 17 September 2010 and an amendment no.2 dated 19 July 2012.

 

Specified
Time means a time determined in accordance with Schedule 15 (Timetables).

 

Starting
Point of Repayment means the date falling on the earlier of (i) 30th September, 2017 and (ii) In-Orbit Acceptance in respect
of the [***] Satellite (as confirmed by the Technical Adviser).

 

Subordination
Agreement means:

 

		(a)	the subordination agreement dated
                                                               on or about the date of this Agreement and made between, among
                                                               others, the Parent, Iridium Holdings LLC, the Borrower, and the
                                                               COFACE Agent; and

 

		(b)	each other subordination agreement
                                                               entered into from time to time by the COFACE Agent with one or
                                                               more creditors of an Obligor, in substantially similar form (or
                                                               otherwise in form and substance reasonably satisfactory to the
                                                               COFACE Agent).

 

Subsidiary
means, with respect to any person, any corporation, limited liability company, partnership or other entity (Other Person)
controlled by such person, by such person and one or more other Subsidiaries of such person, or by one or more other Subsidiaries
of such person, and for purposes of this definition, the term “control” (including the terms “controlling”
and “controlled by”) of a person shall mean the possession, direct or indirect, of the power to vote more than
50% of the securities having ordinary voting power for the election of directors (or persons performing similar functions) of
such person or to direct or cause the direction of the management and policies of such person, whether through the ownership of
such securities, by contract or otherwise.

 

Supplemental
Agreement means the supplemental agreement dated 1 August 2012 between the COFACE Agent and the Borrower relating to certain
amendments and waivers to this Agreement.

 

Supplier
means TAS.

 

Supplier's
Confirmation means a notice substantially in the form of Part 2 or 4 (as applicable) (Form of Supplier's Confirmation) of
Schedule 3 (Requests and Notices).

 

TAS
means Thales Alenia Space SA.

 

Tax
means any tax, levy, impost, duty or other charge or withholding of a similar nature (including any penalty or interest payable
in connection with any failure to pay or any delay in paying any of the same) imposed by a Governmental Authority.

 

Tax Credit
means a credit against, relief or remission for, or repayment of, any Tax.

 

Tax Deduction
means a deduction or withholding for or on account of Tax from a payment under a Finance Document.

 

Tax Payment
means either the increase in a payment made by an Obligor to a Finance Party under Clause 14.2 (Tax gross-up) or a payment
under Clause 14.3 (Tax indemnity).

 

    	50
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

 

Technical
Adviser means The Aerospace Corporation (upon its appointment pursuant to paragraph 26 of Part 1 of Schedule 2 (Conditions
Precedent to Initial Utilisation)) or any replacement thereof.

 

Technical
Adviser's Quarterly Report means each quarterly progress report in relation to the NEXT System delivered by the Technical
Adviser to the COFACE Agent, which report shall include verification by the Technical Adviser of Block One health and progress
of construction, launch, installation and operation of NEXT System (including sign off on the results of tests relating to the
In-Orbit Acceptance of each Satellite, the reasonableness of any provisional qualified acceptance of any Satellite, and certification
as to Milestones) and the progress of the interface between the Aireon System Project and the NEXT System (in particular, any
modifications or adjustments requested by the Excluded Company (and agreed to by the Borrower) to the NEXT System in connection
with the Aireon System Project which could reasonably be expected to result in a delay to Milestones), and a copy of which shall
be delivered by the COFACE Agent to the Borrower promptly upon receipt.

 

Technical
Report means the technical report prepared by the Technical Adviser dated 9 June 2010 and as updated for the Initial CP Satisfaction
Date.

 

Tempe Gateway
means the Borrower’s commercial Gateway located in Tempe, Arizona.

 

Total Commitments
means the aggregate of the Total Tranche A Commitments and the Total Tranche B Commitments, being $1,800,000,000 at the date
of this Agreement.

 

Total Net
Debt means, at any time, the aggregate amount of all obligations of members of the NEXT Group for or in respect of Financial
Indebtedness as reported in the NEXT Group Other Financial Information accompanying the financial statements delivered pursuant
to Clause 21.1 (Financial statements):

 

		(a)	excluding any such obligations
                                                               owed to any other member of the NEXT Group;

 

		(b)	including, in the case of
                                                               Finance Leases only, their capitalised value; and

 

		(c)	deducting the aggregate
                                                               amount of cash (as shown in the NEXT Group Other Financial Information
                                                               accompanying the financial statements delivered pursuant to Clause
                                                               21.1 (Financial statements)) (excluding, for the avoidance of doubt,
                                                               any amounts standing to the credit of the Debt Service Reserve
                                                               Account) held by any member of the NEXT Group at that time,

 

and so that
no amount shall be included or excluded more than once.

 

Total Tranche
A Commitments means the aggregate of the Tranche A Commitments, being $1,537,500,000 at the date of this Agreement.

 

Total Tranche
B Commitments means the aggregate of the Tranche B Commitments, being $262,500,000 at the date of this Agreement.

 

Trade Instruments
means any performance bonds, advance payment bonds or letters of credit issued in respect of the obligations of any member
of the NEXT Group arising in the ordinary course of trading of that member of the NEXT Group.

 

Tranche
means Tranche A or Tranche B.

 

Tranche
A means the tranche of the Facility designated as Tranche A and made available under this Agreement as described in Clause
2.1(a) (The Facility).

 

    	51
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

 

Tranche
A Commitment means:

 

		(a)	in relation to an Original Lender,
                                                               the amount set opposite its name under the heading "Tranche
                                                               A Commitment" in Part 2 of Schedule 1 (The Original Parties)
                                                               and the amount of any other Tranche A Commitment transferred to
                                                               it under this Agreement; and

 

		(b)	in relation to any other Lender,
                                                               the amount of any Tranche A Commitment transferred to it under
                                                               this Agreement,

 

to the extent
not cancelled, reduced or transferred by it under this Agreement.

 

Tranche
A Loan means a loan made or to be made under Tranche A of the Facility or the principal amount outstanding for the time being
of that loan.

 

Tranche
B means the tranche of the Facility designated as Tranche B and made available under this Agreement as described in Clause
2.1(b) (The Facility).

 

Tranche
B Commitment means:

 

		(a)	in relation to an Original Lender,
                                                               the amount set opposite its name under the heading "Tranche
                                                               B Commitment" in Part 2 of Schedule 1 (The Original Parties)
                                                               and the amount of any other Tranche B Commitment transferred to
                                                               it under this Agreement; and

 

		(b)	in relation to any other Lender,
                                                               the amount of any Tranche B Commitment transferred to it under
                                                               this Agreement,

 

to the extent
not cancelled, reduced or transferred by it under this Agreement.

 

Tranche
B Loan means a loan made or to be made under Tranche B of the Facility or the principal amount outstanding for the time being
of that loan.

 

Transaction
Documents means:

 

		(a)	the Finance Documents; and

 

		(b)	the NEXT System Documents.

 

Transaction
Security means the Security created or expressed to be created in favour of the Security Agent pursuant to the Transaction
Security Documents.

 

Transaction
Security Documents means each of the documents listed as being a Transaction Security Document in paragraph 9 of Part 1 of
Schedule 2 (Conditions Precedent), and any document required to be delivered to the COFACE Agent under paragraph 11 of Part 2
of Schedule 2 (Conditions Precedent) together with any other document entered into by any Obligor creating or expressed to create
any Security over all or any part of its assets in respect of the obligations of any of the Obligors under any of the Finance
Documents.

 

Transfer
Certificate means a certificate substantially in the form set out in Schedule 8 (Form of Transfer Certificate) or any other
form agreed between the COFACE Agent and the Borrower.

 

Transfer
Date means, in relation to an assignment or a transfer, the later of:

 

		(a)	the proposed Transfer Date specified
                                                               in the relevant Assignment Agreement or Transfer Certificate; and

 

    	52
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

 

		(b)	the date on which the COFACE Agent
                                                               executes the relevant Assignment Agreement or Transfer Certificate.

 

Transition
Services Agreement means that certain Amended and Restated Transition Services, Products and Asset Agreement, dated as of
30 September 2010, by and among Motorola, the Borrower, Iridium Holdings LLC and the Parent (as such agreement may be amended,
amended and restated, supplemented or otherwise modified from time to time).

 

Treasury
Transactions means any agreement with respect to any swap, forward, future or derivative transaction or option or similar
agreement involving, or settled by reference to, one or more rates, currencies, commodities, equity or debt instruments or securities,
or economic, financial or pricing indices or measures of economic, financial or pricing risk or value or any similar transaction
or any combination of these transactions.

 

United
States person has the meaning given to it in Section 7701(a)(30) of the Code.

 

Unpaid
Sum means any sum due and payable but unpaid by an Obligor under the Finance Documents.

 

Unused
Amount has the meaning given to it in Clause 22.1 (Financial condition).

 

U.S. Bankruptcy
Law means the United States Bankruptcy Code 1978 or any other United States Federal or State bankruptcy, insolvency or similar
law.

 

U.S. Borrower
means a Borrower that is incorporated or organized under the laws of the United States of America or any state of the United
States of America (including the District of Columbia).

 

U.S. Collateral
Agent shall have the meaning given to it in the preamble hereto.

 

U.S. Debtor
means an Obligor that is incorporated or organised under the laws of the United States of America or any State of the United
States of America (including the District of Columbia) or that resides or has a domicile, a place of business or property in the
United States of America.

 

Utilisation
means a Loan.

 

Utilisation
Date means the date of a Utilisation, being the date on which the relevant Loan is to be made.

 

Utilisation
Request means a Reimbursement Request or a Disbursement Request.

 

VAT
means value added tax as provided for in the Value Added Tax Act 1994 and any other tax of a similar nature.

 

Working
Capital means, on any date, Current Assets less Current Liabilities.

 

		1.2	Construction

 

		(a)	Unless a contrary indication appears,
                                                           a reference in this Agreement to:

 

		(i)	the COFACE Agent, any Mandated
                                                               Lead Arranger and Bookrunner, any Lead Arranger, any Finance Party,
                                                               any Lender, any Obligor, any Party, any Secured Party, the Security
                                                               Agent, the U.S. Collateral Agent or any other person shall be construed
                                                               so as to include its successors in title, permitted assigns and
                                                               permitted transferees and, in the case of the Security Agent or
                                                               the U.S. Collateral Agent, any person for the time being appointed
                                                               as Security Agent or Security Agents or U.S. Collateral Agent in
                                                               accordance with the Finance Documents;

 

    	53
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

 

		(ii)	a document in agreed form
                                                                is a document which is previously agreed in writing by or on behalf
                                                                of the Borrower and the COFACE Agent or, if not so agreed, is
                                                                in the form specified by the COFACE Agent;

 

		(iii)	assets includes present
                                                                 and future properties, revenues and rights of every description;

 

		(iv)	a Finance Document or a
                                                                Transaction Document or any other agreement or instrument
                                                                is a reference to that Finance Document or Transaction Document
                                                                or other agreement or instrument as amended, novated, replaced,
                                                                supplemented, extended or restated (in each case, an amendment
                                                                or waiver);

 

		(v)	guarantee means (other than
                                                               in Clause 19 (Guarantee and Indemnity)) any guarantee, letter of
                                                               credit, bond, indemnity or similar assurance against loss, or any
                                                               obligation, direct or indirect, actual or contingent, to purchase
                                                               or assume any indebtedness of any person or to make an investment
                                                               in or loan to any person or to purchase assets of any person where,
                                                               in each case, such obligation is assumed in order to maintain or
                                                               assist the ability of such person to meet its indebtedness;

 

		(vi)	indebtedness includes any
                                                                obligation (whether incurred as principal or as surety) for the
                                                                payment or repayment of money, whether present or future, actual
                                                                or contingent;

 

		(vii)	a person includes any
                                                                 individual, firm, company, corporation, government, state or
                                                                 agency of a state or any association, trust, joint venture, consortium
                                                                 or partnership (whether or not having separate legal personality);

 

		(viii)	a regulation includes
                                                                  any regulation, rule, official directive, request or guideline
                                                                  (whether or not having the force of law) of any governmental,
                                                                  intergovernmental or supranational body, agency, department
                                                                  or of any regulatory, self-regulatory or other authority or
                                                                  organisation;

 

		(ix)	a provision of law is a reference
                                                                to that provision as amended or re-enacted; and

 

		(x)	a time of day is a reference to
                                                               London time.

 

		(b)	Section, Clause and Schedule headings
                                                           are for ease of reference only.

 

		(c)	Unless a contrary indication appears,
                                                           a term used in any other Finance Document or in any notice given under
                                                           or in connection with any Finance Document has the same meaning in
                                                           that Finance Document or notice as in this Agreement.

 

		(d)	A Default (other than an Event of Default)
                                                           is continuing if it has not been remedied or waived and an Event
                                                           of Default is continuing if it has not been remedied or waived.

 

		1.3	Third party rights

 

		(a)	Unless expressly provided to the contrary
                                                           in a Finance Document a person who is not a Party has no right under
                                                           the Contracts (Rights of Third Parties) Act 1999 (the Third Parties
                                                           Act) to enforce or enjoy the benefit of any term of this Agreement.

 

		(b)	Notwithstanding any term of any Finance
                                                           Document, the consent of any person who is not a Party is not required
                                                           to rescind or vary this Agreement at any time.

 

    	54
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

 

		1.4	Acknowledgement

 

Each Obligor
acknowledges and confirms:

 

		(a)	receipt of a copy of each of the
                                                               Finance Documents then in effect (other than the COFACE Insurance
                                                               Policy);

 

		(b)	that no Finance Party is responsible
                                                               to it for:

 

		(i)	the execution (other than by that
                                                             Finance Party), genuineness, validity, enforceability or sufficiency
                                                             of any Finance Document or the Satellite Supply Contract;

 

		(ii)	the collectability of amounts payable
                                                              under any Finance Document or the Satellite Supply Contract; or

 

		(iii)	the accuracy of any statements
                                                               (whether written or oral) made in connection with any Finance Document
                                                               or the Satellite Supply Contract by any person other than that
                                                               Finance Party.

 

		2.	The Facility

 

		2.1	The Facility

 

Subject to
the terms of this Agreement, the Lenders make available a term loan facility, in an aggregate amount equal to the Total Commitments,
in two Tranches designated as follows:

 

		(a)	Tranche A in an aggregate amount
                                                               equal to the Total Tranche A Commitments; and

 

		(b)	Tranche B in an aggregate amount
                                                               equal to the Total Tranche B Commitments.

 

		2.2	Finance Parties' rights and obligations

 

		(a)	Unless all the Finance Parties agree
                                                           otherwise:

 

		(i)	subject to paragraph (vii) below,
                                                               the obligations of each Finance Party under the Finance Documents
                                                               are several;

 

		(ii)	subject to paragraph (vii) below,
                                                                failure by a Finance Party to perform its obligations does not
                                                                affect the obligations of any other person under the Finance Documents;

 

		(iii)	subject to paragraph (vii) below,
                                                                 no Finance Party is responsible for the obligations of any other
                                                                 Finance Party under the Finance Documents;

 

		(iv)	the rights of a Finance Party
                                                                under the Finance Documents are separate and independent rights;

 

		(v)	a Finance Party may, except as
                                                               otherwise stated in the Finance Documents, separately enforce those
                                                               rights;

 

		(vi)	a debt arising under the Finance
                                                                Documents to a Finance Party is a separate and independent debt;
                                                                and

 

		(vii)	the funding obligations of the
                                                                 Lenders under the Finance Documents are joint and several.

 

    	55
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

 

		(b)	Each Party agrees that this Clause
                                                           2.2 is for the benefit of the Lenders only and each Obligor acknowledges
                                                           that it has no rights of any kind whatsoever under this Clause.

 

		2.3	The Obligors and the Satellite Supply
                                                           Contract

 

		(a)	Each Obligor's obligations (including,
                                                           without limitation, its payment obligations) under this Agreement are
                                                           unconditional and irrevocable and accordingly are not:

 

		(i)	subject to or dependent upon the
                                                               execution or performance by the Borrower, the Supplier or any other
                                                               person of its obligations under the Satellite Supply Contract;
                                                               nor

 

		(ii)	affected or discharged by any
                                                                matter affecting the Satellite Supply Contract including the following:

 

		(A)	any dispute under the Satellite Supply
                                                             Contract nor any claim which the Borrower or the Supplier or any
                                                             other person may have against, or consider that it has against, any
                                                             person under the Satellite Supply Contract;

 

		(B)	the fact that all or any part of
                                                             the sums requested under a Utilisation Request is or was not payable
                                                             to the Supplier;

 

		(C)	the insolvency or dissolution of
                                                             the Supplier;

 

		(D)	any action or inaction (whether negligent
                                                             or by wilful misconduct or fraud) of the Supplier (or any of its
                                                             agents, contractors, officers or employees);

 

		(E)	the fact that a Loan is drawn and
                                                             applied in accordance with a Utilisation Request which has proven
                                                             incorrect in any respect;

 

		(F)	the Supplier being subject to an
                                                             amalgamation, demerger, merger or reconstruction;

 

		(G)	any unenforceability, illegality
                                                             or invalidity of any obligation of any person under the Satellite
                                                             Supply Contract or any documents or agreements relating to the Satellite
                                                             Supply Contract; or

 

		(H)	the breach, frustration or non-fulfilment
                                                             of any provision of the Satellite Supply Contract or any documents
                                                             or agreements related thereto or the destruction, non-completion
                                                             or non-functioning of the COFACE Eligible Content,

 

and each Obligor
acknowledges that the foregoing is an essential condition of each Lender's entry into this Agreement, and accordingly, by advancing
the full amount of its Commitments (subject to and in accordance with the terms and conditions of this Agreement) each Lender
shall have fulfilled its funding obligations under this Agreement.

 

		(b)	Without prejudice to the generality
                                                           of paragraph (a) above, the Borrower agrees that it will not claim
                                                           to be relieved of the performance of any of its obligations under this
                                                           Agreement by reason of any failure, delay or default whatsoever on
                                                           the part of the Supplier or the Borrower in the performance of its
                                                           obligations under the Satellite Supply Contract.

 

		2.4	COFACE Decisions

 

If COFACE
notifies the COFACE Agent of its decision on any matter (including any decision relating to the approval of any requested waivers
or amendments by the Borrower in respect of this Agreement or any other Finance Document), such decision shall prevail over any
contrary decision made by any Finance Party, provided that such decision made by COFACE does not, or is not reasonably likely
to, result in an increase in the amount of or an extension of the availability of any Commitment or obligation of a Finance Party
hereunder.

 

    	56
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

  

		2.5	COFACE Premium

 

		(a)	The Borrower acknowledges that no Finance
                                                           Party is in any way involved in the calculation of any part of the
                                                           COFACE Premium.

 

		(b)	The Borrower shall not raise against
                                                           any Lender any claim or defence in relation to the calculation, payment
                                                           or refund of (or the failure to pay or refund) any part of the COFACE
                                                           Premium.

 

		(c)	The Borrower shall bear the cost of
                                                           reimbursing to each Lender (and/or the COFACE Agent) the credit insurance
                                                           premium due to COFACE under the COFACE Insurance Policy (including
                                                           any increase in the amount of the COFACE Premium).

 

		(d)	As at the date of this Agreement, the
                                                           COFACE Premium is the amount calculated on the basis of the percentage
                                                           (the COFACE Premium Percentage) set out in the COFACE Premium
                                                           Letter.

 

		(e)	The COFACE Agent will only be notified
                                                           of the actual amount of the COFACE Premium and actual COFACE Premium
                                                           Rate on the date of final issuance of the COFACE Insurance Policy.
                                                           Following receipt of the COFACE Insurance Policy, the COFACE Agent
                                                           shall promptly notify the Borrower of the actual amount of the COFACE
                                                           Premium and actual COFACE Premium Rate. If the actual amount of the
                                                           COFACE Premium is greater than the estimated amount set out in the
                                                           COFACE Premium Letter, the Borrower shall be obliged to make payment
                                                           of the actual amount of the COFACE Premium. The Borrower acknowledges
                                                           that the obligation to pay the COFACE Premium related to this Agreement
                                                           is absolute and unconditional and paragraph (c) above shall continue
                                                           to apply in respect of all additional amounts.

 

		(f)	On each Utilisation Date an amount
                                                           equal to the COFACE Premium Percentage of the amount of the relevant
                                                           Loan to be made for the purposes referred to in Clause 3.1(b) (Purpose)
                                                           (the COFACE Premium Proportional Amount) shall be paid by the
                                                           COFACE Agent (on behalf of the Borrower, who irrevocably authorises
                                                           the COFACE Agent to make such payments in order to fulfil the Borrower's
                                                           obligations under paragraph (c) above), to COFACE for application in
                                                           payment of the COFACE Premium, and there shall be a deemed Loan in
                                                           an amount equal to the COFACE Premium Proportional Amount without the
                                                           need for a Utilisation Request (but subject to all other terms and
                                                           conditions as if a Utilisation Request had been made). For the avoidance
                                                           of doubt, if the Total Tranche A Commitments and/or Total Tranche B
                                                           Commitments would otherwise be exceeded by application of this Clause,
                                                           then this Clause shall only apply to the extent that the Total Tranche
                                                           A Commitments and/or Total Tranche B Commitments (as the case may be)
                                                           would not be so exceeded, and the Borrower's obligation under paragraph
                                                           (c) above shall continue to apply in respect of all additional amounts.

 

		(g)	The Borrower acknowledges that the
                                                           COFACE Premium is not refundable for any reason whatsoever except with
                                                           the specific approval of COFACE.

 

		(h)	Notwithstanding the above, a minimum
                                                           premium, as of the date of this Agreement, in an amount equal to the
                                                           Dollar equivalent of one thousand five hundred and fifteen Euros (€1,515)
                                                           shall be paid to COFACE by the Borrower in respect of the COFACE Insurance
                                                           Policy upon the execution of the relevant COFACE Insurance Policy.
                                                           Such amounts shall remain the property of COFACE and is accordingly
                                                           payable by the Borrower to COFACE in any event.

 

    	57
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

  

		2.6	Obligors' Agent

 

		(a)	Each Obligor (other than the Borrower)
                                                           by its execution of this Agreement or an Accession Deed irrevocably
                                                           appoints the Borrower to act on its behalf as its agent in relation
                                                           to the Finance Documents and irrevocably authorises:

 

		(i)	the Borrower on its behalf to supply
                                                               all information concerning itself contemplated by this Agreement
                                                               to the Finance Parties and to give all notices and instructions,
                                                               to execute on its behalf any Accession Deed, to make such agreements
                                                               and to effect the relevant amendments, supplements and variations
                                                               capable of being given, made or effected by any Obligor notwithstanding
                                                               that they may affect the Obligor, without further reference to
                                                               or the consent of that Obligor; and

 

		(ii)	each Finance Party to give any
                                                                notice, demand or other communication to that Obligor pursuant
                                                                to the Finance Documents to the Borrower,

 

and in each
case the Obligor shall be bound as though the Obligor itself had given the notices and instructions (including, without limitation,
any Utilisation Requests) or executed or made the agreements or effected the amendments, supplements or variations, or received
the relevant notice, demand or other communication.

 

		(b)	Every act, omission, agreement, undertaking,
                                                           settlement, waiver, amendment, supplement, variation, notice or other
                                                           communication given or made by the Borrower or given to the Borrower
                                                           under any Finance Document on behalf of another Obligor or in connection
                                                           with any Finance Document (whether or not known to any other Obligor
                                                           and whether occurring before or after such other Obligor became an
                                                           Obligor under any Finance Document) shall be binding for all purposes
                                                           on that Obligor as if that Obligor had expressly made, given or concurred
                                                           with it. In the event of any conflict between any notices or other
                                                           communications of the Borrower and any other Obligor, those of the
                                                           Borrower shall prevail.

 

		3.	Purpose

 

		3.1	Purpose

 

The Borrower
shall apply all amounts borrowed by it under the Facility towards:

 

		(a)	reimbursing amounts paid in respect
                                                               of COFACE Eligible Content under the Authorization to Proceed only
                                                               in respect of invoices paid in cash to the Supplier from the Borrower's
                                                               own funds prior to (and not after) the Initial CP Satisfaction
                                                               Date; or

 

		(b)	as the case may be, payment to
                                                               COFACE, the Supplier or the Lenders,

 

in each case,
to finance:

 

		(i)	up to 85% of COFACE Eligible Content;

 

		(ii)	the payment of up to 100% of the
                                                                COFACE Premium; and/or

 

		(iii)	up to 100% of IDC,

 

up to a maximum
aggregate amount equal to the Total Commitments.

 

    	58
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

  

		3.2	Monitoring

 

No Finance
Party is bound to monitor or verify the application of any amount borrowed pursuant to this Agreement.

 

		4.	Conditions of Utilisation

 

		4.1	Initial conditions precedent

 

The Lenders
will only be obliged to comply with Clause 5.4 (Lenders' participation) in relation to any Utilisation if on or before the Utilisation
Date for that Utilisation, the COFACE Agent has received all of the documents and other evidence listed in Part 1 of Schedule
2 (Conditions Precedent) in form and substance satisfactory to the COFACE Agent. The COFACE Agent shall notify the Borrower and
the Lenders promptly upon being so satisfied.

 

		4.2	Further conditions precedent

 

Subject to
Clause 4.1 (Initial conditions precedent), the Lenders will only be obliged to comply with Clause 5.4 (Lenders' participation)
if on the date of the Utilisation Request and on the proposed Utilisation Date:

 

		(a)	no Default is continuing or would
                                                               result from the proposed Utilisation;

 

		(b)	the representations and warranties
                                                               which are then to be made or deemed to be repeated by each Obligor
                                                               under Clause 20.29(b) (Times when representations made) are true
                                                               in all material respects;

 

		(c)	the making of the Loan would not
                                                               cause the Total Commitments to be exceeded;

 

		(d)	the Borrower has paid any amount
                                                               payable under Clause 2.5 (COFACE Premium) to the COFACE Agent in
                                                               full (or such amount will be paid in full pursuant to Clause 2.5(e)
                                                               (COFACE Premium) with the proceeds of the Loans being requested);

 

		(e)	the COFACE Agent is satisfied that:

 

		(i)	the COFACE Insurance Policy is (or,
                                                             in the case of the initial Loans only, will be immediately upon payment
                                                             of the relevant COFACE Premium Proportional Amount) in full force
                                                             and effect;

 

		(ii)	the credit insurance cover under
                                                              the COFACE Insurance Policy has been issued (or, in the case of
                                                              the first Loan only, will be issued immediately upon payment of
                                                              the relevant COFACE Premium Proportional Amount) on terms covering
                                                              political and commercial risks extending to ninety-five (95) per
                                                              cent. of the Loans (including the proposed Loan) and IDC Component
                                                              interest thereon; and

 

		(iii)	all conditions of the COFACE Insurance
                                                               Policy and the relevant credit insurance cover have been (or will
                                                               have been immediately upon payment of the relevant COFACE Premium
                                                               Proportional Amount) fulfilled;

 

		(f)	the COFACE Agent has not received
                                                               a notice from COFACE requesting the Lenders to suspend the making
                                                               of the Loan (or, if the COFACE Agent has received such a notice,
                                                               that notice has been withdrawn);

 

		(g)	the Lenders are not required by
                                                               the terms of the COFACE Insurance Policy to suspend the making
                                                               of the Loan;

 

    	59
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

  

		(h)	in the case of any Loan requested
                                                               in relation to any payment made or to be made to the Supplier under
                                                               the Satellite Supply Contract or any reimbursement to the Borrower
                                                               for any payment made to the Supplier under the Authorization to
                                                               Proceed, the COFACE Agent has received evidence from the Supplier
                                                               in form and substance satisfactory to the COFACE Agent that the
                                                               corresponding Down Payment has been paid in full by the Borrower
                                                               from resources other than the Facility;

 

		(i)	the amount standing to the credit
                                                               of the Debt Service Reserve Account is not less than the then applicable
                                                               Required DSRA Balance;

 

		(j)	the COFACE Agent has received such
                                                               other documents, certifications, or other evidence as the COFACE
                                                               Agent acting on the instructions of COFACE may reasonably require
                                                               with respect to the Borrower or in connection with any Finance
                                                               Document, the Satellite Supply Contract or the COFACE Insurance
                                                               Policy, provided that the request for such other document, certification
                                                               or evidence is made within a reasonable time prior to the relevant
                                                               Utilisation Date.

 

		4.3	Maximum number of Utilisation Requests

 

The Borrower
may not deliver more than four Utilisation Requests in any 30-day period.

 

		5.	Utilisation – Loans

 

		5.1	Delivery of a Utilisation Request

 

The Borrower
may utilise the Facility by delivery to the COFACE Agent of a duly completed Utilisation Request not later than the Specified
Time (provided, for the avoidance of doubt, that no Utilisation Request shall be required in respect of Loans required to fund
the COFACE Premium pursuant to Clause 2.5(e) (COFACE Premium) or IDC).

 

		5.2	Completion of a Utilisation Request
                                                           for Loans

 

Each Utilisation
Request is irrevocable and will not be regarded as having been duly completed unless:

 

		(a)	it identifies the purpose for which
                                                               the Facility is to be utilised;

 

		(b)	the proposed Loans are allocated
                                                               pro rata between Tranche A and Tranche B (provided that
                                                               this restriction shall cease to apply when there are no further
                                                               Available Commitments under one Tranche, to the extent that Available
                                                               Commitments remain under the other Tranche);

 

		(c)	the proposed Utilisation Date is
                                                               a Business Day within the Availability Period;

 

		(d)	the amount of the Utilisation complies
                                                               with Clause 5.3 (Currency and amount); and

 

		(e)	the Supplier or the Borrower, as
                                                               the case may be, attaches to the Utilisation Request all relevant
                                                               documents required to be provided as per the form for that Utilisation
                                                               Request, each in form and substance satisfactory to the COFACE
                                                               Agent; and

 

		(f)	the Utilisation Request is executed
                                                               by a person duly authorised to do so on behalf of the Borrower.

 

		5.3	Currency and amount

 

		(a)	The currency specified in a Utilisation
                                                           Request must be Dollars.

 

    	60
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

  

		(b)	The amount of the proposed Utilisation
                                                           must be a minimum of $2,000,000 or, if less, the Available Facility.

 

		(c)	The COFACE Agent shall promptly, and
                                                           in any event no later than the Specified Time, notify each Lender of
                                                           the amount of the relevant Loan, the amount of its participation in
                                                           the relevant Loan, the account for such purpose and other information
                                                           contained in the Utilisation Request.

 

		5.4	Lenders' participation

 

		(a)	If the conditions set out in this Agreement
                                                           have been met, each Lender shall make its participation in each Loan
                                                           available by the Utilisation Date through its Facility Office.

 

		(b)	The amount of each Lender's participation
                                                           in each Loan under a Tranche will be equal to the proportion borne
                                                           by its Available Commitment under that Tranche to the Available Facility
                                                           in respect of that Tranche immediately prior to making the Loan.

 

		(c)	Each Loan under the Facility (other
                                                           than a deemed Loan made pursuant to Clause 2.5(e) (COFACE Premium)
                                                           or Clause 10.3 (Capitalisation during construction)) will be made available
                                                           by the Lenders:

 

		(i)	to the Borrower (in the case of
                                                               a Loan to be made for the purposes of reimbursing amounts paid
                                                               in respect of COFACE Eligible Content under the Authorization to
                                                               Proceed only); or

 

		(ii)	to the Supplier on behalf of the
                                                                Borrower by the COFACE Agent crediting the proceeds of the Loan
                                                                to the account specified in the relevant Utilisation Request.

 

		(d)	The Borrower acknowledges that any
                                                           amounts credited the Supplier or the Borrower itself under paragraph
                                                           (c) above and each deemed Loan made pursuant to Clause 2.5(e) (COFACE
                                                           Premium) or Clause 10.3 (Capitalisation during construction) shall
                                                           constitute a Loan for the purposes of this Agreement.

 

		(e)	The Borrower further acknowledges that
                                                           no Finance Party has any obligation to verify or ensure the genuineness
                                                           or accuracy of the attachments to any Utilisation Request submitted
                                                           by the Borrower or the Supplier.

 

		5.5	Cancellation of Commitment

 

		(a)	The Commitments which, at that time,
                                                           are unutilised shall be immediately cancelled at the end of the Availability
                                                           Period.

 

		(b)	If the Initial CP Satisfaction Date
                                                           has not occurred on or prior to the date falling 4 months after the
                                                           Signing Date (the CP Longstop Date), the Commitments shall be
                                                           immediately cancelled on the CP Longstop Date.

 

		5.6	Responsibility

 

		(a)	The COFACE Agent and the Lenders shall
                                                           not be responsible for any delay in the making of any Loan resulting
                                                           from any requirement or request for the delivery of information, documents,
                                                           certifications or other evidence pursuant to Clause 4.2(h) or 4.2(j).

 

		(b)	The COFACE Agent shall not be responsible
                                                           for examining the documents:

 

		(i)	provided pursuant to Clause 4.1
                                                               or 4.2;

 

		(ii)	included with or attached to any
                                                                Utilisation Request; or

 

    	61
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

  

		(iii)	otherwise provided to it under
                                                                 the Finance Documents,

 

except to
ascertain that they appear on their face to be in compliance with the requirements of the Finance Documents. For the purpose of
this Clause, appear on their face has the meaning ascribed to it in the latest version of the Uniform Customs and Practice
for Documentary Credits of the International Chamber of Commerce (at present the latest version being ICC Publication UCP 600
– 2007 version).

 

		6.	Repayment

 

		6.1	Generally

 

		(a)	The Borrower shall repay the Loans
                                                           under each Tranche in full in fourteen (14) consecutive semi-annual
                                                           instalments, each of which shall be equal to the percentage of the
                                                           highest of the aggregate amounts of Loans outstanding on each date
                                                           on or prior to the last day of the Availability Period, as set out
                                                           in the table below:

  

	Repayment Date	 	Repayment Instalment	 
	 	 	 	 	 
	First Repayment Date	 	 	1.00	%
	 	 	 	 	 
	Repayment Date falling 6 months after the First Repayment Date	 	 	3.75	%
	 	 	 	 	 
	Repayment Date falling 12 months after the First Repayment Date	 	 	3.75	%
	 	 	 	 	 
	Repayment Date falling 18 months after the First Repayment Date	 	 	7.50	%
	 	 	 	 	 
	Repayment Date falling 24 months after the First Repayment Date	 	 	7.50	%
	 	 	 	 	 
	Repayment Date falling 30 months after the First Repayment Date	 	 	8.50	%
	 	 	 	 	 
	Repayment Date falling 36 months after the First Repayment Date	 	 	8.50	%
	 	 	 	 	 
	Repayment Date falling 42 months after the First Repayment Date	 	 	8.50	%
	 	 	 	 	 
	Repayment Date falling 48 months after the First Repayment Date	 	 	8.50	%
	 	 	 	 	 
	Repayment Date falling 54 months after the First Repayment Date	 	 	8.50	%
	 	 	 	 	 
	Repayment Date falling 60 months after the First Repayment Date	 	 	8.50	%
	 	 	 	 	 
	Repayment Date falling 66 months after the First Repayment Date	 	 	8.50	%
	 	 	 	 	 
	Repayment Date falling 72 months after the First Repayment Date	 	 	8.50	%
	 	 	 	 	 
	Final Maturity Date	 	 	8.50	%

 

		(b)	The first Repayment Instalment must
                                                           be paid on the First Repayment Date and subsequent Repayment Instalments
                                                           must be paid on each Repayment Date thereafter. The final Repayment
                                                           Instalment must be paid on the Final Maturity Date, and any Repayment
                                                           Instalment that would otherwise fall beyond the Final Maturity Date
                                                           shall be deemed to fall on the Final Maturity Date. For the avoidance
                                                           of doubt, each Repayment Instalment shall be applied pro rata
                                                           in repayment of each Tranche.

 

    	62
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

  

		(c)	As soon as practicable after the earlier
                                                           of the date on which the Total Commitments have been utilised in full
                                                           and the date of expiry of the Availability Period, the COFACE Agent
                                                           shall provide to the Borrower a schedule, substantially in the form
                                                           set out in the table above, of the actual Repayment Instalments which
                                                           are to be paid by the Borrower.

 

		(d)	The Borrower may not reborrow any part
                                                           of the Facility which is repaid.

 

		6.2	Promissory Notes

 

		(a)	The Borrower undertakes to deliver
                                                           to the COFACE Agent, prior to the Initial CP Satisfaction Date:

 

		(i)	a Promissory Note of Principal
                                                               left in blank for each Tranche in respect of each Repayment Instalment
                                                               (being 14 Promissory Notes of Principal for each Tranche), each
                                                               such Promissory Note of Principal to be completed pursuant to the
                                                               Joint Interest Mandate in an amount equal to the amount of the
                                                               relevant Repayment Instalment (to be determined in accordance with
                                                               the schedule of Repayment Instalments provided by the COFACE Agent
                                                               pursuant to paragraph (c) of Clause 6.1) and having a maturity
                                                               date which is the same as the Repayment Date for the relevant Repayment
                                                               Instalment; and

 

		(ii)	a Promissory Note of Interest
                                                                left in blank for each Tranche in respect of each Interest Payment
                                                                Date falling after the Starting Point of Repayment (being 14 Promissory
                                                                Notes of Interest for each Tranche), each such Promissory Note
                                                                of Interest to be completed pursuant to the Joint Interest Mandate
                                                                in an amount equal to the aggregate amount payable (or, in the
                                                                case of Tranche B, estimated to be payable) in respect of the
                                                                Margin plus the Base Rate on the relevant Interest Payment Date
                                                                (to be determined in accordance with the schedule of Repayment
                                                                Instalments provided by the COFACE Agent pursuant to paragraph
                                                                (c) of Clause 6.1 and, in the case of Tranche B, using the
                                                                LIBOR rate applicable on such date) and having a maturity date
                                                                which is the same as the relevant Interest Payment Date,

 

together with
the Joint Interest Mandate.

 

		(b)	The COFACE Agent shall complete and/or
                                                           modify (as the case may be) each Promissory Note in accordance with
                                                           the irrevocable instructions contained in the Joint Interest Mandate.

 

		(c)	Upon payment in full (either on the
                                                           relevant Repayment Date or Interest Payment Date (as applicable) or
                                                           following acceleration) of the amount represented by any Promissory
                                                           Note (by way of remittance or otherwise), such Promissory Note shall,
                                                           subject (if such Promissory Note has been delivered to COFACE) to COFACE
                                                           returning such Promissory Note to the COFACE Agent, be returned by
                                                           the COFACE Agent to the Borrower within 5 Business Days with the mention
                                                           "fully paid".

 

		(d)	Each Promissory Note and the rights
                                                           of the holders thereof will be governed by French law and all obligations
                                                           resulting from the application of French law are specifically acknowledged
                                                           and accepted by the Borrower.

 

		(e)	The COFACE Agent agrees that it shall
                                                           not endorse, transfer, assign or otherwise dispose of any Promissory
                                                           Note to any person other than:

 

		(i)	COFACE; or

 

		(ii)	any successor COFACE Agent appointed
                                                                pursuant to Clause 27.14 (Resignation of the COFACE Agent).

 

		(f)	The holder of the Promissory Note is
                                                           expressly exempted from the requirement to protest any Promissory Note.

 

    	63
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

  

		6.3	Effect of cancellation and prepayment
                                                           on scheduled repayments and reductions

 

If the Borrower
cancels the whole or any part of the Commitments in accordance with Clause 7.2 (Voluntary cancellation) or Clause 7.4 (Right
of cancellation and repayment in relation to a single Lender) or if the Commitment of any Lender is reduced under Clause 7.1
(Illegality) or if any of the Loans are prepaid in accordance with this Agreement, then the amount of the Repayment Instalment
for each Repayment Date falling after that cancellation or prepayment (as applicable) will reduce in inverse chronological order
by the amount cancelled or the amount of the Loan prepaid (as applicable).

 

		7.	Illegality, Voluntary Prepayment and
                                                          Cancellation

 

		7.1	Illegality

 

If it becomes
unlawful in any applicable jurisdiction for a Lender to perform any of its obligations as contemplated by this Agreement or to
fund, issue or maintain its participation in any Utilisation:

 

		(a)	that Lender shall promptly notify
                                                               the COFACE Agent upon becoming aware of that event;

 

		(b)	upon the COFACE Agent notifying
                                                               the Borrower, the Commitment of that Lender will be immediately
                                                               cancelled; and

 

		(c)	the Borrower shall repay that Lender's
                                                               participation in the Utilisations made to the Borrower on the last
                                                               day of the Interest Period for each Utilisation occurring after
                                                               the COFACE Agent has notified the Borrower or, if earlier, the
                                                               date specified by the Lender in the notice delivered to the COFACE
                                                               Agent (being no earlier than the last day of any applicable grace
                                                               period permitted by law).

 

		7.2	Voluntary cancellation

 

		(a)	Subject to paragraph (b) below, the
                                                           Borrower may, if it gives the COFACE Agent not less than 20 Business
                                                           Days' (or such shorter period as the Majority Lenders may agree) prior
                                                           notice, cancel the whole or any part (being a minimum amount of $5,000,000)
                                                           of the Available Facility. Any cancellation under this Clause 7.2 shall
                                                           reduce the Commitments of the Lenders rateably under each Tranche.

 

		(b)	Except as otherwise approved by the
                                                           Majority Lenders, prior to 31 January 2016 no partial voluntary cancellation
                                                           is permitted. From 31 January 2016 to NEXT System Completion, any voluntary
                                                           cancellation pursuant to this clause shall be subject to the conditions
                                                           that:

 

		(i)	the first [***]
                                                               Satellites have been successfully constructed and launched
                                                               by 31 January 2016 and the Technical Adviser certifies to the Lenders
                                                               that there are no delays to achieving NEXT System Completion on
                                                               or around the Scheduled Completion Date other than delays permitted
                                                               or approved pursuant to the terms of this Agreement; and

 

		(ii)	the Borrower certifies to the
                                                                Lenders (in form and substance reasonably satisfactory to the
                                                                COFACE Agent) that:

 

		(A)	it has sufficient resources available
                                                             to it to achieve NEXT System Completion by the NEXT System Completion
                                                             Longstop Date (on the basis of an updated Business Plan taking into
                                                             account the current [***]
                                                             as validated by the Technical Adviser); and

 

		(B)	it is not aware (after due enquiry
                                                             with the Technical Adviser, TAS and the Launch Services Provider)
                                                             of any present or anticipated future delays in the implementation
                                                             of the NEXT System (other than as permitted under the Satellite Supply
                                                             Contract and the Launch Services Contract).

 

    	64
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

  

		7.3	Voluntary prepayment

 

		(a)	Subject to paragraph (b) below, the
                                                           Borrower may, if it gives the COFACE Agent not less than 20 Business
                                                           Days' (or such shorter period as the Majority Lenders may agree) prior
                                                           notice, prepay the whole or any part of the Loans (but, if in part,
                                                           being a minimum amount of $10,000,000). Any prepayment under this Clause
                                                           7.3 shall be applied pro rata in prepayment of each Tranche.

 

		(b)	Except as otherwise approved by the
                                                           Majority Lenders, prior to 31 January 2016 no partial voluntary prepayment
                                                           is permitted. From 31 January 2016 to NEXT System Completion, any voluntary
                                                           prepayment pursuant to this clause shall be subject to the conditions
                                                           that:

 

		(i)	the first [***]
                                                               Satellites have been successfully constructed and launched
                                                               by 31 January 2016 and the Technical Adviser certifies to the Lenders
                                                               that there are no delays to achieving NEXT System Completion on
                                                               or around the Scheduled Completion Date other than delays permitted
                                                               or approved pursuant to the terms of this Agreement; and

 

		(ii)	the Borrower certifies to the
                                                                Lenders (in form and substance reasonably satisfactory to the
                                                                COFACE Agent) that:

 

		(A)	it has sufficient resources available
                                                             to it to achieve NEXT System Completion by the NEXT System Completion
                                                             Longstop Date (on the basis of an updated Business Plan taking into
                                                             account the current [***]
                                                             as validated by the Technical Adviser); and

 

		(B)	it is not aware (after due enquiry
                                                             with the Technical Adviser, TAS and the Launch Services Provider)
                                                             of any present or anticipated future delays in the implementation
                                                             of the NEXT System (other than as permitted under the Satellite Supply
                                                             Contract and the Launch Services Contract).

 

The conditions
in paragraphs (i) and (ii) above will cease to apply following NEXT System Completion and, at all times thereafter, the Borrower
shall be permitted to prepay the whole or any part of any Loan in accordance with paragraph (a) above.

 

		7.4	Right of cancellation and repayment
                                                           in relation to a single Lender

 

		(a)	If:

 

		(i)	any sum payable to any Lender by
                                                               an Obligor is required to be increased under paragraph (c)
                                                               of Clause 14.2 (Tax gross-up); or

 

		(ii)	any Lender claims indemnification
                                                                from the Borrower or an Obligor under Clause 14.3 (Tax indemnity)
                                                                or Clause 15.1 (Increased costs),

 

the Borrower
may, whilst the circumstance giving rise to the requirement for that increase or indemnification continues, give the COFACE Agent
notice (if such circumstances relate to a Lender) of cancellation of the Commitment of that Lender and its intention to procure
the repayment of that Lender's participation in the Utilisations.

 

		(b)	On receipt of a notice referred to
                                                           in paragraph (a) above in relation to a Lender, the Commitment of that
                                                           Lender shall immediately be reduced to zero.

 

		(c)	On the last day of each Interest Period
                                                           which ends after the Borrower has given notice under paragraph (a)
                                                           above in relation to a Lender (or, if earlier, the date specified by
                                                           the Borrower in that notice), the Borrower shall repay that Lender's
                                                           participation in that Utilisation together with all interest and other
                                                           amounts accrued under the Finance Documents.

 

    	65
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

  

		8.	Mandatory Prepayment

 

		8.1	Exit

 

Upon the occurrence
of:

 

		(a)	any Delisting;

 

		(b)	a Change of Control; or

 

		(c)	the Disposal of all or substantially
                                                               all of the assets of the NEXT Group whether in a single transaction
                                                               or a series of related transactions,

 

the Facility
will be cancelled and all outstanding Utilisations, together with accrued interest, and all other amounts accrued under the Finance
Documents, shall become immediately due and payable.

 

		8.2	Insurance, Capital Raising and Expropriation
                                                           Proceeds

 

The Borrower
shall prepay Utilisations in the following amounts at the times and in the order of application contemplated by Clause 8.4
(Application of mandatory prepayments):

 

		(a)	the amount of Insurance Proceeds
                                                               (other than Excluded Insurance Proceeds) in excess of $10,000,000;

 

		(b)	the amount (if any) of Excess Launch
                                                               Insurance Proceeds and Relevant Launch Insurance Proceeds;

 

		(c)	the amount equal to 50% of Capital
                                                               Raising Proceeds (other than Excluded Capital Raising Proceeds);

 

		(d)	the amount of any Expropriation
                                                               Proceeds; and

 

		(e)	the amount of any Aireon Proceeds.

 

		8.3	Launch Insurance Proceeds

 

		(a)	As soon as practicable following receipt
                                                           by any member of the NEXT Group of any Launch Insurance Proceeds in
                                                           respect of a Satellite, the Borrower shall provide to the COFACE Agent
                                                           and the Technical Adviser a written proposal to apply such proceeds
                                                           towards the purchase, launch and insurance of a replacement Satellite.
                                                           If:

 

		(i)	the proposal provides for the Launch
                                                               Insurance Proceeds to be allocated first to purchase
                                                               new Satellites from TAS with French content satisfactory to COFACE,
                                                               secondly to purchase new launches, and thirdly
                                                               to purchase new Launch Insurance (and, for the avoidance
                                                               of doubt, the foregoing priority shall apply in respect of the
                                                               allocation of Launch Insurance Proceeds but not the timing of the
                                                               actual payment thereof); and

 

		(ii)	the Technical Adviser certifies
                                                                to the Lenders that the proposal:

 

		(A)	will not prevent NEXT System Completion
                                                             occurring, and

 

		(B)	is compatible with achieving NEXT
                                                             System Completion,

 

prior to the
NEXT System Completion Long-Stop Date,

 

it shall be
an Acceptable Launch Insurance Proposal, and any remaining amount of Launch Insurance Proceeds following the allocations
in paragraph (i) shall be Excess Launch Insurance Proceeds.

 

    	66
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

  

		(b)	On or prior to the date falling 12
                                                           months after receipt by a member of the NEXT Group of any Launch Insurance
                                                           Proceeds, the Borrower shall provide to the COFACE Agent copies of
                                                           the contractual arrangements for the implementation of the Acceptable
                                                           Launch Insurance Proposal in respect of the purchase of new Satellites
                                                           and new launches, each in form and substance reasonably satisfactory
                                                           to the COFACE Agent (the Re-Launch Contracts) and, on or prior
                                                           to the date falling 18 months after receipt by a member of the NEXT
                                                           Group of any Launch Insurance Proceeds, the Borrower shall provide
                                                           to the COFACE Agent copies of the contractual arrangements for the
                                                           implementation of the Acceptable Launch Insurance Proposal in respect
                                                           of the purchase of new Launch Insurance.

 

		(c)	On the date falling 12 months after
                                                           receipt by an Obligor of any Launch Insurance Proceeds, if the COFACE
                                                           Agent has not received both:

 

		(i)	an Acceptable Launch Insurance
                                                               Proposal (including the relevant certification from the Technical
                                                               Adviser); and

 

		(ii)	the Re-Launch Contracts in respect
                                                                of such Acceptable Launch Insurance Proposal,

 

those Launch
Insurance Proceeds shall be deemed to be Relevant Launch Insurance Proceeds.

 

		8.4	Application of mandatory prepayments

 

		(a)	Unless the Borrower makes an election
                                                           under paragraph (c) below, the Borrower shall prepay Loans at the following
                                                           times:

 

		(i)	in the case of any prepayment relating
                                                               to the amounts of Insurance Proceeds or Expropriation Proceeds
                                                               or Aireon Proceeds, promptly upon receipt of those proceeds;

 

		(ii)	in the case of any prepayment
                                                                relating to the amounts of Excess Launch Insurance Proceeds, promptly
                                                                upon receipt by the COFACE Agent of an Acceptable Launch Insurance
                                                                Proposal (including the relevant certification from the Technical
                                                                Adviser) pursuant to paragraph 8.3(a) above;

 

		(iii)	in the case of any prepayment
                                                                 relating to the amounts of Relevant Launch Insurance Proceeds,
                                                                 on the date falling 12 months after receipt by any member of
                                                                 the NEXT Group of those Launch Insurance Proceeds;

 

		(iv)	in the case of any prepayment
                                                                relating to an amount of Capital Raising Proceeds:

 

		(A)	within 10 days of delivery pursuant
                                                             to Clause 21.2 (Provision and contents of Compliance Certificate)
                                                             of the Compliance Certificate in respect of the Calculation Period
                                                             in which such amounts are received; and

 

		(B)	in respect of any amounts not applied
                                                             in accordance with the certificate provided pursuant to Clause 8.6
                                                             (Excluded proceeds) below, on the date falling 12 months after receipt
                                                             by an Obligor of such amounts.

 

		(b)	A prepayment under Clause 8.2 (Insurance,
                                                           Capital Raising and Expropriation Proceeds) or 8.3 (Launch Insurance
                                                           Proceeds) shall be applied pro rata in prepayment of each Tranche and
                                                           the amount of the Repayment Instalment for each Repayment Date falling
                                                           after the date of prepayment will reduce in the manner contemplated
                                                           by Clause 6.3 (Effect of cancellation and prepayment on scheduled repayments
                                                           and reductions).

 

    	67
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

  

		(c)	Subject to paragraph (d) below, the
                                                           Borrower may elect that any prepayment under Clause 8.2 (Insurance,
                                                           Capital Raising and Expropriation Proceeds) be applied in prepayment
                                                           of a Loan on the last day of the Interest Period relating to that Loan.
                                                           If the Borrower makes that election then a proportion of the Loan equal
                                                           to the amount of the relevant prepayment will be due and payable on
                                                           the last day of its Interest Period.

 

		(d)	If the Borrower has made an election
                                                           under paragraph (c) above but a Default has occurred and is continuing,
                                                           that election shall no longer apply and a proportion of the Loan in
                                                           respect of which the election was made equal to the amount of the relevant
                                                           prepayment shall be immediately due and payable (unless the Majority
                                                           Lenders otherwise agree in writing).

 

		8.5	Mandatory Prepayment Account

 

		(a)	The Borrower shall ensure that:

 

		(i)	Launch Insurance Proceeds are paid
                                                               directly by the relevant insurer to the Security Agent or into
                                                               the Mandatory Prepayment Account; and

 

		(ii)	Insurance Proceeds (other than
                                                                Launch Insurance Proceeds), Capital Raising Proceeds and Expropriation
                                                                Proceeds in respect of which the Borrower has made an election
                                                                under paragraph (c) of Clause 8.4 (Application of mandatory prepayments)
                                                                are paid into the Mandatory Prepayment Account as soon as reasonably
                                                                practicable after receipt by a member of the NEXT Group.

 

The Borrower
irrevocably authorises the COFACE Agent to apply amounts credited to the Mandatory Prepayment Account to pay amounts due and payable
under Clause 8.4 (Application of mandatory prepayments) and otherwise under the Finance Documents. The Borrower further irrevocably
authorises the COFACE Agent to apply any amounts credited to the Mandatory Prepayment Account in respect of Launch Insurance Proceeds
(other than Excess Launch Insurance Proceeds and Relevant Launch Insurance Proceeds) in or towards payments under the Re-Launch
Contracts or in respect of the purchase of new Launch Insurance as and when such payments fall due.

 

		(b)	A Lender, Security Agent or COFACE
                                                           Agent with which a Mandatory Prepayment Account is held acknowledges
                                                           and agrees that such account is subject to the Transaction Security.

 

		8.6	Excluded proceeds

 

Where Excluded
Insurance Proceeds and Excluded Capital Raising Proceeds include amounts which are intended to be used or committed to be used
for a specific purpose within a specified period (as set out in the relevant definition of Excluded Insurance Proceeds and Excluded
Capital Raising Proceeds), the Borrower shall, promptly following receipt of such amounts, deliver a certificate to the COFACE
Agent, executed by an authorized officer of the Borrower, certifying that no Default or Event of Default has occurred and is continuing
and that the Borrower (directly or indirectly through a Subsidiary) intends and expects to apply such (a) Excluded Insurance Proceeds
towards the replacement, reinstatement or repair of assets or (b) Excluded Capital Raising Proceeds towards the payment of Capital
Expenditure in respect of the NEXT System, as the case may be, in each case within the period referred to in the relevant definition
of Excluded Insurance Proceeds or Excluded Capital Raising Proceeds. The Borrower shall promptly deliver a certificate to the
COFACE Agent at the end of such period confirming the amount (if any) which has been so applied within the requisite time periods
provided for in the relevant definition.

