Document:

Senior Unsecured Credit Agreement

 Exhibit 10.1 
  
  
  
 $481,020,495.80 
 Aggregate Principal Amount at
Maturity 
 9.50% SENIOR UNSECURED CREDIT AGREEMENT 
 Dated as of June 3, 2008, 
 among 
 INTELSAT INTERMEDIATE HOLDING COMPANY, LTD., 
 as the Borrower, 
 INTELSAT, LTD., 
 as the Co-Borrower,

 INTELSAT (BERMUDA), LTD. AND 
 INTELSAT JACKSON HOLDINGS, LTD. 
 as Guarantors, 
 and 
 the Several Lenders 
 from Time to Time Parties Hereto 
 CREDIT SUISSE, CAYMAN ISLANDS BRANCH, 
 as Administrative Agent 
 BANC OF AMERICA
BRIDGE LLC, 
 as Syndication Agent 
 MORGAN STANLEY SENIOR FUNDING, INC. 
 as Documentation Agent 
 and 
 CREDIT SUISSE SECURITIES (USA) LLC, 
 BANC OF AMERICA SECURITIES LLC, and 
 MORGAN
STANLEY SENIOR FUNDING, INC., 
 as Joint Lead Arrangers and Joint Bookrunners 
  
  
  

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page
	SECTION 1.	  	DEFINITIONS	  	1
			
	 1.1.
	  	Defined Terms	  	1
			
	SECTION 2.	  	AMOUNT AND TERMS OF CREDIT	  	44
			
	 2.1.
	  	Commitments	  	44
	 2.2.
	  	Minimum Amount of Each Borrowing; Maximum Number of Borrowings	  	44
	 2.3.
	  	Notice of Borrowing	  	44
	 2.4.
	  	Disbursement of Funds	  	45
	 2.5.
	  	Repayment of Loans; Evidence of Debt	  	45
	 2.6.
	  	[Intentionally Omitted]	  	46
	 2.7.
	  	Pro Rata Borrowings	  	46
	 2.8.
	  	Interest	  	46
			
	SECTION 3.	  	SECURITIES DEMAND; EXCHANGE NOTES	  	47
			
	 3.1.
	  	Exchange Notes and Execution of Exchange Note Indenture	  	47
	 3.2.
	  	Securities Demand	  	47
	 3.3.
	  	Option to Exchange Loans for Exchange Notes	  	47
	 3.4.
	  	Procedures for Issuing Exchange Notes	  	47
	 3.5.
	  	Registration Rights with Respect to Exchange Notes	  	48
	 3.6.
	  	Private Placement	  	48
			
	SECTION 4.	  	FEES; COMMITMENTS	  	48
			
	 4.1.
	  	Fees	  	48
	 4.2.
	  	Mandatory Termination of Commitments	  	48
			
	SECTION 5.	  	PAYMENTS	  	48
			
	 5.1.
	  	Voluntary Prepayments	  	48
	 5.2.
	  	Mandatory Prepayments	  	49
	 5.3.
	  	Method and Place of Payment	  	51
	 5.4.
	  	Net Payments	  	51
	 5.5.
	  	Computation of Interest and Fees	  	52
	 5.6.
	  	Limit on Rate of Interest	  	53
			
	SECTION 6.	  	CONDITIONS PRECEDENT TO INITIAL BORROWING ON THE CLOSING DATE	  	53
			
	 6.1.
	  	Credit Documents	  	53
	 6.2.
	  	No Default; Representations and Warranties	  	53
	 6.3.
	  	Fees and Expenses	  	53

  

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	 	  	 	  	Page
	SECTION 7.	  	[RESERVED]	  	53
			
	SECTION 8.	  	REPRESENTATIONS, WARRANTIES AND AGREEMENTS	  	54
			
	 8.1.
	  	Corporate Status	  	54
	 8.2.
	  	Corporate Power and Authority	  	54
	 8.3.
	  	No Violation	  	54
	 8.4.
	  	Litigation	  	54
	 8.5.
	  	Margin Regulations	  	54
	 8.6.
	  	[Reserved]	  	54
	 8.7.
	  	Investment Company Act	  	54
	 8.8.
	  	True and Complete Disclosure	  	55
	 8.9.
	  	No Material Adverse Change	  	55
	 8.10.
	  	Tax Returns and Payments	  	55
	 8.11.
	  	Compliance with ERISA	  	55
	 8.12.
	  	Subsidiaries	  	56
	 8.13.
	  	Patents, etc.	  	56
	 8.14.
	  	Environmental Laws	  	56
	 8.15.
	  	Properties	  	57
	 8.16.
	  	Solvency	  	57
	 8.17.
	  	Compliance	  	57
	 8.18.
	  	FCC Licenses, etc.	  	57
			
	SECTION 9.	  	AFFIRMATIVE COVENANTS	  	58
			
	 9.1.
	  	Reports and Other Information	  	58
	 9.2.
	  	Maintenance of Insurance	  	58
	 9.3.
	  	Payment of Taxes	  	60
	 9.4.
	  	Consolidated Corporate Franchises	  	60
	 9.5.
	  	Compliance with Statutes, Regulations, etc.	  	60
	 9.6.
	  	ERISA	  	60
	 9.7.
	  	Maintenance of Properties	  	61
	 9.8.
	  	[Reserved]	  	61
	 9.9.
	  	[Reserved]	  	61
	 9.10.
	  	Changes in Business	  	61
	 9.11.
	  	Use of Proceeds	  	61
	 9.12.
	  	[Reserved]	  	61
	 9.13.
	  	Further Instruments and Acts	  	61
	 9.14.
	  	Intelsat General Corporation	  	61
	 9.15.
	  	Marketing Efforts	  	62
			
	SECTION 10.	  	NEGATIVE COVENANTS	  	64
			
	 10.1.
	  	Limitation on Incurrence of Indebtedness and Issuance of Disqualified Stock and Preferred Stock	  	64
	 10.2.
	  	Limitation on Restricted Payments	  	69
	 10.3.
	  	Dividend and Other Payment Restrictions Affecting Subsidiaries	  	74
	 10.4.
	  	Asset Sales	  	76

  

 -ii- 

					
	 	  	 	  	Page
	 10.5.
	  	Transactions with Affiliates	  	78
	 10.6.
	  	Change of Control	  	80
	 10.7.
	  	Future Guarantors	  	80
	 10.8.
	  	Liens	  	80
	 10.9.
	  	Suspension of Covenants	  	81
	 10.10.
	  	When Borrower May Merge or Transfer Assets	  	82
	 10.11.
	  	Successor Company Substituted	  	83
			
	SECTION 11.	  	[RESERVED]	  	84
			
	SECTION 12.	  	EVENTS OF DEFAULT	  	84
			
	 12.1.
	  	Events of Default	  	84
	 12.2.
	  	Acceleration	  	85
	 12.3.
	  	Other Remedies	  	86
	 12.4.
	  	Waiver of Past Defaults	  	86
	 12.5.
	  	Control by Majority	  	86
	 12.6.
	  	Limitation on Suits	  	86
	 12.7.
	  	Rights of the Lenders to Receive Payment	  	87
	 12.8.
	  	Priorities	  	87
			
	SECTION 13.	  	THE ADMINISTRATIVE AGENT	  	87
			
	 13.1.
	  	Appointment	  	87
	 13.2.
	  	Delegation of Duties	  	88
	 13.3.
	  	Exculpatory Provisions	  	88
	 13.4.
	  	Reliance by Administrative Agent	  	88
	 13.5.
	  	Notice of Default	  	88
	 13.6.
	  	Non-Reliance on Administrative Agent and Other Lenders	  	89
	 13.7.
	  	Indemnification	  	89
	 13.8.
	  	Administrative Agent in Its Individual Capacity	  	89
	 13.9.
	  	Successor Agent	  	90
	 13.10.
	  	Withholding Tax	  	90
	 13.11.
	  	[Reserved]	  	90
			
	SECTION 14.	  	MISCELLANEOUS	  	90
			
	 14.1.
	  	Amendments and Waivers	  	90
	 14.2.
	  	Notices	  	92
	 14.3.
	  	No Waiver; Cumulative Remedies	  	93
	 14.4.
	  	Survival of Representations and Warranties	  	93
	 14.5.
	  	Payment of Expenses and Taxes	  	93
	 14.6.
	  	Successors and Assigns; Participations and Assignments	  	93
	 14.7.
	  	Replacements of Lenders Under Certain Circumstances	  	96
	 14.8.
	  	Adjustments; Set-off	  	97
	 14.9.
	  	Counterparts	  	98
	 14.10.
	  	Severability	  	98
	 14.11.
	  	Integration	  	98

  

 -iii- 

					
	 	  	 	  	Page
	 14.12.
	  	GOVERNING LAW	  	98
	 14.13.
	  	Submission to Jurisdiction; Consent to Service; Waivers	  	98
	 14.14.
	  	Acknowledgments	  	99
	 14.15.
	  	WAIVERS OF JURY TRIAL	  	99
	 14.16.
	  	Confidentiality	  	99
	 14.17.
	  	No Advisory or Fiduciary Responsibility	  	100
	 14.18.
	  	USA PATRIOT Act	  	100
	 14.19.
	  	Conversion of Currencies	  	101
			
	SECTION 15.	  	PARENT GUARANTEES	  	101
			
	 15.1.
	  	Parent Guarantee	  	101
	 15.2.
	  	Bankruptcy	  	101
	 15.3.
	  	Nature of Liability	  	102
	 15.4.
	  	Independent Obligations	  	102
	 15.5.
	  	Authorization	  	103
	 15.6.
	  	Reliance	  	103
	 15.7.
	  	[Reserved]	  	103
	 15.8.
	  	Waivers	  	103
	 15.9.
	  	Maximum Liability	  	104
	 15.10.
	  	Parent Guarantee Release	  	104

 SCHEDULES 
  

			
	Schedule 1.1 (a)	  	Commitments of Lenders
	Schedule 1.1(b)	  	Administrative Agent Details
	Schedule 1.1(c)	  	Existing Notes
	Schedule 8.11	  	Compliance with ERISA
	Schedule 8.12	  	Subsidiaries
		
	EXHIBITS	  	
		
	Exhibit A	  	Form of Guarantee
	Exhibit B	  	[Intentionally Omitted]
	Exhibit C	  	[Intentionally Omitted]
	Exhibit D	  	Form of Assignment and Acceptance
	Exhibit E	  	Form of Promissory Note
	Exhibit F	  	[Intentionally Omitted]
	Exhibit G	  	Form of Exchange Notice

  

 -iv- 

 SENIOR UNSECURED CREDIT AGREEMENT, dated as of June 3, 2008 (as amended, restated, supplemented or
otherwise modified from time to time, this “Agreement”), among INTELSAT INTERMEDIATE HOLDING COMPANY, LTD. (the “Borrower”), INTELSAT, LTD., as co-borrower, INTELSAT (BERMUDA) LTD. and INTELSAT JACKSON HOLDINGS,
LTD., as Guarantors, the lending institutions from time to time parties hereto (each a “Lender” and, collectively, the “Lenders”), CREDIT SUISSE, CAYMAN ISLANDS BRANCH, as Administrative Agent, BANC OF AMERICA
BRIDGE LLC, as Syndication Agent, MORGAN STANLEY SENIOR FUNDING, INC., as Documentation Agent, and CREDIT SUISSE SECURITIES (USA) LLC, BANC OF AMERICA SECURITIES LLC and MORGAN STANLEY SENIOR FUNDING, INC., as Joint Lead Arrangers and Joint
Bookrunners (such terms and each other capitalized term used but not defined in this introductory statement and recitals having the meaning provided in Section 1). 
 WHEREAS, the Borrower intends to redeem or repurchase the Notes (as defined below); 
 The parties hereto
hereby agree as follows: 
 SECTION 1. Definitions. 
 1.1. Defined Terms. 
 (a) As used herein, the following terms shall have the meanings
specified in this Section 1.1 (it being understood that defined terms in this Agreement shall include in the singular number the plural and in the plural the singular): 
 “Acceptable Exclusions” means: 
 (1) war, invasion or hostile or warlike action in time of peace or war, including action in hindering, combating or defending against an actual, impending or expected attack by: 
 (a) any government or sovereign power (de jure or de facto), 
 (b) any authority maintaining or using a military, naval or air force, 
 (c) a military, naval or air force, or 
 (d) any agent of any such government, power, authority or force; 
 (2) any anti-satellite
device, or device employing atomic or nuclear fission or fusion, or device employing laser or directed energy beams; 
 (3)
insurrection, strikes, labor disturbances, riots, civil commotion, rebellion, revolution, civil war, usurpation or action taken by a government authority in hindering, combating or defending against such an occurrence, whether there be declaration
of war or not; 
 (4) confiscation, nationalization, seizure, restraint, detention, appropriation or requisition for title or
use by or under the order of any government or governmental authority or agent (whether secret or otherwise or whether civil, military or de facto) or public or local authority or agency; 

 (5) nuclear reaction, nuclear radiation or radioactive contamination of any nature,
whether such loss or damage be direct or indirect, except for radiation naturally occurring in the space environment; 
 (6)
electromagnetic or radio frequency interference, except for physical damage to the Satellite directly resulting from such interference; 
 (7) willful or intentional acts of the directors or officers of the named insured, acting within the scope of their duties, designed to cause loss or failure of the Satellite; 
 (8) an act of one or more individuals, whether or not agents of a sovereign power, for political or terrorist purposes and whether the
loss, damage or failure resulting therefrom is accidental or intentional; 
 (9) any unlawful seizure or wrongful exercise of
control of the Satellite made by any individual or individuals acting for political or terrorist purposes; 
 (10) loss of
revenue, incidental damages or consequential loss; 
 (11) extra expenses, other than the expenses insured under such policy;

 (12) third party liability; 
 (13) loss of a redundant component(s) that does not cause a transponder failure; and 
 (14)
such other similar exclusions or modifications to the foregoing exclusions as may be customary for policies of such type as of the date of issuance or renewal of such coverage. 
 “Accreted Value” means, with respect to any Lender as of any date (the “Specified Date”), the amount provided below for
each $1,000 in aggregate principal amount at maturity of Loans held by such Lender: 
 (1) if the Specified Date occurs on one
of the following dates (each, a “Semi-Annual Accrual Date”), the Accreted Value will equal the amount set forth below for such Semi-Annual Accrual Date: 
  

				
	 Semi-Annual Accrual Date
	  	Accreted
Value
	 June 3, 2008
	  	$	856.92
	 August 1, 2008
	  	$	870.04
	 February 1, 2009
	  	$	911.36
	 August 1, 2009
	  	$	954.65
	 February 1, 2010
	  	$	1,000.00

 (2) [Intentionally omitted]; 
  

 -2- 

 (3) if the Specified Date occurs between two Semi-Accrual Dates, the Accreted Value will
equal the sum of (A) the Accreted Value for the Semi-Annual Accrual Date immediately preceding such Specified Date and (B) an amount equal to the product of (x) the Accreted Value for the immediately following Semi-Annual Accrual Date
less the Accreted Value for the Semi-Annual Accrual Date immediately preceding such Specified Date multiplied by (y) a fraction, the numerator of which is the number of days from the immediately preceding Semi-Annual Accrual Date to the
Specified Date, using a 360-day year of twelve 30-day months, and the denominator of which is 180; or 
 (4) if the Specified
Date occurs on or after February 1, 2010, the Accreted Value will equal $1,000. 
 The foregoing Accreted Values shall be increased, if necessary, to
reflect any accretion of premium payable as pursuant to a Registration Rights Agreement. As a result, in the event that additional interest or premium accrues on the Loans, the principal amount at maturity of the Loans will be in excess of $1,000.

 “Acquired Indebtedness” shall mean, with respect to any specified Person: 
 (1) Indebtedness of any other Person existing at the time such other Person is merged with or into or becomes a Restricted Subsidiary of
such specified Person, and 
 (2) Indebtedness secured by a Lien encumbering any asset acquired by such specified Person,

 in each case, other than Indebtedness Incurred as consideration in, in contemplation of, or to provide all or any portion of the funds or credit support
utilized to consummate, the transaction or series of related transactions pursuant to which such Restricted Subsidiary became a Restricted Subsidiary or was otherwise acquired by such Person, or such asset was acquired by such Person, as applicable.

 “Acquisition” shall mean the transactions pursuant to which Serafina Acquisition Limited became the owner of all of the
outstanding share capital of Intelsat Holdings, Ltd. pursuant to the Transaction Agreement. 
 “Acquisition Debt” shall mean
(a) the $2,805,000,000 Senior Unsecured Bridge Loan Credit Agreement, dated as of February 4, 2008, among Serafina Acquisition Limited, as the Initial Borrower, Intelsat (Bermuda), Ltd., as the Borrower, the several Lenders party thereto,
Credit Suisse, Cayman Islands Branch as Administrative Agent, Banc of America Bridge LLC, as Syndication Agent, and Morgan Stanley Senior Funding, Inc., as Documentation Agent, (b) the $2,055,000,000 Senior Unsecured PIK Election Bridge Loan
Credit Agreement, dated as of February 4, 2008, among Serafina Acquisition Limited, as the Initial Borrower, Intelsat (Bermuda), Ltd., as the Borrower, the several Lenders party thereto, Credit Suisse, Cayman Islands Branch as Administrative
Agent, Banc of America Bridge LLC, as Syndication Agent, and Morgan Stanley Senior Funding, Inc., as Documentation Agent, and (c) any agreement or instrument executed or offering commenced in connection with a refinancing consummated in lieu of
the foregoing agreements. 
 “Acquisition Documents” shall mean the Transaction Agreement, the Credit Agreements, each
agreement and instrument governing the Acquisition Debt (to the extent applicable), the Specified Intercompany Agreements and, in each case, any other document entered into in connection therewith, in each case as amended, supplemented or modified
from time to time. 
  

 -3- 

 “Additional Debt Securities” shall mean one or more additional series of debt securities
issued by the Borrower or one or more of its Subsidiaries or Parents or Affiliates in connection with (or to refinance or replace) the funding of any “Change of Control Backstop Facility,” “Bermuda Unsecured Credit Facility”
and/or “Bridge Facility,” in each case as defined in, and contemplated by, the Commitment Letter. 
 “Adjusted
EBITDA” shall mean, with respect to any Person for any period, the Consolidated Net Income of such Person for such period plus, without duplication, to the extent the same was deducted in calculating Consolidated Net Income: 
 (1) Consolidated Taxes; plus 
 (2) Consolidated Interest Expense (including any interest expense set forth in clause (4) of the definition thereof, whether or not the same was deducted in calculating Consolidated Net Income); plus

 (3) Consolidated Non-cash Charges; plus 
 (4) the amount of any restructuring charges or expenses (which, for the avoidance of doubt, shall include retention, severance, systems
establishment costs or excess pension charges); plus 
 (5)(a) the amount of any fees or expenses incurred or paid in
such period for transition services related to satellites or other assets or businesses acquired and (b) the amount of management, monitoring, consulting and advisory fees and related expenses paid to the Sponsors or any other Permitted Holder
(or any accruals relating to such fees and related expenses) during such period, provided that such amount pursuant to subclause (b) shall not exceed in any four-quarter period the greater of (x) $6.25 million and (y) 1.25% of
Adjusted EBITDA of the Borrower and its Restricted Subsidiaries; less, without duplication, 
 (6) non-cash items
increasing Consolidated Net Income for such period (excluding any items which represent the reversal of any accrual of, or cash reserve for, anticipated cash charges in any prior period and any items for which cash was received in any prior period).

 “Administrative Agent” shall mean Credit Suisse, Cayman Islands Branch, in its capacity as the administrative agent for
the Lenders under this Agreement and the other Credit Documents, until a successor replaces it in accordance with Section 13.9, and thereafter means such successor. 
 “Administrative Agent’s Office” shall mean the office of the Administrative Agent as set forth on Schedule 1.1(b), or such other office as the Administrative Agent may designate to the
Borrower and the Lenders from time to time. 
 “Administrative Questionnaire” shall have the meaning provided in
Section 14.6(b). 
 “Affiliate” of any specified Person means any other Person directly or indirectly controlling or
controlled by or under direct or indirect common control with such specified Person. For purposes of this definition, “control” (including, with correlative meanings, the terms “controlling,” “controlled by” and
“under common control with”), as used with respect to any Person, means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of such Person, whether through the ownership of
voting securities, by agreement or otherwise. 
  

 -4- 

 “Agents” shall mean each Joint Lead Arranger, the Administrative Agent and the
Syndication Agent. 
 “Agreement” shall mean this credit agreement, as the same may be amended, supplemented or otherwise
modified from time to time. 
 “Agreement Currency” shall have the meaning provided in Section 14.19(b). 
 “Applicable Premium” means, with respect to any Loans on any applicable prepayment date, the greater of: (1) 1.0% of the then
outstanding Accreted Value of such Loan being prepaid; and (2) the excess of: (a) the present value at such prepayment date of the prepayment price of such Loan at February 1, 2010 as set forth in Section 5.1(a), computed using a
discount rate equal to the Treasury Rate as of such prepayment date plus 50 basis points; over (b) the then outstanding Accreted Value of such Loan. 
 “Approved Fund” shall have the meaning provided in Section 14.6. 
 “Asset
Sale” shall mean: 
 (1) the sale, conveyance, transfer or other disposition (whether in a single transaction or a
series of related transactions) of property or assets (including by way of a Sale/Leaseback Transaction) of the Borrower or any Restricted Subsidiary of the Borrower (each referred to in this definition as a “disposition”), or

 (2) the issuance or sale of Equity Interests (other than directors’ qualifying shares or shares or interests required
to be held by foreign nationals) of any Restricted Subsidiary (other than to the Borrower or another Restricted Subsidiary of the Borrower) (whether in a single transaction or a series of related transactions), 
 in each case other than: 
 (a) a disposition
of Cash Equivalents or Investment Grade Securities or obsolete or worn out property or equipment in the ordinary course of business (including the sale or leasing (including by way of sales-type lease) of transponders or transponder capacity and the
leasing or licensing of teleports); 
 (b) the disposition of all or substantially all of the assets of the Borrower in a
manner permitted pursuant to Section 10.10 or any disposition that constitutes a Change of Control; 
 (c) any Restricted
Payment or Permitted Investment that is permitted to be made, and is made, under Section 10.2; 
 (d) any disposition of
assets or issuance or sale of Equity Interests of any Restricted Subsidiary with an aggregate Fair Market Value of less than $20.0 million; 
 (e) any disposition of property or assets or the issuance of securities by a Restricted Subsidiary of the Borrower to the Borrower or by the Borrower or a Restricted Subsidiary of the Borrower to a Restricted
Subsidiary of the Borrower; 
 (f) any exchange of assets for assets (including a combination of assets and Cash Equivalents)
related to a Similar Business of comparable or greater market value or usefulness to 

  

 -5- 

 
the business of the Borrower and its Restricted Subsidiaries as a whole, as determined in good faith by the Borrower, which in the event of an exchange of
assets with a Fair Market Value in excess of (1) $20.0 million shall be evidenced by an Officers’ Certificate, and (2) $40.0 million shall be set forth in a resolution approved in good faith by at least a majority of the Board of
Directors of the Borrower; 
 (g) foreclosures on assets or property of the Borrower or its Subsidiaries; 
 (h) any sale of Equity Interests in, or Indebtedness or other securities of, an Unrestricted Subsidiary; 
 (i) any disposition of inventory or other assets (including transponders, transponder capacity and teleports) in the ordinary course of
business; 
 (j) the lease, assignment or sublease of any real or personal property in the ordinary course of business;

 (k) a sale of accounts receivable (including in respect of sales-type leases) and related assets (including contract
rights) of the type specified in the definition of “Receivables Financing” to a Receivables Subsidiary in a Qualified Receivables Financing or in factoring or similar transactions; 
 (l) a transfer of accounts receivable and related assets of the type specified in the definition of “Receivables Financing” (or
a fractional undivided interest therein) by a Receivables Subsidiary in a Qualified Receivables Financing; 
 (m) the grant in
the ordinary course of business of any license of patents, trademarks, know-how and any other intellectual property; 
 (n)
any Event of Loss; 
 (o) any sale or other disposition of assets or property in connection with a Specified Sale/Leaseback
Transaction; 
 (p) any sale of an Excluded Satellite; provided, that for purposes of this clause (p) of this
definition of Asset Sale, references in the definition of Excluded Satellite to $37.5 million shall be deemed to be $25.0 million; provided, further, that any cash and Cash Equivalents received in connection with the sale of an
Excluded Satellite shall be treated as Net Proceeds of an Asset Sale and shall be applied as provided for in Sections 5.2(b) and 10.4; 
 (q) any transfer or disposition of any assets or equity of Galaxy Satellite TV Holdings Limited or Galaxy Satellite Broadcasting Limited; and 
 (r) any disposition of assets in connection with the Transactions. 
 “Assignment and Acceptance” shall mean an assignment and acceptance substantially in the form of Exhibit D hereto. 
  

 -6- 

 “Authorized Officer” shall mean the President, the Chief Financial Officer, the
Treasurer, the Controller or any other senior officer of the Borrower designated as such in writing to the Administrative Agent by the Borrower. 
 “Backstop Credit Facility” means each agreement or instrument (including indentures) executed in connection with a financing contemplated by the Commitment Letter, dated June 19, 2007, by and among Serafina Acquisition
Limited and the arrangers, agents and lenders party thereto, as amended or supplemented from time to time. 
 “Bank
Indebtedness” shall mean any and all amounts payable under or in respect of any Credit Agreement or any other Senior Credit Documents, as amended, restated, supplemented, waived, replaced, restructured, repaid, refunded, refinanced or
otherwise modified from time to time (including after termination of any Credit Agreement), including principal, premium (if any), interest (including interest accruing on or after the filing of any petition in bankruptcy or for reorganization
relating to the Borrower whether or not a claim for post-filing interest is allowed in such proceedings), fees, charges, expenses, reimbursement obligations, guarantees and all other amounts payable thereunder or in respect thereof. 
 “Board” shall mean the Board of Governors of the Federal Reserve System of the United States (or any successor). 
 “Board of Directors” means as to any Person, the board of directors or managers, as applicable, of such Person (or, if such Person is a
partnership, the board of directors or other governing body of the general partner of such Person) or any duly authorized committee thereof. 
 “Borrower” shall have the meaning provided in the preamble to this Agreement. 
 “Borrowing” shall
mean and include the incurrence of the Loans on the Closing Date. 
 “Business Day” shall mean any day excluding Saturday,
Sunday and any day that shall be in The City of New York a legal holiday or a day on which banking institutions are authorized by law or other governmental actions to close. 
 “Capital Stock” shall mean: 
 (1) in the case of a corporation or a company, corporate stock or shares; 
 (2) in the case
of an association or business entity, any and all shares, interests, participations, rights or other equivalents (however designated) of corporate stock; 
 (3) in the case of a partnership or limited liability company, partnership or membership interests (whether general or limited); and 
 (4) any other interest or participation that confers on a Person the right to receive a share of the profits and losses of, or
distributions of assets of, the issuing Person. 
 “Capitalized Lease Obligation” shall mean, at the time any determination
thereof is to be made, the amount of the liability in respect of a capital lease that would at such time be required to be capitalized and reflected as a liability on a balance sheet (excluding the footnotes thereto) in accordance with GAAP.

  

 -7- 

 “Cash Contribution Amount” shall mean the aggregate amount of cash contributions made to
the capital of the Borrower or any Guarantor described in the definition of “Contribution Indebtedness.” 
 “Cash
Equivalents” shall mean: 
 (1) U.S. dollars, pounds sterling, euros, national currency of any participating member
state in the European Union or, in the case of any Foreign Subsidiary that is a Restricted Subsidiary, such local currencies held by it from time to time in the ordinary course of business; 
 (2) securities issued or directly and fully guaranteed or insured by the government of the United States or any country that is a member
of the European Union or any agency or instrumentality thereof, in each case with maturities not exceeding two years from the date of acquisition; 
 (3) certificates of deposit, time deposits and eurodollar time deposits with maturities of one year or less from the date of acquisition, bankers’ acceptances, in each case with maturities not exceeding one year,
and overnight bank deposits, in each case with any commercial bank having capital and surplus in excess of $250.0 million, or the foreign currency equivalent thereof, and whose long-term debt is rated “A” or the equivalent thereof by
Moody’s or S&P (or reasonably equivalent ratings of another internationally recognized ratings agency); 
 (4)
repurchase obligations for underlying securities of the types described in clauses (2) and (3) above entered into with any financial institution meeting the qualifications specified in clause (3) above; 
 (5) commercial paper issued by a corporation (other than an Affiliate of the Borrower) rated at least “A-1” or the equivalent
thereof by Moody’s or S&P (or reasonably equivalent ratings of another internationally recognized ratings agency) and in each case maturing within one year after the date of acquisition; 
 (6) readily marketable direct obligations issued by any state of the United States of America or any political subdivision thereof having
one of the two highest rating categories obtainable from either Moody’s or S&P (or reasonably equivalent ratings of another internationally recognized ratings agency) in each case with maturities not exceeding two years from the date of
acquisition; 
 (7) Indebtedness issued by Persons (other than the Sponsors or any of their Affiliates) with a rating of
“A” or higher from S&P or “A-2” or higher from Moody’s (or reasonably equivalent ratings of another internationally recognized ratings agency) in each case with maturities not exceeding two years from the date of
acquisition; and 
 (8) investment funds investing at least 95% of their assets in securities of the types described in
clauses (1) through (7) above. 
 “Change of Control” shall mean: 
 (1) the sale, lease or transfer, in one or a series of related transactions, of all or substantially all the assets of the Borrower and
its Subsidiaries, taken as a whole, to a Person other than any of the Permitted Holders, and other than any transaction in compliance with Section 10.10 and 10.11 where the Successor Company is a Wholly-Owned Subsidiary of a Parent of the
Borrower; or 
  

 -8- 

 (2) the Borrower becomes aware (by way of a report or any other filing pursuant to
Section 13(d) of the Exchange Act, proxy, vote, written notice or otherwise) of the acquisition by any Person or group (within the meaning of Section 13(d)(3) or Section 14(d)(2) of the Exchange Act, or any successor provision),
including any group acting for the purpose of acquiring, holding or disposing of securities (within the meaning of Rule 13d-5(b)(1) under the Exchange Act), other than any of the Permitted Holders, in a single transaction or in a related series of
transactions, by way of merger, amalgamation, consolidation or other business combination or purchase of beneficial ownership (within the meaning of Rule 13d-3 under the Exchange Act, or any successor provision), of more than 50% of the total voting
power of the Voting Stock of the Borrower or any Parent of the Borrower; or 
 (3) individuals who on the Closing Date
constituted the Board of Directors of Holdings (together with any new directors whose election by such Board of Directors of Holdings or whose nomination for election by the shareholders of Holdings was approved by (a) a vote of a majority of
the directors of Holdings then still in office who were either directors on the Closing Date or whose election or nomination for election was previously so approved or (b) any of the Permitted Holders) cease for any reason to constitute a
majority of the Board of Directors of Holdings then in office. 
 Notwithstanding the foregoing, neither (i) the PanAmSat Acquisition,
the Zeus Acquisition and the Acquisition (and any related change in the composition of the Board of Directors of any Credit Party or any Parent of any Credit Party in connection therewith) nor (ii) any Specified Merger/Transfer Transaction
shall constitute a Change of Control. 
 “Change of Control Offer” shall have the meaning provided in Section 5.2(a).