 

    	68
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    
 

 

		9.	Restrictions

 

		9.1	Notices of Cancellation or Prepayment

 

Any notice
of cancellation, prepayment, authorisation or other election given by any Party under Clause 7 (Illegality, Voluntary Prepayment
and Cancellation), paragraph (c) of Clause 8.4 (Application of mandatory prepayments) or Clause 8.5 (Mandatory Prepayment Account)
shall (subject to the terms of those Clauses) be irrevocable and, unless a contrary indication appears in this Agreement, shall
specify the date or dates upon which the relevant cancellation or prepayment is to be made and the amount of that cancellation
or prepayment.

 

		9.2	Interest and other amounts

 

Any prepayment
under this Agreement shall be made together with accrued interest on the amount prepaid and, subject to any Break Costs, without
premium or penalty.

 

		9.3	No reborrowing

 

The Borrower
may not reborrow any part of the Facility which is prepaid.

 

		9.4	Prepayment in accordance with Agreement

 

The Borrower
shall not repay or prepay all or any part of the Utilisations or cancel all or any part of the Commitments except at the times
and in the manner expressly provided for in this Agreement.

 

		9.5	COFACE Agent's receipt of Notices

 

If the COFACE
Agent receives a notice under Clause 7 (Illegality, Voluntary Prepayment and Cancellation) or an election under paragraph (c)
of Clause 8.4 (Application of mandatory prepayments), it shall promptly forward a copy of that notice or election to either the
Borrower or the affected Lender, as appropriate.

 

		9.6	Prepayment elections

 

The COFACE
Agent shall notify the Lenders as soon as possible of any proposed prepayment of any Loan under Clause 7.3 (Voluntary prepayment)
or Clause 8.2 (Insurance, Capital Raising and Expropriation Proceeds).

 

		9.7	Costs incurred by and indemnity to
                                                           the Lenders and/or the French Authorities

 

		(a)	The Borrower acknowledges that:

 

		(i)	in order to make the Facility available
                                                               to the Borrower at the fixed rate, the Lenders and the French Authorities
                                                               have entered into an interest make-up arrangement;

 

		(ii)	in connection with such interest
                                                                make-up arrangement, it is the policy of the French Authorities
                                                                to enter into hedging arrangements or to cause hedging arrangements
                                                                to be entered into with third parties, in order to protect themselves
                                                                from adverse movements in interest and exchange rates; and

 

    	69
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

 

		(iii)	it is accordingly reasonable
                                                                 for the Lenders and the French Authorities to rely upon the continuance
                                                                 of the Facility made available hereunder according to its original
                                                                 profile when such hedging procedure was implemented, on the assumption
                                                                 that all amounts of principal and interest payable by the Borrower
                                                                 under the Facility will be received on their due dates.

 

		(b)	Accordingly, the Borrower irrevocably
                                                           agrees that:

 

		(i)	the Borrower shall (to the extent
                                                               paid or payable by the COFACE Agent or any Lender) reimburse to
                                                               the COFACE Agent, upon demand, all costs, expenses and indemnities
                                                               which any Lender may incur under applicable interest make-up arrangements
                                                               with the French Authorities in connection with any partial or total
                                                               prepayment of the Facility of whatever nature, whether voluntary
                                                               or mandatory or by acceleration, pursuant to any of the provisions
                                                               of this Agreement; and

 

		(ii)	under such arrangements, the amount
                                                                of any indemnity so payable is to be determined in agreement with
                                                                the French Authorities and will be calculated as specified hereafter.

 

		(c)	The amount of the indemnity payable
                                                           by the Borrower under paragraph (b) of this Clause 9.7 (Costs incurred
                                                           by and indemnity to the Lenders and/or the French Authorities) is to
                                                           be determined by taking into account the differential between the contractual
                                                           interest rate applicable to the Facility and the prevailing market
                                                           replacement rate for the amount of each instalment of principal to
                                                           be prepaid and each of those rate differentials will be applied to
                                                           the amount of the corresponding instalment of principal to be prepaid
                                                           for the period from the date of such prepayment until the originally
                                                           scheduled Repayment Date. The amount resulting from the determination
                                                           of the indemnity pursuant to this paragraph (c) above shall then be
                                                           discounted at the corresponding market replacement rate and where the
                                                           total of the discounted amounts thus obtained is negative, no indemnity
                                                           shall be payable to the Borrower.

 

		(d)	The Borrower acknowledges and agrees
                                                           that the amounts payable under this Clause 9.7 (Costs incurred by and
                                                           indemnity to the Lenders and/or the French Authorities) are in addition
                                                           to all amounts payable by it under Clause 12.4 (Break Costs) with respect
                                                           to any prepayment or any other amount payable under this Agreement.

 

		9.8	Effect of Repayment and Prepayment
                                                           on, and cancellation of, Commitments

 

If all or
part of a Utilisation under the Facility is repaid or prepaid and is not available for reborrowing (other than by operation of
Clause 4.2 (Further conditions precedent)), an amount of the Commitments (equal to the amount of the Utilisation which is repaid
or prepaid) in respect of the Facility will be deemed to be cancelled on the date of repayment or prepayment. Any cancellation
under this Clause 9.8 shall reduce the Commitments of the Lenders rateably under each Tranche. No amount of the Total Commitments
cancelled under this Agreement may be subsequently reinstated.

 

		10.	Interest

 

		10.1	Calculation of interest

 

The rate of
interest on each Loan for each Interest Period is the percentage rate per annum which is the aggregate of the applicable:

 

		(a)	Margin;

 

		(b)	Base Rate; and

 

		(c)	Mandatory Cost, if any.

 

    	70
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

 

		10.2	Payment of interest

 

Except where
it is provided to the contrary in this Agreement and subject to Clause 10.3 (Capitalisation during construction) below, the Borrower
shall pay accrued interest on each Loan on each Interest Payment Date.

 

		10.3	Capitalisation during construction

 

On the last
day of each Interest Period relating to a Loan which ends during the Availability Period but on or prior to the Starting Point
of Repayment, all of the IDC Component of interest accrued on that Loan during such Interest Period shall be capitalised (subject
to the Total Commitments for the relevant Tranche not being exceeded), with the result that:

 

		(a)	(without double counting) there
                                                               shall be a deemed Loan under the Tranche to which that Loan relates
                                                               in an amount equal to the aggregate amount of the relevant IDC
                                                               Component of such interest so capitalised without the need for
                                                               a Utilisation Request (but subject to all other terms and conditions
                                                               as if a Utilisation Request had been made);

 

		(b)	the duration of each Interest Period
                                                               for each Loan in relation to such capitalised interest shall be
                                                               determined in accordance with Clause 11 (Interest Periods); and

 

		(c)	the amount of interest so capitalised
                                                               shall be treated as paid.

 

For the avoidance
of doubt, if the Total Tranche A Commitments and/or Total Tranche B Commitments would otherwise be exceeded by application of
this Clause, then this Clause shall only apply to the extent that the Total Tranche A Commitments and/or Total Tranche B Commitments
(as the case may be) would not be so exceeded, and the Borrower's obligation to pay accrued interest pursuant to Clause 10.2 (Payment
of interest) shall continue to apply in respect of all amounts of accrued interest remaining uncapitalised.

 

		10.4	Default interest

 

		(a)	Interest shall accrue on each Unpaid
                                                           Sum from its due date up to the date of actual payment (both before
                                                           and after judgment) at a rate which is 2.00% higher than the rate which
                                                           would have been payable if the Unpaid Sum had, during the period of
                                                           non-payment, constituted a Tranche A Loan or a Tranche B Loan (as applicable
                                                           and based upon whether the Unpaid Sum is owed to a Lender under Tranche
                                                           A or Tranche B of the Facility) for successive Interest Periods, each
                                                           of a duration selected by the COFACE Agent (acting reasonably). Any
                                                           interest accruing under this Clause 10.4 shall be immediately payable
                                                           by the Obligor on demand by the COFACE Agent.

 

		(b)	Default interest (if unpaid) arising
                                                           on an Unpaid Sum will be compounded with the Unpaid Sum at the end
                                                           of each Interest Period applicable to that Unpaid Sum but will remain
                                                           immediately due and payable.

 

		10.5	Notification of rates of interest

 

The COFACE
Agent shall promptly notify the Lenders and the Borrower of the determination of a rate of interest under this Agreement.

 

		11.	Interest Periods

 

		11.1	Interest Periods

 

		(a)	Each Loan has successive Interest Periods.

 

    	71
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

 

		(b)	Subject to the following provisions
                                                           of this Clause:

 

		(i)	the initial Interest Period for
                                                               a Loan will be the period from and including its Utilisation Date
                                                               to and including the next Interest Payment Date; and

 

		(ii)	each subsequent Interest Period
                                                                for a Loan will start on the expiry of the preceding Interest
                                                                Period and end on the next Interest Payment Date.

 

		(c)	An Interest Period for a Loan shall
                                                           not extend beyond the Final Maturity Date.

 

		(d)	Each Interest Period for a Loan shall
                                                           start on the Utilisation Date or (if already made) on the last day
                                                           of its preceding Interest Period.

 

		11.2	Non-Business Days

 

If an Interest
Period would otherwise end on a day which is not a Business Day, that Interest Period will instead end on the next Business Day.

 

		11.3	Consolidation

 

If two or
more Interest Periods:

 

		(a)	relate to Loans made under the
                                                               same Tranche; and

 

		(b)	end on the same date,

 

those Loans
will be consolidated into, and treated as, a single Loan on the last day of the Interest Period.

 

		12.	Changes to the Calculation of Interest

 

		12.1	Absence of quotations

 

Subject to
Clause 12.2 (Market disruption), if LIBOR is to be determined by reference to the Base Reference Banks but a Base Reference
Bank does not supply a quotation by the Specified Time on the Quotation Day, the applicable LIBOR shall be determined on the basis
of the quotations of the remaining Base Reference Banks.

 

		12.2	Market disruption

 

		(a)	If a Market Disruption Event occurs
                                                           in relation to a Loan for any Interest Period, then the COFACE Agent
                                                           shall promptly notify the Parties thereof, and (subject to any alternative
                                                           basis agreed as contemplated by Clause 12.3 (Alternative basis of interest
                                                           or funding) below) the rate of interest on each Lender's share of that
                                                           Loan for the Interest Period shall be the percentage rate per annum
                                                           which is the sum of:

 

		(i)	the Margin;

 

		(ii)	the rate notified to the COFACE
                                                                Agent by that Lender as soon as practicable and in any event by
                                                                close of business on the date falling five Business Days prior
                                                                to the date on which interest is due to be paid in respect of
                                                                that Interest Period, to be that which expresses as a percentage
                                                                rate per annum:

 

    	72
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

 

		(A)	in the case of Tranche A, the aggregate
                                                             of CIRR and any additional cost to that Lender of procuring funds
                                                             to be made available to the Borrower at the CIRR rate in relation
                                                             to that Loan; and

 

		(B)	in the case of Tranche B, the cost
                                                             to that Lender of funding its participation in that Loan,

 

from whatever
source it may reasonably select; and

 

		(iii)	the Mandatory Cost, if any, applicable
                                                                 to that Lender's participation in the Loan.

 

		(b)	If:

 

		(i)	the percentage rate per annum notified
                                                               by a Lender pursuant to paragraph (a)(ii) above is less than the
                                                               relevant Base Rate; or

 

		(ii)	a Lender has not notified the
                                                                COFACE Agent of a percentage rate per annum pursuant to paragraph (a)(ii)
                                                                above,

 

the cost to
that Lender of funding its participation in that Loan for that Interest Period shall be deemed, for the purposes of paragraph
(a) above, to be the relevant Base Rate.

 

		(c)	In this Agreement:

 

Market
Disruption Event means:

 

		(i)	solely in respect of Tranche B
                                                               Loans, at or about noon on the Quotation Day for the relevant Interest
                                                               Period the Screen Rate is not available and none or only one of
                                                               the Base Reference Banks supplies a rate to the COFACE Agent to
                                                               determine LIBOR for the relevant Interest Period; or

 

		(ii)	before close of business in London
                                                                on the Quotation Day for the relevant Interest Period, the COFACE
                                                                Agent receives notifications from a Lender or Lenders (whose participations
                                                                in Loans exceed 331⁄3% of the Loans) that the cost to it of:

 

		(A)	in the case of Tranche A, procuring
                                                             funds to be made available to the Borrower at the CIRR rate; or

 

		(B)	in the case of Tranche B, funding
                                                             its participation in the Loans,

 

from whatever
source it may reasonably select would be in excess of LIBOR.

 

		12.3	Alternative basis of interest or funding

 

		(a)	If a Market Disruption Event occurs
                                                           and the COFACE Agent or the Borrower so requires, the COFACE Agent
                                                           and the Borrower shall enter into negotiations (for a period of not
                                                           more than 30 days) with a view to agreeing a substitute basis
                                                           for determining the rate of interest.

 

		(b)	Any alternative basis agreed pursuant
                                                           to paragraph (a) above shall, with the prior consent of all the Lenders
                                                           and the Borrower, be binding on all Parties.

 

		12.4	Break Costs

 

		(a)	The Borrower shall, within three Business
                                                           Days of demand by a Finance Party, pay to that Finance Party its Break
                                                           Costs attributable to all or any part of a Loan or Unpaid Sum being
                                                           paid by the Borrower on a day other than the Interest Payment Date
                                                           or the last day of an Interest Period for that Loan or Unpaid Sum.

 

    	73
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

 

		(b)	Each Lender shall, as soon as reasonably
                                                           practicable after a demand by the COFACE Agent, provide a certificate
                                                           confirming the amount of its Break Costs for any Interest Period in
                                                           which they accrue.

 

		13.	Fees

 

		13.1	Commitment fee

 

		(a)	The Borrower shall pay to the COFACE
                                                           Agent (for the account of each Lender) a fee computed at the rate of
                                                           0.80% per annum on that Lender's Available Commitment.

 

		(b)	The commitment fee accrues on a daily
                                                           basis from the Signing Date on the daily average undrawn and uncancelled
                                                           Commitments (on the actual number of days elapsed, including the first
                                                           and excluding the last days of the period), and the accrued commitment
                                                           fee is payable on the last day of each successive period of six Months
                                                           which ends during the Availability Period, on the last day of the Availability
                                                           Period and on the cancelled amount of the relevant Lender's Commitment
                                                           at the time the cancellation is effective.

 

		13.2	Arrangement/up-front fee

 

The Borrower
shall pay to each Mandated Lead Arranger and Bookrunner and each Lead Arranger an arrangement fee or up-front fee in the amount
and at the times agreed between the Borrower and each such Administrative Party in the relevant Fee Letter.

 

		13.3	Agency fee

 

The Borrower
shall pay to the COFACE Agent (for its own account) an agency fee in the amount and at the times agreed in a Fee Letter.

 

		13.4	Security Agent fee

 

The Borrower
shall pay to the Security Agent (for its own account) the Security Agent fee in the amount and at the times agreed in a Fee Letter.

 

		14.	Tax Gross Up and Indemnities

 

		14.1	Definitions

 

In this Agreement:

 

Excluded
Taxes means, with respect to any Finance Party or any other recipient of any payment to be made by or on account of any obligation
of an Obligor hereunder, (a) income or franchise taxes imposed on (or measured by) its net income by the United States of America,
or by the jurisdiction under the laws of which such recipient is organized, in which its principal office is located or, in the
case of any Lender, in which its Facility Office is located, or in which it is engaged in business (other than any business in
which such person is deemed to engage solely by reason of the transactions contemplated by this Agreement and the other Finance
Documents or enforcement of rights hereunder or thereunder), (b) any branch profits taxes imposed by the United States of America
or any similar tax imposed by any other jurisdiction in which an Obligor is located, or (c) any Taxes imposed under Sections 1471
through 1474 of the Code and any regulations thereunder or official interpretations thereof.

 

    	74
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

 

Qualifying
Lender means, in respect of payments of Interest made by or on behalf of a U.S. Borrower, each Lender that is:

 

		(a)	a United States person that supplies
                                                               to the COFACE Agent for transmission to the Obligor making such
                                                               payments two original copies of IRS Form W-9 (or any successor
                                                               form) either directly or under cover of IRS Form W-8IMY (or any
                                                               successor form) certifying its status as a United States person;

 

		(b)	a Lender eligible for the benefits
                                                               of a tax treaty with the United States of America that supplies
                                                               to the COFACE Agent for transmission to the Obligor making such
                                                               payments two original copies of IRS Form W-8BEN (or any successor
                                                               form) either directly or under cover of IRS Form W-8IMY (or any
                                                               successor form) certifying its entitlement to receive such payments
                                                               without any deduction or withholding in respect of United States
                                                               federal income Taxes under such tax treaty;

 

		(c)	entitled to receive such payments
                                                               without deduction or withholding of any United States federal income
                                                               Taxes as a result of such payments being effectively connected
                                                               with the conduct by such Lender of a trade or business within the
                                                               United States that supplies to the COFACE Agent for transmission
                                                               to the Obligor making such payments two original copies of IRS
                                                               Form W-8ECI (or any successor form) either directly or under cover
                                                               of IRS Form W-8IMY (or any successor form) certifying that such
                                                               payments are effectively connected with the conduct by that Lender
                                                               of a trade or business within the United States;

 

		(d)	entitled to receive such payments
                                                               without deduction or withholding of any United States federal income
                                                               Taxes under the "portfolio interest" exemption under
                                                               Section 881(c) of the Code that supplies to the COFACE Agent for
                                                               transmission to the Obligor making such payments two original copies
                                                               of IRS Form W-8BEN (or any successor form) either directly or under
                                                               cover of IRS Form W-8IMY (or any successor form) claiming exemption
                                                               from withholding in respect of such payments under the portfolio
                                                               interest exemption, along with a statement certifying that such
                                                               Lender (A) is not a "bank" for purposes of Section 881(c)(3)(A)
                                                               of the Code, (B) is not a "10 - percent shareholder"
                                                               of the relevant US Borrower within the meaning of Section 881(c)(3)(B)
                                                               of the Code and (C) is not a "controlled foreign corporation"
                                                               described in Section 881(c)(3)(C) of the Code with respect to which
                                                               the relevant U.S. Borrower is a "United States shareholder";

 

		(e)	entitled to receive such payments
                                                               without deduction or withholding of any United States federal income
                                                               Taxes under another applicable exemption that supplies to the COFACE
                                                               Agent for transmission to the Obligor making such payments two
                                                               original copies of such other applicable form prescribed by the
                                                               IRS certifying as to such Lender's entitlement to exemption from
                                                               United States withholding Tax with respect to such payments; or

 

		(f)	an Original Lender acting through
                                                               a Facility Office resident for tax purposes in Italy;

 

and for purposes
of this paragraph, in the case of a Lender that is not treated as the beneficial owner of the payment (or a portion thereof) under
the Code, the term "Lender" shall mean the person who is so treated as the beneficial owner of the payment (or portion
thereof).

 

Unless a contrary
indication appears, in this Clause 14 a reference to determines or determined means a determination made in the
absolute discretion of the person making the determination.

 

		14.2	Tax gross-up

 

		(a)	Each Obligor shall make all payments
                                                           to be made by it without any Tax Deduction, unless a Tax Deduction
                                                           is required by law.

 

    	75
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

 

		(b)	The Borrower shall promptly upon becoming
                                                           aware that an Obligor must make a Tax Deduction (or that there is any
                                                           change in the rate or the basis of a Tax Deduction) notify the COFACE
                                                           Agent accordingly. Similarly, a Lender shall notify the COFACE Agent
                                                           on becoming so aware in respect of a payment payable to that Lender.
                                                           If the COFACE Agent receives such notification from a Lender it shall
                                                           notify the Borrower and that Obligor.

 

		(c)	If a Tax Deduction is required by law
                                                           to be made by an Obligor, the amount of the payment due from that Obligor
                                                           shall be increased to an amount which (after making any Tax Deduction)
                                                           leaves an amount equal to the payment which would have been due if
                                                           no Tax Deduction had been required.

 

		(d)	A payment shall not be increased under
                                                           paragraph (c) above by reason of a Tax Deduction on account of (i)
                                                           any Excluded Tax, or (ii) any Tax imposed by the U.S., if on the date
                                                           on which the payment falls due, the payment could have been made to
                                                           the relevant Lender without a Tax Deduction if the Lender had been
                                                           a Qualifying Lender, but on that date that Lender is not or has ceased
                                                           to be a Qualifying Lender other than as a result of any change after
                                                           the date it became a Lender under this Agreement in (or in the interpretation,
                                                           administration, or application of) any law or treaty or any published
                                                           practice or published concession of any relevant taxing authority.

 

		(e)	If an Obligor is required to make a
                                                           Tax Deduction, that Obligor shall make that Tax Deduction and any payment
                                                           required in connection with that Tax Deduction within the time allowed
                                                           and in the minimum amount required by law.

 

		(f)	Within 30 days of making either a Tax
                                                           Deduction or any payment required in connection with that Tax Deduction,
                                                           the Obligor making that Tax Deduction shall deliver to the COFACE Agent
                                                           for the Finance Party entitled to the payment evidence reasonably satisfactory
                                                           to that Finance Party that the Tax Deduction has been made or (as applicable)
                                                           any appropriate payment paid to the relevant taxing authority.

 

		14.3	Tax indemnity

 

		(a)	The Borrower shall within three Business
                                                           Days of demand by the COFACE Agent pay to a Protected Party an amount
                                                           equal to the loss, liability or cost which that Protected Party determines
                                                           will be or has been (directly or indirectly) suffered for or on account
                                                           of Tax by that Protected Party in respect of a Finance Document.

 

		(b)	Paragraph (a) above shall not apply:

 

		(i)	with respect to any Excluded Tax
                                                               assessed on a Finance Party; or

 

		(ii)	to the extent a loss, liability
                                                                or cost:

 

		(A)	is compensated for by an increased
                                                             payment under Clause 14.2 (Tax gross-up); or

 

		(B)	would have been compensated for by
                                                             an increased payment under Clause 14.2 (Tax gross-up) but was not
                                                             so compensated solely because one of the exclusions in paragraph
                                                             (d) of Clause 14.2 (Tax gross-up) applied.

 

		(c)	A Protected Party making, or intending
                                                           to make a claim under paragraph (a) above shall promptly notify the
                                                           COFACE Agent of the event which will give, or has given, rise to the
                                                           claim, following which the COFACE Agent shall notify the Borrower.

 

		(d)	A Protected Party shall, on receiving
                                                           a payment from an Obligor under this Clause 14.3, notify the COFACE
                                                           Agent.

 

    	76
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

 

		14.4	Tax Credit

 

If an Obligor
makes a Tax Payment and the relevant Finance Party determines that:

 

		(a)	a Tax Credit is attributable either
                                                               to an increased payment of which that Tax Payment forms part or
                                                               to that Tax Payment; and

 

		(b)	that Finance Party has obtained,
                                                               utilised and retained that Tax Credit,

 

the Finance
Party shall pay an amount to the Obligor which that Finance Party determines will leave it (after that payment) in the same after-Tax
position as it would have been in had the Tax Payment not been required to be made by the Obligor.

 

		14.5	Stamp taxes

 

The Borrower
shall pay and, within three Business Days of demand and provision of supporting documentation, indemnify each Secured Party and
Administrative Party against any cost, loss or liability that Secured Party or Administrative Party incurs in relation to all
stamp duty, registration and other similar Taxes payable in respect of any Finance Document.

 

		14.6	VAT

 

		(a)	All amounts set out or expressed in
                                                           a Finance Document to be payable by any Party to a Finance Party which
                                                           (in whole or in part) constitute the consideration for a supply or
                                                           supplies for VAT purposes shall be deemed to be exclusive of any VAT
                                                           which is chargeable on such supply or supplies, and accordingly, subject
                                                           to paragraph (b) below, if VAT is or becomes chargeable on any supply
                                                           made by any Finance Party to any Party under a Finance Document, that
                                                           Party shall pay to the Finance Party (in addition to and at the same
                                                           time as paying any other consideration for such supply) an amount equal
                                                           to the amount of such VAT (and such Finance Party shall promptly provide
                                                           an appropriate VAT invoice to such Party).

 

		(b)	If VAT is or becomes chargeable on
                                                           any supply made by any Finance Party (the Supplier Party) to
                                                           any other Finance Party (the Recipient) under a Finance Document,
                                                           and any Party other than the Recipient (the Subject Party) is
                                                           required by the terms of any Finance Document to pay an amount equal
                                                           to the consideration for such supply to the Supplier Party (rather
                                                           than being required to reimburse the Recipient in respect of that consideration),
                                                           such Party shall also pay to the Supplier Party (in addition to and
                                                           at the same time as paying such amount) an amount equal to the amount
                                                           of such VAT. The Recipient will promptly pay to the Subject Party an
                                                           amount equal to any credit or repayment obtained by the Recipient from
                                                           the relevant tax authority which the Recipient reasonably determines
                                                           is in respect of such VAT.

 

		(c)	Where a Finance Document requires any
                                                           Party to reimburse or indemnify a Finance Party for any cost or expense,
                                                           that Party shall reimburse or indemnify (as the case may be) such Finance
                                                           Party for the full amount of such cost or expense, including such part
                                                           thereof as represents VAT, save to the extent that such Finance Party
                                                           reasonably determines that it is entitled to credit or repayment in
                                                           respect of such VAT from the relevant tax authority.

 

		(d)	Any reference in this Clause 14.6 to
                                                           any Party shall, at any time when such Party is treated as a member
                                                           of a group for VAT purposes, include (where appropriate and unless
                                                           the context otherwise requires) a reference to the representative member
                                                           of such group at such time (the term "representative member"
                                                           to have the same meaning as in the Value Added Tax Act 1994).

 

    	77
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

 

		15.	Increased Costs

 

		15.1	Increased costs

 

		(a)	Subject to Clause 15.3 (Exceptions)
                                                           the Borrower shall, within three Business Days of a demand by the COFACE
                                                           Agent, pay for the account of a Finance Party the amount of any Increased
                                                           Costs incurred by that Finance Party or any of its Affiliates as a
                                                           result of (i) the introduction of or any change in (or in the interpretation,
                                                           administration or application of) any law or regulation or (ii) compliance
                                                           with any law or regulation made after the date of this Agreement.

 

		(b)	In this Agreement Increased Costs
                                                           means:

 

		(i)	a reduction in the rate of return
                                                               from the Facility or on a Finance Party's (or its Affiliate's)
                                                               overall capital;

 

		(ii)	an additional or increased cost;
                                                                or

 

		(iii)	a reduction of any amount due
                                                                 and payable under any Finance Document,

 

which is incurred
or suffered by a Finance Party or any of its Affiliates to the extent that it is attributable to that Finance Party having entered
into its Commitment or funding or performing its obligations under any Finance Document.

 

		15.2	Increased cost claims

 

		(a)	A Finance Party intending to make a
                                                           claim pursuant to Clause 15.1 (Increased costs) shall notify the COFACE
                                                           Agent of the event giving rise to the claim, following which the COFACE
                                                           Agent shall promptly notify the Borrower.

 

		(b)	Each Finance Party shall, as soon as
                                                           practicable after a demand by the COFACE Agent, provide a certificate
                                                           confirming the amount of its Increased Costs.

 

		15.3	Exceptions

 

Clause 15.1
(Increased costs) does not apply to the extent any Increased Cost is:

 

		(a)	attributable to a Tax Deduction
                                                               required by law to be made by an Obligor;

 

		(b)	compensated for by Clause 14.3
                                                               (Tax indemnity) (or would have been compensated for under Clause
                                                               14.3 (Tax indemnity) but was not so compensated solely because
                                                               any of the exclusions in paragraph (b) of Clause 14.3 (Tax
                                                               indemnity) applied);

 

		(c)	compensated for by the payment
                                                               of the Mandatory Cost;

 

		(d)	attributable to the wilful breach
                                                               by the relevant Finance Party or its Affiliates of any law or regulation;
                                                               or

 

		(e)	attributable to the implementation
                                                               or application of or compliance with the “International Convergence
                                                               of Capital Measurement and Capital Standards, a Revised Framework”
                                                               published by the Basel Committee on Banking Supervision in June
                                                               2004 in the form existing on the date of this Agreement (Basel
                                                               II) or any other law or regulation which implements Basel II
                                                               (whether such implementation, application or compliance is by a
                                                               government, regulator, Finance Party or any of its Affiliates).

 

    	78
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

 

		16.	Other Indemnities

 

		16.1	Currency indemnity

 

		(a)	U.S. Dollars is the currency of account
                                                           and payment for any sum due from an Obligor under any Finance Document
                                                           (except for any payment in respect of costs, expenses or Taxes which
                                                           shall be made in the currency in which the costs, expenses or Taxes
                                                           are incurred). If any sum due from an Obligor under the Finance Documents
                                                           (a Sum), or any order, judgment or award given or made in relation
                                                           to a Sum, has to be converted from the currency (the First Currency)
                                                           in which that Sum is payable into another currency (the Second Currency)
                                                           for the purpose of:

 

		(i)	making or filing a claim or proof
                                                               against that Obligor; or

 

		(ii)	obtaining or enforcing an order,
                                                                judgment or award in relation to any litigation or arbitration
                                                                proceedings,

 

that Obligor
shall as an independent obligation, within three Business Days of demand, indemnify each Administrative Party and each other Secured
Party to whom that Sum is due against any cost, loss or liability arising out of or as a result of the conversion including any
discrepancy between (A) the rate of exchange used to convert that Sum from the First Currency into the Second Currency and (B)
the rate or rates of exchange available to that person at the time of its receipt of that Sum.

 

		(b)	Each Obligor waives any right it may
                                                           have in any jurisdiction to pay any amount under the Finance Documents
                                                           in a currency or currency unit other than that in which it is expressed
                                                           to be payable.

 

		16.2	Other indemnities

 

		(a)	The Borrower shall (or the Parent shall
                                                           procure that an Obligor will), within three Business Days of demand,
                                                           indemnify each Administrative Party and each other Secured Party against
                                                           any cost, loss or liability incurred by it as a result of:

 

		(i)	the occurrence of any Event of
                                                               Default;

 

		(ii)	a failure by an Obligor to pay
                                                                any amount due under a Finance Document on its due date, including
                                                                without limitation, any cost, loss or liability arising as a result
                                                                of Clause 29 (Sharing Among the Finance Parties);

 

		(iii)	funding, or making arrangements
                                                                 to fund, its participation in a Utilisation requested by the
                                                                 Borrower in a Utilisation Request but not made by reason of the
                                                                 operation of any one or more of the provisions of this Agreement
                                                                 (other than by reason of default or negligence by that Finance
                                                                 Party alone);

 

		(iv)	a Utilisation (or part of a Utilisation)
                                                                not being prepaid in accordance with a notice of prepayment given
                                                                by the Borrower.

 

		(b)	The Borrower shall promptly indemnify
                                                           each Finance Party, each Affiliate of a Finance Party and each officer
                                                           or employee of a Finance Party or its Affiliate, against any cost,
                                                           loss or liability incurred by that Finance Party or its Affiliate (or
                                                           officer or employee of that Finance Party or Affiliate) in connection
                                                           with or arising out of the Facility or the funding of the NEXT System
                                                           (including but not limited to those incurred in connection with any
                                                           litigation, arbitration or administrative proceedings or regulatory
                                                           enquiry concerning the Facility), unless such loss or liability is
                                                           caused by the gross negligence or wilful misconduct of that Finance
                                                           Party or its Affiliate (or employee or officer of that Finance Party
                                                           or Affiliate). Any Affiliate or any officer or employee of a Finance
                                                           Party or its Affiliate may rely on this Clause 16.2 subject to Clause
                                                           1.3 (Third party rights) and the provisions of the Third Parties Act.

 

    	79
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

 

		16.3	Indemnity to the COFACE Agent

 

The Borrower
shall promptly indemnify the COFACE Agent against any cost, loss or liability incurred by the COFACE Agent (acting reasonably)
as a result of:

 

		(a)	investigating any event which it
                                                               reasonably believes is a Default; or

 

		(b)	acting or relying on any notice,
                                                               request or instruction which it reasonably believes to be genuine,
                                                               correct and appropriately authorised.

 

		16.4	Indemnity to the Security Agent and
                                                            U.S. Collateral Agent

 

		(a)	Each Obligor shall promptly indemnify
                                                           the Security Agent and the U.S. Collateral Agent and every Receiver
                                                           and Delegate against any cost, loss or liability incurred by any of
                                                           them as a result of:

 

		(i)	the taking, holding, protection
                                                               or enforcement of the Transaction Security,

 

		(ii)	the exercise of any of the rights,
                                                                powers, discretions and remedies vested in the Security Agent,
                                                                the U.S. Collateral Agent and each Receiver and Delegate by the
                                                                Finance Documents or by law; or

 

		(iii)	any default by any Obligor in
                                                                 the performance of any of the obligations expressed to be assumed
                                                                 by it in the Finance Documents.

 

		(b)	The Security Agent and the U.S. Collateral
                                                           Agent may, in priority to any payment to the Secured Parties, indemnify
                                                           itself out of the Charged Property in respect of, and pay and retain,
                                                           all sums necessary to give effect to the indemnity in this Clause 16.4
                                                           and shall have a lien on the Transaction Security and the proceeds
                                                           of the enforcement of the Transaction Security for all monies payable
                                                           to it.

 

		17.	Mitigation by the Lenders

 

		17.1	Mitigation

 

		(a)	Each Finance Party shall, in consultation
                                                           with the Borrower, take all reasonable steps to mitigate any circumstances
                                                           which arise and which would result in any amount becoming payable under
                                                           or pursuant to, or cancelled pursuant to, any of Clause 7.1 (Illegality),
                                                           Clause 14 (Tax Gross Up and Indemnities) or Clause 15 (Increased
                                                           Costs) or paragraphs 3 and 4 (as applicable) of Schedule 7 (Mandatory
                                                           Cost Formula) including (but not limited to) transferring its rights
                                                           and obligations under the Finance Documents to another Affiliate or
                                                           Facility Office.

 

		(b)	Paragraph (a) above does not in any
                                                           way limit the obligations of any Obligor under the Finance Documents.

 

		17.2	Limitation of liability

 

		(a)	The Borrower shall promptly indemnify
                                                           each Finance Party for all costs and expenses reasonably incurred by
                                                           that Finance Party as a result of steps taken by it under Clause 17.1
                                                           (Mitigation).

 

		(b)	A Finance Party is not obliged to take
                                                           any steps under Clause 17.1 (Mitigation) if, in the opinion of that
                                                           Finance Party (acting reasonably), to do so might be prejudicial to
                                                           it.

 

    	80
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

 

		18.	Costs and Expenses

 

		18.1	Transaction expenses

 

The Borrower
shall promptly upon demand pay to each Administrative Party the amount of all out-of-pocket costs and expenses (including legal
fees) reasonably incurred by any of them (and, in the case of the Security Agent or the U.S. Collateral Agent, by any Receiver
or Delegate) in connection with the negotiation, preparation, printing, execution and perfection of:

 

		(a)	this Agreement and any other documents
                                                               referred to in this Agreement and the Transaction Security; and

 

		(b)	any other Finance Documents executed
                                                               after the date of this Agreement.

 

Any such claims
for costs and expenses incurred by a Finance Party pursuant to this Clause 18.1 (Transaction expenses) shall be accompanied by
reasonable supporting documentation and evidence in respect thereof.

 

		18.2	Amendment costs

 

If (a) an
Obligor requests an amendment, waiver or consent or (b) an amendment is required pursuant to Clause 30.8 (Change of currency),
the Borrower shall, within three Business Days of demand, reimburse each of the COFACE Agent, the Security Agent and the U.S.
Collateral Agent for the amount of all out-of-pocket costs and expenses (including legal fees) reasonably incurred by the COFACE
Agent, the Security Agent and the U.S. Collateral Agent (and, in the case of the Security Agent or the U.S. Collateral Agent,
by any Receiver or Delegate) in responding to, evaluating, negotiating or complying with that request or requirement.

 

Any such claims
for costs and expenses incurred by a Finance Party pursuant to this Clause 18.2 (Amendment costs) shall be accompanied by reasonable
supporting documentation and evidence in respect thereof.

 

		18.3	Enforcement and preservation costs

 

The Borrower
shall, within three Business Days of demand, pay to each Administrative Party and each other Secured Party the amount of all out-of-pocket
costs and expenses (including legal fees) incurred by it in connection with the enforcement of or the preservation of any rights
under any Finance Document and the Transaction Security and any proceedings instituted by or against the Security Agent or the
U.S. Collateral Agent as a consequence of taking or holding the Transaction Security or enforcing these rights.

 

		18.4	Advisers

 

		(a)	Following consultation with (or at
                                                           the request of) the Borrower and with the prior approval of the Majority
                                                           Lenders, the COFACE Agent may:

 

		(i)	to the extent it reasonably determines
                                                               necessary, appoint additional advisers to act on behalf of the
                                                               Finance Parties in relation to the Facility (provided that
                                                               the Borrower has given its prior approval with respect to the amount
                                                               of fees payable to any such additional adviser); and

 

		(ii)	if any Adviser resigns or its
                                                                appointment otherwise ceases or is terminated, appoint a replacement
                                                                Adviser if it reasonably determines that such replacement is necessary
                                                                (provided that any fees payable to such replacement Adviser
                                                                shall be substantially consistent with the fees paid to the resigning
                                                                or terminated Adviser).

 

    	81
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

 

		(b)	The Borrower must pay to the COFACE
                                                           Agent the amount of all out-of-pocket costs and expenses (including
                                                           legal fees) reasonably incurred by the COFACE Agent in connection with
                                                           any appointment under this Clause.

 

		(c)	If the Majority Lenders are unable
                                                           to agree on the appointment of a replacement Adviser within 10 days
                                                           of notification to them by the COFACE Agent of alternative advisers,
                                                           the COFACE Agent may appoint any replacement Adviser as it thinks fit.

 

		(d)	The Borrower must co-operate in good
                                                           faith with each Adviser. If the Borrower is required to supply any
                                                           information to the COFACE Agent under this Agreement and the COFACE
                                                           Agent so requests, the Borrower must supply a copy of that information
                                                           to each Adviser.

 

		(e)	Subject to paragraph (a) above and
                                                           Clause 18.5 (Limitation on reimbursement of advisers’ fees),
                                                           the Borrower must pay to the COFACE Agent the amount of all fees, costs
                                                           and expenses (including any value added tax) payable by the COFACE
                                                           Agent to any Adviser.

 

		18.5	Limitation on reimbursement of advisers’
                                                            fees

 

For the purposes
of this Clause 18 (Costs and Expenses), the Borrower shall only be required to reimburse the fees of one law firm in each relevant
jurisdiction, one tax adviser in each relevant jurisdiction, one technical adviser, one commercial adviser and one insurance adviser
for the Finance Parties (other than the Security Agent, the U.S. Collateral Agent and the Account Bank which may appoint their
own legal counsel).

 

		19.	Guarantee and Indemnity

 

		19.1	Guarantee and indemnity

 

Each Guarantor
irrevocably and unconditionally jointly and severally:

 

		(a)	guarantees to each Finance Party
                                                               punctual performance by each other Obligor of all that Obligor's
                                                               obligations under the Finance Documents;

 

		(b)	undertakes with each Finance Party
                                                               that whenever another Obligor does not pay any amount when due
                                                               under or in connection with any Finance Document, that Guarantor
                                                               shall immediately on demand pay that amount as if it was the principal
                                                               obligor; and

 

		(c)	agrees with each Finance Party
                                                               that if any obligation guaranteed by it is or becomes unenforceable,
                                                               invalid or illegal, it will, as an independent and primary obligation,
                                                               indemnify that Finance Party immediately on demand against any
                                                               cost, loss or liability it incurs as a result of an Obligor not
                                                               paying any amount which would, but for such unenforceability, invalidity
                                                               or illegality, have been payable by it under any Finance Document
                                                               on the date when it would have been due. The amount payable by
                                                               a Guarantor under this indemnity will not exceed the amount it
                                                               would have had to pay under this Clause 19 if the amount claimed
                                                               had been recoverable on the basis of a guarantee.

 

		19.2	Continuing Guarantee

 

This guarantee
is a continuing guarantee and will extend to the ultimate balance of sums payable by any Obligor under the Finance Documents,
regardless of any intermediate payment or discharge in whole or in part.

 

    	82
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

 

		19.3	Reinstatement

 

If any discharge,
release or arrangement (whether in respect of the obligations of any Obligor or any security for those obligations or otherwise)
is made by a Finance Party in whole or in part on the basis of any payment, security or other disposition which is avoided or
must be restored or returned in bankruptcy, insolvency, liquidation, administration or otherwise, without limitation, then the
liability of each Guarantor under this Clause 19 will continue or be reinstated as if the discharge, release or arrangement had
not occurred.

 

		19.4	Waiver of defences

 

The obligations
of each Guarantor under this Clause 19 will not be affected by, and each Guarantor irrevocably waives any defence it may have
by virtue of, an act, omission, matter or thing which, but for this Clause 19, would reduce, release or prejudice any of its obligations
under this Clause 19 (without limitation and whether or not known to it or any Finance Party) including:

 

		(a)	any time, forbearance, waiver or
                                                               consent granted to, or composition with, any Obligor or other person;

 

		(b)	the release of any other Obligor
                                                               or any other person under the terms of any composition or arrangement
                                                               with any creditor of any member of the NEXT Group;

 

		(c)	the taking, variation, compromise,
                                                               exchange, renewal or release of, or refusal or neglect to perfect,
                                                               take up or enforce, any rights against, or security over assets
                                                               of, any Obligor or other person or any non-presentation or non-observance
                                                               of any formality or other requirement in respect of any instrument
                                                               or any failure to realise the full value of any security;

 

		(d)	any incapacity or lack of power,
                                                               authority or legal personality of or dissolution or change in the
                                                               members or status of an Obligor or any other person;

 

		(e)	any amendment, novation, supplement,
                                                               extension restatement (however fundamental and whether or not more
                                                               onerous) or replacement of a Finance Document or any other document
                                                               or security including, without limitation, any change in the purpose
                                                               of, any extension of or increase in any facility or the addition
                                                               of any new facility under any Finance Document or other document
                                                               or security;

 

		(f)	any unenforceability, illegality
                                                               or invalidity of any obligation of any person under any Finance
                                                               Document or any other document or security; or

 

		(g)	any insolvency or similar proceedings.

 

		19.5	Guarantor Intent

 

Without prejudice
to the generality of Clause 19.4 (Waiver of defences), each Guarantor expressly confirms that it intends that this guarantee shall
extend from time to time to any (however fundamental) variation, increase, extension or addition of or to any of the Finance Documents
and/or any facility or amount made available under any of the Finance Documents for the purposes of or in connection with any
of the following: business acquisitions of any nature; increasing working capital; enabling investor distributions to be made;
carrying out restructurings; refinancing existing facilities; refinancing any other indebtedness; making facilities available
to new borrowers; any other variation or extension of the purposes for which any such facility or amount might be made available
from time to time; and any fees, costs and/or expenses associated with any of the foregoing.

 

    	83
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

 

		19.6	Immediate recourse

 

Each Guarantor
waives any right it may have of first requiring any Finance Party (or any trustee or agent on its behalf) to proceed against or
enforce any other rights or security or claim payment from any person before claiming from that Guarantor under this Clause 19.
This waiver applies irrespective of any law or any provision of a Finance Document to the contrary.

 

		19.7	Appropriations

 

Until all
amounts which may be or become payable by the Obligors under or in connection with the Finance Documents have been irrevocably
paid in full, each Finance Party (or any trustee or agent on its behalf) may:

 

		(a)	refrain from applying or enforcing
                                                               any other moneys, security or rights held or received by that Finance
                                                               Party (or any trustee or agent on its behalf) in respect of those
                                                               amounts, or apply and enforce the same in such manner and order
                                                               as it sees fit (whether against those amounts or otherwise) and
                                                               no Guarantor shall be entitled to the benefit of the same; and

 

		(b)	hold in an interest-bearing suspense
                                                               account any moneys received from any Guarantor or on account of
                                                               any Guarantor's liability under this Clause 19.

 

		19.8	Deferral of Guarantors' rights

 

Until all
amounts which may be or become payable by the Obligors under or in connection with the Finance Documents have been irrevocably
paid in full and unless the COFACE Agent otherwise directs, no Guarantor will exercise any rights which it may have by reason
of performance by it of its obligations under the Finance Documents or by reason of any amount being payable, or liability arising,
under this Clause 19:

 

		(a)	to be indemnified by an Obligor;

 

		(b)	to claim any contribution from
                                                               any other guarantor of any Obligor's obligations under the Finance
                                                               Documents;

 

		(c)	to take the benefit (in whole or
                                                               in part and whether by way of subrogation or otherwise) of any
                                                               rights of the Finance Parties under the Finance Documents or of
                                                               any other guarantee or security taken pursuant to, or in connection
                                                               with, the Finance Documents by any Finance Party;

 

		(d)	to bring legal or other proceedings
                                                               for an order requiring any Obligor to make any payment, or perform
                                                               any obligation, in respect of which any Guarantor has given a guarantee,
                                                               undertaking or indemnity under Clause 19.1 (Guarantee and indemnity);

 

		(e)	to exercise any right of set-off
                                                               against any Obligor; and/or

 

		(f)	to claim or prove as a creditor
                                                               of any Obligor in competition with any Finance Party.

 

If a Guarantor
receives any benefit, payment or distribution in relation to such rights it shall hold that benefit, payment or distribution to
the extent necessary to enable all amounts which may be or become payable to the Finance Parties by the Obligors under or in connection
with the Finance Documents to be repaid in full on trust for the Finance Parties and shall promptly pay or transfer the same to
the COFACE Agent or as the COFACE Agent may direct for application in accordance with Clause 30 (Payment Mechanics).

 

    	84
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

 

		19.9	Release of Guarantors' right of contribution

 

If any Guarantor
(a Retiring Guarantor) ceases to be a Guarantor in accordance with the terms of the Finance Documents for the purpose of
any sale or other disposal of that Retiring Guarantor then on the date such Retiring Guarantor ceases to be a Guarantor:

 

		(a)	that Retiring Guarantor is released
                                                               by each other Guarantor from any liability (whether past, present
                                                               or future and whether actual or contingent) to make a contribution
                                                               to any other Guarantor arising by reason of the performance by
                                                               any other Guarantor of its obligations under the Finance Documents;
                                                               and

 

		(b)	each other Guarantor waives any
                                                               rights it may have by reason of the performance of its obligations
                                                               under the Finance Documents to take the benefit (in whole or in
                                                               part and whether by way of subrogation or otherwise) of any rights
                                                               of the Finance Parties under any Finance Document or of any other
                                                               security taken pursuant to, or in connection with, any Finance
                                                               Document where such rights or security are granted by or in relation
                                                               to the assets of the Retiring Guarantor.

 

		19.10	Additional security

 

This guarantee
is in addition to and is not in any way prejudiced by any other guarantee or security now or subsequently held by any Finance
Party.

 

		19.11	Guarantee Limitations

 

This guarantee
does not apply to any liability to the extent that it would result in this guarantee constituting unlawful financial assistance
within the meaning of sections 678 or 679 of the Companies Act 2006 or any equivalent and applicable provisions under the laws
of the jurisdiction of incorporation or organization of the relevant Guarantor and, with respect to any Additional Guarantor,
is subject to any limitations set out in the Accession Deed applicable to such Additional Guarantor.

 

		19.12	U.S. Guarantors

 

		(a)	In this Subclause:

 

		(i)	fraudulent transfer law
                                                               means any applicable United States bankruptcy and State fraudulent
                                                               transfer and conveyance statute and any related case law;

 

		(ii)	U.S. Guarantor means any
                                                                Guarantor that is a U.S. Debtor; and

 

		(iii)	terms used in this Subclause
                                                                 are to be construed in accordance with Bankruptcy Law and fraudulent
                                                                 transfer laws.

 

		(b)	Each U.S. Guarantor, and by its acceptance
                                                           of this guarantee, the COFACE Agent and each other Finance Party, hereby
                                                           confirms that it is the intention of all such parties that this guarantee
                                                           and the obligations of each U.S. Guarantor hereunder do not constitute
                                                           a fraudulent transfer or conveyance for purposes of U.S. Bankruptcy
                                                           Law and any fraudulent transfer laws to the extent applicable to this
                                                           guarantee and the obligations of the U.S. Guarantors hereunder. To
                                                           effectuate the foregoing intention, the COFACE Agent and the other
                                                           Finance Parties and each U.S. Guarantor hereby irrevocably agree that
                                                           the obligations of each U.S. Guarantor under this guarantee at any
                                                           time shall be limited to the maximum amount that will result in the
                                                           obligations of such Guarantor under this guarantee not constituting
                                                           a fraudulent transfer or conveyance.

 

		(c)	Each U.S. Guarantor acknowledges that:

 

    	85
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

 

		(i)	it will receive valuable direct
                                                               or indirect benefits as a result of the transactions financed by
                                                               the Finance Documents;

 

		(ii)	those benefits will constitute
                                                                reasonably equivalent value and fair consideration for the purpose
                                                                of any fraudulent transfer law; and

 

		(iii)	each Finance Party has acted
                                                                 in good faith in connection with the guarantee given by that
                                                                 U.S. Guarantor and the transactions contemplated by the Finance
                                                                 Documents.

 

		20.	Representations

 

		20.1	General

 

Except in
the case of Clause 20.14 (Original Financial Statements) where such representation and warranty is made solely by the Parent,
each Obligor makes the representations and warranties set out in this Clause 20 to each Finance Party for itself (and, in
the case of Clause 20.2 (Status), Clause 20.4 (Non-conflict with other obligations), Clause 20.16 (No breach of laws), Clause 20.28(a)
and (b) (Compliance with United States laws) for itself and, to the extent that the Excluded Company is at such time a Subsidiary,
on behalf of the Excluded Company, and in the case of Clause 20.19 (Security and Financial Indebtedness) and paragraph (b) of
Clause 20.6 (Validity and admissibility in evidence), for itself and on behalf of any member of the NEXT Group which is its Subsidiary).

 

		20.2	Status

 

		(a)	It is a limited liability company or
                                                           corporation, duly organized or incorporated and validly existing under
                                                           the law of its jurisdiction of organization or incorporation.

 

		(b)	It has the power to own its assets
                                                           and carry on its business as it is being conducted in all material
                                                           respects.

 

		20.3	Binding obligations

 

Subject to
the Legal Reservations:

 

		(a)	the obligations expressed to be
                                                               assumed by it in each Transaction Document to which it is a party
                                                               are legal, valid, binding and enforceable obligations; and

 

		(b)	without limiting the generality
                                                               of paragraph (a) above, each Transaction Security Document to which
                                                               it is a party creates the security interests which that Transaction
                                                               Security Document purports to create and those security interests
                                                               are valid and effective.

 

		20.4	Non-conflict with other obligations

 

The entry
into and performance by it of, and the transactions contemplated by, the Transaction Documents and the granting of the Transaction
Security do not and will not conflict with:

 

		(a)	any law or regulation applicable
                                                               to it;

 

		(b)	its constitutional documents; or

 

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

 

    	86
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

 

		20.5	Power and authority

 

		(a)	It has the power to enter into, perform
                                                           and deliver, and has taken all necessary action to authorise its entry
                                                           into, performance and delivery of, the Transaction Documents to which
                                                           it is or will be a party and the transactions contemplated by those
                                                           Transaction Documents.

 

		(b)	No limit on its powers will be exceeded
                                                           as a result of the borrowing, grant of Transaction Security or giving
                                                           of guarantees or indemnities contemplated by the Transaction Documents
                                                           to which it is a party.

 

		20.6	Validity and admissibility in evidence

 

		(a)	All Authorisations required:

 

		(i)	to enable it lawfully to enter
                                                               into, exercise its rights and comply with its obligations in the
                                                               Transaction Documents to which it is a party; and

 

		(ii)	to make the Finance Documents
                                                                to which it is a party admissible in evidence in its Relevant
                                                                Jurisdictions,

 

have been
obtained or effected and are in full force and effect except for any Authorisation not required by applicable law to be obtained
as of the date of this Agreement or (other than in respect of a Finance Document or a Material Communications Licence falling
within subparagraphs (i) or (ii) of the definition thereof) where the failure to obtain or effect would not reasonably be expected
to have a Material Adverse Effect.

 

		(b)	All Authorisations necessary for the
                                                           conduct of the business, trade and ordinary activities of members of
                                                           the NEXT Group have been obtained or effected and are in full force
                                                           and effect if failure to obtain or effect those Authorisations has
                                                           or is reasonably likely to have a Material Adverse Effect.

 

		20.7	Communication Licences

 

		(a)	Except as otherwise indicated therein,
                                                           Schedule 18 (Communications Licences) accurately and completely lists,
                                                           as of the date of this Agreement, for each member of the NEXT Group,
                                                           all Material Communications Licences (and the expiration dates thereof)
                                                           granted or assigned to any member of the NEXT Group.

 

		(b)	The Material Communications Licences
                                                           set out in Schedule 18 (Communications Licences) include all material
                                                           authorisations, licences and permits issued by the FCC or any other
                                                           Governmental Authority that are required or necessary for the operation
                                                           and the conduct of the business of the NEXT Group, as now conducted.
                                                           Each Material Communications Licence is expected to be renewed and
                                                           no Obligor has knowledge of any reason why such Material Communications
                                                           Licence would not be renewed. To the knowledge of such Obligor, each
                                                           relevant member of the NEXT Group has filed (or has obtained an extension
                                                           of time to file) or will timely file all material applications with
                                                           the FCC necessary for the business of the NEXT Group and it is not
                                                           aware of any reason why such applications should not be granted.

 

		(c)	Except as otherwise indicated therein,
                                                           each Material Communications Licence set out in Schedule 18 (Communications
                                                           Licences) is issued in the name of the member of the NEXT Group indicated
                                                           on such schedule.

 

		(d)	Each Material Communications Licence
                                                           is in full force and effect.

 

    	87
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

 

		(e)	Except for restrictions or conditions
                                                           that appear on the face of the Material Communications Licences, and
                                                           except for restrictions or conditions that pertain to the FCC Licenses
                                                           under generally applicable rules of the FCC or any other Governmental
                                                           Authority, including those pertaining to satellite and common carrier
                                                           radio licenses, no Obligor has knowledge of any restrictions or conditions
                                                           on the Material Communications Licenses that would limit in any material
                                                           respect the operation and the conduct of the business of the NEXT Group,
                                                           as now conducted.

 

		(f)	To the knowledge of such Obligor, each
                                                           licenced communications facility of the NEXT Group has been and is
                                                           being operated in all material respects in accordance with the terms
                                                           and conditions of the Communications Licence applicable to it and law
                                                           applicable generally to telecommunications activities of the type,
                                                           nature, class or location of the activities in question, including
                                                           but not limited to the Communications Act and the rules and regulations
                                                           issues thereunder.

 

		(g)	No proceedings are pending or, to the
                                                           knowledge of such Obligor, are threatened before the FCC or any other
                                                           Governmental Authority in respect of any Material Communications Licence
                                                           which could reasonably be expected to have a Material Adverse Effect.

 

		20.8	UK establishment

 

It has not
registered a UK establishment or place of business with the Registrar of Companies under the Overseas Companies Regulations 2009
or Part 23 of the Companies Act 1985.

 

		20.9	Governing law and enforcement

 

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

 

		(b)	Subject to the Legal Reservations,
                                                           any judgment obtained in relation to a Finance Document in the jurisdiction
                                                           of the governing law of that Finance Document will be recognised and
                                                           enforced in its Relevant Jurisdictions.

 

		20.10	Insolvency

 

		(a)	Each of the Parent, Iridium Holdings
                                                           LLC and the Borrower is Solvent, and no other Obligor has knowledge
                                                           that it is not Solvent.

 

		(b)	No:

 

		(i)	corporate action, legal proceeding
                                                               or other procedure or step described in paragraph (a) of Clause
                                                               24.7 (Insolvency proceedings); or

 

		(ii)	creditors' process described in
                                                                Clause 24.8 (Creditors' process),

 

has been taken
or, to the knowledge of any Obligor, threatened; and none of the circumstances described in Clause 24.6 (Insolvency) applies to
any Obligor.

 

		20.11	No filing or stamp taxes

 

Under the
laws of its Relevant Jurisdiction, it is not necessary that any stamp, registration, notarial or similar Taxes or fees be paid
on or in relation to the Finance Documents or the transactions contemplated by the Finance Documents.

 

    	88
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

 

		20.12	No default

 

		(a)	No Event of Default and, on the date
                                                           of this Agreement and the Initial CP Satisfaction Date, no Default
                                                           is continuing or is reasonably likely to result from the making of
                                                           any Utilisation or the entry into, the performance of, or any transaction
                                                           contemplated by, any Transaction Document.

 

		(b)	No other event or circumstance is outstanding
                                                           which constitutes (or, with the expiry of a grace period, the giving
                                                           of notice, the making of any determination or any combination of any
                                                           of the foregoing, would constitute) a default or termination event
                                                           (however described) under any other agreement or instrument which is
                                                           binding on it or any of its Subsidiaries or to which its (or any of
                                                           its Subsidiaries') assets are subject which has or is reasonably likely
                                                           to have a Material Adverse Effect.

 

		20.13	No misleading information

 

Save as disclosed
in writing to the COFACE Agent and the Original Lenders prior to the date of this Agreement:

 

		(a)	any factual information contained
                                                               in any Budget or Business Plan was, when taken as a whole, true
                                                               and accurate in all material respects as at the date of the relevant
                                                               report or document containing the information or (as the case may
                                                               be) as at the date the information is expressed to be given;

 

		(b)	the Base Case was and each Budget
                                                               and Business Plan has been prepared on the basis of then-recent
                                                               or, in the case of the Budget and Business Plan, recent historical
                                                               information and good faith estimates and assumptions believed to
                                                               be reasonable in light of the circumstances at the time made and,
                                                               except in the case of the Base Case and the Business Plan, have
                                                               been approved by the board of directors of the Parent (it being
                                                               understood by the Finance Parties that any such statements, estimates,
                                                               financial information or projections as they relate to future events
                                                               are not to be viewed as fact and are subject to significant uncertainties
                                                               and contingencies, many of which are beyond the control of the
                                                               NEXT Group, and that actual results during the period or periods
                                                               covered by such financial information or projections may differ
                                                               from the projected results set forth therein by a material amount
                                                               and that no representation or warranty is made that any such statements,
                                                               estimates or projections will actually be realized);

 

		(c)	other than the information described
                                                               in paragraph (b) above, all material written information provided
                                                               to a Finance Party by or on behalf of the Parent or the Borrower
                                                               in connection with the transactions contemplated by the Finance
                                                               Documents on or before the date of this Agreement and not superseded
                                                               before that date (including the NEXT Group Structure Chart) is,
                                                               when taken as a whole, accurate and not misleading in any material
                                                               respect (it being understood by the Finance Parties that any such
                                                               statements, estimates, financial information or projections as
                                                               they relate to future events contained in any such information
                                                               are not to be viewed as fact and are subject to significant uncertainties
                                                               and contingencies, many of which are beyond the control of the
                                                               NEXT Group, and that actual results during the period or periods
                                                               covered by such financial information or projections may differ
                                                               from the projected results set forth therein by a material amount
                                                               and that no representation and warranty is made that any such statements,
                                                               estimates or projections will actually be realized); and

 

		(d)	all other written information provided
                                                               by or on behalf of any Obligor to a Finance Party or to an Adviser
                                                               pursuant to this Agreement was, when taken as a whole, true, complete
                                                               and accurate in all material respects as at the date it was provided
                                                               and is not misleading in any material respect (it being understood
                                                               by the Finance Parties that any such statements, estimates, financial
                                                               information or projections as they relate to future events are
                                                               not to be viewed as fact and are subject to significant uncertainties
                                                               and contingencies, many of which are beyond the control of the
                                                               NEXT Group, and that actual results during the period or periods
                                                               covered by such financial information or projections may differ
                                                               from the projected results set forth therein by a material amount
                                                               and that no representation or warranty is made that any such statements,
                                                               estimates or projections will actually be realized).

 

    	89
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

 

		20.14	Original Financial Statements

 

Solely in
respect of the Parent:

 

		(a)	its Original Financial Statements
                                                               were prepared in accordance with the Accounting Principles consistently
                                                               applied unless expressly disclosed to the COFACE Agent in writing
                                                               to the contrary;

 

		(b)	its unaudited Original Financial
                                                               Statements fairly represent in all material respects its financial
                                                               condition and results of operations for the relevant financial
                                                               quarter unless expressly disclosed to the COFACE Agent in writing
                                                               to the contrary prior to the date of this Agreement;

 

		(c)	its audited Original Financial
                                                               Statements give a true and fair view and represent in all material
                                                               respects its financial condition and results of operations during
                                                               the relevant financial year unless expressly disclosed to the COFACE
                                                               Agent in writing to the contrary prior to the date of this Agreement;

 

		(d)	its most recent financial statements
                                                               delivered pursuant to Clause 21.1 (Financial statements):

 

		(i)	have been prepared in accordance
                                                             with the Accounting Principles as applied to the Original Financial
                                                             Statements; and

 

		(ii)	give a true and fair view of (if
                                                              audited) or fairly present (if unaudited) in all material respects
                                                              its consolidated financial condition as at the end of, and consolidated
                                                              results of operations for, the period to which they relate; and

 

		(e)	since the date of the most recent
                                                               financial statements delivered pursuant to Clause 21.1 (Financial
                                                               statements) there has been no change in the business, assets or
                                                               financial condition of the NEXT Group which has or is reasonably
                                                               likely to have a Material Adverse Effect.

 

		20.15	No proceedings pending or threatened

 

No litigation,
claim (including any Environmental Claim), arbitration or administrative proceedings or investigations of, or before, any court,
arbitral body or agency which, if adversely determined, are reasonably likely to have a Material Adverse Effect have (to the best
of its knowledge and belief) been started or threatened against it.

 

		20.16	No breach of laws

 

		(a)	As of the date of this Agreement, it
                                                           is in compliance (to the extent now required) in all material respects
                                                           with any applicable laws or regulations binding on it.

 

		(b)	It is in compliance with, and will
                                                           not use the proceeds of the Loans or otherwise make available such
                                                           proceeds, directly or indirectly, to any person in violation of, (i)
                                                           the Trading with the Enemy Act, as amended, (ii) any foreign assets
                                                           control regulations of the United States Treasury Department (31 CFR,
                                                           Subtitle B, Chapter V, as amended) and any ruling issued thereunder
                                                           or any enabling legislation or executive order relating thereto, (iii)
                                                           the anti-money laundering provisions of the Uniting and Strengthening
                                                           America by Providing Appropriate Tools Required to Intercept and Obstruct
                                                           Terrorism (USA Patriot Act of 2001), (iv) the Iran Sanctions Act of
                                                           1996 as amended by the Comprehensive Iran Sanctions, Accountability
                                                           and Divestment Act of 2010, (50 USC 1701 note) and (v) the Money Laundering
                                                           Control Act of 1986, 18 USC sect. 1956.

 

    	90
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

 

		(c)	It (i) is not a person whose property
                                                           or interest in property is blocked or subject to blocking pursuant
                                                           to Section 1 of Executive Order No. 13224 of September 23, 2001 Blocking
                                                           Property and Prohibiting Transactions With Persons Who Commit, Threaten
                                                           to Commit, or Support Terrorism (66 Fed. Reg. 49079 (2001)), (ii) does
                                                           not engage in any dealings or transactions prohibited by Section 2
                                                           of such executive order, or is otherwise associated with any such person
                                                           in any manner violative of such Section 2, and (iii) is not a person
                                                           on the list of Specially Designated Nationals and Blocked Persons or
                                                           controlled by a person on such list or subject to the limitations or
                                                           prohibitions under any other U.S. Department of Treasury’s Office
                                                           of Foreign Assets Control regulation or related executive order.

 

		20.17	Environmental laws

 

It is in compliance
with Clause 23.3 (Environmental compliance) and to the best of its knowledge and belief no circumstances have occurred which would
prevent such compliance in a manner or to an extent which has or is reasonably likely to have a Material Adverse Effect.

 

		20.18	Taxation

 

		(a)	It is not materially overdue in the
                                                           filing of any Tax returns and it is not overdue in the payment of any
                                                           amount in respect of Tax of $5,000,000 (or its equivalent in any other
                                                           currency) or more, except those Taxes which are the subject of a Good
                                                           Faith Contest.

 

		(b)	No claims or investigations (other
                                                           than routine audits) are being, or are reasonably likely to be, made
                                                           or conducted against it with respect to Taxes that would be reasonably
                                                           likely to have a Material Adverse Effect.

 

		20.19	Security and Financial Indebtedness

 

		(a)	No Security or Quasi-Security exists
                                                           over all or any of the present or (to its knowledge) future assets
                                                           of any member of the NEXT Group other than as permitted by this Agreement.

 

		(b)	No member of the NEXT Group has any
                                                           Financial Indebtedness outstanding other than as permitted by this
                                                           Agreement.

 

		20.20	Ranking

 

The Transaction
Security has or will have first ranking priority and it is not subject to any prior ranking or pari passu ranking Security
(except for any Permitted Security).

 

		20.21	Good title to assets

 

It has a good,
valid and marketable title to, or valid leases or licences to use, the assets necessary to carry on its business as presently
conducted in all material respects and to implement the NEXT System in accordance with the Transaction Documents in all material
respects.

 

		20.22	Immunity

 

		(a)	The entry into by it of each Transaction
                                                           Document constitutes, and the exercise by it of its rights and performance
                                                           by it of its obligations under each Transaction Document will constitute,
                                                           private and commercial acts performed for private and commercial purposes.

 

    	91
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

 

		(b)	It will not be entitled to claim immunity
                                                           from suit, execution, attachment or other legal process in any proceedings
                                                           taken in its jurisdiction of organization or incorporation in relation
                                                           to any Transaction Document.

 

		20.23	Legal and beneficial ownership

 

It is the
sole legal and beneficial owner of the respective assets over which it purports to grant the Transaction Security.

 

		20.24	Shares and Material Companies

 

		(a)	The shares of the Obligors (other than
                                                           the Parent) which are subject to the Transaction Security are fully
                                                           paid and not subject to any option to purchase or similar rights. Except
                                                           for any restrictions relating to (i) notifications, consents or waivers
                                                           given or received as of the Signing Date, or (ii) compliance with applicable
                                                           law, the constitutional documents of the Obligors (other than the Parent)
                                                           whose shares are subject to the Transaction Security do not and could
                                                           not restrict or inhibit any transfer of those shares on creation or
                                                           enforcement of the Transaction Security. There are no agreements in
                                                           force which provide for the issue or allotment of, or grant any person
                                                           the right to call for the issue or allotment of, any share or loan
                                                           capital of any Obligor (other than the Parent), including any option
                                                           or right of pre-emption or conversion.

 

		(b)	To the Parent's knowledge, as at the
                                                           date of this Agreement, each shareholder holding more than five per
                                                           cent. of the issued shares of the Parent and their respective shareholdings
                                                           are as set out in Schedule 25 (Shares and Material Companies), and
                                                           no "person" or "group" (within the meaning of Rule
                                                           13(d) of the Securities Exchange Act of 1934 and the related rules
                                                           of the U.S. Securities and Exchange Commission) has the right to direct
                                                           or cause the direction of the management and policies of the Parent,
                                                           whether through ownership of voting securities, by contract or otherwise.

 

		(c)	As at the date of this Agreement, Schedule
                                                           25 (Shares and Material Companies) lists all Material Companies.

 

		20.25	Intellectual Property

 

It:

 

		(a)	is the legal and beneficial owner
                                                               of or has licensed to it all the Intellectual Property which is
                                                               material in the context of its business and which is required by
                                                               it in order to carry on its business as it is being conducted except
                                                               where it would not reasonably be likely to have a Material Adverse
                                                               Effect;

 

		(b)	does not, in carrying on its businesses,
                                                               infringe any Intellectual Property of any third party in any respect
                                                               which has or is reasonably likely to have a Material Adverse Effect;
                                                               and

 

		(c)	has taken all formal or procedural
                                                               actions (including payment of fees) required to maintain any material
                                                               Intellectual Property owned by it except where the failure to do
                                                               so would not reasonably be likely to have a Material Adverse Effect.

 

		20.26	NEXT System Documents

 

		(a)	The NEXT System Documents contain all
                                                           the terms of the material contractual arrangements relevant to the
                                                           construction and launch of the NEXT Constellation.

 

		(b)	As at the date of this Agreement:

 

    	92
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

 

		(i)	each copy of a NEXT System Document
                                                               delivered to the COFACE Agent pursuant to Clause 4 (Conditions
                                                               of Utilisation) is true and complete in all material respects;

 

		(ii)	there is no other agreement in
                                                                connection with, or arrangements which amend, supplement or affect
                                                                any Material NEXT System Document; and

 

		(iii)	there is no dispute in connection
                                                                 with any Material NEXT System Document:

 

		(A)	in respect of which any contractual
                                                             dispute resolution provision has been enlivened or invoked; or

 

		(B)	which is otherwise material,

 

and no dispute
with any NEXT System Document that could reasonably be expected to have a Material Adverse Effect.

 

		(c)	Each NEXT System Document is in full
                                                           force and effect and is enforceable in accordance with its terms except
                                                           (i) for any NEXT System Document which has expired or terminated in
                                                           accordance with its terms as permitted under the Finance Documents
                                                           or which is not required to be in effect at the relevant time, or (ii)
                                                           for any NEXT System Document (other than a Material NEXT System Document)
                                                           where the failure to be in full force and effect would not reasonably
                                                           be likely to have a Material Adverse Effect.

 

		(d)	No Obligor is in breach of any NEXT
                                                           System Document in any material respect.

 

		20.27	Block One health

 

As of the
date of this Agreement and on the First Utilisation Date:

 

		(a)	the Average Call Establishment
                                                               Rate is no less than [***]
                                                               per cent.; and

 

		(b)	no Obligor is aware of any information
                                                               that would serve to support the accelerated [***]
                                                               of the [***]
                                                               at a rate or to an extent greater than any rate of [***]
                                                               described in the [***]

 

		20.28	Compliance with United States laws

 

		(a)	It is not an "investment company"
                                                           as defined in, or subject to regulation under, the United States Investment
                                                           Company Act of 1940 (as amended).

 

		(b)	It is not engaged principally, or as
                                                           one of its important activities, in the business of extending credit
                                                           for the purpose, whether immediate, incidental or ultimate, of buying
                                                           or carrying “margin stock” (within the meaning of Regulation
                                                           U issued by the Federal Reserve Board) and no part of the proceeds
                                                           of any Loan will be used, directly or indirectly, and whether immediately,
                                                           incidentally or ultimately, to buy or carry, or to extend credit to
                                                           others to buy or carry, any such “margin stock”. No part
                                                           of the proceeds of any Loan will be used, whether directly or indirectly
                                                           and whether immediately, incidentally or ultimately, for any purpose
                                                           which entails a violation of or which is inconsistent with Regulations
                                                           U or X promulgated by the Board of Governors of the Federal Reserve
                                                           System (12 C.F.R. Sections 221 and 224, respectively).

 

		(c)	There are no Plans and neither the
                                                           Obligors nor their ERISA Affiliates have any liability, contingent
                                                           or otherwise, with respect to any Plans.

 

    	93
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

 

		20.29	Times when representations made

 

		(a)	All the representations and warranties
                                                           in this Clause 20 are made by each Original Obligor on the date of
                                                           this Agreement.

 

		(b)	Unless a representation and warranty
                                                           is expressed to be given at a specific date, all the representations
                                                           and warranties in this Clause 20 are deemed to be made by each Obligor
                                                           on the Initial CP Satisfaction Date and (except for the representations
                                                           and warranties in Clauses 20.10(a) (Insolvency), 20.18 (Taxation) and
                                                           20.24 (Shares and Material Companies)) the date of each Utilisation
                                                           Request and on each Utilisation Date and, in the case of the Repeating
                                                           Representations only, on the first day of each Interest Period (except
                                                           that (i) those contained in Clause 20.13 (No misleading information)
                                                           are only to be made with respect to any subsequent and new information
                                                           delivered since the last period where the applicable representation
                                                           and warranty is made or deemed to be made and (ii) those contained
                                                           in paragraphs (a) to (c) of Clause 20.14 (Original Financial Statements)
                                                           will cease to be so made once subsequent financial statements have
                                                           been delivered under this Agreement). To the extent that any schedule
                                                           referred to in this Clause 20 shall need to be updated in order to
                                                           permit any such representation and warranty to be true and correct
                                                           when made or deemed made, the Borrower shall provide the COFACE Agent
                                                           with such updated schedule in writing prior to the date such representation
                                                           is made or deemed made which, upon written approval of the COFACE Agent,
                                                           shall be deemed incorporated in the relevant representation and warranty.

 

		(c)	All the representations and warranties
                                                           in this Clause 20 except Clauses 20.13 (No misleading information),
                                                           Clause 20.26 (NEXT System Documents), Clause 20.27 (Block One health)
                                                           and Clause 20.14 (Original Financial Statements) are deemed to be made
                                                           by each Additional Guarantor on the day on which it becomes (or it
                                                           is proposed that it becomes) an Additional Guarantor.

 

		(d)	Each representation or warranty deemed
                                                           to be made after the date of this Agreement shall be deemed to be made
                                                           by reference to the facts and circumstances existing at the date the
                                                           representation or warranty is deemed to be made, except those representations
                                                           and warranties that specifically refer to an earlier date.

 

		21.	Information Undertakings

 

The undertakings
in this Clause 21 remain in force from the date of this Agreement for so long as any amount is outstanding under the Finance Documents
or any Commitment is in force.

 

		21.1	Financial statements

 

The Borrower
shall supply to the COFACE Agent in sufficient copies for all the Lenders:

 

		(a)	as soon as they are available,
                                                               but in any event within 120 days after the end of each of the Parent's
                                                               Financial Years, the Parent's audited consolidated financial statements
                                                               for that Financial Year (together with consolidating information
                                                               prepared in connection with such financial statements that explains
                                                               in reasonable detail the differences between the information relating
                                                               to the Parent and the other members of the NEXT Group, on the one
                                                               hand (the NEXT Group Other Financial Information), and the
                                                               information relating to the Excluded Company on a stand-alone basis,
                                                               on the other hand, such that any effects of the consolidation of
                                                               the Excluded Company with the Group is disregarded (together with
                                                               the NEXT Group Other Financial Information, the Other Financial
                                                               Information), certified by the Auditors of the consolidated
                                                               financial statements in substantially the form set out in Schedule
                                                               13 (Form of Auditors' Report);

 

		(b)	as soon as they are available,
                                                               but in any event within 45 days after the end of each Financial
                                                               Quarter of each of the Parent's Financial Years:

 

    	94
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

 

		(i)	the Parent's consolidated financial
                                                             statements for that Financial Quarter (together with the Other Financial
                                                             Information prepared in connection with such financial statements);
                                                             and

 

		(ii)	all management discussion and analysis,
                                                              earnings releases and related documents which accompany such financial
                                                              statements.

 

		21.2	Provision and contents of Compliance
                                                            Certificate

 

		(a)	The Borrower shall supply a Compliance
                                                           Certificate to the COFACE Agent with:

 

		(i)	each set of the Parent's audited
                                                               consolidated Annual Financial Statements, together with the Other
                                                               Financial Information prepared in connection therewith; and

 

		(ii)	each set of the Parent's consolidated
                                                                Quarterly Financial Statements(together with the Other Financial
                                                                Information prepared in connection therewith) required to be delivered
                                                                in respect of a Financial Quarter ending on or around a 30 June
                                                                Calculation Date.

 

		(b)	The Compliance Certificate shall, amongst
                                                           other things, set out (in reasonable detail) computations as to compliance
                                                           with Clause 22 (Financial Covenants), including the amount of any Ancillary
                                                           Cashflows, Cumulative Cashflows and the Available Cure Amount in respect
                                                           of the relevant Calculation Period.

 

		(c)	Each Compliance Certificate shall be
                                                           signed by an authorized officer of the Parent.

 

		21.3	Requirements as to financial statements

 

		(a)	The Borrower shall procure that each
                                                           set of Annual Financial Statements and Quarterly Financial Statements
                                                           is in the form filed with the U.S. Securities and Exchange Commission.
                                                           In addition the Parent shall procure that:

 

		(i)	each set of Annual Financial Statements
                                                               including the Other Financial Information, shall be audited by
                                                               the Auditors; and

 

		(ii)	each set of Quarterly Financial
                                                                Statements including the Other Financial Information, shall be
                                                                reviewed by the Auditors.

 

		(b)	Each set of financial statements delivered
                                                           pursuant to Clause 21.1 (Financial statements):

 

		(i)	shall be certified by an authorized
                                                               officer of the Parent as giving a true and fair view of (in the
                                                               case of Annual Financial Statements for any Financial Year), or
                                                               fairly representing (in other cases), its financial condition and
                                                               operations for the applicable period then ended and, in the case
                                                               of the Annual Financial Statements, shall be accompanied by (x)
                                                               any letter addressed to the management of the Parent by the Auditors
                                                               and accompanying those Annual Financial Statements, (y) the Other
                                                               Financial Information prepared in connection with and accompanying
                                                               those Annual Financial Statements, and (z) a report addressed to
                                                               the Parent (and which may be relied upon by the COFACE Agent and
                                                               the Lenders) by the Auditors, in substantially the form set out
                                                               in Schedule 13 (Form of Auditors' Report); and

 

		(ii)	shall be prepared using the Accounting
                                                                Principles unless, in relation to any set of financial statements,
                                                                the Borrower notifies the COFACE Agent that there has been a change
                                                                in the Accounting Principles and the Borrower and/or the Auditors
                                                                deliver to the COFACE Agent:

 

    	95
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

 

		(A)	a description of any change necessary
                                                             for those financial statements to reflect the Accounting Principles
                                                             upon which the Original Financial Statements were prepared; and

 

		(B)	sufficient information, in form and
                                                             substance as may be reasonably required by the COFACE Agent, to enable
                                                             the Lenders to determine whether Clause 22 (Financial Covenants)
                                                             has been complied with, to make an accurate comparison between the
                                                             financial position indicated in those financial statements and the
                                                             Original Financial Statements.

 

Any reference
in this Agreement to any financial statements shall be construed as a reference to those financial statements as adjusted to reflect
the basis upon which the Original Financial Statements were prepared.

 

		21.4	Budget and Business Plan

 

		(a)	The Borrower shall supply to the COFACE
                                                           Agent in sufficient copies for all the Lenders:

 

		(i)	as soon as available but in any
                                                               event within 90 days after the start of each of its Financial Years
                                                               starting in 2011, an annual Budget for that financial year; and

 

		(ii)	as soon as available but in any
                                                                event by no later than November 30, 2012 and each November 30th
                                                                thereafter prior to the start of each of its Financial Year,
                                                                an updated Business Plan for the period from the start of that
                                                                Financial Year to the Final Maturity Date.

 

		(b)	The Borrower shall ensure that each
                                                           Budget:

 

		(i)	includes a projected consolidated
                                                               profit and loss, balance sheet and cashflow statement, each of
                                                               which (including the Budget) shall be substantially in the form
                                                               set out in Schedule 4 (Form of Budget) for the NEXT Group and projected
                                                               financial covenant calculations;

 

		(ii)	is prepared assuming accounting
                                                                principles and practices and assumptions which are disclosed in
                                                                reasonable detail in the relevant public filings of the Parent
                                                                with the U.S. Securities and Exchange Commission and, if the Borrower
                                                                implements a change in the Accounting Principles that affects
                                                                the manner in which the Budget is calculated, the Borrower shall
                                                                deliver to the COFACE Agent a description of such change and sufficient
                                                                information to enable the Lenders to make a fair comparison to
                                                                the Base Case and the financial statements most recently delivered;
                                                                and

 

		(iii)	has been approved by the board
                                                                 of directors of the Parent.

 

		(c)	If the Borrower updates or changes
                                                           the Budget, it shall within not more than 10 Business Days of the update
                                                           or change being made deliver to the COFACE Agent, in sufficient copies
                                                           for each of the Lenders, such updated or changed Budget together with
                                                           a written summary of the main changes in that Budget.

 

		21.5	Year-end

 

The Parent
shall not, without prior written notice to the COFACE Agent, change its Accounting Reference Date.

 

		21.6	NEXT System Documents

 

		(a)	The Borrower must supply to the COFACE
                                                           Agent:

 

    	96
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

 

		(i)	a report confirming that the Borrower
                                                               has reviewed the Technical Adviser’s Quarterly Report and
                                                               that, subject to any discrepancies and exceptions specifically
                                                               detailed in the Borrower's report, the Borrower agrees in all material
                                                               respects with the Technical Adviser's Quarterly Report and the
                                                               Technical Adviser's Quarterly Report does not include any information
                                                               that renders it untrue or misleading in any material respect and
                                                               the Borrower is not aware of any material fact or circumstance
                                                               relevant to the interests of the Lenders which was not addressed
                                                               in the Technical Adviser's Quarterly Report; and

 

		(ii)	semi-annual reports on the status
                                                                of all Secondary Payload Contracts (including details as to whether
                                                                such Secondary Payload Contracts are projected, under negotiation,
                                                                committed or signed) and the projected revenues thereunder (a
                                                                Secondary Payload Status Report).

 

This information
must be supplied by the Borrower as soon as it is available and in any event in the case of paragraph (a)(i) above, within thirty
(30) days after the Borrower's receipt of the Technical Adviser’s Quarterly Report and in the case of paragraph (a)(ii)
above, within thirty (30) days after the end of each Financial Year and the end of each Financial Quarter ending on 30 June. The
form of the Secondary Payload Status Report shall be in substantially the form set out in Schedule 26 (Form of Secondary Payload
Status Report).

 

		(b)	If as of 31 December 2013 (based on
                                                           the Secondary Payload Status Report most recently delivered or otherwise)
                                                           the total amount of committed Secondary Payload Cashflows payable to
                                                           the Obligors pursuant to binding Secondary Payload Contracts is less
                                                           than $[***],
                                                           the Borrower shall promptly enter into good faith discussions with
                                                           the COFACE Agent and the Lenders for a period of up to six months in
                                                           order to discuss the steps being taken by the Borrower in respect of
                                                           any consequential funding gap in order to achieve NEXT System Completion
                                                           on or prior to the NEXT System Completion Long-Stop Date.

 

		(c)	The Borrower must promptly notify the
                                                           COFACE Agent of:

 

		(i)	any material claim it may have
                                                               under any indemnity or provision for liquidated damages under any
                                                               Material NEXT System Document;

 

		(ii)	any change of work which the Borrower
                                                                wishes to request or agree to or which is mandatory under any
                                                                Material NEXT System Document and which is reasonably likely to:

 

		(A)	increase:

 

		I.	with respect to the Satellite Supply
                                                              Contract, the Contract Amount by more than $10,000,000; or

 

		II.	with respect to the Launch Services
                                                               Contract, the total amount payable by the Borrower thereunder by
                                                               more than five per cent.,

 

(or in each
case its equivalent in any other currencies); or

 

		(B)	result in NEXT System Completion
                                                             not occurring on or prior to the Scheduled Completion Date or delay
                                                             the completion of any Milestone by 3 months or more; or

 

		(C)	be material to the design or implementation
                                                             of the NEXT System or have an adverse effect on the interest of the
                                                             Lenders in any material respect;

 

		(iii)	any reduction in the Contract
                                                                 Amount;

 

    	97
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

 

		(iv)	any delay excuse, any material
                                                                change (actual or proposed) in the work programme under any Material
                                                                NEXT System Document and any other event which is reasonably likely
                                                                to delay NEXT System Completion beyond the Scheduled Completion
                                                                Date; and

 

		(v)	the occurrence of In-Orbit Acceptance
                                                               of each Satellite.

 

		(d)	The Borrower must supply to the COFACE
                                                           Agent:

 

		(i)	promptly upon becoming aware of
                                                               them, details of any material amendment or waiver (and any proposal
                                                               for such amendment or waiver) of, and any termination events, force
                                                               majeure events, notices of termination, or change or stop work
                                                               orders under, any Material NEXT System Document or the Government
                                                               Revenue Contract, and any termination events, force majeure events
                                                               or notices of termination under, any other NEXT System Document
                                                               which could reasonably be expected to have a Material Adverse Effect;

 

		(ii)	copies of notices of any material
                                                                breach of, or any dispute under any Material NEXT System Document:

 

		(A)	in respect of which any contractual
                                                             dispute resolution provision has been enlivened or invoked; or

 

		(B)	which is otherwise material.

 

		(e)	Notwithstanding the foregoing or any
                                                           other provision herein to the contrary, the Borrower shall not be required
                                                           to provide and disclose any information, reports, notices, documents
                                                           and communications that would violate any applicable law or order or
                                                           any nondisclosure or confidentiality agreement to which the Borrower
                                                           or any member of the NEXT Group is a party.

 

		21.7	Notices Concerning Communications
                                                            Licences

 

The Borrower
must supply to the COFACE Agent promptly (but in no event later than ten (10) Business Days after any responsible officer of the
Borrower obtains knowledge thereof) written notice of:

 

		(a)	the replacement, extension, or
                                                               renewal of any Material Communications Licence, and the issue of
                                                               any Material Communications Licence not listed in Schedule 18 (Communications
                                                               Licences);

 

		(b)	any material citation, notice of
                                                               violation or order to show cause issued by the FCC or any Governmental
                                                               Authority with respect to any Material Communications Licence;

 

		(c)	if applicable, a copy of any notice
                                                               or application by the Borrower requesting authority to or notifying
                                                               the FCC of its intent to cease telecommunications operations for
                                                               any period in excess of ten (10) days; or

 

		(d)	notice of any other action, proceeding
                                                               or other dispute, which, if adversely determined, could reasonably
                                                               be expected to result in the loss or revocation of any Material
                                                               Communications Licence; and

 

		(e)	any lapse, loss, modification,
                                                               suspension, termination or relinquishment of any Material Communications
                                                               Licence, or any failure of the FCC or other Governmental Authority
                                                               to renew or extend any such Material Communications Licence to
                                                               the extent such failure could reasonably be expected to have a
                                                               Material Adverse Effect.

 

    	98
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

 

		21.8	Information: miscellaneous

 

The Borrower
shall supply to the COFACE Agent (in sufficient copies for all the Lenders, if the COFACE Agent so requests):

 

		(a)	copies of all documents filed by
                                                               the Parent with the U.S. Securities and Exchange Commission;

 

		(b)	promptly upon becoming aware of
                                                               them, the details of any litigation, arbitration or administrative
                                                               proceedings which are current, threatened or pending against any
                                                               member of the NEXT Group, and which, if adversely determined, are
                                                               reasonably likely to have a Material Adverse Effect;

 

		(c)	promptly upon becoming aware of
                                                               the relevant claim, the details of:

 

		(i)	any claim which is current, threatened
                                                             or pending against any person in respect of the NEXT System Documents
                                                             (and, in the case of a NEXT System Document other than a Material
                                                             NEXT System Document, which are reasonably likely to have a Material
                                                             Adverse Effect if adversely determined);

 

		(ii)	any notice of any violation of any
                                                              applicable law received by any member of the NEXT Group thereof
                                                              from any Governmental Authority including, without limitation:

 

		(A)	any notice of violation of any
                                                               Environmental Law and the details of any Environmental Claim which
                                                               are current, threatened or pending against any member of the NEXT
                                                               Group; and

 

		(B)	any facts or circumstances which
                                                               are reasonably likely to result in any Environmental Claim being
                                                               commenced or threatened against any member of the NEXT Group,

 

in each case
where such violation or claim, if determined against that member of the NEXT Group, could reasonably be expected to have a Material
Adverse Effect; and

 

		(iii)	any expropriation, disposal or
                                                               insurance claim which may require a prepayment under Clause 8.2
                                                               (Insurance, Capital Raising and Expropriation Proceeds) or 8.3
                                                               (Launch Insurance Proceeds);

 

		(d)	promptly upon becoming aware of
                                                               it, details of any risk that makes it reasonably likely that the
                                                               Borrower will require the use of a back-up launch provider pursuant
                                                               to Schedule 22 (Back-Up Launch Strategy);

 

		(e)	promptly, such information as the
                                                               Security Agent or the U.S. Collateral Agent may reasonably require
                                                               about the Charged Property and compliance of the Obligors with
                                                               the terms of any Transaction Security Documents;

 

		(f)	promptly on request, such further
                                                               information regarding the financial condition, assets and operations
                                                               of the NEXT Group and/or any member of the NEXT Group (including
                                                               any requested amplification or explanation of any item in the financial
                                                               statements, budgets or other material provided by any Obligor under
                                                               this Agreement as any Finance Party through the COFACE Agent may
                                                               reasonably request); and

 

		(g)	promptly upon becoming aware of
                                                               it, details of:

 

    	99
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

 

		(i)	any Reportable Event;

 

		(ii)	the termination of or withdrawal
                                                              from, or any circumstances reasonably likely to result in the termination
                                                              of or withdrawal from any Plan; and

 

		(iii)	a claim or other communication
                                                               alleging material non-compliance with any law or regulation relating
                                                               to any Plan which is reasonably likely to have a Material Adverse
                                                               Effect.

 

		21.9	Notification of default

 

		(a)	Each Obligor shall notify the COFACE
                                                           Agent of any Default (and the steps, if any, being taken to remedy
                                                           it) promptly upon becoming aware of its occurrence (unless that Obligor
                                                           is aware that a notification has already been provided by another Obligor).

 

		(b)	Promptly upon a request by the COFACE
                                                           Agent, the Borrower shall supply to the COFACE Agent a certificate
                                                           signed by an authorised officer on its behalf certifying that no Default
                                                           is continuing (or if a Default is continuing, specifying the Default
                                                           and the steps, if any, being taken to remedy it).

 

		21.10	"Know your customer" checks

 

		(a)	If:

 

		(i)	the introduction of or any change
                                                               in (or in the interpretation, administration or application of)
                                                               any law or regulation made after the date of this Agreement;

 

		(ii)	any change in the status of an
                                                                Obligor or the composition of the shareholders of an Obligor (other
                                                                than the Parent) after the date of this Agreement; or

 

		(iii)	a proposed assignment or transfer
                                                                 by a Lender of any of its rights and/or obligations under this
                                                                 Agreement to a party that is not a Lender prior to such assignment
                                                                 or transfer,

 

obliges the
COFACE Agent or any Lender (or, in the case of paragraph (iii) above, any prospective new Lender) to comply with "know your
customer" or similar identification procedures in circumstances where the necessary information is not already available
to it, each relevant Obligor shall promptly upon the request of the COFACE Agent (for itself or on behalf of any Lender (including
any prospective new Lender)) supply, or procure the supply of, such documentation and other evidence as is reasonably requested
by the COFACE Agent (for itself or on behalf of any Lender (including any prospective new Lender) in order for the COFACE Agent,
such Lender or, in the case of the event described in paragraph (iii) above, any prospective new Lender to carry out and be satisfied
it has complied with all necessary "know your customer" or other similar checks under all applicable laws and regulations
pursuant to the transactions contemplated in the Finance Documents (to the extent that such documentation and other evidence is
within its possession or control or can be obtained using reasonable endeavours).

 

		(b)	Each Lender shall promptly upon the
                                                           request of the COFACE Agent supply, or procure the supply of, such
                                                           documentation and other evidence as is reasonably requested by the
                                                           COFACE Agent (for itself) in order for the COFACE Agent to carry out
                                                           and be satisfied it has complied with all necessary "know your
                                                           customer" or other similar checks under all applicable laws and
                                                           regulations pursuant to the transactions contemplated in the Finance
                                                           Documents.

 

    	100
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

 

		22.	Financial Covenants

 

		22.1	Financial condition

 

The Borrower
shall ensure that:

 

		(a)	From the date of this Agreement
                                                               until the Final Maturity Date:

 

		(i)	Cash Balance: the aggregate
                                                             of the Available Cash standing to the credit of the Revenue Accounts
                                                             is at least equal to $25,000,000.

 

		(ii)	Debt to Equity Ratio: the
                                                              Debt to Equity Ratio in respect of any Calculation Period shall
                                                              not exceed 0.7:1.

 

		(iii)	Capital Expenditure: the
                                                               aggregate Capital Expenditure of the NEXT Group (other than:

 

		(A)	Amounts funded by Excluded Insurance
                                                               Proceeds in accordance with Clause 8.6 (Excluded proceeds); and

 

		(B)	Amounts payable (including by way
                                                               of exercise of options) pursuant to the Satellite Supply Contract
                                                               (as amended from time to time to the extent permitted pursuant
                                                               to the terms of this Agreement) (such Capital Expenditure, Non-TAS
                                                               Capital Expenditure),

 

in respect
of any Financial Year specified in column 1 below shall not exceed the amount set out in column 2 below opposite that Financial
Year (plus:

 

		I.	any Available Cure Amount; and

 

		II.	any Excluded Capital Raising Proceeds
                                                               (other than in respect of the Non Eligible Capital Raising) received
                                                               after the end of that Financial Year and prior to the due date
                                                               for delivery of the Compliance Certificate in respect of the relevant
                                                               Calculation Date pursuant to Clause 21.2 (Provision and contents
                                                               of Compliance Certificate) (the Relevant Date) and not allocated
                                                               for any other purpose,

 

in each case,
which the Borrower elects (in the relevant Compliance Certificate) to allocate to Capital Expenditure for that Financial Year
(provided that the aggregate amount of any Available Cure Amount and Excluded Capital Raising Proceeds allocated in all such elections
prior to NEXT System Completion may not exceed $200,000,000)).

 

	Column 1

        Financial Year Ending

 
	Column 2

        Non-TAS Capital Expenditure
        ($M)

	12/31/2012

 

        12/31/2013

 

        12/31/2014

 

        12/31/2015
	[***]

 

        [***]

 

        [***]

 

        [***]

 

    	101
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

 

	Column 1

        Financial Year Ending
	Column 2

        Non-TAS Capital Expenditure
        ($M)

	 	 
	12/31/2016

 

        12/31/2017

 

        12/31/2018

 

        12/31/2019

 

        12/31/2020

 

        12/31/2021

 

        12/31/2022

 

        12/31/2023

 

        12/31/2024
	[***]

 

        [***]

 

        [***]

 

        [***]

 

        [***]

 

        [***]

 

        [***]

 

        [***]

 

        [***]

 

For each Financial
Year, the amount set forth in column 2 shall be increased by any Maximum Headroom Amount for such Financial Year (without double
counting with respect to any Available Cure Amount corresponding to an underspend of Capital Expenditure compared to the Base
Case applied for a Calculation Date in such Financial Year).

 

For purposes
of this Section 22.1(a)(iii):

 

Base Carry
Forward Amount means the aggregate of all Unused Amounts for all prior years (or for all prior years since the Base Carry
Forward Amount was last reduced to zero, if applicable), reduced (but not below zero) by any Used Base Carry Forward Amounts for
all prior years (or for all prior years since the Base Carry Forward Amount was last reduced to zero, if applicable).

 

Base Case
Amount means the amount set forth in column 2 above for the applicable Financial Year (prior to the addition of any Maximum
Headroom Amount).

 

Headroom
Amount means fifteen per cent. (15%) of the Base Case Amount for the applicable Financial Year.

 

Headroom
Carry Forward Amount means the Headroom Amount for the immediately preceding Financial Year, reduced (but not below zero)
by the Used Headroom Amount for the immediately preceding Financial Year.

 

Maximum
Headroom Amount means, with respect to any Financial Year, the Total Carry Forward Amount plus the Headroom Amount for the
applicable Financial Year.

 

Total Carry
Forward Amount means, with respect to any Financial Year, the Base Carry Forward Amount plus the Headroom Carry Forward Amount.

 

Unused
Amount means, with respect to any Financial Year, any excess of the Base Case Amount over Non-TAS Capital Expenditure.

 

    	102
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

 

Used Base
Carry Forward Amount means, with respect to any Financial Year, any excess of Non-TAS Capital Expenditure over the Base Case
Amount.

 

Used Headroom
Amount means, with respect to any Financial Year, any excess of (a) Non-TAS Capital Expenditure over (b) the sum of the Base
Case Amount plus the Total Carry Forward Amount.

 

This Clause
22.1(a)(iii) (Capital Expenditure) shall not apply in respect of any Financial Year following NEXT System Completion where (x)
Leverage is less than 2.5:1 and (y) the DSCR is greater than 2:1.

 

		(b)	From the date of this Agreement
                                                               until the later of (x) the date of In-Orbit Acceptance of at least
                                                               66 Satellites (as confirmed by the Technical Adviser); and (y)
                                                               the First Repayment Date (the Cut-Off Date):

 

		(i)	Consolidated Operational EBITDA:
                                                             Consolidated Operational EBITDA in respect of any Calculation Period
                                                             specified in column 1 below (plus:

 

		(A)	any Available Cure Amount; and

 

		(B)	any Excluded Capital Raising Proceeds
                                                               (other than in respect of the Non Eligible Capital Raising) received
                                                               after the end of that Calculation Period and prior to the Relevant
                                                               Date and not allocated for any other purpose,

 

in each case,
which the Borrower elects (in the relevant Compliance Certificate) to allocate to Consolidated Operational EBITDA for that Calculation
Period (provided that no such election may be made (A) in respect of any two consecutive Calculation Dates, or (B) more than twice
prior to the Cut-Off Date, or (C) more than twice during the Repayment Period)),

 

is at least
equal to the amount set out in column 2 below opposite that Calculation Date.

 

	Column 1 

    Calculation Period expiring	Column 2 

        Consolidated Operational EBITDA

        ($M)

	 	 
	6/30/2012

 

        12/31/2012

 

        6/30/2013

 

        12/31/2013

 

        6/30/2014

 

        12/31/2014

 

        6/30/2015

 

        12/31/2015

 

        6/30/2016

        

        
	[***]

 

        [***]

 

        [***]

 

        [***]

 

        [***]

 

        [***]

 

        [***]

 

        [***]

 

        [***]

        

        

 

    	103
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

  

	Column 1 
 Calculation
    Period expiring	Column 2 
 Consolidated Operational EBITDA

    ($M)
	 	 
	12/31/2016	[***]
	 	 
	6/30/2017	[***]

 

		(ii)	Secondary Payload Cashflows:
                                                              the cumulative amount of Secondary Payload Cashflows received by
                                                              the Obligors on or prior to any Calculation Date specified in column
                                                              1 below (plus:

 

		(A)	any Available Cure Amount corresponding
                                                               to paragraph (a) of the definition of Ancillary Cashflows only;
                                                               and

 

		(B)	any Excluded Capital Raising Proceeds
                                                               (other than in respect of the Non Eligible Capital Raising) received
                                                               after that Calculation Date and prior to the Relevant Date and
                                                               not allocated for any other purpose,

 

in each case,
which the Borrower elects (in the relevant Compliance Certificate) to allocate to Secondary Payload Cashflows for that Calculation
Period),

 

is at least
equal to the amount set out in column 2 below opposite that Calculation Date.

 

	Column 1

        Calculation Date
	Column 2

        Secondary Payload Cashflows
        ($M)

	 	 
	6/30/2012	[***]
	 	 
	12/31/2012	[***]
	 	 
	6/30/2013	[***]
	 	 
	12/31/2013	[***]
	 	 
	6/30/2014	[***]
	 	 
	12/31/2014	[***]
	 	 
	6/30/2015	[***]
	 	 
	12/31/2015	[***]
	 	 
	6/30/2016	[***]
	 	 
	12/31/2016	[***]
	 	 
	6/30/2017	[***]

 

		(c)	From the First Repayment Date to
                                                               the Final Maturity Date:

 

		(i)	Debt Service Cover Ratio:
                                                             the Debt Service Cover Ratio in respect of any Calculation Period
                                                             shall not be less than 1:1.50.

 

    	104
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

 

		(ii)	Leverage: Leverage in respect
                                                              of any Calculation Period specified in column 1 below shall not
                                                              exceed the ratio set out in column 2 below opposite that Calculation
                                                              Period.

 

	Column 1

        Calculation Period expiring
	Column 2

        Leverage

	 	 
	6/30/2017	4.75 x
	 	 
	12/31/2017	4.25 x
	 	 
	6/30/2018	3.75 x
	 	 
	12/31/2018	3.25 x
	 	 
	6/30/2019	3.00 x
	 	 
	12/31/2019	2.75 x
	 	 
	6/30/2020	2.50 x
	 	 
	12/31/2020	2.50 x
	 	 
	6/30/2021	2.50 x
	 	 
	12/31/2021	2.50 x
	 	 
	6/30/2022	2.50 x
	 	 
	12/31/2022	2.50 x
	 	 
	6/30/2023	2.50 x
	 	 
	12/31/2023	2.50 x
	 	 
	6/30/2024	2.50 x
	 	 
	12/31/2024	2.50 x
	 	 
	6/30/2025	2.50 x

 

		22.2	Financial testing

 

The financial
covenants set out in Clause 22.1 (Financial condition) shall be calculated in accordance with the Accounting Principles (to the
extent applicable) and tested by reference to the NEXT Group Other Financial Information prepared in connection with and accompanying
each of the financial statements delivered pursuant to paragraphs (a) and (b) of Clause 21.1 (Financial statements) and/or each
Compliance Certificate delivered pursuant to Clause 21.2 (Provision and contents of Compliance Certificate) (provided,
however, the financial covenant set out in Clause 22.1(a)(iii) (Capital Expenditure) shall only be tested on a calendar
year basis).

 

		23.	General Undertakings

 

The undertakings
in this Clause 23 remain in force from the date of this Agreement for so long as any amount is outstanding under the Finance Documents
or any Commitment is in force.

 

    	105
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

 

Authorisations and
compliance with laws

 

		23.1	Authorisations

 

Each Obligor
shall and, to the extent that the Excluded Company is a Subsidiary, the Parent shall procure that the Excluded Company shall:

 

		(a)	maintain its existence (whether
                                                               as a corporate entity, limited liability company or otherwise);
                                                               and

 

		(b)	promptly:

 

		(i)	obtain, comply with and do all that
                                                             is necessary to maintain in full force and effect; and

 

		(ii)	upon request, supply certified copies
                                                              to the COFACE Agent of,

 

any Authorisation
required under any law or regulation of a Relevant Jurisdiction to:

 

		(A)	enable it to perform its obligations
                                                             under the Finance Documents and the NEXT System Documents;

 

		(B)	ensure the legality, validity, enforceability
                                                             or admissibility in evidence of any Finance Document or NEXT System
                                                             Document; and

 

		(C)	carry on its business,

 

except in each
case (other than in respect of a Finance Document) where the failure to do so could not reasonably be expected to have a Material
Adverse Effect.

 

		23.2	Compliance with laws

 

Each Obligor
shall and, to the extent that the Excluded Company is a Subsidiary, the Parent shall procure that the Excluded Company shall comply
in all respects with all laws to which it may be subject, if failure so to comply has or is reasonably likely to have a Material
Adverse Effect.

 

		23.3	Environmental compliance

 

		(a)	Each Obligor shall and, to the extent
                                                           that the Excluded Company is a Subsidiary, the Parent shall procure
                                                           that the Excluded Company shall:

 

		(i)	comply with all Environmental Law;

 

		(ii)	obtain, maintain and ensure compliance
                                                                with all requisite Environmental Permits;

 

		(iii)	implement procedures to monitor
                                                                 compliance with and to prevent liability under any Environmental
                                                                 Law,

 

in each case,
where failure to do so has or is reasonably likely to have a Material Adverse Effect.

 

		(b)	Each Obligor shall ensure that it is,
                                                           and has been, in compliance in all material respects with the OECD
                                                           Common Approaches to the extent required by COFACE and the Lenders’
                                                           Environmental and Social Policies and Guidelines, in each case to the
                                                           extent applicable to the NEXT Group.

 

    	106
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

 

		23.4	Taxation

 

		(a)	Each Obligor shall pay and discharge
                                                           all Taxes imposed upon it or its assets within the time period allowed
                                                           without incurring penalties unless and only to the extent that such
                                                           payment is in the subject of a Good Faith Contest.

 

		(b)	No Obligor may change its residence
                                                           for Tax purposes if to do so would materially and adversely affect
                                                           the interests of the Lenders.

 

		23.5	COFACE Insurance Policy

 

		(a)	The Borrower shall promptly comply
                                                           in all respects with all requests by any Finance Party derived from
                                                           requirements of COFACE imposed upon that Finance Party or the Borrower
                                                           under or by reason of the COFACE Insurance Policy or required to ensure
                                                           that the COFACE Insurance Policy remains in full force and effect.

 

		(b)	The Borrower agrees that in the event
                                                           that the COFACE Agent notifies the Borrower that it has or intends
                                                           to file a claim for payment under the COFACE Insurance Policy, it shall:

 

		(i)	use its best efforts to assist
                                                               in the filing of any claim for compensation, indemnity or reimbursement;
                                                               and

 

		(ii)	use its best efforts to co-operate
                                                                in good faith with the COFACE Agent and/or COFACE with respect
                                                                to the verification of claim, eligibility or amount by any such
                                                                person (including but not limited to providing evidence, documentation,
                                                                information, certificates and other forms of proof reasonably
                                                                requested in connection therewith).

 

Restrictions on
business focus

 

		23.6	Merger

 

No Obligor
shall (and the Parent shall ensure that no other member of the NEXT Group will) enter into any amalgamation, demerger, merger,
consolidation or corporate reconstruction other than a Permitted Transaction.

 

		23.7	Change of business

 

The Parent
shall procure that no member of the NEXT Group engages in any business other than Permitted Business.

 

		23.8	Acquisitions

 

		(a)	Except as permitted under paragraph
                                                           (b) below, no Obligor shall (and the Parent shall ensure that no other
                                                           member of the NEXT Group will):

 

		(i)	acquire, or enter into any agreement
                                                               to procure or acquire (including by way of exercising any option),
                                                               any new satellite or satellites (other than any Satellites acquired
                                                               under the Satellite Supply Contract or with Launch Insurance Proceeds)
                                                               where the aggregate consideration (including any actual or contingent
                                                               liability) payable by it in respect of such acquisitions and agreements
                                                               exceeds $[***];

 

		(ii)	acquire a company or any shares
                                                                or securities or a business or undertaking (or, in each case,
                                                                any interest in any of them); or

 

		(iii)	incorporate a company.

 

    	107
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

 

		(b)	Paragraph (a) above does not apply
                                                           to an acquisition of a company, of shares, securities or a business
                                                           or undertaking (or, in each case, any interest in any of them) or the
                                                           incorporation of a company which is:

 

		(i)	a Permitted Acquisition/Investment;
                                                               or

 

		(ii)	a Permitted Transaction.

 

		23.9	Joint Ventures and Excluded Company

 

No Obligor
shall (and the Parent shall ensure that no member of the NEXT Group will):

 

		(a)	enter into, invest in or acquire
                                                               (or agree to acquire) any shares, stocks, securities or other interest
                                                               in (i) any Joint Venture (other than a Permitted Joint Venture)
                                                               or (ii) the Excluded Company (other than any investment or acquisition
                                                               of shares, stocks, securities or other interest made by way of
                                                               an Aireon Equity Injection); or

 

		(b)	transfer any assets or lend to
                                                               or guarantee or give an indemnity for or give Security for the
                                                               obligations of a Joint Venture or the Excluded Company, or maintain
                                                               the solvency of or provide working capital to any Joint Venture
                                                               or the Excluded Company (or agree to do any of the foregoing),
                                                               except in the ordinary course of business in respect of a Permitted
                                                               Joint Venture (other than the Excluded Company) in an amount not
                                                               exceeding $1,000,000 or its equivalent.

 

		23.10	Works

 

		(a)	The Borrower must use its reasonable
                                                           efforts to ensure that:

 

		(i)	the NEXT System is completed in
                                                               accordance with the NEXT System Documents; and

 

		(ii)	NEXT System Completion occurs
                                                                by, or as soon as practicable after, the Scheduled Completion
                                                                Date.

 

		(b)	The Borrower must not, without the
                                                           prior consent of the COFACE Agent (acting on the advice of the Technical
                                                           Adviser) (such consent not to be unreasonably withheld or delayed),
                                                           agree to the In-Orbit Acceptance of the [***]
                                                           or [***]
                                                           Satellite under the Satellite Supply Contract.