 “Change of Control Offers” shall mean (a) each offer to purchase outstanding notes of the Borrower and any Parent,
Subsidiary or Affiliate of the Borrower (including Intelsat (Bermuda), Ltd., Intelsat Jackson, Intelsat Sub Holdco and PanAmSat Opco) pursuant to the indentures governing such series of notes set forth on Schedule 1.1(c), and (b) the offer to
repay outstanding loans pursuant to the Intelsat Jackson Unsecured Credit Agreement, under which, in each case, the Acquisition resulted in a “change of control” as defined in each such agreement. 
 “Closing Date” shall mean June 3, 2008. 
 “Code” shall mean the Internal Revenue Code of 1986, as amended from time to time, and the regulations promulgated and rulings issued thereunder. Section references to the Code are to the Code, as in
effect at the Closing Date, and any subsequent provisions of the Code, amendatory thereof, supplemental thereto or substituted therefor. 
 “Commitment Letter” shall mean the Commitment Letter dated June 19, 2007 by and among Serafina Acquisition Limited and the arrangers, agents and lenders party thereto, as amended by that certain Amendment to Commitment
Letter, Fee Letter and Engagement Letter agreement dated as of February 4, 2008, as further amended or supplemented from time to time. 
 “Commitments” shall mean, with respect to each Lender, such Lender’s Commitment set forth on Schedule 1.1(a). The aggregate amount of all Commitments hereunder is $412,196,902.73. 
  

 -9- 

 “Confidential Information” shall have the meaning provided in Section 14.16.

 “Consolidated Interest Expense” shall mean, with respect to any Person for any period, the sum, without duplication, of:

 (1) consolidated interest expense of such Person and its Restricted Subsidiaries for such period, to the extent such
expense was deducted in computing Consolidated Net Income (including amortization of original issue discount, the interest component of Capitalized Lease Obligations, and net payments and receipts (if any) pursuant to interest rate Hedging
Obligations and excluding amortization of deferred financing fees, expensing of any bridge or other financing fees and any interest under Satellite Purchase Agreements); 
 (2) consolidated capitalized interest of such Person and its Restricted Subsidiaries for such period, whether paid or accrued; 

(3) commissions, discounts, yield and other fees and charges Incurred in connection with any Receivables Financing which are payable to
Persons other than the Borrower and its Restricted Subsidiaries; and 
 (4) with respect to the Borrower, consolidated
interest expense of any Parent of the Borrower for such period with respect to the Existing Holdings Notes or any refinancing thereof to the extent cash interest is paid thereon pursuant to Section 10.2(b)(xiii)(C); 
 less interest income for such period; provided, that for purposes of calculating Consolidated Interest Expense, no effect shall be given to the effect of any
purchase accounting adjustments in connection with the Transactions; provided, further, that for purposes of calculating Consolidated Interest Expense, no effect shall be given to the discount and/or premium resulting from the
bifurcation of derivatives under Statement of Financial Accounting Standards No. 133 and related interpretations as a result of the terms of the Indebtedness to which such Consolidated Interest Expense relates. 
 “Consolidated Net Income” shall mean, with respect to any Person for any period, the aggregate of the Net Income of such Person and its
Restricted Subsidiaries for such period, on a consolidated basis; provided, however, that: 
 (1) any net
after-tax extraordinary or nonrecurring or unusual gains or losses (less all fees and expenses relating thereto), or income or expense or charge (including, without limitation, any severance, relocation or other restructuring costs) and fees,
expenses or charges related to any offering of equity interests of such Person, Investment, acquisition or Indebtedness permitted to be Incurred by this Agreement (in each case, whether or not successful), including any such fees, expenses, charges
or change in control payments related to the Transactions, in each case, shall be excluded; 
 (2) any increase in
amortization or depreciation or any one-time non-cash charges resulting from purchase accounting in connection with the Transactions or any acquisition that is consummated prior to, on or after the Closing Date shall be excluded; 
 (3) the Net Income for such period shall not include the cumulative effect of a change in accounting principles during such period;

  

 -10- 

 (4) any net after-tax income or loss from discontinued operations and any net after-tax
gains or losses on disposal of discontinued operations shall be excluded; 
 (5) any net after-tax gains or losses (less all
fees and expenses or charges relating thereto) attributable to business dispositions or asset dispositions other than in the ordinary course of business (as determined in good faith by the Board of Directors of the Borrower) shall be excluded;

 (6) any net after-tax gains or losses (less all fees and expenses or charges relating thereto) attributable to the early
extinguishment of indebtedness shall be excluded; 
 (7) the Net Income for such period of any Person that is not a Subsidiary
of such Person, or is an Unrestricted Subsidiary, or that is accounted for by the equity method of accounting, shall be included only to the extent of the amount of dividends or distributions or other payments paid in cash (or to the extent
converted into cash) to the referent Person or a Restricted Subsidiary thereof in respect of such period; 
 (8) solely for
the purpose of determining the amount of the Cumulative Credit, the Net Income for such period of any Restricted Subsidiary (other than any Subsidiary Guarantor) shall be excluded to the extent that the declaration or payment of dividends or similar
distributions by such Restricted Subsidiary of its Net Income is not at the date of determination permitted without any prior governmental approval (which has not been obtained) or, directly or indirectly, by the operation of the terms of its
charter or any agreement, instrument, judgment, decree, order, statute, rule or governmental regulation applicable to such Restricted Subsidiary or its stockholders, unless (x) such restrictions with respect to the payment of dividends or
similar distributions have been legally waived or (y) such restriction is permitted by Section 10.3 hereof; provided that the Consolidated Net Income of such Person shall be increased by the amount of dividends or other
distributions or other payments actually paid in cash (or converted into cash) by any such Restricted Subsidiary to such Person, to the extent not already included therein; 
 (9) any non-cash impairment charge or asset write-off resulting from the application of Statement of Financial Accounting Standards
No. 142 and 144, and the amortization of intangibles arising pursuant to No. 141, shall be excluded; 
 (10) any
non-cash expenses realized or resulting from employee benefit plans or post-employment benefit plans, grants of stock appreciation or similar rights, stock options or other rights to officers, directors and employees of such Person or any of its
Restricted Subsidiaries shall be excluded; 
 (11) any (a) severance or relocation costs or expenses, (b) one-time
non-cash compensation charges, (c) solely for purposes of calculating the Debt to Adjusted EBITDA Ratio, the costs and expenses after January 28, 2005 related to employment of terminated employees, (d) costs or expenses realized in
connection with, resulting from or in anticipation of the Transactions or (e) costs or expenses realized in connection with or resulting from stock appreciation or similar rights, stock options or other rights existing on January 28, 2005
of officers, directors and employees, in each case of such Person or any of its Restricted Subsidiaries, shall be excluded; 
 (12) accruals and reserves that are established within twelve months after the Closing Date and that are so required to be established in accordance with GAAP shall be excluded; 
  

 -11- 

 (13)(a)(i) the non-cash portion of “straight-line” rent expense shall be
excluded and (ii) the cash portion of “straight-line” rent expense which exceeds the amount expensed in respect of such rent expense shall be included and (b) non-cash gains, losses, income and expenses resulting from fair value
accounting required by Statement of Financial Accounting Standards No. 133 and related interpretations shall be excluded; and 
 (14) an amount equal to the amount of tax distributions actually made to the holders of Capital Stock of such Person or any Parent of such Person in respect of such period in accordance with Section 10.2(b)(xii) shall be included as
though such amounts had been paid as income taxes directly by such Person for such period. 
 Notwithstanding the foregoing, for the purpose
of Section 10.2 only, there shall be excluded from the calculation of Consolidated Net Income any dividends, repayments of loans or advances or other transfers of assets from Unrestricted Subsidiaries to the Borrower or a Restricted Subsidiary
of the Borrower in respect of or that originally constituted Restricted Investments to the extent such dividends, repayments or transfers increase the amount of Restricted Payments permitted under Section 10.2 pursuant to clause (5) or
(6) of the definition of “Cumulative Credit.” 
 “Consolidated Non-cash Charges” shall mean, with respect to
any Person for any period, the aggregate depreciation, amortization, impairment, compensation, rent and other non-cash expenses of such Person and its Restricted Subsidiaries for such period on a consolidated basis and otherwise determined in
accordance with GAAP, but excluding (i) any such charge which consists of or requires an accrual of, or cash reserve for, anticipated cash charges for any future period and (ii) the non-cash impact of recording the change in fair value of
any embedded derivatives under Statement of Financial Accounting Standards No. 133 and related interpretations as a result of the terms of any agreement or instrument to which such Consolidated Non-cash Charges relate. 
 “Consolidated Taxes” shall mean, with respect to any Person and its Restricted Subsidiaries on a consolidated basis for any period,
provision for taxes based on income, profits or capital, including, without limitation, state franchise and similar taxes, and including an amount equal to the amount of tax distributions actually made to the holders of Capital Stock of such Person
or any Parent of such Person in respect of such period in accordance with Section 10.2(b)(xii) which shall be included as though such amounts had been paid as income taxes directly by such Person. 
 “Consolidated Total Indebtedness” shall mean, as at any date of determination, an amount equal to the sum of (1) the aggregate
amount of all outstanding Indebtedness of the Borrower and its Restricted Subsidiaries and (2) the aggregate amount of all outstanding Disqualified Stock of the Borrower and all Preferred Stock of the Restricted Subsidiaries, with the amount of
such Disqualified Stock and Preferred Stock equal to the greater of their respective voluntary or involuntary liquidation preferences and maximum fixed repurchase prices, in each case determined on a consolidated basis in accordance with GAAP.

 For purposes hereof, the “maximum fixed repurchase price” of any Disqualified Stock or Preferred Stock that does not have
a fixed price shall be calculated in accordance with the terms of such Disqualified Stock or Preferred Stock as if such Disqualified Stock or Preferred Stock were purchased on any date on which Consolidated Total Indebtedness shall be required to be
determined pursuant to this Agreement, and if such price is based upon, or measured by, the fair market value of such Disqualified Stock or Preferred Stock, such fair market value shall be determined reasonably and in good faith by the Board of
Directors of the Borrower. 
  

 -12- 

 “Contingent Obligations” shall mean, with respect to any Person, any obligation of such
Person guaranteeing any leases, dividends or other obligations that do not constitute Indebtedness (“primary obligations”) of any other Person (the “primary obligor”) in any manner, whether directly or indirectly,
including, without limitation, any obligation of such Person, whether or not contingent: 
 (1) to purchase any such primary
obligation or any property constituting direct or indirect security therefor; 
 (2) to advance or supply funds: 

(a) for the purchase or payment of any such primary obligation; or 
 (b) to maintain working capital or equity capital of the primary obligor or otherwise to maintain the net worth or solvency of the primary
obligor; or 
 (3) to purchase property, securities or services primarily for the purpose of assuring the owner of any such
primary obligation of the ability of the primary obligor to make payment of such primary obligation against loss in respect thereof. 
 “Contribution Indebtedness” shall mean Indebtedness of the Borrower or any Restricted Subsidiary in an aggregate principal amount not greater than twice the aggregate amount of cash contributions (other than Excluded
Contributions) made (without duplication) to the capital of the Borrower or such Restricted Subsidiary after January 28, 2005 (other than any cash contributions in connection with the Transactions), provided that (1) if the
aggregate principal amount of such Contribution Indebtedness is greater than the aggregate amount of such cash contributions to the capital of the Borrower or such Restricted Subsidiary, as applicable, the amount in excess shall be Indebtedness
(other than Secured Indebtedness) that ranks subordinate to the Loans with a Stated Maturity later than the Stated Maturity of the Loans, and (2) such Contribution Indebtedness (a) is Incurred within 210 days after the making of such cash
contributions and (b) is so designated as Contribution Indebtedness pursuant to an Officers’ Certificate on the date of Incurrence thereof. 
 “Credit Agreements” shall mean the Intelsat Credit Agreement, the PanAmSat Credit Agreement and each Backstop Credit Facility. 
 “Credit Documents” shall mean this Agreement, any promissory notes issued by the Borrower hereunder and each Guarantee. 
 “Credit Party” shall mean each of the Borrower and each Guarantor (including Holdings), for so long as any such Guarantor shall remain a
Guarantor. 
 “Cumulative Credit” shall mean the sum of (without duplication): 
 (1) cumulative Adjusted EBITDA of the Borrower for the period (taken as one accounting period) from and after January 1, 2005 to the
end of the Borrower’s most recently ended fiscal quarter for which internal financial statements are available at the time of such Restricted Payment (or, in the case such Adjusted EBITDA for such period is a negative, minus the amount by which
cumulative Adjusted EBITDA is less than zero), plus 
  

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 (2) 100% of the aggregate net proceeds, including cash and the Fair Market Value (as
determined in accordance with the next succeeding sentence) of property other than cash, received by the Borrower after January 28, 2005 from the issue or sale of Equity Interests of the Borrower or any Parent of the Borrower (excluding
(without duplication) Refunding Capital Stock, Designated Preferred Stock, Excluded Contributions, Disqualified Stock and the Cash Contribution Amount), including Equity Interests issued upon conversion of Indebtedness or upon exercise of warrants
or options (other than an issuance or sale to a Restricted Subsidiary of the Borrower or an employee stock ownership plan or trust established by the Borrower or any of its Subsidiaries), plus 
 (3) 100% of the aggregate amount of contributions to the capital of the Borrower received in cash and the Fair Market Value (as determined
in accordance with the next succeeding sentence) of property other than cash after January 28, 2005 (other than Excluded Contributions, Refunding Capital Stock, Designated Preferred Stock, Disqualified Stock and the Cash Contribution Amount),
plus 
 (4) the principal amount of any Indebtedness, or the liquidation preference or maximum fixed repurchase price,
as the case may be, of any Disqualified Stock, of the Borrower or any Restricted Subsidiary thereof issued after January 28, 2005 (other than Indebtedness or Disqualified Stock issued to a Restricted Subsidiary) which has been converted into or
exchanged for Equity Interests in the Borrower or any Parent of the Borrower (other than Disqualified Stock), plus 
 (5) 100% of the aggregate amount received by the Borrower or any Restricted Subsidiary since January 28, 2005 in cash and the Fair Market Value (as determined in accordance with the next succeeding sentence) of property other than cash
received by the Borrower or any Restricted Subsidiary from: 
 (A) the sale or other disposition (other than to the Borrower
or a Restricted Subsidiary of the Borrower) of Restricted Investments made by the Borrower and its Restricted Subsidiaries and from repurchases and redemptions of such Restricted Investments from the Borrower and its Restricted Subsidiaries by any
Person (other than the Borrower or any of its Restricted Subsidiaries) and from repayments of loans or advances which constituted Restricted Investments (other than in each case to the extent that the Restricted Investment was made pursuant to
Section 10.2(b)(vii) or (x)), 
 (B) the sale (other than to the Borrower or a Restricted Subsidiary of the Borrower) of
the Capital Stock of an Unrestricted Subsidiary or 
 (C) a distribution, dividend or other payment from an Unrestricted
Subsidiary, plus 
 (6) in the event any Unrestricted Subsidiary of the Borrower has been redesignated as a Restricted
Subsidiary or has been merged, consolidated or amalgamated with or into, or transfers or conveys its assets to, or is liquidated into, the Borrower or a Restricted Subsidiary of the Borrower since January 28, 2005, the Fair Market Value (as
determined in accordance with the next succeeding sentence) of the Investments of the Borrower in such Unrestricted Subsidiary at the time of such redesignation, combination or transfer (or of the assets transferred or conveyed, as applicable)
(other than in each case to the extent that the designation of such Subsidiary as an Unrestricted Subsidiary was made pursuant to Section 10.2(b)(vii) or (x) or constituted a Permitted Investment). 
  

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 The Fair Market Value of property other than cash covered by clauses (2), (3), (4), (5) and (6) above shall be
determined in good faith by the Borrower and 
 (A) in the event of property with a Fair Market Value in excess of $20.0
million, shall be set forth in an Officers’ Certificate or 
 (B) in the event of property with a Fair Market Value in
excess of $40.0 million, shall be set forth in a resolution approved by at least a majority of the Board of Directors of the Borrower. 
 “Cumulative Interest Expense” shall mean, in respect of any Restricted Payment, the sum of the aggregate amount of Consolidated Interest Expense of the Borrower and the Restricted Subsidiaries for the period from and after
January 1, 2005 to the end of the Borrower’s most recently ended fiscal quarter for which internal financial statements are available and immediately preceding the proposed Restricted Payment. 
 “Debt to Adjusted EBITDA Ratio” shall mean, with respect to any Person for any period, the ratio of (i) Consolidated Total
Indebtedness as of the date of calculation (the “Calculation Date”) to (ii) Adjusted EBITDA of such Person for the four consecutive fiscal quarters immediately preceding such Calculation Date. In the event that the Borrower or
any of its Restricted Subsidiaries Incurs or redeems any Indebtedness (other than in the case of revolving credit borrowings, in which case interest expense shall be computed based upon the average daily balance of such Indebtedness during the
applicable period) or issues or redeems Disqualified Stock or Preferred Stock subsequent to the commencement of the period for which the Debt to Adjusted EBITDA Ratio is being calculated but prior to the Calculation Date, then the Debt to Adjusted
EBITDA Ratio shall be calculated giving pro forma effect to such Incurrence or redemption of Indebtedness, or such issuance or redemption of Disqualified Stock or Preferred Stock, as if the same had occurred at the beginning of the applicable
four-quarter period. 
 For purposes of making the computation referred to above, Investments, acquisitions, dispositions, mergers,
amalgamations, consolidations and discontinued operations (as determined in accordance with GAAP), in each case with respect to an operating unit of a business, and other operational changes that the Borrower or any of its Restricted Subsidiaries
has both determined to make and made after January 28, 2005 and during the four-quarter reference period or subsequent to such reference period and on or prior to or simultaneously with the Calculation Date shall be calculated on a pro forma
basis assuming that all such Investments, acquisitions, dispositions, mergers, amalgamations, consolidations, discontinued operations and other operational changes (and the change of any associated fixed charge obligations and the change in Adjusted
EBITDA resulting therefrom) had occurred on the first day of the four-quarter reference period. If since the beginning of such period any Person that subsequently became a Restricted Subsidiary or was merged with or into the Borrower or any
Restricted Subsidiary since the beginning of such period shall have made any Investment, acquisition, disposition, merger, amalgamation, consolidation, discontinued operation or operational change, in each case with respect to an operating unit of a
business, that would have required adjustment pursuant to this definition, then the Debt to Adjusted EBITDA Ratio shall be calculated giving pro forma effect thereto for such period as if such Investment, acquisition, disposition, discontinued
operation, merger, amalgamation, consolidation or operational change had occurred at the beginning of the applicable four-quarter period. 
 For purposes of this definition, whenever pro forma effect is to be given to any transaction, the pro forma calculations shall be made in good faith by a responsible financial or accounting officer of the Borrower. If any Indebtedness bears
a floating rate of interest and is being given pro forma effect, the interest on such Indebtedness shall be calculated as if the rate in effect on the Calculation Date had been 

  

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the applicable rate for the entire period (taking into account any Hedging Obligations applicable to such Indebtedness if such Hedging Obligation has a
remaining term in excess of 12 months). Interest on a Capitalized Lease Obligation shall be deemed to accrue at an interest rate reasonably determined by a responsible financial or accounting officer of the Borrower to be the rate of interest
implicit in such Capitalized Lease Obligation in accordance with GAAP. For purposes of making the computation referred to above, interest on any Indebtedness under a revolving credit facility computed on a pro forma basis shall be computed based
upon the average daily balance of such Indebtedness during the applicable period. Interest on Indebtedness that may optionally be determined at an interest rate based upon a factor of a prime or similar rate, a eurocurrency interbank offered rate,
or other rate, shall be deemed to have been based upon the rate actually chosen, or, if none, then based upon such optional rate chosen as the Borrower may designate. Any such pro forma calculation may include adjustments appropriate, in the
reasonable determination of the Borrower as set forth in an Officers’ Certificate, to reflect, among other things, (1) operating expense reductions and other operating improvements or synergies reasonably expected to result from any
acquisition, amalgamation, merger or operational change (including, without limitation, from the Transactions) and (2) all adjustments used in connection with (i) the calculation of “Sub Holdco Adjusted EBITDA” as set forth in
Intelsat, Ltd.’s Annual Report filed on Form 10-K for the year ended December 31, 2007, and (ii) the calculation of “Adjusted EBITDA” as set forth in footnote 4 to the “Summary Historical and Pro Forma Consolidated
Financial Data” section of the offering memorandum dated February 3, 2005 in connection with the offering of the Notes, in each case to the extent such adjustments continue to be applicable to such four-quarter period. 
 “Default” shall mean any event which is, or after notice or passage of time, or both, would be an Event of Default. 
 “Defaulting Lender” shall mean any Lender with respect to which a Lender Default is in effect. 
 “Designated Non-cash Consideration” shall mean the Fair Market Value of non-cash consideration received by the Borrower or one of its
Restricted Subsidiaries in connection with an Asset Sale that is so designated as Designated Non-cash Consideration pursuant to an Officers’ Certificate, setting forth the basis of such valuation, less the amount of Cash Equivalents received in
connection with a subsequent sale of such Designated Non-cash Consideration. 
 “Designated Preferred Stock” shall mean
Preferred Stock of the Borrower, Intelsat Sub Holdco or any Parent of the Borrower or Intelsat Sub Holdco as applicable (other than Disqualified Stock), that is issued for cash (other than to the Borrower or any of its Subsidiaries or an employee
stock ownership plan or trust established by the Borrower or any of its Subsidiaries) and is so designated as Designated Preferred Stock, pursuant to an Officers’ Certificate, on the issuance date thereof, the cash proceeds of which are
excluded from the calculation set forth in the definition of “Cumulative Credit.” 
 “Disqualified Stock” shall
mean, with respect to any Person, any Capital Stock of such Person which, by its terms (or by the terms of any security into which it is convertible or for which it is redeemable or exchangeable), or upon the happening of any event: 
 (1) matures or is mandatorily redeemable, pursuant to a sinking fund obligation or otherwise (other than as a result of a change of
control or asset sale; provided that the relevant asset sale or change of control provisions, taken as a whole, are no more favorable in any material respect to holders of such Capital Stock than the asset sale and change of control
provisions applicable to the Loans and any purchase requirement triggered thereby may not become operative until compliance with the asset sale and change of control provisions applicable to the 

  

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Loans (including the repayment of any Loans in connection with such asset sale and change of control provisions)), 
 (2) is convertible or exchangeable for Indebtedness or Disqualified Stock, or 
 (3) is redeemable at the option of the holder thereof, in whole or in part, in each case prior to 91 days after the Maturity Date;

 provided, however, that only the portion of Capital Stock which so matures or is mandatorily redeemable, is so convertible or exchangeable
or is so redeemable at the option of the holder thereof prior to such date shall be deemed to be Disqualified Stock; provided, further, however, that if such Capital Stock is issued to any employee or to any plan for the benefit
of employees of the Borrower or its Subsidiaries or by any such plan to such employees, such Capital Stock shall not constitute Disqualified Stock solely because it may be required to be repurchased by the Borrower in order to satisfy applicable
statutory or regulatory obligations or as a result of such employee’s termination, death or disability; provided, further, that any class of Capital Stock of such Person that by its terms authorizes such Person to satisfy its
obligations thereunder by delivery of Capital Stock that is not Disqualified Stock shall not be deemed to be Disqualified Stock. 
 “Dollars” and “$” shall mean dollars in lawful currency of the United States of America. 
 “Employee Transfer Agreement” shall mean the intercompany agreement regarding the transfer of substantially all of the employees of Intelsat Global Service Corporation to PanAmSat Opco, dated as of July 3, 2006,
between Intelsat Global Service Corporation and PanAmSat Opco, as amended from time to time (provided that no such amendment materially affects the ability of the Borrower to make anticipated principal or interest payments on the Loans).

 “Environmental Claims” shall mean any and all actions, suits, orders, decrees, demands, demand letters, claims, liens,
notices of noncompliance, violation or potential responsibility or investigation (other than internal reports prepared by Holdings, the Borrower or any of the Subsidiaries (a) in the ordinary course of such Person’s business or (b) as
required in connection with a financing transaction or an acquisition or disposition of real estate) or proceedings relating in any way to any Environmental Law or any permit issued, or any approval given, under any such Environmental Law
(hereinafter, “Claims”), including, without limitation, (i) any and all Claims by governmental or regulatory authorities for enforcement, cleanup, removal, response, remedial or other actions or damages pursuant to any
applicable Environmental Law and (ii) any and all Claims by any third party seeking damages, contribution, indemnification, cost recovery, compensation or injunctive relief relating to the presence, release or threatened release of Hazardous
Materials or arising from alleged injury or threat of injury to health or safety (to the extent relating to human exposure to Hazardous Materials), or the environment including, without limitation, ambient air, surface water, groundwater, land
surface and subsurface strata and natural resources such as wetlands. 
 “Environmental Law” shall mean any applicable
Federal, state, foreign or local statute, law, rule, regulation, ordinance, code and rule of common law and any binding judicial or administrative interpretation thereof, including any binding judicial or administrative order, consent decree or
judgment, relating to the protection of environment, including, without limitation, ambient air, surface water, ground-water, land surface and subsurface strata and natural resources such as wetlands, or human health or safety (to the extent
relating to human exposure to Hazardous Materials), or Hazardous Materials. 
  

 -17- 

 “Equity Interests” shall mean Capital Stock and all warrants, options or other rights to
acquire Capital Stock (but excluding any debt security that is convertible into, or exchangeable for, Capital Stock). 
 “ERISA” shall mean the Employee Retirement Income Security Act of 1974, as amended from time to time. Section references to ERISA are to ERISA as in effect at the Closing Date and any subsequent provisions of ERISA
amendatory thereof, supplemental thereto or substituted therefor. 
 “ERISA Affiliate” shall mean each person (as defined in
Section 3(9) of ERISA) that together with the Borrower or a Subsidiary would be deemed to be a “single employer” within the meaning of Section 414(b) or (c) of the Code or, solely for purposes of Section 302 of ERISA
and Section 412 of the Code, is treated as a single employer under Section 414 of the Code. 
 “Event of Default”
shall have the meaning provided in Section 12. 
 “Event of Loss” shall mean any event that results in the Borrower or
its Restricted Subsidiaries receiving proceeds from any insurance covering any Satellite, or in the event that the Borrower or any of its Restricted Subsidiaries receives proceeds from any insurance maintained for it by any Satellite Manufacturer or
any launch provider covering any of such Satellites. 
 “Event of Loss Proceeds” shall mean, with respect to any proceeds
from any Event of Loss, all Satellite insurance proceeds received by the Borrower or any of the Restricted Subsidiaries in connection with such Event of Loss, after 
 (1) provision for all income or other taxes measured by or resulting from such Event of Loss, 
 (2) payment of all reasonable legal, accounting and other reasonable fees and expenses related to such Event of Loss, 
 (3) payment of amounts required to be applied to the repayment of Indebtedness secured by a Lien on the Satellite that is the subject of
such Event of Loss, 
 (4) provision for payments to Persons who own an interest in the Satellite (including any transponder
thereon) in accordance with the terms of the agreement(s) governing the ownership of such interest by such Person (other than provision for payments to insurance carriers required to be made based on projected future revenues expected to be
generated from such Satellite in the good faith determination of the Borrower as evidenced by an Officers’ Certificate), and 
 (5) deduction of appropriate amounts to be provided by the Borrower or such Restricted Subsidiary as a reserve, in accordance with GAAP, against any liabilities associated with the Satellite that was the subject of the Event of Loss.

 “Excess Proceeds Offer” shall have the meaning provided in Section 5.2(b) 
 “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended, and the rules and regulations of the SEC promulgated
thereunder. 
  

 -18- 

 “Exchange Note Indenture” shall mean the indenture with respect to the Exchange Notes
executed in accordance with Section 3 and containing terms (including covenants, events of default, redemption, optional prepayment provisions and other provisions) that are identical to those set forth in this Agreement (except for differences
that are customary between indentures and credit agreements or as otherwise in form and substance reasonably acceptable to the Borrower and the Joint Lead Arrangers). 
 “Exchange Note Trustee” shall have the meaning set forth in Section 3.1. 
 “Exchange Notes” shall mean the senior unsecured discount notes of the Borrower due on the Maturity Date, issued under the Exchange Note Indenture in exchange for an equal principal amount of Loans pursuant to
Section 3.4. 
 “Exchange Notice” shall have the meaning provided in Section 3.3. 
 “Excluded Contributions” shall mean the Cash Equivalents or other assets (valued at their Fair Market Value as determined by the
Borrower in good faith) received by the Borrower after January 28, 2005 from: 
 (1) contributions to its common equity
capital, and 
 (2) the sale (other than to a Subsidiary of the Borrower or pursuant to any management equity plan or stock
option plan or any other management or employee benefit plan or agreement of the Borrower or any of its Subsidiaries) of Capital Stock (other than Disqualified Stock and Designated Preferred Stock) of the Borrower, 
 in each case designated as Excluded Contributions pursuant to an Officers’ Certificate executed by an Officer of the Borrower, which are excluded from the
calculation set forth in the definition of the term “Cumulative Credit.” 
 “Excluded Satellite” shall mean any
Satellite (or, if the entire Satellite is not owned by the Borrower or any Restricted Subsidiary, as the case may be, the portion of the Satellite it owns or for which it has risk of loss) (i) that is not expected or intended in the good faith
determination of the Board of Directors of the Borrower as evidenced by a resolution of the Board of Directors to earn revenue from the operation of such Satellite (or portion, as applicable) in excess of $37.5 million for the immediately succeeding
12-month calendar period or (ii) that has a net book value not in excess of $150.0 million or (iii) that (1) the procurement of In-Orbit Insurance therefor in the amounts and on the terms required by Section 9.2 would not be
available for a price that is, and on other terms and conditions that are, commercially reasonable or (2) the procurement of such In-Orbit Insurance therefor would be subject to exclusions or limitations of coverage that would make the terms of
the insurance commercially unreasonable, in either case, in the good faith determination of the Board of Directors of the Borrower as evidenced by a resolution of the Board of Directors delivered to the Administrative Agent, or (iv) for which
In-Orbit Contingency Protection is available or (v) whose primary purpose is to provide In-Orbit Contingency Protection for the satellites (or portions) of the Borrower or its Subsidiaries’ or other Affiliates and otherwise that is not
expected or intended, in the good faith determination of the Board of Directors of the Borrower as evidenced by a resolution of the Board of Directors to earn revenue from the operation of such Satellite (or portion, as applicable) in excess of
$37.5 million for the immediately succeeding 12-month calendar period. 
 “Excluded Taxes” shall mean (a) with respect
to the Administrative Agent or any Lender, net income taxes and franchise taxes (imposed in lieu of net income taxes) and capital taxes imposed on the 

  

 -19- 

 
Administrative Agent or any Lender by any jurisdiction as a result of the Administrative Agent or such Lender being organized in, or having its principal
office of applicable lending office in, such jurisdiction imposing such tax or any political subdivision or taxing authority thereof or therein and (b) in the case of a Foreign Lender, any Tax to the extent attributable to such Foreign
Lender’s failure to comply with Section 5.4(d). 
 “Existing
Holdings Notes” means (a) the 7 5/8% Senior Notes due 2012 and (b) the 6 1/2% Senior Notes due 2013, in each case of Holdings. 
 “Fair Market Value” shall mean, with respect to any asset or property, the price which could be negotiated in an arm’s-length, free
market transaction, for cash, between a willing seller and a willing and able buyer, neither of whom is under undue pressure or compulsion to complete the transaction. 
 “FCC” shall mean the Federal Communications Commission or any Governmental Authority substituted therefor. 
 “FCC Licenses” shall mean all authorizations, licenses and permits issued by the FCC to the Borrower or any of its Subsidiaries, under which the Borrower or any of its Subsidiaries is authorized to
launch and operate any of its Satellites or to operate any of its TT&C Earth Stations (other than authorizations, orders, licenses or permits that are no longer in effect). 
 “Fee Letter” shall mean the Fee Letter dated June 19, 2007 by and among the Borrower and the arrangers, agents and lenders party
thereto, as supplemented from time to time. 
 “Fees” shall mean all amounts payable pursuant to, or referred to in,
Section 4.1. 
 “Flow Through Entity” shall mean an entity that is treated as a partnership not taxable as a
corporation, a grantor trust or a disregarded entity for U.S. federal income tax purposes or subject to treatment on a comparable basis for purposes of state, local or foreign tax law. 
 “Foreign Lender” shall mean any Lender that is not organized or incorporated under the laws of Bermuda. 
 “Foreign Plan” shall mean any employee benefit plan, program, fund, policy, arrangement or agreement maintained or contributed to by the
Borrower or any of its Subsidiaries with respect to employees employed outside the United States. 
 “Foreign Subsidiary”
shall mean a Restricted Subsidiary not organized or existing under the laws of the United States of America or any state or territory thereof or the District of Columbia and any direct or indirect subsidiary of such Restricted Subsidiary.