 

		23.11	Operation and maintenance

 

		(a)	The Borrower shall:

 

		(i)	diligently operate and maintain,
                                                               or ensure the diligent operation and maintenance of, Block One
                                                               and the NEXT System in a safe, efficient and business-like manner
                                                               and materially in accordance with the Transaction Documents;

 

		(ii)	ensure that each such Secondary
                                                                Payload Contract substantially reflects the Secondary Payload
                                                                Heads of Terms (where applicable);

 

		(iii)	select a launch provider under
                                                                 the relevant Launch Services Contracts and maintain the availability
                                                                 of back-up or alternative launch providers, in each case, in
                                                                 accordance with Schedule 22 (Back-Up Launch Strategy);

 

		(iv)	purchase the initial loss reflight
                                                                option pursuant to clause 16.1 of the SpaceX Launch Contract no
                                                                later than 6 months before the first scheduled launch (or otherwise
                                                                in accordance with the terms of the SpaceX Launch Contract to
                                                                the extent amended as permitted under the Finance Documents, but
                                                                in any case no later than 3 months before the first scheduled
                                                                launch); and

 

    	108
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

 

		(v)	ensure that all Block One satellites
                                                               and all Satellites are owned by the Borrower or a Subsidiary that
                                                               is an Obligor.

 

Restrictions on
dealing with assets and Security

 

		23.12	Preservation of assets

 

Each Obligor
shall maintain in good working order and condition (ordinary wear and tear excepted) all of its assets necessary in the conduct
of its business.

 

		23.13	Pari passu ranking

 

Each Obligor
shall ensure that at all times any unsecured and unsubordinated claims of a Finance Party against it under the Finance Documents
rank at least pari passu with the claims of all its other unsecured and unsubordinated creditors except those creditors
whose claims are mandatorily preferred by laws of general application to companies.

 

		23.14	Material NEXT System Documents

 

		(a)	Each Obligor shall not:

 

		(i)	without the prior written consent
                                                               of the COFACE Agent, cause, permit, concur in, exercise or agree
                                                               to or give (as the case may be):

 

		(A)	any amendment or waiver of, or any
                                                             consent or option under or in respect of, any provision of the Satellite
                                                             Supply Contract or any Launch Services Contract, in each case, to
                                                             the extent that such amendment, waiver, consent or option is reasonably
                                                             likely to:

 

		I.	increase:

 

		a.	with respect to the Satellite Supply
                                                            Contract, the original Contract Amount by more than $30,000,000; or

 

		b.	with respect to the Launch Services
                                                            Contract, the total amount payable by the Borrower thereunder by more
                                                            than five per cent.,

 

(or in each
case its equivalent in any other currencies); or

 

		II.	result in NEXT System Completion
                                                               not occurring on or prior to the Scheduled Completion Date or delay
                                                               the completion of any Milestone by 3 months or more; or

 

		III.	be material to the design or implementation
                                                                of the NEXT System or have an adverse effect on the interest of
                                                                the Lenders in any material respect;

 

		(B)	any material amendment or waiver
                                                             of, or any material consent under or in respect of, any Material
                                                             NEXT System Document (other than the Satellite Supply Contract or
                                                             any Launch Services Contract) or any Aireon System Documents, if
                                                             such amendment, waiver or consent could reasonably be expected to
                                                             have a Material Adverse Effect; or

 

    	109
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

 

		(C)	the termination or abandonment of
                                                             a Material NEXT System Document or the Aireon Investment Agreement
                                                             (except any termination in accordance with its terms as permitted
                                                             under the Finance Documents or by reason of full performance of the
                                                             agreement or expiry of its term); and

 

		(ii)	assign or transfer any of its
                                                                rights or obligations under any Material NEXT System Document
                                                                or the Aireon Investment Agreement.

 

		(b)	The Borrower must exercise its rights
                                                           and comply with its obligations under each Material NEXT System Document
                                                           to which it is a party in a proper and timely manner consistent with
                                                           the Borrower's obligations under the Finance Documents, except where
                                                           failure to do so would not reasonably be expected to have a Material
                                                           Adverse Effect.

 

		(c)	If the Technical Adviser's Quarterly
                                                           Report discloses, in respect of any Milestone:

 

		(i)	a delay of 6 months or more; or

 

		(ii)	a delay of 3 months or more which
                                                                is reasonably likely to cause any of the first three launches
                                                                to be delayed by 6 months or more,

 

the Borrower
shall promptly enter into discussions with the COFACE Agent and the Lenders for a period of 60 days after receipt by the Borrower
of a copy of such Technical Adviser’s Quarterly Report in order to reach an agreement as to a remedial plan in respect of
such delay. If a remedial course of action is agreed, the Borrower shall, as soon as reasonably practicable thereafter (but in
any case within 10 Business Days), provide to the COFACE Agent a copy of its remedial plan (which shall substantially reflect
the discussions between the Borrower and the COFACE Agent and the Lenders and shall have been agreed to by the Supplier and/or
Launch Services Provider, as the case may be) to resolve the delay. The Borrower shall diligently carry out and comply with any
course of action detailed in its remedial plan.

 

		23.15	Negative pledge

 

In this Clause,
Quasi-Security means an arrangement or transaction described in paragraph (b) below.

 

Except as
permitted under paragraph (c) below:

 

		(a)	No Obligor shall (and the Parent
                                                               shall ensure that no other member of the NEXT Group will) create
                                                               or permit to subsist any Security over any of its assets.

 

		(b)	No Obligor shall (and the Parent
                                                               shall ensure that no other member of the NEXT Group will):

 

		(i)	sell, transfer or otherwise dispose
                                                             of any of its assets on terms whereby they are or may be leased to
                                                             or re-acquired by an Obligor or any other member of the NEXT Group;

 

		(ii)	sell, transfer or otherwise dispose
                                                              of any of its receivables on recourse terms;

 

		(iii)	enter into any arrangement under
                                                               which money or the benefit of a bank or other account may be applied,
                                                               set-off or made subject to a combination of accounts; or

 

		(iv)	enter into any other preferential
                                                              arrangement having a similar effect,

 

    	110
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

 

in circumstances
where the arrangement or transaction is entered into primarily as a method of raising Financial Indebtedness or of financing the
acquisition of an asset.

 

		(c)	Paragraphs (a) and (b) above do
                                                               not apply to any Security or (as the case may be) Quasi-Security,
                                                               which is:

 

		(i)	Permitted Security; or

 

		(ii)	a Permitted Transaction.

 

		23.16	Disposals

 

		(a)	Except as permitted under paragraph
                                                           (b) below, no Obligor shall (and the Parent shall ensure that no member
                                                           of the NEXT Group will) enter into a single transaction or a series
                                                           of transactions (whether related or not) and whether voluntary or involuntary
                                                           to sell, lease, transfer or otherwise dispose of any asset.

 

		(b)	Paragraph (a) above does not apply
                                                           to any sale, lease, transfer or other disposal which is:

 

		(i)	a Permitted Disposal; or

 

		(ii)	a Permitted Transaction.

 

		23.17	Arm's length basis

 

		(a)	Except as permitted by paragraph (b)
                                                           below, no Obligor shall (and the Parent shall ensure no member of the
                                                           NEXT Group will) enter into any transaction with any person except
                                                           on arm's length terms and for full market value.

 

		(b)	The following transactions shall not
                                                           be a breach of this Clause 23.17:

 

		(i)	transactions between members of
                                                               the NEXT Group (and where, in the case of a transaction involving
                                                               an Obligor and a member of the NEXT Group which is not an Obligor,
                                                               the terms of such transaction are no less favourable to such Obligor
                                                               than arm's length terms);

 

		(ii)	fees, costs and expenses payable
                                                                under the Transaction Documents in the amounts set out in the
                                                                Transaction Documents delivered to the COFACE Agent under Clause
                                                                4.1 (Initial conditions precedent) or agreed by the COFACE Agent;
                                                                and

 

		(iii)	any Permitted Transaction.

 

Restrictions on
movement of cash – cash out

 

		23.18	Funding from own resources

 

Unless otherwise
approved by the Majority Lenders, except in relation to Down Payments as specified in Clause 4.2(h) (Further conditions precedent),
no member of the NEXT Group may use its own resources to fund invoices under the Satellite Supply Contract for which financing
is available under the Facility:

 

		(a)	prior to 31 January 2016; and

 

		(b)	from 31 January 2016 until NEXT
                                                               System Completion, unless:

 

    	111
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

 

		(i)	the first [***]
                                                             Satellites have been successfully constructed and launched
                                                             by 31 January 2016 and the Technical Adviser certifies to the Lenders
                                                             that there are no delays to achieving NEXT System Completion on or
                                                             around the Scheduled Completion Date other than delays permitted
                                                             or approved pursuant to the terms of this Agreement; and

 

		(ii)	the Borrower certifies to the Lenders
                                                              (in form and substance reasonably satisfactory to the COFACE Agent)
                                                              that:

 

		(A)	it has sufficient resources available
                                                               to it to achieve NEXT System Completion by the NEXT System Completion
                                                               Longstop Date (on the basis of an updated Business Plan taking
                                                               into account the current [***]
                                                               as validated by the Technical Adviser); and

 

		(B)	it is not aware (after due enquiry
                                                               with the Technical Adviser, TAS and the Launch Services Provider)
                                                               of any present or anticipated future delays in the implementation
                                                               of the NEXT System (other than as permitted under the Satellite
                                                               Supply Contract and the Launch Services Contract).

 

		23.19	Loans or credit

 

		(a)	Except as permitted under paragraph
                                                           (b) below, no Obligor shall (and the Parent shall ensure that no member
                                                           of the NEXT Group will) be a creditor in respect of any Financial Indebtedness.

 

		(b)	Paragraph (a) above does not apply
                                                           to:

 

		(i)	a Permitted Loan; or

 

		(ii)	a Permitted Transaction.

 

		23.20	No Guarantees or indemnities

 

		(a)	Except as permitted under paragraph
                                                           (b) below, no Obligor shall (and the Parent shall ensure that no member
                                                           of the NEXT Group will) incur or allow to remain outstanding any guarantee
                                                           in respect of any obligation of any person.

 

		(b)	Paragraph (a) does not apply to a guarantee
                                                           which is:

 

		(i)	a Permitted Guarantee; or

 

		(ii)	a Permitted Transaction.

 

		23.21	Dividends and share redemption

 

		(a)	Except as permitted under paragraph
                                                           (b) below, the Parent shall not:

 

		(i)	declare, make or pay any dividend,
                                                               charge, fee or other distribution (or interest on any unpaid dividend,
                                                               charge, fee or other distribution) (whether in cash or in kind)
                                                               on or in respect of its share capital (or any class of its share
                                                               capital) or make payments of interest or principal in respect of
                                                               any Permitted PIK Debt;

 

		(ii)	repay or distribute any dividend
                                                                or share premium reserve;

 

		(iii)	pay or allow any member of the
                                                                 NEXT Group to pay any management, advisory or other fee to or
                                                                 to the order of any of the shareholders of the Parent; or

 

    	112
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

 

		(iv)	redeem, repurchase, defease, retire
                                                                or repay any of its share capital or resolve to do so (except
                                                                any repurchase of restricted stock in accordance with the Parent’s
                                                                stock option plan).

 

		(b)	Paragraph (a) above does not apply
                                                           to:

 

		(i)	a Permitted Distribution; or

 

		(ii)	a Permitted Transaction (other
                                                                than one referred to in paragraph (e) of the definition of that
                                                                term).

 

Restrictions on
movement of cash – cash in

 

		23.22	Financial Indebtedness

 

		(a)	Except as permitted under paragraph
                                                           (b) below, no Obligor shall (and the Parent shall ensure that no member
                                                           of the NEXT Group will) incur or allow to remain outstanding any Financial
                                                           Indebtedness.

 

		(b)	Paragraph (a) above does not apply
                                                           to Financial Indebtedness which is:

 

		(i)	Permitted Financial Indebtedness;
                                                               or

 

		(ii)	a Permitted Transaction.

 

		23.23	Share capital

 

No Obligor
shall (and the Parent shall ensure no member of the NEXT Group will) issue any shares except pursuant to a Permitted Share Issue
or a Permitted Transaction.

 

Miscellaneous

 

		23.24	Insurance

 

Each Obligor
shall comply with Schedule 21 (Insurance).

 

		23.25	Inspection

 

		(a)	In this Subclause:

 

		(i)	Attendee means the COFACE
                                                               Agent and the Technical Adviser; and

 

		(ii)	Acceptance Tests means
                                                                the acceptance test conducted pursuant to the Satellite Supply
                                                                Contract in respect of (1) the Initial System Acceptance (as defined
                                                                in the Satellite Supply Contract) and (2) the Final System Acceptance
                                                                (as defined in the Satellite Supply Contract).

 

		(b)	Each Attendee may on reasonable advance
                                                           notice to the Borrower and subject to reasonable security and safety
                                                           requirements and within ordinary business hours, visit and inspect
                                                           any portion of the NEXT System (including to verify construction progress,
                                                           attend any progress meetings in respect of the completion of Milestones,
                                                           and/or, in the case of the Technical Adviser, for the purpose of witnessing
                                                           any Acceptance Tests, and to discuss the progress of the NEXT System
                                                           and the affairs of the Borrower and prepare the Technical Adviser's
                                                           Quarterly Report; provided that, in each case, (i) no such visit
                                                           shall interfere with or interrupt, the operations of the Borrower,
                                                           the Supplier or any Launch Services Provider, as the case may be, (ii)
                                                           except in the case of the Technical Adviser, no more than
                                                           four visits per year shall be permitted, other than where a Default
                                                           has occurred and is continuing and (iii) except in the case of
                                                           any visit by the Technical Adviser or where a Default has occurred
                                                           and is continuing, the Borrower shall not be required to pay or reimburse
                                                           any fees, costs and expenses in respect of any such visits.

 

    	113
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

 

		(c)	The Borrower shall:

 

		(i)	give reasonable prior notice to
                                                               each Attendee of any progress meeting in respect of completion
                                                               of Milestones it is entitled to attend; and

 

		(ii)	give the Technical Adviser 14
                                                                days' prior notice (or such shorter notice as may be required
                                                                pursuant to the terms of the Satellite Supply Contract or any
                                                                Launch Services Contract (as applicable)) of any Acceptance Test.

 

		(d)	Except as provided in paragraph (e)
                                                           below, each Attendee may only observe and may not participate in any
                                                           meeting it is entitled to attend.

 

		(e)	An Attendee may participate in and
                                                           make representations at any progress meeting (in the case of the COFACE
                                                           Agent, in respect of completion of Milestones only) if it has placed
                                                           any issues which it desires to have specifically addressed at the meeting
                                                           on the agenda in advance of that meeting, provided that any
                                                           such participation by an Attendee shall neither interfere with or interrupt
                                                           the primary objective of such meeting nor the operations of the Borrower,
                                                           the Supplier or any Launch Services Provider.

 

		(f)	Notwithstanding the foregoing or any
                                                           provision to the contrary herein, no Attendee shall be permitted to
                                                           engage or participate in any of the other matters contemplated by this
                                                           Clause 23.25 (Inspection) unless such actions are in compliance with
                                                           the provisions of the Satellite Supply Contract and any Launch Services
                                                           Contract (including any prior notification requirements set forth therein
                                                           and Article 7 of the Satellite Supply Contract and Section 10.2 and
                                                           Article 12 of the SpaceX Launch Contract) and not otherwise prohibited
                                                           by applicable law and such Attendee agrees in advance to any reasonable
                                                           confidentiality obligations required by any of the Borrower, the Supplier
                                                           or the Launch Services Provider. For the avoidance of doubt, the Borrower
                                                           shall be permitted to proceed with any progress meeting or Acceptance
                                                           Test with or without the attendance of (or participation by) any relevant
                                                           Attendee so long as the Borrower has provided prior notice to such
                                                           Attendee of such progress meeting or Acceptance Test in accordance
                                                           with paragraph (c) above.

 

		23.26	Intellectual Property

 

Each Obligor
shall:

 

		(a)	preserve and maintain the subsistence
                                                               and validity of the Intellectual Property necessary for the business
                                                               of the relevant NEXT Group member;

 

		(b)	use reasonable endeavours to prevent
                                                               any infringement in any material respect of the Intellectual Property;

 

		(c)	make registrations and pay all
                                                               registration fees and taxes necessary to maintain the Intellectual
                                                               Property in full force and effect and record its interest in that
                                                               Intellectual Property;

 

		(d)	not use or permit the Intellectual
                                                               Property to be used in a way or take any step or omit to take any
                                                               step in respect of that Intellectual Property which may materially
                                                               and adversely affect the existence or value of the Intellectual
                                                               Property or imperil the right of any member of the NEXT Group to
                                                               use such property; and

 

		(e)	not discontinue the use of the
                                                               Intellectual Property,

 

    	114
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

 

except to
the extent where failure to do so could not reasonably be expected to have a Material Adverse Effect.

 

		23.27	Revenue Accounts

 

Each Obligor
shall ensure that, at all times:

 

		(a)	[***]
                                                               accounts receivable (and all proceeds thereof):

 

		(i)	for services rendered (including
                                                             goods sold) in the U.S. or with U.S. customers (including, without
                                                             limitation, the U.S. Department of Defense); and

 

		(ii)	to the fullest extent permitted
                                                              by law or regulation, for services rendered outside US with non-US
                                                              customers,

 

by or on behalf
of any member of the NEXT Group shall be paid directly or indirectly by way of intercompany transfers on receipt of the same into
the BOA Revenue Account or such other accounts subject to Transaction Security;

 

		(b)	at least [***]
                                                               % of all cash and Cash Equivalent Investments of the NEXT
                                                               Group are held in the BOA Revenue Account and/or such other deposit
                                                               or securities accounts with an Acceptable Bank in the U.S. as are
                                                               subject to the Transaction Security; and

 

		(c)	all cash and Cash Equivalent Investments
                                                               of the NEXT Group other than an amount up to the greater of (i)
                                                               [***]%
                                                               of all cash and Cash Equivalent Investments of the NEXT Group,
                                                               and (ii) cash and Cash Equivalent Investments with an aggregate
                                                               value of $[***],
                                                               are subject to the Transaction Security,

 

(in
each case, as certified in the relevant Compliance Certificate delivered in accordance with Clause 21.2 (Provision
and contents of Compliance Certificate), in respect of monthly average account balances on the basis of bank statements).

 

		23.28	Debt Service Reserve Account

 

		(a)	In this Clause:

 

Final DSRA
Balance means:

 

		(i)	until the Starting Point of Repayment,
                                                               $[***];
                                                               and

 

		(ii)	on and from the Starting Point
                                                                of Repayment, the higher of:

 

		(A)	$[***];
                                                             and

 

		(B)	at any time, in respect of the immediately
                                                             following Repayment Date, the amount determined by aggregating (i)
                                                             the Repayment Instalment for such Repayment Date; and (ii) the amount
                                                             of fees and interest payable under the Finance Documents accruing
                                                             in the Interest Period ending on the Interest Payment Date corresponding
                                                             to such Repayment Date.

 

Required
DSRA Balance means:

 

		(i)	from 31st March 2011 (the Initial
                                                               DSRA Funding Date) until the date falling 30 days prior to
                                                               the Starting Point of Repayment, on each 6-month anniversary of
                                                               the Initial DSRA Funding Date, the amount determined in accordance
                                                               with the following table:

 

    	115
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

 

	Date	 	Fraction of Final DSRA Balance required
	 	 	 
	31 March 2011	 	1/14
	 	 	 
	30 September 2011	 	2/14
	 	 	 
	31 March 2012	 	3/14
	 	 	 
	30 September 2012	 	4/14
	 	 	 
	31 March 2013	 	5/14
	 	 	 
	30 September 2013	 	6/14
	 	 	 
	31 March 2014	 	7/14
	 	 	 
	30 September 2014	 	8/14
	 	 	 
	31 March 2015	 	9/14
	 	 	 
	30 September 2015	 	10/14
	 	 	 
	31 March 2016	 	11/14
	 	 	 
	30 September 2016	 	12/14
	 	 	 
	31 March 2017 (if such date falls prior to the date of launch of the [***]
    Satellite)	 	13/14

 

		(ii)	on and following the earlier of
                                                                (A) the date of launch of the [***]
                                                                Satellite (whether such date falls before or after the
                                                                13th instalment set out in the table in paragraph (i) above),
                                                                and (B) 31 August 2017, the Final DSRA Balance.

 

		(b)	On and after the Initial DSRA Funding
                                                           Date, the Borrower must ensure that the amount standing to the credit
                                                           of the Debt Service Reserve Account is not less than the Required DSRA
                                                           Balance.

 

		(c)	The COFACE Agent may (and the Borrower
                                                           irrevocably authorises the COFACE Agent to) withdraw amounts from the
                                                           Debt Service Reserve Account to pay any Repayment Instalment or Financing
                                                           Costs due and payable under the Finance Documents at that time but
                                                           unpaid.

 

		(d)	For the avoidance of doubt, the Account
                                                           Bank shall have no responsibility to confirm or verify that the balance
                                                           currently held in the Debt Service Reserve Account complies with the
                                                           terms herein.

 

		23.29	Treasury Transactions

 

No Obligor
shall (and the Parent will procure that no members of the NEXT Group will) enter into any Treasury Transaction, other than any
Permitted Treasury Transaction.

 

    	116
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

 

		23.30	Additional Guarantors and resignation
                                                             of Guarantors

 

		(a)	The Borrower shall ensure that on or
                                                           prior to 31 December 2010, Baralonco N.V. is converted from a Netherlands
                                                           Antilles naamloze vennootschap into a limited liability company
                                                           organised under the laws of a state within the United States of America,
                                                           and accedes as an Additional Guarantor and grants Transaction Security
                                                           over all shares in Iridium Holdings LLC owned by it (and any Intellectual
                                                           Property rights, material contracts, insurances, bank accounts and
                                                           other Key Assets owned by it (other than Satellites) as the Borrower
                                                           specifies (to the reasonable satisfaction of the COFACE Agent)) and
                                                           carries out any action to protect, perfect or give priority to that
                                                           Transaction Security as soon as reasonably practicable (and in any
                                                           event within 30 Business Days thereafter).

 

		(b)	The Borrower shall ensure that at all
                                                           times after the Initial CP Satisfaction Date:

 

		(i)	the aggregate of earnings before
                                                               interest, tax, depreciation and amortisation (calculated on the
                                                               same basis as Consolidated EBITDA), aggregate gross assets, aggregate
                                                               net assets and aggregate turnover of the Obligors (calculated on
                                                               an unconsolidated basis and excluding all intra-NEXT Group items
                                                               and investments in Subsidiaries of any member of the NEXT Group)
                                                               exceeds [***]%
                                                               of Consolidated EBITDA, consolidated gross assets, net assets and
                                                               turnover (as the case may be) of the NEXT Group (and, upon the
                                                               request of the COFACE Agent (but no more than once per a Financial
                                                               Quarter), the Borrower shall supply to the COFACE Agent, a certificate
                                                               of an authorized officer of the Borrower confirming the foregoing
                                                               and stating which of its Subsidiaries are Material Companies, on
                                                               the terms set forth in the Compliance Certificate); and

 

		(ii)	except as provided in paragraph
                                                                (a) above with respect to Baralonco N.V., any Subsidiary which
                                                                becomes a Material Company and which is not an Original Guarantor
                                                                accedes as an Additional Guarantor and grants Transaction Security
                                                                over any Intellectual Property rights, material contracts, insurances,
                                                                bank accounts and other Key Assets owned by it (other than Satellites)
                                                                as the Borrower specifies (to the satisfaction of the COFACE Agent)
                                                                and the immediate holding company of such Subsidiary grants Transaction
                                                                Security over the shares or other ownership interests in such
                                                                Subsidiary, and both the Subsidiary and its immediate holding
                                                                company carry out any action to protect, perfect or give priority
                                                                to that Transaction Security as soon as reasonably practicable
                                                                (and in any event within 30 Business Days of becoming a Material
                                                                Company),

 

provided
that, notwithstanding anything herein to the contrary, no Material Company shall be required to:

 

		(A)	become a Guarantor; or

 

		(B)	provide any Security over any of
                                                               its assets,

 

in each case,
to the extent that to do so would:

 

		I.	result in any breach of corporate
                                                              benefit, financial assistance, fraudulent preference or thin capitalisation
                                                              laws or regulations (or analogous restrictions) of any applicable
                                                              jurisdiction;

 

		II.	be unlawful or result in a significant
                                                               risk to the officers of the relevant Guarantor or grantor of Security
                                                               of contravention of their fiduciary duties and/or of civil or criminal
                                                               liability; or

 

		III.	result in costs that, in the reasonable
                                                                opinion of the COFACE Agent, are disproportionate to the benefit
                                                                obtained by the beneficiaries of that guarantee or Security (and
                                                                for this purpose "cost" includes, but is not limited
                                                                to, income tax cost, registration taxes payable on the creation
                                                                or enforcement or for the continuance of any guarantee or Security,
                                                                stamp duties, out-of-pocket expenses, and other fees and expenses
                                                                directly incurred by the relevant Guarantor or grantor of Security
                                                                or any of its direct or indirect owners, subsidiaries or Affiliates),

 

and provided
further that:

 

    	117
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

 

		I.	with respect to any U.S. Material
                                                              Company or U.S. Obligor, no direct or indirect CFC Subsidiary of
                                                              such U.S. Material Company or U.S. Obligor shall guarantee the obligations
                                                              of, or pledge any of its assets as security for the obligations
                                                              of the Borrower or any U.S. Obligor, and no more than 65% of the
                                                              total combined voting power of all classes of all voting stock or
                                                              voting shares, or any other voting equity interest in any direct
                                                              or indirect CFC Subsidiary, shall guarantee or be pledged as security
                                                              for the obligations of the Borrower or any U.S. Obligor. For these
                                                              purposes, CFC Subsidiary means each Subsidiary of the Borrower
                                                              or a U.S. Obligor that is incorporated or organized under the laws
                                                              of any jurisdiction other than the United States or any state or
                                                              territory thereof and is a "controlled foreign corporation"
                                                              (within the meaning of Section 957 of the Code); and

 

		II.	no Obligor shall guarantee or pledge
                                                               any of its assets as security for the obligations of the Borrower
                                                               if (i) such Obligor is a "related person" (as defined
                                                               in Section 267(b) or Section 707(b)(1) of the Code) to the
                                                               Borrower, (ii) such Obligor is not a United States person and (iii)
                                                               the Borrower does not own a "controlling interest" (as
                                                               defined in Section 163(j) of the Code) in such Obligor, if
                                                               such guarantee or pledge would cause the Borrower to be disallowed,
                                                               for United States federal income tax purposes, a current deduction
                                                               (or any portion thereof) for interest expense paid.

 

		(c)	The Borrower must use, and must procure
                                                           that the relevant Material Company uses, all reasonable endeavours
                                                           lawfully available to avoid any unlawfulness or personal liability
                                                           and mitigate the constraints referred to in paragraph (a) above. This
                                                           includes agreeing to a limit on the amount guaranteed or secured. The
                                                           COFACE Agent may (but shall not be obliged to) agree to such a limit
                                                           if, in its opinion, to do so would avoid the relevant unlawfulness
                                                           or personal liability.

 

		(d)	Any such Material Company referred
                                                           to in paragraph (a) above, shall become an Additional Guarantor upon
                                                           confirmation by the COFACE Agent of receipt of a duly completed and
                                                           executed Accession Deed and the other documents and evidence specified
                                                           on Part 2 of Schedule 2 (Conditions Precedent).

 

		(e)	Upon the request of the COFACE Agent,
                                                           the Borrower shall supply any documentation and other evidence in relation
                                                           to such Additional Guarantor as is reasonably requested by the COFACE
                                                           Agent (for itself or on behalf of any Lender) in order for the COFACE
                                                           Agent or any Lender to carry out and be satisfied it has complied with
                                                           all necessary "know your customer" or other similar checks
                                                           under all applicable laws and regulations.

 

		(f)	The Borrower may request that any Guarantor
                                                           (other than an Original Guarantor) cease to be a Guarantor by delivering
                                                           to the COFACE Agent a Resignation Letter (1) if such Guarantor ceases
                                                           to be a Material Company, or (2) if all the Lenders have consented
                                                           to the resignation of that Guarantor.

 

		(g)	Upon the acceptance of the Resignation
                                                           Letter, any Transaction Security created by such resigning Guarantor
                                                           shall promptly be released by the Security Agent and the U.S. Collateral
                                                           Agent and returned to the resigning Guarantor or the Borrower. The
                                                           Security Agent and the U.S. Collateral Agent shall (at the cost of
                                                           the resigning Guarantor or the Borrower) execute and deliver all documents
                                                           reasonably necessary to release the Transaction Security and, to the
                                                           extent applicable, the Security Agent and the U.S. Collateral Agent
                                                           shall issue certificates confirming that, so far as the Security Agent
                                                           and the U.S. Collateral Agent are aware, any floating charge forming
                                                           part of the Transaction Security created by such resigning Guarantor
                                                           has not been converted into a fixed charge.

 

		23.31	Further assurance

 

		(a)	Each Obligor shall (and the Parent
                                                           shall procure that each relevant member of the NEXT Group will) promptly
                                                           do all such acts or execute all such documents (including assignments,
                                                           transfers, mortgages, charges, notices and instructions) as the Security
                                                           Agent or the U.S. Collateral Agent may reasonably specify (and in such
                                                           form as the Security Agent or the U.S. Collateral Agent may reasonably
                                                           require in favour of the Security Agent or the U.S. Collateral Agent
                                                           or its nominee(s)):

 

    	118
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

 

		(i)	to perfect the Security created
                                                               or intended to be created under or evidenced by the Transaction
                                                               Security Documents (which may include the execution of a mortgage,
                                                               charge, assignment or other Security over all or any of the assets
                                                               which are, or are intended to be, the subject of the Transaction
                                                               Security) or for the exercise of any rights, powers and remedies
                                                               of the Security Agent or the U.S. Collateral Agent or the Finance
                                                               Parties provided by or pursuant to the Finance Documents or by
                                                               law;

 

		(ii)	to confer on the Security Agent
                                                                or the U.S. Collateral Agent or confer on the Finance Parties
                                                                Security over any property and assets of that Obligor located
                                                                in any jurisdiction equivalent or similar to the Security intended
                                                                to be conferred by or pursuant to the Transaction Security Documents;
                                                                and/or

 

		(iii)	to facilitate the realisation
                                                                 of the assets which are, or are intended to be, the subject of
                                                                 the Transaction Security.

 

		(b)	Each Obligor shall (and the Parent
                                                           shall procure that each relevant member of the NEXT Group shall) take
                                                           all such action as is available to it (including making all filings
                                                           and registrations) as may be necessary for the purpose of the creation,
                                                           perfection, protection or maintenance of any Security conferred or
                                                           intended to be conferred on the Security Agent or the U.S. Collateral
                                                           Agent or the Finance Parties by or pursuant to the Finance Documents.

 

		23.32	ERISA and pension schemes

 

		(a)	Each of the Obligors and its ERISA
                                                           Affiliates must ensure that no event or condition exists at any time
                                                           in relation to a Plan which is reasonably likely to result in the imposition
                                                           of a Security on any of its assets, other than as permitted by this
                                                           Agreement.

 

		(b)	Each Obligor shall (and the Parent
                                                           shall procure that each relevant member of the NEXT Group will) ensure
                                                           that no member of the NEXT Group is or has been at any time an employer
                                                           of an occupational pension scheme which is not a money purchase scheme.

 

		23.33	Capital Raising

 

The Parent
shall have all approvals and documentation required to commence a Capital Raising by way of common equity or a Permitted PIYC
Capital Raising by 31st March 2013 such that the net proceeds of which when aggregated with the net proceeds received from exercise
of the Existing Warrants after the Effective Date will be (i) in an aggregate amount of not less than US$100,000,000 and (ii)
unconditionally available to the NEXT Group by no later than 30th April 2013.

 

		23.34	Aireon Transaction

 

		(a)	The Parent shall ensure that the Excluded
                                                           Company is and remains at all times:

 

		(i)	a Ring Fenced Company and does
                                                               not own by itself or together with any member of the NEXT Group
                                                               any Subsidiaries;

 

		(ii)	a bankruptcy remote, single purpose
                                                                vehicle whose sole business comprises the Aireon System Project
                                                                and any transaction incidental and in support of such project;
                                                                and

 

		(iii)	has no Financial Indebtedness
                                                                 other that the Aireon System Debt.

 

    	119
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

 

		(b)	The Parent shall ensure that no member
                                                           of the NEXT Group will enter into a single transaction or a series
                                                           of transactions (whether related or not and whether voluntary or involuntary)
                                                           to sell, lease, transfer or otherwise dispose of any Aireon Equity
                                                           Instruments prior to NEXT System Completion.

 

		(c)	The Parent shall ensure that the Excluded
                                                           Company will remain a Subsidiary until [***].

 

		(d)	The Parent shall ensure that any Aireon
                                                           Proceeds will be applied in accordance with clause 8 (Mandatory Prepayment).

 

		(e)	No Obligor shall (and the Parent shall
                                                           ensure no member of the NEXT Group will) enter into any transaction
                                                           with the Excluded Company except on arm's length terms and for fair
                                                           market value.

 

		24.	Events of Default

 

Each of the
events or circumstances set out in this Clause 24 is an Event of Default (save for Clause 24.21 (Acceleration)).

 

		24.1	Non-payment

 

An Obligor
does not pay on the due date any amount payable pursuant to a Finance Document at the place at and in the currency in which it
is expressed to be payable unless:

 

		(a)	its failure to pay is caused by:

 

		(i)	administrative or technical error;
                                                             or

 

		(ii)	a Disruption Event; and

 

		(b)	payment is made within three Business
                                                               Days of its due date.

 

		24.2	Financial covenants

 

Any requirement
of Clause 22 (Financial Covenants) is not satisfied.

 

		24.3	Other obligations

 

		(a)	An Obligor does not comply with any
                                                           provision of the Finance Documents (other than those referred to in
                                                           Clause 24.1 (Non-payment) and Clause 24.2 (Financial covenants)).

 

		(b)	No Event of Default under paragraph
                                                           (a) above will occur if the failure to comply is capable of remedy
                                                           and is remedied within 30 days of the earlier of (i) the COFACE Agent
                                                           giving notice to the Borrower or relevant Obligor and (ii) the Borrower
                                                           or an Obligor becoming aware of the failure to comply.

 

		24.4	Misrepresentation

 

Any representation
or statement made or deemed to be made by an Obligor in the Finance Documents or any other document delivered by or on behalf
of any Obligor under or in connection with any Finance Document is or proves to have been incorrect or misleading in any material
respect when made or deemed to be made and, if capable of remedy, is not remedied within 30 days of the (i) the COFACE Agent giving
notice to the Borrower or relevant Obligor and (ii) the Borrower or any Obligor becoming aware of such misrepresentation.

 

    	120
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

 

		24.5	Cross default

 

		(a)	Any Financial Indebtedness of any member
                                                           of the NEXT Group is not paid when due nor within any originally applicable
                                                           grace period.

 

		(b)	Any Financial Indebtedness of any member
                                                           of the NEXT Group is declared to be or otherwise becomes due and payable
                                                           prior to its specified maturity as a result of an event of default
                                                           (however described).

 

		(c)	Any creditor of any member of the NEXT
                                                           Group becomes entitled to declare any Financial Indebtedness of any
                                                           member of the NEXT Group due and payable prior to its specified maturity
                                                           as a result of an event of default (however described).

 

		(d)	Except where such event arises in respect
                                                           of Financial Indebtedness under or in connection with the Motorola
                                                           Settlement Agreements, no Event of Default will occur under this Clause
                                                           24.5 if the aggregate amount of Financial Indebtedness falling within
                                                           paragraphs (a) to (c) is less than $25,000,000 (or its equivalent
                                                           in any other currency or currencies).

 

		24.6	Insolvency

 

		(a)	A Material Company, an Obligor or a
                                                           Material Transaction Party is unable or admits inability to pay its
                                                           debts as they fall due, suspends making payments on any of its debts
                                                           or, by reason of actual or anticipated financial difficulties, commences
                                                           negotiations with any group of its creditors with a view to rescheduling
                                                           any of its indebtedness.

 

		(b)	The value of the assets of the Parent,
                                                           the Borrower or a Material Transaction Party is less than its liabilities.

 

This Clause
24.6 (Insolvency) shall not apply to (i) a Material Transaction Party at any time after NEXT System Completion; or (ii) any Launch
Services Provider to the extent that it is replaced with an alternative Launch Services Provider pursuant to the terms of this
Agreement.

 

		24.7	Insolvency proceedings

 

		(a)	Any corporate action, legal proceedings
                                                           or other procedure or step is commenced or taken in relation to:

 

		(i)	suspension of payments, a moratorium
                                                               of any indebtedness, winding-up, dissolution, administration or
                                                               reorganisation (by way of voluntary arrangement, scheme of arrangement,
                                                               voluntary or involuntary case or procedure under any U.S. Bankruptcy
                                                               Law or otherwise) of any Material Company, Obligor or Material
                                                               Transaction Party;

 

		(ii)	a composition, compromise, assignment
                                                                or arrangement with any group of creditors of any Material Company,
                                                                Obligor or Material Transaction Party;

 

		(iii)	the appointment of a liquidator,
                                                                 receiver, administrative receiver, administrator, compulsory
                                                                 manager or other similar officer in respect of any Material Company,
                                                                 Obligor or Material Transaction Party or any of its assets;

 

		(iv)	an order for relief or other order
                                                                approving any case or other proceeding is entered under any bankruptcy
                                                                law; or

 

		(v)	enforcement of any Security over
                                                               any assets of any Material Company, Obligor or Material Transaction
                                                               Party,

 

    	121
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

 

or any analogous
procedure or step is taken in any jurisdiction.

 

		(b)	Paragraph (a) shall not apply to:

 

		(i)	any winding-up petition which is
                                                               frivolous or vexatious and is discharged, stayed or dismissed within
                                                               14 days of commencement;

 

		(ii)	any step or procedure contemplated
                                                                by paragraph (b) of the definition of Permitted Transaction;

 

		(iii)	any involuntary commencement
                                                                 or filing of any bankruptcy, reorganization, debt arrangement
                                                                 or other case or proceeding under any bankruptcy or insolvency
                                                                 law or any dissolution, winding up or liquidation proceeding
                                                                 unless such case or proceeding shall continue without dismissal
                                                                 or stay for a period of 60 consecutive days;

 

		(iv)	any appointment of a liquidator,
                                                                receiver, administrative receiver, administrator, compulsory manager
                                                                or other similar officer where such appointment is without the
                                                                application or consent of such Obligor or Material Transaction
                                                                Party (as applicable) unless such appointment continues undischarged
                                                                or unstayed for 60 consecutive days; or

 

		(v)	(A) a Material Transaction Party
                                                               at any time after NEXT System Completion; or (B) any Launch Services
                                                               Provider to the extent that it is replaced with an alternative
                                                               Launch Services Provider pursuant to the terms of this Agreement.

 

		24.8	Creditors' process

 

Any attachment,
sequestration, distress or execution or any analogous process in any jurisdiction affects (i) any Key Asset, or (ii) any asset
or assets of a Material Company or an Obligor having an aggregate value of $25,000,000, and is not discharged within 45 days or
such longer period of time if such Material Company or Obligor is contesting such process in good faith provided that such
process:

 

		(a)	is in any event discharged within
                                                               180 days; and

 

		(b)	does not have or could not reasonably
                                                               be likely to have a Material Adverse Effect.

 

		24.9	Unlawfulness and invalidity

 

		(a)	It is or becomes unlawful for an Obligor
                                                           to perform any of its obligations under the Finance Documents or Material
                                                           NEXT System Documents to which it is a party or any Transaction Security
                                                           created or expressed to be created or evidenced by the Transaction
                                                           Security Documents ceases to be effective or any subordination or priority
                                                           arrangement created under any Subordination Agreement or the Motorola
                                                           Intercreditor Agreement is or becomes unlawful.

 

		(b)	Any obligation or obligations of any
                                                           Obligor under any Finance Documents or Material NEXT System Documents
                                                           are not (subject to the Legal Reservations) or cease to be legal, valid,
                                                           binding or enforceable and the cessation individually or cumulatively
                                                           materially and adversely affects the interests of the Lenders under
                                                           the Finance Documents.

 

		(c)	Any Finance Document (other than the
                                                           COFACE Insurance Policy) or, except as otherwise expired or terminated
                                                           in accordance with its terms as permitted under the Finance Documents,
                                                           any Material NEXT System Document ceases to be in full force and effect
                                                           or any Transaction Security or any subordination or priority arrangement
                                                           created under any Subordination Agreement or the Motorola Intercreditor
                                                           Agreement ceases to be legal, valid, binding, enforceable or effective
                                                           or is alleged by a party to it (other than a Finance Party) to be ineffective.

 

    	122
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

 

		(d)	Any Communications Licence:

 

		(i)	is not obtained or effected by
                                                               the time it is required;

 

		(ii)	is revoked or cancelled or otherwise
                                                                ceases to be in full force and effect;

 

		(iii)	is not renewed or is renewed
                                                                 on revised terms; or

 

		(iv)	is varied,

 

and, in each
case, this has or would be likely to result in a Material Adverse Effect.

 

		24.10	Subordination Agreement

 

Any party
to a Subordination Agreement or the Motorola Intercreditor Agreement (other than a Finance Party or an Obligor) fails to comply
with the provisions of, or does not perform its obligations under, that Subordination Agreement or the Motorola Intercreditor
Agreement and, if the non-compliance is capable of remedy, it is not remedied within 15 days of the earlier of the COFACE Agent
giving notice to that party or that party becoming aware of the non-compliance.

 

		24.11	Cessation of business

 

		(a)	Any Obligor or any Material Transaction
                                                           Party suspends or ceases to carry on all or a material part of its
                                                           business.

 

		(b)	Paragraph (a) above shall not apply:

 

		(i)	to the suspension of the Satellite
                                                               Supply Contract and/or Launch Services Contract as a result of
                                                               a force majeure event under and in accordance with its terms;

 

		(ii)	in the case of any Permitted Transaction;
                                                                or

 

		(iii)	to (A) a Material Transaction
                                                                 Party at any time after NEXT System Completion or (B) any Launch
                                                                 Services Provider to the extent that it is replaced with an alternative
                                                                 Launch Services Provider pursuant to the terms of this Agreement.

 

		24.12	Audit qualification

 

The Auditors
materially qualify the audited annual consolidated financial statements of the Parent for the Group where the circumstances giving
rise to such qualification could reasonably be expected to have a Material Adverse Effect.

 

		24.13	Breach, repudiation and rescission
                                                             of agreements

 

		(a)	An Obligor rescinds or purports to
                                                           rescind or repudiates or purports to repudiate a Finance Document or
                                                           Material NEXT System Document to which it is a party or any of the
                                                           Transaction Security or evidences an intention to rescind or repudiate
                                                           a Finance Document or Material NEXT System Document or any Transaction
                                                           Security.

 

		(b)	Any Material Transaction Party or any
                                                           party to a Subordination Agreement or the Motorola Intercreditor Agreement
                                                           (other than an Obligor or a Finance Party) rescinds or purports to
                                                           rescind or repudiates or purports to repudiate any of the Material
                                                           NEXT System Documents, any Subordination Agreement or the Motorola
                                                           Intercreditor Agreement (as the case may be) in whole or in part where
                                                           to do so has or is reasonably likely to have a material adverse effect
                                                           on the interests of the Lenders under the Finance Documents.

 

    	123
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

 

		(c)	Any Obligor or any Material Transaction
                                                           Party does not perform its obligations under any Material NEXT System
                                                           Document and this has or would be reasonably likely to have a Material
                                                           Adverse Effect.

 

		(d)	Any:

 

		(i)	Material NEXT System Document is
                                                               terminated or becomes capable of being terminated; or

 

		(ii)	Material Transaction Party issues
                                                                a notice of termination of that Material NEXT System Document,

 

in each case
otherwise than (1) as consented to by the COFACE Agent in accordance with Clause 23.14 (Material NEXT System Documents) or
(2) by reason of full performance of the agreement, expiry of its term or termination in accordance with its terms as permitted
under the Finance Documents, unless that Material NEXT System Document is replaced by an agreement with substantially the same
terms and conditions, and with a party, satisfactory to the COFACE Agent (acting reasonably) within 30 days of the termination
event or notice of termination (or within 60 days thereof, provided that the Borrower demonstrates to the COFACE Agent within
30 days that it is actively taking steps to implement such replacement).

 

		24.14	Litigation

 

Any litigation,
arbitration, administrative, governmental, regulatory or other investigations, proceedings or disputes in relation to the Transaction
Documents or the transactions contemplated in the Transaction Documents or against any Obligor or its assets results in a final
judgment against a member of the NEXT Group in an amount in excess of $10,000,000 or its equivalent.

 

		24.15	COFACE Insurance Policy

 

The COFACE
Insurance Policy is revoked or rescinded or becomes voidable (in each case, whether in whole or in part) or otherwise ceases to
be in full force (unless such event or circumstance (as the case may be) is caused by any fault, action or inaction of the Finance
Parties not attributable to the Borrower).

 

		24.16	NEXT System Completion

 

		(a)	Either:

 

		(i)	fewer than [***]
                                                               Satellites have been launched; or

 

		(ii)	failure to reach “In Orbit
                                                                Acceptance” of at least [***]
                                                                Satellites with a certificate from the Technical Adviser
                                                                that the operational coverage of the NEXT System with [***]
                                                                Satellites is satisfactory,

 

on or by the
NEXT System Completion Longstop Date.

 

		(b)	At any time:

 

		(i)	less than [***]
                                                               satellites (including the existing Block One system) are
                                                               capable of operation (as certified by the Technical Adviser); or

 

		(ii)	the Average Call Establishment
                                                                Rate is below [***]
                                                                per cent.,

 

unless at
the time of such failure:

 

    	124
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

 

		(A)	a number of Satellites sufficient
                                                               to maintain the total number of satellites (including the existing
                                                               Block One system) at or above [***]
                                                               and the Average Call Establishment Rate at or above [***]
                                                               per cent. are completed, available and scheduled to be launched
                                                               and immediately operational (and for the avoidance of doubt, any
                                                               Satellites which are required to drift into the relevant orbit
                                                               plane following launch shall not be taken into account) without
                                                               expected delays within the following 2 month period; and

 

		(B)	such Satellites achieve In-Orbit
                                                               Acceptance, and the number of satellites in operation is re-established
                                                               at or above [***]
                                                               and the Average Call Establishment Rate is re-established
                                                               at or above [***]
                                                               per cent. within 2 months following such 2 month period.

 

		(c)	Failure of the Borrower and the COFACE
                                                           Agent and the Majority Lenders to reach an agreement as to:

 

		(i)	an appropriate remedial plan in
                                                               respect of a certain Milestone delay disclosed in the Technical
                                                               Adviser’s Quarterly Report in accordance with the procedures
                                                               and timeframe set forth in Clause 23.14 (Material NEXT System Documents);
                                                               or

 

		(ii)	a back-up launch strategy following
                                                                the discussion period referred to in Schedule 22 (Back-Up Launch
                                                                Strategy).

 

		24.17	Mass De-Orbit

 

A Mass De-orbit
occurs (where Mass De-orbit means a de-orbit of the entire Block One system pursuant to and in accordance with the terms
of the Indemnification Contract, the Transition Services Agreement and/or the Boeing O&M Agreement, as applicable).

 

		24.18	Insurance

 

		(a)	Any Insurance required to be effected
                                                           under Schedule 21 (Insurance):

 

		(i)	is not, or ceases to be, in full
                                                               force and effect;

 

		(ii)	is repudiated, avoided or suspended
                                                                (in each case to any extent); or

 

		(b)	any insurer is entitled to avoid, repudiate
                                                           or suspend (in each case to any extent) or otherwise reduce its liability
                                                           under the policy relating to any Insurance.

 

No Event of
Default will occur under this Clause 24.18 (Insurance) if the relevant circumstance is capable of remedy and such Insurance is
either effected, replaced or resumed within 30 days of the earlier of (i) the COFACE Agent giving notice to the Borrower or relevant
Obligor and (ii) the Borrower or an Obligor becoming aware of the failure to comply (but, in the case of Launch Insurance, no
later than three Business Days prior to intentional ignition in respect of the relevant launch).

 

		24.19	Capital Raising

 

The NEXT Group
has not received net proceeds from a Capital Raising by way of common equity or a Permitted PIYC Capital Raising, which when aggregated
with the net proceed received from the exercise of the Existing Warrants after the Effective Date is (i) in an aggregate amount
of US$100,000,000 and (ii) unconditionally available by 30th April 2013.

 

    	125
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

 

		24.20	Material adverse change

 

Any event
or circumstance occurs which the Majority Lenders reasonably believe has or is reasonably likely to have a Material Adverse Effect.

 

		24.21	Acceleration

 

		(a)	If an Event of Default described in
                                                           Clause 24.7 (Insolvency proceedings) occurs, the Total Commitments
                                                           will, if not already cancelled under this Agreement, be immediately
                                                           and automatically cancelled and all amounts outstanding under the Finance
                                                           Documents will be immediately and automatically due and payable.

 

		(b)	On and at any time after the occurrence
                                                           of an Event of Default which is continuing the COFACE Agent may, and
                                                           shall if so directed by the Majority Lenders and/or COFACE, by notice
                                                           to the Borrower:

 

		(i)	if not already cancelled under
                                                               paragraph (a), cancel the Total Commitments at which time they
                                                               shall immediately be cancelled;

 

		(ii)	declare that all or part of the
                                                                Utilisations, together with accrued interest, and all other amounts
                                                                accrued or outstanding under the Finance Documents be immediately
                                                                due and payable, at which time they shall become immediately due
                                                                and payable;

 

		(iii)	declare that all or part of the
                                                                 Utilisations be payable on demand, at which time they shall immediately
                                                                 become payable on demand by the COFACE Agent on the instructions
                                                                 of the Majority Lenders; or

 

		(iv)	exercise or direct the Security
                                                                Agent or the U.S. Collateral Agent to exercise any or all of its
                                                                rights, remedies, powers or discretions under the Finance Documents.

 

		25.	Changes to the Lenders

 

		25.1	Assignments and transfers by the Lenders

 

Subject to
this Clause 25, a Lender (the Existing Lender) may:

 

		(a)	assign any of its rights; or

 

		(b)	transfer by novation any of its
                                                               rights and obligations,

 

under any
Finance Document to another bank or financial institution or to a trust, fund or other entity which is regularly engaged in or
established for the purpose of making, purchasing or investing in loans, securities or other financial assets (the New Lender).

 

		25.2	Conditions of assignment or transfer

 

		(a)	The consent of the Borrower and the
                                                           Majority Lenders is required for an assignment or transfer by an Existing
                                                           Lender, unless the assignment or transfer is:

 

		(i)	to another Lender or an Affiliate
                                                               of a Lender; or

 

		(ii)	made at a time when an Event of
                                                                Default is continuing.

 

    	126
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

 

The consent
of the Borrower (if required) must not be unreasonably withheld or delayed. The Borrower will be deemed to have given its consent
five Business Days after the Borrower is given notice of the request unless it is expressly refused by the Borrower within that
time.

 

		(b)	The minimum amount of any assignment
                                                           or transfer made pursuant to this Agreement shall be $5,000,000, unless
                                                           the Borrower otherwise consents in writing.

 

		(c)	Any assignment or transfer is subject
                                                           to the COFACE Agent confirming that the approval of COFACE to the intended
                                                           transfer has been obtained or is not required.

 

		(d)	An assignment will only be effective
                                                           on:

 

		(i)	receipt by the COFACE Agent (whether
                                                               in the Assignment Agreement or otherwise) of written confirmation
                                                               from the New Lender (in form and substance satisfactory to the
                                                               COFACE Agent) that the New Lender will assume the same obligations
                                                               to the other Finance Parties and the other Secured Parties as it
                                                               would have been under if it was an Original Lender; and

 

		(ii)	the performance by the COFACE
                                                                Agent of all necessary "know your customer" or other
                                                                similar checks under all applicable laws and regulations in relation
                                                                to such assignment to a New Lender, the completion of which the
                                                                COFACE Agent shall promptly notify to the Existing Lender and
                                                                the New Lender.

 

		(e)	A transfer will only be effective if
                                                           the procedure set out in Clause 25.5 (Procedure for transfer) is complied
                                                           with.

 

		(f)	If:

 

		(i)	a Lender assigns or transfers any
                                                               of its rights or obligations under the Finance Documents or changes
                                                               its Facility Office; and

 

		(ii)	as a result of circumstances existing
                                                                at the date the assignment, transfer or change occurs, an Obligor
                                                                would be obliged to make a payment to the New Lender or Lender
                                                                acting through its new Facility Office under Clause 14 (Tax Gross
                                                                Up and Indemnities) and Clause 15 (Increased Costs),

 

then the New
Lender or Lender acting through its new Facility Office is only entitled to receive payment under those Clauses to the same extent
as the Existing Lender or Lender acting through its previous Facility Office would have been if the assignment, transfer or change
had not occurred.

 

		(g)	Each New Lender, by executing the relevant
                                                           Transfer Certificate or Assignment Agreement, confirms, for the avoidance
                                                           of doubt, that the COFACE Agent has authority to execute on its behalf
                                                           any amendment or waiver that has been approved by or on behalf of the
                                                           requisite Lender or Lenders in accordance with this Agreement on or
                                                           prior to the date on which the transfer or assignment becomes effective
                                                           in accordance with this Agreement and that it is bound by that decision
                                                           to the same extent as the Existing Lender would have been had it remained
                                                           a Lender.

 

		25.3	Assignment or transfer fee

 

Unless the
COFACE Agent otherwise agrees and excluding an assignment or transfer to an Affiliate of a Lender, the New Lender shall, on the
date upon which an assignment or transfer takes effect, pay to the COFACE Agent (for its own account) a fee of $3,000.

 

    	127
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

 

		25.4	Limitation of responsibility of Existing
                                                            Lenders

 

		(a)	Unless expressly agreed to the contrary,
                                                           an Existing Lender makes no representation or warranty and assumes
                                                           no responsibility to a New Lender for:

 

		(i)	the legality, validity, effectiveness,
                                                               adequacy or enforceability of the Transaction Documents, the Transaction
                                                               Security or any other documents;

 

		(ii)	the financial condition of any
                                                                Obligor;

 

		(iii)	the performance and observance
                                                                 by any Obligor or any other member of the NEXT Group of its obligations
                                                                 under the Transaction Documents or any other documents; or

 

		(iv)	the accuracy of any statements
                                                                (whether written or oral) made in or in connection with any Transaction
                                                                Document or any other document,

 

and any representations
or warranties implied by law are excluded.