 “FSS Operators” means each of (i) SES Global S.A., (ii) Eutelsat S.A. and (iii) any successor entities of
each of the foregoing (whether by consolidation, amalgamation, merger with or winding up into another Person, or through the sale, transfer, lease, conveyance or other disposition of all or substantially all its equity, assets or properties in one
or more related transactions to another Person or otherwise). 
 “G2 Transfer Agreement” shall mean the Agreement and Plan
of Merger, dated as of July 3, 2006, among Intelsat General Corporation, G2 Satellite Solutions Corporation and PanAmSat Opco, as amended from time to time (provided that no such amendment materially affects the ability of the Borrower
to make anticipated principal or interest payments on the Loans), and the other agreements entered into in connection therewith on or prior to July 3, 2006. 
  

 -20- 

 “GAAP” shall mean generally accepted accounting principles set forth in the opinions and
pronouncements of the Accounting Principles Board of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or in such other statements by such other entity as have been
approved by a significant segment of the accounting profession, which are in effect on January 28, 2005. For the purposes of this Agreement, the term “consolidated” with respect to any Person shall mean such Person consolidated
with its Restricted Subsidiaries, and shall not include any Unrestricted Subsidiary, but the interest of such Person in an Unrestricted Subsidiary will be accounted for as an Investment. 
 “Governmental Authority” shall mean any nation or government, any state, province, territory or other political subdivision thereof, and
any entity exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government. 
 “Government Business Subsidiary” shall mean any Restricted Subsidiary of the Borrower that (i) is engaged primarily in the business of providing services to customers similar to the services provided on the Closing
Date by Intelsat General Corporation and services or activities that are reasonably similar thereto or a reasonable extension, development or expansion thereof, or is complementary, incidental, ancillary or related thereto and (ii) is subject
to the Proxy Agreement or a substantially similar agreement substantially restricting the Borrower’s control of such Restricted Subsidiary. 
 “guarantee” shall mean a guarantee (other than by endorsement of negotiable instruments for collection in the ordinary course of business), direct or indirect, in any manner (including, without limitation, letters of credit
and reimbursement agreements in respect thereof), of all or any part of any Indebtedness or other obligations. 
 “Guarantee” shall mean any guarantee of the obligations of the Borrower and Holdings under this Agreement in accordance with the provisions hereof. 
 “Guarantor” shall mean any Person that Incurs a Guarantee; provided that upon the release or discharge of such Person from its
Guarantee in accordance with this Agreement, such Person shall cease to be a Guarantor. 
 “Hazardous Materials” shall mean
(a) any petroleum or petroleum products, radioactive materials, friable asbestos, urea formaldehyde foam insulation, transformers or other equipment that contain dielectric fluid containing regulated levels of polychlorinated biphenyls, and
radon gas; (b) any chemicals, materials or substances defined as or included in the definition of “hazardous substances,” “hazardous waste,” “hazardous materials,” “extremely hazardous waste,”
“restricted hazardous waste,” “toxic substances,” “toxic pollutants,” “contaminants” or “pollutants,” or words of similar import, under any applicable Environmental Law; and (c) any other
chemical, material or substance, the exposure to which is prohibited, limited or regulated by any Environmental Law. 
 “Hedging
Obligations” shall mean, with respect to any Person, the obligations of such Person under: 
 (1) currency exchange
or interest rate swap agreements, cap agreements and collar agreements; and 
  

 -21- 

 (2) other agreements or arrangements designed to protect such Person against fluctuations
in currency exchange or interest rates. 
 “Holdings” shall mean Intelsat, Ltd., until a successor replaces it and,
thereafter, means the successor. 
 “Incur” shall mean issue, assume, guarantee, incur or otherwise become liable for;
provided, however, that any Indebtedness or Capital Stock of a Person existing at the time such Person becomes a Subsidiary (whether by merger, amalgamation, consolidation, acquisition or otherwise) shall be deemed to be Incurred by
such Person at the time it becomes a Subsidiary. 
 “Indebtedness” shall mean, with respect to any Person: 
 (1) the principal and premium (if any) of any indebtedness of such Person, whether or not contingent, (a) in respect of borrowed
money, (b) evidenced by bonds, notes, debentures or similar instruments or letters of credit or bankers’ acceptances (or, without duplication, reimbursement agreements in respect thereof), (c) representing the deferred and unpaid
purchase price of any property, except any such balance that constitutes a current account payable, trade payable or similar obligation Incurred, (d) in respect of Capitalized Lease Obligations, or (e) representing any Hedging Obligations,
if and to the extent that any of the foregoing indebtedness (other than letters of credit and Hedging Obligations) would appear as a liability on a balance sheet (excluding the footnotes thereto) of such Person prepared in accordance with GAAP;

 (2) to the extent not otherwise included, any obligation of such Person to be liable for, or to pay, as obligor, guarantor
or otherwise, the Indebtedness of another Person (other than by endorsement of negotiable instruments for collection in the ordinary course of business); 
 (3) to the extent not otherwise included, Indebtedness of another Person secured by a Lien on any asset owned by such Person (whether or not such Indebtedness is assumed by such Person); provided,
however, that the amount of such Indebtedness will be the lesser of: (a) the Fair Market Value of such asset at such date of determination, and (b) the amount of such Indebtedness of such other Person; and 
 (4) to the extent not otherwise included, with respect to the Borrower and its Restricted Subsidiaries, the amount then outstanding
(i.e., advanced, and received by, and available for use by, the Borrower or any of its Restricted Subsidiaries) under any Receivables Financing (as set forth in the books and records of the Borrower or any Restricted Subsidiary and confirmed
by the agent, trustee or other representative of the institution or group providing such Receivables Financing); 
 provided, however, that
notwithstanding the foregoing, Indebtedness shall be deemed not to include (1) Contingent Obligations incurred in the ordinary course of business and not in respect of borrowed money; (2) deferred or prepaid revenues; (3) purchase
price holdbacks in respect of a portion of the purchase price of an asset to satisfy warranty or other unperformed obligations of the respective seller; (4) obligations to make payments to one or more insurers under satellite insurance policies
in respect of premiums or the requirement to remit to such insurer(s) a portion of the future revenue generated by a satellite which has been declared a constructive total loss, in each case in accordance with the terms of the insurance policies
relating thereto; (5) Obligations under or in respect of any Qualified Receivables Financing; or (6) any obligations to make progress or incentive payments or risk money payments under any satellite manufacturing contract or to make
payments under satellite launch contracts in respect of launch services provided thereunder, in each case, to the extent not overdue by more than 90 days. 
  

 -22- 

 Notwithstanding anything in this Agreement, Indebtedness shall not include, and shall be calculated
without giving effect to, the effects of Statement of Financial Accounting Standards No. 133 and related interpretations to the extent such effects would otherwise increase or decrease an amount of Indebtedness for any purpose under this
Agreement as a result of accounting for any embedded derivatives created by the terms of such Indebtedness; and any such amounts that would have constituted Indebtedness under this Agreement but for the application of this sentence shall not be
deemed an Incurrence of Indebtedness under this Agreement. 
 “Indemnified Taxes” shall mean all Taxes (other than Excluded
Taxes) and Other Taxes. 
 “Independent Financial Advisor” shall mean an accounting, appraisal or investment banking firm or
consultant to Persons engaged in a Similar Business, in each case of nationally recognized standing that is, in the good faith determination of the Borrower, qualified to perform the task for which it has been engaged. 
 “In-Orbit Contingency Protection” shall mean transponder capacity that, in the good faith determination of the Board of Directors of the
Borrower as evidenced by a resolution of the Board of Directors, is available on a contingency basis by the Borrower or its Subsidiaries, directly or by another satellite operator pursuant to a contractual arrangement, to accommodate the transfer of
traffic representing at least 25% of the revenue-generating capacity with respect to any Satellite (or, if the entire Satellite is not owned by the Borrower or any of its Restricted Subsidiaries, as the case may be, the portion of the Satellite it
owns or for which it has risk of loss) that may suffer actual or constructive total loss and that meets or exceeds the contractual performance specifications for the transponders that had been utilized by such traffic; provided that the
Satellite (or portion, as applicable) shall be deemed to be insured for a percentage of the Satellite’s (or applicable portion’s) net book value for which In-Orbit Contingency Protection is available. 
 “In-Orbit Insurance” shall mean, with respect to any Satellite (or, if the entire Satellite is not owned by the Borrower or any of its
Restricted Subsidiaries, as the case may be, the portion of the Satellite it owns or for which it has risk of loss), insurance (subject to a right of co-insurance in an amount up to $150.0 million) or other contractual arrangement providing for
coverage against the risk of loss of or damage to such Satellite (or portion, as applicable) attaching upon the expiration of the launch insurance therefor (or, if launch insurance is not procured, upon the initial completion of in-orbit testing)
and attaching, during the commercial in-orbit service of such Satellite (or portion, as applicable), upon the expiration of the immediately preceding corresponding policy or other contractual arrangement, as the case may be, subject to the terms and
conditions set forth herein. 
 “Intelsat Bermuda” shall mean Intelsat (Bermuda), Ltd., until a successor replaces it, and
thereafter means such successor. 
 “Intelsat Bermuda Intercompany
Loan” shall mean the intercompany loans by Intelsat Bermuda (irrespective of any subsequent holder of such loans so long as a subsidiary of Intelsat Bermuda) to PanAmSat Holdco to fund the payment of a portion of the purchase price of the
PanAmSat Acquisition and to fund the purchase of PanAmSat Holdco’s 10 3/8% senior discount notes due 2014 and, in each case,
any fees and expenses related thereto. 
  

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 “Intelsat Bermuda Transfer” shall mean the transfer by Intelsat Bermuda of certain of
its assets and certain of its liabilities and obligations to Intelsat Jackson on February 4, 2008. 
 “Intelsat Corp Refinancing” means the borrowing by PanAmSat Opco of $150.0 million in aggregate principal amount pursuant to a new term loan under the PanAmSat Credit Agreement, and the repayment of
its 6 3/8% Senior Secured Notes due 2008 with the proceeds of such borrowing. 
 “Intelsat Credit Agreement” shall mean (i) the credit agreement entered into on July 3, 2006 in connection with, the
consummation of the PanAmSat Acquisition, among the Borrower, Intelsat Sub Holdco, the financial institutions named therein and Credit Suisse, Cayman Islands Branch, as Administrative Agent, and the guarantees thereof provided by certain
subsidiaries of the Borrower, as amended, restated, supplemented, waived, replaced (whether or not upon termination, and whether with the original lenders or otherwise), restructured, repaid, refunded, refinanced or otherwise modified from time to
time (prior to, on or after the Closing Date), including any one or more agreements or indentures extending the maturity thereof, refinancing, replacing or otherwise restructuring all or any portion of the Indebtedness under such agreement or
agreements or indenture or indentures or any successor or replacement agreement or agreements or indenture or indentures or increasing the amount loaned or issued thereunder or altering the maturity thereof and (ii) whether or not the credit
agreement referred to in clause (i) remains outstanding, if designated by the Borrower to be included in the definition of “Intelsat Credit Agreement,” one or more (A) debt facilities or commercial paper facilities, providing for
revolving credit loans, term loans, receivables financing (including through the sale of receivables to lenders or to special purpose entities formed to borrow from lenders against such receivables) or letters of credit, (B) debt securities,
indentures or other forms of debt financing (including convertible or exchangeable debt instruments or bank guarantees or bankers’ acceptances), or (C) instruments or agreements evidencing any other Indebtedness, in each case, with the
same or different borrowers or issuers and, in each case, as amended, supplemented, modified, extended, restructured, renewed, refinanced, restated, replaced or refunded in whole or in part from time to time. 
 “Intelsat General” shall have the meaning provided in Section 9.14. 
 “Intelsat Jackson” shall mean Intelsat Jackson Holdings, Ltd., until a successor replaces it, and thereafter means such successor.

 “Intelsat Sub Holdco” shall mean Intelsat Subsidiary Holding Company, Ltd., until a successor replaces it, and thereafter
means such successor. 
 “Investment Grade Rating” shall mean a rating equal to or higher than Baa 3 (or equivalent) by
Moody’s or BBB- (or equivalent) by S&P, or an equivalent rating by any other Rating Agency. 
 “Investment Grade
Securities” shall mean: 
 (1) securities issued or directly and fully guaranteed or insured by the U.S. government
or any agency or instrumentality thereof (other than Cash Equivalents), 
 (2) securities that have an Investment Grade
Rating, but excluding any debt securities or loans or advances between and among the Borrower and its Subsidiaries, 
 (3)
investments in any fund that invests exclusively in investments of the type described in clauses (1) and (2) which fund may also hold immaterial amounts of cash pending investment and/or distribution, and 
  

 -24- 

 (4) corresponding instruments in countries other than the United States customarily
utilized for high quality investments and in each case with maturities not exceeding two years from the date of acquisition. 
 “Investments” shall mean, with respect to any Person, all investments by such Person in other Persons (including Affiliates) in the form of loans (including guarantees), advances or capital contributions (excluding accounts
receivable, trade credit and advances to customers and commission, travel and similar advances to officers, employees and consultants made in the ordinary course of business), purchases or other acquisitions for consideration of Indebtedness, Equity
Interests or other securities issued by any other Person and investments that are required by GAAP to be classified on the balance sheet of the Borrower in the same manner as the other investments included in this definition to the extent such
transactions involve the transfer of cash or other property. For purposes of the definition of “Unrestricted Subsidiary” and Section 10.2: 
 (1) “Investments” shall include the portion (proportionate to the Borrower’s equity interest in such Subsidiary) of the Fair Market Value of the net assets of a Subsidiary of the Borrower at the time
that such Subsidiary is designated an Unrestricted Subsidiary; provided, however, that upon a redesignation of such Subsidiary as a Restricted Subsidiary, the Borrower shall be deemed to continue to have a permanent
“Investment” in an Unrestricted Subsidiary equal to an amount (if positive) equal to: 
 (a) the Borrower’s
“Investment” in such Subsidiary at the time of such redesignation less 
 (b) the portion (proportionate to
the Borrower’s equity interest in such Subsidiary) of the Fair Market Value of the net assets of such Subsidiary at the time of such redesignation; and 
 (2) any property transferred to or from an Unrestricted Subsidiary shall be valued at its Fair Market Value at the time of such transfer,
in each case as determined in good faith by the Board of Directors of the Borrower. 
 “Joint Lead Arrangers” shall mean
Credit Suisse Securities (USA) LLC, Banc of America Securities LLC and Morgan Stanley Senior Funding, Inc., in their respective capacity as joint lead arrangers and joint bookrunners with respect to the Loans. 
 “Joint Venture” shall mean any Person, other than an individual or a Subsidiary of the Borrower, (i) in which the Borrower or a
Restricted Subsidiary of the Borrower holds or acquires an ownership interest (whether by way of Capital Stock or otherwise) and (ii) which is engaged in a Similar Business. 
 “Judgment Currency” shall have the meaning provided in Section 14.19(b). 
 “Lender” shall have the meaning provided in the preamble to this Agreement. 
 “Lender Default” shall mean (a) the failure (which has not been cured) of a Lender to make available its portion of any Borrowing
or (b) a Lender having notified the Administrative Agent and/or the Borrower that it does not intend to comply with the obligations under Section 2.1(a), 2.1(b) or 2.1(d). 
 “License Subsidiary” shall mean one or more wholly-owned Restricted Subsidiaries of the Borrower (i) that holds, was formed for the
purpose of holding or is designated to hold FCC Licenses for 

  

 -25- 

 
the launch and operation of Satellites or for the operation of any TT&C Earth Station (other than any FCC License held by Intelsat General Corporation or
any of its Subsidiaries) and (ii) all of the shares of capital stock and other ownership interests of which are held directly by the Borrower or a Subsidiary Guarantor. 
 “Lien” shall mean, with respect to any asset, any mortgage, lien, pledge, charge, security interest or encumbrance of any kind in
respect of such asset, whether or not filed, recorded or otherwise perfected under applicable law (including any conditional sale or other title retention agreement, any lease in the nature thereof, any other agreement to give a security interest
and any filing of or agreement to give any financing statement under the Uniform Commercial Code (or equivalent statutes) of any jurisdiction); provided that in no event shall an operating lease be deemed to constitute a Lien. 
 “Loan” shall mean any loan made by any Lender hereunder pursuant to Section 2.1. 
 “Lockheed Note” shall mean the $20.0 million note, dated November 25, 2002 from Intelsat Global Service Corporation to COMSAT
Corporation. 
 “Mandatory Offer Election Time” means, with respect to any Mandatory Prepayment Offer, noon, New York time,
two Business Days preceding the prepayment date with respect to such Mandatory Prepayment Offer. 
 “Mandatory Prepayment
Offer” refers to any offer to prepay Loans that the Borrower is required to make pursuant to any of clauses (a) or (b) of Section 5.2. 
 “Marketing Period” means the period of time (a) commencing on the Closing Date and (b) ending on the second anniversary of the delivery of the Offering Memorandum. 
 “Master Intercompany Services Agreement” shall mean the Master Intercompany Services Agreement, dated as of July 3, 2006, among the
Intelsat Bermuda and certain direct and indirect Parent companies and Subsidiaries of the Intelsat Bermuda and the other parties thereto, as in effect on the Closing Date and as amended from time to time thereafter (provided that no such
amendment materially affects the ability of the Borrower to make anticipated principal or interest payments on the Loans). 
 “Material Adverse Change” shall mean any event or circumstance which has resulted or is reasonably likely to result in a material adverse change in the business, assets, operations, properties or financial condition of the
Borrower and its Subsidiaries, taken as a whole or that would materially adversely affect the ability of the Borrower to perform its obligations under this Agreement or any of the other Credit Documents. 
 “Material Adverse Effect” shall mean a circumstance or condition affecting the business, assets, operations, properties or financial
condition of the Borrower and the Subsidiaries, taken as a whole, that would materially adversely affect (a) the ability of the Borrower to perform its obligations under this Agreement or any of the other Credit Documents or (b) the rights
and remedies of the Administrative Agent and the Lenders under this Agreement or any of the other Credit Documents. 
 “Material
Subsidiary” shall mean, at any date of determination, (1) any Subsidiary that is a Guarantor and (2) any other Significant Subsidiary of the Borrower (after giving effect to the Transactions); provided that no Government
Business Subsidiary (including Intelsat General and its Subsidiaries) shall be deemed a Material Subsidiary. 
 “Maturity
Date” shall mean February 1, 2015. 
  

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 “Minimum Borrowing Amount” shall mean, with respect to a Borrowing of Loans, $1,000,000
aggregate principal amount at maturity. 
 “Moody’s” shall mean Moody’s Investors Service, Inc. or any successor
to the rating agency business thereof. 
 “Net Income” means, with respect to any Person, the net income (loss) of such
Person, determined in accordance with GAAP and before any reduction in respect of Preferred Stock dividends. 
 “Net
Proceeds” shall mean the aggregate cash proceeds received by the Borrower or any of its Restricted Subsidiaries in respect of any Asset Sale, including, without limitation, any cash received in respect of or upon the sale or other
disposition of any Designated Non-cash Consideration received in any Asset Sale, net of the direct costs relating to such Asset Sale and the sale or disposition of such Designated Non-cash Consideration (including, without limitation, legal,
accounting and investment banking fees, and brokerage and sales commissions), and any relocation expenses Incurred as a result thereof, taxes paid or payable as a result thereof (after taking into account any available tax credits or deductions and
any tax sharing arrangements related thereto), amounts required to be applied to the repayment of principal, premium (if any) and interest on Indebtedness required (other than pursuant to Section 10.4(b)) to be paid as a result of such
transaction (including to obtain any consent therefor), and any deduction of appropriate amounts to be provided by the Borrower as a reserve in accordance with GAAP against any liabilities associated with the asset disposed of in such transaction
and retained by the Borrower after such sale or other disposition thereof, including, without limitation, pension and other post-employment benefit liabilities and liabilities related to environmental matters or against any indemnification
obligations associated with such transaction. 
 “Net Transponder Capacity” shall mean the aggregate transponder capacity
for all in-orbit transponders then owned by the Borrower and its Restricted Subsidiaries. 
 “Non-Consenting Lender” shall
have the meaning provided in Section 14.7(b). 
 “Non-Defaulting Lender” shall mean and include each Lender other than
a Defaulting Lender. 
 “Non-Guarantor Exception” shall have the meaning provided in Section 10.1(a). 
 “Notes” shall mean the Borrower’s 9 1/4% senior discount notes due 2015. 
 “Notice of Borrowing” shall have the meaning provided in Section 2.3. 
 “Obligations” shall mean any principal, interest, penalties, fees, indemnifications, reimbursements (including, without limitation, reimbursement obligations with respect to letters of credit and bankers’ acceptances),
damages and other liabilities payable under the documentation governing any Indebtedness; provided that obligations shall not include fees or indemnifications of the Administrative Agent and other third parties other than the Lenders.

 “Offering Memorandum” shall mean a confidential offering memorandum prepared by the Borrower or its direct or indirect
Parent relating to the Take-Out Securities, together with such other Additional Debt Securities (other than Additional Debt Securities issued by Intelsat Corporation) and/or other debt securities issued in exchange for or to refinance or replace the
debt facilities and bridge loans contemplated by the Commitment Letter (other than other debt securities issued by Intelsat Corporation) as the Joint Lead Arrangers or the Borrower may select, and containing information customarily included 

  

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in preliminary confidential offering memoranda previously prepared by the Borrower or a Parent of the Borrower (which may, at the election of the Borrower
and in consultation with the Joint Lead Arrangers, incorporate prior filings of the Borrower or its Parent by reference), including customary pro forma financial information (with respect to the confidential offering memorandum delivered pursuant to
Section 9.15(a)(i) and not with respect to any other confidential offering memorandum delivered pursuant to this Agreement or delivered with respect to Intelsat Corporation) and other financial information prepared in substantial accordance
with Regulation S-X, with customary exceptions to financial statement requirements in Rule 144A offerings. The term “Offering Memorandum” shall include any supplement or amendment to a confidential offering memorandum referred to in the
prior sentence. 
 “Officer” shall mean the Chairman of the Board, Chief Executive Officer, Chief Financial Officer,
President, any Executive Vice President, Senior Vice President or Vice President, the Treasurer or the Secretary of the Borrower, any Parent of the Borrower or any of the Borrower’s Restricted Subsidiaries. 
 “Officers’ Certificate” shall mean a certificate signed on behalf of the Borrower and Holdings by two Officers of the Borrower, any
Parent of the Borrower or any of the Borrower’s Restricted Subsidiaries, one of whom must be the principal executive officer, the principal financial officer, the treasurer or the principal accounting officer of the Borrower, any Parent of the
Borrower or any of the Borrower’s Restricted Subsidiaries, that meets the requirements set forth in this Agreement. 
 “Other
Taxes” shall mean any and all present or future stamp, documentary or any other excise, property or similar taxes (including interest, fines, penalties, additions to tax and related expenses with regard thereto) arising directly from any
payment made or required to be made under this Agreement or any other Credit Document or from the execution or delivery of, registration or enforcement of, consummation or administration of, or otherwise with respect to, this Agreement or any other
Credit Document. 
 “PanAmSat Acquisition” shall mean the transaction pursuant to which Intelsat (Bermuda), Ltd. became the
owner of all of the outstanding share capital of PanAmSat Holdco. 
 “PanAmSat Credit Agreement” shall mean (i) the
amended and restated credit agreement entered into on July 3, 2006 in connection with the consummation of the PanAmSat Acquisition, among PanAmSat Opco, the financial institutions named therein and Credit Suisse, Cayman Islands Branch, as
Administrative Agent, and the guarantees thereof provided by certain subsidiaries of the borrower, as amended, restated, supplemented, waived, replaced (whether or not upon termination, and whether with the original lenders or otherwise),
restructured, repaid, refunded, refinanced or otherwise modified from time to time (prior to, on or after the Closing Date), including any one or more agreements or indentures extending the maturity thereof, refinancing, replacing or otherwise
restructuring all or any portion of the Indebtedness under such agreement or agreements or indenture or indentures or any successor or replacement agreement or agreements or indenture or indentures or increasing the amount loaned or issued
thereunder or altering the maturity thereof, and (ii) whether or not the credit agreement referred to in clause (i) remains outstanding, if designated by the Borrower to be included in the definition of “PanAmSat Credit
Agreement,” one or more (A) debt facilities or commercial paper facilities providing for revolving credit loans, term loans, receivables financing (including through the sale of receivables to lenders or to special purpose entities formed
to borrow from lenders against such receivables) or letters of credit, (B) debt securities, indentures or other forms of debt financing (including convertible or exchangeable debt instruments or bank guarantees or bankers’ acceptances), or
(C) instruments or agreements evidencing any other Indebtedness, in each case, with the same or different borrowers or issuers and, in each case, as amended, supplemented, modified, extended, restructured, renewed, refinanced, restated,
replaced or refunded in whole or in part from time to time. 
  

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 “PanAmSat Holdco” shall mean Intelsat Holding Corporation (formerly PanAmSat Holding
Corporation), until a successor replaces it, and thereafter means such successor. 
 “PanAmSat Opco” shall mean Intelsat
Corporation (formerly PanAmSat Corporation), until a successor replaces it, and thereafter means such successor. 
 “Parent”
shall mean, with respect to any Person, any direct or indirect parent company of such Person. 
 “Pari Passu Indebtedness”
shall mean: 
 (1) with respect to the Borrower, the Loans and any Indebtedness which ranks pari passu in right of
payment with the Loans; and 
 (2) with respect to any Guarantor, its Guarantee and any Indebtedness which ranks pari
passu in right of payment with such Guarantor’s Guarantee. 
 “Participant” shall have the meaning provided in
Section 14.6(c)(i). 
 “PBGC” shall mean the Pension Benefit Guaranty Corporation established pursuant to
Section 4002 of ERISA, or any successor thereto. 
 “Period of Suspension” shall mean each period of time commencing on
the date upon which the Borrower provides written notice to the Joint Lead Arrangers of the suspension of the availability of an update to an Offering Memorandum in accordance with Section 9.15(a) and ending on the date upon which the Borrower
provides written notice to the Joint Lead Arrangers of the discontinuation of such suspension; provided that the aggregate of all Periods of Suspension shall not exceed 90 days in any consecutive 12-month period. 
 “Permitted Debt” shall have the meaning provided in Section 10.1(b). 
 “Permitted Holders” shall mean, at any time, each of (i) the Sponsors and (ii) any FSS Operator; provided that, with
respect to clause (ii), the Debt to Adjusted EBITDA Ratio for the Borrower and its Restricted Subsidiaries would be equal to or less than such ratio for the Borrower and its Restricted Subsidiaries immediately prior to the transaction involving such
FSS Operator that causes a Change of Control to occur (including any incurrence of indebtedness used to finance the acquisition thereof). Any person or group whose acquisition of beneficial ownership constitutes a Change of Control in respect of
which a Change of Control Offer is made in accordance with the requirements of this Agreement will thereafter, together with its Affiliates, constitute an additional Permitted Holder. 
 “Permitted Investments” shall mean: 
 (1) any Investment in the Borrower or any Restricted Subsidiary; 
 (2) any Investment in Cash
Equivalents or Investment Grade Securities; 
  

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 (3) any Investment by the Borrower or any Restricted Subsidiary of the Borrower in a
Person that is primarily engaged in a Similar Business if as a result of such Investment (a) such Person becomes a Restricted Subsidiary of the Borrower, or (b) such Person, in one transaction or a series of related transactions, is
merged, consolidated or amalgamated with or into, or transfers or conveys all or substantially all of its assets to, or is liquidated into, the Borrower or a Restricted Subsidiary of the Borrower; 
 (4) any Investment in securities or other assets not constituting Cash Equivalents and received in connection with an Asset Sale made
pursuant to the provisions of Section 10.4 or any other disposition of assets not constituting an Asset Sale; 
 (5) any
Investment existing on the Closing Date and any Investments made pursuant to binding commitments in effect on the Closing Date; 
 (6) advances to employees not in excess of $15.0 million outstanding at any one time in the aggregate; 
 (7) any
Investment acquired by the Borrower or any of its Restricted Subsidiaries (a) in exchange for any other Investment or accounts receivable held by the Borrower or any such Restricted Subsidiary in connection with or as a result of a bankruptcy,
workout, reorganization or recapitalization of the Borrower of such other Investment or accounts receivable, or (b) as a result of a foreclosure by the Borrower or any of its Restricted Subsidiaries with respect to any secured Investment or
other transfer of title with respect to any secured Investment in default; 
 (8) Hedging Obligations permitted under
Section 10.1(b)(x); 
 (9) any Investment by the Borrower or any of its Restricted Subsidiaries in a Similar Business
having an aggregate Fair Market Value, taken together with all other Investments made pursuant to this clause (9) that are at that time outstanding, not to exceed the greater of (x) $125.0 million and (y) 2.5% of Total Assets of the
Borrower at the time of such Investment (with the Fair Market Value of each Investment being measured at the time made and without giving effect to subsequent changes in value); provided, however, that if any Investment pursuant to
this clause (9) is made in any Person that is not a Restricted Subsidiary of the Borrower at the date of the making of such Investment and such Person becomes a Restricted Subsidiary of the Borrower after such date, such Investment shall
thereafter be deemed to have been made pursuant to clause (1) above and shall cease to have been made pursuant to this clause (9) for so long as such Person continues to be a Restricted Subsidiary; 
 (10) additional Investments by the Borrower or any of its Restricted Subsidiaries having an aggregate Fair Market Value, taken together
with all other Investments made pursuant to this clause (10) that are at that time outstanding, not to exceed the greater of (x) $125.0 million and (y) 2.5% of Total Assets of the Borrower at the time of such Investment (with the Fair
Market Value of each Investment being measured at the time made and without giving effect to subsequent changes in value); 
 (11) loans and advances to officers, directors and employees for business related travel expenses, moving and relocation expenses and other similar expenses, in each case Incurred in the ordinary course of business; 
  

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 (12) Investments the payment for which consists of Equity Interests of the Borrower or
any Parent of the Borrower (other than Disqualified Stock); provided, however, that such Equity Interests will not increase the amount available for Restricted Payments under the calculation set forth in the definition of the term
“Cumulative Credit”; 
 (13) any transaction to the extent it constitutes an Investment that is permitted by and
made in accordance with the provisions of Section 10.5(b) (except transactions described in clauses (ii)(a), (vi), (vii) and (xi)(B) of such Section); 
 (14) Investments consisting of the licensing or contribution of intellectual property pursuant to joint marketing arrangements with other
Persons; 
 (15) guarantees not prohibited by or required pursuant to, as the case may be, Section 10.1 and 10.7;

 (16) any Investments by Subsidiaries that are not Restricted Subsidiaries in other Subsidiaries that are not Restricted
Subsidiaries of the Borrower; 
 (17) Investments consisting of purchases and acquisitions of inventory, supplies, materials
and equipment or purchases of contract rights or licenses or leases of intellectual property in each case in the ordinary course of business; 
 (18) any Investment in a Receivables Subsidiary or any Investment by a Receivables Subsidiary in any other Person in connection with a Qualified Receivables Financing, including Investments of funds held in accounts
permitted or required by the arrangements governing such Qualified Receivables Financing or any related Indebtedness; provided, however, that any Investment in a Receivables Subsidiary is in the form of a Purchase Money Note,
contribution of additional receivables or an equity interest; 
 (19) Investments resulting from the receipt of non-cash
consideration in a sale of assets or property that does not constitute an Asset Sale or in an Asset Sale received in compliance with Sections 5.2(b) and 10.4; 
 (20) additional Investments in Joint Ventures of the Borrower or any of its Restricted Subsidiaries existing on the Closing Date in an
aggregate amount not to exceed $20.0 million outstanding at any one time; 
 (21) Investments of a Restricted Subsidiary of
the Borrower acquired after the Closing Date or of an entity merged into, amalgamated with, or consolidated with a Restricted Subsidiary of the Borrower in a transaction that is not prohibited by Section 10.10 after the Closing Date to the
extent that such Investments were not made in contemplation of such acquisition, merger, amalgamation or consolidation and were in existence on the date of such acquisition, merger, amalgamation or consolidation; 
 (22) Investments in Subsidiaries or Joint Ventures formed for the purpose of selling or leasing transponders or transponder capacity to
third-party customers in the ordinary course of business of the Borrower and its Restricted Subsidiaries which investments are in the form of transfers to such Subsidiaries or Joint Ventures for fair market value transponders or transponder capacity
sold or to be sold or leased or to be leased by such Subsidiaries or Joint Ventures; provided that all such Investments in Subsidiaries and Joint Ventures do not exceed 10% of Net Transponder Capacity; and 
  