 

		(b)	Each New Lender confirms to the Existing
                                                           Lender, the other Finance Parties and the Secured Parties that it:

 

		(i)	has made (and shall continue to
                                                               make) its own independent investigation and assessment of the financial
                                                               condition and affairs of each Obligor and its related entities
                                                               in connection with its participation in this Agreement and has
                                                               not relied exclusively on any information provided to it by the
                                                               Existing Lender or any other Finance Party in connection with any
                                                               Transaction Document or the Transaction Security; and

 

		(ii)	will continue to make its own
                                                                independent appraisal of the creditworthiness of each Obligor
                                                                and its related entities whilst any amount is or may be outstanding
                                                                under the Finance Documents or any Commitment is in force.

 

		(c)	Nothing in any Finance Document obliges
                                                           an Existing Lender to:

 

		(i)	accept a re-transfer or re-assignment
                                                               from a New Lender of any of the rights and obligations assigned
                                                               or transferred under this Clause 25; or

 

		(ii)	support any losses directly or
                                                                indirectly incurred by the New Lender by reason of the non-performance
                                                                by any Obligor of its obligations under the Transaction Documents
                                                                or otherwise.

 

		25.5	Procedure for transfer

 

		(a)	Subject to the conditions set out in
                                                           Clause 25.2 (Conditions of assignment or transfer) a transfer is effected
                                                           in accordance with paragraph (c) below when the COFACE Agent executes
                                                           an otherwise duly completed Transfer Certificate delivered to it by
                                                           the Existing Lender and the New Lender. The COFACE Agent shall, subject
                                                           to paragraph (b) below, as soon as reasonably practicable after receipt
                                                           by it of a duly completed Transfer Certificate appearing on its face
                                                           to comply with the terms of this Agreement and delivered in accordance
                                                           with the terms of this Agreement, execute that Transfer Certificate.

 

		(b)	The COFACE Agent shall only be obliged
                                                           to execute a Transfer Certificate delivered to it by the Existing Lender
                                                           and the New Lender once it is satisfied it has complied with all necessary
                                                           "know your customer" or similar checks under all applicable
                                                           laws and regulations in relation to the transfer to such New Lender.

 

    	128
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

 

		(c)	On the Transfer Date:

 

		(i)	to the extent that in the Transfer
                                                               Certificate the Existing Lender seeks to transfer by novation its
                                                               rights and obligations under the Finance Documents and in respect
                                                               of the Transaction Security each of the Obligors and the Existing
                                                               Lender shall be released from further obligations towards one another
                                                               under the Finance Documents and in respect of the Transaction Security
                                                               and their respective rights against one another under the Finance
                                                               Documents and in respect of the Transaction Security shall be cancelled
                                                               (being the Discharged Rights and Obligations);

 

		(ii)	each of the Obligors and the New
                                                                Lender shall assume obligations towards one another and/or acquire
                                                                rights against one another which differ from the Discharged Rights
                                                                and Obligations only insofar as that Obligor or other member of
                                                                the NEXT Group and the New Lender have assumed and/or acquired
                                                                the same in place of that Obligor and the Existing Lender;

 

		(iii)	the COFACE Agent, the Administrative
                                                                 Parties, the New Lender, and the other Lenders shall acquire
                                                                 the same rights and assume the same obligations between themselves
                                                                 and in respect of the Transaction Security as they would have
                                                                 acquired and assumed had the New Lender been an Original Lender
                                                                 with the rights, and/or obligations acquired or assumed by it
                                                                 as a result of the transfer and to that extent the COFACE Agent,
                                                                 the Administrative Parties and the Existing Lender shall each
                                                                 be released from further obligations to each other under the
                                                                 Finance Documents; and

 

		(iv)	the New Lender shall become a
                                                                Party as a "Lender".

 

		25.6	Procedure for assignment

 

		(a)	Subject to the conditions set out in
                                                           Clause 25.2 (Conditions of assignment or transfer) an assignment may
                                                           be effected in accordance with paragraph (c) below when the COFACE
                                                           Agent executes an otherwise duly completed Assignment Agreement delivered
                                                           to it by the Existing Lender and the New Lender. The COFACE Agent shall,
                                                           subject to paragraph (b) below, as soon as reasonably practicable after
                                                           receipt by it of a duly completed Assignment Agreement appearing on
                                                           its face to comply with the terms of this Agreement and delivered in
                                                           accordance with the terms of this Agreement, execute that Assignment
                                                           Agreement.

 

		(b)	The COFACE Agent shall only be obliged
                                                           to execute an Assignment Agreement delivered to it by the Existing
                                                           Lender and the New Lender once it is satisfied it has complied with
                                                           all necessary "know your customer" or similar checks under
                                                           all applicable laws and regulations in relation to the assignment to
                                                           such New Lender.

 

		(c)	On the Transfer Date:

 

		(i)	the Existing Lender will assign
                                                               absolutely to the New Lender its rights under the Finance Documents
                                                               and in respect of the Transaction Security expressed to be the
                                                               subject of the assignment in the Assignment Agreement;

 

		(ii)	the Existing Lender will be released
                                                                from the obligations (the Relevant Obligations) expressed
                                                                to be the subject of the release in the Assignment Agreement (and
                                                                any corresponding obligations by which it is bound in respect
                                                                of the Transaction Security); and

 

		(iii)	the New Lender shall become a
                                                                 Party as a "Lender" and will be bound by obligations
                                                                 equivalent to the Relevant Obligations.

 

    	129
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

 

		(d)	Lenders may utilise procedures other
                                                           than those set out in this Clause 25.6 to assign their rights under
                                                           the Finance Documents (but not, without the consent of the relevant
                                                           Obligor or unless in accordance with Clause 25.5 (Procedure for transfer),
                                                           to obtain a release by that Obligor from the obligations owed to that
                                                           Obligor by the Lenders nor the assumption of equivalent obligations
                                                           by a New Lender) provided that they comply with the conditions
                                                           set out in Clause 25.2 (Conditions of assignment or transfer).

 

		25.7	Copy of Transfer Certificate or Assignment
                                                            Agreement to Borrower

 

The COFACE
Agent shall, as soon as reasonably practicable after it has executed a Transfer Certificate or an Assignment Agreement, send to
the Borrower a copy of that Transfer Certificate or Assignment Agreement.

 

		25.8	Security over Lenders' rights

 

In addition
to the other rights provided to Lenders under this Clause 25, each Lender may without consulting with or obtaining consent from
any Obligor, at any time charge, assign or otherwise create Security in or over (whether by way of collateral or otherwise) all
or any of its rights under any Finance Document to secure obligations of that Lender including, without limitation:

 

		(a)	any charge, assignment or other
                                                               Security to secure obligations to a federal reserve or central
                                                               bank; and

 

		(b)	in the case of any Lender which
                                                               is a fund, any charge, assignment or other Security granted to
                                                               any holders (or trustee or representatives of holders) of obligations
                                                               owed, or securities issued, by that Lender as security for those
                                                               obligations or securities,

 

except that
no such charge, assignment or Security shall:

 

		(i)	release a Lender from any of its
                                                               obligations under the Finance Documents or substitute the beneficiary
                                                               of the relevant charge, assignment or other Security for the Lender
                                                               as a party to any of the Finance Documents; or

 

		(ii)	require any payments to be made
                                                                by an Obligor or grant to any person any more extensive rights
                                                                than those required to be made or granted to the relevant Lender
                                                                under the Finance Documents.

 

		25.9	Maintenance of Register

 

The COFACE
Agent, acting solely for this purpose as agent for the Obligors, shall maintain at one of its offices a register for the recordation
of the names and addresses of the Lenders, and the principal and interest amount owing to each Lender, pursuant to the terms hereof
from time to time (the Register). Any transfer pursuant to Clause 25 shall be effective only upon recordation of such transfer
in the Register, and the Obligors may treat each person whose name is recorded in the Register pursuant to the terms hereof as
a Lender hereunder for all purposes of this Agreement, notwithstanding notice to the contrary. The right to the principal of,
and interest on, the Facility may be transferred or assigned only if such transfer or assignment is recorded in the Register.
The Register shall be available for inspection by the Borrower, any Administrative Party and any Lender, at any reasonable time
upon reasonable prior notice.

 

    	130
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

 

		26.	Changes to the Obligors

 

		26.1	Assignment and transfers by Obligors

 

No Obligor
may assign any of its rights or transfer any of its rights or obligations under the Finance Documents to which it is a party.

 

		27.	Role of the Administrative Parties

 

		27.1	Appointment of the Security Agent

 

Each Finance
Party appoints the Security Agent to act as its security agent under and in connection with the Finance Documents on the terms
and conditions set out in Schedule 28 (Security Agent).

 

		27.2	Appointment of the U.S. Collateral
                                                            Agent

 

		(a)	Each Finance Party (other than the
                                                           U.S. Collateral Agent) appoints the U.S. Collateral Agent to act as
                                                           its agent on the terms and conditions set out in the Motorola Intercreditor
                                                           Agreement.

 

		(b)	Each Finance Party irrevocably authorizes
                                                           the U.S. Collateral Agent to:

 

		(i)	perform the duties and to exercise
                                                               the rights, powers and discretions that are specifically given
                                                               to it hereunder and under and in connection with the Motorola Intercreditor
                                                               Agreement, together with any other incidental rights, powers and
                                                               discretions; and

 

		(ii)	enter into the Motorola Intercreditor
                                                                Agreement and each Transaction Security Document.

 

		27.3	Security Agent's and U.S. Collateral
                                                            Agent's indemnity from Lenders

 

Without
limiting the liability of any Obligor under the Finance Documents, each Lender shall (in proportion to its share of the
Total Commitments or, if the Total Commitments are then zero, to its share of the Total Commitments immediately prior to their
reduction to zero) indemnify the Security Agent and the U.S. Collateral Agent, within three Business Days of demand, against any
cost (including, but not limited to reasonable counsel's fees and other agents' fees), loss, expense or liability (including,
without limitation, for negligence or any other category of liability whatsoever) incurred by the Security Agent or U.S. Collateral
Agent (otherwise than by reason of the Security Agent's or U.S. Collateral Agent's gross negligence or wilful misconduct). This
Clause 27.3 (Security Agent's and U.S. Collateral Agent's indemnity from Lenders) shall survive
the termination of this Agreement.

 

		27.4	Appointment of the COFACE Agent

 

		(a)	Each Administrative Party (other than
                                                           any Agent) and the Lenders appoints the COFACE Agent to act as its
                                                           agent under and in connection with the Finance Documents.

 

		(b)	Each Administrative Party (other than
                                                           any Agent) and the Lenders authorises the COFACE Agent to exercise
                                                           the rights, powers, authorities and discretions specifically given
                                                           to the COFACE Agent under or in connection with the Finance Documents
                                                           together with any other incidental rights, powers, authorities and
                                                           discretions.

 

		(c)	Each Finance Party (other than any
                                                           Agent) irrevocably authorises the COFACE Agent to:

 

		(i)	perform the duties and to exercise
                                                               the rights, powers and discretions that are specifically given
                                                               to it under the Finance Documents, together with any other incidental
                                                               rights, powers and discretions;

 

    	131
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

 

		(ii)	execute each Finance Document
                                                                expressed to be executed by the COFACE Agent;

 

		(iii)	communicate with COFACE in connection
                                                                 with the Finance Documents, the COFACE Insurance Policy and the
                                                                 Satellite Supply Contract and to act generally on its behalf
                                                                 in relation to COFACE and the COFACE Insurance Policy;

 

		(iv)	act on its behalf in relation
                                                                to any claim, and to receive any payment, under the COFACE Insurance
                                                                Policy; and

 

		(v)	make and receive payments expressed
                                                               to be made by it under this Agreement.

 

		(d)	Each Lender irrevocably appoints the
                                                           COFACE Agent to be its attorney for the purposes of:

 

		(i)	executing in the name and on behalf
                                                               of the relevant Lenders the COFACE Insurance Policy; and

 

		(ii)	taking any action under such COFACE
                                                                Insurance Policy in accordance with the terms thereof,

 

provided that
nothing in this paragraph (d) will permit the COFACE Agent to execute any document, consent, waiver and/or determination other
than as expressly provided for in, or in accordance with, this Agreement or the COFACE Insurance Policy, as the case may be.

 

		27.5	Duties of the COFACE Agent

 

		(a)	Subject to paragraph (b) below, the
                                                           COFACE Agent shall promptly forward to a Party the original or a copy
                                                           of any document which is delivered to the COFACE Agent for that Party
                                                           by any other Party.

 

		(b)	Without prejudice to Clause 25.7 (Copy
                                                           of Transfer Certificate or Assignment Agreement to Borrower), paragraph (a)
                                                           above shall not apply to any Transfer Certificate or any Assignment
                                                           Agreement.

 

		(c)	Except where a Finance Document specifically
                                                           provides otherwise, the COFACE Agent is not obliged to review or check
                                                           the adequacy, accuracy or completeness of any document it forwards
                                                           to another Party.

 

		(d)	If the COFACE Agent receives notice
                                                           from a Party referring to this Agreement, describing a Default and
                                                           stating that the circumstance described is a Default, it shall promptly
                                                           notify the other Finance Parties.

 

		(e)	If the COFACE Agent is aware of the
                                                           non-payment of any principal, interest, commitment fee or other fee
                                                           payable to a Finance Party (other than the Administrative Parties)
                                                           under this Agreement it shall promptly notify the other Finance Parties.

 

		(f)	The COFACE Agent shall provide to the
                                                           Borrower, within five Business Days of a request by the Borrower (but
                                                           no more frequently than once per calendar month), a list (which may
                                                           be in electronic form) setting out the names of the Lenders as at the
                                                           date of that request, their respective Commitments, the address and
                                                           fax number (and the department or officer, if any, for whose attention
                                                           any communication is to be made) of each Lender for any communication
                                                           to be made or document to be delivered under or in connection with
                                                           the Finance Documents, the electronic mail address and/or any other
                                                           information required to enable the sending and receipt of information
                                                           by electronic mail or other electronic means to and by each Lender
                                                           to whom any communication under or in connection with the Finance Documents
                                                           may be made by that means and the account details of each Lender for
                                                           any payment to be distributed by the COFACE Agent to that Lender under
                                                           the Finance Documents.

 

    	132
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

 

		(g)	The COFACE Agent's duties under the
                                                           Finance Documents are solely mechanical and administrative in nature.

 

		27.6	Role of the Mandated Lead Arrangers
                                                            and Bookrunners and Lead Arrangers

 

Except as
specifically provided in the Finance Documents, no Mandated Lead Arrangers and Bookrunner or Lead Arranger has any obligations
of any kind to any other Party under or in connection with any Finance Document.

 

		27.7	No fiduciary duties

 

		(a)	Nothing in this Agreement constitutes
                                                           the COFACE Agent or any Mandated Lead Arranger and or Lead Arranger
                                                           as a trustee or fiduciary of any other person.

 

		(b)	None of the Administrative Parties
                                                           shall be bound to account to any Lender for any sum or the profit element
                                                           of any sum received by it for its own account.

 

		27.8	Business with the Group

 

The Administrative
Parties may accept deposits from, lend money to and generally engage in any kind of banking or other business with any member
of the Group.

 

		27.9	Rights and discretions

 

		(a)	The COFACE Agent may rely on:

 

		(i)	any representation, notice or document
                                                               believed by it to be genuine, correct and appropriately authorised;
                                                               and

 

		(ii)	any statement made by a director,
                                                                authorised signatory or employee of any person regarding any matters
                                                                which may reasonably be assumed to be within his knowledge or
                                                                within his power to verify.

 

		(b)	The COFACE Agent may assume (unless
                                                           it has received notice to the contrary in its capacity as agent for
                                                           the Lenders) that:

 

		(i)	no Default has occurred (unless
                                                               it has actual knowledge of a Default arising under Clause 24.1
                                                               (Non-payment));

 

		(ii)	any right, power, authority or
                                                                discretion vested in any Party or the Majority Lenders has not
                                                                been exercised; and

 

		(iii)	any notice or request made by
                                                                 the Borrower (other than a Utilisation Request) is made on behalf
                                                                 of and with the consent and knowledge of all the Obligors.

 

		(c)	The COFACE Agent may engage, pay for
                                                           and rely on the advice or services of any lawyers, accountants, surveyors
                                                           or other experts.

 

		(d)	The COFACE Agent may act in relation
                                                           to the Finance Documents through its personnel and agents.

 

		(e)	The COFACE Agent may disclose to any
                                                           other Party any information it reasonably believes it has received
                                                           as agent under this Agreement.

 

    	133
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

 

		(f)	Notwithstanding any other provision
                                                           of any Finance Document to the contrary, no Administrative Party is
                                                           obliged to do or omit to do anything if it would or might in its reasonable
                                                           opinion constitute a breach of any law or regulation or a breach of
                                                           a fiduciary duty or duty of confidentiality.

 

		(g)	The COFACE Agent is not obliged to
                                                           disclose to any Finance Party any details of the rate notified to the
                                                           COFACE Agent by any Lender or the identity of any such Lender for the
                                                           purpose of paragraph (a)(ii) of Clause 12.2 (Market disruption).

 

		27.10	Majority Lenders' instructions

 

		(a)	Unless a contrary indication appears
                                                           in a Finance Document, the COFACE Agent shall (i) exercise any right,
                                                           power, authority or discretion vested in it as COFACE Agent in accordance
                                                           with any instructions given to it by the Majority Lenders (or, if so
                                                           instructed by the Majority Lenders, refrain from exercising any right,
                                                           power, authority or discretion vested in it as COFACE Agent) and (ii)
                                                           not be liable for any act (or omission) if it acts (or refrains from
                                                           taking any action) in accordance with an instruction of the Majority
                                                           Lenders.

 

		(b)	Unless a contrary indication appears
                                                           in a Finance Document, any instructions given by the Majority Lenders
                                                           will be binding on all the Finance Parties other than the Security
                                                           Agent and the U.S. Collateral Agent.

 

		(c)	The COFACE Agent may refrain from acting
                                                           in accordance with the instructions of the Majority Lenders (or, if
                                                           appropriate, the Lenders) until it has received such security as it
                                                           may require for any cost, loss or liability (together with any associated
                                                           VAT) which it may incur in complying with the instructions.

 

		(d)	In the absence of instructions from
                                                           the Majority Lenders, (or, if appropriate, the Lenders) the COFACE
                                                           Agent may act (or refrain from taking action) as it considers to be
                                                           in the best interest of the Lenders.

 

		(e)	The COFACE Agent is not authorised
                                                           to act on behalf of a Lender (without first obtaining that Lender's
                                                           consent) in any legal or arbitration proceedings relating to any Finance
                                                           Document. This paragraph (e) shall not apply to any legal or arbitration
                                                           proceeding relating to the perfection, preservation or protection of
                                                           rights under the Transaction Security Documents or enforcement of the
                                                           Transaction Security or Transaction Security Documents.

 

		27.11	Responsibility for documentation

 

No Administrative
Party:

 

		(a)	is responsible for the adequacy,
                                                               accuracy and/or completeness of any information (whether oral or
                                                               written) supplied by the Administrative Party, an Obligor or any
                                                               other person given in or in connection with any Finance Document
                                                               or the transactions contemplated in the Finance Documents; or

 

		(b)	is responsible for the legality,
                                                               validity, effectiveness, adequacy or enforceability of any Finance
                                                               Document or the Transaction Security or any other agreement, arrangement
                                                               or document entered into, made or executed in anticipation of or
                                                               in connection with any Finance Document or the Transaction Security.

 

		27.12	Exclusion of liability

 

		(a)	Without limiting paragraph (b) below
                                                           (and without prejudice to the provisions of paragraph (e) of Clause
                                                           30.9 (Disruption to Payment Systems etc.)), the COFACE Agent will not
                                                           be liable (including, without limitation, for negligence or any other
                                                           category of liability whatsoever) for any action taken by it under
                                                           or in connection with any Finance Document or the Transaction Security,
                                                           unless directly caused by its gross negligence or wilful misconduct.

 

    	134
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

 

		(b)	No Party (other than the COFACE Agent)
                                                           may take any proceedings against any officer, employee or agent of
                                                           the COFACE Agent, in respect of any claim it might have against the
                                                           COFACE Agent or in respect of any act or omission of any kind by that
                                                           officer, employee or agent in relation to any Finance Document or any
                                                           Transaction Document and any officer, employee or agent of the COFACE
                                                           Agent may rely on this Clause subject to Clause 1.3 (Third party rights)
                                                           and the provisions of the Third Parties Act.

 

		(c)	The COFACE Agent will not be liable
                                                           for any delay (or any related consequences) in crediting an account
                                                           with an amount required under the Finance Documents to be paid by the
                                                           COFACE Agent if the COFACE Agent has taken all necessary steps as soon
                                                           as reasonably practicable to comply with the regulations or operating
                                                           procedures of any recognised clearing or settlement system used by
                                                           the COFACE Agent for that purpose.

 

		(d)	Nothing in this Agreement shall oblige
                                                           any Administrative Party to carry out any "know your customer"
                                                           or other checks in relation to any person on behalf of any Lender and
                                                           each Lender confirms to the Administrative Parties that it is solely
                                                           responsible for any such checks it is required to carry out and that
                                                           it may not rely on any statement in relation to such checks made by
                                                           any Administrative Party.

 

		27.13	Lenders' indemnity to the COFACE
                                                             Agent

 

Each Lender
shall (in proportion to its share of the Total Commitments or, if the Total Commitments are then zero, to its share of the Total
Commitments immediately prior to their reduction to zero) indemnify the COFACE Agent, within three Business Days of demand, against
any cost, loss or liability (including, without limitation, for negligence or any other category of liability whatsoever) incurred
by the COFACE Agent (otherwise than by reason of the COFACE Agent's gross negligence or wilful misconduct) (or, in the case of
any cost, loss or liability pursuant to Clause 30.9 (Disruption to Payment Systems etc.) notwithstanding the COFACE Agent's
negligence, gross negligence or any other category of liability whatsoever but not including any claim based on the fraud of the
COFACE Agent in acting as COFACE Agent under the Finance Documents (unless the COFACE Agent has been reimbursed by an Obligor
pursuant to a Finance Document).

 

		27.14	Resignation of the COFACE Agent

 

		(a)	The COFACE Agent may resign and appoint
                                                           one of its Affiliates as successor by giving notice to the Lenders
                                                           and the Borrower.

 

		(b)	Alternatively the COFACE Agent may
                                                           resign by giving 30 days notice to the Lenders and the Borrower, in
                                                           which case the Majority Lenders (after consultation with the Borrower)
                                                           may appoint a successor COFACE Agent.

 

		(c)	If the Majority Lenders have not appointed
                                                           a successor COFACE Agent in accordance with paragraph (b) above
                                                           within 20 days after notice of resignation was given, the retiring
                                                           COFACE Agent (after consultation with the Borrower) may appoint a successor
                                                           COFACE Agent.

 

		(d)	The retiring COFACE Agent shall, at
                                                           its own cost, make available to the successor COFACE Agent such documents
                                                           and records and provide such assistance as the successor COFACE Agent
                                                           may reasonably request for the purposes of performing its functions
                                                           as COFACE Agent under the Finance Documents.

 

		(e)	The COFACE Agent's resignation notice
                                                           shall only take effect upon the appointment of a successor.

 

    	135
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

 

		(f)	Upon the appointment of a successor,
                                                           the retiring COFACE Agent shall be discharged from any further obligation
                                                           in respect of the Finance Documents but shall remain entitled to the
                                                           benefit of this Clause 27. Any successor and each of the other
                                                           Parties shall have the same rights and obligations amongst themselves
                                                           as they would have had if such successor had been an original Party.

 

		27.15	Replacement of the COFACE Agent

 

		(a)	After consultation with the Borrower,
                                                           the Majority Lenders may, by giving 30 days' notice to the COFACE Agent
                                                           replace the COFACE Agent by appointing a successor COFACE Agent.

 

		(b)	The retiring COFACE Agent shall (at
                                                           the expense of the Lenders) make available to the successor COFACE
                                                           Agent such documents and records and provide such assistance as the
                                                           successor COFACE Agent may reasonably request for the purposes of performing
                                                           its functions as COFACE Agent under the Finance Documents.

 

		(c)	The appointment of the successor COFACE
                                                           Agent shall take effect on the date specified in the notice from the
                                                           Majority Lenders to the retiring COFACE Agent. As from this date, the
                                                           retiring COFACE Agent shall be discharged from any further obligation
                                                           in respect of the Finance Documents but shall remain entitled to the
                                                           benefit of this Clause 27 (and any agency fees for the account of the
                                                           retiring COFACE Agent shall cease to accrue from (and shall be payable
                                                           on) that date).

 

		(d)	Any successor COFACE Agent and each
                                                           of the other Parties shall have the same rights and obligations amongst
                                                           themselves as they would have had if such successor had been an original
                                                           Party.

 

		(e)	In the case of any resignation or replacement
                                                           of the COFACE Agent, any agency fee payable to a successor COFACE Agent
                                                           shall be in an amount substantially similar to the agency fee payable
                                                           to the retiring COFACE Agent and otherwise consistent with then current
                                                           market practice.

 

		27.16	Confidentiality

 

		(a)	In acting as agent for the Finance
                                                           Parties, the COFACE Agent shall be regarded as acting through its agency
                                                           division which shall be treated as a separate entity from any other
                                                           of its divisions or departments.

 

		(b)	If information is received by another
                                                           division or department of the COFACE Agent, it may be treated as confidential
                                                           to that division or department and the COFACE Agent shall not be deemed
                                                           to have notice of it.

 

		(c)	Notwithstanding any other provision
                                                           of any Finance Document to the contrary, no Administrative Party is
                                                           obliged to disclose to any other person (i) any confidential information
                                                           or (ii) any other information if the disclosure would or might in its
                                                           reasonable opinion constitute a breach of any law or a breach of a
                                                           fiduciary duty.

 

		27.17	Relationship with the Lenders

 

		(a)	The COFACE Agent may treat the person
                                                           shown in its records as Lender at the opening of business (in the place
                                                           of the COFACE Agent's principal office as notified to the Finance Parties
                                                           from time to time) as the Lender acting through its Facility Office:

 

		(i)	entitled to or liable for any payment
                                                               due under any Finance Document on that day; and

 

		(ii)	entitled to receive and act upon
                                                                any notice, request, document or communication or make any decision
                                                                or determination under any Finance Document made or delivered
                                                                on that day,

 

    	136
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

 

unless it
has received not less than five Business Days' prior notice from that Lender to the contrary in accordance with the terms of this
Agreement.

 

		(b)	Each Lender shall supply the COFACE
                                                           Agent with any information required by the COFACE Agent in order to
                                                           calculate the Mandatory Cost in accordance with Schedule 7 (Mandatory
                                                           Cost Formula).

 

		(c)	Each Lender shall supply the COFACE
                                                           Agent with any information that the Security Agent or the U.S. Collateral
                                                           Agent may reasonably specify (through the COFACE Agent) as being necessary
                                                           or desirable to enable the Security Agent or the U.S. Collateral Agent
                                                           to perform its functions as Security Agent. Each Lender shall deal
                                                           with the Security Agent and the U.S. Collateral Agent exclusively through
                                                           the COFACE Agent and shall not deal directly with the Security Agent
                                                           or the U.S. Collateral Agent.

 

		(d)	Any Lender may by notice to the COFACE
                                                           Agent appoint a person to receive on its behalf all notices, communications,
                                                           information and documents to be made or dispatched to that Lender under
                                                           the Finance Documents. Such notice shall contain the address, fax number
                                                           and (where communication by electronic mail or other electronic means
                                                           is permitted under Clause 32.5 (Electronic communication)) electronic
                                                           mail address and/or any other information required to enable the sending
                                                           and receipt of information by that means (and, in each case, the department
                                                           or officer, if any, for whose attention communication is to be made)
                                                           and be treated as a notification of a substitute address, fax number,
                                                           electronic mail address, department and officer by that Lender for
                                                           the purposes of Clause 32.2 (Addresses) and paragraph (a)(iii)
                                                           of Clause 32.5 (Electronic communication) and the COFACE Agent shall
                                                           be entitled to treat such person as the person entitled to receive
                                                           all such notices, communications, information and documents as though
                                                           that person were that Lender.

 

		27.18	Credit appraisal by the Lenders

 

Without affecting
the responsibility of any Obligor for information supplied by it or on its behalf in connection with any Finance Document, each
Lender confirms to the Administrative Parties that it has been, and will continue to be, solely responsible for making its own
independent appraisal and investigation of all risks arising under or in connection with any Finance Document including but not
limited to:

 

		(a)	the financial condition, status
                                                               and nature of each member of the NEXT Group;

 

		(b)	the legality, validity, effectiveness,
                                                               adequacy or enforceability of any Finance Document and the Transaction
                                                               Security and any other agreement, arrangement or document entered
                                                               into, made or executed in anticipation of, under or in connection
                                                               with any Finance Document or the Transaction Security;

 

		(c)	whether that Secured Party has
                                                               recourse, and the nature and extent of that recourse, against any
                                                               Party or any of its respective assets under or in connection with
                                                               any Finance Document, the Transaction Security, the transactions
                                                               contemplated by the Finance Documents or any other agreement, arrangement
                                                               or document entered into, made or executed in anticipation of,
                                                               under or in connection with any Finance Document;

 

		(d)	the adequacy, accuracy and/or completeness
                                                               of any information provided by the COFACE Agent, any Party or by
                                                               any other person under or in connection with any Finance Document,
                                                               the transactions contemplated by the Finance Documents or any other
                                                               agreement, arrangement or document entered into, made or executed
                                                               in anticipation of, under or in connection with any Finance Document;
                                                               and

 

    	137
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

 

		(e)	the right or title of any person
                                                               in or to, or the value or sufficiency of any part of the Charged
                                                               Property, the priority of any of the Transaction Security or the
                                                               existence of any Security affecting the Charged Property.

 

		27.19	Deduction from amounts payable by
                                                             the COFACE Agent

 

If any Party
owes an amount to the COFACE Agent under the Finance Documents the COFACE Agent may, after giving notice to that Party, deduct
an amount not exceeding that amount from any payment to that Party which the COFACE Agent would otherwise be obliged to make under
the Finance Documents and apply the amount deducted in or towards satisfaction of the amount owed. For the purposes of the Finance
Documents that Party shall be regarded as having received any amount so deducted.

 

		27.20	Reliance and engagement letters

 

Each Finance
Party and Secured Party confirms that the COFACE Agent has authority to accept on its behalf the terms of any reliance letter
or engagement letters relating to any reports or letters provided by accountants in connection with the Finance Documents or the
transactions contemplated in the Finance Documents and to bind it in respect of those reports or letters and to sign such letters
on its behalf and further confirms that it accepts the terms and qualifications set out in such letters.

 

		28.	Conduct of Business by the Finance
                                                           Parties

 

No provision
of this Agreement will:

 

		(a)	interfere with the right of any
                                                               Finance Party to arrange its affairs (tax or otherwise) in whatever
                                                               manner it thinks fit;

 

		(b)	oblige any Finance Party to investigate
                                                               or claim any credit, relief, remission or repayment available to
                                                               it or the extent, order and manner of any claim; or

 

		(c)	oblige any Finance Party to disclose
                                                               any information relating to its affairs (tax or otherwise) or any
                                                               computations in respect of Tax.

 

		29.	Sharing Among the Finance Parties

 

		29.1	Payments to Finance Parties

 

If a Finance
Party (a Recovering Finance Party) receives or recovers any amount from an Obligor other than in accordance with Clause
30 (Payment Mechanics) (a Recovered Amount) and applies that amount to a payment due under the Finance Documents then:

 

		(a)	the Recovering Finance Party shall,
                                                               within three Business Days, notify details of the receipt or recovery,
                                                               to the COFACE Agent;

 

		(b)	the COFACE Agent shall determine
                                                               whether the receipt or recovery is in excess of the amount the
                                                               Recovering Finance Party would have been paid had the receipt or
                                                               recovery been received or made by the COFACE Agent and distributed
                                                               in accordance with Clause 30 (Payment Mechanics), without taking
                                                               account of any Tax which would be imposed on the COFACE Agent in
                                                               relation to the receipt, recovery or distribution; and

 

		(c)	the Recovering Finance Party shall,
                                                               within three Business Days of demand by the COFACE Agent, pay to
                                                               the COFACE Agent an amount (the Sharing Payment) equal to
                                                               such receipt or recovery less any amount which the COFACE Agent
                                                               determines may be retained by the Recovering Finance Party as its
                                                               share of any payment to be made, in accordance with Clause 30.5
                                                               (Partial payments).

 

    	138
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

 

 

		29.2	Redistribution of payments

 

The COFACE
Agent shall treat the Sharing Payment as if it had been paid by the relevant Obligor and distribute it between the Finance Parties
(other than the Recovering Finance Party) (the Sharing Finance Parties) in accordance with Clause 30.5 (Partial payments)
towards the obligations of that Obligor to the Sharing Finance Parties.

 

		29.3	Recovering Finance Party's rights

 

On a distribution
by the COFACE Agent under Clause 29.2 (Redistribution of payments) of a payment received by a Recovering Finance Party from an
Obligor, as between the relevant Obligor and the Recovering Finance Party, an amount of the Recovered Amount equal to the Sharing
Payment will be treated as not having been paid by that Obligor.

 

		29.4	Reversal of redistribution

 

If any part
of the Sharing Payment received or recovered by a Recovering Finance Party becomes repayable and is repaid by that Recovering
Finance Party, then:

 

		(a)	each Sharing Finance Party shall,
                                                               upon request of the COFACE Agent, pay to the COFACE Agent for the
                                                               account of that Recovering Finance Party an amount equal to the
                                                               appropriate part of its share of the Sharing Payment (together
                                                               with an amount as is necessary to reimburse that Recovering Finance
                                                               Party for its proportion of any interest on the Sharing Payment
                                                               which that Recovering Finance Party is required to pay) (the Redistributed
                                                               Amount); and

 

		(b)	as between the relevant Obligor
                                                               and each relevant Sharing Finance Party, an amount equal to the
                                                               relevant Redistributed Amount will be treated as not having been
                                                               paid by that Obligor.

 

		29.5	Exceptions

 

		(a)	This Clause 29 shall not apply to the
                                                           extent that the Recovering Finance Party would not, after making any
                                                           payment pursuant to this Clause, have a valid and enforceable claim
                                                           against the relevant Obligor.

 

		(b)	A Recovering Finance Party is not obliged
                                                           to share with any other Finance Party any amount which the Recovering
                                                           Finance Party has received or recovered as a result of taking legal
                                                           or arbitration proceedings, if:

 

		(i)	it notified the other Finance Party
                                                               of the legal or arbitration proceedings; and

 

		(ii)	the other Finance Party had an
                                                                opportunity to participate in those legal or arbitration proceedings
                                                                but did not do so as soon as reasonably practicable having received
                                                                notice and did not take separate legal or arbitration proceedings.

 

		30.	Payment Mechanics

 

		30.1	Payments to the COFACE Agent

 

		(a)	On each date on which an Obligor or
                                                           a Lender is required to make a payment under a Finance Document, that
                                                           Obligor or Lender shall make the same available to the COFACE Agent
                                                           (unless a contrary indication appears in a Finance Document) for value
                                                           on the due date at the time and in such funds specified by the COFACE
                                                           Agent as being customary at the time for settlement of transactions
                                                           in the relevant currency in the place of payment.

 

    	139
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

 

		(b)	Payment shall be made to such account
                                                           in the principal financial centre of the country of that currency with
                                                           such bank as the COFACE Agent specifies.

 

		30.2	Distributions by the COFACE Agent

 

Each payment
received by the COFACE Agent under the Finance Documents for another Party shall, subject to Clause 30.3 (Distributions to an
Obligor) and Clause 30.4 (Clawback) be made available by the COFACE Agent as soon as practicable after receipt to the Party entitled
to receive payment in accordance with this Agreement (in the case of a Lender, for the account of its Facility Office), to such
account as that Party may notify to the COFACE Agent by not less than five Business Days' notice with a bank in the principal
financial centre of the country of that currency.

 

		30.3	Distributions to an Obligor

 

The COFACE
Agent may (with the consent of the Obligor or in accordance with Clause 31 (Set-Off)) apply any amount received by it for that
Obligor in or towards payment (on the date and in the currency and funds of receipt) of any amount due from that Obligor under
the Finance Documents or in or towards purchase of any amount of any currency to be so applied.

 

		30.4	Clawback

 

		(a)	Where a sum is to be paid to the COFACE
                                                           Agent under the Finance Documents for another Party, the COFACE Agent
                                                           is not obliged to pay that sum to that other Party (or to enter into
                                                           or perform any related exchange contract) until it has been able to
                                                           establish to its satisfaction that it has actually received that sum.

 

		(b)	If the COFACE Agent pays an amount
                                                           to another Party and it proves to be the case that the COFACE Agent
                                                           had not actually received that amount, then the Party to whom that
                                                           amount (or the proceeds of any related exchange contract) was paid
                                                           by the COFACE Agent shall on demand refund the same to the COFACE Agent
                                                           together with interest on that amount from the date of payment to the
                                                           date of receipt by the COFACE Agent, calculated by the COFACE Agent
                                                           to reflect its cost of funds.

 

		30.5	Partial payments

 

		(a)	If the COFACE Agent receives a payment
                                                           for application against amounts due in respect of any Finance Documents
                                                           that is insufficient to discharge all the amounts then due and payable
                                                           by an Obligor under those Finance Documents, the COFACE Agent shall
                                                           apply that payment towards the obligations of that Obligor under those
                                                           Finance Documents in the following order:

 

		(i)	first, in or towards payment
                                                               pro rata of any unpaid fees, costs and expenses of the COFACE
                                                               Agent, and the Security Agent and the U.S. Collateral Agent under
                                                               those Finance Documents;

 

		(ii)	secondly, in or towards
                                                                payment pro rata of any accrued interest, fee or commission
                                                                due but unpaid under those Finance Documents;

 

		(iii)	thirdly, in or towards
                                                                 payment pro rata of any principal due but unpaid under
                                                                 those Finance Documents; and

 

		(iv)	fourthly, in or towards
                                                                payment pro rata of any other sum due but unpaid under
                                                                the Finance Documents.

 

    	140
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

 

The COFACE
Agent shall, if so directed by the Majority Lenders, vary the order set out in paragraphs (a)(ii) to (iv) above.

 

		(b)	Paragraph (a) will override any appropriation
                                                           made by an Obligor.

 

		30.6	Set-off by Obligors

 

All payments
to be made by an Obligor under the Finance Documents shall be calculated and be made without (and free and clear of any deduction
for) set-off or counterclaim.

 

		30.7	Business Days

 

		(a)	Any payment which is due to be made
                                                           on a day that is not a Business Day shall be made on the next Business
                                                           Day.

 

		(b)	During any extension of the due date
                                                           for payment of any principal or Unpaid Sum under this Agreement interest
                                                           is payable on the principal or Unpaid Sum at the rate payable on the
                                                           original due date.

 

		30.8	Change of currency

 

		(a)	Unless otherwise prohibited by law,
                                                           if more than one currency or currency unit are at the same time recognised
                                                           by the central bank of any country as the lawful currency of that country,
                                                           then:

 

		(i)	any reference in the Finance Documents
                                                               to, and any obligations arising under the Finance Documents in,
                                                               the currency of that country shall be translated into, or paid
                                                               in, the currency or currency unit of that country designated by
                                                               the COFACE Agent (after consultation with the Borrower); and

 

		(ii)	any translation from one currency
                                                                or currency unit to another shall be at the official rate of exchange
                                                                recognised by the central bank for the conversion of that currency
                                                                or currency unit into the other, rounded up or down by the COFACE
                                                                Agent (acting reasonably).

 

		(b)	If a change in any currency of a country
                                                           occurs, this Agreement will, to the extent the COFACE Agent (acting
                                                           reasonably and after consultation with the Borrower) specifies to be
                                                           necessary, be amended to comply with any generally accepted conventions
                                                           and market practice in the Relevant Interbank Market and otherwise
                                                           to reflect the change in currency.

 

		30.9	Disruption to Payment Systems etc.

 

If either
the COFACE Agent determines (in its discretion) that a Disruption Event has occurred or the COFACE Agent is notified by the Borrower
that a Disruption Event has occurred:

 

		(a)	the COFACE Agent may, and shall
                                                               if requested to do so by the Borrower, consult with the Borrower
                                                               with a view to agreeing with the Borrower such changes to the operation
                                                               or administration of the Facility as the COFACE Agent may deem
                                                               necessary in the circumstances;

 

		(b)	the COFACE Agent shall not be obliged
                                                               to consult with the Borrower in relation to any changes mentioned
                                                               in paragraph (a) if, in its opinion, it is not practicable to do
                                                               so in the circumstances and, in any event, shall have no obligation
                                                               to agree to such changes;

 

		(c)	the COFACE Agent may consult with
                                                               the Finance Parties in relation to any changes mentioned in paragraph
                                                               (a) but shall not be obliged to do so if, in its opinion, it is
                                                               not practicable to do so in the circumstances;

 

    	141
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

 

		(d)	any such changes agreed upon by
                                                               the COFACE Agent and the Borrower shall (whether or not it is finally
                                                               determined that a Disruption Event has occurred) be binding upon
                                                               the Parties as an amendment to (or, as the case may be, waiver
                                                               of) the terms of the Finance Documents notwithstanding the provisions
                                                               of Clause 36 (Amendments and Waivers);

 

		(e)	the COFACE Agent shall not be liable
                                                               for any damages, costs or losses whatsoever (including, without
                                                               limitation for negligence, gross negligence or any other category
                                                               of liability whatsoever but not including any claim based on the
                                                               fraud of the COFACE Agent) arising as a result of its taking, or
                                                               failing to take, any actions pursuant to or in connection with
                                                               this Clause 30.9; and

 

		(f)	the COFACE Agent shall notify the
                                                               Finance Parties of all changes agreed pursuant to paragraph (d)
                                                               above.

 

		31.	Set-Off

 

A Finance
Party may set off any matured obligation due from an Obligor under the Finance Documents (to the extent beneficially owned by
that Finance Party) against any matured obligation owed by that Finance Party to that Obligor, regardless of the place of payment,
booking branch or currency of either obligation. If the obligations are in different currencies, the Finance Party may convert
either obligation at a market rate of exchange in its usual course of business for the purpose of the set-off. Following the exercise
of a right of set-off under this Agreement, the relevant Finance Party shall notify the Borrower.

 

		32.	Notices

 

		32.1	Communications in writing

 

Any communication
to be made under or in connection with the Finance Documents shall be made in writing and, unless otherwise stated, may be made
by fax or letter.

 

		32.2	Addresses

 

The address
and fax number (and the department or officer, if any, for whose attention the communication is to be made) of each Party for
any communication or document to be made or delivered under or in connection with the Finance Documents is:

 

		(a)	in the case of the Parent or the
                                                               Borrower, that identified with its name below;

 

		(b)	in the case of each Lender or any
                                                               other Obligor, that notified in writing to the COFACE Agent on
                                                               or prior to the date on which it becomes a Party; and

 

		(c)	in the case of the COFACE Agent
                                                               or the Security Agent or the U.S. Collateral Agent, that identified
                                                               with its name below,

 

or any substitute
address, fax number or department or officer as the Party may notify to the COFACE Agent (or the COFACE Agent may notify to the
other Parties, if a change is made by the COFACE Agent) by not less than five Business Days' notice.

 

		32.3	Delivery

 

		(a)	Any communication or document made
                                                           or delivered by one person to another under or in connection with the
                                                           Finance Documents will only be effective:

 

		(i)	if by way of fax, when received
                                                               in legible form; or

 

    	142
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

 

		(ii)	if by way of letter, when it has
                                                                been left at the relevant address or five Business Days after
                                                                being deposited in the post postage prepaid in an envelope addressed
                                                                to it at that address,

 

and, if a
particular department or officer is specified as part of its address details provided under Clause 32.2 (Addresses), if addressed
to that department or officer.

 

		(b)	Any communication or document to be
                                                           made or delivered to the COFACE Agent or the Security Agent or the
                                                           U.S. Collateral Agent will be effective only when actually received
                                                           by the COFACE Agent or Security Agent and then only if it is expressly
                                                           marked for the attention of the department or officer identified with
                                                           the COFACE Agent's or Security Agent's or U.S. Collateral Agent's signature
                                                           below (or any substitute department or officer as the COFACE Agent
                                                           or Security Agent or U.S. Collateral Agent shall specify for this purpose).

 

		(c)	All notices from or to an Obligor shall
                                                           be sent through the COFACE Agent.

 

		(d)	Any communication or document made
                                                           or delivered to the Borrower in accordance with this Clause 32.3
                                                           will be deemed to have been made or delivered to each of the Obligors.

 

		32.4	Notification of address and fax number

 

Promptly upon
receipt of notification of an address or fax number or change of address or fax number pursuant to Clause 32.2 (Addresses) or
changing its own address or fax number, the COFACE Agent shall notify the other Parties.

 

		32.5	Electronic communication

 

		(a)	Any communication to be made between
                                                           (1) the COFACE Agent or the Security Agent or the U.S. Collateral Agent
                                                           and a Lender or (2) any Obligor and a Finance Party under or in connection
                                                           with the Finance Documents may be made by electronic mail or other
                                                           electronic means, if the COFACE Agent, the Security Agent, the U.S.
                                                           Collateral Agent, the relevant Obligor, the relevant Lender and any
                                                           other relevant Finance Party:

 

		(i)	agree that, unless and until notified
                                                               to the contrary, this is to be an accepted form of communication;

 

		(ii)	notify each other in writing of
                                                                their electronic mail address and/or any other information required
                                                                to enable the sending and receipt of information by that means;
                                                                and

 

		(iii)	notify each other of any change
                                                                 to their address or any other such information supplied by them.

 

		(b)	Any electronic communication made between
                                                           (1) the COFACE Agent and a Lender or the Security Agent or the U.S.
                                                           Collateral Agent or (2) any Obligor and a Finance Party will be effective
                                                           only when actually received in readable form and in the case of any
                                                           electronic communication made by a Lender or an Obligor to the COFACE
                                                           Agent or the Security Agent or the U.S. Collateral Agent only if it
                                                           is addressed in such a manner as the COFACE Agent or Security Agent
                                                           or U.S. Collateral Agent shall specify for this purpose.

 

		32.6	Use of websites

 

		(a)	The Borrower may satisfy its obligation
                                                           under this Agreement to deliver any information in relation to those
                                                           Lenders (the Website Lenders) who accept this method of communication
                                                           by posting this information onto an electronic website designated by
                                                           the Borrower and the COFACE Agent (the Designated Website)
                                                           if:

 

    	143
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

 

		(i)	the COFACE Agent expressly agrees
                                                               (after consultation with each of the Lenders) that it will accept
                                                               communication of the information by this method;

 

		(ii)	both the Borrower and the COFACE
                                                                Agent are aware of the address of and any relevant password specifications
                                                                for the Designated Website; and

 

		(iii)	the information is in a format
                                                                 previously agreed between the Borrower and the COFACE Agent.

 

If any Lender
(a Paper Form Lender) does not agree to the delivery of information electronically then the COFACE Agent shall notify the
Borrower accordingly and the Borrower shall at its own cost supply the information to the COFACE Agent (in sufficient copies for
each Paper Form Lender) in paper form. In any event the Borrower shall at its own cost supply the COFACE Agent with at least one
copy in paper form of any information required to be provided by it.

 

		(b)	The COFACE Agent shall supply each
                                                           Website Lender with the address of and any relevant password specifications
                                                           for the Designated Website following designation of that website by
                                                           the Borrower and the COFACE Agent.

 

		(c)	The Borrower shall promptly upon becoming
                                                           aware of its occurrence notify the COFACE Agent if:

 

		(i)	the Designated Website cannot be
                                                               accessed due to technical failure;

 

		(ii)	the password specifications for
                                                                the Designated Website change;

 

		(iii)	any new information which is
                                                                 required to be provided under this Agreement is posted onto the
                                                                 Designated Website;

 

		(iv)	any existing information which
                                                                has been provided under this Agreement and posted onto the Designated
                                                                Website is amended; or

 

		(v)	the Borrower becomes aware that
                                                               the Designated Website or any information posted onto the Designated
                                                               Website is or has been infected by any electronic virus or similar
                                                               software.

 

If the Borrower
notifies the COFACE Agent under paragraph (c)(i) or paragraph (c)(v) above, all information to be provided by the Borrower under
this Agreement after the date of that notice shall be supplied in paper form unless and until the COFACE Agent and each Website
Lender is satisfied that the circumstances giving rise to the notification are no longer continuing.

 

		(d)	Any Website Lender may request, through
                                                           the COFACE Agent, one paper copy of any information required to be
                                                           provided under this Agreement which is posted onto the Designated Website.
                                                           The Borrower shall at its own cost comply with any such request within
                                                           ten Business Days.

 

		32.7	English language

 

		(a)	Any notice given under or in connection
                                                           with any Finance Document must be in English.

 

		(b)	All other documents provided under
                                                           or in connection with any Finance Document must be:

 

		(i)	in English; or

 

		(ii)	if not in English, and if so required
                                                                by the COFACE Agent, accompanied by a certified English translation
                                                                and, in this case, the English translation will prevail unless
                                                                the document is a constitutional, statutory or other official
                                                                document.

 

    	144
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

 

		33.	Calculations and Certificates

 

		33.1	Accounts

 

In any litigation
or arbitration proceedings arising out of or in connection with a Finance Document, the entries made in the accounts maintained
by a Finance Party are prima facie evidence of the matters to which they relate.

 

		33.2	Certificates and determinations

 

Any certification
or determination by a Finance Party of a rate or amount under any Finance Document is, in the absence of manifest error, conclusive
evidence of the matters to which it relates.

 

		33.3	Day count convention

 

Any interest,
commission or fee accruing under a Finance Document will accrue from day to day and is calculated on the basis of the actual number
of days elapsed and a year of 360 days or, in any case where the practice in the Relevant Interbank Market differs, in accordance
with that market practice.

 

		34.	Partial Invalidity

 

If, at any
time, any provision of the Finance Documents is or becomes illegal, invalid or unenforceable in any respect under any law of any
jurisdiction, neither the legality, validity or enforceability of the remaining provisions nor the legality, validity or enforceability
of such provision under the law of any other jurisdiction will in any way be affected or impaired.

 

		35.	Remedies and Waivers

 

No failure
to exercise, nor any delay in exercising, on the part of any Finance Party or Secured Party, any right or remedy under the Finance
Documents shall operate as a waiver, nor shall any single or partial exercise of any right or remedy prevent any further or other
exercise or the exercise of any other right or remedy. The rights and remedies provided in this Agreement are cumulative and not
exclusive of any rights or remedies provided by law.

 

		36.	Amendments and Waivers

 

		36.1	Required consents

 

		(a)	Subject to Clause 36.2 (Exceptions)
                                                           any term of the Finance Documents may be amended or waived only with
                                                           the consent of the Majority Lenders and the Borrower and any such amendment
                                                           or waiver will be binding on all Parties.

 

		(b)	The COFACE Agent may effect, on behalf
                                                           of any Finance Party, any amendment or waiver permitted by this Clause
                                                           36.

 

		(c)	Each Obligor agrees to any such amendment
                                                           or waiver permitted by this Clause 36 which is agreed to by the Borrower.
                                                           This includes any amendment or waiver which would, but for this paragraph (c),
                                                           require the consent of all of the Guarantors.

 

		(d)	Each Party acknowledges that the COFACE
                                                           Agent may be required to consult with COFACE prior to the exercise
                                                           of any of the Lenders’ voting rights under this Agreement (including
                                                           under Clause 36.2 (Exceptions) below) and may be required to follow
                                                           any instructions given by COFACE in relation to such voting rights.

 

    	145
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

 

		(e)	No Party shall have any claim whatsoever
                                                           in respect of any loss, damage or expense suffered or incurred by it
                                                           against any COFACE Agent for acting in accordance with any instructions
                                                           of COFACE.

 

		36.2	Exceptions

 

		(a)	An amendment or waiver that has the
                                                           effect of changing or which relates to:

 

		(i)	the definition of "Majority
                                                               Lenders" in Clause 1.1 (Definitions);

 

		(ii)	an extension to the date of payment
                                                                of any amount under the Finance Documents (other than in relation
                                                                to Clause 8 (Mandatory Prepayment));

 

		(iii)	a reduction in the Margin or
                                                                 a reduction in the amount of any payment of principal, interest,
                                                                 fees or commission payable;

 

		(iv)	a change in currency of payment
                                                                of any amount under the Finance Documents;

 

		(v)	an increase in or an extension
                                                               of any Commitment or the Total Commitments;

 

		(vi)	a change to the Borrower or the
                                                                Guarantors other than in accordance with Clause 23.30 (Additional
                                                                Guarantors and resignation of Guarantors);

 

		(vii)	a release of or amendment to
                                                                 the COFACE Insurance Policy;

 

		(viii)	any provision which expressly
                                                                  requires the consent of all the Lenders;

 

		(ix)	Clause 2.2 (Finance Parties' rights
                                                                and obligations), Clause 25 (Changes to the Lenders) or this Clause
                                                                36;

 

		(x)	(other than as expressly permitted
                                                               by the provisions of any Finance Document) the nature or scope
                                                               of:

 

		(A)	the guarantee and indemnity granted
                                                             under Clause 19 (Guarantee and Indemnity);

 

		(B)	the Charged Property; or

 

		(C)	the manner in which the proceeds
                                                             of enforcement of the Transaction Security are distributed

 

(except in the
case of paragraph (B) and paragraph (C) above, insofar as it relates to (1) the release of any Transaction Security upon the resignation
of a Guarantor pursuant to and in accordance with Clause 23.30 (Additional Guarantors and resignation of Guarantors) or (2) a
sale or disposal of an asset which is the subject of the Transaction Security where such sale or disposal is expressly permitted
under this Agreement or any other Finance Document);

 

		(xi)	the release of any guarantee and
                                                                indemnity granted under Clause 19 (Guarantee and Indemnity) or
                                                                of any Transaction Security unless permitted under this Agreement
                                                                (including Clause 23.30 (Additional Guarantors and resignation
                                                                of Guarantors)) or any other Finance Document or relating to a
                                                                sale or disposal of an asset which is the subject of the Transaction
                                                                Security where such sale or disposal is expressly permitted under
                                                                this Agreement or any other Finance Document; or

 

		(xii)	any amendment to the order of
                                                                 priority or subordination under any Subordination Agreement or
                                                                 the Motorola Intercreditor Agreement,

 

    	146
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

 

shall not
be made without the prior consent of all the Lenders.