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 (23) any Investment in the Notes, Acquisition Debt, Intelsat Bermuda Notes, the Loans or
any other Indebtedness incurred in connection with the Transactions. 
 “Permitted Liens” shall mean, with respect to any
Person: 
 (1) pledges or deposits by such Person under workmen’s compensation laws, unemployment insurance laws or
similar legislation, or good faith deposits in connection with bids, tenders, contracts (other than for the payment of Indebtedness) or leases to which such Person is a party, or deposits to secure public or statutory obligations of such Person or
deposits of cash or U.S. government bonds to secure surety or appeal bonds to which such Person is a party, or deposits as security for contested taxes or import duties or for the payment of rent, in each case Incurred in the ordinary course of
business; 
 (2) Liens imposed by law, such as carriers’, warehousemen’s and mechanics’ Liens, in each case for
sums not yet due or being contested in good faith by appropriate proceedings or other Liens arising out of judgments or awards against such Person with respect to which such Person shall then be proceeding with an appeal or other proceedings for
review; 
 (3) Liens for taxes, assessments or other governmental charges not yet due or payable or subject to penalties for
nonpayment or which are being contested in good faith by appropriate proceedings; 
 (4) Liens in favor of issuers of
performance and surety bonds or bid bonds or with respect to other regulatory requirements or letters of credit issued at the request of and for the account of such Person in the ordinary course of its business; 
 (5) minor survey exceptions, minor encumbrances, easements or reservations of, or rights of others for, licenses, rights-of-way, sewers,
electric lines, telegraph and telephone lines and other similar purposes, or zoning or other restrictions as to the use of real properties or Liens incidental to the conduct of the business of such Person or to the ownership of its properties which
were not Incurred in connection with Indebtedness and which do not in the aggregate materially adversely affect the value of said properties or materially impair their use in the operation of the business of such Person; 
 (6)(A) Liens securing an aggregate principal amount of Pari Passu Indebtedness not to exceed the greater of (x) the aggregate
principal amount of Pari Passu Indebtedness permitted to be Incurred pursuant to Section 10.1(b)(i) and (y) the maximum principal amount of Indebtedness that, as of such date, and after giving effect to the Incurrence of such Indebtedness
and the application of the proceeds therefrom on such date, would not cause the Secured Indebtedness Leverage Ratio of the Borrower to exceed 2.00 to 1.00 and (B) Liens securing Indebtedness permitted to be Incurred pursuant to
Section 10.1(b)(ii), (iv) (provided that such Liens do not extend to any property or assets that are not property being purchased, leased, constructed or improved with the proceeds of such Indebtedness being Incurred pursuant to
clause (iv)), (xii) or (xx) of Section 10.1(b); 
 (7) Liens existing on the Closing Date; 
  

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 (8) Liens on assets, property or shares of stock of a Person at the time such Person
becomes a Subsidiary; provided, however, that such Liens are not created or Incurred in connection with, or in contemplation of, such other Person becoming such a Subsidiary; provided, further, however, that such
Liens may not extend to any other property owned by the Borrower or any Subsidiary Guarantor of the Borrower; 
 (9) Liens on
assets or property at the time the Borrower or a Restricted Subsidiary of the Borrower acquired the assets or property, including any acquisition by means of a merger, amalgamation or consolidation with or into the Borrower or any Restricted
Subsidiary of the Borrower; provided, however, that such Liens are not created or Incurred in connection with, or in contemplation of, such acquisition; provided, further, however, that the Liens may not extend to
any other assets or property owned by the Borrower or any Restricted Subsidiary of the Borrower; 
 (10) Liens securing
Indebtedness or other obligations of a Restricted Subsidiary owing to the Borrower or another Restricted Subsidiary of the Borrower permitted to be Incurred in accordance with Section 10.1; 
 (11) Liens securing Hedging Obligations permitted to be Incurred under clause (x) of Section 10.1(b); 
 (12) Liens on specific items of inventory or other goods and proceeds of any Person securing such Person’s obligations in respect of
bankers’ acceptances issued or created for the account of such Person to facilitate the purchase, shipment or storage of such inventory or other goods; 
 (13) leases and subleases of real property which do not materially interfere with the ordinary conduct of the business of the Borrower or
any of its Restricted Subsidiaries; 
 (14) Liens arising from Uniform Commercial Code financing statement filings regarding
operating leases entered into by the Borrower and its Restricted Subsidiaries in the ordinary course of business; 
 (15)
Liens in favor of the Borrower or any Restricted Subsidiary; 
 (16) Liens on equipment of the Borrower or any Restricted
Subsidiary granted in the ordinary course of business to the Borrower’s client at which such equipment is located; 
 (17) Liens on accounts receivable and related assets of the type specified in the definition of “Receivables Financing” Incurred in connection with a Qualified Receivables Financing; 
 (18) deposits made in the ordinary course of business to secure liability to insurance carriers; 
 (19) Liens on the Equity Interests of Unrestricted Subsidiaries; 
 (20) grants of software and other technology licenses in the ordinary course of business; 
  

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 (21) Liens to secure any refinancing, refunding, extension, renewal or replacement (or
successive refinancings, refundings, extensions, renewals or replacements) as a whole, or in part, of any Indebtedness secured by any Lien referred to in the foregoing clauses (6)(B), (7), (8), (9), (10), (11) and (15); provided,
however, that (x) such new Lien shall be limited to all or part of the same property that secured the original Lien (plus improvements on such property), and (y) the Indebtedness secured by such Lien at such time is not increased to
any amount greater than the sum of (A) the outstanding principal amount or, if greater, committed amount of the Indebtedness described under clauses (6)(B), (7), (8), (9), (10), (11) and (15) at the time the original Lien became a
Permitted Lien under this Agreement, and (B) an amount necessary to pay any fees and expenses, including premiums, related to such refinancing, refunding, extension, renewal or replacement; and 
 (22) other Liens securing obligations Incurred in the ordinary course of business which obligations do not exceed $20.0 million at any one
time outstanding. 
 “Person” shall mean any individual, corporation, partnership, limited liability company, Joint Venture,
association, joint-stock company, trust, unincorporated organization, government or any agency or political subdivision thereof or any other entity. 
 “Plan” shall mean any multiemployer or single-employer plan, as defined in Section 4001 of ERISA and subject to Title IV of ERISA, that is or was within any of the preceding six plan years
maintained or contributed to by (or to which there is or was an obligation to contribute or to make payments to) the Borrower, a Subsidiary or an ERISA Affiliate. 
 “Preferred Stock” shall mean any Equity Interest with preferential right of payment of dividends or upon liquidation, dissolution or winding up. 
 “Presumed Tax Rate” shall mean the highest effective marginal statutory combined U.S. federal, state and local income tax rate
prescribed for an individual residing in New York City (taking into account (i) the deductibility of state and local income taxes for U.S. federal income tax purposes, assuming the limitation of Section 68(a)(2) of the Code applies and
taking into account any impact of Section 68(f) of the Code, and (ii) the character (long-term or short-term capital gain, dividend income or other ordinary income) of the applicable income). 
 “Proxy Agreement” shall have the meaning provided in Section 9.14. 
 “Purchase Money Note” shall mean a promissory note of a Receivables Subsidiary evidencing a line of credit, which may be irrevocable,
from the Borrower or any Subsidiary of the Borrower to a Receivables Subsidiary in connection with a Qualified Receivables Financing, which note is intended to finance that portion of the purchase price that is not paid by cash or a contribution of
equity. 
 “Put Loans” shall mean all Loans (or portions thereof) held by Lenders that have notified the Administrative
Agent in writing of such Lenders’ elections (and that have not subsequently validly withdrawn such elections) to require all or a portion of such Loans to be prepaid in any Mandatory Prepayment Offer in accordance with Section 5.2(c).

  

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 “Qualified Receivables Financing” shall mean any Receivables Financing of a Receivables
Subsidiary that meets the following conditions: 
 (1) the Board of Directors of the Borrower shall have determined in good
faith that such Qualified Receivables Financing (including financing terms, covenants, termination events and other provisions) is in the aggregate economically fair and reasonable to the Borrower and the Receivables Subsidiary, 
 (2) all sales of accounts receivable and related assets to the Receivables Subsidiary are made at Fair Market Value (as determined in good
faith by the Borrower), and 
 (3) the financing terms, covenants, termination events and other provisions thereof shall be
market terms (as determined in good faith by the Borrower) and may include Standard Securitization Undertakings. 
 The grant of a security
interest in any accounts receivable of the Borrower or any of its Restricted Subsidiaries (other than a Receivables Subsidiary) to secure Bank Indebtedness shall not be deemed a Qualified Receivables Financing. 
 “Rating Agency” shall mean (1) each of Moody’s and S&P and (2) if Moody’s or S&P ceases to rate the Loans
for reasons outside of the Borrower’s control, a “nationally recognized statistical rating organization” within the meaning of Rule 15c3-1(c)(2)(vi)(F) under the Exchange Act selected by the Borrower or any Parent of the Borrower as a
replacement agency for Moody’s or S&P, as the case may be. 
 “Receivables Fees” shall mean distributions or
payments made directly or by means of discounts with respect to any participation interest issued or sold in connection with, and other fees paid to a Person that is not a Restricted Subsidiary in connection with, any Receivables Financing.

 “Receivables Financing” shall mean any transaction or series of transactions that may be entered into by the Borrower or
any of its Subsidiaries pursuant to which the Borrower or any of its Subsidiaries may sell, convey or otherwise transfer to (a) a Receivables Subsidiary (in the case of a transfer by the Borrower or any of its Subsidiaries), and (b) any
other Person (in the case of a transfer by a Receivables Subsidiary), or may grant a security interest in, any accounts receivable (whether now existing or arising in the future) of the Borrower or any of its Subsidiaries, and any assets related
thereto including, without limitation, all collateral securing such accounts receivable, all contracts and all guarantees or other obligations in respect of such accounts receivable, proceeds of such accounts receivable and other assets which are
customarily transferred or in respect of which security interests are customarily granted in connection with asset securitization transactions involving accounts receivable and any Hedging Obligations entered into by the Borrower or any such
Subsidiary in connection with such accounts receivable. 
 “Receivables Repurchase Obligation” shall mean any obligation of
a seller of receivables in a Qualified Receivables Financing to repurchase receivables arising as a result of a breach of a representation, warranty or covenant or otherwise, including as a result of a receivable or portion thereof becoming subject
to any asserted defense, dispute, off-set or counterclaim of any kind as a result of any action taken by, any failure to take action by or any other event relating to the seller. 
 “Receivables Subsidiary” shall mean a Wholly Owned Restricted Subsidiary of the Borrower (or another Person formed for the purposes of
engaging in a Qualified Receivables Financing with the Borrower in which the Borrower or any Subsidiary of the Borrower makes an Investment and to which the Borrower or any Subsidiary of the Borrower transfers accounts receivable and related assets)
which engages in no activities other than in connection with the financing of accounts receivable of the 

  

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Borrower and its Subsidiaries, all proceeds thereof and all rights (contractual or other), collateral and other assets relating thereto, and any business or
activities incidental or related to such business, and which is designated by the Board of Directors of the Borrower (as provided below) as a Receivables Subsidiary and: 
 (a) no portion of the Indebtedness or any other obligations (contingent or otherwise) of which (i) is guaranteed by the Borrower or
any other Subsidiary of the Borrower (excluding guarantees of obligations (other than the principal of, and interest on, Indebtedness) pursuant to Standard Securitization Undertakings), (ii) is recourse to or obligates the Borrower or any other
Subsidiary of the Borrower in any way other than pursuant to Standard Securitization Undertakings or (iii) subjects any property or asset of the Borrower or any other Subsidiary of the Borrower, directly or indirectly, contingently or
otherwise, to the satisfaction thereof, other than pursuant to Standard Securitization Undertakings, 
 (b) with which neither
the Borrower nor any other Subsidiary of the Borrower has any material contract, agreement, arrangement or understanding other than on terms which the Borrower reasonably believes to be no less favorable to the Borrower or such Subsidiary than those
that might be obtained at the time from Persons that are not Affiliates of the Borrower, and 
 (c) to which neither the
Borrower nor any other Subsidiary of the Borrower has any obligation to maintain or preserve such entity’s financial condition or cause such entity to achieve certain levels of operating results. 
 Any such designation by the Board of Directors of the Borrower shall be evidenced to the Administrative Agent by providing the Administrative Agent with
a certified copy of the resolution of the Board of Directors of the Borrower giving effect to such designation and a certificate of an Authorized Officer certifying that such designation complied with the foregoing conditions. 
 “Refinancings” means, collectively, the (i) redemption of the outstanding
Intelsat Jackson (after giving effect to the Intelsat Bermuda Transfer) Floating Rate Senior Notes due 2013 and Floating Rate Senior Notes due 2015 and (ii) redemption of the outstanding Holdings 5 1/4% Senior Notes due 2008. 
 “Refinancing
Indebtedness” shall have the meaning provided in Section 10.1(b)(xiv). 
 “Refunding Capital Stock” shall have
the meaning provided in Section 10.2(b)(ii). 
 “Register” shall have the meaning provided in Section 14.6(b)(iv).

 “Regulation T” shall mean Regulation T of the Board as from time to time in effect and any successor to all or a portion
thereof establishing margin requirements. 
 “Regulation U” shall mean Regulation U of the Board as from time to time in
effect and any successor to all or a portion thereof establishing margin requirements. 
 “Regulation X” shall mean
Regulation X of the Board as from time to time in effect and any successor to all or a portion thereof establishing margin requirements. 
 “Reportable Event” shall mean an event described in Section 4043 of ERISA and the regulations thereunder. 
  

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 “Required Lenders” shall mean, at any date, Non-Defaulting Lenders having or holding a
majority of the outstanding aggregate principal amount at maturity of the Loans (excluding Loans held by Defaulting Lenders) at such date. 
 “Requirement of Law” shall mean, as to any Person, the Certificate of Incorporation and by-laws or other organizational or governing documents of such Person, and any law, treaty, rule or regulation or determination of an
arbitrator or a court or other Governmental Authority, in each case applicable to or binding upon such Person or any of its property or assets or to which such Person or any of its property or assets is subject. 
 “Restricted Investment” shall mean an Investment other than a Permitted Investment. 
 “Restricted Payment” shall have the meaning provided in Section 10.2(a). 
 “Restricted Subsidiary” shall mean, with respect to any Person, any Subsidiary of such Person other than an Unrestricted Subsidiary of
such Person. Unless otherwise indicated in this Agreement, all references to Restricted Subsidiaries shall mean Restricted Subsidiaries of the Borrower. 
 “Retired Capital Stock” shall have the meaning provided in Section 10.2(b)(ii). 
 “S&P” shall mean Standard & Poor’s Ratings Group or any successor to the rating agency business thereof. 
 “Sale/Leaseback Transaction” shall mean an arrangement relating to property now owned or hereafter acquired by the Borrower or a Restricted Subsidiary whereby the Borrower or a Restricted Subsidiary
transfers such property to a Person and the Borrower or such Restricted Subsidiary leases it from such Person, other than leases between the Borrower and a Restricted Subsidiary of the Borrower or between Restricted Subsidiaries of the Borrower.

 “Satellite” shall mean any satellite owned by the Borrower or any of its Restricted Subsidiaries and any satellite
purchased by the Borrower or any of its Restricted Subsidiaries pursuant to the terms of a Satellite Purchase Agreement, whether such satellite is in the process of manufacture, has been delivered for launch or is in orbit (whether or not in
operational service). 
 “Satellite Manufacturer” shall mean, with respect to any Satellite, the prime contractor and
manufacturer of such Satellite. 
 “Satellite Purchase Agreement” shall mean, with respect to any Satellite, the agreement
between the applicable Satellite Purchaser and the applicable Satellite Manufacturer relating to the manufacture, testing and delivery of such Satellite. 
 “Satellite Purchaser” shall mean the Borrower or Restricted Subsidiary that is a party to a Satellite Purchase Agreement. 
 “SEC” shall mean the Securities and Exchange Commission or any successor thereto. 
 “Secured Indebtedness” shall mean any Indebtedness secured by a Lien. 
 “Secured Indebtedness Leverage
Ratio” shall mean, with respect to any Person, at any date the ratio of (i) Secured Indebtedness of such Person and its Restricted Subsidiaries as of such date of 

  

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calculation (determined on a consolidated basis in accordance with GAAP) to (ii) Adjusted EBITDA of such Person for the four full fiscal quarters for
which internal financial statements are available immediately preceding such date on which such additional Indebtedness is Incurred. In the event that the Borrower or any of its Restricted Subsidiaries Incurs or redeems any Indebtedness subsequent
to the commencement of the period for which the Secured Indebtedness Leverage Ratio is being calculated but prior to the event for which the calculation of the Secured Indebtedness Leverage Ratio is made (the “Secured Leverage Calculation
Date”), then the Secured Indebtedness Leverage Ratio shall be calculated giving pro forma effect to such Incurrence or redemption of Indebtedness as if the same had occurred at the beginning of the applicable four-quarter period.

 For purposes of making the computation referred to above, Investments, acquisitions, dispositions, mergers, amalgamations, consolidations
and discontinued operations (as determined in accordance with GAAP), in each case with respect to an operating unit of a business, and other operational changes that the Borrower or any of its Restricted Subsidiaries has both determined to make and
made after January 28, 2005 and during the four-quarter reference period or subsequent to such reference period and on or prior to or simultaneously with the Secured Leverage Calculation Date shall be calculated on a pro forma basis assuming
that all such Investments, acquisitions, dispositions, mergers, consolidations, discontinued operations and other operational changes (and the change in Adjusted EBITDA resulting therefrom) had occurred on the first day of the four-quarter reference
period. If since the beginning of such period any Person that subsequently became a Restricted Subsidiary or was merged with or into the Borrower or any Restricted Subsidiary since the beginning of such period shall have made any Investment,
acquisition, disposition, merger, amalgamation, consolidation, discontinued operation or operational change, in each case with respect to an operating unit of a business, that would have required adjustment pursuant to this definition, then the
Secured Indebtedness Leverage Ratio shall be calculated giving pro forma effect thereto for such period as if such Investment, acquisition, disposition, discontinued operation, merger, consolidation or operational change had occurred at the
beginning of the applicable four-quarter period. 
 For purposes of this definition, whenever pro forma effect is to be given to any
transaction, the pro forma calculations shall be made in good faith by a responsible financial or accounting officer of the Borrower. Any such pro forma calculation may include adjustments appropriate, in the reasonable determination of the Borrower
as set forth in an Officers’ Certificate, to reflect, among other things, (1) operating expense reductions and other operating improvements or synergies reasonably expected to result from any acquisition, amalgamation, merger or
operational change (including, without limitation, from the Transactions) and (2) all adjustments used in connection with (i) the calculation of “Sub Holdco Adjusted EBITDA” as set forth in Intelsat, Ltd.’s Annual Report
filed on Form 10-K for the year ended December 31, 2007, and (ii) the calculation of “Adjusted EBITDA” as set forth in footnote 4 to the “Summary Historical and Pro Forma Consolidated Financial Data” section of the
offering memorandum dated February 3, 2005 in connection with the offering of the Notes, in each case to the extent such adjustments continue to be applicable to such four-quarter period. 
 “Securities Act” shall mean the Securities Act of 1933, as amended, and the rules and regulations of the SEC promulgated thereunder.

 “Senior Credit Documents” shall mean the collective reference to any of the Credit Agreements, the notes issued pursuant
thereto and the guarantees thereof, and the collateral documents relating thereto, as amended, supplemented or otherwise modified from time to time. 
  

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 “Serafina Assignment” shall mean the assignment by Serafina Acquisition Limited,
immediately following the Intelsat Bermuda Transfer on February 4, 2008, of certain of its liabilities and obligations to Intelsat Bermuda, and the assumption by Intelsat Bermuda of such liabilities and obligations. 
 “Significant Subsidiary” shall means any Restricted Subsidiary that would be a “significant subsidiary” of the Borrower within
the meaning of Rule 1-02 under Regulation S-X promulgated by the SEC or any successor provision. 
 “Similar Business” shall
mean any business or activity of the Borrower or any of its Subsidiaries currently conducted or proposed as of the Closing Date, or any business or activity that is reasonably similar thereto or a reasonable extension, development or expansion
thereof, or is complementary, incidental, ancillary or related thereto. 
 “Solvent” shall mean that, as of any date of
determination, both (i) (a) the sum of the Borrower’s respective debt (including contingent liabilities) does not exceed the present fair saleable value of the Borrower’s respective present assets; (b) the Borrower’s
capital is not unreasonably small in relation to its respective businesses as contemplated on the Closing Date; and (c) the Borrower has not incurred and does not intend to incur, or believe that it will incur, debts including current
obligations beyond its ability to pay such debts as they become due (whether at maturity or otherwise); and (ii) the Borrower is “solvent” within the meaning given that term and similar terms under applicable laws relating to
fraudulent transfers and conveyances. For purposes of this definition, the amount of any contingent liability at any time shall be computed as the amount that, in light of all of the facts and circumstances existing at such time, represents the
amount that can reasonably be expected to become an actual or matured liability (irrespective of whether such contingent liabilities meet the criteria for accrual under Statement of Financial Accounting Standard No. 5). 
 “Specified Intercompany Agreements” shall mean the Master Intercompany Services Agreement, the Employee Transfer Agreement, the G2
Transfer Agreement and the agreements or promissory notes evidencing the Intelsat Bermuda Intercompany Loan and, in each case, agreements in connection therewith. 
 “Specified Merger/Transfer Transaction” shall have the meaning provided in Section 10.10(a). 
 “Specified Sale/Leaseback Transaction” shall mean one Sale/Leaseback Transaction pursuant to which the Borrower or its Restricted Subsidiaries sell one Satellite and related assets that is designated as a Specified
Sale/Leaseback Transaction pursuant to an Officers’ Certificate. 
 “Sponsors” shall mean (1) one or more
investment funds advised, managed or controlled by BC Partners Holdings Limited or any Affiliate thereof, (2) one or more investment funds advised, managed or controlled by Silver Lake or any Affiliate thereof, and (3) one or more
investment funds advised, managed or controlled by any of the Persons described in clauses (1) and (2) of this definition, and, in each case, (whether individually or as a group) their Affiliates; provided that, for purposes of
determining the fees and expenses that may be added back pursuant to clause (5) within the definition of Adjusted EBITDA for any period before the Closing Date, the term “Sponsor” shall also mean one or more investment funds advised,
managed or controlled by Apax Partners Worldwide, LLP, Apax Partners, Inc., Apollo Management V, L.P., Madison Dearborn Partners, LLC or Permira Advisers, LLC or any of their respective Affiliates. 
  

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 “Standard Securitization Undertakings” shall mean representations, warranties,
covenants, indemnities and guarantees of performance entered into by the Borrower or any Subsidiary of the Borrower which the Borrower has determined in good faith to be customary in a Receivables Financing including, without limitation, those
relating to the servicing of the assets of a Receivables Subsidiary, it being understood that any Receivables Repurchase Obligation shall be deemed to be a Standard Securitization Undertaking. 
 “Stated Maturity” shall mean, with respect to any loan or security, the date specified in such loan or security as the fixed date on
which the final payment of principal of such loan or security is due and payable, including pursuant to any mandatory redemption provision (but excluding any provision providing for the repurchase of such loan or security at the option of the holder
or lender thereof upon the happening of any contingency beyond the control of the Borrower unless such contingency has occurred). 
 “Subordinated Indebtedness” shall mean (a) with respect to the Borrower, any Indebtedness of the Borrower which is by its terms subordinated in right of payment to the Loans, and (b) with respect to any Guarantor,
any Indebtedness of such Guarantor which is by its terms subordinated in right of payment to its Guarantee. 
 “Subsidiary”
shall mean, with respect to any Person, (1) any corporation, association or other business entity (other than a partnership, joint venture or limited liability company) of which more than 50% of the total voting power of shares of Capital Stock
entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers or trustees thereof is at the time of determination owned or controlled, directly or indirectly, by such Person or one or more of the other
Subsidiaries of such Person or a combination thereof, (2) any partnership, joint venture or limited liability company of which (x) more than 50% of the capital accounts, distribution rights, total equity and voting interests or general and
limited partnership interests, as applicable, are owned or controlled, directly or indirectly, by such Person or one or more of the other Subsidiaries of that Person or a combination thereof, whether in the form of membership, general, special or
limited partnership interests or otherwise, and (y) such Person or any Restricted Subsidiary of such Person is a controlling general partner or otherwise controls such entity and (3) any Person that is consolidated in the consolidated
financial statements of the specified Person in accordance with GAAP. 
 “Subsidiary Guarantee” shall mean any Guarantee,
made by any Subsidiary Guarantor, if any, in favor of the Administrative Agent for the benefit of the Lenders, substantially in the form of Exhibit A hereto, as the same may be amended, supplemented or otherwise modified from time to time in
accordance with the terms thereof and hereof. 
 “Subsidiary Guarantors” shall mean each Subsidiary of the Borrower that is
a Guarantor on the Closing Date (for so long as such Subsidiary shall remain a Guarantor) and each Subsidiary of the Borrower that becomes a Guarantor pursuant to Section 10.7 (for so long as such Subsidiary shall remain a Guarantor).

 “Successor Company” shall have the meaning provided in Section 10.10(a)(i). 
 “Successor Guarantor” shall have the meaning provided in Section 10.10(b)(i). 
 “Syndication Agent” shall mean Banc of America Bridge LLC, together with its affiliates under this Agreement and the other Credit
Documents. 
 “Take-Out Notice” shall have the meaning provided in Section 3.2. 
  

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 “Take-Out Securities” shall mean the senior unsecured notes of the Borrower due on the
Maturity Date, issued under the Take-Out Securities Indenture, the proceeds of which are used to prepay Loans pursuant to Section 3.2. 
 “Take-Out Securities Indenture” shall mean the indenture with respect to the Take-Out Securities, which shall contain terms (including covenants, events of default, redemption, optional prepayment provisions and other
provisions) that are identical to those set forth in this Agreement (except for differences that are customary between indentures and credit agreements or as otherwise in form and substance reasonably acceptable to the Borrower and the Joint Lead
Arrangers), which shall comply with the Trust Indenture Act of 1939, as amended, and the rules and regulations thereunder (the “TIA”) (provided that the Take-Out Securities Indenture will not be required to be qualified under
the TIA), which will select the laws of the State of New York as the governing law and forum, and in which each party thereto will waive the right to trial by jury and will consent to the non-exclusive jurisdiction of the state and federal courts
located in The City of New York. 
 “Tax-affected Investor” shall mean any holder of capital stock in any Parent of the
Borrower that is subject (or if such holder is a Flow-Through Entity, any partner in which is subject) to a tax regime (for example, as a United States shareholder within the meaning of section 951(b) of the Code) that requires such person to
recognize on a current basis taxable income attributable to earnings and profits of the Borrower, or its Subsidiaries in advance of any distribution of such earnings and profits. 
 “Taxes” shall mean any and all present or future taxes, duties, levies, imposts, assessments, deductions, withholdings or other similar
charges imposed by any Governmental Authority whether computed on a separate, consolidated, unitary, combined or other basis and any and all liabilities (including interest, fines, penalties or additions to tax) with respect to the foregoing.

 “Total Assets” means, with respect to any Person, the total consolidated assets of such Person and its Restricted
Subsidiaries, as shown on the most recent balance sheet. 
 “Transaction Agreement” shall mean the Share Purchase Agreement,
dated as of June 19, 2007, among Intelsat Holdings Ltd., Serafina Acquisition Limited, Serafina Holdings Limited, the Initial Borrower and the other parties thereto, as amended, supplemented or modified from time to time. 
 “Transactions” shall mean the Zeus Acquisition and the transactions contemplated by the Zeus Acquisition Documents and the Acquisition
and the transactions related thereto (including the Intelsat Bermuda Transfer, the Serafina Assignment, the Change of Control Offers and the Refinancings, as applicable), including as contemplated by the Acquisition Documents (including any Equity
Interest payments made in connection therewith (whether on the Closing Date or thereafter)), the issuance of any Notes, amendments and borrowings made pursuant to the Credit Agreements, the Intelsat Corp. Refinancing, the transactions consummated in
connection with the offering of the Intelsat Bermuda Senior Secured Floating Rate Notes 2015, and the other transactions in connection with the foregoing. 
 “Transferee” shall have the meaning provided in Section 14.6(e). 
 “Treasury
Rate” means with respect to the Loans, as of the applicable prepayment date, the yield to maturity as of such prepayment date of United States Treasury securities with a constant maturity (as compiled and published in the most recent
Federal Reserve Statistical Release H.15(519) that has become publicly available at least two business days prior to such prepayment date (or, if such Statistical Release is no longer published, any publicly available source of similar market data))
most nearly equal to the period from such prepayment date to February 1, 2010; provided, however, that if the period from such prepayment date to February 1, 2010 is less than one year, the weekly average yield on actually
traded United States Treasury securities adjusted to a constant maturity of one year will be used. 
  

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 “TT&C Earth Station” shall mean any earth station licensed for operation by the FCC
or by any international, federal, state, local or foreign court or governmental agency, authority, instrumentality or regulatory body, authority, agency or commission or legislative body or other governmental entity outside of the United States used
for the provision of TT&C Services that is owned and operated by the Borrower or any of its Subsidiaries. 
 “TT&C
Services” shall mean the provision of tracking, telemetry and command services for the purposes of operational control of any Satellite. 
 “Unfunded Current Liability” of any Plan shall mean the amount, if any, by which the present value of the accrued benefits under the Plan as of the close of its most recent plan year, determined in accordance with Statement
of Financial Accounting Standards No. 87 as in effect on the Closing Date, based upon the actuarial assumptions that would be used by the Plan’s actuary in a termination of the Plan, exceeds the fair market value of the assets allocable
thereto. 
 “Unrestricted Subsidiary” shall mean: 
 (1) any Subsidiary of the Borrower that at the time of determination shall be designated an Unrestricted Subsidiary by the Board of
Directors of such Person in the manner provided below; and 
 (2) any Subsidiary of an Unrestricted Subsidiary. 
 The Board of Directors of the Borrower may designate any Subsidiary of the Borrower (including any newly acquired or newly formed Subsidiary of the
Borrower) to be an Unrestricted Subsidiary unless such Subsidiary or any of its Subsidiaries owns any Equity Interests or Indebtedness of, or owns or holds any Lien on any property of, the Borrower or any other Subsidiary of the Borrower that is not
a Subsidiary of the Subsidiary to be so designated; provided, however, that the Subsidiary to be so designated and its Subsidiaries do not at the time of designation have and do not thereafter Incur any Indebtedness pursuant to which
the lender has recourse to any of the assets of the Borrower or any of its Restricted Subsidiaries (other than Equity Interests of Unrestricted Subsidiaries); provided, further, however, that either: 
 (a) the Subsidiary to be so designated has total consolidated assets of $1,000 or less; or 
 (b) if such Subsidiary has consolidated assets greater than $1,000, then such designation would be permitted under Section 10.2.

 The Board of Directors of the Borrower may designate any Unrestricted Subsidiary to be a Restricted Subsidiary; provided,
however, that immediately after giving effect to such designation no Event of Default shall have occurred and be continuing and: 
 (x) in the case of any Subsidiary of the Borrower (other than Intelsat Sub Holdco and any of its Subsidiaries), (1) the Borrower could Incur $1.00 of additional Indebtedness pursuant to the Debt to Adjusted
EBITDA Ratio test described in Section 10.1(a) or (2) the Debt to Adjusted EBITDA Ratio for the Borrower and its Restricted Subsidiaries would be less than such ratio for the Borrower and its Restricted Subsidiaries immediately prior
to such designation, in each case on a pro forma basis taking into account such designation; and 
  

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 (y) in the case of any Restricted Subsidiary of Intelsat Sub Holdco, (i) Intelsat
Sub Holdco could Incur $1.00 of additional Indebtedness pursuant to the Debt to Adjusted EBITDA Ratio test described in Section 10.1(a) or (ii) the Debt to Adjusted EBITDA Ratio for Intelsat Sub Holdco and its Restricted Subsidiaries would
be less than such ratio for Intelsat Sub Holdco and its Restricted Subsidiaries immediately prior to such designation, in each case on a pro forma basis taking into account such designation. 
 Any such designation by the Board of Directors of the Borrower shall be evidenced to the Administrative Agent by promptly filing with the Administrative
Agent a copy of the resolution of the Board of Directors of the Borrower giving effect to such designation and an Officers’ Certificate certifying that such designation complied with the foregoing provisions. 
 “U.S. Dollar Equivalent” shall mean, with respect to any monetary amount in a currency other than U.S. Dollars, at any time for the
determination thereof, the amount of U.S. Dollars obtained by converting such foreign currency involved in such computation into U.S. Dollars at the spot rate for the purchase of U.S. Dollars with the applicable foreign currency as quoted by Reuters
at approximately 10:00 A.M. (New York City time) on such date of determination (or if no such quote is available on such date, on the immediately preceding Business Day for which such a quote is available). 
 “Voting Stock” of any Person as of any date shall mean the Capital Stock of such Person that is at the time entitled to vote in the
election of the Board of Directors of such Person. 
 “Weighted Average Life to Maturity” shall mean, when applied to any
Indebtedness or Disqualified Stock, as the case may be, at any date, the quotient obtained by dividing (1) the sum of the products of the number of years from the date of determination to the date of each successive scheduled principal payment
of such Indebtedness or redemption or similar payment with respect to such Disqualified Stock multiplied by the amount of such payment, by (2) the sum of all such payments. 
 “Wholly Owned Restricted Subsidiary” is any Wholly Owned Subsidiary that is a Restricted Subsidiary. 
 “Wholly Owned Subsidiary” of any Person shall mean a Subsidiary of such Person 100% of the outstanding Capital Stock or other ownership
interests of which (other than directors’ qualifying shares or shares or interests required to be held by foreign nationals) shall at the time be owned by such Person or by one or more Wholly Owned Subsidiaries of such Person and one or more
Wholly Owned Subsidiaries of such Person. 
 “Zeus Acquisition” means the transactions pursuant to which Intelsat Holdings,
Ltd. became the owner of all the outstanding share capital of Intelsat, Ltd. pursuant to the Zeus Transaction Agreement. 
 “Zeus
Acquisition Documents” shall mean the Zeus Transaction Agreement, the Intelsat Credit Agreement, and, in each case, any other document entered into in connection therewith, in each case as amended, supplemented or modified from time to
time. 
 “Zeus Transaction Agreement” shall mean the Transaction Agreement and Plan of Amalgamation, dated as of
August 16, 2004, among Intelsat, Ltd., Intelsat (Bermuda), Ltd., Zeus Holdings Limited, Zeus Merger One Limited and Zeus Merger Two Limited, as amended, supplemented or modified from time to time. 
  

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 The words “hereof,” “herein” and “hereunder” and words of similar import
when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement, and Section references are to Sections of this Agreement unless otherwise specified. The words “include,”
“includes” and “including” shall be deemed to be followed by the phrase “without limitation.” Each reference to an agreement or document herein shall mean such agreement or document as from time to time amended,
supplemented or modified in accordance with its terms, unless expressly stated otherwise. 
 SECTION 2. Amount and Terms of Credit. 
 2.1. Commitments. 
 (a)
Subject to and upon the terms and conditions herein set forth, each Lender having a Commitment severally agrees to make a Loan or Loans on the Closing Date to the Borrower in Dollars in an aggregate amount equal to the respective Commitment of such
Lender. 
 (b) Such Loans (i) shall be made on the Closing Date, (ii) may be repaid or prepaid in accordance with
the provisions hereof, but once repaid or prepaid, may not be reborrowed, (iii) shall not exceed for any such Lender the Accreted Value of the Commitment of such Lender and (iv) shall not exceed in the aggregate the total of the Accreted
Value of all Commitments. On the Maturity Date, all then unpaid Loans shall be repaid in full. 
 2.2. Minimum Amount of Each Borrowing;
Maximum Number of Borrowings. The aggregate principal amount of each Borrowing of Loans shall be in a multiple of $1,000,000 aggregate principal amount at maturity and shall not be less than the Minimum Borrowing Amount with respect thereto.
More than one Borrowing may be incurred on any date. 
 2.3. Notice of Borrowing. 
 (a) The Borrower and Holdings shall give the Administrative Agent at the Administrative Agent’s Office prior written notice (or
telephonic notice promptly confirmed in writing) prior to 12:00 p.m. (New York City time) on the date of the Borrowing of Loans. Such notice (a “Notice of Borrowing”) shall be irrevocable and shall specify (i) the Accreted
Value and aggregate principal amount at maturity of the Loans to be made, and (ii) the date of the Borrowing (which shall be the Closing Date). The Administrative Agent shall promptly give each Lender written notice (or telephonic notice
promptly confirmed in writing) of the proposed Borrowing of Loans, of such Lender’s proportionate share thereof and of the other matters covered by the related Notice of Borrowing. 
 (b) Without in any way limiting the obligation of the Borrower and Holdings to confirm in writing any notice it may give hereunder by
telephone, the Administrative Agent may act prior to receipt of written confirmation without liability upon the basis of such telephonic notice believed by the Administrative Agent in good faith to be from an Authorized Officer of the Borrower. In
each such case, the Borrower and Holdings hereby waive the right to dispute the Administrative Agent’s record of the terms of any such telephonic notice. 
  

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 2.4. Disbursement of Funds. 
 (a) Subject to Section 6, no later than 9:00 a.m. (New York City time) on the Closing Date, each Lender will make available its
pro rata portion based on its Commitment, if any, of each Borrowing requested to be made on such date in the manner provided below. 
 (b) Each Lender shall make available all amounts it is to fund to the Borrower and Holdings in immediately available funds to the Administrative Agent at the Administrative Agent’s Office and the Administrative
Agent will make available to the Borrower and Holdings, by disbursing proceeds pursuant to the instructions provided as part of the Notice of Borrowing, the aggregate of the amounts so made available in Dollars. Unless the Administrative Agent shall
have been notified by any Lender prior to the Closing Date that such Lender does not intend to make available to the Administrative Agent its portion of the Borrowing to be made on such date, the Administrative Agent may assume that such Lender has
made such amount available to the Administrative Agent on such date, and the Administrative Agent, in reliance upon such assumption, may (in its sole discretion and without any obligation to do so) make available to the Borrower and Holdings a
corresponding amount. If such corresponding amount is not in fact made available to the Administrative Agent by such Lender and the Administrative Agent has made available same to the Borrower and Holdings, the Administrative Agent shall be entitled
to recover such corresponding amount from such Lender. If such Lender does not pay such corresponding amount forthwith upon the Administrative Agent’s demand therefor the Administrative Agent shall promptly notify the Borrower and the Borrower
and Holdings shall immediately pay such corresponding amount to the Administrative Agent. The Administrative Agent shall also be entitled to recover from such Lender or the Borrower and Holdings interest on such corresponding amount in respect of
each day from the date such corresponding amount was made available by the Administrative Agent to the Borrower and Holdings to the date such corresponding amount is recovered by the Administrative Agent, at a rate per annum equal to
(i) if paid by such Lender, the Federal Funds Effective Rate or (ii) if paid by the Borrower or Holdings, the then-applicable rate of interest or fees, calculated in accordance with Section 2.8, for the respective Loans. 

(c) Nothing in this Section 2.4 shall be deemed to relieve any Lender from its obligation to fulfill its commitments hereunder or
to prejudice any rights that the Borrower or Holdings may have against any Lender as a result of any default by such Lender hereunder (it being understood, however, that no Lender shall be responsible for the failure of any other Lender to fulfill
its commitments hereunder). 
 2.5. Repayment of Loans; Evidence of Debt. 
 (a) The Borrower and Holdings shall repay to the Administrative Agent, for the benefit of the Lenders, on the Maturity Date, the
then-unpaid Loans, in Dollars. 
 (b) [INTENTIONALLY OMITTED] 
 (c) [INTENTIONALLY OMITTED] 
 (d) Each Lender shall maintain in accordance with its usual practice an account or accounts evidencing the indebtedness of the Borrower and Holdings to the appropriate lending office of such Lender resulting from each
Loan made by such lending office of such Lender from time to time, including the amounts of principal and interest payable and paid to such lending office of such Lender from time to time under this Agreement. 
  

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 (e) The Administrative Agent shall maintain the Register pursuant to
Section 14.6(b), and a subaccount for each Lender, in which Register and subaccounts (taken together) shall be recorded (i) the amount of each Loan made hereunder and the Interest Period applicable thereto, (ii) the amount of any
principal or interest due and payable or to become due and payable from the Borrower and Holdings to each Lender hereunder and (iii) the amount of any sum received by the Administrative Agent hereunder from the Borrower and Holdings and each
Lender’s share thereof. 
 (f) The entries made in the Register and accounts and subaccounts maintained pursuant to
paragraphs (d) and (e) of this Section 2.5 shall, to the extent permitted by applicable law, be prima facie evidence of the existence and amounts of the obligations of the Borrower and Holdings therein recorded; provided,
however, that the failure of any Lender or the Administrative Agent to maintain such account, such Register or such subaccount, as applicable, or any error therein, shall not in any manner affect the obligation of the Borrower and Holdings to
repay (with applicable interest) the Loans made to the Borrower and Holdings by such Lender in accordance with the terms of this Agreement. 
 2.6. [Intentionally Omitted]. 
 2.7. Pro Rata Borrowings. Each Borrowing of Loans under this
Agreement shall be granted by the Lenders pro rata on the basis of their then-applicable Commitments. It is understood that no Lender shall be responsible for any default by any other Lender in its obligation to make Loans hereunder and that
each Lender shall be obligated to make the Loans provided to be made by it hereunder, regardless of the failure of any other Lender to fulfill its commitments hereunder. 
 2.8. Interest. 
 (a) Prior to February 1, 2010, interest on the Loans will accrue
in the form of an increase in the Accreted Value of the Loans, and no cash interest shall be paid. The Accreted Value of the Loan will increase from the Closing Date until February 1, 2010 at a rate of 9.50% per annum compounded
semi-annually as provided in the definition of “Accreted Value” such that the Accreted Value will (except as otherwise provided in the definition of “Accreted Value”) equal the principal amount at maturity on February 1,
2010. Thereafter, the Borrower and Holdings shall pay interest at a rate of 9.50% per annum semi-annually on February 1 and August 1 of each year, in cash (subject to clause (c) below), in arrears commencing August 1,
2010. 
 (b) If all or a portion of (i) the Accreted Value or principal amount at maturity, as the case may be, of any
Loan or (ii) any interest payable thereon shall not be paid when due (whether at the Stated Maturity, by acceleration or otherwise), such overdue amount shall bear interest at a rate per annum that is (x) in the case of overdue
principal, the rate that would otherwise be applicable thereto plus 2% or (y) in the case of any overdue interest, to the extent permitted by applicable law, the rate described in Section 2.8(a) plus 2% from and including the date of such
non-payment to but excluding the date on which such amount is paid in full (after as well as before judgment). 
 (c) Interest
on each Loan shall accrete or accrue, as the case may be, from and including the Closing Date to but excluding the date of any repayment thereof and shall be payable on the last day of each Interest Period applicable thereto and upon any prepayment
(on the amount prepaid), at maturity (whether by acceleration or otherwise) and, after such maturity, on demand. 
 (d) All
computations of interest hereunder shall be made in accordance with Section 5.5. 
  

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	SECTION	3. Securities Demand; Exchange Notes. 

 3.1.
Exchange Notes and Execution of Exchange Note Indenture. No later than the 270th day following the consummation of the Acquisition, the Borrower and Holdings shall have appointed a trustee for the Exchange Note Indenture (and to which the
Required Lenders shall not have reasonably objected prior to such date, the “Exchange Note Trustee”, it being acknowledged and agreed that Wells Fargo Bank, National Association, shall be acceptable) and, if any Loans remain
outstanding on the 365th day following the Closing Date, promptly thereafter enter into the Exchange Note Indenture to the extent any Lender elects to exchange Loans for Exchange Notes in accordance with Section 3.3 below, which shall contain
the terms and provisions set forth in the definition of “Exchange Note Indenture,” and which shall comply with the TIA; provided that the Exchange Note Indenture will not be required to be qualified under the TIA. The Exchange Note
Indenture will select the laws of the State of New York as the governing law and forum, and each party thereto will waiver the right to trial by jury and will consent to the non-exclusive jurisdiction of the state and federal courts located in The
City of New York. 
 3.2. Securities Demand. Following delivery by the Borrower to the Joint Lead Arrangers of an Offering Memorandum
pursuant to Section 9.15(a)(i), the Joint Lead Arrangers may deliver notice to the Borrower to issue Take-Out Securities in an aggregate principal amount not in excess of the aggregate Accreted Value of Loans then outstanding (such notice, a
“Take-Out Notice”). The Take-Out Notice shall specify (i) the principal amount of the Take-Out Securities to be issued, (ii) the name of the proposed registered holder, (iii) the amount of the Take-Out Securities
requested, which shall not exceed the aggregate Accreted Value of Loans then outstanding, and (iv) the aggregate Accreted Value of each of the Loans, Exchange Notes, Notes, Take-Out Securities and Additional Debt Securities held by each Joint
Lead Arranger and its respective Affiliates. It shall be a condition to the issuance of Take-Out Securities that the Borrower and the Joint Lead Arrangers make customary representations to each other with respect to the issuance of such Take-Out
Securities (and any subsequent distributions pursuant to Rule 144A) consistent with past practices and prior offerings of securities by the Borrower’s Parent and its Subsidiaries. 
 3.3. Option to Exchange Loans for Exchange Notes. At any time on or after the date that is 365 days after the Closing Date, if Loans are still
outstanding, on one occasion, the Required Lenders may elect to cause the Borrower to exchange all of the Loans held by such Lender for one or more Exchange Notes by giving not less than three Business Days’ prior irrevocable written notice of
such election, in the form of Exhibit G, to the Borrower, the Administrative Agent and the Exchange Note Trustee specifying (i) the Accreted Value of the Loans to be exchanged and (ii) the name of the proposed registered holder and
the amount of each Exchange Note requested (each such notice, an “Exchange Notice”). 
 3.4. Procedures for Issuing
Exchange Notes. 
 (a) Any Lender exchanging Loans for Exchange Notes pursuant to Section 3.3 shall deliver to the
Borrower (as a condition to receipt of such Exchange Notes), within three Business Days following delivery of an Exchange Notice, promissory note(s) evidencing its Loans to be exchanged. Loans exchanged for Exchange Notes pursuant to
Section 3.3 shall be deemed repaid and canceled, and (subject to the last sentence of Section 3.4(d)) upon receipt by such Lender of such Exchange Notes all Obligations with respect to such Loans shall be terminated. Such Exchange Notes
shall be governed by and construed in accordance with the provisions of the Exchange Note Indenture. 
  

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 (b) Not later than the third Business Day after delivery of an Exchange Notice:

 (i) the Borrower shall cancel each promissory note so delivered to it pursuant to Section 3.4(a) and, if applicable,
the Borrower shall issue a replacement promissory note to such Lender in an amount equal to the remaining outstanding Accreted Value of such Lender’s Loans; and 
 (ii) the Administrative Agent shall deliver the Exchange Notice to the Exchange Note Trustee, and the Borrower shall deliver an
authentication order to the Exchange Note Trustee directing the Exchange Note Trustee to authenticate Exchange Notes with an aggregate Accreted Value to or for the order of the Lender exchanging such Loans pursuant to Section 3.3, and the
Exchange Note Trustee shall deliver the applicable Exchange Note(s) to the holder or holders thereof specified in the Exchange Notice. 
 (c) The Exchange Notes to be issued to any Lender shall be issued in an aggregate principal amount equal to the principal amount specified in the Exchange Notice, as applicable, payable to such Lender or its nominee
in such amounts as may be specified therein. On the day such Exchange Notes are issued, the Borrower and Holdings shall pay to the Administrative Agent, for account of such Lender, all unpaid cash interest accrued to such day on the Loans that are
the subject of the exchange. 
 3.5. Registration Rights with Respect to Exchange Notes. Each of the Borrower and Holdings agrees that
the Exchange Notes will be issued in a private placement distributed (if at all) pursuant to Rule 144A and shall be entitled to customary registration rights as provided on Annex I. 
 3.6. Private Placement. The Borrower and Holdings shall issue Exchange Notes, if any, pursuant to this Section 3 in a Rule 144A private
placement (with customary registration rights as provided on Annex I). 
 SECTION 4. Fees; Commitments. 
 4.1. Fees. The Borrower and Holdings shall pay to the applicable parties fees in the amounts and at the times set forth in the Fee Letter. Such fee
shall be fully earned when paid and shall not be refundable for any reason whatsoever. 
 4.2. Mandatory Termination of Commitments.
The Commitments shall terminate at 5:00 p.m. (New York City time) on the Closing Date. 
 SECTION 5. Payments. 
 5.1. Voluntary Prepayments. 
 (a) Prepayments. Except as set forth in Section 5.1(b) or 5.2(d), the Loans shall not be prepayable at the option of the Borrower prior to February 1, 2010. Thereafter, the Loans shall be pre-payable at the option of the
Borrower, in whole at any time or in part from time to time at the following prepayment prices (expressed as a percentage of principal amount at maturity), plus accrued and unpaid interest, to the date of prepayment, if redeemed during the 12-month
period commencing on February 1 of the years set forth below: 
  

				
	 Year
	  	Prepayment
Price	 
	 2010
	  	104.750	%
	 2011
	  	103.167	%
	 2012
	  	101.583	%
	 2013 and thereafter
	  	100.000	%

  

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 (b) Make Whole Payments. Subject to Section 5.2(d), prior to February 1,
2010, the Borrower may voluntarily prepay the Loans, at its option, in whole at any time or in part from time to time at a redemption price equal to 100% of the Accreted Value of the Loans prepaid plus the Applicable Premium as of the applicable
prepayment date. Prepayments made pursuant to Section 5.2(d) shall be made without penalty or premium. 
 (c)
[Reserved]. 
 (d) Notice of any prepayment made pursuant to this Section 5.1 may be given prior to the completion
thereof, and any such prepayment or notice may, at the Borrower’s or Holdings’ discretion, be subject to one or more conditions precedent. 
 5.2. Mandatory Prepayments. 
 (a) Change of Control Prepayment Offer. Unless
otherwise prepaid in accordance with Section 5.1 and subject to any restriction contained in any secured Indebtedness of a Credit Party or its Subsidiaries, upon the occurrence of a Change of Control, each Lender shall have the right to require
the Borrower to prepay all or any part of such Lender’s Loans at a price in cash equal to 101% of the Accreted Value thereof, plus accrued and unpaid interest, if any, to the date of such repayment. 
 Within 60 days following any Change of Control, the Borrower shall provide a written notice to the Administrative Agent containing the following
information (such notice, a “Change of Control Offer”): 
 (i) that a Change of Control has occurred and that
such Lender has the right to require the Borrower and Holdings to repay such Lender’s Loans at a price in cash equal to 101% of the Accreted Value thereof, plus accrued and unpaid interest to the date of purchase; 
 (ii) the circumstances and relevant facts and financial information regarding such Change of Control; 
 (iii) the repayment date (which shall be no earlier than 30 days nor later than 60 days from the date such notice is mailed); and

 (iv) a statement that any Lender wishing to have its Loans repaid pursuant to such Change of Control must comply with
Section 5.2(c). 
 A Change of Control Offer may be made in advance of a Change of Control, and conditioned upon such Change of Control,
if a definitive agreement is in place for the Change of Control at the time of making the Change of Control Offer. 
 Notwithstanding the
foregoing provisions of this Section, the Borrower and Holdings shall not be required to make a Change of Control Offer upon a Change of Control if, upon the direction of the Borrower, a third party makes the Change of Control Offer in the manner,
at the times and otherwise in 

  

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compliance with the requirements set forth in Section 5.2(a) applicable to a Change of Control Offer made by the Borrower and Holdings and repays all
Loans validly offered and not withdrawn under such Change of Control Offer. 
 (b) Asset Sale Prepayment Offer. Subject
to any restriction contained in any secured Indebtedness of a Credit Party or its Subsidiaries, promptly, and in any event within ten (10) Business Days after the Borrower becomes obligated to make a prepayment offer pursuant to
Section 10.4, the Borrower shall make an offer to prepay the Loans at a price equal to 100% of the Accreted Value thereof, plus accrued and unpaid interest, if any, to the prepayment date (an “Excess Proceeds Offer”). In order
to make an Excess Proceeds Offer, the Borrower shall provide a written notice thereof to the Administrative Agent. Such notice shall contain the following: 
 (i) that an Excess Proceeds Offer is being made pursuant to the Agreement; 
 (ii) the
prepayment price and prepayment date, which shall be, subject to any contrary requirements of applicable law, a Business Day no earlier than 30 days nor later than 60 days after the date on which such notice is delivered to the Administrative Agent;

 (iii) such information regarding the Borrower and its Subsidiaries as the Borrower in good faith believes will enable
Lenders to make an informed decision with respect to such Excess Proceeds Offer; and 
 (iv) a statement that any Lender
wishing to have its Loans repaid pursuant to such Excess Proceeds Offer must comply with Section 5.2(c). 
 (c)
Procedures for Lenders to Accept Mandatory Prepayment Offers; Withdrawal of Acceptance of a Mandatory Prepayment Offer. In order to accept any Mandatory Prepayment Offer, a Lender shall notify the Administrative Agent in writing as instructed
by the Administrative Agent in such notice of prepayment prior to the Mandatory Offer Election Time of such Lender’s election to require the Borrower to prepay all or a portion of such Lender’s Loans pursuant to such Mandatory Prepayment
Offer (which, in the case of any election to require less than all of such Lender’s Loans to be prepaid in such Mandatory Prepayment Offer, shall be in a minimum principal amount at maturity of $2,000 or an integral multiple thereof) and shall
specify the Accreted Value and aggregate principal amount at maturity of such Lender’s Loans (“Put Loans”) which such Lender requests be prepaid in such Mandatory Prepayment Offer. In order to validly withdraw any election with
respect to any Put Loans in any Mandatory Prepayment Offer, the Lender holding such Put Loans shall notify the Administrative Agent in writing at its address for notices contained in this Agreement prior to the Mandatory Offer Election Time of such
Lender’s election to withdraw such Put Loans from such Mandatory Prepayment Offer, which notification shall include a copy of such Lender’s previous notification electing to have its Put Loans prepaid in such Mandatory Prepayment Offer and
shall state that such election is withdrawn. The Administrative Agent shall from time to time, upon request by the Borrower, advise the Borrower of the amount of Put Loans with respect to any Mandatory Prepayment Offer. 
 (d) Mandatory Prepayment with Proceeds of Take-Out Securities. On the date of receipt by the Borrower or Holdings of any cash
proceeds from the issuance of the Take-Out Securities, the Loans shall be prepaid at par plus accrued and unpaid interest through the date of prepayment (without prepayment penalty or premium) by the Borrower in an aggregate amount equal to 100% of
such proceeds, net of underwriting discounts and commissions and other reasonable costs and expenses associated therewith, including reasonable legal fees and expenses. 
  

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 5.3. Method and Place of Payment. 
 (a) Except as otherwise specifically provided herein, all payments under this Agreement shall be made by the Borrower and Holdings,
without set-off, counterclaim or deduction of any kind, to the Administrative Agent for the ratable account of the Lenders entitled thereto not later than 12:00 Noon (New York City time) on the date when due and shall be made in immediately
available funds at the Administrative Agent’s Office or at such other office as the Administrative Agent shall specify for such purpose by notice to the Borrower, it being understood that written or facsimile notice by the Borrower and Holdings
to the Administrative Agent to make a payment from the funds in the Borrower’s or Holdings’ account at the Administrative Agent’s Office shall constitute the making of such payment to the extent of such funds held in such account. All
payments under each Credit Document (whether of principal, interest or otherwise) shall be made in Dollars. The Administrative Agent will thereafter cause to be distributed on the same day (if payment was actually received by the Administrative
Agent prior to 2:00 p.m. (New York City time) on such day) like funds relating to the payment of principal or interest or Fees ratably to the Lenders entitled thereto. 
 (b) Any payments under this Agreement that are made later than 2:00 p.m. (New York City time) shall be deemed to have been made on the
next succeeding Business Day in the Administrative Agent’s sole discretion. Whenever any payment to be made hereunder shall be stated to be due on a day that is not a Business Day, the due date thereof shall be extended to the next succeeding
Business Day and, with respect to payments of principal, interest shall be payable during such extension at the applicable rate in effect immediately prior to such extension. 
 5.4. Net Payments. 
 (a) Any and all payments made by or on behalf of the Borrower, Holdings or any Guarantor under this Agreement or any other Credit Document shall be made free and clear of, and without deduction or withholding for or on account of, any
Indemnified Taxes; provided that if Borrower or any Guarantor shall be required by law to deduct or withhold any Indemnified Taxes from such payments, then (i) the sum payable shall be increased as necessary so that after making all
required deductions and withholdings (including deductions or withholdings of Indemnified Taxes applicable to additional sums payable under this Section 5.4) the Administrative Agent or any Lender, as the case may be, receives an amount equal
to the sum it would have received had no such deductions or withholdings been made, (ii) the Borrower, Holdings or any Guarantor shall make such deductions or withholdings and (iii) the Borrower, Holdings or any Guarantor shall pay the
full amount deducted or withheld to the relevant Governmental Authority in accordance with applicable law. Whenever any Indemnified Taxes are payable by the Borrower or Holdings, as promptly as possible thereafter, the Borrower and Holdings shall
send to the Administrative Agent for its own account or for the account of such Lender, as the case may be, a certified copy of an original official receipt (or other evidence acceptable to such Lender, acting reasonably) received by the Borrower or
Holdings showing payment thereof. 
 (b) Borrower and Holdings shall pay and shall indemnify and hold harmless the
Administrative Agent and each Lender (whether or not such Other Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority) with regard to any Other Taxes. 
 (c) Borrower and Holdings shall indemnify and hold harmless the Administrative Agent and each Lender within 15 Business Days after written
demand therefor, for the full amount of any Indemnified Taxes imposed on the Administrative Agent or such Lender as the case may be, on or with respect to any payment by or on account of any obligation of the Borrower, Holdings or any Guarantor
hereunder or under any other Credit Document (including Indemnified Taxes imposed or asserted on or 

  

 -51- 

 
attributable to amounts payable under this Section 5.4) and any reasonable expenses arising therefrom or with respect thereto, whether or not such
Indemnified Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to the Borrower or Holdings by a Lender or by the Administrative Agent on
its own behalf or on behalf of a Lender shall be conclusive absent manifest error. 
 (d) A Foreign Lender that is entitled to
an exemption from or reduction in a withholding tax imposed under the laws of Bermuda with respect to payments under this Agreement or any other Credit Document shall deliver to the Borrower and Holdings and the Administrative Agent, at the time or
times prescribed by applicable law and as reasonably requested by the Borrower and Holdings or the Administrative Agent such properly completed and executed documentation as will permit such payments to be made without withholding or at a reduced
rate, provided that such Lender is legally entitled to complete, execute and deliver such documentation. To the extent it is legally entitled to do so, each Lender agrees to use reasonable efforts (consistent with legal and regulatory
restrictions and subject to overall policy considerations of such Lender) to file or deliver to the Borrower and Holdings and the Administrative Agent any certificate or document, as reasonably requested by the Borrower and Holdings or the
Administrative Agent, that may be necessary to establish any available exemption from, or reduction in the amount of, any withholding taxes imposed by a jurisdiction other than Bermuda; provided, however, that a Lender shall not be
required to file or deliver any such certificate or document if in such Lender’s reasonable judgment such completion, execution or delivery would be disadvantageous to such Lender or would subject such Lender to any unreimbursed cost.

 (e) If the Borrower and Holdings determine in good faith that a reasonable basis exists for contesting any taxes for which
indemnification has been demanded hereunder, the relevant Lender or the Administrative Agent, as applicable, shall cooperate with the Borrower in challenging such taxes at the Borrower’s expense if so requested by the Borrower and Holdings. If
any Lender or the Administrative Agent, as applicable, receives a refund of a tax for which a payment has been made by the Borrower and Holdings pursuant to this Agreement (or reduction of, or credit against its tax liabilities in lieu of a refund),
which refund, reduction or credit in the good faith judgment of such Lender or Administrative Agent, as the case may be, is attributable to such payment made by the Borrower or Holdings, then the Lender or the Administrative Agent, as the case may
be, shall reimburse the Borrower or Holdings, as the case may be, for such amount (together with any interest received thereon) as the Lender or Administrative Agent, as the case may be, determines to be the proportion of the refund, reduction or
credit as will leave it, after such reimbursement, in no better or worse position (taking into account expenses or any taxes imposed on the refund) than it would have been in if the payment had not been required. A Lender or Administrative Agent
shall claim any refund, reduction or credit that it determines is available to it, unless it concludes in its reasonable discretion that it would be adversely affected by making such a claim. Neither the Lender nor the Administrative Agent shall be
obliged to disclose any information regarding its tax affairs or computations to the Borrower in connection with this paragraph (e) or any other provision of this Section 5.4. 
 (f) The agreements in this Section 5.4 shall survive the termination of this Agreement and the payment of the Loans and all other
amounts payable hereunder. 
 5.5. Computation of Interest and Fees. All computations of interest for Loans shall be made on the basis
of a year of 360 days. 
  

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 5.6. Limit on Rate of Interest. 
 (a) No Payment Shall Exceed Lawful Rate. Notwithstanding any other term of this Agreement, the Borrower and Holdings shall not be
obliged to pay any interest or other amounts under or in connection with this Agreement in excess of the amount or rate permitted under or consistent with any applicable law, rule or regulation. 
 (b) Payment at Highest Lawful Rate. If the Borrower and Holdings are not obliged to make a payment which it would otherwise be
required to make, as a result of Section 5.6(a), the Borrower and Holdings shall make such payment to the maximum extent permitted by or consistent with applicable laws, rules and regulations. 
 (c) Adjustment if Any Payment Exceeds Lawful Rate. If any provision of this Agreement or any of the other Credit Documents would
obligate the Borrower and Holdings to make any payment of interest or other amount payable to any Lender in an amount or calculated at a rate which would be prohibited by any applicable law, rule or regulation, then notwithstanding such provision,
such amount or rate shall be deemed to have been adjusted with retroactive effect to the maximum amount or rate of interest, as the case may be, as would not be so prohibited by law, such adjustment to be effected, to the extent necessary, by
reducing the amount or rate of interest required to be paid by the Borrower to the affected Lender under Section 2.8. 
 Notwithstanding
the foregoing, and after giving effect to all adjustments contemplated thereby, if any Lender shall have received from the Borrower or Holdings an amount in excess of the maximum permitted by any applicable law, rule or regulation, then the Borrower
and Holdings shall be entitled, by notice in writing to the Administrative Agent to obtain reimbursement from that Lender in an amount equal to such excess, and pending such reimbursement, such amount shall be deemed to be an amount payable by that
Lender to the Borrower or Holdings, as the case may be. 
 SECTION 6. Conditions Precedent to Initial Borrowing on the Closing Date. 
 The Borrowings on the Closing Date under this Agreement are subject to the satisfaction of the following conditions precedent, except as otherwise agreed
between the Borrower and the Administrative Agent. 
 6.1. Credit Documents. The Administrative Agent shall have received this
Agreement, executed and delivered by a duly authorized officer of the Borrower and Holdings. 
 6.2. No Default; Representations and
Warranties. On the Closing Date and also after giving effect thereto, the representations and warranties made by the Borrower and Holdings contained in Sections 8.2, 8.5 and 8.7 shall be true and correct in all material respects (except where
such representations and warranties expressly relate to an earlier date, in which case such representations and warranties shall have been true and correct in all material respects as of such earlier date). 
 6.3. Fees and Expenses. All costs, fees, expenses and other compensation payable on the Closing Date to the Lenders, Joint Lead Arrangers or the
Administrative Agent in connection with the initial funding of the Loans, and for which reasonably detailed invoices have been delivered at least five business days prior to the Closing Date, shall have been paid. 
 SECTION 7. [Reserved]. 
  