 

		(b)	An amendment or waiver which relates
                                                           to the rights or obligations of an Administrative Party (in their capacity
                                                           as such) may not be effected without the consent of such Administrative
                                                           Party.

 

		(c)	If any Lender fails to respond to a
                                                           request for a consent, waiver, amendment of or in relation to any of
                                                           the terms of any Finance Document (other than an amendment or waiver
                                                           referred to in paragraphs (a)(ii), (iii) and (v) above) or other vote
                                                           of Lenders under the terms of this Agreement within 20 Business Days
                                                           (unless the Borrower and the COFACE Agent agree to a longer time period
                                                           in relation to any request) of that request being made, its Commitment
                                                           shall not be included for the purpose of calculating the Total Commitments
                                                           under the Facility when ascertaining whether any relevant percentage
                                                           (including, for the avoidance of doubt, unanimity) of Total Commitments
                                                           has been obtained to approve that request.

 

		36.3	Replacement of Lender

 

		(a)	If at any time an Obligor becomes obliged
                                                           to repay any amount in accordance with Clause 7.1 (Illegality) or to
                                                           pay additional amounts pursuant to Clause 15.1 (Increased costs)
                                                           or Clause 14.2 (Tax gross-up) to any Lender in excess of amounts payable
                                                           to the other Lenders generally, then the Borrower may, on 10 Business
                                                           Days' prior written notice to the COFACE Agent and such Lender, replace
                                                           such Lender by requiring such Lender to (and such Lender shall) transfer
                                                           pursuant to Clause 25 (Changes to the Lenders) all (and not part
                                                           only) of its rights and obligations under this Agreement to a Lender
                                                           or other bank, financial institution, trust, fund or other entity (a
                                                           Replacement Lender) selected by the Borrower, and which is acceptable
                                                           to the COFACE Agent (acting reasonably), which confirms its willingness
                                                           to assume and does assume all the obligations of the transferring Lender
                                                           (including the assumption of the transferring Lender's participations
                                                           on the same basis as the transferring Lender) for a purchase price
                                                           in cash payable at the time of transfer equal to the outstanding principal
                                                           amount of such Lender's participation in the outstanding Utilisations
                                                           and all accrued interest, Break Costs and other amounts payable in
                                                           relation thereto under the Finance Documents.

 

		(b)	The replacement of a Lender pursuant
                                                           to this Clause shall be subject to the following conditions:

 

		(i)	the Borrower shall have no right
                                                               to replace the COFACE Agent or Security Agent or the U.S. Collateral
                                                               Agent;

 

		(ii)	neither the COFACE Agent nor the
                                                                Lender shall have any obligation to the Borrower to find a Replacement
                                                                Lender; and

 

		(iii)	in no event shall the Lender
                                                                 replaced under this Clause be required to pay or surrender to
                                                                 such Replacement Lender any of the fees received by such Lender
                                                                 pursuant to the Finance Documents.

 

		37.	Confidentiality

 

		37.1	Confidential Information

 

Each Finance
Party agrees to keep all Confidential Information confidential and not to disclose it to anyone, save to the extent permitted
by Clause 37.2 (Disclosure of Confidential Information) and Clause 37.3 (Disclosure to numbering service providers), and to ensure
that all Confidential Information is protected with security measures and a degree of care that would apply to its own confidential
information.

 

    	147
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

 

		37.2	Disclosure of Confidential Information

 

Subject to
applicable law, any Finance Party may disclose:

 

		(a)	to any of its Affiliates and to
                                                               COFACE and any of its or their officers, directors, employees,
                                                               professional advisers, auditors, partners and Representatives such
                                                               Confidential Information as that Finance Party shall consider appropriate
                                                               if any person to whom the Confidential Information is to be given
                                                               pursuant to this paragraph (a) is informed in writing of its confidential
                                                               nature and that some or all of such Confidential Information may
                                                               be price-sensitive information except that there shall be no such
                                                               requirement to so inform if the recipient is subject to professional
                                                               obligations to maintain the confidentiality of the information
                                                               or is otherwise bound by requirements of confidentiality in relation
                                                               to the Confidential Information;

 

		(b)	to any person:

 

		(i)	to (or through) whom it assigns or
                                                             transfers (or may potentially assign or transfer) all or any of its
                                                             rights and/or obligations under one or more Finance Documents and
                                                             to any of that person's Affiliates, Representatives and professional
                                                             advisers;

 

		(ii)	with (or through) whom it enters
                                                              into (or may potentially enter into), whether directly or indirectly,
                                                              any sub-participation in relation to, or any other transaction under
                                                              which payments are to be made or may be made by reference to, one
                                                              or more Finance Documents and/or one or more Obligors and to any
                                                              of that person's Affiliates, Representatives and professional advisers;

 

		(iii)	appointed by any Finance Party
                                                               or by a person to whom paragraph (b)(i) or (b)(ii) above applies
                                                               to receive communications, notices, information or documents delivered
                                                               pursuant to the Finance Documents on its behalf (including, without
                                                               limitation, any person appointed under paragraph (d) of Clause
                                                               27.17 (Relationship with the Lenders));

 

		(iv)	who invests in or otherwise finances
                                                              (or may potentially invest in or otherwise finance), directly or
                                                              indirectly, any transaction referred to in paragraph (b)(i) or (b)(ii)
                                                              above;

 

		(v)	to whom information is required or
                                                             requested to be disclosed by any court of competent jurisdiction
                                                             or any governmental, banking, taxation or other regulatory authority
                                                             or similar body, the rules of any relevant stock exchange or pursuant
                                                             to any applicable law or regulation;

 

		(vi)	to whom or for whose benefit that
                                                              Finance Party charges, assigns or otherwise creates Security (or
                                                              may do so) pursuant to Clause 25.8 (Security over Lenders' rights);

 

		(vii)	to whom information is required
                                                               to be disclosed in connection with, and for the purposes of, any
                                                               litigation, arbitration, administrative or other investigations,
                                                               proceedings or disputes;

 

		(viii)	who is a Party; or

 

		(ix)	with the prior written consent of
                                                              the Borrower;

 

    	148
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

 

in each case,
such Confidential Information as that Finance Party shall consider appropriate if:

 

		(A)	in relation to paragraphs (b)(i),
                                                             (b)(ii), (b)(iii) and (b)(iv) above, the person to whom the Confidential
                                                             Information is to be given has entered into a Confidentiality Undertaking
                                                             except that there shall be no requirement for a Confidentiality Undertaking
                                                             if the recipient is a professional adviser and is subject to professional
                                                             obligations to maintain the confidentiality of the Confidential Information;

 

		(B)	in relation to paragraphs (b)(v),
                                                             (b)(vi) and (b)(vii) above, the person to whom the Confidential Information
                                                             is to be given is informed of its confidential nature and that some
                                                             or all of such Confidential Information may be price-sensitive information
                                                             except that there shall be no requirement to so inform if, in the
                                                             opinion of that Finance Party, it is not practicable so to do in
                                                             the circumstances; and

 

		(c)	to any person appointed by that
                                                               Finance Party or by a person to whom paragraph (b)(i) or (b)(ii)
                                                               above applies to provide administration or settlement services
                                                               in respect of one or more of the Finance Documents including without
                                                               limitation, in relation to the trading of participations in respect
                                                               of the Finance Documents, such Confidential Information as may
                                                               be required to be disclosed to enable such service provider to
                                                               provide any of the services referred to in this paragraph (c) if
                                                               the service provider to whom the Confidential Information is to
                                                               be given has entered into a confidentiality agreement substantially
                                                               in the form of the LMA Master Confidentiality Undertaking for Use
                                                               With Administration/Settlement Service Providers or such other
                                                               form of confidentiality undertaking agreed between the Borrower
                                                               and the relevant Finance Party.

 

		37.3	Disclosure to numbering service providers

 

		(a)	Any Finance Party may disclose to any
                                                           national or international numbering service provider appointed by that
                                                           Finance Party to provide identification numbering services in respect
                                                           of this Agreement, the Facility and/or one or more Obligors the following
                                                           information:

 

		(i)	names of Obligors;

 

		(ii)	country of domicile of Obligors;

 

		(iii)	place of incorporation or organization
                                                                 of Obligors;

 

		(iv)	date of this Agreement;

 

		(v)	the names of the Administrative
                                                               Parties;

 

		(vi)	date of each amendment and restatement
                                                                of this Agreement;

 

		(vii)	amount of Total Commitments;

 

		(viii)	currencies of the Facility;

 

		(ix)	type of Facility;

 

		(x)	ranking of Facility;

 

		(xi)	Final Maturity Date;

 

    	149
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

 

		(xii)	changes to any of the information
                                                                 previously supplied pursuant to paragraphs (i) to (xi) above;
                                                                 and

 

		(xiii)	such other information agreed
                                                                  between such Finance Party and the Borrower,

 

to enable
such numbering service provider to provide its usual syndicated loan numbering identification services.

 

		(b)	The Parties acknowledge and agree that
                                                           each identification number assigned to this Agreement, the Facility
                                                           and/or one or more Obligors by a numbering service provider and the
                                                           information associated with each such number may be disclosed to users
                                                           of its services in accordance with the standard terms and conditions
                                                           of that numbering service provider.

 

		(c)	The COFACE Agent shall notify the Borrower
                                                           and the other Finance Parties of:

 

		(i)	the name of any numbering service
                                                               provider appointed by the COFACE Agent in respect of this Agreement,
                                                               the Facility and/or one or more Obligors; and

 

		(ii)	the number or, as the case may
                                                                be, numbers assigned to this Agreement, the Facility and/or one
                                                                or more Obligors by such numbering service provider.

 

		37.4	Entire agreement

 

This Clause
37 (Confidentiality) constitutes the entire agreement between the Parties in relation to the obligations of the Finance Parties
under the Finance Documents regarding Confidential Information and supersedes any previous agreement, whether express or implied,
regarding Confidential Information.

 

		37.5	Inside information

 

Each of the
Finance Parties acknowledges that some or all of the Confidential Information is or may be price-sensitive information and that
the use of such information may be regulated or prohibited by applicable legislation including securities law relating to insider
dealing and market abuse and each of the Finance Parties undertakes not to use any Confidential Information for any unlawful purpose.

 

		37.6	Notification of disclosure

 

Each of the
Finance Parties agrees (to the extent permitted by law and regulation) to inform the Borrower:

 

		(a)	of the circumstances of any disclosure
                                                               of Confidential Information made pursuant to paragraph (b)(v) of
                                                               Clause 37.2 (Disclosure of Confidential Information) except where
                                                               such disclosure is made to any of the persons referred to in that
                                                               paragraph during the ordinary course of its supervisory or regulatory
                                                               function; and

 

		(b)	upon becoming aware that Confidential
                                                               Information has been disclosed in breach of this Clause 37 (Confidentiality).

 

    	150
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

 

		37.7	Continuing obligations

 

The obligations
in this Clause 37 (Confidentiality) are continuing and, in particular, shall survive and remain binding on each Finance Party
for a period of 24 months from the earlier of:

 

		(a)	the date on which all amounts payable
                                                               by the Obligors under or in connection with the Finance Documents
                                                               have been paid in full and all Commitments have been cancelled
                                                               or otherwise cease to be available; and

 

		(b)	the date on which such Finance
                                                               Party otherwise ceases to be a Finance Party.

 

		38.	Counterparts

 

Each Finance
Document may be executed in any number of counterparts, and this has the same effect as if the signatures on the counterparts
were on a single copy of the Finance Document.

 

		39.	Governing Law

 

This Agreement
is governed by English law.

 

		40.	Enforcement

 

		40.1	Jurisdiction of English courts

 

		(a)	The courts of England have exclusive
                                                           jurisdiction to settle any dispute arising out of or in connection
                                                           with this Agreement (including a dispute relating to the existence,
                                                           validity or termination of this Agreement) (a Dispute).

 

		(b)	The Parties agree that the courts of
                                                           England are the most appropriate and convenient courts to settle Disputes
                                                           and accordingly no Party will argue to the contrary.

 

		(c)	This Clause 9.1 is for the benefit
                                                           of the Finance Parties and Secured Parties only. As a result, no Finance
                                                           Party or Secured Party shall be prevented from taking proceedings relating
                                                           to a Dispute in any other courts with jurisdiction. To the extent allowed
                                                           by law, the Finance Parties and Secured Parties may take concurrent
                                                           proceedings in any number of jurisdictions.

 

		40.2	Service of process

 

		(a)	Without prejudice to any other mode
                                                           of service allowed under any relevant law, each Obligor (other than
                                                           an Obligor incorporated in England and Wales):

 

		(i)	irrevocably appoints Law Debenture
                                                               Corporate Services Limited of Fifth Floor, 100 Wood Street, London
                                                               EC2V 7EX, United Kingdom, as its agent for service of process in
                                                               relation to any proceedings before the English courts in connection
                                                               with any Finance Document governed by English law; and

 

		(ii)	agrees that failure by an agent
                                                                for service of process to notify the relevant Obligor of the process
                                                                will not invalidate the proceedings concerned.

 

		(b)	If any person appointed as an agent
                                                           for service of process is unable for any reason to act as agent for
                                                           service of process, the Borrower (on behalf of all the Obligors) must
                                                           immediately (and in any event within 15 days of such event taking place)
                                                           appoint another agent on terms acceptable to the COFACE Agent. Failing
                                                           this, the COFACE Agent may appoint another agent for this purpose.

 

    	151
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

 

		(c)	Each Obligor expressly agrees
                                                           and consents to the provisions of this Clause 40 and Clause 39
                                                           (Governing Law).

 

		40.3	Arbitration

 

		(a)	Notwithstanding the above terms of
                                                           this Clause, if the COFACE Agent so elects in writing, any dispute,
                                                           difference, claim or controversy arising out of or in connection with
                                                           this Agreement, including any question regarding its existence, validity,
                                                           interpretation, breach or termination, shall be referred to and finally
                                                           resolved by arbitration under the London Court of International Arbitration
                                                           Rules (for the purposes of this Subclause, the Rules).

 

		(b)	The Rules are incorporated by reference
                                                           into this Clause and capitalised terms used in this Clause which are
                                                           not otherwise defined in this Agreement, have the meaning given to
                                                           them in the Rules. Any requirement in the Rules to take account of
                                                           the nationality of a person considered for appointment as an arbitrator
                                                           shall be disapplied and a person shall be nominated or appointed as
                                                           an arbitrator (including as Chairman) regardless of his or her nationality.

 

		(c)	The number of arbitrators shall be
                                                           three. The parties agree that the London Court of International Arbitration
                                                           shall appoint the Arbitral Tribunal without regard to any party's nomination.

 

		(d)	Each Obligor and each Finance Party:

 

		(i)	expressly agrees and consents to
                                                               this procedure for nominating and appointing the Arbitral Tribunal;
                                                               and

 

		(ii)	irrevocably and unconditionally
                                                                waives any right to choose its own arbitrator.

 

		(e)	The seat, or legal place of arbitration,
                                                           shall be London. The language used in the arbitral proceedings shall
                                                           be English.

 

		40.4	Waiver of trial by jury

 

EACH PARTY
WAIVES ANY RIGHT IT MAY HAVE TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION IN CONNECTION WITH ANY FINANCE DOCUMENT OR ANY TRANSACTION
CONTEMPLATED BY ANY FINANCE DOCUMENT. THIS AGREEMENT MAY BE FILED AS A WRITTEN CONSENT TO TRIAL BY THE COURT.

 

		41.	Complete agreement

 

The Finance
Documents contain the complete agreement between the Parties on the matters to which they are related and supersede all prior
commitments, agreements and understandings, whether written or oral, on those matters.

 

		42.	USA Patriot Act

 

Each Finance
Party that is subject to the requirements of the USA Patriot Act hereby notifies each Obligor that pursuant to the requirements
of the USA Patriot Act, it is required to obtain, verify and record information that identifies the Obligors, which information
includes the name and address of the Obligors and other information that will allow such Finance Party to identify the Obligors
in accordance with the USA Patriot Act. Each Obligor agrees that it will provide each Finance Party with such information as it
may request in order for such Finance Party to satisfy the requirements of the USA Patriot Act.

 

THIS AGREEMENT
has been entered into on the date stated at the beginning of this Agreement.

 

    	152
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

 

Schedule
1

 

The Original
Parties

 

Part
1

 

The Original
Obligors

 

	Name of Borrower	Jurisdiction of Organization
	 	 
	Iridium Satellite LLC	State of Delaware, USA

 

	Name of Original Guarantor	Jurisdiction of Organization
	 	 
	Iridium Communications Inc.	State of Delaware, USA
	 	 
	Iridium Holdings LLC	State of Delaware, USA
	 	 
	Iridium Carrier Holdings LLC	State of Delaware, USA
	 	 
	Iridium Carrier Services LLC	State of Delaware, USA
	 	 
	Iridium Constellation LLC	State of Delaware, USA
	 	 
	Iridium Blocker-B Inc.	State of Delaware, USA
	 	 
	Iridium Government Services LLC	State of Delaware, USA
	 	 
	Syncom-Iridium Holdings Corp.	State of Delaware, USA

 

    	153
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

 

Part
2

 

The Original
Lenders

 

	Name of Original Lender	 	Tranche A Commitment ($)	 	 	Tranche B Commitment ($)	 
	 	 	 	 	 	 	 
	DEUTSCHE BANK AG (PARIS BRANCH)	 	 	294,260,000	 	 	 	-	 
	 	 	 	 	 	 	 	 	 
	BANCO SANTANDER SA	 	 	294,260,000	 	 	 	-	 
	 	 	 	 	 	 	 	 	 
	SOCIÉTÉ GÉNÉRALE	 	 	294,260,000	 	 	 	-	 
	 	 	 	 	 	 	 	 	 
	NATIXIS	 	 	245,220,000	 	 	 	-	 
	 	 	 	 	 	 	 	 	 
	MEDIOBANCA INTERNATIONAL (LUXEMBOURG) S.A.	 	 	-	 	 	 	187,500,000	 
	 	 	 	 	 	 	 	 	 
	BNP PARIBAS	 	 	182,000,000	 	 	 	-	 
	 	 	 	 	 	 	 	 	 
	CRÉDIT INDUSTRIEL ET COMMERCIAL	 	 	136,500,000	 	 	 	-	 
	 	 	 	 	 	 	 	 	 
	INTESA SANPAOLO S.p.A. (PARIS BRANCH)	 	 	91,000,000	 	 	 	-	 
	 	 	 	 	 	 	 	 	 
	UNICREDIT BANK AUSTRIA AG	 	 	-	 	 	 	75,000,000	 
	 	 	 	 	 	 	 	 	 
	Total Tranche A Commitments / Total Tranche B Commitments	 	 	1,537,500,000	 	 	 	262,500,000	 
	 	 	 	 	 	 	 	 	 
	Total Commitments	 	 	1,800,000,000	 

 

    	154
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

 

Schedule
2

 

Conditions
Precedent

 

Part
1

 

Conditions
Precedent to Initial Utilisation

 

		(A)	Corporate documentation

 

		1.	A copy of the constitutional documents
                                                          of each Original Obligor.

 

		2.	A copy of a resolution of the board
                                                               of directors or members (as applicable) of each Original Obligor:

 

		(a)	approving the terms of, and the
                                                               transactions contemplated by, the Finance Documents to which it
                                                               is a party and resolving that it execute, deliver and perform the
                                                               Finance Documents to which it is a party;

 

		(b)	authorising a specified person
                                                               or persons to execute the Finance Documents to which it is a party
                                                               on its behalf;

 

		(c)	authorising a specified person
                                                               or persons, on its behalf, to sign and/or despatch all documents
                                                               and notices (including, if relevant, any Utilisation Request) to
                                                               be signed and/or despatched by it under or in connection with the
                                                               Finance Documents to which it is a party; and

 

		(d)	in the case of an Obligor other
                                                               than the Borrower, authorising the Borrower to act as its agent
                                                               in connection with the Finance Documents.

 

		3.	A specimen of the signature of
                                                               each person authorised on behalf of an Original Obligor to enter
                                                               into any Finance Document or to sign or send any document or notice
                                                               in connection with any Finance Document.

 

		4.	A certificate of an authorised
                                                               officer of each Original Obligor certifying that:

 

		(a)	each copy document specified in
                                                               paragraph (A)(1) of this Schedule delivered by such Obligor is
                                                               true and complete as in effect on the date of such certificate;

 

		(b)	each copy document specified in
                                                               paragraph (A)(2) of this Schedule delivered by such Obligor is
                                                               true and complete and has not been amended, annulled, rescinded
                                                               or revoked and there exist no other resolutions of the Company
                                                               relating to the matters set forth therein; and

 

		(c)	borrowing or guaranteeing or securing,
                                                               as appropriate, the Total Commitments would not cause any borrowing,
                                                               guarantee, security or similar limit binding on it to be exceeded.

 

		5.	A certificate of an authorised
                                                               officer of the Borrower certifying that each copy document specified
                                                               in paragraphs (C)(10), (D)(10), 12(12) and (13), (G)(17) and (18)
                                                               (to the extent applicable), (H)(19) and (G)(22) and (23) (to the
                                                               extent applicable) of this Schedule provided to the COFACE Agent
                                                               is true and complete in all material respects and in full force
                                                               and effect and (x) (with respect to the Satellite Supply Contract,
                                                               the SpaceX Launch Contract, the Motorola Settlement Agreements
                                                               and the Motorola IP Rights Agreement) has not been amended or superseded
                                                               and (y) (with respect to any other document specified in this paragraph
                                                               (A)(5)), such documents have not been materially amended or superseded
                                                               (in each case, except for those amendments, modifications, supplements
                                                               or waivers for which true and complete copies have been provided
                                                               to the COFACE Agent).

 

    	155
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

 

		6.	Certificates of good standing in
                                                               respect of each Original Obligor issued as a of a recent date by
                                                               the Secretary of State or other appropriate official of such Original
                                                               Obligor's jurisdiction of incorporation or organisation.

 

		7.	Evidence that the agent of the
                                                               Original Obligors under the Finance Documents governed by English
                                                               law for service of process in England & Wales has accepted
                                                               its appointment.

 

		(B)	Finance Documents

 

		8.	Originals of each of the following
                                                               Finance Documents duly entered into by the parties thereto:

 

		(a)	this Agreement;

 

		(b)	each Fee Letter;

 

		(c)	the Subordination Agreement;

 

		(d)	the Motorola Intercreditor Agreement;

 

		(e)	the COFACE Insurance Policy;

 

		(f)	the COFACE Premium Letter;

 

		(g)	each Promissory Note; and

 

		(h)	each Transaction Security Document
                                                               listed in section (C)(9) below.

 

		(C)	Transaction Security Documents

 

		9.	Originals of each of the following
                                                               Transaction Security Documents duly entered into by the parties
                                                               thereto:

 

		(a)	subject to Clause 23.30 (Additional
                                                               Guarantors and resignation of Guarantors) of this Agreement, a
                                                               pledge agreement over all of the membership interest in each Original
                                                               Obligor (other than the Parent), executed by the relevant pledgors
                                                               and the Security Agent;

 

		(b)	a security agreement over all of
                                                               the assets of each Original Obligor, executed by each Original
                                                               Obligor and the Security Agent (the Security Agreement);

 

		(c)	Control Agreement(s) with respect
                                                               to the Collateral Accounts as defined in the Security Agreement;

 

		(d)	delivery of all original share
                                                               certificates of Syncom-Iridium Holdings Corp. and stock powers,
                                                               executed in blank, pledged under paragraph 9(a) above;

 

		(e)	Short Form IP Security Agreements
                                                               in respect of Trademarks, Patents and Copyrights (to the extent
                                                               applicable), in the forms annexed to the Security Agreement.

 

		10.	A copy of all notices required
                                                                 to be sent to the following parties under the Transaction Security
                                                                 Documents:

 

		(a)	the Supplier ; and

 

		(b)	SpaceX.

 

    	156
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

 

 

		(D)	NEXT System Documents

 

		11.	A copy of each of the following
                                                                NEXT System Documents:

 

		(a)	each Material NEXT System Document:

 

		(i)	the Satellite Supply Contract;

 

		(ii)	the Authorization to Proceed;

 

		(iii)	each Launch Services Contract:

 

		(A)	the SpaceX Launch Contract;

 

		(B)	the committed fixed price proposal
                                                               to be provided pursuant to Schedule 22 (Back-Up Launch Strategy);

 

		(iv)	the Boeing O&M Agreement;

 

		(v)	the NEXT Support Services Agreement;

 

		(vi)	the Motorola Settlement and Release;

 

		(vii)	the Motorola IP Rights Agreement;

 

		(b)	the Motorola Settlement Agreements:

 

		(i)	the Supplemental Subscriber Equipment
                                                             Technology Amendment and Agreement; and

 

		(ii)	the Transition Services Agreement;

 

		(b)	the operations and maintenance
                                                               agreement between ICLLC and Telesat Canada dated 30 March 2001;

 

		(c)	the operations and maintenance
                                                               agreement between ICLLC and Kongsberg Satellite Services dated
                                                               16 September 2006; and

 

		(d)	each Secondary Payload Contract
                                                               in existence on the Initial CP Satisfaction Date (if any).

 

		(E)	Authorisations

 

		12.	A copy of the following Authorisations:

 

		(a)	the Material Communications Licenses
                                                               set forth in Schedule 16 to this Agreement; and

 

		(b)	each material IP licence.

 

		13.	Evidence that the application for renewal
                                                           of the NGSO Satellite Authorisation has been filed on or before the
                                                           relevant due date.

 

		(F)	Legal opinions

 

		14.	A legal opinion of Allen & Overy
                                                           LLP, Paris, legal advisers as to English law to the Finance Parties,
                                                           addressed to the Finance Parties.

 

    	157
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

 

 

		15.	A legal opinion of Milbank Tweed
                                                                Hadley & McCloy LLP, legal advisers in New York to the Obligors,
                                                                addressed to the Finance Parties.

 

		(G)	Insurances

 

		16.	A certificate from the Insurance
                                                                Adviser, addressed to the Finance Parties, confirming that the
                                                                insurance to be provided by the Supplier as at the Initial CP
                                                                Satisfaction Date pursuant to the Satellite Supply Contract complies
                                                                with the terms of this Agreement and the NEXT System Documents.

 

		17.	Certificates evidencing the Insurance
                                                                and/or copies of the policies of Insurance which the Obligors
                                                                are required to have effected or procured as at the Initial CP
                                                                Satisfaction Date in accordance with the provisions of Schedule
                                                                21 (Insurance) and the NEXT System Documents.

 

		18.	A certificate evidencing that
                                                                the insurance cover TAS is required to have effected or procured
                                                                pursuant to the Satellite Supply Contract as at the Initial CP
                                                                Satisfaction Date naming the Borrower and/or Security Agent (as
                                                                applicable) as additional insured in accordance with the provisions
                                                                of Schedule 21 (Insurance).

 

		(H)	Financial Information

 

		19.	A copy of the Original Financial
                                                                Statements.

 

		(I)	Base Case

 

		20.	The Base Case.

 

		21.	Confirmation that the exchange
                                                                rate to be applied in updating the Agreed Banking Case (based
                                                                on the final USD value of the Satellite Supply Contract) does
                                                                not exceed 1.36.

 

		(J)	Other documents and evidence

 

		22.	Evidence of the opening of the
                                                                Debt Service Reserve Account and Mandatory Prepayment Account.

 

		23.	Acceptable arrangements as to
                                                                the Motorola litigation (including evidence of court filing and
                                                                any other conditions to the effectiveness of the Motorola Settlement
                                                                Agreements or the Motorola IP Rights Agreement).

 

		24.	Evidence that fees and expenses
                                                                then due and payable by the Obligors under this Agreement have
                                                                been paid (or will be paid simultaneously with the initial Utilisation).

 

		25.	An original of the Joint Interest
                                                                Mandate duly executed by the parties thereto.

 

		26.	Evidence of the appointment of
                                                                the Technical Adviser.

 

		27.	An update of the Technical Report
                                                                from the Technical Adviser.

 

		28.	A copy of any other authorisation
                                                                or other document, opinion or assurance which the COFACE Agent
                                                                has notified the Borrower is necessary or desirable in connection
                                                                with the entry into and performance of, and the transactions contemplated
                                                                by, any Finance Document or for the validity and enforceability
                                                                of any Finance Document.

 

    	158
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

 

 

Part
2

 

Conditions
Precedent required to be delivered by an Additional Guarantor

 

		1.	An Accession Deed executed by the Additional
                                                          Guarantor and the Borrower.

 

		2.	A copy of the constitutional documents
                                                          of the Additional Guarantor.

 

		3.	A copy of a resolution of the board
                                                          of directors or members (as applicable) of the Additional Guarantor:

 

		(a)	approving the terms of, and the
                                                               transactions contemplated by, the Accession Deed and the Finance
                                                               Documents; and

 

		(b)	authorising a specified person
                                                               or persons to execute the Accession Deed and other Finance Documents
                                                               on its behalf.

 

		4.	A specimen of the signature of each
                                                          person authorised by the resolution referred to in paragraph 3 above.

 

		5.	If required by the laws of the jurisdiction
                                                          of organization of the Additional Guarantor, a copy of a resolution
                                                          signed by all the holders of issued shares of the Additional Guarantor,
                                                          approving the terms of, and the transactions contemplated by, the Finance
                                                          Documents to which the Additional Guarantor is a party.

 

		6.	A certificate of an authorised signatory
                                                          of the Additional Guarantor certifying that each copy document listed
                                                          in this Part 2 of Schedule 2 is correct, complete and in full force
                                                          and effect and has not been amended or superseded as at a date no earlier
                                                          than the date of the Accession Deed.

 

		7.	If the proposed Additional Guarantor
                                                          is organized in a jurisdiction other than England and Wales, evidence
                                                          that the process agent specified in Clause 40.2 (Service of process)
                                                          of the Agreement has accepted its appointment in relation to the proposed
                                                          Additional Guarantor.

 

		8.	A legal opinion of legal advisers to
                                                          the COFACE Agent as to matters of English law.

 

		9.	A legal opinion of legal advisers (reasonably
                                                          acceptable to the COFACE Agent) to the Additional Guarantor in the jurisdiction
                                                          of organization of the Additional Guarantor (and, if different, the
                                                          law governing any Transaction Security Document executed by the Additional
                                                          Guarantor).

 

		10.	A copy of any other authorisation,
                                                           consent, approval, resolution, licence, exemption, filing, notarisation
                                                           or registration or other document, opinion or assurance which the COFACE
                                                           Agent considers to be necessary in connection with the entry into and
                                                           performance of the transactions contemplated by the Accession Deed
                                                           or for the validity and enforceability of any Finance Document.

 

		11.	Subject to the restrictions set forth
                                                           in Clause 23.30 (Additional Guarantors and resignation of Guarantors)
                                                           of the Agreement, any Transaction Security Documents which are required
                                                           by the COFACE Agent to be executed by the proposed Additional Guarantor
                                                           granting a security interest over Key Assets (other than Satellites),
                                                           if any, as the Borrower specifies and any notices, documents or filings
                                                           required to be given, executed or made in connection therewith.

 

Capitalised terms used
but not defined herein shall have the meaning given to them in the COFACE Facility Agreement, dated __ October 2010.

 

    	159
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

 

 

Schedule
3

 

Requests
and Notices

 

Part
1

 

Form of
Reimbursement Request

 

To:[The
COFACE Agent]

 

From:[BORROWER]

 

Date:[l]

 

IRIDIUM
SATELLITE LLC

$[l] COFACE Facility Agreement dated [l]
(the Agreement)

 

		1.	Reference is made to the Agreement.
                                                          This is a Reimbursement Request. Capitalised terms used in this Reimbursement
                                                          Request but not defined have the meaning given to them in the Agreement.

 

		2.	The Borrower hereby requests the borrowing
                                                          of Loans on the following terms:

 

		(a)	Utilisation Date: [     ];

 

		(b)	Total amount of Loans: $ [     ]
                                                               (being $[     ] under Tranche A and $[     ]
                                                               under Tranche B);

 

		(c)	Application:

                                                                

	 	Invoiced amount as per attached

    invoice(s) attached1	Amount requested to be

    reimbursed under the Agreement2
	 	 	 
	 	[     ]	[     ]
	 	 	 
	 	[     ]	[     ]
	 	 	 
	 	[     ]	[     ]
	 	 	 
	 	[     ]	[     ]
	 	 	 
	 	[     ]	[     ]
	 	 	 
	 	[     ]	[     ]
	 	 	 
	TOTAL	[     ]	[     ]

 

		3.	The proceeds of the Loans should be
                                                          credited to:

 

		(a)	Bank Name: [     ];

 

		(b)	Account Name: [     ];

 

		(c)	Account Number: [     ];

 

	

 

		1	This
                                                                                                                                                                                                                                                                                                            is
                                                                                                                                                                                                                                                                                                            the
                                                                                                                                                                                                                                                                                                            total
                                                                                                                                                                                                                                                                                                            amount
                                                                                                                                                                                                                                                                                                            of
                                                                                                                                                                                                                                                                                                            the
                                                                                                                                                                                                                                                                                                            invoice(s)
                                                                                                                                                                                                                                                                                                            attached
                                                                                                                                                                                                                                                                                                            to
                                                                                                                                                                                                                                                                                                            this
                                                                                                                                                                                                                                                                                                            Reimbursement
                                                                                                                                                                                                                                                                                                            Request.

		2	This
                                                                                                                                  should
                                                                                                                                  be
                                                                                                                                  the
                                                                                                                                  amount
                                                                                                                                  payable
                                                                                                                                  under
                                                                                                                                  the
                                                                                                                                  invoice(s)
                                                                                                                                  in
                                                                                                                                  respect
                                                                                                                                  of
                                                                                                                                  COFACE
                                                                                                                                  Eligible
                                                                                                                                  Content.

 

    	160
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

 

		(d)	SWIFT/Sort Code: [     ];

 

		(e)	Ref.: [     ].

 

		4.	The Borrower confirms that:

 

		(a)	the amounts referred to in the
                                                               second column of the chart in paragraph 2(c) above are to reimburse
                                                               the Borrower for payments (other than Down Payment[s]) made by
                                                               it under and in accordance with the Authorization to Proceed in
                                                               respect of COFACE Eligible Content delivered and rendered by the
                                                               Supplier under the Authorization to Proceed;

 

		(b)	it has paid in full the Down Payment[s]
                                                               in respect of which the Loans are being requested pursuant to this
                                                               Reimbursement Request and no part of the amounts referred to in
                                                               the second column of the chart in paragraph 2(c) above are to reimburse
                                                               the Borrower for, or relate to, any Down Payment;

 

		(c)	each amount referred to in the
                                                               second column of the chart in paragraph 2(c) above represents no
                                                               more than the portion of the amount of the invoice[s] from the
                                                               Supplier attributable to the provision of COFACE Eligible Content,
                                                               [a copy][copies] of which [is][are] attached to this Reimbursement
                                                               Request;

 

		(d)	the total amount of Loans referred
                                                               to in paragraph 2(b) above:

 

		(i)	does not include any amount for which
                                                             any Loan has previously been made under the Agreement;

 

		(ii)	does not include any amount in respect
                                                              of any Down Payment; and

 

		(iii)	has not been (and is not) the subject
                                                               of any other Utilisation Request;

 

		(e)	all documents supplied by it in
                                                               support of this Reimbursement Request are true copies of the originals
                                                               and are, to the extent applicable, in all material respects in
                                                               conformity with the Authorization to Proceed and you may rely on
                                                               the accuracy and completeness of all information and documents
                                                               contained in or supplied with this Reimbursement Request;

 

		(f)	each condition precedent under
                                                               [Clauses 4.1 (Initial conditions precedent) and 4.2 (Further conditions
                                                               precedent)]3 [Clause 4.2 (Further conditions precedent)]4
                                                               of the Agreement which must be satisfied on the date of this
                                                               Reimbursement Request is so satisfied; and

 

		(g)	all representations and warranties
                                                               set forth in Clause 20 (Representations) of the Agreement which
                                                               are deemed to be repeated on each Utilisation Date in accordance
                                                               with Clause 20.29 (Times when representations made) of the Agreement
                                                               remain true and correct in all material respects (except as otherwise
                                                               updated by the delivery of an updated schedule pertaining thereto
                                                               in accordance with paragraph (b) of Clause 20.29 (Times when representations
                                                               made) of the Agreement).

 

		5.	The Borrower also includes:

 

		(a)	copies of the invoice[s] from the
                                                               Supplier in relation to the amounts referred to in paragraph 2(c)
                                                               above; and

 

	

 

		3	Note:
                                                                                                                                                                                                                                                                                                            To
                                                                                                                                                                                                                                                                                                            include
                                                                                                                                                                                                                                                                                                            for
                                                                                                                                                                                                                                                                                                            the
                                                                                                                                                                                                                                                                                                            initial
                                                                                                                                                                                                                                                                                                            disbursement
                                                                                                                                                                                                                                                                                                            only.

		4	Note:
                                                                                                                                  To
                                                                                                                                  include
                                                                                                                                  for
                                                                                                                                  all
                                                                                                                                  disbursements
                                                                                                                                  other
                                                                                                                                  than
                                                                                                                                  the
                                                                                                                                  initial
                                                                                                                                  disbursement.

 

    	161
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

 

		(b)	the Supplier's Confirmation in
                                                               the form set out as Part 2 of Schedule 3 (Form of Supplier's Confirmation)
                                                               of the Agreement.

 

		6.	This Reimbursement Request is irrevocable.

 

By:

[                   ]

 

    	162
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    
 

Part
2

 

Form of
Supplier's Confirmation

 

To:[THE COFACE AGENT]

 

From:[SUPPLIER]

 

Date:[l]

 

[Serial No[     ]]

 

IRIDIUM
SATELLITE LLC

$[l] COFACE Facility Agreement dated [l]
(the Agreement)

 

		1.	Reference is made to the Agreement.
                                                          This is the Supplier's Confirmation in relation to the Reimbursement
                                                          Request dated [l].
                                                          Capitalised terms used in this Supplier’s Confirmation but not
                                                          defined have the meaning given to them in the Agreement.

 

		2.	In accordance with the terms of the
                                                          Authorization to Proceed, we hereby confirm that the sum of $ [Total
                                                          of relevant receipt in respect of COFACE Eligible Content] has been
                                                          received by us from the Borrower under and in accordance with the Authorization
                                                          to Proceed as indicated below:

	 	

    Amount received by us for the provision of 

    COFACE Eligible Content5
	 	 
	 	[     ]
	 	 
	 	[     ]
	 	 
	 	[     ]
	 	 
	 	[     ]
	 	 
	 	[     ]
	 	 
	 	[     ]
	 	 
	TOTAL	[     ]

 

		3.	We further confirm that we have received
                                                          in full the Down Payment[s] in respect of which the Loans are being
                                                          requested in the Reimbursement Request and that no part of the amounts
                                                          referred to in the second column of the chart in paragraph 2(c) of the
                                                          Reimbursement Request relate to any Down Payment, [and that the aggregate
                                                          amount of all payments received by us under the Authorization to Proceed
                                                          and the Satellite Supply Contract is no less than 5% of the Contract
                                                          Price]6.

 

	

 

	5	This
                                                                                                                                                                                                         should
                                                                                                                                                                                                         set
                                                                                                                                                                                                         out
                                                                                                                                                                                                         the
                                                                                                                                                                                                         total
                                                                                                                                                                                                         amount
                                                                                                                                                                                                         received
                                                                                                                                                                                                         by
                                                                                                                                                                                                         the
                                                                                                                                                                                                         Supplier
                                                                                                                                                                                                         from
                                                                                                                                                                                                         the
                                                                                                                                                                                                         Borrower
                                                                                                                                                                                                         for
                                                                                                                                                                                                         the
                                                                                                                                                                                                         provision
                                                                                                                                                                                                         of
                                                                                                                                                                                                         COFACE
                                                                                                                                                                                                         Eligible
                                                                                                                                                                                                         Content
                                                                                                                                                                                                         as
                                                                                                                                                                                                         per
                                                                                                                                                                                                         the
                                                                                                                                                                                                         invoices
                                                                                                                                                                                                         attached
                                                                                                                                                                                                         to
                                                                                                                                                                                                         the
                                                                                                                                                                                                         relevant
                                                                                                                                                                                                         Reimbursement
                                                                                                                                                                                                         Request
                                                                                                                                                                                                         (and,
                                                                                                                                                                                                         for
                                                                                                                                                                                                         the
                                                                                                                                                                                                         avoidance
                                                                                                                                                                                                         of
                                                                                                                                                                                                         doubt,
                                                                                                                                                                                                         should
                                                                                                                                                                                                         not
                                                                                                                                                                                                         include
                                                                                                                                                                                                         any
                                                                                                                                                                                                         amounts
                                                                                                                                                                                                         received
                                                                                                                                                                                                         by
                                                                                                                                                                                                         the
                                                                                                                                                                                                         Supplier
                                                                                                                                                                                                         from
                                                                                                                                                                                                         the
                                                                                                                                                                                                         Borrower
                                                                                                                                                                                                         in
                                                                                                                                                                                                         respect
                                                                                                                                                                                                         of
                                                                                                                                                                                                         any
                                                                                                                                                                                                         Down
                                                                                                                                                                                                         Payment[s]).

		6	Note: To include for the initial disbursement
                                                         only.

 

    	163
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    
 

		4.	We confirm that we have delivered and
                                                          rendered COFACE Eligible Content under the Authorization to Proceed,
                                                          the value of which corresponds to the aggregate of:

 

		(a)	the amount referred to in paragraph
                                                               2 above; and

 

		(b)	the aggregate of the amount of
                                                               Down Payment[s] made in respect of which the Loans are being requested
                                                               in the Reimbursement Request,

 

and that such
COFACE Eligible Content has been delivered and rendered in compliance with all restrictions and limits imposed on us by COFACE.

 

		5.	We confirm our compliance with the Authorization
                                                          to Proceed with respect to authorizations, permits and other approvals
                                                          of any Governmental Authority required in relation to the Authorization
                                                          to Proceed.

 

		6.	We further warrant that the amount referred
                                                          to in paragraph 2 above:

 

		(a)	does not include any amount in
                                                               respect of any Down Payment; and

 

		(b)	has not been the subject of a previous
                                                               Supplier's Confirmation.

 

		7.	Finally, we confirm that:

 

		(a)	the Authorization to Proceed and
                                                               the Satellite Supply Contract are in full force and effect and
                                                               have not been suspended, interrupted, cancelled, terminated, materially
                                                               amended or materially modified, whether in whole or in part; and

 

		(b)	[except as detailed below,]7
                                                               no arbitration or other legal proceedings have been initiated
                                                               between the Borrower and us in respect of the Authorization to
                                                               Proceed.

 

[details].

 

By:

 

[SUPPLIER]

 

 

		7	Supply details if applicable.

 

    	164
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

 

Part
3

 

Form of
Disbursement Request

 

To:[The
COFACE Agent]

 

From:[BORROWER]

 

Date:[l]

 

IRIDIUM
SATELLITE LLC

$[l] COFACE Facility Agreement dated [l]
(the Agreement)

 

		1.	Reference is made to the Agreement.
                                                          This is a Disbursement Request. Capitalised terms used in this Disbursement
                                                          Request but not defined have the meaning given to them in the Agreement.

 

		2.	The Borrower wishes to borrow Loans
                                                          on the following terms:

 

		(a)	Utilisation Date: [     ];

 

		(b)	Total amount of Loans: $ [     ]
                                                               (being $[     ] under Tranche A and $[     ]
                                                               under Tranche B);

 

		(c)	Invoice number[s]: $ [     ];

 

		(d)	Aggregate value of invoice[s]:
                                                               $ [     ];

 

		(e)	Aggregate value of invoice[s] relating
                                                               to the provision of COFACE Eligible Content: $ [     ];

 

		3.	The proceeds of the Loans should be
                                                          credited to:

 

		(a)	Bank Name: [     ];

 

		(b)	Account Name: [     ];

 

		(c)	Account Number: [     ];

 

		(d)	SWIFT/Sort Code: [     ];

 

		(e)	Ref.: [     ].

 

		4.	The Borrower confirms that:

 

		(a)	on [insert date] the amounts
                                                               referred to in paragraph 2(e) above are due to be paid under and
                                                               in accordance with the Satellite Supply Contract in respect of
                                                               COFACE Eligible Content delivered and rendered by the Supplier
                                                               under the Satellite Supply Contract as indicated in that paragraph;

 

		(b)	[it has paid in full the Down Payment[s]
                                                               in respect of which the Loans are being requested in this Disbursement
                                                               Request;]

 

    	165
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

 

 

		(c)	the aggregate amount referred to
                                                               in paragraph 2(e) above represents no more than the portion of
                                                               the amount of the invoice[s] from the Supplier attributable to
                                                               the provision of COFACE Eligible Content, [a copy][copies] of which
                                                               [is][are] attached to this Disbursement Request;

 

		(d)	the total amount of Loans referred
                                                               to in paragraph 2(b) above:

 

		(i)	does not include any amount for which
                                                             any Loan has previously been made under the Agreement;

 

		(ii)	does not include any amount in respect
                                                              of any Down Payment; and

 

		(iii)	has not been (and is not) the subject
                                                               of any other Disbursement Request;

 

		(e)	all documents supplied by it in
                                                               support of this Disbursement Request are true copies of the originals
                                                               and are, to the extent applicable, in all material respects in
                                                               conformity with the Satellite Supply Contract and you may rely
                                                               on the accuracy and completeness of all information and documents
                                                               contained in or supplied with this Disbursement Request;

 

		(f)	each condition precedent under
                                                               [Clauses 4.1 (Initial conditions precedent) and 4.2 (Further conditions
                                                               precedent)]8 [Clause 4.2 (Further conditions precedent)]9
                                                               of the Agreement which must be satisfied on the date of this
                                                               Disbursement Request is so satisfied; and

 

		(g)	all representations and warranties
                                                               set forth in Clause 20 (Representations) of the Agreement which
                                                               are deemed to be repeated on each Utilisation Date in accordance
                                                               with Clause 20.29 (Times when representations made) of the Agreement
                                                               remain true and correct in all material respects (except as otherwise
                                                               updated by the delivery of an updated schedule pertaining thereto
                                                               in accordance with paragraph (b) of Clause 20.29 (Times when representations
                                                               made) of the Agreement).

 

		5.	The Borrower also includes:

 

		(a)	copies of the invoice[s] from the
                                                               Supplier in relation to the amounts referred to in paragraph 2(e)
                                                               above; and

 

		(b)	the Supplier's Confirmation in
                                                               the form set out as Part 4 of Schedule 3 (Form of Supplier's Confirmation)
                                                               of the Agreement

 

		6.	This Disbursement Request is irrevocable.

 

By:

 

[BORROWER]

 

	

 

	8	Note:
                                                                                                                                                                                                                    To
                                                                                                                                                                                                                    include
                                                                                                                                                                                                                    for
                                                                                                                                                                                                                    the
                                                                                                                                                                                                                    initial
                                                                                                                                                                                                                    disbursement
                                                                                                                                                                                                                    only.

		9	Note: To include for all disbursements
                                                                    other than the initial disbursement.

	

 

    	166
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

 

 

Part
4

 

Form of
Supplier's Confirmation

 

To:[THE COFACE AGENT]

 

From:[SUPPLIER]

 

Date:[l]

 

[Serial No[     ]]

 

IRIDIUM
SATELLITE LLC

$[l] COFACE Facility Agreement dated [l]
(the Agreement)

 

		1.	Reference is made to the Agreement.
                                                          This is the Supplier's Confirmation in relation to the Disbursement
                                                          Request dated [l]. Capitalised
                                                          terms used in this Supplier’s Confirmation but not defined have
                                                          the meaning given to them in the Agreement.

 

		2.	In accordance with the terms of the
                                                          Satellite Supply Contract, we hereby confirm that on [insert date],
                                                          the sum of $ [Total of relevant amount due to be paid in respect
                                                          of COFACE Eligible Content] is due to be paid under and in accordance
                                                          with the Satellite Supply Contract in respect of COFACE Eligible Content
                                                          delivered and rendered by us, as indicated below:

	 	

    Amount due to be paid for the provision of

    COFACE Eligible Content10
	 	 
	 	[     ]
	 	 
	 	[     ]
	 	 
	 	[     ]
	 	 
	 	[     ]
	 	 
	 	[     ]
	 	 
	 	[     ]
	 	 
	TOTAL	[     ]

 

		3.	We further confirm that [we have received
                                                          in full the Down Payment in respect of which the Loans are being requested
                                                          in paragraph 2(b) of the Disbursement Request and that] no part of the
                                                          amounts referred to in paragraph 2(e) of the Disbursement Request relate
                                                          to any Down Payment.

 

		4.	We confirm that we have delivered and
                                                          rendered COFACE Eligible Content under the Satellite Supply Contract,
                                                          the value of which corresponds to the aggregate of:

 

		(a)	the amount referred to in paragraph
                                                               2 above; and

 

		(b)	the aggregate of the amount of
                                                               Down Payment[s] made in respect of which the Loans are being requested
                                                               in paragraph 2(b) of the Disbursement Request,

 

	

 

	10	This
                                                                                                                                                                                                                     should
                                                                                                                                                                                                                     set
                                                                                                                                                                                                                     out
                                                                                                                                                                                                                     the
                                                                                                                                                                                                                     total
                                                                                                                                                                                                                     amount
                                                                                                                                                                                                                     due
                                                                                                                                                                                                                     to
                                                                                                                                                                                                                     be
                                                                                                                                                                                                                     paid
                                                                                                                                                                                                                     to
                                                                                                                                                                                                                     Supplier
                                                                                                                                                                                                                     from
                                                                                                                                                                                                                     the
                                                                                                                                                                                                                     Borrower
                                                                                                                                                                                                                     for
                                                                                                                                                                                                                     the
                                                                                                                                                                                                                     provision
                                                                                                                                                                                                                     of
                                                                                                                                                                                                                     COFACE
                                                                                                                                                                                                                     Eligible
                                                                                                                                                                                                                     Content
                                                                                                                                                                                                                     as
                                                                                                                                                                                                                     per
                                                                                                                                                                                                                     the
                                                                                                                                                                                                                     invoices
                                                                                                                                                                                                                     attached
                                                                                                                                                                                                                     to
                                                                                                                                                                                                                     the
                                                                                                                                                                                                                     relevant
                                                                                                                                                                                                                     Disbursement
                                                                                                                                                                                                                     Request.

	

 

    	167
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

 

 

and that such
COFACE Eligible Content has been delivered and rendered in compliance with all restrictions and limits imposed on us by COFACE.

 

		5.	We confirm our compliance with the Satellite
                                                          Supply Contract with respect to authorizations, permits and other approvals
                                                          of any Governmental Authority required in relation to the Satellite
                                                          Supply Contract.

 

		6.	We further warrant that the amount referred
                                                          to in paragraph 2 above:

 

		(a)	does not include any amount in
                                                               respect of any Down Payment; and

 

		(b)	has not been the subject of a previous
                                                               Supplier's Confirmation.

 

		7.	Finally, we confirm that:

 

		(a)	the Satellite Supply Contract is
                                                               in full force and effect and has not been suspended, interrupted,
                                                               cancelled, terminated, materially amended or materially modified,
                                                               whether in whole or in part; and

 

		(b)	[except as detailed below,]11
                                                               no arbitration or other legal proceedings have been initiated
                                                               between the Borrower and us in respect of the Satellite Supply
                                                               Contract.

 

[details].

 

By:

 

[SUPPLIER]

 

	

 

		11	Supply
                                                                                                                                                                                                                                               details
                                                                                                                                                                                                                                               if
                                                                                                                                                                                                                                               applicable.

 

    	168
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

 

Schedule
4

 

Form of
Budget

 

	 	 	 	Iridium Communications Inc.	 
	 	 	 	Consolidated Income Statement	 
	 	 	 	(In thousands)	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	2011	 	 	 	 	 
	($K)	 	 	1Q11	2Q11	3Q11	4Q11	2011	 
	 	 	 	 	 	 	 	 	 
	[***]	 	 	 	 	 	 	 
	[***]	 	 	 	 	 	 
	[***]	 	 	 	 	 	 
	[***]	0	0	0	0	0	 
	 	 	 	 	 	 	 	 	 
	[***]	 	 	 	 	 	 
	[***]	 	 	 	 	 	 
	[***]	0	0	0	0	0	 
	 	 	 	 	 	 	 	 	 
	 	[***]
        

        [***]
	0	0	0	0	0	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	[***]	 	 	 	 	 	 	 	 
	[***]	 	 	 	 	 	 	 
	[***]	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	[***]	 	 	 	 	 	 	 
	[***]	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	[***]	 	 	 	 	 	 	 	 
	 	[***]	 	 	 	 	 	 	 
	 	 	[***]	 	 	 	0	 
	 	 	[***]	 	 	 	0	 
	 	[***]	 	 	 	0	 
	 	 	 	 	 	 	 	 	 
	[***]	 	0	0	0	0	0	 
	 	 	 	 	 	 	 	 	 
	[***]	 	 	 	 	 	 	 
	 	[***]	 	 	0	 
	 	[***]	 	0	 
	 	[***]	 	 	0	 
	 	[***]	 	 	 	0	 
	 	[***]	 	 	 	0	 
	 	 	 	 	 	 	 	 	 
	[***]	0	0	0	0	0	 
	 	 	 	 	 	 	 	 	 
	[***]	 	0	0	0	0	0	 
	 	 	 	 	 	 	 	 	 
	[***]	 	 	 	 	 	 
	 	[***]	 	 	0	 
	 	[***]	 	 	0	 
	 	[***]	 	 	 	0	 
	 	 	 	 	 	 	 	 	 
	[***]	 	0	0	0	0	0	 
	 	 	 	 	 	 	 	 	 
	[***]	0	0	0	0	0	 
	 	 	 	 	 	 	 	 	 
	 	[***]	 	 	 	 	0	 
	 	 	 	 	 	 	 	 	 
	[***]	 	0	0	0	0	0	 
	 	 	 	 	 	 	 	 	 
	[***]	 	 	 	 	 	 	0	 
	 	 	 	 	 	 	 	 	 
	[***]	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	[***]	 	0	0	0	0	0	 
	 	 	 	 	 	 	 	 	 
	[***]	 	0	0	0	0	0	 
	 	 	 	 	 	 	 	 	 	 	 	 

 

    	169
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

 

	 	 	 	Iridium Communications Inc.
	 	 	 	Consolidated Balance Sheet
	 	 	 	(In thousands)
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	2011	 	 	 	 
	($K)	 	 	1Q11	2Q11	3Q11	4Q11	 
	 	 	 	 	 	 	 	 
	[***]	 	 	 	 	 	 	 
	[***]	 	 	 	 	 	 
	 	[***]	 	 	 	 
	 	[***]	 	 	 	 	 
	 	[***]	 	 	 	 	 	 
	 	[***]	 	 	 	 	 
	 	[***]	 	 	 
	 	 	 	 	 	 	 	 
	[***]	 	0	0	0	0	 
	 	 	 	 	 	 	 	 
	 	[***]	 	 	 	 
	 	[***]	 	 	 	 	 
	 	[***]	 	 	 	 	 
	 	[***]	 	 	 	 	 
	 	[***]	 	 	 	 	 	 
	 	[***]	 	 	 	 
	 	[***]	 	 	 	 	 
	 	 	 	 	 	 	 	 
	[***]	 	0	0	0	0	 
	 	 	 	 	 	 	 	 
	[***]	 	 	 	 
	[***]	 	 	 	 	 	 
	 	[***]	 	 	 	 	 
	 	[***]	 	 
	 	[***]	 	 
	 	[***] 	 	 	 	 	 
	 	[***]	 	 	 	 	 
	 	[***]	 	 	 
	 	[***]	 	 	 	 	 
	 	 	 	 	 	 	 	 
	[***]	0	0	0	0	 
	 	 	 	 	 	 	 	 
	 	[***]
	 	[***]	 	 	 	 	 
	 	[***]	 	 	 
	 	[***]	 	 	 	 	 
	 	[***]	 	 	 	 
	 	 	 	 	 	 	 	 
	[***]	 	0	0	0	0	 
	 	 	 	 	 	 	 	 
	[***]	 	 	 	 	 	 
	 	[***]	 	 	 	 	 
	 	[***]	 	 	 	 	 
	 	[***]	 	 	 	 
	 	[***]	 	 	 	 
	 	[***]	 	 	 	 	 
	 	[***]	 	 
	[***]	0	0	0	0	 
	 	 	 	 	 	 	 	 
	[***]	0	0	0	0	 
	 	 	 	0	0	0	0	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

    	170
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

 

	 	 	Iridium Communications Inc.
	 	 	Consolidated Cash Flow Statement (Non-GAAP)
	 	 	(In thousands)
	 	 	 	 	 	 	 
	 	 	2011	 	 	 	 
	($K)	 	1Q11	2Q11	3Q11	4Q11	2011
	 	 	 	 	 	 	 
	[***]	0	0	0	0	0
	 	 	 	 	 	 	 
	[***]	 	 	 	 
	 	[***]	0	0	0	0	0
	 	[***]	0	0	0	0	0
	 	[***]	0	0	0	0	0
	 	[***]	0	0	0	0	0
	 	[***]	0	0	0	0	0
	 	 	 	 	 	 	0
	[***]	0	0	0	0	0
	[***]	0	0	0	0	0
	[***]	0	0	0	0	0
	[***]	0	0	0	0	0
	[***]	0	0	0	0	0
	[***]	0	0	0	0	0
	[***]	0	0	0	0	0
	[***]	0	0	0	0	0
	[***]	0	0	0	0	0
	 	 	 	 	 	 	 
	[***]	 	 	 	 	 
	 	[***]	0	0	0	0	0
	 	[***]	0	0	0	0	0
	 	[***]	0	0	0	0	0
	 	[***]	0	0	0	0	0
	 	[***]	0	0	0	0	0
	[***]	0	0	0	0	0
	 	 	 	 	 	 	 
	[***]	 	 	 	 	 
	 	[***]	0	0	0	0	0
	 	[***]	0	0	0	0	0
	 	[***]	0	0	0	0	0
	[***]	0	0	0	0	0
	 	 	 	 	 	 	 
	[***]	0	0	0	0	0
	[***]	0	0	0	0	0
	[***]	0	0	0	0	0
	 	 	0	0	0	0	 

 

    	171
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

 

	 	Iridium Communications Inc.
	 	Covenant Analysis
	 	(In millions)
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	2011
	 	2Q11	 	4Q11	 	 
	 	 	 	 	 	 
	Tested At All Times	 	 	 	 	 
	 	 	 	 	 	 
	[***]	 	 	 	 	 
	[***]	 	 	 	 	 
	[***]	 	 	 	 	 
	[***]	NO	 	NO	 	 
	 	 	 	 	 	 
	[***]	 	 	 	 	 
	[***]	 	 	 	 	 
	[***]	 	 	 	 	 
	[***]	 	 	 	 	 
	[***]	 	 	 	 	 
	[***]	 	 	 	 	 
	[***]	 	 	 	 	 
	[***]	NO	 	NO	 	 
	 	 	 	 	 	 
	[***]	 	 	 	 	 
	[***]	 	 	 	 	 
	[***]	 	 	 	 	 
	[***]	 	 	 	 	 
	[***]	 	 	 	 	 
	[***]	 	 	 	 	 
	[***]	 	 	NO	 	 
	 	 	 	 	 	 
	[***]	 	 	 	 	 
	 	 	 	 	 	 
	[***]	 	 	 	 	 
	[***]	 	 	 	 	 
	[***]	 	 	 	 	 
	[***]	 	 	 	 	 
	[***]	NO	 	NO	 	 
	 	 	 	 	 	 
	[***]	0	 	0	 	 
	[***]	0	 	0	 	 
	 	 	 	 	 	 
	[***]	 	 	 	 	 
	[***]	 	 	 	 	 
	[***]	 	 	0	 	 
	[***]	 	 	0	 	 
	[***]	 	 	NO	 	 
	 	 	 	 	 	 
	[***]	0	 	0	 	 
	[***]	0	 	0	 	 
	 	 	 	 	 	 
	[***]	 	 	 	 	 
	 	 	 	 	 	 
	[***]	 	 	 	 	 

  

    	172
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    
 

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

 

    	173
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    
 

Schedule
5

 

Form of
Promissory Notes

 

Number: Promissory Note
of [principal / interest]12 [___] Loan [__________]

 

Made in [__________]
on [__________]Good for [   ] ($[   ])

 

(date and place where
note made)

 

On [______]

 

(Payment Date)

 

The Borrower, for value
received, promises to pay against this Promissory Note to the order of [l] the amount
of [   ] USD ($[   ]).

 

Protest waived

 

This Promissory Note
is governed by French law.

 

"Reference: COFACE
Facility Agreement dated [ ]"

 

	

    Maker:
	[                   ]

 

        [insert
        address of the Borrower]

	 
	Place of payment:

         

        [l]

 

        [insert
        address]

  

[                   ]

 

(Signature of the authorised
signatory of Borrower)

 

 

12          Note:
Delete as appropriate.

 

    	174
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    
 

Schedule
6

 

Form of
Joint Interest Mandate

 

[On the letterhead
of the Borrower]

 

To: [COFACE Agent]

 

Dear Sirs,

 

We refer to the facility
agreement (hereinafter called the Facility Agreement) dated [l] between, inter
alios, ourselves, the Lenders and the COFACE Agent.

 

Terms not defined herein
shall have the meaning ascribed thereto in the Facility Agreement.

 

		1.	In accordance with the terms of the
                                                          Facility Agreement, we are sending you herewith 4 series of 14 Promissory
                                                          Notes made as follows, each set corresponding to instalments of principal
                                                          and interest payable in respect of each Tranche:

 

		(a)	14 Promissory Notes of principal
                                                               marked Promissory Note of principal no. 1 to Promissory Note of
                                                               principal no. 14 to the order of [COFACE Agent] for Tranche A;

 

		(b)	14 Promissory Notes of interest
                                                               marked Promissory Note of interest no. 1 to Promissory Note of
                                                               principal no. 14 to the order of [COFACE Agent] for Tranche A;

 

		(c)	14 Promissory Notes of principal
                                                               marked Promissory Note of principal no. 1 to Promissory Note of
                                                               principal no. 14 to the order of [COFACE Agent] for Tranche B;
                                                               and

 

		(d)	14 Promissory Notes of interest
                                                               marked Promissory Note of interest no.1 to Promissory Note of principal
                                                               no. 14 to the order of [COFACE Agent] for Tranche B.

 

Each of the
Promissory Notes is made in the form set forth in Schedule 5 (Form of Promissory Notes) to the Facility Agreement.

 

Their respective
amount and maturity dates of the Promissory Notes have been left blank in accordance with Clause 6.2(a) of the Facility Agreement.

 

We hereby
irrevocably appoint you for the duration of the Facility Agreement as our true and lawful attorney-in-fact with the full power
and authority in our name and on our behalf to complete the amount and maturity date, which have been left blank, of each Promissory
Note and to amend and take such other actions with respect to the Promissory Notes in accordance with the following instructions:

 

		2.	Completion of the Promissory Notes

 

After the
Starting Point of Repayment and no later than 10 Business Days before the First Repayment Date, you will insert:

 

		-	the
                                                                                                      relevant maturity date on
                                                                                                      each Promissory Note of
                                                                                                      interest and principal of
                                                                                                      each Tranche, using the
                                                                                                      Starting Point of Repayment
                                                                                                      and the Final Maturity Date
                                                                                                      as a reference;

 

    	175
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

 

		-	you
                                                                                                      shall insert on each Promissory
                                                                                                      Note of principal of each
                                                                                                      Tranche an amount equal
                                                                                                      to the amount of the relevant
                                                                                                      Repayment Instalment determined
                                                                                                      in accordance the schedule
                                                                                                      of Repayment Instalments
                                                                                                      provided by the COFACE Agent
                                                                                                      pursuant to paragraph (c)
                                                                                                      of Clause 6.1 of the Facility
                                                                                                      Agreement;

 

		-	you
                                                                                                      shall insert on each Promissory
                                                                                                      Note of interest of Tranche
                                                                                                      A an amount equal to the
                                                                                                      amount of interest due on
                                                                                                      the relevant Interest Payment
                                                                                                      Date determined in accordance
                                                                                                      the schedule of Repayment
                                                                                                      Instalments provided by
                                                                                                      the COFACE Agent pursuant
                                                                                                      to paragraph (c) of Clause
                                                                                                      6.1 of the Facility Agreement;

 

On the first
day of each Interest Period following the Starting Point of Repayment, you will insert on the Promissory Note of interest relating
to the relevant Interest Period of Tranche B the amount of interest, such amount of interest to be calculated in accordance with
such provisions of Clause 10 of the Facility Agreement which are applicable to Tranche B.

 

		3.	Modification of the Promissory Notes
                                                          in the event of prepayment

 

If any part
of any Tranche of the Facility is to be prepaid for any reason whatsoever, you will modify the amounts appearing on the relevant
Promissory Notes of principal for such Tranche, so as to conform to the principal amount of such Tranche of the Facility then
outstanding after the prepayment, and will modify the maturity dates of both the Promissory Notes of principal and the Promissory
Notes of interest related to such Tranche subject to prepayment at that time, with the words "at sight" and will return
to the Borrower the Promissory Notes relating to the amount prepaid under such Tranche.

 

		4.	Where under Clause 24 (Events of Default)
                                                          of the Facility Agreement all outstanding amounts due under the Facility
                                                          Agreement are accelerated:

 

If the acceleration
occurs before the Starting Point of Repayment:

 

		(a)	in respect of each Tranche, you
                                                               shall insert on a Promissory Note of principal the accelerated
                                                               date of payment as maturity date and an amount equal to the amount
                                                               of principal due under the relevant Tranche;

 

		(b)	in respect of each Tranche, you
                                                               shall insert on a Promissory Note of interest the accelerated date
                                                               of payment as maturity date and an amount equal to the amount of
                                                               interest accrued until such early payment date;

 

If the acceleration
occurs after the Starting Point of Repayment:

 

		(a)	you will modify the payment date
                                                               of all of the remaining Promissory Notes of principal for each
                                                               Tranche by substituting the accelerated date of payment and, if
                                                               necessary, the amount of the Promissory Notes of principal for
                                                               each Tranche such that the total amount of the Promissory Notes
                                                               of principal for each Tranche is equal to the accelerated amount
                                                               of each Tranche of the Facility; and

 

		(b)	you will enter on a Promissory
                                                               Note of interest for each Tranche an amount equal to the total
                                                               interest due at the accelerated date of payment for each Tranche
                                                               and will enter as the payment date on such Promissory Note the
                                                               accelerated date of payment.

 

The present
mandate, given in the joint interest of the parties, is in consequence irrevocable. It has been drawn up in accordance with the
specimen set out in Schedule 6 (Form of Joint Interest Mandate) to the Facility Agreement, and may only be modified with the written
approval of the COFACE Agent and the Borrower.

 

    	176
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

 

The Promissory
Notes will be kept by the COFACE Agent in safekeeping and for the purposes set forth in this mandate.

 

The Promissory
Notes will be returned to the Borrower upon full payment of such Promissory Notes.

 

When the present
mandate has been carried out, please inform us forthwith.

 

We enclose
the names, titles and specimens of the signatures of our representatives who have signed the Promissory Notes and this letter.

 

All possible
disputes resulting from this letter or from its implementation will be dealt with in accordance with Clause 40 (Enforcement) of
the Facility Agreement.

 

The present
mandate is governed by and construed in accordance with French law.

 

	Made in [l] on [l],	 
	 	 
	Signature of the Borrower	Signature of the COFACE Agent

 

    	177
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

 

Schedule
7

 

Mandatory
Cost Formula

 

		1.	The Mandatory Cost is an addition to
                                                          the interest rate to compensate Lenders for the cost of compliance with
                                                          (a) the requirements of the Bank of England and/or the Financial Services
                                                          Authority (or, in either case, any other authority which replaces all
                                                          or any of its functions) or (b) the requirements of the European Central
                                                          Bank.

 

		2.	On the first day of each Interest Period
                                                          (or as soon as possible thereafter) the COFACE Agent shall calculate,
                                                          as a percentage rate, a rate (the Additional Cost Rate) for each
                                                          Lender, in accordance with the paragraphs set out below. The Mandatory
                                                          Cost will be calculated by the COFACE Agent as a weighted average of
                                                          the Lenders' Additional Cost Rates (weighted in proportion to the percentage
                                                          participation of each Lender in the relevant Loan) and will be expressed
                                                          as a percentage rate per annum.

 

		3.	The Additional Cost Rate for any Lender
                                                          lending from a Facility Office in a Participating Member State will
                                                          be the percentage notified by that Lender to the COFACE Agent. This
                                                          percentage will be certified by that Lender in its notice to the COFACE
                                                          Agent to be its reasonable determination of the cost (expressed as a
                                                          percentage of that Lender's participation in all Loans made from that
                                                          Facility Office) of complying with the minimum reserve requirements
                                                          of the European Central Bank in respect of loans made from that Facility
                                                          Office.

 

		4.	The Additional Cost Rate for any Lender
                                                          lending from a Facility Office in the United Kingdom will be calculated
                                                          by the COFACE Agent as follows:

 

		(a)	in relation to a sterling Loan:

 

 per cent. per annum

 

		(b)	in relation to a Loan in any currency
                                                               other than sterling:

 

 per cent. per annum.

 

Where:

 

		A	is the percentage of Eligible Liabilities
                                                             (assuming these to be in excess of any stated minimum) which that
                                                             Lender is from time to time required to maintain as an interest free
                                                             cash ratio deposit with the Bank of England to comply with cash ratio
                                                             requirements.

 

		B	is the percentage rate of interest
                                                             (excluding the Margin and the Mandatory Cost and, if the Loan is
                                                             an Unpaid Sum, the additional rate of interest specified in paragraph
                                                             (a) of Clause 10.4 (Default interest)) payable for the relevant Interest
                                                             Period on the Loan.

 

		C	is the percentage (if any) of Eligible
                                                             Liabilities which that Lender is required from time to time to maintain
                                                             as interest bearing Special Deposits with the Bank of England.

 

		D	is the percentage rate per annum
                                                             payable by the Bank of England to the COFACE Agent on interest bearing
                                                             Special Deposits.

 

    	178
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

 

		E	is designed to compensate Lenders
                                                             for amounts payable under the Fees Rules and is calculated by the
                                                             COFACE Agent as being the average of the most recent rates of charge
                                                             supplied by the Base Reference Banks to the COFACE Agent pursuant
                                                             to paragraph 7 below and expressed in pounds per £1,000,000.

 

		5.	For the purposes of this Schedule:

 

		(a)	"Eligible Liabilities"
                                                               and "Special Deposits" have the meanings given to them
                                                               from time to time under or pursuant to the Bank of England Act
                                                               1998 or (as may be appropriate) by the Bank of England;

 

		(b)	"Fees Rules" means
                                                               the rules on periodic fees contained in the Financial Services
                                                               Authority Fees Manual or such other law or regulation as may be
                                                               in force from time to time in respect of the payment of fees for
                                                               the acceptance of deposits;

 

		(c)	"Fee Tariffs"
                                                               means the fee tariffs specified in the Fees Rules under Column
                                                               1 of the activity group A.1 Deposit acceptors (ignoring any minimum
                                                               fee or zero rated fee required pursuant to the Fees Rules but taking
                                                               into account any applicable discount rate); and

 

		(d)	"Tariff Base"
                                                               has the meaning given to it in, and will be calculated in accordance
                                                               with, the Fees Rules.

 

		(e)	In application of the above formulae,
                                                               A, B, C and D will be included in the formulae as percentages (i.e.
                                                               5 per cent. will be included in the formula as 5 and not as 0.05).
                                                               A negative result obtained by subtracting D from B shall be taken
                                                               as zero. The resulting figures shall be rounded to four decimal
                                                               places.

 

		6.	If requested by the COFACE Agent, each
                                                          Base Reference Bank shall, as soon as practicable after publication
                                                          by the Financial Services Authority, supply to the COFACE Agent, the
                                                          rate of charge payable by that Base Reference Bank to the Financial
                                                          Services Authority pursuant to the Fees Rules in respect of the relevant
                                                          financial year of the Financial Services Authority (calculated for this
                                                          purpose by that Base Reference Bank as being the average of the Fee
                                                          Tariffs applicable to that Base Reference Bank for that financial year)
                                                          and expressed in pounds per £1,000,000 of the Tariff Base of that
                                                          Base Reference Bank.

 

		7.	Each Lender shall supply any information
                                                          required by the COFACE Agent for the purpose of calculating its Additional
                                                          Cost Rate. In particular, but without limitation, each Lender shall
                                                          supply the following information on or prior to the date on which it
                                                          becomes a Lender:

 

		(a)	the jurisdiction of its Facility
                                                               Office; and

 

		(b)	any other information that the
                                                               COFACE Agent may reasonably require for such purpose.

 

Each Lender
shall promptly notify the COFACE Agent of any change to the information provided by it pursuant to this paragraph.

 

		8.	The percentages of each Lender for the
                                                          purpose of A and C above and the rates of charge of each Base Reference
                                                          Bank for the purpose of E above shall be determined by the COFACE Agent
                                                          based upon the information supplied to it pursuant to paragraphs 7 and
                                                          8 above and on the assumption that, unless a Lender notifies the COFACE
                                                          Agent to the contrary, each Lender's obligations in relation to cash
                                                          ratio deposits and Special Deposits are the same as those of a typical
                                                          bank from its jurisdiction of incorporation with a Facility Office in
                                                          the same jurisdiction as its Facility Office.

 

    	179
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

 

		9.	The COFACE Agent shall have no liability
                                                          to any person if such determination results in an Additional Cost Rate
                                                          which over or under compensates any Lender and shall be entitled to
                                                          assume that the information provided by any Lender or Base Reference
                                                          Bank pursuant to paragraphs 3, 7 and 8 above is true and correct in
                                                          all respects.

 

		10.	The COFACE Agent shall distribute the
                                                           additional amounts received as a result of the Mandatory Cost to the
                                                           Lenders on the basis of the Additional Cost Rate for each Lender based
                                                           on the information provided by each Lender and each Base Reference
                                                           Bank pursuant to paragraphs 3, 7 and 8 above.

 

		11.	Any determination by the COFACE Agent
                                                           pursuant to this Schedule in relation to a formula, the Mandatory Cost,
                                                           an Additional Cost Rate or any amount payable to a Lender shall, in
                                                           the absence of manifest error, be conclusive and binding on all Parties.

 

		12.	The COFACE Agent may from time to time,
                                                           after consultation with the Borrower and the Lenders, determine and
                                                           notify to all Parties any amendments which are required to be made
                                                           to this Schedule in order to comply with any change in law, regulation
                                                           or any requirements from time to time imposed by the Bank of England,
                                                           the Financial Services Authority or the European Central Bank (or,
                                                           in any case, any other authority which replaces all or any of its functions)
                                                           and any such determination shall, in the absence of manifest error,
                                                           be conclusive and binding on all Parties.

 

    	180
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

 

Schedule
8

 

Form of
Transfer Certificate

 

		To:	[           ]
                                                            as COFACE Agent and [           ]
                                                            as Security Agent and Iridium Satellite LLC, as Borrower, for and
                                                            on behalf of each Obligor

 

		From:	[The Existing Lender] (the
                                                              Existing Lender) and [The New Lender] (the New
                                                              Lender)

 

		Dated:	[l]

 

IRIDIUM
SATELLITE LLC

$[l] COFACE Facility Agreement dated [l]
(the Facility Agreement)

 

		1.	Reference is made to the Facility Agreement.
                                                          This agreement (the Agreement) shall take effect as a Transfer
                                                          Certificate for the purpose of the Facility Agreement. Terms defined
                                                          in the Facility Agreement have the same meaning in this Agreement unless
                                                          given a different meaning in this Agreement.

 

		2.	We refer to Clause 25.5 (Procedure for
                                                          transfer) of the Facility Agreement:

 

		(a)	The Existing Lender and the New
                                                               Lender agree to the Existing Lender transferring to the New Lender
                                                               by novation all or part of the Existing Lender's Commitment, rights
                                                               and obligations referred to in the Schedule (attached hereto) in
                                                               accordance with Clause 25.5 (Procedure for transfer) of the Facility
                                                               Agreement.

 

		(b)	The proposed Transfer Date is [l].

 

		(c)	The Facility Office and address,
                                                               fax number and attention details for notices of the New Lender
                                                               for the purposes of Clause 32.2 (Addresses) are set out in the
                                                               Schedule (attached hereto).

 

		3.	The New Lender expressly acknowledges
                                                          the limitations on the Existing Lender's obligations set out in paragraph
                                                          (c) of Clause 25.4 (Limitation of responsibility of Existing Lenders).

 

		4.	The New Lender confirms, for the benefit
                                                          of the COFACE Agent and without liability to any Obligor, that it is:

 

		(a)	[a Qualifying Lender;]

 

		(b)	[not a Qualifying Lender;]

 

		(c)	[others to be specified].

 

		5.	This Agreement acts as notice to the
                                                          COFACE Agent (on behalf of each Finance Party) and, upon delivery in
                                                          accordance with Clause 25.7 (Copy of Transfer Certificate or Assignment
                                                          Agreement to Borrower), to the Borrower (on behalf of each Obligor)
                                                          of the transfer referred to in this Agreement.

 

		6.	This Agreement may be executed in any
                                                          number of counterparts and this has the same effect as if the signatures
                                                          on the counterparts were on a single copy of this Agreement.

 

		7.	This Agreement is governed by English
                                                          law.

 

		8.	This Agreement has been entered into
                                                          on the date stated at the beginning of this Agreement.

 

    	181
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

 

		Note:	The execution of this Transfer
                                                                    Certificate may not transfer a proportionate share of the
                                                                    Existing Lender's interest in the Transaction Security in
                                                                    all jurisdictions. It is the responsibility of the New Lender
                                                                    to ascertain whether any other documents or other formalities
                                                                    are required to perfect a transfer of such a share in the
                                                                    Existing Lender's Transaction Security in any jurisdiction
                                                                    and, if so, to arrange for execution of those documents and
                                                                    completion of those formalities.
	 	 	 

    	182
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

 

THE SCHEDULE

 

Commitment/rights
and obligations to be transferred

 

[insert relevant details]

[Facility Office address, fax number
and attention details for notices and account details for payments,]

 

	[Existing Lender]	[New Lender]
	 	 
	By:	By:

 

This Agreement is accepted
as a Transfer Certificate for the purposes of the Facility Agreement by the COFACE Agent and the Transfer Date is confirmed as
[l].

 

[COFACE Agent]

 

By:

 

[Security Agent]

 

By:

    	183
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

 

Schedule
9

 

Form of
Assignment Agreement

 

		To:	[           ]
                                                           as COFACE Agent and [           ],
                                                           [           ]
                                                           as Security Agent, and Iridium Satellite LLC as Borrower, for and on
                                                           behalf of each Obligor

 

		From:	[the Existing Lender] (the
                                                             Existing Lender) and [the New Lender] (the New Lender)

 

		Dated:	[l]

 

IRIDIUM
SATELLITE LLC

$[l] COFACE Facility Agreement dated [l]
(the Facility Agreement)

 

		1.	Reference is made to the Facility Agreement.
                                                          This is an Assignment Agreement. This agreement (the Agreement)
                                                          shall take effect as an Assignment Agreement for the purpose of the
                                                          Facility Agreement. Terms defined in the Facility Agreement have the
                                                          same meaning in this Agreement unless given a different meaning in this
                                                          Agreement.

 

		2.	We refer to Clause 25.6 (Procedure for
                                                          assignment) of the Facility Agreement:

 

		(a)	The Existing Lender assigns absolutely
                                                               to the New Lender all the rights of the Existing Lender under the
                                                               Facility Agreement, the other Finance Documents and in respect
                                                               of the Transaction Security which correspond to that portion of
                                                               the Existing Lender's Commitments and participations in Utilisations
                                                               under the Facility Agreement as specified in the Schedule (attached
                                                               hereto).

 

		(b)	The Existing Lender is released
                                                               from all the obligations of the Existing Lender which correspond
                                                               to that portion of the Existing Lender's Commitments and participations
                                                               in Utilisations under the Facility Agreement specified in the Schedule
                                                               (attached hereto).

 

		(c)	The New Lender becomes a Party
                                                               as a Lender and is bound by obligations equivalent to those from
                                                               which the Existing Lender is released under paragraph (b) above.

 

		3.	The proposed Transfer Date is [l].

 

		4.	On the Transfer Date, the New Lender
                                                          becomes party to the relevant Finance Documents as a Lender.

 

		5.	The Facility Office and address, fax
                                                          number and attention details for notices of the New Lender for the purposes
                                                          of Clause 32.2 (Addresses) of the Facility Agreement are set out in
                                                          the Schedule (attached hereto).

 

		6.	The New Lender expressly acknowledges
                                                          the limitations on the Existing Lender's obligations set out in paragraph
                                                          (c) of Clause 25.4 (Limitation of responsibility of Existing Lenders).

 

		7.	The New Lender confirms, for the benefit
                                                          of the COFACE Agent and without liability to any Obligor, that it is:

 

		(a)	[a Qualifying Lender;]

 

		(b)	[not a Qualifying Lender;]

 

		(c)	[others to be specified].

 

    	184
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

 

		8.	This Agreement acts as notice to the
                                                          COFACE Agent (on behalf of each Finance Party) and, upon delivery in
                                                          accordance with Clause 25.7 (Copy of Transfer Certificate or Assignment
                                                          Agreement to Borrower), to the Borrower (on behalf of each Obligor)
                                                          of the assignment referred to in this Agreement.

 

		9.	This Agreement may be executed in any
                                                          number of counterparts and this has the same effect as if the signatures
                                                          on the counterparts were on a single copy of this Agreement.

 

		10.	This Agreement is governed by English
                                                           law.

 

		11.	This Agreement has been entered into
                                                           on the date stated at the beginning of this Agreement.

 

		Note:	The execution of this Assignment
                                                                    Agreement may not transfer a proportionate share of the Existing
                                                                    Lender's interest in the Transaction Security in all jurisdictions.
                                                                    It is the responsibility of the New Lender to ascertain whether
                                                                    any other documents or other formalities are required to perfect
                                                                    a transfer of such a share in the Existing Lender's Transaction
                                                                    Security in any jurisdiction and, if so, to arrange for execution
                                                                    of those documents and completion of those formalities.

 

    	185
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

 

THE SCHEDULE

 

Commitment/rights
and obligations to be transferred by assignment, release and accession

 

[insert relevant details]

 

[Facility office address,
fax number and attention details for notices and account details for payments]

 

	[Existing Lender]	[New Lender]
	 	 
	By:	By:

 

This Agreement is accepted
as an Assignment Agreement for the purposes of the Facility Agreement by the COFACE Agent and the Transfer Date is confirmed as
[l].

 

Signature of this Agreement
by the COFACE Agent constitutes confirmation by the COFACE Agent of receipt of notice of the assignment referred to in this Agreement,
which notice the COFACE Agent receives on behalf of each Finance Party.

 

[COFACE Agent]

 

By:

 

[Security Agent]

 

By:

 

    	186
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

 

Schedule
10

 

Form of
Accession Deed

 

		To:	[                   ]
                                                           as COFACE Agent

 

		From:	[insert name of Material Company]

 

		Dated:	[l]

 

Dear Sirs

 

IRIDIUM
SATELLITE LLC

$[l] COFACE Facility Agreement dated [l]
(the Facility Agreement)

 

		1.	Reference is made to the Facility Agreement.
                                                          This deed (the Accession Deed) shall take effect as an Accession
                                                          Deed for the purposes of the Facility Agreement. Terms defined in the
                                                          Facility Agreement have the same meaning in this Accession Deed unless
                                                          given a different meaning in this Accession Deed.

 

		2.	[insert name of Material Company]
                                                          agrees to become an Additional Guarantor and to be bound by the terms
                                                          of the Facility Agreement and the other Finance Documents as an Additional
                                                          Guarantor pursuant to Clause 23.30 (Additional Guarantors and resignation
                                                          of Guarantors) of the Facility Agreement. [insert name of Material
                                                          Company] is a company duly organized under the laws of [name
                                                          of relevant jurisdiction] and is a [insert type of company].

 

		3.	[[insert name] agrees to become
                                                          an Intra-Group Creditor and an Intra-Group Debtor pursuant to Clause
                                                          [15.2] (Accession) of the Subordination Agreement and to be bound by
                                                          the terms of the Subordination Agreement as an Intra-Group Creditor
                                                          and an Intra-Group Debtor as if it had been an original party to the
                                                          Subordination Agreement.]

 

		4.	[insert name of Material Company]’s
                                                          administrative details for the purposes of the Facility Agreement are
                                                          as follows:

 

Address:

 

Fax No.:

 

Attention:

 

		5.	This Accession Deed is governed by English
                                                          law.

 

THIS ACCESSION DEED
has been signed on behalf of the Borrower and executed as a deed by [insert name of Material Company] and is delivered
on the date stated above.

 

	[insert name of Material Company]	 	 
	 	 	 
	[EXECUTED as a DEED	 	)
	By:       [Material Company]	 	)
	 	 	 
	 	 	Director
	 	 	
	 	 	Director/Secretary

 

    	187
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

 

	 	 	 
	The Borrower	 	 
	 	 	[Borrower]
	By:	 	 

 

The COFACE Agent

 

[COFACE Agent]

 

By:

 

    	188
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

 

Schedule
11

 

Form of
Resignation Letter

 

		To:	COFACE Agent

 

		From:	[resigning Obligor] and [Borrower]

 

		Dated:	[l]

 

Dear Sirs

 

IRIDIUM
SATELLITE LLC

$[l] COFACE Facility Agreement dated [l]
(the Facility Agreement)

 

		1.	Reference is made to the Facility Agreement.
                                                          This is a Resignation Letter. Terms defined in the Facility Agreement
                                                          have the same meaning in this Resignation Letter unless given a different
                                                          meaning in this Resignation Letter.

 

		2.	Pursuant to Clause 23.30 (Additional
                                                          Guarantors and resignation of Guarantors), we request that [resigning
                                                          Obligor] be released from its obligations as a Guarantor under the
                                                          Facility Agreement and the Finance Documents (other than the Subordination
                                                          Agreement).

 

		3.	We confirm that:

 

		(a)	no Default is continuing or would
                                                               result from the acceptance of this request; and

 

		(b)	[this request is given as a result
                                                               of [resigning Obligor] ceasing to qualify as a Material
                                                               Company]*;

 

		(c)	[this request is given as a result
                                                               of the Lenders consenting to the resignation of the [resigning
                                                               Obligor]]**;

 

		(d)	[             ]***

 

		4.	This Resignation Letter is governed
                                                          by English law.

 

	[Borrower]	[resigning Obligor]
	 	 
	By:	By:

 

NOTES:

		*	Insert if applicable.

		**	Insert if applicable.

		***	Insert any other circumstances permitted under the Facility Agreement
                                                           for a resignation of an Obligor.

 

    	189
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

 

Schedule
12

 

Form of
Compliance Certificate

 

		To:	COFACE Agent

 

		From:	[Parent]

 

		Dated:	[l]

 

Dear Sirs

 

IRIDIUM
SATELLITE LLC

$[l] COFACE Facility Agreement dated [l]
(the Facility Agreement)

 

		1.	Reference is made to the Facility Agreement.
                                                          This is a Compliance Certificate. Terms defined in the Facility Agreement
                                                          have the same meaning when used in this Compliance Certificate unless
                                                          given a different meaning in this Compliance Certificate.

 

		2.	This Compliance Certificate is delivered
                                                          in accordance with Clause 21.2 (Provision and contents of Compliance
                                                          Certificate) of the Facility Agreement by an authorized officer of the
                                                          Parent. This Compliance Certificate is delivered with respect to the
                                                          [Financial Year ended [l]]
                                                          [Financial Quarter ended [l]]13.
                                                          Computations indicating compliance with respect to the covenants contained
                                                          in paragraphs (a)(i), (a)(ii) [and (a)(iii)]14 of Clause
                                                          22.1 (Financial condition) and [paragraphs (b)(i) and (b)(ii) of Clause
                                                          22.1 (Financial condition)] [paragraphs (c)(i) and (c)(ii) of Clause
                                                          22.1 (Financial condition)]15 of the Facility Agreement are
                                                          set forth below.

 

		3.	(a)	In respect of the
                                                                               Calculation Period expiring on [l],
                                                                               the Borrower confirms that:

 

[Insert details
of covenants to be certified].

 

		(b)	[In respect of the Calculation
                                                               Date expiring on [l],
                                                               the Borrower confirms that:]16

 

		4.	The Borrower confirms that in respect
                                                          of the Calculation Period expiring on [l]:

 

		(a)	Cumulative Cashflows is [l];

 

		(b)	Ancillary Cashflows is [l];
                                                               and

 

		(c)	the Available Cure Amount is [l].

 

		5.	[The Borrower confirms that no Default
                                                          is continuing.]*

 

		6.	[The Borrower confirms that the following
                                                          companies constitute Material Companies for the purposes of the Facility
                                                          Agreement: [l].]

 

 

		13	Note:
                                                                                                                        Insert
                                                                                                                        as appropriate.
                                                                                                                        Compliance
                                                                                                                        Certificates
                                                                                                                        are to
                                                                                                                        be delivered
                                                                                                                        in respect
                                                                                                                        of each
                                                                                                                        Calculation
                                                                                                                        Date (i.e.,
                                                                                                                        with each
                                                                                                                        set of
                                                                                                                        audited
                                                                                                                        annual
                                                                                                                        financials
                                                                                                                        and quarterly
                                                                                                                        financials
                                                                                                                        ending
                                                                                                                        on a June
                                                                                                                        30 Calculation
                                                                                                                        Date).

		14	Note:
                                                                                   Insert as appropriate. Compliance with Clause
                                                                                   22.1(a)(iii) only required to be tested on
                                                                                   a calendar year basis.

		15	Note: Insert
                                                                                   as appropriate. Financial covenants set forth
                                                                                   in Clause 22.1(b) are only required to be tested
                                                                                   until the later of (x) the date of In-Orbit
                                                                                   Acceptance of at least 66 Satellites and (y)
                                                                                   the First Repayment Date. Financial covenants
                                                                                   set forth in Clause 22.1(c) are only required
                                                                                   to be tested from the First Repayment Date
                                                                                   until the Final Maturity Date.

		16	Note:
                                                                                   Insert with respect to testing of Secondary
                                                                                   Payload Cashflows covenant.

 

    	190
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

 

		7.	The Borrower confirms
                                                                        that the aggregate of earnings before interest, tax, depreciation
                                                                        and amortisation (calculated on the same basis as Consolidated
                                                                        EBITDA), aggregate gross assets, aggregate net assets
                                                                        and aggregate turnover of the Obligors (calculated on
                                                                        an unconsolidated basis and excluding all intra-NEXT Group
                                                                        items and investments in Subsidiaries of any member of
                                                                        the NEXT Group) exceeds [***]%
                                                                        of Consolidated EBITDA, consolidated gross assets, net
                                                                        assets and turnover (as the case may be) of the NEXT Group.

 

		8.	The Borrower confirms
                                                                        that from the date of the Compliance Certificate most
                                                                        recently delivered to the date hereof

 

		(a)	[***]
                                                                             accounts receivable (and all proceeds thereof):

 

		(i)	for services rendered
                                                                           (including goods sold) in the U.S. or with U.S. customers
                                                                           (including, without limitation, the U.S. Department
                                                                           of Defense); and

 

		(ii)	to the fullest extent
                                                                            permitted by law or regulation, for services rendered
                                                                            outside US with non-US customers,

 

by or on behalf
of any member of the NEXT Group have been paid directly or indirectly by way of intercompany transfers on receipt of the same
into the BOA Revenue Account or such other accounts subject to Transaction Security;

 

		(b)	at least [***]%
                                                                             of all cash and Cash Equivalents of the NEXT Group
                                                                             have been held in the BOA Revenue Account and/or
                                                                             such other deposit or securities accounts with an
                                                                             Acceptable Bank in the U.S. that are subject to the
                                                                             Transaction Security; and

 

		(c)	all cash and Cash
                                                                             Equivalent Investments of the NEXT Group other than
                                                                             an amount up to the greater of (i) [***]%
                                                                             of all cash and Cash Equivalent Investments of the
                                                                             NEXT Group, and (ii) cash and Cash Equivalent Investments
                                                                             with an aggregate value of $[***],
                                                                             have been subject to the Transaction Security,

 

(in each case,
as based on the monthly average account balances on the basis of bank statements).

 

	Signed	 	 
	 	Authorized Officer 
 of Parent	 

 

NOTES:

		*	If this statement cannot be made, the certificate should
                                                                       identify any Default that is continuing and the steps,
                                                                       if any, being taken to remedy it.

 

    	191
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

 

Schedule
13

 

Form of
Auditors' Report

 

To: Iridium Communications
Inc.

 

We have audited, in
accordance with auditing standards generally accepted in the United States, the consolidated balance sheet of Iridium Communications
Inc. (the Company) as of [______], and the related consolidated statements of income, changes in stockholders’ equity
and comprehensive income (loss) and cash flows for the year then ended, and have issued our report thereon [________].

 

In connection with our
audit, [nothing came to our attention that caused us to believe that Iridium Satellite LLC (the Borrower) failed to comply
with the financial covenants, set forth in Clause 22.1 of the COFACE Facility Agreement,]17 dated as of [______], 2010
(the Agreement), by and among the Company, the Borrower, the Original Obligors (as such term is defined in the Agreement),
Société Générale, as COFACE Agent, Deutsche Bank Trust Company Americas, as Security Agent and U.S.
Collateral Agent, and the financial institutions party thereto from time to time. However, our audit was not directed primarily
toward obtaining knowledge of such noncompliance.

 

Our audits were conducted
for the purpose of forming an opinion on the financial statements as a whole. The condensed consolidating financial information
of the Company and its subsidiaries as of and at the year ended [l] appearing in [Note
[l]]18 is presented for purposes of additional analysis and is not a required
part of the financial statements. Such information is the responsibility of management and was derived from and relates directly
to the underlying accounting and other records used to prepare the financial statements. The information has been subjected to
the auditing procedures applied in the audit of the financial statements and certain additional procedures, including comparing
and reconciling such information directly to the underlying accounting and other records used to prepare the financial statements
or to the financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted
in the United States. In our opinion, the information is fairly stated in all material respects in relation to the financial statements
as a whole.

 

This report may be relied
upon by the COFACE Agent and the Lenders, and is intended solely for the information and use of the Company, the COFACE Agent
and the Lenders, and is not intended to be and should not be used by anyone other than the specified parties.

 

	 	 
	Name:	 

 

 

		17	Note: Insert only to the
                                                                     extent applicable. To the extent that Auditor is aware of
                                                                     any information causing them to believe non-compliance by
                                                                     the Borrower with the financial covenants, specify such information
                                                                     in reasonable detail.

		18	Such Note will include consolidated
                                                                     financial statements of the Group, consolidated financial
                                                                     statements of the NEXT Group and the financial statements
                                                                     of the Excluded Company.

 

    	192
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

 

Schedule
14

 

LMA Form
of Confidentiality Undertaking

 

[Letterhead of Potential
Purchaser]

 

		To:	[insert name of
                                                                         Seller]

 

		Re:	The Agreement

 

Company:                              
(the Company)

 

Date:

 

Amount:

 

Agent:

 

Dear Sirs

 

We are considering acquiring
an interest in the Agreement which, subject to the Agreement, may be by way of novation, assignment, the entering into, whether
directly or indirectly, of a sub-participation or any other transaction under which payments are to be made or may be made by
reference to one or more Finance Documents and/or one or more Obligors or by way of investing in or otherwise financing, directly
or indirectly, any such novation, assignment, sub-participation or other transaction (the Acquisition). In consideration
of you agreeing to make available to us certain information, by our signature of this letter we agree as follows (acknowledged
and agreed by you by your signature of a copy of this letter):

 

		1.	CONFIDENTIALITY
                                                                               UNDERTAKING

 

We undertake
(a) to keep all Confidential Information confidential and not to disclose it to anyone, save to the extent permitted by paragraph
2 below and to ensure that all Confidential Information is protected with security measures and a degree of care that would apply
to our own confidential information and (b) until the Acquisition is completed to use the Confidential Information only for the
Permitted Purpose.

 

		2.	PERMITTED
                                                                               DISCLOSURE

 

You agree
that we may disclose:

 

		(a)	to any of our Affiliates
                                                                             and any of our or their officers, directors, employees,
                                                                             professional advisers and auditors such Confidential
                                                                             Information as we shall consider appropriate if any
                                                                             person to whom the Confidential Information is to
                                                                             be given pursuant to this paragraph 2.1 is informed
                                                                             in writing of its confidential nature and that some
                                                                             or all of such Confidential Information may be price-sensitive
                                                                             information, except that there shall be no such requirement
                                                                             to so inform if the recipient is subject to professional
                                                                             obligations to maintain the confidentiality of the
                                                                             information or is otherwise bound by requirements
                                                                             of confidentiality in relation to the Confidential
                                                                             Information;

 

    	193
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

 

		(b)	subject to
                                                                             the requirements of the Agreement, to any person:

 

		(i)	to (or through) whom
                                                                           we assign or transfer (or may potentially assign or
                                                                           transfer) all or any of our rights and/or obligations
                                                                           which we may acquire under the Agreement such Confidential
                                                                           Information as we shall consider appropriate if the
                                                                           person to whom the Confidential Information is to be
                                                                           given pursuant to this sub-paragraph (i) of paragraph
                                                                           (a) has delivered a letter to us in equivalent form
                                                                           to this letter;

 

		(ii)	with (or through)
                                                                            whom we enter into (or may potentially enter into)
                                                                            any sub-participation in relation to, or any other
                                                                            transaction under which payments are to be made or
                                                                            may be made by reference to the Agreement or any Obligor
                                                                            such Confidential Information as we shall consider
                                                                            appropriate if the person to whom the Confidential
                                                                            Information is to be given pursuant to this sub-paragraph
                                                                            (ii) of paragraph (a) has delivered a letter to us
                                                                            in equivalent form to this letter;

 

		(iii)	to whom information
                                                                             is required or requested to be disclosed by any governmental,
                                                                             banking, taxation or other regulatory authority or
                                                                             similar body, the rules of any relevant stock exchange
                                                                             or pursuant to any applicable law or regulation such
                                                                             Confidential Information as we shall consider appropriate;
                                                                             and

 

		(c)	notwithstanding paragraphs
                                                                             2(a) and 2(b) above, Confidential Information to
                                                                             such persons to whom, and on the same terms as, a
                                                                             Finance Party is permitted to disclose Confidential
                                                                             Information under the Agreement, as if such permissions
                                                                             were set out in full in this letter and as if references
                                                                             in those permissions to Finance Party were references
                                                                             to us.

 

		3.	NOTIFICATION
                                                                               OF DISCLOSURE

 

We agree (to
the extent permitted by law and regulation) to inform you:

 

		(a)	of the circumstances
                                                                             of any disclosure of Confidential Information made
                                                                             pursuant to sub-paragraph (iii) of paragraph 2(b)
                                                                             above except where such disclosure is made to any
                                                                             of the persons referred to in that paragraph during
                                                                             the ordinary course of its supervisory or regulatory
                                                                             function; and

 

		(b)	upon becoming aware
                                                                             that Confidential Information has been disclosed
                                                                             in breach of this letter.

 

		4.	RETURN
                                                                               OF COPIES

 

If we do not
enter into the Acquisition and you so request in writing, we shall return all Confidential Information supplied by you to us and
destroy or permanently erase (to the extent technically practicable) all copies of Confidential Information made by us and use
our reasonable endeavours to ensure that anyone to whom we have supplied any Confidential Information destroys or permanently
erases (to the extent technically practicable) such Confidential Information and any copies made by them, in each case save to
the extent that we or the recipients are required to retain any such Confidential Information by any applicable law, rule or regulation
or by any competent judicial, governmental, supervisory or regulatory body or in accordance with internal policy, or where the
Confidential Information has been disclosed under sub-paragraph (iii) of paragraph 2(b) above.

 

		5.	CONTINUING
                                                                               OBLIGATIONS

 

The obligations
in this letter are continuing and, in particular, shall survive and remain binding on us until (a) if we acquire an interest in
the Agreement by way of novation, the date on which we acquire such an interest; (b) if we enter into the Acquisition other than
by way of novation, the date falling 2 years after termination of that Acquisition; or (c) in any other case 2 years after the
date of this letter.

 

    	194
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

 

		6.	NO REPRESENTATION;
                                                                               CONSEQUENCES OF BREACH, ETC

 

We acknowledge
and agree that:

 

		(a)	neither you, nor
                                                                             any member of the Group nor any of your or their
                                                                             respective officers, employees or advisers (each
                                                                             a "Relevant Person") (i) make any representation
                                                                             or warranty, express or implied, as to, or assume
                                                                             any responsibility for, the accuracy, reliability
                                                                             or completeness of any of the Confidential Information
                                                                             or any other information supplied by you or the assumptions
                                                                             on which it is based or (ii) shall be under any obligation
                                                                             to update or correct any inaccuracy in the Confidential
                                                                             Information or any other information supplied by
                                                                             you or be otherwise liable to us or any other person
                                                                             in respect of the Confidential Information or any
                                                                             such information; and

 

		(b)	you or members of
                                                                             the Group may be irreparably harmed by the breach
                                                                             of the terms of this letter and damages may not be
                                                                             an adequate remedy; each Relevant Person may be granted
                                                                             an injunction or specific performance for any threatened
                                                                             or actual breach of the provisions of this letter
                                                                             by us.

 

		7.	ENTIRE
                                                                               AGREEMENT: NO WAIVER; AMENDMENTS, ETC

 

		(a)	This letter constitutes
                                                                         the entire agreement between us in relation to our obligations
                                                                         regarding Confidential Information and supersedes any
                                                                         previous agreement, whether express or implied, regarding
                                                                         Confidential Information.

 

		(b)	No failure or delay in
                                                                         exercising any right or remedy under this letter will
                                                                         operate as a waiver thereof nor will any single or partial
                                                                         exercise of any right or remedy preclude any further
                                                                         exercise thereof or the exercise of any other right or
                                                                         remedy under this letter.

 

		(c)	The terms of this letter
                                                                         and our obligations under this letter may only be amended
                                                                         or modified by written agreement between us.

 

		8.	INSIDE
                                                                               INFORMATION

 

We acknowledge
that some or all of the Confidential Information is or may be price-sensitive information and that the use of such information
may be regulated or prohibited by applicable legislation including securities law relating to insider dealing and market abuse
and we undertake not to use any Confidential Information for any unlawful purpose.

 

		9.	NATURE
                                                                               OF UNDERTAKINGS

 

The undertakings
given by us under this letter are given to you and are also given for the benefit of the Company and each other member of the
Group.

 

		10.	THIRD
                                                                                PARTY RIGHTS

 

		(a)	Subject to this paragraph
                                                                         10 and to paragraphs 6 and 9, a person who is not a party
                                                                         to this letter has no right under the Contracts (Rights
                                                                         of Third Parties) Act 1999 (the Third Parties Act)
                                                                         to enforce or to enjoy the benefit of any term of this
                                                                         letter.

 

		(b)	The Relevant Persons
                                                                         may enjoy the benefit of the terms of paragraphs 6 and
                                                                         9 subject to and in accordance with this paragraph 10
                                                                         and the provisions of the Third Parties Act.

 

		(c)	Notwithstanding any provisions
                                                                         of this letter, the parties to this letter do not require
                                                                         the consent of any Relevant Person to rescind or vary
                                                                         this letter at any time.

 

    	195
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

 

		11.	GOVERNING
                                                                                LAW AND JURISDICTION

 

		(a)	This letter (including the
                                                                         agreement constituted by your acknowledgement of its
                                                                         terms) (the Letter) and any non-contractual obligations
                                                                         arising out of or in connection with it (including any
                                                                         non-contractual obligations arising out of the negotiation
                                                                         of the transaction contemplated by this Letter) are governed
                                                                         by English law.

 

		(b)	The courts of England
                                                                         have non-exclusive jurisdiction to settle any dispute
                                                                         arising out of or in connection with this Letter (including
                                                                         a dispute relating to any non-contractual obligation
                                                                         arising out of or in connection with either this Letter
                                                                         or the negotiation of the transaction contemplated by
                                                                         this Letter).

 

		12.	DEFINITIONS

 

In this letter
(including the acknowledgement set out below) terms defined in the Agreement shall, unless the context otherwise requires, have
the same meaning and:

 

"Confidential
Information" means all information relating to the Company, any Obligor, the Group, the Finance Documents, the Facility and/or
the Acquisition which is provided to us in relation to the Finance Documents or the Facility by you or any of your affiliates
or advisers, in whatever form, and includes information given orally and any document, electronic file or any other way of representing
or recording information which contains or is derived or copied from such information but excludes information that:

 

		(a)	is or becomes
                                                                             public information other than as a direct or indirect
                                                                             result of any breach by us of this letter; or

 

		(b)	is identified
                                                                             in writing at the time of delivery as non-confidential
                                                                             by you or your advisers; or

 

		(c)	is known by us before
                                                                             the date the information is disclosed to us by you
                                                                             or any of your affiliates or advisers or is lawfully
                                                                             obtained by us after that date, from a source which
                                                                             is, as far as we are aware, unconnected with the
                                                                             Group and which, in either case, as far as we are
                                                                             aware, has not been obtained in breach of, and is
                                                                             not otherwise subject to, any obligation of confidentiality.

 

Group
means the Company and its subsidiaries for the time being (as such term is defined in the Companies Act 2006).

 

Permitted
Purpose means considering and evaluating whether to enter into the Acquisition.

 

Please acknowledge your
agreement to the above by signing and returning the enclosed copy.

 

Yours faithfully

 

	 	 
	 	 
	For and on behalf of	 
	[Potential Purchaser]	 

 

    	196
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

 

		To:	[Potential Purchaser]

 

We acknowledge and agree
to the above:

 

	 	 
	For and on behalf of	 
	[Seller]	 

 

    	197
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

 

Schedule
15

 

Timetables

 

	Delivery of a duly completed Utilisation Request (Clause 5.1 (Delivery of
    a Utilisation Request))	 	U-10

        9.30 a.m. Paris
        time

	 	 	 
	COFACE Agent notifies the Lenders of the Loans in accordance with Clause 5.4
    (Lenders' participation)	 	U-4

        11.00 a.m. Paris
        time

	 	 	 
	LIBOR is fixed	 	Quotation Day as of 11:00 a.m. London time

 

	"U"	 =	date of Utilisation.
	 	 	 
	"U – X"	=	X Business Days prior to date of Utilisation

 

    	198
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

 

Schedule
16

 

Existing
Guarantees

 

		1.	That certain guarantee
                                                                        provided by the Borrower for the benefit of Boeing in
                                                                        respect of ICLLC’s obligations under the Boeing
                                                                        O&M Agreement.

 

		2.	That certain Guarantee
                                                                        of Lease, dated as of August 17, 2009, provided by Iridium
                                                                        Holdings LLC for the benefit of TYE Development Company,
                                                                        L.L.C., in respect of the Borrower’s obligations
                                                                        under that certain Deed of Lease, dated as of August 17,
                                                                        2009, by and between the Borrower and TYE Development
                                                                        Company, L.L.C.

 

    	199
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

 

Schedule
17

 

Existing
Liens

 

None.