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 SECTION 8. Representations, Warranties and Agreements. 
 In order to induce the Lenders to enter into this Agreement, to make the Loans and issue or participate in Letters of Credit as provided for herein, the
Borrower and Holdings make the following representations and warranties to, and agreements with, the Lenders on the Closing Date: 
 8.1.
Corporate Status. Each of the Borrower, Holdings and the Material Subsidiaries (a) is a duly organized and validly existing corporation or other entity in good standing under the laws of the jurisdiction of its organization and has the
corporate or other organizational power and authority to own its property and assets and to transact the business in which it is engaged and (b) has duly qualified and is authorized to do business and is in good standing in all jurisdictions
where it is required to be so qualified, except where the failure to be so qualified could not reasonably be expected to result in a Material Adverse Effect. 
 8.2. Corporate Power and Authority. Each of the Borrower and Holdings has the corporate or other organizational power and authority to execute, deliver and carry out the terms and provisions of the Credit
Documents to which it is a party and has taken all necessary corporate or other organizational action to authorize the execution, delivery and performance of the Credit Documents to which it is a party. Each of the Borrower and Holdings has duly
executed and delivered each Credit Document to which it is a party and each such Credit Document which is currently in effect constitutes the legal, valid and binding obligation of the Borrower or Holdings, enforceable in accordance with its terms,
except as the enforceability thereof may be limited by bankruptcy, insolvency or similar laws affecting creditors’ rights generally and subject to general principles of equity. 
 8.3. No Violation. Neither the execution, delivery or performance by the Borrower or Holdings of the Credit Documents to which it is a party and
which is currently in effect nor compliance with the terms and provisions thereof nor the consummation of the Acquisition and the other transactions contemplated hereby or thereby will (a) contravene any applicable provision of any material
law, statute, rule, regulation, order, writ, injunction or decree of any court or governmental instrumentality, (b) result in any breach of any of the terms, covenants, conditions or provisions of, or constitute a default under, or result in
the creation or imposition of (or the obligation to create or impose) any Lien upon any of the property or assets of the Borrower, Holdings or any of the Restricted Subsidiaries pursuant to, the terms of any material indenture, loan agreement, lease
agreement, mortgage, deed of trust, agreement or other material instrument to which the Borrower, Holdings or any of the Restricted Subsidiaries is a party or by which it or any of its property or assets is bound or (c) violate any provision of
the certificate of incorporation, bylaws or other constitutional documents of the Borrower, Holdings or any of the Restricted Subsidiaries. 
 8.4. Litigation. There are no actions, suits or proceedings (including Environmental Claims) pending or, to the knowledge of the Borrower or Holdings, threatened with respect to the Borrower or any of its Subsidiaries that could
reasonably be expected to result in a Material Adverse Effect or a Material Adverse Change. 
 8.5. Margin Regulations. Neither the
making of any Loan hereunder nor the use of the proceeds thereof will violate the provisions of Regulation T, U or X of the Board. 
 8.6.
[Reserved]. 
 8.7. Investment Company Act. Neither the Borrower nor Holdings is an “investment company” within the
meaning of the Investment Company Act of 1940, as amended. 
  

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 8.8. True and Complete Disclosure. 
 (a) None of the factual information and data (taken as a whole) heretofore or contemporaneously furnished by the Borrower, Holdings any of
the Subsidiaries or any of their respective authorized representatives in writing to the Administrative Agent and/or any Lender in connection with this Agreement for purposes of or in connection with this Agreement or any transaction contemplated
herein contained any untrue statement or omitted to state any material fact necessary to make such information and data (taken as a whole) not misleading at such time in light of the circumstances under which such information or data was furnished
(subject, in the case of quarterly or interim financial statements, to normal year-end audit adjustments), it being understood and agreed that for purposes of this Section 8.8(a), such factual information and data shall not include pro forma
financial information. 
 (b) Any pro forma financial information contained in the information and data referred to in
paragraph (a) above were based on good faith estimates and assumptions believed by such Persons to be reasonable at the time made. 
 8.9. No Material Adverse Change. There has been no Material Adverse Change since December 31, 2006 (giving effect to the Transactions as if they had occurred prior thereto). 
 8.10. Tax Returns and Payments. 
 (a) Each of the Borrower, Holdings and each of the Subsidiaries has filed all federal income tax returns and all other material tax returns, domestic and foreign, required to be filed by it and has paid all material
Taxes payable by it that have become due, other than those (i) not yet delinquent or (ii) contested in good faith as to which adequate reserves have been provided in accordance with GAAP and which could not reasonably be expected to result
in a Material Adverse Effect. Each of the Borrower, Holdings and each of the Subsidiaries has paid, or has provided adequate reserves (in the good faith judgment of the management of the Borrower and Holdings) in accordance with GAAP for the payment
of, all material federal, state, provincial and foreign income taxes applicable for all prior fiscal years and for the current fiscal year. 
 (b) None of Holdings, the Borrower or any of its Subsidiaries has ever been a party to any understanding or arrangement constituting a “tax shelter” within the meaning of Section 6662(d)(2)(C)(iii) of
the Code or within the meaning of Section 6111(c) or Section 6111(d) of the Code as in effect immediately prior to the enactment of the American Jobs Creation of 2004, or has ever “participated” in a “listed
transaction” within the meaning of Treasury Regulation Section 1.6011-4, except as could not reasonably be likely to, individually or in the aggregate, have a Material Adverse Effect. 
 8.11. Compliance with ERISA. 
 (a) Each Plan is in compliance with ERISA, the Code and any applicable Requirement of Law; no Reportable Event has occurred (or is reasonably likely to occur) with respect to any Plan; no Plan is insolvent or in reorganization (or is
reasonably likely to be insolvent or in reorganization), and no written notice of any such insolvency or reorganization has been given to the Borrower, any Subsidiary or any ERISA Affiliate; no Plan (other than a multiemployer plan) has an
accumulated or waived funding deficiency (or is reasonably likely to have such a deficiency); none of the Borrower, any Subsidiary or any ERISA Affiliate has incurred (or is reasonably likely expected to incur) any liability to or on account of a
Plan pursuant to Section 409, 502(i), 502(l), 515, 4062, 4063, 4064, 4069, 4201 or 4204 of ERISA or Section 4971 or 4975 of the Code or has been notified in writing that it 

  

 -55- 

 
will incur any liability under any of the foregoing Sections with respect to any Plan; no proceedings have been instituted (or are reasonably likely to be
instituted) to terminate or to reorganize any Plan or to appoint a trustee to administer any Plan, and no written notice of any such proceedings has been given to the Borrower, any Subsidiary or any ERISA Affiliate; and no lien imposed under the
Code or ERISA on the assets of the Borrower, Holdings or any Subsidiary or any ERISA Affiliate exists (or is reasonably likely to exist) nor has the Borrower, Holdings, any Subsidiary or any ERISA Affiliate been notified in writing that such a lien
will be imposed on the assets of the Borrower, Holdings, any Subsidiary or any ERISA Affiliate on account of any Plan, except to the extent that a breach of any of the representations, warranties or agreements in this Section 8.11 would not
result, individually or in the aggregate, in an amount of liability that would be reasonably likely to have a Material Adverse Effect or relates to any matter disclosed in the financial statements of the Borrower or Holdings contained in
Holdings’ Form 10-K for the year ended December 31, 2007. Except as listed on Schedule 8.11, no Plan (other than a multiemployer plan) has an Unfunded Current Liability that would, individually or when taken together with any other
liabilities referenced in this Section 8.11, be reasonably likely to have a Material Adverse Effect. With respect to Plans that are multiemployer plans (as defined in Section 3(37) of ERISA), the representations and warranties in this
Section 8.11(a), other than any made with respect to (i) liability under Section 4201 or 4204 of ERISA or (ii) liability for termination or reorganization of such Plans under ERISA, are made to the best knowledge of the Borrower.

 (b) All Foreign Plans are in compliance with, and have been established, administered and operated in accordance with, the
terms of such Foreign Plans and applicable law, except for any failure to so comply, establish, administer or operate the Foreign Plans as would not reasonably be expected to have a Material Adverse Effect. All contributions or other payments which
are due with respect to each Foreign Plan have been made in full and there are no funding deficiencies thereunder, except to the extent any such events would not, individually or in the aggregate, reasonably be expected to have a Material Adverse
Effect. 
 8.12. Subsidiaries. Schedule 8.12 to this Agreement lists each Subsidiary of the Borrower (and the direct and indirect
ownership interest of the Borrower therein), existing on the Closing Date. To the knowledge of the Borrower and Holdings, after due inquiry, each Subsidiary of the Borrower that is a Material Subsidiary as of the Closing Date has been so designated
on Schedule 8.12 to this Agreement. As of the Closing Date, all outstanding capital stock of the Borrower is owned, directly or indirectly, by the entity listed as “parent” on Schedule 8.12. 
 8.13. Patents, etc. The Borrower, Holdings and each of the Restricted Subsidiaries have obtained all patents, trademarks, servicemarks, trade
names, copyrights, licenses and other rights, free from burdensome restrictions, that are necessary for the operation of their respective businesses as currently conducted and as proposed to be conducted, except where the failure to obtain any such
rights could not reasonably be expected to have a Material Adverse Effect. 
 8.14. Environmental Laws. 
 (a) Except as could not reasonably be expected to have a Material Adverse Effect: (i) the Borrower, Holdings and each of the
Subsidiaries and all Real Estate are in compliance with all Environmental Laws; (ii) none of the Borrower, Holdings or any of the Subsidiaries is subject to any Environmental Claim or any other liability under any Environmental Law;
(iii) the Holdings, Borrower and its Subsidiaries are not conducting any investigation, removal, remedial or other corrective action pursuant to any Environmental Law at any location; and (iv) no underground storage tank or related piping,
or any impoundment or other disposal area containing Hazardous Materials is located at, on or under any Real Estate currently owned or leased by the Borrower or any of its Subsidiaries. 
  

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 (b) None of Holdings, the Borrower or any of the Subsidiaries has treated, stored,
transported, released or disposed or arranged for disposal or transport for disposal of Hazardous Materials at, on, under or from any currently or formerly owned or leased Real Estate or facility in a manner that could reasonably be expected to have
a Material Adverse Effect. 
 8.15. Properties. The Borrower, Holdings and each of the Subsidiaries have good and marketable title to
or leasehold interest in all properties that are necessary for the operation of their respective businesses as currently conducted and as proposed to be conducted, free and clear of all Liens (other than any Liens permitted by this Agreement) and
except where the failure to have such good title could not reasonably be expected to have a Material Adverse Effect. 
 8.16.
Solvency. On the Closing Date (after giving effect to the Transactions), immediately following the making of each Loan and after giving effect to the application of the proceeds of such Loans, the Borrower and Holdings, on a consolidated
basis with its respective Subsidiaries, will be Solvent. 
 8.17. Compliance. None of Holdings, the Borrower nor any of their
Significant Subsidiaries (before and after giving effect to the Transactions) is (i) in violation of its certificate of incorporation, bylaws, memorandum of association or limited liability company agreement (or similar organizational
document), (ii) in breach or violation of any statute, judgment, decree, order, rule or regulation applicable to any of them or any of their respective properties or assets, except for any such breach or violation that would not, individually
or in the aggregate, have a Material Adverse Effect, or (iii) in breach of or default under (nor has any event occurred that, with notice or passage of time or both, would constitute a default under) or in violation of any of the terms or
provisions of any indenture, mortgage, deed of trust, loan agreement, note, lease, license, franchise agreement, permit, certificate, contract or other agreement or instrument to which any of them is a party or to which any of them or their
respective properties or assets is subject (collectively, “Contracts”), except for any such breach, default, violation or event that would not, individually or in the aggregate, have a Material Adverse Effect. 
 8.18. FCC Licenses, etc. As of the Closing Date (a) the space station licenses for the launch and operation of Satellites (other than
Satellites which are in the process of manufacture) with C-band or Ku-band transponders issued by the FCC to the Borrower or any Restricted Subsidiary and (b) the licenses and all other approvals, orders or authorizations issued or granted by
any Governmental Authority outside of the United States of America to the Borrower or any Restricted Subsidiary to launch and operate any such Satellite (other than Satellites which are in the process of manufacture) include, in each case, all
material authorizations, licenses and permits issued by the FCC or any other Governmental Authority that are required or necessary to launch or operate such Satellite, as applicable. Except as could not reasonably be expected to have a Material
Adverse Effect, (x) each of such licenses is in full force and effect, (y) Holdings, the Borrower and its Restricted Subsidiaries have fulfilled and performed in all respects all of their obligations with respect thereto and
(z) Holdings, the Borrower and its Restricted Subsidiaries have full power and authority to operate thereunder. 
  

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 SECTION 9. Affirmative Covenants. 
 The Borrower hereby covenants and agrees that on the Closing Date and thereafter, until the Loans, together with interest, Fees and all other Obligations (other than contingent obligations with respect to which a
claim has not been made) incurred hereunder, are paid in full in accordance with the terms hereof: 
 9.1. Reports and Other
Information. 
 (a) The Borrower shall provide the Administrative Agent, who will deliver to the Lenders, without cost to
each Lender, the following reports within the specified time frames: 
 (i) within 90 days after the end of each fiscal year
(or such shorter period as may be required by the SEC), an annual report (which, if permitted under applicable rules of the SEC, may be the annual report of Holdings) containing financial statements and a management’s discussion and analysis of
financial condition and results of operations consistent with that which would be required in an SEC report on Form 10-K or 20-F (or any successor or comparable forms) containing the information required to be contained therein (or required in such
successor or comparable form); and 
 (ii) within 45 days after the end of each of the first three fiscal quarters of each
fiscal year (or such shorter period as may be required by the SEC), a quarterly report (which, if permitted under applicable rules of the SEC, may be the quarterly report of Holdings) containing financial statements and a management’s
discussion and analysis of financial condition and results of operations consistent with that which would be required in an SEC report on Form 10-Q or 6-K (or any successor or comparable forms). 
 (b) The Borrower shall make the information required by Section 9.1(a) available to prospective lenders upon request. 
 (c) Notwithstanding the foregoing Sections 9.1(a) and (b), the Borrower will be deemed to have furnished the reports required by Sections
9.1(a) and (b) to the Administrative Agent and the Lenders if it or any Parent of the Borrower has filed (or, in the case of a Form 6-K, furnished) such reports with the SEC via the EDGAR filing system and such reports are publicly available.

 (d) The Borrower may satisfy its obligations under this Section 9.1 with respect to financial information relating to
the Borrower by furnishing financial information relating to any Parent; provided that, if Regulation S-X under the Securities Act were to apply and so require, the same is accompanied by consolidating information that explains in reasonable
detail the differences between the information relating to any Parent and any of its Subsidiaries other than the Borrower and its Subsidiaries, on the one hand, and the information relating to the Borrower, any Subsidiary Guarantors, if any, and the
other Subsidiaries of the Borrower on a stand-alone basis, on the other hand. 
 (e) In the event that the Borrower changes
its fiscal year end from the fiscal year end used by the Borrower as of the Closing Date, the Borrower shall promptly give notice of such change to the Administrative Agent. 
 9.2. Maintenance of Insurance. 
 (a) The Borrower will, and will cause each of its Restricted Subsidiaries to, obtain, maintain and keep in full force and effect at all times (i) with respect to each Satellite procured by the Borrower or any of
its Restricted Subsidiaries for which the risk of loss passes to the Borrower or such Restricted Subsidiary at or before launch, and for which launch insurance or commitments with respect thereto are not in place as of the Closing Date, launch
insurance with respect to each such Satellite covering the launch of such Satellite and a period of time thereafter, but only to the extent, if at all, and on such terms (including coverage period, exclusions, limitations on coverage, co-insurance,
deductibles and coverage amount) as is determined by the Board of Directors of the Borrower to be in the best interests of 

  

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the Borrower as evidenced by a resolution of the Board of Directors, (ii) with respect to each Satellite it currently owns or for which it has risk of
loss (or, if the entire Satellite is not owned, the portion it owns or for which it has risk of loss), other than any Excluded Satellite, In-Orbit Insurance and (iii) at all times subsequent to the coverage period of the launch insurance
described in clause (i) above, if any, or if launch insurance is not procured, at all times subsequent to the initial completion of in-orbit testing, in each case with respect to each Satellite it then owns or for which it has risk of loss (or
portion, as applicable), other than any Excluded Satellite, In-Orbit Insurance; provided, however, that at any time with respect to a Satellite that is not an Excluded Satellite, none of the Borrower or any of its Subsidiaries shall be
required to maintain In-Orbit Insurance in excess of 33% of the aggregate net book value of all in-orbit Satellites (and portions it owns or for which it has risk of loss) insured (it being understood that any Satellite (or portion, as applicable)
protected by In-Orbit Contingency Protection shall be deemed to be insured for a percentage of its net book value as set forth in the definition of “In-Orbit Contingency Protection”). In the event that the expiration and non-renewal of
In-Orbit Insurance for such a Satellite (or portion, as applicable) resulting from a claim of loss under such policy causes a failure to comply with the proviso to the immediately preceding sentence, the Borrower and its Restricted Subsidiaries
shall be deemed to be in compliance with the proviso in the immediately preceding sentence for the 120 days immediately following such expiration or non-renewal, provided that the Borrower or any of its Restricted Subsidiaries, as the case
may be, procures such In-Orbit Insurance or provides such In-Orbit Contingency Protection as necessary to comply with the preceding proviso within such 120-day period. 
 (b) Insurance policies obtained or renewed after February 11, 2005 required by Section 9.2(a) shall: 
 (i) contain no exclusions other than: 
 (A) Acceptable Exclusions and such other exclusions or limitations of coverage as may be applicable to a substantial portion of satellites of the same model or relating to systemic failures or anomalies as are then
customary in the satellite insurance market and 
 (B) such specific exclusions applicable to the performance of the
Satellite (or portion, as applicable) being insured as are reasonably acceptable to the Board of Directors of the Borrower in order to obtain insurance for a price that is, and on other terms and conditions that are, commercially reasonable and

 (ii) provide coverage for all risks of loss of and damage to the Satellite (or portion, as applicable). 
 (c) The insurance required by this covenant shall name the Borrower or the applicable Restricted Subsidiary as the named insured.

 (d) In the event of the unavailability of any In-Orbit Contingency Protection for any reason, the Borrower or a Restricted
Subsidiary, as the case may be, shall, subject to the proviso to the first sentence of clause (a) of this Section 9.3, within 120 days of such unavailability, be required to have in effect In-Orbit Insurance complying with clause
(ii) or (iii) of clause (a) of this Section 9.3, as applicable, with respect to all Satellites (or portions, as applicable), other than Excluded Satellites that the unavailable In-Orbit Contingency Protection was intended to
protect and for so long as such In-Orbit Contingency Protection is unavailable, provided that the Borrower and its Restricted Subsidiaries shall be considered in compliance with this insurance covenant for the 120 days immediately following
such unavailability. 
  

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 (e) In the event that the Borrower or any of its Restricted Subsidiaries receives any
Event of Loss Proceeds in respect of an Event of Loss, such Event of Loss Proceeds shall be applied in the manner provided for in Section 10.4. 
 9.3. Payment of Taxes. The Borrower will pay and discharge, and the Borrower will cause each of its Restricted Subsidiaries to pay and discharge, all material taxes, assessments and governmental charges or
levies imposed upon it or upon its income or profits, or upon any properties belonging to it, prior to the date on which material penalties attach thereto, and all lawful material claims that, if unpaid, could reasonably be expected to become a
material Lien upon any properties of the Borrower or any of its Restricted Subsidiaries, provided that none of the Borrower or any of its Restricted Subsidiaries shall be required to pay any such tax, assessment, charge, levy or claim that is
being contested in good faith and by proper proceedings if it has maintained adequate reserves (in the good faith judgment of the management of the Borrower) with respect thereto in accordance with GAAP and the failure to pay could not reasonably be
expected to result in a Material Adverse Effect. 
 9.4. Consolidated Corporate Franchises. The Borrower will do, and the Borrower
will cause each Material Subsidiary to do, or cause to be done, all things necessary to preserve and keep in full force and effect its existence, corporate rights and authority, except to the extent that the failure to do so could not reasonably be
expected to have a Material Adverse Effect; provided, however, that the Borrower and its Subsidiaries may consummate any transaction permitted under Section 10.4 or 10.10. 
 9.5. Compliance with Statutes, Regulations, etc. The Borrower will, and will cause each Subsidiary to, comply with all applicable laws, rules,
regulations and orders applicable to it or its property (including all FCC Licenses and all other governmental approvals or authorizations required to launch and operate the Satellites and the TT&C Earth Stations related thereto) and to transmit
signals to and receive transmissions from the Satellites, and to maintain all such FCC Licenses and other governmental approvals or authorizations in full force and effect, in each case except where the failure to do so could not reasonably be
expected to have a Material Adverse Effect (it being understood that any failure as it may relate to any FCC License for a Satellite that is yet to be launched shall not, in itself, be considered or deemed to result in a Material Adverse Effect).

 9.6. ERISA. Promptly after the Borrower or any Subsidiary or any ERISA Affiliate knows or has reason to know of the occurrence of
any of the following events that, individually or in the aggregate (including in the aggregate such events previously disclosed or exempt from disclosure hereunder, to the extent the liability therefor remains outstanding), would be reasonably
likely to have a Material Adverse Effect, the Borrower will deliver to each of the Lenders a certificate of an Authorized Officer or any other senior officer of the Borrower setting forth details as to such occurrence and the action, if any, that
the Borrower, such Subsidiary or such ERISA Affiliate is required or proposes to take, together with any notices (required, proposed or otherwise) given to or filed with or by the Borrower, such Subsidiary, such ERISA Affiliate, the PBGC, a Plan
participant (other than notices relating to an individual participant’s benefits) or the Plan administrator with respect thereto: that a Reportable Event has occurred; that an accumulated funding deficiency has been incurred or an application
is to be made to the Secretary of the Treasury for a waiver or modification of the minimum funding standard (including any required installment payments) or an extension of any amortization period under Section 412 of the Code with respect to a
Plan; that a Plan having an Unfunded Current Liability has been or is to be terminated, reorganized, partitioned or declared insolvent under Title IV of ERISA (including the giving of written notice thereof); that a Plan has an Unfunded Current
Liability that has or will result in a lien under ERISA or the Code; that proceedings will be or have been instituted to terminate a Plan having an Unfunded Current Liability (including the giving of written notice thereof); that a proceeding has
been instituted against the Borrower, a Subsidiary or an ERISA Affiliate pursuant to Section 515 of ERISA to collect a 
  

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delinquent contribution to a Plan; that the PBGC has notified the Borrower, any Subsidiary or any ERISA Affiliate of its intention to appoint a trustee to
administer any Plan; that the Borrower, any Subsidiary or any ERISA Affiliate has failed to make a required installment or other payment pursuant to Section 412 of the Code with respect to a Plan; or that the Borrower, any Subsidiary or any
ERISA Affiliate has incurred or will incur (or has been notified in writing that it will incur) any liability (including any contingent or secondary liability) to or on account of a Plan pursuant to Section 409, 502(i), 502(l), 515, 4062, 4063,
4064, 4069, 4201 or 4204 of ERISA or Section 4971 or 4975 of the Code. 
 9.7. Maintenance of Properties. The Borrower will, and
will cause each of its Restricted Subsidiaries to, keep and maintain all property material to the conduct of its business in good working order and condition, ordinary wear and tear excepted, which shall include, in the case of Satellites (other
than Satellites yet to be launched), the provision of tracking, telemetry, control and monitoring of Satellites in their designated orbital positions in accordance with prudent and diligent standards in the commercial satellite industry, except to
the extent that the failure to do so could not reasonably be expected to have a Material Adverse Effect. 
 9.8. [Reserved].

 9.9. [Reserved]. 
 9.10. Changes in Business. 
 (a) The Borrower and the Subsidiaries, taken as a whole, will not fundamentally
and substantively alter the character of their business, taken as a whole, from the business conducted or proposed to be conducted by the Borrower and the Subsidiaries, taken as a whole, on the Closing Date and other business activities that are
complementary, ancillary incidental or related to, reasonably similar to or a reasonable extension, development or expansion of any of the foregoing (a “Permitted Business”). 
 (b) No License Subsidiary will engage in any line or lines of business activity other than to hold FCC Licenses issued to it and to enter
into arrangements with the Borrower or other Restricted Subsidiaries (other than other License Subsidiaries) to manage and operate such FCC Licenses under its direction and control, in each case to the maximum extent permitted by applicable law.

 9.11. Use of Proceeds. The Borrower will use the proceeds of all Loans for the redemption or repurchase of the Notes. 

9.12. [Reserved]. 
 9.13.
Further Instruments and Acts. Upon request of the Administrative Agent, the Borrower shall execute and deliver such further instruments and do such further acts as may be reasonably necessary or proper to carry out more effectively the
purpose of this Agreement. 
 9.14. Intelsat General Corporation. The Borrower shall use its commercially reasonable efforts (as may
be permitted under that certain proxy agreement (the “Proxy Agreement”) among Intelsat General Corporation (“Intelsat General”) and the other parties thereto), and shall use its commercially reasonable efforts (as
may be permitted under the Proxy Agreement) to cause its Restricted Subsidiaries (other than Intelsat General), not to allow or permit, directly or indirectly, Intelsat General to take, or fail to take, any action that would violate the covenants
and terms of this Agreement. 
  

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 9.15. Marketing Efforts. 
 (a) During the Marketing Period, the Borrower will use its commercially reasonable efforts to, and will cause its subsidiaries to use
their commercially reasonable efforts to, cooperate with a distribution (pursuant to Rule 144A) by the Joint Lead Arrangers of the Take-Out Securities by using its commercially reasonable efforts to take each of the following actions during the
Marketing Period (each, at the reasonable request of the Joint Lead Arrangers): 
 (i) delivering an Offering Memorandum on or
before June 20, 2008; 
 (ii) (A) during the initial twelve-month period following the Closing Date, preparing at the
request of the Joint Lead Arrangers an updated version of the Offering Memorandum on not more than two occasions (for all Take-Out Securities, Addition Debt Securities (other than Additional Debt Securities issued by Intelsat Corporation) and/or
other debt securities issued in exchange for or to refinance or replace the debt facilities and bridge loans contemplated by the Commitment Letter (other than other debt securities issued by Intelsat Corporation) combined), it being understood that
the number of occasions on which the Joint Lead Arrangers may request an updated version of the Offering Memorandum pursuant to this clause (A) shall be increased to three occasions if, prior to or concurrently with the third occasion, the
Joint Lead Arrangers notify the Borrower that the Joint Lead Arrangers will not request an updated offering memorandum relating to Additional Debt Securities issued by Intelsat Corporation or other debt securities issued in exchange for or to
refinance or replace the debt facilities and bridge loans contemplated by the Commitment Letter issued by Intelsat Corporation and it being further understood that any request given pursuant to Section 9.15(a)(ii) of the 8.875% Senior Unsecured
Credit Agreement dated May 2, 2008 or any similar provision of any other Backstop Credit Facility (other than a Backstop Credit Facility of Intelsat Corporation) shall be deemed to also be a request given pursuant to this
Section 9.5(a)(ii), and (B) following the initial twelve-month period following the Closing Date, preparing at the request of the Joint Lead Arrangers an updated offering memorandum on not more than two occasions (for all Take-Out
Securities, Additional Debt Securities (other than Additional Debt Securities issued by Intelsat Corporation) and/or other debt securities issued in exchange for or to refinance or replace the debt facilities and bridge loans contemplated by the
Commitment Letter (other than other debt securities issued by Intelsat Corporation) combined); 
 provided that in case of both clauses
(A) and (B) above, at the request of the Joint Lead Arrangers or the Borrower, the Offering Memorandum and any updated Offering Memorandum referred to above shall cover the Take-Out Securities, Additional Debt Securities (other than
Additional Debt Securities issued by Intelsat Corporation) and/or other debt securities issued in exchange for or to refinance or replace the debt facilities and bridge loans contemplated by the Commitment Letter (other than other debt securities
issued by Intelsat Corporation), and such request shall count as only one of the occasions referred to above in this clause (ii); provided further, that any request made by the Joint Lead Arrangers pursuant to this clause
(ii) relating to an updated version of the Offering Memorandum shall include a written notice (x) specifying the principal amount of the Take-Out Securities and other securities to be covered by such updated Offering Memorandum,
(y) stating that an updated Offering Memorandum is necessary to comply with applicable securities laws, and (z) stating the aggregate principal amount of each of Loans, Exchange Notes, Notes, Take-Out Securities and Additional Debt
Securities held by each Joint Lead Arranger and its respective Affiliates; provided further that the Joint Lead Arrangers may not request an update for an Offering Memorandum of Intelsat, Ltd. (or any of its subsidiaries (other than
Intelsat Corporation and its subsidiaries) and an update for an Offering Memorandum of in the same 

  

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fiscal quarter; provided further, that the Joint Lead Arrangers may not request an Offering Memorandum and an update for the Offering
Memorandum of Intelsat, Ltd. on more than one occasion in the same fiscal quarter; provided further, that the Borrower may decline to update an Offering Memorandum for a Period of Suspension if the Board of Directors of the
Borrower or any Parent of the Borrower determines that (x) such update would require disclosure of an event at such time as could reasonably be expected to have a material adverse effect on the business, results of operations or prospects of
the Borrower, (y) such update would require disclosure of material information relating to a corporate development and (z) the Offering Memorandum (including any amendment or supplement thereto) contains an untrue statement of material
fact or omits to state a material fact necessary in order to make the statements therein not misleading and provided further, that the obligations of the Borrower and any of its Subsidiaries set forth in Section 9.15 and in each
agreement governing a Change of Control Backstop Facility (as defined in the Commitment Letter) and the Bermuda Unsecured Credit Facility (as defined in the Commitment Letter), if any, with respect to all securities issued or to be offered pursuant
to a Take-Out Notice in a fiscal quarter shall be coordinated in a single, integrated offering effort; provided, further that the Borrower may decline to deliver an Offering Memorandum and any update with respect to an Offering Memorandum and
each Joint Lead Arranger and its Affiliates shall promptly cease distribution activities with respect to Take Out Securities, Additional Debt Securities (and/or other debt securities issued by the Borrower in exchange for or to refinance or replace
the debt facilities and bridge loans contemplated by the Commitment Letter) upon the filing of a registration statement with respect to any such securities until such registration statement is declared effective by the SEC; 
 (iii) using all commercially reasonable efforts to procure ratings for the Take-Out Securities, including, without limitation, making
appropriate officers of the Borrower available at mutually agreeable times for meetings with rating agencies; 
 (iv)
preparing materials related to, participating in, making management available at mutually agreeable times for, and completing no more than one “road show” (which shall not last for more than five consecutive Business Days) for all Take-Out
Securities, Additional Debt Securities and other debt securities issued in exchange for or to refinance or replace the debt facilities and bridge loans contemplated by the Commitment Letter; 
 (v) in connection with the Offering Memorandum and each updated version of the Offering Memorandum contemplated by clause (ii) above,
as well as any supplement relating thereto, using all commercially reasonable efforts to procure (x) a customary auditor comfort letter from the Borrower’s current auditors that does not contain limits on liability and is otherwise issued
on terms consistent with letters delivered previously in connection with issuances of securities by the Borrower or its Parent and otherwise reasonably acceptable to the Joint Lead Arrangers and (y) customary legal opinions and/or letters in
form and substance reasonably acceptable to the Joint Lead Arrangers; 
 (vi) providing such legal due diligence updates as
may be reasonably requested by the Joint Lead Arrangers (including, without limitation, cooperation from counsel to the Borrower) in connection with each update pursuant to this Section 9.15(a); and 
 (vii) entering into customary purchase and related agreements (including registration rights) on mutually agreeable terms. 
  

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 (b) In no event shall such assistance interfere in any material way with the day-to-day
operations of the Borrower or its subsidiaries. Notwithstanding anything to the contrary set forth in this Agreement or any document executed in connection with any other debt facility contemplated by the Commitment Letter, the parties agree that
under no circumstances shall the Borrower, any Parent and its Subsidiaries be required, in connection with the issuance of all Take-Out Securities and/or Additional Debt Securities, to participate in (x) more than one “road show,” or
(y) in a number of accounting and legal updates and associated marketing conference calls greater than the sum of one plus the number of times that the Joint Lead Arrangers are permitted to request an updated version of the Offering
Memorandum in accordance with Section 9.15(a)(ii). 
 SECTION 10. Negative Covenants. 
 10.1. Limitation on Incurrence of Indebtedness and Issuance of Disqualified Stock and Preferred Stock. 
 (a) (i) The Borrower shall not, and shall not permit any of its Restricted Subsidiaries to, directly or indirectly, Incur any
Indebtedness (including Acquired Indebtedness) or issue any shares of Disqualified Stock; and (ii) the Borrower shall not permit any of its Restricted Subsidiaries to issue any shares of Preferred Stock; provided, however, that
(1) the Borrower and any Restricted Subsidiary of the Borrower (other than Intelsat Sub Holdco and any of its Restricted Subsidiaries) may Incur Indebtedness (including Acquired Indebtedness) or issue shares of Disqualified Stock and any
Restricted Subsidiary may issue shares of Preferred Stock, in each case if the Debt to Adjusted EBITDA Ratio of the Borrower for the most recently ended four full fiscal quarters for which internal financial statements are available immediately
preceding the date on which such additional Indebtedness is Incurred or such Disqualified Stock or Preferred Stock is issued would be less than or equal to 5.25 to 1.00 and (2) Intelsat Sub Holdco and any of its Restricted Subsidiaries may
Incur Indebtedness (including Acquired Indebtedness) or issue shares of Disqualified Stock and any of its Restricted Subsidiaries may issue shares of Preferred Stock, in each case if the Debt to Adjusted EBITDA Ratio of Intelsat Sub Holdco for the
most recently ended four full fiscal quarters for which internal financial statements are available immediately preceding the date on which such additional Indebtedness is Incurred or such Disqualified Stock or Preferred Stock is issued would be
less than or equal to 4.75 to 1.00, in each case, determined on a pro forma basis (including a pro forma application of the net proceeds therefrom), as if the additional Indebtedness had been Incurred, or the Disqualified Stock or Preferred Stock
had been issued, as the case may be, and the application of proceeds therefrom had occurred at the beginning of such four-quarter period. 
 (b) The limitations set forth in Section 10.1(a) shall not apply to (collectively, “Permitted Debt”): 
 (i) the Incurrence by the Borrower or its Restricted Subsidiaries of Indebtedness under any Credit Agreements and the issuance and creation of letters of credit and bankers’ acceptances thereunder (with letters
of credit and bankers’ acceptances being deemed to have a principal amount equal to the face amount thereof) up to an aggregate principal amount of $750.0 million outstanding at any one time; 
 (ii) the Incurrence by the Borrower and the Guarantors of Indebtedness represented by the Loans, any Notes, any Take-Out Securities, or
Acquisition Debt, and any other Indebtedness incurred to finance the Change of Control Offers in connection with the Acquisition (and, in each case, any Guarantees thereof); 
  

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 (iii) Indebtedness of the Borrower and its Restricted Subsidiaries existing on the
Closing Date including any Indebtedness incurred on the Closing Date (other than Indebtedness described in clause (i) of this Section 10.1(b)) or thereafter pursuant to a Backstop Credit Facility; 
 (iv) Indebtedness (including Capitalized Lease Obligations) Incurred by the Borrower or any of its Restricted Subsidiaries, Disqualified
Stock issued by the Borrower or any of its Restricted Subsidiaries and Preferred Stock issued by any Restricted Subsidiaries of the Borrower to finance (whether prior to or within 270 days after) the purchase, lease, construction or improvement of
property (real or personal) or equipment (whether through the direct purchase of assets or the Capital Stock of any Person owning such assets (but no other material assets)) in an aggregate principal amount which, when aggregated with the principal
amount of all other Indebtedness, Disqualified Stock and Preferred Stock then outstanding that was Incurred pursuant to this clause (iv), does not exceed the greater of (x) $175.0 million and (y) 3.5% of Total Assets of the Borrower at the
time of Incurrence; 
 (v) Indebtedness Incurred by the Borrower or any of its Restricted Subsidiaries constituting
reimbursement obligations with respect to letters of credit and bank guarantees issued in the ordinary course of business, including, without limitation, letters of credit in respect of workers’ compensation claims, health, disability or other
benefits to employees or former employees or their families or property, casualty or liability insurance or self-insurance, or other Indebtedness with respect to reimbursement type obligations regarding workers’ compensation claims; 

(vi) Indebtedness arising from agreements of the Borrower or a Restricted Subsidiary providing for indemnification, adjustment of
purchase price or similar obligations, in each case, Incurred in connection with the Transactions or the disposition of any business, assets or a Subsidiary of the Borrower in accordance with the terms of this Agreement, other than guarantees of
Indebtedness Incurred by any Person acquiring all or any portion of such business, assets or Subsidiary for the purpose of financing such acquisition; 
 (vii) Indebtedness of the Borrower to a Restricted Subsidiary; provided that any such Indebtedness is subordinated in right of payment to the obligations of the Borrower under the Loans; provided,
further, that any subsequent issuance or transfer of any Capital Stock or any other event which results in any such Restricted Subsidiary ceasing to be a Restricted Subsidiary or any other subsequent transfer of any such Indebtedness (except
to the Borrower or another Restricted Subsidiary) shall be deemed, in each case, to be an Incurrence of such Indebtedness; 
 (viii) shares of Preferred Stock of a Restricted Subsidiary issued to the Borrower or another Restricted Subsidiary; provided that any subsequent issuance or transfer of any Capital Stock or any other event that results in any
Restricted Subsidiary that holds such shares of Preferred Stock of another Restricted Subsidiary ceasing to be a Restricted Subsidiary or any other subsequent transfer of any such shares of Preferred Stock (except to the Borrower or another
Restricted Subsidiary) shall be deemed, in each case, to be an issuance of shares of Preferred Stock; 
 (ix) Indebtedness of
a Restricted Subsidiary to the Borrower or another Restricted Subsidiary; provided that any subsequent issuance or transfer of any Capital Stock or any other event which results in any Restricted Subsidiary holding such Indebtedness ceasing
to be a Restricted Subsidiary or any other subsequent transfer of any such Indebtedness (except to the Borrower or another Restricted Subsidiary) shall be deemed, in each case, to be an Incurrence of such Indebtedness; 
  

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 (x) Hedging Obligations that are Incurred in the ordinary course of business (and not for
speculative purposes) (1) for the purpose of fixing or hedging interest rate risk with respect to any Indebtedness that is permitted by the terms of this Agreement to be outstanding; or (2) for the purpose of fixing or hedging currency
exchange rate risk with respect to any currency exchanges; 
 (xi) obligations (including reimbursement obligations with
respect to letters of credit and bank guarantees) in respect of performance, bid, appeal and surety bonds, completion guarantees and the Lockheed Note provided by the Borrower or any Restricted Subsidiary in the ordinary course of business;

 (xii) Indebtedness or Disqualified Stock of the Borrower or any Restricted Subsidiary of the Borrower and Preferred Stock
of any Restricted Subsidiary of the Borrower not otherwise permitted hereunder in an aggregate principal amount which, when aggregated with the principal amount or liquidation preference of all other Indebtedness and Disqualified Stock then
outstanding and Incurred pursuant to this clause (xii), does not exceed $175.0 million at any one time outstanding (it being understood that any Indebtedness, Disqualified Stock or Preferred Stock Incurred or issued under this clause
(xii) shall cease to be deemed Incurred or outstanding for purposes of this clause (xii) but shall be deemed Incurred for purposes of Section 10.1(a) from and after the first date on which the Borrower or the Restricted Subsidiary, as
the case may be, could have Incurred or issued such Indebtedness, Disqualified Stock or Preferred Stock under Section 10.1(a) without reliance upon this clause (xii)); 
 (xiii) any guarantee by the Borrower or a Restricted Subsidiary of Indebtedness or other obligations of the Borrower or any of its
Restricted Subsidiaries so long as the Incurrence of such Indebtedness or other Obligations by the Borrower or such Restricted Subsidiary is permitted under the terms of this Agreement; provided that if such Indebtedness is by its express
terms subordinated in right of payment to the Loans or any Guarantee of such Restricted Subsidiary, as applicable, any such guarantee of such guarantor with respect to such Indebtedness shall be subordinated in right of payment to the Loans or such
Guarantor’s Guarantee, as applicable, substantially to the same extent as such Indebtedness is subordinated to the Loans or the Guarantee of such Restricted Subsidiary, as applicable; 
 (xiv) the Incurrence by the Borrower or any of its Restricted Subsidiaries of Indebtedness or Disqualified Stock or Preferred Stock of a
Restricted Subsidiary of the Borrower which serves to refund, refinance or defease any Indebtedness Incurred or Disqualified Stock or Preferred Stock as permitted under Section 10.1(a) and clauses (ii), (iii), (iv), (xiv), (xv), (xix), and
(xx) of this Section 10.1(b) or any Indebtedness, Disqualified Stock or Preferred Stock Incurred to so refund or refinance such Indebtedness, Disqualified Stock or Preferred Stock, including any Indebtedness, Disqualified Stock or
Preferred Stock Incurred to pay premiums and fees in connection therewith (subject to the following proviso, “Refinancing Indebtedness”) prior to its respective maturity; provided, however, that such Refinancing
Indebtedness: 
 (1) has a Weighted Average Life to Maturity at the time such Refinancing Indebtedness is Incurred which is
not less than the shorter of (x) the remaining Weighted Average Life to Maturity of the Indebtedness, Disqualified Stock or Preferred Stock being refunded or refinanced and (y) the Weighted Average Life to Maturity that would result if all
payments of principal on the Indebtedness, Disqualified Stock and Preferred 

  

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Stock being refunded or refinanced that was due on or after the date one year following the Maturity Date were instead due on such date one year following
the Maturity Date; 
 (2) has a Stated Maturity which is no earlier than the earlier of (x) the Stated Maturity of the
Indebtedness being refunded or refinanced or (y) one year following the last maturity date of any Notes then outstanding; 
 (3) to the extent such Refinancing Indebtedness refinances (a) Indebtedness junior to the Loans, such Refinancing Indebtedness is junior to the Loans or (b) Disqualified Stock or Preferred Stock, such Refinancing Indebtedness is
Disqualified Stock or Preferred Stock; 
 (4) is Incurred in an aggregate principal amount (or if issued with original issue
discount, an aggregate issue price) that is equal to or less than the aggregate principal amount (or if issued with original issue discount, the aggregate accreted value) then outstanding of the Indebtedness being refinanced plus premium and fees
Incurred in connection with such refinancing; 
 (5) shall not include Indebtedness of the Borrower or a Restricted
Subsidiary that refinances Indebtedness of an Unrestricted Subsidiary; and 
 (6) in the case of any Refinancing Indebtedness
Incurred to refinance Indebtedness outstanding under clause (iv) or (xx) of this Section 10.1(b), shall be deemed to have been Incurred and to be outstanding under such clause (iv) or (xx) of this Section 10.1(b), as
applicable, and not this clause (xiv) for purposes of determining amounts outstanding under such clauses (iv) and (xx) of this Section 10.1(b); 
 and provided, further, that subclauses (1) and (2) of this clause (xiv) shall not apply to any refunding, refinancing or defeasance of (A) the Loans or (B) any Secured
Indebtedness; 
 (xv) Indebtedness, Disqualified Stock or Preferred Stock of Persons that are acquired by the Borrower or any
of its Restricted Subsidiaries or merged or amalgamated into the Borrower or a Restricted Subsidiary in accordance with the terms of this Agreement; provided, however, that such Indebtedness, Disqualified Stock or Preferred Stock is
not Incurred in contemplation of such acquisition, merger or amalgamation; provided, further, however, that after giving effect to such acquisition, merger or amalgamation: 
 (1) in the case of Indebtedness, Disqualified Stock or preferred stock of the Borrower or any Restricted Subsidiary of the Borrower
(other than Intelsat Sub Holdco or any Restricted Subsidiary of Intelsat Sub Holdco), (A) the Borrower would be permitted to Incur at least $1.00 of additional Indebtedness pursuant to the Debt to Adjusted EBITDA Ratio test set forth in
Section 10.1 (a) or (B) the Debt to Adjusted EBITDA Ratio of the Borrower would be less than or equal to such ratio immediately prior to such acquisition, merger or amalgamation; or 
 (2) in the case of Indebtedness, Disqualified Stock or preferred stock of the Intelsat Sub Holdco or any Restricted Subsidiary of
Intelsat Sub Holdco (A) Intelsat Sub Holdco would be permitted to Incur at least $1.00 of additional Indebtedness pursuant to the Debt to Adjusted EBITDA Ratio test set forth in Section 10.1(a) or (B) the Debt to Adjusted EBITDA Ratio
of Intelsat Sub Holdco would be less than or equal to such ratio immediately prior to such acquisition, merger or amalgamation; 
  

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 (xvi) Indebtedness Incurred by a Receivables Subsidiary in a Qualified Receivables
Financing that is not recourse (except for Standard Securitization Undertakings) to the Borrower or any Restricted Subsidiary other than a Receivables Subsidiary; 
 (xvii) Indebtedness arising from the honoring by a bank or other financial institution of a check, draft or similar instrument drawn
against insufficient funds in the ordinary course of business; provided that such Indebtedness is extinguished within five Business Days of its Incurrence; 
 (xviii) Indebtedness of the Borrower or any Restricted Subsidiary supported by a letter of credit or bank guarantee issued pursuant to any
Credit Agreement, in a principal amount not in excess of the stated amount of such letter of credit or bank guarantee; 
 (xix) Contribution Indebtedness; 
 (xx) Indebtedness of Restricted Subsidiaries of the Borrower provided,
however, that the aggregate principal amount of Indebtedness Incurred under this Section 10.1(b) (xx), when aggregated with the principal amount of all other Indebtedness then outstanding and Incurred pursuant to this clause (xx), does
not exceed the greater of (x) $50.0 million and (y) 10% of the Total Assets of the Restricted Subsidiaries of the Borrower; and 
 (xxi) Indebtedness of the Borrower or any Restricted Subsidiary consisting of (x) the financing of insurance premiums or (y) take-or-pay obligations contained in supply arrangements, in each case, in the
ordinary course of business. 
 (c) For purposes of determining compliance with this Section 10.1, in the event that an
item of Indebtedness, Disqualified Stock or Preferred Stock meets the criteria of one or more of the categories of permitted Indebtedness, Disqualified Stock or Preferred Stock described in Sections 10.1(b)(i) through (xxi) above or is entitled
to be Incurred pursuant to Section 10.1 (a), the Borrower shall, in its sole discretion divide, classify or reclassify or later divide, classify or reclassify such item of Indebtedness, Disqualified Stock or Preferred Stock in any manner that
complies with this Section 10.1 and such item of Indebtedness, Disqualified Stock or Preferred Stock shall be treated as having been Incurred pursuant to one or more of such clauses or pursuant to Section 10.1(a); provided that all
Indebtedness under the Credit Agreements outstanding on the Closing Date shall be deemed to have been Incurred pursuant to Section 10.1(b)(i). Accrual of interest, the accretion of accreted value, amortization of original issue discount, the
payment of interest in the form of additional Indebtedness with the same terms, the payment of dividends on Preferred Stock in the form of additional shares of Preferred Stock of the same class, the accretion of liquidation preference and increases
in the amount of Indebtedness outstanding solely as a result of fluctuations in the exchange rate of currencies shall not be deemed to be an Incurrence of Indebtedness for purposes of this Section 10.1. Guarantees of, or obligations in respect
of letters of credit relating to, Indebtedness which is otherwise included in the determination of a particular amount of Indebtedness shall not be included in the determination of such amount of Indebtedness; provided that the Incurrence of
the Indebtedness represented by such guarantee or letter of credit, as the case may be, was in compliance with this Section 10.1. 
  

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 For purposes of determining compliance with any U.S. dollar-denominated restriction on the Incurrence of
Indebtedness, the U.S. Dollar Equivalent principal amount of Indebtedness denominated in a foreign currency shall be calculated based on the relevant currency exchange rate in effect on the date such Indebtedness was Incurred, in the case of
term debt, or first committed or first Incurred (whichever yields the lower U.S. Dollar Equivalent), in the case of revolving credit debt; provided that if such Indebtedness is Incurred to refinance other Indebtedness denominated in a
foreign currency, and such refinancing would cause the applicable U.S. dollar-denominated restriction to be exceeded if calculated at the relevant currency exchange rate in effect on the date of such refinancing, such U.S. dollar-denominated
restriction shall be deemed not to have been exceeded so long as the principal amount of such refinancing Indebtedness does not exceed the principal amount of such Indebtedness being refinanced. 
 10.2. Limitation on Restricted Payments. 
 (a) The Borrower shall not, and shall not permit any of its Restricted Subsidiaries to, directly or indirectly: 
 (i) declare or pay any dividend or make any distribution on account of the Borrower’s or any of its Restricted Subsidiaries’ Equity Interests, including any payment with respect to such Equity Interests made
in connection with any merger, amalgamation or consolidation involving the Borrower (other than (A) dividends or distributions by the Borrower payable solely in Equity Interests (other than Disqualified Stock) of the Borrower; or
(B) dividends or distributions by a Restricted Subsidiary so long as, in the case of any dividend or distribution payable on or in respect of any class or series of securities issued by a Restricted Subsidiary other than a Wholly Owned
Restricted Subsidiary, the Borrower or a Restricted Subsidiary receives at least its pro rata share of such dividend or distribution in accordance with its Equity Interests in such class or series of securities); 
 (ii) purchase or otherwise acquire or retire for value any Equity Interests of the Borrower or any Parent of the Borrower; 
 (iii) make any principal payment on, or redeem, repurchase, defease or otherwise acquire or retire for value, in each case prior to any
scheduled repayment or scheduled maturity, any Subordinated Indebtedness of the Borrower or any Restricted Subsidiary (other than the payment, redemption, repurchase, defeasance, acquisition or retirement of (A) Subordinated Indebtedness in
anticipation of satisfying a sinking fund obligation, principal installment or final maturity, in each case due within one year of the date of such payment, redemption, repurchase, defeasance, acquisition or retirement and (B) Indebtedness
permitted under clauses (vii) and (ix) of Section 10.1(b)); or 
 (iv) make any Restricted Investment

 (all such payments and other actions set forth in clauses (i) through (iv) above being collectively referred to as “Restricted
Payments”), unless, at the time of such Restricted Payment: 
 (1) no Default or Event of Default shall have occurred
and be continuing or would occur as a consequence thereof; 
 (2) [Reserved]; and 
  

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 (3) such Restricted Payment, together with the aggregate amount of all other Restricted
Payments made by the Borrower and its Restricted Subsidiaries after January 28, 2005 (including Restricted Payments permitted by clauses (i), (iv) (only to the extent of one-half of the amounts paid pursuant to such clause), (vi) and
(viii) of Section 10.2(b), but excluding all other Restricted Payments permitted by Section 10.2(b)), is less than the amount equal to the difference between (1) the Cumulative Credit and (2) 1.4 times Cumulative Interest
Expense (it being understood that for purposes of calculating Cumulative Interest Expense for this purpose only, any of the Borrower’s non-cash interest expense and amortization or original issue discount shall be excluded); 
 (b) The provisions of Section 10.2(a) shall not prohibit: 
 (i) the payment of any dividend or distribution within 60 days after the date of declaration thereof, if at the date of declaration such
payment would have complied with the provisions of this Agreement; 
 (ii) (A) the repurchase, retirement or other
acquisition of any Equity Interests (“Retired Capital Stock”) of the Borrower or any Parent of the Borrower or Subordinated Indebtedness of the Borrower or any Subsidiary Guarantor in exchange for, or out of the proceeds of the
substantially concurrent sale (other than the sale of any Disqualified Stock or any Equity Interests sold to a Restricted Subsidiary of the Borrower or to an employee stock ownership plan or any trust established by the Borrower or any of its
Subsidiaries) of Equity Interests of the Borrower or any Parent of the Borrower or contributions to the equity capital of the Borrower (collectively, including any such contributions, “Refunding Capital Stock”) and (B) the
declaration and payment of accrued dividends on the Retired Capital Stock out of the proceeds of the substantially concurrent sale (other than to a Subsidiary of the Borrower or to an employee stock ownership plan or any trust established by the
Borrower or any of its Subsidiaries) of Refunding Capital Stock; 
 (iii) the redemption, repurchase or other acquisition or
retirement of Subordinated Indebtedness of the Borrower or any Subsidiary Guarantor made by exchange for, or out of the proceeds of the substantially concurrent sale of, new Indebtedness of the Borrower or any Subsidiary Guarantor which is Incurred
in accordance with Section 10.1 so long as 
 (A) the principal amount of such new Indebtedness does not exceed the
principal amount of the Subordinated Indebtedness being so redeemed, repurchased, acquired or retired for value (plus the amount of any premium required to be paid under the terms of the instrument governing the Subordinated Indebtedness being so
redeemed, repurchased, acquired or retired plus any fees incurred in connection therewith), 
 (B) such Indebtedness is
subordinated to the Loans or the related Guarantee, as the case may be, at least to the same extent as such Subordinated Indebtedness so purchased, exchanged, redeemed, repurchased, acquired or retired for value, 
 (C) such Indebtedness has a final scheduled maturity date equal to or later than the earlier of (x) the final scheduled maturity
date of the Subordinated Indebtedness being so redeemed, repurchased, acquired or retired or (y) one year following the Maturity Date, and 
 (D) such Indebtedness has a Weighted Average Life to Maturity at the time Incurred which is not less than the shorter of (x) the remaining Weighted Average Life to Maturity of the Subordinated Indebtedness being
so redeemed, repurchased, acquired or 

  

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retired and (y) the Weighted Average Life to Maturity that would result if all payments of principal on the Subordinated Indebtedness being redeemed,
repurchased, acquired or retired that were due on or after the date one year following the Maturity Date were instead due on such date one year following the Maturity Date; 
 (iv) the repurchase, retirement or other acquisition (or dividends to any Parent of the Borrower to finance any such repurchase,
retirement or other acquisition) for value of Equity Interests of the Borrower or any Parent of the Borrower held by any future, present or former employee, director or consultant of the Borrower, any Parent of the Borrower or any Subsidiary of the
Borrower pursuant to any management equity plan or stock option plan or any other management or employee benefit plan or other agreement or arrangement; provided, however, that the aggregate amounts paid under this clause (iv) do
not exceed $20.0 million in any calendar year (with unused amounts in any calendar year being permitted to be carried over to succeeding calendar years subject to a maximum payment (without giving effect to the following proviso) of $35.0 million in
any calendar year); provided, further, however, that such amount in any calendar year may be increased by an amount not to exceed: 
 (A) the cash proceeds received by the Borrower or any of its Restricted Subsidiaries from the sale of Equity Interests (other than Disqualified Stock) of the Borrower or any Parent of the Borrower (to the extent
contributed to the Borrower) to members of management, directors or consultants of the Borrower and its Restricted Subsidiaries or any Parent of the Borrower that occurs after January 28, 2005 (provided that the amount of such cash
proceeds utilized for any such repurchase, retirement, other acquisition or dividend shall not increase the amount available for Restricted Payments under Section 10.2(a)(3)); plus 
 (B) the cash proceeds of key man life insurance policies received by the Borrower, any Parent of the Borrower (to the extent contributed
to the Borrower) or the Borrower’s Restricted Subsidiaries after January 28, 2005; 
 (provided that the Borrower may elect to apply all or
any portion of the aggregate increase contemplated by clauses (A) and (B) above in any calendar year); 
 (v) the
declaration and payment of dividends or distributions to holders of any class or series of Disqualified Stock of the Borrower or any of its Restricted Subsidiaries issued or incurred in accordance with Section 10.1; 
 (vi) the declaration and payment of dividends or distributions (a) to holders of any class or series of Designated Preferred Stock
(other than Disqualified Stock) issued after January 28, 2005, (b) to any Parent of the Borrower, the proceeds of which will be used to fund the payment of dividends to holders of any class or series of Designated Preferred Stock (other
than Disqualified Stock) of any Parent of the Borrower issued after January 28, 2005 and (c) on Refunding Capital Stock in excess of amounts permitted pursuant to clause (2) of this paragraph; provided, however, that
(A) in the case of (a), (b) and (c) of this clause (vi), (x) with respect to Designated Preferred Stock of the Borrower or any Parent of the Borrower, for the most recently ended four full fiscal quarters for which internal
financial statements are available immediately preceding the date of issuance of such Designated Preferred Stock, or the declaration of such dividends on Refunding Capital Stock, after giving effect to such issuance (and the payment of dividends or
distributions) on a pro forma basis, the Borrower would be permitted to Incur at least $1.00 of additional Indebtedness pursuant to the Debt to Adjusted EBITDA Ratio test in 

  

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Section 10.1(a) or (y) with respect to Designated Preferred Stock of Intelsat Sub Holdco or any Parent of Intelsat Sub Holdco, for the most
recently ended four full fiscal quarters for which internal financial statements are available immediately preceding the date of issuance of such Designated Preferred Stock or the declaration of such dividends on Refunding Capital Stock, after
giving effect to such issuance (and the payment of dividends or distributions) on a pro forma basis, Intelsat Sub Holdco would be permitted to Incur at least $1.00 of additional Indebtedness pursuant to the Debt to Adjusted EBITDA Ratio test in
Section 10.1(a) and (B) the aggregate amount of dividends declared and paid pursuant to subclauses (a) and (b) of this clause (vi) does not exceed the net cash proceeds actually received by the Borrower from any such sale of
Designated Preferred Stock (other than Disqualified Stock) issued after January 28, 2005; 
 (vii) Investments in
Unrestricted Subsidiaries having an aggregate Fair Market Value, taken together with all other Investments made pursuant to this clause (vii) that are at that time outstanding, not to exceed $50.0 million at the time of such Investment (with
the Fair Market Value of each Investment being measured at the time made and without giving effect to subsequent changes in value); 
 (viii) the payment of dividends on the Borrower’s ordinary shares or common stock (or the payment of dividends to any Parent of the Borrower, as the case may be, to fund the payment by any Parent of the Borrower of dividends on such
entity’s ordinary shares or common stock) of up to 6.0% per annum of the net proceeds received by the Borrower from any public offering of ordinary shares or common stock or contributed to the Borrower by any Parent of the Borrower from
any public offering of ordinary shares or common stock; 
 (ix) Investments that are made with Excluded Contributions;

 (x) other Restricted Payments in an aggregate amount not to exceed $75.0 million; 
 (xi) the distribution, as a dividend or otherwise, of shares of Capital Stock of, or Indebtedness owed to the Borrower or a Restricted
Subsidiary of the Borrower by, Unrestricted Subsidiaries; 
 (xii) (A) with respect to any tax year or portion thereof
that a Tax-affected Investor would be required to recognize on a current basis taxable income attributable to earnings and profits of the Borrower or its Subsidiaries in advance of any distribution of such earnings and profits by the Borrower, an
amount equal to the product of (i) the amount of the income so required to be included (it being understood that for purposes of calculating such income pursuant to clause (A), any of the Borrower’s non-cash interest expense and
amortization of original issue discount shall be excluded) and (ii) the Presumed Tax Rate; provided that in the case of any such distribution other than a distribution solely on account of any Parent of the Borrower qualifying as a Flow
Through Entity, the Administrative Agent shall have received an opinion of nationally recognized tax counsel to the effect that the earnings and profits of the Borrower and its Subsidiaries are subject to inclusion in income of a Tax-affected
Investor on a current basis in advance of any distribution of such earnings and profits; and (B) for any taxable year, payment of dividends or other distributions to any Parent of the Borrower if any Parent of the Borrower is required to file a
consolidated, unitary or similar tax return reflecting income of the Borrower or its Restricted Subsidiaries in an amount equal to the portion of such taxes attributable to the Borrower and/or its Restricted Subsidiaries that are not payable
directly by the Borrower or its Restricted Subsidiaries, but not to exceed the amount that the Borrower or such Restricted Subsidiaries would have been required to pay in respect of taxes if the Borrower and such 

  

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Restricted Subsidiaries had been required to pay such taxes directly as standalone taxpayers (or a standalone group separate from such Parent); 

(xiii) the payment of dividends, other distributions or other amounts by the Borrower to, or the making of loans to, any Parent, in
amounts required for such Parent to: 
 (A) pay amounts equal to the amounts required for any Parent of the Borrower to pay
fees and expenses (including franchise or similar taxes) required to maintain its corporate existence, customary salary, bonus and other benefits payable to, and indemnities provided on behalf of, officers and employees of any Parent of the Borrower
and general corporate overhead expenses of any Parent of the Borrower, in each case to the extent such fees, expenses, salaries, bonuses, benefits and indemnities are attributable to the ownership or operation of the Borrower and its Subsidiaries;

 (B) pay amounts equal to amounts required for any Parent of the Borrower to pay interest and/or principal on Indebtedness
the proceeds of which have been contributed to the Borrower or any of its Restricted Subsidiaries and that has been guaranteed by, or is otherwise considered Indebtedness of, the Borrower Incurred in accordance with Section 10.1; and

 (C) pay cash interest on the Existing Holdings Notes pursuant to the terms of the agreements governing such Existing
Holdings Notes as in effect on the Closing Date and to pay any cash interest on any Indebtedness refinancing the Existing Holdings Notes; provided that such Indebtedness remains the sole obligation of Holdings (or any successor thereto) and
the principal amount of any such Indebtedness redeeming, refinancing or replacing the Existing Holdings Notes does not exceed the principal amount of the Indebtedness refinanced, plus any premiums, fees and expenses payable in connection with such
refinancing; 
 (xiv) any Restricted Payment used to fund the Transactions and the fees and expenses related thereto or made
in connection with the consummation of the Transactions (including pursuant to or as contemplated by the Acquisition Documents, whether on the Closing Date or thereafter), or owed by the Borrower or any Parent of the Borrower or Restricted
Subsidiaries of the Borrower to Affiliates, in each case to the extent permitted by Section 10.5; 
 (xv) repurchases of
Equity Interests deemed to occur upon exercise of stock options or warrants if such Equity Interests represent a portion of the exercise price of such options or warrants; 
 (xvi) purchases of receivables pursuant to a Receivables Repurchase Obligation in connection with a Qualified Receivables Financing and
the payment or distribution of Receivables Fees; 
 (xvii) the payment, purchase, redemption, defeasance or other acquisition
or retirement of Subordinated Indebtedness, Disqualified Stock or Preferred Stock of the Borrower and its Restricted Subsidiaries, pursuant to provisions similar to those described under Sections 10.4 and 10.6; provided that, prior to such
payment, purchase, redemption, defeasance or other acquisition or retirement, the Borrower (or a third party to the extent permitted by this Agreement) has made a Change of Control Offer or Excess Proceeds Offer, as the case may be, with respect to
the Loans as a result of such Change of Control or Asset Sale, as the case may be, and has repurchased all notes validly tendered and not withdrawn in connection with such Change of Control Offer or Excess Proceeds Offer, as the case may be;

  

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 (xviii) any payments made in connection with the consummation of the Transactions or as
contemplated by the Acquisition Documents (other than payments to any Permitted Holder or any Affiliate thereof); 
 (xix) the
repurchase, redemption or other acquisition or retirement for value (including repayment at maturity) of the Lockheed Note (including any payments to any Parent of the Borrower to effect the foregoing); provided that any Indebtedness
Incurred in connection with any such redemption, repurchase or other acquisition is Incurred in accordance with Section 10.1; 
 (xx) the repurchase, redemption or other acquisition or retirement for value of any of the Existing Holdings Notes from the proceeds of a Specified Sale/Leaseback Transaction (including any payments to any Parent of the Borrower to effect
the foregoing); and 
 (xxi) Restricted Payments required in connection with the consummation of the Change of Control Offers;

 provided, however, that at the time of, and after giving effect to, any Restricted Payment permitted under clauses (v), (vi), (vii), (x),
(xi), (xiii)(C), (xvii) and (xix) of this Section 10.2(b), no Default or Event of Default shall have occurred and be continuing or would occur as a consequence thereof. 
 (c) As of the Closing Date, all of the Borrower’s Subsidiaries shall be Restricted Subsidiaries. The Borrower shall not permit any
Unrestricted Subsidiary to become a Restricted Subsidiary except pursuant to the definition of “Unrestricted Subsidiary.” For purposes of designating any Restricted Subsidiary as an Unrestricted Subsidiary, all outstanding Investments by
the Borrower and its Restricted Subsidiaries (except to the extent repaid) in the Subsidiary so designated shall be deemed to be Restricted Payments or Permitted Investments in an amount determined as set forth in the last sentence of the definition
of “Investments.” Such designation shall only be permitted if Restricted Payments or Permitted Investments in such amount would be permitted at such time and if such Subsidiary otherwise meets the definition of an Unrestricted Subsidiary.