 

    	200
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

 

Schedule
18

 

Communications
Licences

 

	Country	 	Holder	 	License	 	Expiration
    Date
	 	 	 	 	 	 	 
	USA	 	Iridium Constellation LLC	 	Space Station Authorization for Big LEO NGSO Satellite Constellation (call
    sign S2110)	 	Grant: 1/31/1995;

        Expires: 11/01/2013

	 	 	 	 	 	 	 
	USA	 	Iridium Satellite LLC	 	Earth Station Authorization for 50,000 mobile non-common carrier handsets
    for Government use (call sign E960132)	 	Grant: 10/30/1996;

        Expires: 11/1/2021

	 	 	 	 	 	 	 
	USA	 	Iridium Satellite LLC	 	Earth Station Authorization for fixed Ka-band feederlink and TT&C earth
    station in Fairbanks, AK (call sign E050282)	 	Grant: 2/9/2006;

        Expires: 2/9/2021

	 	 	 	 	 	 	 
	USA	 	Iridium Satellite LLC	 	Earth Station Authorization for fixed Ka-band feederlink and TT&C earth
    station in Fairbanks, AK (call sign E060300)	 	Grant: 3/29/2007;

        Expires: 3/29/2022

	 	 	 	 	 	 	 
	USA	 	Iridium Satellite LLC	 	Earth Station Authorization for fixed Ka-band feederlink and TT&C earth
    station in Tempe, AZ (call sign E960131)	 	Grant: 10/30/1996;

        Expires: 11/1/2021

	 	 	 	 	 	 	 
	USA	 	Iridium Constellation LLC	 	Earth Station Authorization for fixed C-band TT&C earth station in Leesburg,
    VA (call sign E010193)	 	Grant: 10/25/2001;

        Expires: 10/25/2011

	 	 	 	 	 	 	 
	USA	 	Iridium Carrier Services LLC	 	Earth Station Authorization for 150,000 mobile common carrier handsets for
    public use (call sign E960622)	 	Grant: 10/30/1996;

        Expires: 10/30/2021

	 	 	 	 	 	 	 
	Norway	 	[***]	 	License no. [***]
    for use of [***]	 	Grant: 6/1/2007;

        Expires: 12/31/2014

 

    	201
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

 

Schedule
19

 

Existing
Financial Indebtedness

 

		1.	Promissory Note in the
                                                                        amount of $23,000,000 by the Borrower in favor of Motorola,
                                                                        Inc., dated as of September 30, 2010.

 

		2.	Irrevocable Standby Letter
                                                                        of Credit from National Bank of Egypt in the amount of
                                                                        200,000 Egyptian Pounds.

 

		3.	Irrevocable Standby Letter
                                                                        of Credit from Saudi Investment Bank in the amount of
                                                                        300,000 Saudi Riyals.

 

		4.	Intercompany debt owed
                                                                        by ICG Communications GmbH19 to Gabrielle 14
                                                                        Vermoegensverwaltungs GmbH in the amount of €69,401,069.38.

 

		5.	Invoice
                                                                                      from Sidley Austin LLP from 2007 in the
                                                                                      amount of $197,980.02.

 

 

		19	As noted on Schedule 20,
                                                                     cancellation of this entity is currently under process. In
                                                                     connection with such cancellation, this indebtedness will
                                                                     terminate.

 

    	202
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

 

Schedule
20

 

Group Structure
Chart

 

 

    	203
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

 

Schedule
21

 

Insurance

 

		1.	Appendix 1 specifies the
                                                                        insurances which are to be effected or procured by the
                                                                        Obligors (or which the Obligors are to ensure are effected
                                                                        or procured by TAS and the Launch Services Providers,
                                                                        as the case may be). The Borrower shall procure that the
                                                                        insurances specified in Appendix 1 are purchased and maintained
                                                                        in full force and effect for the period of cover set out
                                                                        in Appendix 1.

 

		2.	Terms and conditions in
                                                                        the launch and initial-in orbit insurance set out in Section
                                                                        3 of Part 1 of Appendix 1 (for the avoidance of doubt,
                                                                        including insurance in respect of replacement launches
                                                                        to the extent applicable) (the Launch and Initial In-Orbit
                                                                        Insurance) shall include provisions customary at the
                                                                        time of placement including:

 

		(a)	loss payee provision
                                                                             satisfactory to the COFACE Agent;

 

		(b)	insurance to be primary
                                                                             to any other insurance carried by the insured;

 

		(c)	that the proceeds
                                                                             of the launch insurance claims are subject to security
                                                                             by way of assignment and/or délégation
                                                                             to the COFACE Agent and/or the Security Agent;

 

		(d)	the Security Agent,
                                                                             on behalf of the Finance Parties has the right, but
                                                                             not the obligation, to pay premiums;

 

		(e)	insurers waive all
                                                                             rights of (i) set off or counterclaim against the
                                                                             Obligors in connection with their obligations to
                                                                             make payments under such insurance, except as regards
                                                                             payment of premium under the applicable policy and
                                                                             (ii) subrogation against the Security Agent and the
                                                                             Finance Parties; and

 

		(f)	provision of Brokers'
                                                                             standard letter of undertaking (in substantially
                                                                             the form attached as Appendix 3) and acknowledgement
                                                                             of assignment.

 

		3.	6 months before anticipated
                                                                        date of the first launch (the Scheduled Launch Date),
                                                                        the Borrower shall provide draft Launch and Initial In-Orbit
                                                                        Insurance policies to the COFACE Agent, which shall include
                                                                        provisions customary at the time of placement including
                                                                        those set out above.

 

		4.	3 months before the Scheduled
                                                                        Launch Date, or such later time as agreed by the COFACE
                                                                        Agent, the Borrower shall provide evidence to the COFACE
                                                                        Agent that the Launch and Initial In-Orbit Insurances
                                                                        are confirmed bound. No later than ninety (90) days before
                                                                        the Scheduled Launch Date or, upon written request from
                                                                        the Borrower and subject to the approval of the COFACE
                                                                        Agent, such later mutually agreed date based on prevailing
                                                                        market conditions but not later than thirty (30) days
                                                                        before the Scheduled Launch Date, the Borrower shall provide
                                                                        to the COFACE Agent and the Security Agent the Launch
                                                                        and Initial In-Orbit Insurance documentation duly agreed
                                                                        by all parties thereto.

 

		5.	All insurers shall be
                                                                        of internationally recognised reputation in the satellite
                                                                        insurance marketplace and carrying a Standard & Poor's
                                                                        Rating Services ("S&P") insurer security
                                                                        rating of no less than A-, or AM Best A- or equivalent,
                                                                        or with a credit rating or credit standing otherwise acceptable
                                                                        to the COFACE Agent (acting on the advice of the Insurance
                                                                        Adviser) (an Acceptable Insurer) subject, in the
                                                                        case of each class of Insurance, to a basket of ten per
                                                                        cent. (10%) of the sum insured that may be allocated to
                                                                        insurers rated BBB by S&P or B++ by AM Best or equivalent.

 

    	204
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

 

Appendix
1

 

Insurance
Schedules

 

Part
1

 

Material
Insurance

 

		1.	Pre-launch property
                                                                        "all risks" insurance:

 

Pre-launch
property "all risks" insurance to be provided by TAS under the Satellite Supply Contract, covering the Satellites before
risk transfers to the Borrower.

 

The insurance
will include the Borrower and/or its designees named as an additional insured on such insurance policy(ies) to the extent of their
interest and the Borrower shall use best efforts to procure that the Security Agent is also named as an additional insured on
such insurance policy(ies) to the extent of its interest.

 

		2.	Pre-launch and
                                                                        launch liability insurance:

 

		(a)	Where the Launch
                                                                         Services Provider is SpaceX:

 

Pre-launch
and launch liability insurance to be provided by SpaceX covering legal liability for third party property damage and bodily injury
caused by an occurrence resulting from the activities carried out by the Borrower and SpaceX, their contractors, subcontractors,
suppliers and agents related to the SpaceX Launch Contract at the Launch Site as required by the SpaceX Launch Contract.

 

The insured
parties will be SpaceX, the Borrower, U.S. Government, TAS, their contractors, subcontractors, suppliers and agents, COFACE, the
Lenders and all others provided for by the SpaceX Launch Contract.

 

The insurance
will provide a limit of liability at least to the levels required pre-launch and post launch by the FAA for a Falcon 9 launching
from Vandenberg Air Force Base, California.

 

		(b)	Where the Launch Services
                                                                         Provider is International Space Company Kosmotras (Kosmotras):

 

Pre-launch
and launch liability insurance to be provided by Kosmotras covering legal liability for third party property damage and bodily
injury caused by an occurrence resulting from the activities carried out by the Borrower and Kosmotras, their contractors, subcontractors,
suppliers and agents related to the Launch Services Contract, dated June 14, 2011, between the Borrower and Kosmotras (the Kosmotras
Launch Contract) at the launch site as required by the Kosmotras Launch Contract.

 

The insured
parties will be Kosmotras, the Borrower, Russian government, US government, TAS, their contractors, subcontractors, suppliers
and agents, COFACE, the Lenders and all others provided for by the Kosmotras Launch Contract.

 

The insurance
will provide a limit of liability at least to the levels required pre-launch and post launch by the Ministry of Defense in Russia,
for a Dnepr launching from Yasny, Russia.

 

    	205
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

 

		(a)	Where an alternative Launch Services
                                                           Provider is selected (pursuant to Schedule 22 (Back-Up Launch Strategy)):

 

Pre-launch
and launch liability insurance to be provided by the Launch Services Provider acceptable to the COFACE Agent (acting on the advice
of the Insurance Adviser), and based on the customary terms of coverage provided by the Launch Services Provider taking into account
the launch vehicle/site and launch programme).

 

		2.	Launch and Initial In-Orbit insurance:

 

		(a)	Satellites

 

Where the
Launch Services Provider is SpaceX and Kosmotras:

 

Launch and
Initial In-Orbit Insurance to be provided by the Borrower from transfer of risk of loss from TAS to the Borrower under the Satellite
Supply Contract, for "all risks" of physical loss of or damage to each of the 63 out of 72 Satellites arising out of
the launch thereof in each case, until 12 months after the launch thereof, including transfer orbit and initial deployments through
in-orbit acceptance of each of the 63 Satellites, in combination with the initial loss reflight option provided for in the SpaceX
Launch Contract, in the event the reflight option is exercised.

 

The insured
parties will be the Borrower and the Security Agent and the insurance will conform to the subrogation waiver requirements in the
Satellite Supply Contract and the Launch Services Contracts.

 

The insurance
will provide coverage:

 

		(i)	during the period from launch up
                                                               to In Orbit Acceptance of each of the insured 63 Satellites, in
                                                               an amount equivalent to the replacement value of the Satellites;
                                                               and

 

		(ii)	during the 12 months post-separation
                                                                phase of each launch of each of the insured 63 Satellites, after
                                                                In Orbit Acceptance of each of the Satellites, at least equal
                                                                to the amount of the replacement value of the Satellites, subject
                                                                to franchises or deductibles not exceeding 5 Satellites (i.e.,
                                                                indemnity for six Satellites triggered on the loss of every sixth
                                                                Satellite).

 

		(b)	Launch Vehicles

 

Where the
Launch Services Provider is SpaceX and Kosmotras:

 

Launch Insurance
to be provided by the Borrower from transfer of risk of loss from TAS to the Borrower under the Satellite Supply Contract, for
"all risks" of physical loss of or damage to the launch vehicles arising out of 6 of 7 SpaceX Falcon 9 launches (which
provide for 10 Satellites per launch) and the 1 Kosmotras Dnepr launch (which provides for 2 Satellites), in each case, in combination
with the initial loss reflight option provided for in the SpaceX Launch Contract, in the event the reflight option in relation
to 10 Satellites is exercised. In addition, the insurance will provide coverage in an amount equivalent to, if no reflight option
is exercised, the replacement value of the launch services (and in each case the cost of the launch insurance).

 

The insured
parties will be the Borrower and the Security Agent and the insurance will conform to the subrogation waiver requirements in the
Satellite Supply Contract and the Launch Services Contracts.

 

    	206
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

  

		(c)	Where an alternative Launch Services
                                                           Provider is selected (pursuant to Schedule 22 (Back-Up Launch Strategy)):

 

Launch and
Initial In-Orbit Insurance to be provided by the Borrower as agreed with the Majority Lenders (in consultation with the Insurance
Adviser, and based on the general parameters applicable for SpaceX including self-insurance, franchises and deductibles, but taking
into account relevant differences in the Launch Services Contract, launch vehicle/site and launch programme).

 

The insurance
shall include Lender clauses substantially in the form set out in Appendix 2.

 

    	207
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

 

Part
2

 

Non Material
Insurance

 

		1.	Property Insurance:

 

Property damage
insurance with respect to property other than the Satellites in such amounts and on such terms and conditions as are customarily
carried by companies engaged in the same or a similar business in places where such business is conducted.

 

		2.	Commercial General Liability Insurance:

 

Commercial
general liability insurance against claims for bodily injury (including death) and property damage in such amounts and on such
terms and conditions as are customarily carried by companies engaged in the same or a similar business in places where such business
is conducted.

 

		3.	Other:

 

Insurance
required by applicable law and prudent operator practice.

 

    	208
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

 

Appendix
2

 

Lender
Clauses

 

The Lender clauses to
be included in the insurances as set out in Part 1 of Appendix 1 are as follows (either included in or by way of endorsement to
the insurance or as an amendment thereto):

 

It is agreed that with
effect from inception of the Period, the following applies:

 

The Named Insured has
entered into a credit facility agreement dated [l] with [l]
(the Lenders) (the Facility Agreement)

 

Under the Facility Agreement,
[l] acts as the facility agent (the Agent) and [l]
as the security agent (the Security Agent) for the Lenders under the associated security agreements.

 

The Security Agent,
on behalf of the Lenders, is added as Additional Insured under the insurance, whose rights are limited to those expressly stated
in this Endorsement irrespective of what law or custom may require or imply.

 

Additional Insureds

 

The Security Agent,
on behalf of the Lenders

 

Name & Address

 

The following provisions
shall be included in the Launch and Initial In-Orbit insurance wordings in all material respects substantially as follows:

 

		1.	Loss Payee provision of the Launch and
                                                          Initial In-Orbit insurance:

 

Claims under
this insurance are adjusted with the Named Insured and paid to the Security Agent for the benefit of the Lenders to the extent
of the Lenders' interest. Payment must be by electronic funds transfer and sent to the following account: [l]

 

The Named
Insured, the Additional Insured and the Insurers agree to sign a mutual release agreement acceptable to each of them before a
claim is paid, provided however, that a failure to agree a form of release does not diminish the Insurers' obligation in respect
of the claim.

 

		2.	Subrogation Condition:

 

The Insurers
shall waive all rights of subrogation against the Additional Insured.

 

		3.	Cancellation Condition is amended to
                                                          read:

 

This insurance
may be cancelled only by mutual written agreement between the Named Insured, the Security Agent and the Insurers except that this
insurance may be cancelled unilaterally by the Insurers for non-payment of Premium.

 

If cancellation
is due to non-payment of Premium, the Insurers must give written notice of cancellation to the Named Insured and the Security
Agent at least 15 days in advance of the effective date of cancellation. The 15 day period begins on the date on which the notice
has been received by the Named Insured and the Security Agent. Payment of the Premium due within the notice period by the Named
Insured or Additional Insured voids the notice of cancellation for non-payment of Premium.

 

    	209
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

 

		4.	The Insurers acknowledge and agree that
                                                          this insurance provides primary cover for the Named Insured and Additional
                                                          Insured and that in the event of a loss covered under this insurance
                                                          which is also covered either in whole or in part under any other insurances
                                                          effected by or on behalf of the Named Insured or any of the Additional
                                                          Insured, this insurance responds as if those other insurances are not
                                                          in force.

 

		5.	The Insurers acknowledge and agree not
                                                          to exercise any right of set off (other than with respect to non payment
                                                          of Premium) and counterclaim against the Named Insured or the Additional
                                                          Insured, provided that such set off and counterclaim only refers to
                                                          set off or counterclaim for another debt or obligation unrelated to
                                                          the Iridium insurance.

 

    	210
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

 

Appendix
3

 

FORM OF
BLOU (LAUNCH & IN ORBIT INSURANCE)

 

BROKER’S LETTER
OF UNDERTAKING

 

		To:	Agent Bank as agent (the COFACE
                                                           Facility Agent) under the COFACE Facility Agreement (as defined
                                                           below)

 

Broker Letter
of Undertaking

 

[l]
Month [2014]

 

Dear Sirs,

 

We, Marsh Limited, have
been requested by Iridium Satellite LLC (the Borrower) to provide you with certain confirmations relating to the insurances
arranged by us in relation to the Iridium NEXT project. Accordingly we provide you with the confirmations set out below.

 

For purposes hereof:

 

“Business Day”
means a day (other than a Saturday or Sunday) on which banks are open for general business in London.

 

“COFACE Facility
Agreement” means the senior term loan facility agreement dated [l] 2010 and
made between, amongst others, the Borrower and [Agent Bank] as COFACE Facility Agent, as amended from time to time.

 

“Finance Parties”
has the meaning given to it in the COFACE Facility Agreement.

 

“Insurer”
means the insurer with whom the Policy has been taken out.

 

“Security Agent”
means [l]

 

We confirm that:

 

		(a)	the insurances summarised in Appendix
                                                           1 attached to this letter (the Insurances) are, to the best
                                                           of our knowledge in full force and effect in respect of the risks set
                                                           out in the insurance coverages evidenced in the policies/cover notes
                                                           attached as Appendix 2 (the Policies). Subject to confirmation
                                                           by the Insurance Adviser, the Insurances are structured to comply with
                                                           the Borrower’s obligations with respect to Schedule 21 (Insurance)
                                                           to the COFACE Facility Agreement;

 

		(b)	all premia due to date in respect of
                                                           the Insurances required to be paid as at the date of this letter in
                                                           accordance with the terms of credit for the Borrower are paid, and
                                                           the Insurances are, to the best of our knowledge and belief, placed
                                                           with insurers, which as at the time of placement comply with (i) the
                                                           requirements of Schedule 21 (Insurance) of the COFACE Facility Agreement
                                                           and/or (ii) as mutually agreed by all parties to the COFACE Facility
                                                           Agreement;

 

		(c)	the Insurances name the Security Agent
                                                           (for and on behalf of the Finance Parties) as additional insured and
                                                           as loss payee in each of the policies;

 

    	211
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

 

		(d)	we are not aware of any reason why
                                                           the Borrower or any Insurer, in our reasonable opinion, may be unwilling
                                                           or unable to honour its obligations in relation to the Insurances,
                                                           or to avoid the Insurances or any claim, in whole or in part; and

 

		(e)	we undertake to promptly advise the
                                                           COFACE Facility Agent and the Security Agent in writing upon being
                                                           notified by the Insurer that the Insurance(s) have been cancelled or
                                                           that the Insurer deems the Borrower to be in default of the Insurance.

 

		(f)	The confirmations in ‎(e) above
                                                           only relate to knowledge and information formally acquired in our capacity
                                                           as broker to the Borrower, as the case may be, in relation to the Insurances
                                                           and ceases upon Marsh no longer being the broker for the Borrower of
                                                           the Insurance.

 

We further undertake:

 

		(a)	upon being notified, to promptly forward
                                                           to all Insurers at the time of inception and/or renewal of and/or any
                                                           change in the identity of any Insurers any notice of assignment to
                                                           the Security Agent of the Borrower's rights under the Insurances and
                                                           to the insurance proceeds in relation to the Insurances, substantially
                                                           in the form set out in Appendix 4 of Schedule 21 (Insurance) of the
                                                           COFACE Facility Agreement, duly executed by the Borrower and received
                                                           by us, and to use our reasonable endeavours:

 

		(i)	to secure the Insurers’ acknowledgement
                                                               of receipt of such notices of assignment; and

 

		(ii)	to confirm that such notices are
                                                                incorporated into or endorsed on the policies, of the Insurance,

 

and to provide
the COFACE Facility Agent and the Security Agent with copies of such notices, endorsements and acknowledgements;

 

		(b)	to promptly notify you:

 

		(i)	upon our becoming notified in writing
                                                               of any material change or alteration made or proposed to be made
                                                               to the Insurances;

 

		(ii)	upon our receiving any notice
                                                                of cancellation (including for non-payment of premium) of the
                                                                Insurance by an Insurer;

 

		(iii)	in the event of our being notified
                                                                 of any purported assignment of or the creation of any security
                                                                 interest over the Borrower's interest or rights in any of the
                                                                 Insurances (other than any such assignment or security interest
                                                                 created pursuant to a Transaction Security Document (as defined
                                                                 in the COFACE Facility Agreement); and

 

		(iv)	after giving or receiving notice
                                                                of termination of our appointment as insurance brokers to the
                                                                Borrower in relation to the Insurances.

 

		(c)	to maintain intact files (including
                                                           all documents disclosed and correspondence in connection with the placement
                                                           of the Insurances and claims thereunder) and to give to the Security
                                                           Agent and COFACE Facility Agent all such information relating to the
                                                           Insurances (including true copies of any placing slips) as the Security
                                                           Agent and COFACE Facility Agent may reasonably request in writing,
                                                           provided such disclosures are subject to Marsh’s record retention
                                                           policies;

 

    	212
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

 

		(d)	to promptly provide to pass on to the
                                                           COFACE Facility Agent and Security Agent copies of any notice given
                                                           by any Insurer under or in respect of the Insurances to the Finance
                                                           Parties; and

 

The above undertakings
are given:

 

		(a)	subject to our lien, if any, on the
                                                           Insurances referred to above for premia due under such Insurances in
                                                           respect of the Insurances and subject to the Insurers' right of cancellation
                                                           on default in payment of such premia;

 

		(b)	subject to our continuing appointment
                                                           as insurance brokers to the Borrower in relation to the Insurances;
                                                           and

 

		(c)	subject to the termination date of
                                                           [insert date commitment ends] in which case all of our obligations
                                                           under this letter shall cease.

 

We have arranged the
Insurance on the basis of information and instructions given by the Borrower. We have not made any particular or special enquiries
regarding the Insurance beyond those that we normally make in the ordinary course of arranging insurances on behalf of our clients.
The confirmations set out in this letter are given by reference to our state of knowledge at the date hereof.

 

Save insofar as we have
given agreements or representations in this letter, it is to be understood by the addressees of this letter that they may not
rely on any advice which we have given to the Borrower, and we do not represent that the Insurance are suitable or sufficient
to meet the needs of the addressees who must take steps and advice of their own as they consider necessary in order to protect
their own interests.

 

This letter has been
prepared exclusively for the use of the parties to whom it is addressed. No responsibility is accepted to any third party for
any part of the contents of this letter and in the event that it is disclosed to a third party any and all liability howsoever
arising to that third part is hereby expressly excluded.

 

Our aggregate liability
to any persons who act in reliance on this letter, or on any other broker’s letter of undertaking issued by us in respect
of the Insurances, for any and all matters arising from them and the contents thereof shall in any and all events be limited to
the sum of $5,000,000, even if we are negligent. We do not limit our liability for our fraud.

 

For the avoidance of
doubt, all confirmations given in this letter relate solely to the Insurance. They do not apply to any other insurances or reinsurances,
and nothing in this letter should be taken as providing undertakings or confirmations in relation to any other insurance or reinsurance
that ought to have been placed by, or may at some future date be placed by, other brokers.

 

This letter and all
non-contractual obligations arising out of or in connection with this letter shall be governed by and shall be construed in accordance
with New York law and any dispute as to its terms shall be submitted to the exclusive jurisdiction of the federal courts of New
York.

 

Yours faithfully,

 

	Name:	 	 
	 	 	 
	Title:	 	 

 

    	213
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

 

for and on behalf of

 

Marsh Limited

 

Acknowledged and agreed

 

	Name:	 	 
	 	 	 
	Title:	 	 

 

for and on behalf Marsh
Inc

 

    	214
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

 

 

Appendix
4

 

FORM OF
NOTICE OF ASSIGNMENT OF INSURANCE AND INSURANCE PROVIDER ACKNOWLEDGEMENT

 

Form
of Assignment Notice

 

[on the letterhead
of the relevant Obligor]

 

	From:	[OBLIGOR]
	 	 
	To:	[INSURANCE PROVIDER]
	 	 
	Copy:	[SECURITY AGENT]

 

[DATE]

 

Ladies and Gentlemen,

 

Re: [describe
insurance policy] (the Insurance Policy)

 

		1.	Notice

 

We give you
notice that we have granted to [SECURITY AGENT] the (Security Agent) a first-priority security interest in all of our rights,
interests and benefits under the Insurance Policy.

 

		2.	Authorization

 

We irrevocably
instruct and authorize you, from and after the date of this letter, to send copies of any notices and other information required
or permitted to be sent to us under the Insurance Policy to the Security Agent as follows:

 

[l]

 

	 	Fax:	[l]
	 	 	 
	 	Attention:	[l]

 

		3.	Amendments

 

The instructions
in this letter may not be revoked or amended without the prior written consent of the Security Agent.

 

		4.	Acknowledgement

 

We request
that you indicate your agreement to the terms of this notice by signing and returning to the Security Agent and to us copies of
the acknowledgement that is attached.

 

    	215
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

 

Yours faithfully,

 

[OBLIGOR]

 

By:

 

Title:

 

    	216
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

 

Appendix
5

 

Form of
Assignment Acknowledgement

 

[on the letterhead
of the Insurance Provider]

 

	From:	[INSURANCE PROVIDER]
	 	 
	To:	[SECURITY AGENT]
	 	 
	 	and
	 	 
	 	[OBLIGOR]

 

[DATE]

 

Ladies and Gentlemen:

 

		Re:	[describe the Insurance Policy]
                                                                  (the Insurance Policy)

 

We confirm that we have
received from [SECURITY PROVIDER] (the Security Provider) a notice dated [          ]
(the Notice) informing us that the Obligor has granted to [SECURITY AGENT] (the Security Agent) a first-priority
security interest in all of its rights and interests under the Insurance Policy. We also confirm that we have not received notice
of any other assignment of the Insurance Policy or of any interest or claim of any third party in or to the Insurance Policy.

 

Yours faithfully,

 

[INSURANCE PROVIDER]

 

By:

 

Title:

 

    	217
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

 

Schedule
22

 

Back-Up
Launch Strategy

 

[***]

 

    	218
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

 

Schedule
23

 

Secondary
Payload Heads of Terms

 

		1.	To the extent permitted under applicable
                                                          law, there shall be [***].

 

		2.	To the extent permitted under applicable
                                                          law, [***].

 

		3.	As consistent with or required under
                                                          applicable laws, a Secondary Payload customer shall agree to [***].

 

		4.	Use of the Secondary Payload shall at
                                                          all times be in accordance with:

 

		(a)	all applicable laws and regulations
                                                               (including radio-frequency spectrum usage, content or application/end
                                                               use restrictions); and

 

		(b)	the Iridium technical/satellite
                                                               access conditions contained in the Secondary Payload agreement.

 

		5.	To the extent permitted under applicable
                                                          law, a Secondary Payload customer will [***].

 

		6.	Subject to paragraph 3 above and to
                                                          the extent permitted under applicable law, [***].

 

		7.	To the extent permitted under applicable
                                                          law, the obligations of the Obligors and their Affiliates that are NEXT
                                                          Group members under the Secondary Payload Contract [***]
                                                          are limited to:

 

		(a)	[***];
                                                               and

 

		(b)	[***];
                                                               and

 

		(c)	[***],

 

[***].

 

		8.	The Secondary Payload customer may have
                                                          [***].

 

Capitalised terms used
but not defined in this Schedule 23 (Secondary Payload Heads of Terms) shall have the meaning given to them in this Agreement.

 

    	219
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

 

Schedule
24

 

Milestones

 

Critical Path Satellite Manufacturing
Milestones:

 

	 

        [***]
	 

        [***]
	 

        [***]
	 

        [***]

	 

        [***]
	 

        [***]
	 

        [***]
	 

        [***]

	 

        [***]
	 

        [***]
	 

        [***]
	 

        [***]

 

Major Early Program Milestones:

 

	 

        [***]
	 

        [***]
	 

        [***]
	 

        [***]

	 

        [***]
	 

        [***]
	 

        [***]
	 

        [***]

 

Pre Production Milestones:

  

	 

        [***]
	 

        [***]
	 

        [***]
	 

        [***]

	 

        [***]
	 

        [***]
	 

        [***]
	 

        [***]

 

Post Production Milestones:

 

	 

        [***]
	 

        [***]
	 

        [***]
	 

        [***]

 

Launch Provider Segment Milestones:20

 

	 

        [***]
	 

        [***]
	 

        [***]
	 

        [***]

 

 

		20	Note: launch provider segment
                                                                     milestones and EDC references applicable to SpaceX Launch
                                                                     Contract only. 

 

    	220
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

 

Schedule
25

 

Shares
and Material Companies

 

		A.	Shareholders of the Parent

 

	Name	 	Shares	 	 	Percentage*	 
	Syndicated Communications Venture Partners IV, L.P.	 	 	4,030,855	 	 	 	5.74	%
	Syndicated Communications, Inc.	 	 	5,280,580	 	 	 	7.52	%
	T. Rowe Price Associates, Inc.	 	 	4,377,600	 	 	 	6.23	%
	Greenhill & Co., Inc.**	 	 	8,924,016	 	 	 	12.70	%
	Baralonco Limited	 	 	11,648,080	 	 	 	16.58	%

 

*Based on
total outstanding shares of 70,251,001 as of August 6, 2010.

 

**Greenhill
& Co., Inc. also holds warrants to purchase 4,000,000 shares of the common stock of the Parent.

 

Integrated
Core Strategies (US) LLC holds warrants to purchase 5,400,620 shares of the common stock of the Parent.

 

		B.	Material Companies

 

		1.	Each Original Obligor; and

 

		2.	Baralonco N.V. (a Netherlands Antilles
                                                          naamloze vennootschap).

 

    	221
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

 

Schedule
26

 

Form of
Secondary Payload Status Report

 

		To:	OFACE Agent

 

		From:	orrower

 

Dated: [●]21

 

IRIDIUM SATELLITE
LLC

 

$[●] COFACE
Facility Agreement dated [●] (the Facility Agreement)

 

Dear Sirs:

 

Reference is made to
the Facility Agreement. Terms defined in the Facility Agreement have the same meaning when used in this Secondary Payload Status
Report. This Secondary Payload Status Report is being delivered by the Borrower in accordance with paragraph (a)(ii) of Clause
21.7 (NEXT System Documents) of the Facility Agreement. This Secondary Payload Status Report is delivered with respect to the
[Financial Year ended [●]] / [Financial Quarter ended 30 June [●]]22. The Borrower confirms that as of
[●]23, the status of each Secondary Payload Contract entered into (or to be entered into) by a member of the
NEXT Group are as set forth in the table below:

 

	#	 	Name
    of Secondary
 Payload Contract	 	Name
    of Secondary

    Payload Customer 24	 	Status
    of Secondary 

    Payload Contract25	 	Revenues
    Projected 
 under Secondary 
 Payload Contract
	 	 	 	 	 	 	 	 	 
	1	 	 	 	 	 	 	 	 
	2	 	 	 	 	 	 	 	 
	3	 	 	 	 	 	 	 	 
	4	 	 	 	 	 	 	 	 
	526	 	 	 	 	 	 	 	 

 

	Signed	 	 

 

Borrower

 

 

		21	Note: Secondary Payload Status
                                                                     Report to be delivered 30 days after the end of (i) of each
                                                                     Financial Year and (ii) each of Financial Quarter ending
                                                                     on June 30.

		22	Note: Insert as appropriate.

		23	Note: Insert appropriate
                                                                     date (i.e., Financial Year ended [●] / Financial Quarter
                                                                     ended 30 June [●]).

		24	Note: Insert name of counterparty
                                                                     (or contemplated counterparty) to the Secondary Payload Contract.

		25	Note: Specify whether Secondary
                                                                     Payload Contract is projected to be entered into, under negotiation,
                                                                     committed or executed.

		26	Note: Additional rows to
                                                                     be inserted/deleted as appropriate.

 

    	222
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

 

Schedule
27

 

Existing
Joint Ventures

 

		1.	[***]

 

    	223
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

 

Schedule
28

 

Security
Agent

 

		1.	Appointment and duties of the Security
                                                          Agent

 

		(a)	Each Secured Party irrevocably appoints
                                                           the Security Agent to act as its security agent under and in connection
                                                           with the Finance Documents to which it is a party, on the terms and
                                                           conditions set out herein.

 

		(b)	Each Secured Party irrevocably authorizes
                                                           the Security Agent to:

 

		(i)	perform the duties and to exercise
                                                               the rights, powers and discretions that are specifically given
                                                               to it hereunder and under and in connection with the other Finance
                                                               Documents, together with any other incidental rights, powers and
                                                               discretions; and

 

		(ii)	enter into each Transaction Security
                                                                Document.

 

		(c)	The Security Agent has only those duties
                                                           which are expressly specified in the Finance Documents. Those duties
                                                           are solely of a mechanical and administrative nature.

 

		2.	Security Agent as holder of Security

 

Unless expressly
provided to the contrary, the Security Agent holds any security created by a Transaction Security Document as agent for the relevant
Secured Parties.

 

		3.	Instructions

 

		(a)	Subject to the terms of this Agreement
                                                           and the Motorola Intercreditor Agreement, the Security Agent must exercise
                                                           any rights, power or discretion vested in it as Security Agent in accordance
                                                           with any instructions given to it by the COFACE Agent or, if so instructed
                                                           by the COFACE Agent, refrain from exercising any such right, power
                                                           or discretion.

 

		(b)	The Security Agent is fully protected
                                                           if it (i) acts on the instructions of the COFACE Agent in the exercise
                                                           of any right, power or discretion or any matter not expressly provided
                                                           for in this Agreement, the Transaction Security Documents or any other
                                                           Finance Documents or (ii) does not act because no such instructions
                                                           or no requested instructions or clarification have been given to it
                                                           by the COFACE Agent. Any such instructions will be binding on all the
                                                           Secured Parties.

 

		(c)	In the absence of instructions, the
                                                           Security Agent may act or refrain from acting as it considers to be
                                                           in the best interests of all the Secured Parties.

 

		(d)	The Security Agent may assume that,
                                                           unless it has received notice to the contrary, any right, power, authority
                                                           or discretion vested in any Party has not been exercised.

 

		(e)	The Security Agent may refrain from
                                                           acting in accordance with the instructions of the COFACE Agent (or,
                                                           if appropriate, the Secured Parties) until it has received security
                                                           satisfactory to it, whether by way of payment in advance or otherwise,
                                                           against any liability or loss which it may incur in complying with
                                                           the instructions of the COFACE Agent.

 

    	224
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

 

		(f)	The Security Agent is not authorised
                                                           to act on behalf of a Secured Party (without first obtaining that Secured
                                                           Party's consent) in any legal or arbitration proceedings in connection
                                                           with any Finance Document, except where expressly permitted by the
                                                           terms of this Agreement or where the legal or arbitration proceedings
                                                           relate to:

 

		(i)	the perfection, preservation or
                                                               protection of rights under the Transaction Security Documents;
                                                               or

 

		(ii)	the enforcement of any Transaction
                                                                Security Document.

 

		4.	Responsibility

 

		(a)	The Security Agent is not liable or
                                                           responsible to any other Secured Party for:

 

		(i)	any failure in perfecting or protecting
                                                               any Transaction Security; or

 

		(ii)	any other action taken or not
                                                                taken by it in connection with any Transaction Security Document,

 

unless directly
caused by its gross negligence or wilful misconduct.

 

		(b)	The Security Agent is not responsible
                                                           for:

 

		(i)	the right or title of any person
                                                               in or to, or the value of, or sufficiency of any part of the Transaction
                                                               Security;

 

		(ii)	the priority of any Lien created
                                                                by the Transaction Security Documents;

 

		(iii)	the existence of any other Lien
                                                                 affecting any asset secured under a Transaction Security Document;

 

		(iv)	the adequacy, accuracy or completeness
                                                                of any statement or information (whether written or oral) made
                                                                in or supplied in connection with any Finance Document; or

 

		(v)	the legality, validity, effectiveness,
                                                               adequacy or enforceability of any Finance Document or any other
                                                               document.

 

		5.	Title

 

The Security
Agent may accept, without enquiry, the title (if any) the Company may have to any asset over which security is intended to be
created by any Transaction Security Document.

 

		6.	Possession of documents

 

The Security
Agent is not obliged to hold in its own possession any Transaction Security Document, title deed or other document in connection
with any asset over which security is intended to be created by a Transaction Security Document. Without prejudice to the above,
the Security Agent may allow any bank providing safe custody services or any professional adviser to the Security Agent to retain
any of those documents in its possession.

 

		7.	Approval

 

Each Secured
Party:

 

		(a)	confirms its approval of each Transaction
                                                               Security Document; and

 

    	225
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

 

		(b)	authorises and directs the Security
                                                               Agent (by itself or by such person(s) as it may nominate) to enter
                                                               into and enforce the Transaction Security Documents as trustee
                                                               (or agent) or as otherwise provided (and whether or not expressly
                                                               in the names of the Secured Parties) on its behalf.

 

		8.	Individual position of Security Agent

 

The Security
Agent may:

 

		(a)	carry on any business with any
                                                               Obligor or its related entities (including acting as an agent or
                                                               a trustee for any other financing); and

 

		(b)	retain any profits or remuneration
                                                               it receives under the Finance Documents or in relation to any other
                                                               business it carries on with any Obligor or its related entities.

 

		9.	Reliance

 

The Security
Agent may:

 

		(a)	rely on any notice or document
                                                               believed by it to be genuine and correct and to have been signed
                                                               by, or with the authority of, the proper person;

 

		(b)	rely on any statement made by any
                                                               person regarding any matters which may reasonably be assumed to
                                                               be within his knowledge or within his power to verify;

 

		(c)	assume, unless the context otherwise
                                                               requires, that any communication made by:

 

		(i)	the Company is made on behalf of
                                                             and with the consent and knowledge of each Obligor; and

 

		(ii)	the COFACE Agent is made on behalf
                                                              of and with the consent and knowledge of the Secured Parties it
                                                              represents;

 

		(d)	engage, pay for and rely on professional
                                                               advisers selected by it (including those representing a Party other
                                                               than the Security Agent); and

 

		(e)	act under the Finance Documents
                                                               through its personnel and agents.

 

		10.	Exclusion of liability

 

		(a)	The Security Agent is not liable to
                                                           any Secured Party for any action taken or not taken by it in connection
                                                           with any Finance Document, unless directly caused by its gross negligence
                                                           or wilful misconduct.

 

		(b)	No Party (other than the Security Agent)
                                                           may take any proceedings against any officers, employees or agents
                                                           of the Security Agent in respect of any claim it might have against
                                                           the Security Agent or in respect of any act or omission of any kind
                                                           by that officer, employee or agent in connection with any Finance Document.

 

		(c)	The Security Agent is not liable for
                                                           any delay (or any related consequences) in crediting an account with
                                                           an amount required under the Finance Documents to be paid by the Security
                                                           Agent if the Security Agent has taken all necessary steps as soon as
                                                           reasonably practicable to comply with the regulations or operating
                                                           procedures of any recognised clearing or settlement system used by
                                                           the Security Agent for that purpose.

 

    	226
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

 

	(d)	(i)	Nothing in this Agreement will oblige the Security Agent to
    satisfy any customer due diligence requirement in relation to the identity of any person on behalf of any Secured Party.

 

		(ii)	Each Secured Party confirms to
                                                               the Security Agent that it is solely responsible for any customer
                                                               due diligence requirements it is required to carry out and that
                                                               it may not rely on any statement in relation to those requirements
                                                               made by any other person.

 

		11.	Default

 

The Security
Agent is not obliged to monitor or enquire whether a Default has occurred. The Security Agent is not deemed to have knowledge
of the occurrence of a Default.

 

		12.	Information

 

		(a)	The Security Agent must promptly forward
                                                           to the person concerned the original or a copy of any document which
                                                           is delivered to the Security Agent by a Party for that person.

 

		(b)	Except where a Finance Document specifically
                                                           provides otherwise, the Security Agent is not obliged to review or
                                                           check the adequacy, accuracy or completeness of any document it forwards
                                                           to another Party.

 

		(c)	Except as provided above, the Security
                                                           Agent has no duty:

 

		(i)	either initially or on a continuing
                                                               basis to provide any Secured Party with any credit or other information
                                                               concerning the risks arising under or in connection with the Finance
                                                               Documents (including any information relating to the financial
                                                               condition or affairs of any Obligor or its related entities or
                                                               the nature or extent of recourse against any Party or its assets)
                                                               whether coming into its possession before, on or after the date
                                                               of this Agreement; or

 

		(ii)	unless specifically requested
                                                                to do so by a Secured Party in accordance with a Finance Document,
                                                                to request any certificate or other document from any Obligor.

 

		(d)	Without affecting the responsibility
                                                           of any Obligor for information supplied by it or on its behalf in connection
                                                           with any Finance Document, each Secured Party confirms that it:

 

		(i)	has made, and will continue to
                                                               make, its own independent appraisal of all risks arising under
                                                               or in connection with the Finance Documents (including the financial
                                                               condition and affairs of each Obligor and its related entities
                                                               and the nature and extent of any recourse against any Party or
                                                               its assets); and

 

		(ii)	has not relied exclusively on
                                                                any information provided to it by the Security Agent in connection
                                                                with any Finance Document or agreement entered into in anticipation
                                                                of or in connection with any Finance Document.

 

		(e)	In acting as the Security Agent, the
                                                           Security Agent will be regarded as acting through its agency division
                                                           which will be treated as a separate entity from its other divisions
                                                           and departments. Any information acquired by the Security Agent which,
                                                           in its opinion, is acquired by another division or department or otherwise
                                                           than in its capacity as the Security Agent may be treated as confidential
                                                           by the Security Agent and will not be treated as information possessed
                                                           by the Security Agent in its capacity as such.

 

    	227
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

 

		(f)	The Security Agent is not obliged to
                                                           disclose to any person any confidential information supplied to it
                                                           by or on behalf of an Obligor (or any related person) solely for the
                                                           purpose of evaluating whether any waiver or amendment is required in
                                                           respect of any term of the Finance Documents.

 

		(g)	Each Obligor irrevocably authorises
                                                           the Security Agent to disclose to the other Secured Parties any information
                                                           which, in its opinion, is received by it in its capacity as the Security
                                                           Agent.

 

		13.	Compliance

 

The Security
Agent may refrain from doing anything (including disclosing any information) which might, in its opinion, constitute a breach
of any law or regulation or be otherwise actionable at the suit of any person, and may do anything which, in its opinion, is necessary
or desirable to comply with any law or regulation.

 

		14.	Resignation of the Security Agent

 

		(a)	The Security Agent may resign and appoint
                                                           any of its affiliates as successor Security Agent by giving notice
                                                           to the Secured Parties and the Company.

 

		(b)	Alternatively, the Security Agent may
                                                           resign by giving notice to the Secured Parties and the Company, in
                                                           which the COFACE Agent may appoint a successor Security Agent.

 

		(c)	If no successor Security Agent has
                                                           been appointed under paragraph (b) above within 30 days after notice
                                                           of resignation was given, the Security Agent may appoint a successor
                                                           Security Agent.

 

		(d)	The resignation of the Security Agent
                                                           and the appointment of any successor Security Agent must be effected
                                                           by agreement in form and substance satisfactory to the retiring Security
                                                           Agent and the successor Security Agent and will both become effective
                                                           only when the following conditions have been satisfied:

 

		(i)	the successor Security Agent notifies
                                                               all the Parties that it accepts its appointment;

 

		(ii)	the successor Security Agent has
                                                                received legal advice to the effect that the rights under the
                                                                Finance Documents (and any related documentation) have been transferred
                                                                or assigned to it; and

 

		(iii)	each Secured Party (other than
                                                                 the Security Agent) confirms to the Security Agent that it is
                                                                 satisfied with the credit rating of the proposed successor Security
                                                                 Agent].

 

On satisfaction
of the above conditions, the successor Security Agent will succeed to the position of the Security Agent and the term Security
Agent will mean the successor Security Agent.

 

		(e)	The retiring Security Agent must, at
                                                           its own cost:

 

		(i)	make available to the successor
                                                               Security Agent those documents and records and provide any assistance
                                                               as the successor Security Agent may reasonably request for the
                                                               purposes of performing its functions as the Security Agent under
                                                               the Finance Documents; and

 

    	228
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

 

		(ii)	enter into and deliver to the
                                                                successor Security Agent those documents and effect any registrations
                                                                as may be required for the transfer or assignment of all of its
                                                                rights and benefits under the Finance Documents to the successor
                                                                Security Agent.

 

		(f)	The Company must, at its own cost,
                                                           take any action and enter into and deliver any document which is required
                                                           by the Security Agent to ensure that a Transaction Security Document
                                                           provides for effective and perfected Liens in favour of any successor
                                                           Security Agent.

 

		(g)	Upon its resignation becoming effective,
                                                           this Clause will continue to benefit the retiring Security Agent
                                                           in respect of any action taken or not taken by it in connection with
                                                           the Finance Documents while it was the Security Agent, and, subject
                                                           to paragraph (e) above, it will have no further obligations under any
                                                           Finance Document.

 

		(h)	The COFACE Agent may, by notice to
                                                           the Security Agent, require it to resign under paragraph (b) above.

 

		15.	Relationship with Secured Parties

 

The Security
Agent may treat each Secured Party as a Secured Party, entitled to payments under this Agreement until it has received not less
than five Business Days' prior notice from that Secured Party to the contrary.

 

    	229
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

 

Signatories

 

THE PARENT

 

IRIDIUM COMMUNICATIONS
INC.

 

	By:	JOHN S. BRUNETTE
	 	 
	Title:	Chief Legal and Administrative Officer and Secretary
	 	 
	Address:	1750 Tysons Blvd, Suite 1400,
	 	McLean, VA 22102
	 	United States of America
	 	 
	Fax:	+[***]
	 	 
	Attention:	John S. Brunette

 

THE BORROWER

 

IRIDIUM SATELLITE
LLC

 

	By:	JOHN S. BRUNETTE
	 	 
	Title:	Chief Legal and Administrative Officer and Secretary
	 	 
	Address:	1750 Tysons Blvd, Suite 1400,
	 	McLean, VA 22102
	 	United States of America
	 	 
	Fax:	+[***]
	 	 
	Attention:	John S. Brunette

 

THE ORIGINAL GUARANTORS

 

IRIDIUM COMMUNICATIONS
INC.

 

		By:	JOHN S. BRUNETTE

 

		Title:	Chief Legal and Administrative Officer
                                                              and Secretary

 

    	230
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

 

IRIDIUM HOLDINGS
LLC

 

		By:	JOHN S. BRUNETTE

 

		Title:	Chief Legal and Administrative Officer
                                                              and Secretary

 

IRIDIUM CARRIER HOLDINGS
LLC

 

		By:	JOHN S. BRUNETTE

 

		Title:	Chief Legal and Administrative Officer
                                                              and Secretary

 

IRIDIUM CARRIER SERVICES
LLC

 

		By:	JOHN S. BRUNETTE

 

		Title:	Chief Legal and Administrative Officer
                                                              and Secretary

 

IRIDIUM CONSTELLATION
LLC

 

		By:	JOHN S. BRUNETTE

 

		Title:	Chief Legal and Administrative Officer
                                                              and Secretary

 

SE LICENSING LLC

 

By: Iridium Holdings
LLC,

 

its Manager

 

		By:	JOHN S. BRUNETTE

 

		Title:	Chief Legal and Administrative Officer
                                                              and Secretary

 

    	231
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

 

IRIDIUM GOVERNMENT
SERVICES LLC

 

By: Iridium Constellation
LLC,

 

its Manager

 

		By:	JOHN S. BRUNETTE

 

		Title:	Chief Legal and Administrative Officer
                                                              and Secretary

 

SYNCOM-IRIDIUM HOLDINGS
CORP.

 

		By:	JOHN S. BRUNETTE

 

		Title:	Chief Legal and Administrative Officer and Secretary

 

THE MANDATED LEAD ARRANGERS AND BOOKRUNNERS

 

DEUTSCHE BANK AG
(PARIS BRANCH)

 

	By:	Alarik d-Ornhjelm	By:	Othmane Kotari
	 	 	 	 
	Title:	Director	 	Associate

 

BANCO SANTANDER SA

 

	By:	Rodolphe de Lambertye	By:	Vincent Hubert
	 	 	 	 
	Title:	Executive Director	 	Managing Director

 

SOCIÉTÉ
GÉNÉRALE

 

	By:	Sylvie Leclercq	By:	Nicolas Palmero
	 	 	 	 
	Title:	Managing Director	 	Director

 

    	232
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

 

NATIXIS

 

	By:	Jean-Louis Viala	By:	Arnaud Sarret
	 	 	 	 
	Title:	Director	 	Director

 

MEDIOBANCA INTERNATIONAL
(LUXEMBOURG) S.A.

 

	By:	Luca Maccari	By:	Silvio Perazzini
	 	 	 	 
	Title:	Managing Director	 	Director

 

The Lead
ARRANGERs

 

BNP PARIBAS

 

	By:	Jean Philippe Poirier	By:	Emmanuel Galzy
	 	 	 	 
	Title:	Export Finance	 	Export Finance

 

CRÉDIT INDUSTRIEL
ET COMMERCIAL

 

	By:	Michéle Patri	By:	Jacques-Philippe Menville
	 	 	 	 
	Title:	 	 	SVP

 

INTESA SANPAOLO S.p.A.
(PARIS BRANCH)

 

	By:	Jean-Michel Rudent	By:	Arnaud de Peloux
	 	 	 	 
	Title:	 	 	 

 

    	233
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

 

UNICREDIT BANK
AUSTRIA AG

 

	By:	Peter Kadletz	By:	Mary-Ann Hayes
	 	 	 	 
	Title:	Managing Director	 	Director

 

THE COFACE
AGENT

 

SOCIÉTÉ
GÉNÉRALE

 

	By:	Sylvie Leclercq	By:	Nicolas Palmero
	 	 	 	 
	Title:	Managing Director	 	Director

 

	Address:	Société Générale
	 	OPER/FIN/STR/CLO / OPER/FIN/STR/DMT
	 	189, rue d’Aubervilliers
	 	75886 Paris Cedex 18
	 	France
	 	 
	Fax:	+[***]
	 	 
	Attention:	Patricia BERANGER – Stéphane POUREAU / Alcina AIRES

 

THE SECURITY
AGENT

 

DEUTSCHE BANK TRUST
COMPANY AMERICAS

 

		By:	Randy Kahn

 

		Title:	Vice President

 

		By:	Annie Jaghatspanyan

 

		Title:	Vice President

 

	Address:	60 Wall Street, 27th Floor
	 	MS: NC60-2710
	 	New York, New York 10005
	 	United States of America
	 	 
	Fax:	+[***]
	 	 
	Attention:	Project Finance / Iridium

 

    	234
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

 

THE u.s.
collateral AGENT

 

DEUTSCHE BANK TRUST
COMPANY AMERICAS

 

		By:	Randy Khan

 

		Title:	Vice President

 

		By:	Annie Jaghatspanyan

 

		Title:	Vice President

 

	Address:	60 Wall Street, 27th Floor
	 	MS: NC60-2710
	 	New York, New York 10005
	 	United States of America
	 	 
	Fax:	+[***]
	 	 
	Attention:	Project Finance / Iridium

 

THE ORIGINAL
LENDERS

 

DEUTSCHE BANK AG
(PARIS BRANCH)

 

	By:	Alarik d-Ornhjelm	By:	Othmane Kotari
	 	 	 	 
	Title:	Director	 	Associate

 

BANCO SANTANDER SA

 

	By:	Rodolphe de Lambertye	By:	Vincent Hubert
	 	 	 	 
	Title:	Executive Director	 	Managing Director

 

    	235
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

 

SOCIÉTÉ
GÉNÉRALE

 

	By:	Sylvie Leclercq	By:	Nicolas Palmero
	 	 	 	 
	Title:	Managing Director	 	Director

 

NATIXIS

 

	By:	Jean-Louis Viala	By:	Arnaud Sarret
	 	 	 	 
	Title:	Director	 	Director

 

MEDIOBANCA INTERNATIONAL
(LUXEMBOURG) S.A.

 

	By:	Luca Maccari	By:	Silvio Perazzini
	 	 	 	 
	Title:	Managing Director	 	Director

 

BNP PARIBAS

 

	By:	Jean Philippe Poirier	By:	Emmanuel Galzy
	 	 	 	 
	Title:	Export Finance	 	Export Finance

 

CRÉDIT INDUSTRIEL
ET COMMERCIAL

 

	By:	Michèle Patri	By:	Jacques-Philippe Menville
	 	 	 	 
	Title:	 	 	SVP

 

INTESA SANPAOLO S.p.A.
(PARIS BRANCH)

 

	By:	Jean-Michel Rudent	By:	Arnaud de Peloux
	 	 	 	 
	Title:	 	 	 

 

    	236
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

 

UNICREDIT BANK AUSTRIA
AG

 

	By:	Peter Kadletz	By:	Mary-Ann Hayes
	 	 	 	 
	Title:	Managing Director	 	Director

 

    	237
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

 

Signatories

 

Parent

 

IRIDIUM COMMUNICATIONS
INC.

 

By: /s/ Thomas J. Fitzpatrick

 

Thomas J. Fitzpatrick

Chief Financial Officer

 

Borrower

 

IRIDIUM
SATELLITE LLC

 

By: /s/ Thomas J. Fitzpatrick

 

Thomas J. Fitzpatrick

Chief Financial Officer

 

Obligors

 

IRIDIUM COMMUNICATIONS
INC.

 

By: /s/ Thomas J. Fitzpatrick

 

Thomas J. Fitzpatrick

Chief Financial Officer

 

IRIDIUM HOLDINGS
LLC

 

By: /s/ Thomas J. Fitzpatrick

 

Thomas J. Fitzpatrick

Chief Financial Officer

 

IRIDIUM CARRIER HOLDINGS
LLC

 

By: /s/ Thomas J. Fitzpatrick

 

Thomas J. Fitzpatrick

Chief Financial Officer

 

    	238
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

 

IRIDIUM CARRIER SERVICES
LLC

 

By: /s/ Thomas J. Fitzpatrick

 

Thomas J. Fitzpatrick

Chief Financial Officer

 

IRIDIUM CONSTELLATION
LLC

 

By: /s/ Thomas J. Fitzpatrick

 

Thomas J. Fitzpatrick

Chief Financial Officer

 

IRIDIUM GOVERNMENT
SERVICES LLC

 

By: /s/ Thomas J. Fitzpatrick

 

Thomas J. Fitzpatrick

Chief Financial Officer of Iridium Constellation LLC, its Manager

 

SYNCOM-IRIDIUM HOLDINGS
CORP.

 

By: /s/ Thomas J. Fitzpatrick

 

Thomas J. Fitzpatrick

Chief Financial Officer

 

IRIDIUM BLOCKER-B
INC.

 

By: /s/ Thomas J. Fitzpatrick

 

Thomas J. Fitzpatrick

Chief Financial Officer

 

    	239
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

    	 

    

 

COFACE Agent

 

SOCIÉTÉ
GÉNÉRALE

 

By: /s/ Benoit Tanguy

 

    	240
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE
COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY
REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT
HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

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