 10.3. Dividend and Other Payment Restrictions Affecting Subsidiaries. The Borrower shall not, and shall not permit any of its
Restricted Subsidiaries to, directly or indirectly, create or otherwise cause or suffer to exist or become effective any consensual encumbrance or consensual restriction on the ability of any Restricted Subsidiary to: 
 (a) (i) pay dividends or make any other distributions to the Borrower or any of its Restricted Subsidiaries (1) on its Capital Stock;
or (2) with respect to any other interest or participation in, or measured by, its profits; or (ii) pay any Indebtedness owed to the Borrower or any of its Restricted Subsidiaries; 
 (b) make loans or advances to the Borrower or any of its Restricted Subsidiaries; or 
 (c) sell, lease or transfer any of its properties or assets to the Borrower or any of its Restricted Subsidiaries; 
  

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 except in each case for such encumbrances or restrictions existing under or by reason of: 
  

	 	(1)	contractual encumbrances or restrictions in effect on the Closing Date, including pursuant to the Credit Agreements and the other Senior Credit Documents, the existing notes of
Intelsat Sub Holdco, the Existing Holdings Notes and the Lockheed Note; 

  

	 	(2)	the Backstop Credit Facilities, this Agreement and the Loans and any Exchange Notes (and, in each case, any guarantees thereof); 

  

	 	(3)	applicable law or any applicable rule, regulation or order; 

  

	 	(4)	any agreement or other instrument of a Person acquired by the Borrower or any Restricted Subsidiary which was in existence at the time of such acquisition (but not created in
contemplation thereof), which encumbrance or restriction is not applicable to any Person, or the properties or assets of any Person, other than the Person, or the property or assets of the Person, so acquired; 

  

	 	(5)	contracts or agreements for the sale of assets, including customary restrictions with respect to a Subsidiary pursuant to an agreement that has been entered into for the sale or
disposition of all or substantially all of the Capital Stock or assets of such Subsidiary; 

  

	 	(6)	Secured Indebtedness otherwise permitted to be Incurred pursuant to Sections 10.1 and 10.8 that limit the right of the debtor to dispose of the assets securing such Indebtedness;

  

	 	(7)	restrictions on cash or other deposits or net worth imposed by customers under contracts entered into in the ordinary course of business; 

  

	 	(8)	customary provisions in joint venture agreements and other similar agreements (including customary provisions in agreements relating to any Joint Venture); 

 

	 	(9)	purchase money obligations for property acquired and Capitalized Lease Obligations in the ordinary course of business that impose restrictions of the nature discussed in clause
(c) above on the property so acquired; 

  

	 	(10)	customary provisions contained in leases, licenses, contracts and other similar agreements entered into in the ordinary course of business that impose restrictions of the type
described in clause (c) above on the property subject to such lease; 

  

	 	(11)	any encumbrance or restriction of a Receivables Subsidiary effected in connection with a Qualified Receivables Financing that, in the good faith judgment of the Borrower, are
necessary or advisable in connection therewith; provided, however, that such restrictions apply only to such Receivables Subsidiary; 

  

	 	(12)	 other Indebtedness, Disqualified Stock or Preferred Stock of any Restricted Subsidiary of the Borrower that is Incurred subsequent to the Closing Date and 

  

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permitted pursuant to Section 10.1; provided that either (A) the provisions relating to such encumbrance or restriction contained in such
Indebtedness are no less favorable to the Borrower, taken as a whole, as determined by the Board of Directors of the Borrower in good faith, than the provisions contained in the Intelsat Credit Agreement or in the indenture governing the existing
notes of Intelsat Sub Holdco, in each case, as in effect on the Closing Date or (B) such encumbrances and restrictions contained in any agreement or instrument will not materially affect the Borrower’s ability to make anticipated principal
or interest payments on the Loans (as determined by the Borrower in good faith); 

  

	 	(13)	any Restricted Investment not prohibited by Section 10.2 and any Permitted Investment; and 

  

	 	(14)	any encumbrances or restrictions of the type referred to in clauses (a), (b) and (c) above imposed by any amendments, modifications, restatements, renewals, increases,
supplements, refundings, replacements or refinancings of the contracts, instruments or obligations referred to in clauses (1) through (13) above; provided that such amendments, modifications, restatements, renewals, increases,
supplements, refundings, replacements or refinancings are, in the good faith judgment of the Borrower, no more restrictive as a whole with respect to such encumbrances and restrictions than those prior to such amendment, modification, restatement,
renewal, increase, supplement, refunding, replacement or refinancing. 

 For purposes of determining compliance with this
covenant, (i) the priority of any Preferred Stock in receiving dividends or liquidating distributions prior to dividends or liquidating distributions being paid on ordinary shares shall not be deemed a restriction on the ability to make
distributions on Capital Stock and (ii) the subordination of loans or advances made to the Borrower or a Restricted Subsidiary of the Borrower to other Indebtedness Incurred by the Borrower or any such Restricted Subsidiary shall not be deemed
a restriction on the ability to make loans or advances. 
 10.4. Asset Sales. 
 (a) The Borrower shall not, and shall not permit any of its Restricted Subsidiaries to, cause or make an Asset Sale, unless (x) the
Borrower or any of its Restricted Subsidiaries, as the case may be, receives consideration at the time of such Asset Sale at least equal to the Fair Market Value (as determined in good faith by the Borrower) of the assets sold or otherwise disposed
of and (y) at least 75% of the consideration therefor received by the Borrower or such Restricted Subsidiary, as the case may be, is in the form of Cash Equivalents; provided that the amount of: 
 (i) any liabilities (as shown on the Borrower’s or such Restricted Subsidiary’s most recent balance sheet or in the notes
thereto) of the Borrower or any Restricted Subsidiary of the Borrower (other than liabilities that are by their terms subordinated to the Loans) that are assumed by the transferee of any such assets, 
 (ii) any notes or other obligations or other securities or assets received by the Borrower or such Restricted Subsidiary of the Borrower
from such transferee that are converted by the Borrower or such Restricted Subsidiary of the Borrower into cash within 180 days of the receipt thereof (to the extent of the cash received), and 
  

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 (iii) any Designated Non-cash Consideration received by the Borrower or any of its
Restricted Subsidiaries in such Asset Sale having an aggregate Fair Market Value, taken together with all other Designated Non-cash Consideration received pursuant to this clause (iii) that is at that time outstanding, not to exceed 5.0% of
Total Assets of the Borrower at the time of the receipt of such Designated Non-cash Consideration (with the Fair Market Value of each item of Designated Non-cash Consideration being measured at the time received and without giving effect to
subsequent changes in value) shall be deemed to be Cash Equivalents for the purposes of this Section 10.4(a). 
 (b)
Within 395 days after the Borrower’s or any Restricted Subsidiary of the Borrower’s receipt of the Net Proceeds of any Asset Sale (or Event of Loss Proceeds), the Borrower or such Restricted Subsidiary of the Borrower may apply the Net
Proceeds from such Asset Sale together with any Event of Loss Proceeds, at its option: 
 (i) to permanently reduce
Obligations under Secured Indebtedness or Pari Passu Indebtedness (provided that if the Borrower or any Guarantor shall so reduce Obligations under Pari Passu Indebtedness (other than Pari Passu Indebtedness that is Secured Indebtedness and
other than Pari Passu Indebtedness that is Indebtedness represented by the Borrower’s guarantee of Indebtedness of any Restricted Subsidiary of the Borrower), the Borrower shall equally and ratably reduce Obligations under this Agreement if the
Loans are then prepayable or, if the Loans may not then be prepaid, by making an offer (in accordance with the procedures set forth below for an Excess Proceeds Offer) to all Lenders to purchase at a purchase price equal to 100% of the principal
amount thereof, plus accrued and unpaid interest, the pro rata principal amount of Loans that would otherwise be prepaid) or Indebtedness of a Restricted Subsidiary that is not a Guarantor, in each case other than Indebtedness owed to the Borrower
or an Affiliate of the Borrower; provided that if an offer to purchase any Indebtedness of Intelsat Sub Holdco or any of its Restricted Subsidiaries is made in accordance with the terms of such Indebtedness, the obligation to permanently
reduce Indebtedness of a Restricted Subsidiary will be deemed to be satisfied to the extent of the amount of the offer, whether or not accepted by the holders thereof, and no Net Proceeds in the amount of such offer will be deemed to exist following
such offer, 
 (ii) to an investment in any one or more businesses (provided that if such investment is in the form of
the acquisition of Capital Stock of a Person, such acquisition results in such Person becoming a Restricted Subsidiary of the Borrower), or capital expenditures or assets, in each case used or useful in a Similar Business, and/or 
 (iii) to make an investment in any one or more businesses (provided that if such investment is in the form of the acquisition of
Capital Stock of a Person, such acquisition results in such Person becoming a Restricted Subsidiary of the Borrower), properties or assets that replace the properties and assets that are the subject of such Asset Sale or Event of Loss; 

provided that in the case of clauses (ii) and (iii) above, a binding commitment shall be treated as a permitted application of the Net Proceeds from
the date of such commitment and, in the event such binding commitment is later canceled or terminated for any reason before such Net Proceeds are so applied, the Borrower or such Restricted Subsidiary enters into another binding commitment within
nine months of such cancellation or termination of the prior binding commitment. Pending the final application of any such Net Proceeds (or Event of Loss Proceeds), the Borrower or such Restricted Subsidiary of the Borrower may temporarily reduce
Indebtedness under a revolving credit facility, if any, or otherwise invest such Net Proceeds (or Event of Loss Proceeds) in Cash Equivalents or Investment Grade Securities. Any Net Proceeds from any Asset Sale (or Event of Loss Proceeds) that are
not applied 

  

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as provided and within the time period set forth in the first sentence of this Section 10.4(b) (it being understood that any portion of such Net
Proceeds (or Event of Loss Proceeds) used to make an offer to prepay the Loans, as described in clause (i) above, shall be deemed to have been invested whether or not such offer is accepted) shall be deemed to constitute “Excess
Proceeds.” When the aggregate amount of Excess Proceeds exceeds $25.0 million, the Borrower shall make a Prepayment Offer and, at the option of the Borrower pursuant to Section 5.2, any holders of Pari Passu Indebtedness, and in
accordance with this Section 10.4. Upon completion of any such Excess Proceeds Offer, the amount of Excess Proceeds shall be reset at zero. 
 10.5. Transactions with Affiliates. 
 (a) The Borrower shall not, and shall not permit any of its Restricted
Subsidiaries to, directly or indirectly, make any payment to, or sell, lease, transfer or otherwise dispose of any of its properties or assets to, or purchase any property or assets from, or enter into or make or amend any transaction or series of
transactions, contract, agreement, understanding, loan, advance or guarantee with, or for the benefit of, any Affiliate of the Borrower (each of the foregoing, an “Affiliate Transaction”) involving aggregate consideration in excess
of $5.0 million, unless: 
 (i) such Affiliate Transaction is on terms that are not materially less favorable to the Borrower
or the relevant Restricted Subsidiary than those that could have been obtained in a comparable transaction by the Borrower or such Restricted Subsidiary with an unrelated Person; and 
 (ii) with respect to any Affiliate Transaction or series of related Affiliate Transactions involving aggregate consideration in excess of
$10.0 million, the Borrower delivers to the Administrative Agent a resolution adopted in good faith by the majority of the Board of Directors of the Borrower or any Parent of the Borrower approving such Affiliate Transaction and set forth in an
Officers’ Certificate certifying that such Affiliate Transaction complies with clause (i) above. 
 (b) The
provisions of Section 10.5(a) shall not apply to the following: 
 (i) (A) transactions between or among the
Borrower and/or any of its Restricted Subsidiaries and (B) any merger or amalgamation of the Borrower and any direct parent company of Borrower; provided that such parent company shall have no material liabilities and no material assets
other than cash, Cash Equivalents and the Capital Stock of the Borrower and such merger or amalgamation is otherwise in compliance with the terms of this Agreement and effected for a bona fide business purpose; 
 (ii) (A) Restricted Payments permitted by Section 10.2 and (B) Investments under the definition of “Permitted
Investments”; 
 (iii) the entering into of any agreement to pay, and the payment of, management, consulting, monitoring
and advisory fees and expenses to the Sponsors in an aggregate amount in any fiscal year not to exceed the greater of (x) $6.25 million and (y) 1.25% of Adjusted EBITDA of the Borrower and its Restricted Subsidiaries for the immediately
preceding fiscal year; 
 (iv) the payment of reasonable and customary fees to, and indemnity provided on behalf of officers,
directors, employees or consultants of the Borrower or any Restricted Subsidiary of the Borrower or any Parent of the Borrower; 
  

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 (v) payments by the Borrower or any of its Restricted Subsidiaries to the Sponsors made
for any financial advisory, financing, underwriting or placement services or in respect of other investment banking activities, including, without limitation, in connection with acquisitions or divestitures, which payments are (x) approved by a
majority of the Board of Directors of the Borrower in good faith or (y) made pursuant to any agreement described under Item 13 “Certain Relationships and Related Transactions, and Director Independence” in Intelsat, Ltd.’s
Form 10-K for the year ended December 31, 2007; 
 (vi) transactions in which the Borrower or any of its Restricted
Subsidiaries, as the case may be, delivers to the Administrative Agent a letter from an Independent Financial Advisor stating that such transaction is fair to the Borrower or such Restricted Subsidiary from a financial point of view or meets the
requirements of clause (i) of Section 10.5(a); 
 (vii) payments or loans (or cancellation of loans) to employees or
consultants that are approved by a majority of the Board of Directors of the Borrower in good faith; 
 (viii) any agreement
as in effect as of the Closing Date and any amendment thereto (so long as any such agreement together with all amendments thereto, taken as a whole, is not more disadvantageous to the Lenders in any material respect than the original agreement as in
effect on the Closing Date) or any transaction contemplated thereby; 
 (ix) the existence of, or the performance by the
Borrower or any of its Restricted Subsidiaries of its obligations under the terms of the Acquisition Documents and any amendment thereto or similar agreements which it may enter into thereafter; provided, however, that the existence
of, or the performance by the Borrower or any of its Restricted Subsidiaries of its obligations under, any future amendment to any such existing agreement or under any similar agreement entered into after the Closing Date shall only be permitted by
this clause (ix) to the extent that the terms of any such existing agreement together with all amendments thereto, taken as a whole, or new agreement are not otherwise more disadvantageous to the Lenders in any material respect than the
original agreement as in effect on the Closing Date; 
 (x) transactions to effect the Transactions and the payment of all
fees and expenses related to the Transactions; 
 (xi) (A) transactions with customers, clients, suppliers or purchasers
or sellers of goods or services, in each case in the ordinary course of business and otherwise in compliance with the terms of this Agreement, which are fair to the Borrower and its Restricted Subsidiaries, in the reasonable judgment of the
Borrower, or are on terms at least as favorable as might reasonably have been obtained at such time from an unaffiliated party and (B) transactions with Joint Ventures or Unrestricted Subsidiaries entered into in the ordinary course of
business; 
 (xii) any transaction effected as part of a Qualified Receivables Financing; 
 (xiii) the issuance of Equity Interests (other than Disqualified Stock) of the Borrower to any Permitted Holder or to any director,
officer, employee or consultant of the Borrower or any Parent of the Borrower; 
 (xiv) the issuances of securities or other
payments, awards or grants in cash, securities or otherwise pursuant to, or the funding of, employment arrangements, stock option and stock ownership plans or similar employee benefit plans approved by the Board of Directors of the Borrower or any
Parent of the Borrower or of a Restricted Subsidiary of the Borrower, as appropriate, in good faith; 
  

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 (xv) the entering into of any tax sharing agreement or arrangement and any payments
permitted by clause (xii) of Section 10.2(b); 
 (xvi) any contribution to the capital of the Borrower; 

(xvii) transactions permitted by, and complying with, the provisions of Section 10.10; 
 (xviii) transactions between the Borrower or any of its Restricted Subsidiaries and any Person, a director of which is also a director of
the Borrower or any Parent of the Borrower; provided, however, that such director abstains from voting as a director of the Borrower or such Parent, as the case may be, on any matter involving such other Person; 
 (xix) pledges of Equity Interests of Unrestricted Subsidiaries; and 
 (xx) any employment agreements entered into by the Borrower or any of its Restricted Subsidiaries in the ordinary course of business.

 10.6. Change of Control. Upon the occurrence of a Change of Control, each Lender shall have the right to require the Borrower to
repurchase all or any part of such Lender’s Loans at a purchase price in cash equal to 101% of the Accreted Value thereof, plus accrued and unpaid interest, if any, to the date of repurchase in accordance with Section 5.2(a).
Notwithstanding the foregoing, the Borrower shall not be required to make a Change of Control Offer upon a Change of Control if a third party makes the Change of Control Offer in the manner, at the times and otherwise in compliance with the
requirements set forth in this Section and Section 5.2(a) applicable to a Change of Control Offer made by the Borrower and purchases all Loans validly surrendered and not withdrawn under such Change of Control Offer. 
 10.7. Future Guarantors. The Borrower shall not permit any of its Restricted Subsidiaries (other than a Receivables Subsidiary formed in
connection with a Qualified Receivables Financing and other than any License Subsidiary in connection with any guarantee of any Credit Agreement) that is not a Subsidiary Guarantor to, directly or indirectly, guarantee the payment of any
Indebtedness of the Borrower, unless such Subsidiary executes and delivers to the Administrative Agent a Guarantee substantially in the form of Exhibit A (together with such opinions or certificates reasonably requested in connection
therewith) pursuant to which such Subsidiary will guarantee payment of the Loans. Each Guarantee shall be limited to an amount not to exceed the maximum amount that can be guaranteed by that Restricted Subsidiary without rendering the Guarantee, as
it relates to such Restricted Subsidiary, voidable under applicable law relating to fraudulent conveyance, financial assistance or fraudulent transfer or similar laws affecting the rights of creditors generally. 
 10.8. Liens. The Borrower shall not, and shall not permit any of its Restricted Subsidiaries to, directly or indirectly, create, Incur or suffer
to exist any Lien (other than Permitted Liens) that secures any obligations under Indebtedness of the Borrower against or on any asset or property now owned or hereafter acquired by the Borrower, or any income or profits therefrom, unless:

 (A) in the case of Liens securing Indebtedness that is Subordinated Indebtedness, the Loans are secured by a Lien on such
property or assets that is senior in priority to such Liens; and 
 (B) in all other cases, the Loans are equally and ratably
secured; 
  

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 provided that any Lien which is granted to secure the Loans under this covenant shall be automatically released
and discharged at the same time as the release of the Lien that gave rise to the obligation to secure the Loans under this covenant. 
 10.9.
Suspension of Covenants. 
 (a) During any period of time that: (i) the Loans have Investment Grade Ratings from
two Rating Agencies and (ii) no Default or Event of Default has occurred and is continuing (the occurrence of the events described in the foregoing clauses (i) and (ii) being collectively referred to as a “Covenant Suspension
Event”), the Borrower and the Restricted Subsidiaries shall not be subject to the provisions of Sections 9.2, 10.1, 10.2, 10.3, 10.4, 10.5, 10.7, 10.10(a)(iv) (collectively, the “Suspended Covenants”). 
 (b) Upon the occurrence of a Covenant Suspension Event, the Guarantees of any Subsidiary Guarantors will also be suspended as of such date
(the “Suspension Date”). 
 (c) In the event that the Borrower and the Restricted Subsidiaries are not
subject to the Suspended Covenants for any period of time as a result of the foregoing, and on any subsequent date (the “Reversion Date”) one or both of the Rating Agencies withdraws its Investment Grade Rating or downgrades the
rating assigned to the Loans below an Investment Grade Rating, then the Borrower and the Restricted Subsidiaries will thereafter again be subject to the Suspended Covenants with respect to future events and the Guarantees, if any, of any Subsidiary
Guarantors will be reinstated if such guarantees are then required by the terms of this Agreement. The period of time between the Suspension Date and the Reversion Date is referred to in this Agreement as the “Suspension Period.”

 (d) Notwithstanding that the Suspended Covenants may be reinstated, no Default or Event of Default will be deemed to have
occurred as a result of a failure to comply with the Suspended Covenants during the Suspension Period (or upon termination of the Suspension Period or after that time based solely on events that occurred during the Suspension Period). 
 (e) On the Reversion Date, all Indebtedness Incurred, or Disqualified Stock or Preferred Stock issued, during the Suspension Period will
be classified as having been Incurred or issued pursuant to Section 10.1 (a) or Section 10.1(b) (to the extent such Indebtedness or Disqualified Stock or Preferred Stock would be permitted to be Incurred or issued thereunder as of the
Reversion Date and after giving effect to Indebtedness Incurred or issued prior to the Suspension Period and outstanding on the Reversion Date). To the extent such Indebtedness or Disqualified Stock or Preferred Stock would not be so permitted to be
Incurred or issued pursuant to Sections 10.1(a) or (b), such Indebtedness or Disqualified Stock or Preferred Stock will be deemed to have been outstanding on the Closing Date, so that it is classified as permitted under Section 10.1(b)(iii).
Calculations made after the Reversion Date of the amount available to be made as Restricted Payments under Section 10.2 will be made as though Section 10.2 had been in effect since the Closing Date and throughout the Suspension Period. For
the avoidance of doubt, Restricted Payments made during the Suspension Period shall reduce the amount available to be made as Restricted Payments under Section 10.2(a). No Default or Event of Default shall be deemed to have occurred on the
Reversion Date as a result of any actions taken by the Borrower or its Restricted Subsidiaries during the Suspension Period. 
 (f) The Borrower shall deliver promptly to the Administrative Agent an Officer’s Certificate notifying the Administrative Agent of any Covenant Suspension Event or Reversion Date, as the case may be, pursuant to this Section 10.9.

  

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 10.10. When Borrower May Merge or Transfer Assets. 
 (a) The Borrower shall not consolidate, amalgamate or merge with or into or wind up into (whether or not the Borrower is the surviving
corporation), or sell, assign, transfer, lease, convey or otherwise dispose of all or substantially all of its properties or assets in one or more related transactions (other than the Acquisition)to, any Person unless: 
 (i) the Borrower is a surviving Person or the Person formed by or surviving any such consolidation, amalgamation or merger (if other than
the Borrower) or to which such sale, assignment, transfer, lease, conveyance or other disposition shall have been made is a corporation, partnership or limited liability company organized or existing under the laws of the United States, any state
thereof, the District of Columbia, or any territory thereof, under the laws of the jurisdiction of organization of the Borrower or under the laws of any country that is a member of the European Union (the Borrower or such Person, as the case may be,
being herein called the “Successor Company”); 
 (ii) the Successor Company (if other than the Borrower)
expressly assumes all the obligations of the Borrower under this Agreement and the Loans pursuant to documents or instruments in form reasonably satisfactory to the Administrative Agent; 
 (iii) immediately after giving effect to such transaction, no Default or Event of Default shall have occurred and be continuing;

 (iv) immediately after giving pro forma effect to such transaction, as if such transaction had occurred at the beginning of
the applicable four-quarter period (and treating any Indebtedness which becomes an obligation of the Successor Company or any of its Restricted Subsidiaries as a result of such transaction as having been Incurred by the Successor Company or such
Restricted Subsidiary at the time of such transaction), either 
  

	 	(1)	the Successor Company would be permitted to Incur at least $1.00 of additional Indebtedness pursuant to the Debt to Adjusted EBITDA Ratio test set forth in Section 10.1(a); or

  

	 	(2)	the Debt to Adjusted EBITDA Ratio for the Successor Company and its Restricted Subsidiaries would be equal to or less than such ratio for the Borrower and its Restricted
Subsidiaries immediately prior to such transaction. 

 Notwithstanding the foregoing clauses (iii) and (iv) of this
Section 10.10(a), (A) the Borrower or any Restricted Subsidiary may consolidate or amalgamate with, merge into, sell, assign or transfer, lease, convey or otherwise dispose of all or part of its properties and assets to the Borrower or to
another Restricted Subsidiary and (B) the Borrower may merge, amalgamate or consolidate with an Affiliate incorporated solely for the purpose of reincorporating the Borrower in a (or another) state of the United States, the District of
Columbia, any territory of the United States, or any country that is a member of the European Union so long as the amount of Indebtedness of the Borrower and its Restricted Subsidiaries is not increased thereby (any transaction described in this
sentence a “Specified Merger/Transfer Transaction”). 
 (b) Subject to the provisions of any Guarantee, any
Subsidiary Guarantor shall not, and the Borrower shall not permit any Subsidiary Guarantor to, consolidate, amalgamate or merge with or into or wind up into (whether or not such Subsidiary Guarantor is the surviving Person), or sell, assign, 

  

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transfer, lease, convey or otherwise dispose of all or substantially all of its properties or assets in one or more related transactions to, any Person
(other than any such sale, assignment, transfer, lease, conveyance or disposition in connection with the Transactions) unless: 
 (i) such Subsidiary Guarantor is a surviving Person or the Person formed by or surviving any such consolidation, amalgamation or merger (if other than such Subsidiary Guarantor) or to which such sale, assignment, transfer, lease, conveyance
or other disposition is made is a corporation, partnership or limited liability company organized or existing under the laws of the United States, any state thereof, the District of Columbia, or any territory thereof, under the laws of the
jurisdiction of organization of the Borrower or such Subsidiary Guarantor or under the laws of any country that is a member of the European Union (such Subsidiary Guarantor or such Person, as the case may be, being herein called the
“Successor Guarantor”); 
 (ii) the Successor Guarantor (if other than such Subsidiary Guarantor) expressly
assumes all the obligations of such Subsidiary Guarantor under the Guarantee and such Subsidiary Guarantor’s Guarantee pursuant to documents or instruments in form reasonably satisfactory to the Administrative Agent; and 
 (iii) immediately after giving effect to such transaction (and treating any Indebtedness which becomes an obligation of the Successor
Guarantor or any of its Subsidiaries as a result of such transaction as having been Incurred by the Successor Guarantor or such Subsidiary at the time of such transaction) no Default or Event of Default shall have occurred and be continuing.

 Subject to the limitations described in this Agreement, the Successor Guarantor shall succeed to, and be substituted for, such Subsidiary
Guarantor under the Guarantee and such Subsidiary Guarantor’s Guarantee, and such Subsidiary Guarantor will automatically be released and discharged from its obligations under the Guarantee and such Subsidiary Guarantor’s guarantee.
Notwithstanding the foregoing, (1) a Subsidiary Guarantor may merge, amalgamate or consolidate with an Affiliate incorporated solely for the purpose of reincorporating such Subsidiary Guarantor in a (or another) state of the United States, the
District of Columbia, any territory of the United States, any country that is a member of the European Union or the jurisdiction of organization of the Borrower, so long as the amount of Indebtedness of the Subsidiary Guarantor is not increased
thereby and (2) a Subsidiary Guarantor may merge amalgamate or consolidate with another Subsidiary Guarantor or the Borrower. 
 10.11.
Successor Company Substituted. 
 (a) Upon any consolidation, merger or amalgamation, or any sale, lease, conveyance or
other disposition of all or substantially all of the assets of the Borrower in accordance with or permitted by Section 10.10 hereof, the Successor Company (if other than the Borrower) shall succeed to and be substituted for, and may exercise
every right and power of, the Borrower under this Agreement with the same effect as if such Successor Company had been named as the Borrower herein, and the Borrower (if not the Successor Company) will automatically be released and discharged from
its obligations under the Agreement and the Loans. 
 (b) Subject to the limitations described in this Agreement, the
Successor Guarantor shall succeed to, and be substituted for, such Guarantor under this Agreement and such Guarantor’s Guarantee, and such Guarantor will automatically be released and discharged from its obligations under this Agreement and
such Guarantor’s Guarantee. 
  

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 (c) Subject to the limitations described in this Agreement, the Successor Parent shall
succeed to, and be substituted for, Holdings under this Agreement, and Holdings will automatically be released and discharged from its obligations under this Agreement. 
 SECTION 11. [Reserved]. 
 SECTION 12. Events of Default. 
 12.1. Events of Default. An “Event of Default” occurs if: 
 (a) the Borrower and Holdings default in any payment of interest on any Loan when the same becomes due and payable, and such default
continues for a period of 30 days, 
 (b) the Borrower and Holdings default in the payment of principal or premium, if any, of
any Loan when due at its Stated Maturity, upon optional redemption, upon required repurchase, upon declaration or otherwise, 
 (c) the Borrower or any of its Restricted Subsidiaries fails to comply with any of its agreements in this Agreement or the other Credit Documents (other than those referred to in (a) or (b) above) and such failure continues for 60
days after the notice specified below; provided, however, that to the extent such failure relates solely to an action or inaction by Intelsat General and the Borrower and its Restricted Subsidiaries have otherwise complied with
Section 9.14, no Event of Default shall occur, 
 (d) Holdings, the Borrower or any Significant Subsidiary fails to pay
any Indebtedness (other than Indebtedness owing to a Parent of the Borrower or a Restricted Subsidiary of the Borrower) within any applicable grace period after final maturity or the acceleration of any such Indebtedness by the holders thereof
because of a default, in each case, if the total amount of such Indebtedness unpaid or accelerated exceeds $50.0 million or its foreign currency equivalent, 
 (e) Holdings, the Borrower or any Significant Subsidiary pursuant to or within the meaning of any Bankruptcy Law: 
 (i) commences a voluntary case; 
 (ii) consents to the entry of an order for relief against it in an involuntary case; 
 (iii)
consents to the appointment of a Custodian of it or for any substantial part of its property; or 
 (iv) makes a general
assignment for the benefit of its creditors or takes any comparable action under any foreign laws relating to insolvency, 
 (f) a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that: 
 (i) is for relief
against Holdings, the Borrower or any Significant Subsidiary or in an involuntary case; 
  

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 (ii) appoints a Custodian of Holdings, the Borrower or any Significant Subsidiary or for
any substantial part of its property; or 
 (iii) orders the winding up or liquidation of the Borrower or any Significant
Subsidiary; 
 or any similar relief is granted under any foreign laws and the order or decree remains unstayed and in effect for 60 days, or

 (g) Holdings, the Borrower or any Significant Subsidiary fails to pay final judgments aggregating in excess of $50.0
million or its foreign currency equivalent (net of any amounts which are covered by enforceable insurance policies issued by solvent carriers), which judgments are not discharged, waived or stayed for a period of 60 days following the entry thereof.

 The foregoing shall constitute Events of Default whatever the reason for any such Event of Default and whether it is voluntary or
involuntary or is effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body. 
 The term “Bankruptcy Law” means Title 11, United States Code, or any similar U.S. Federal, state or any foreign law for the relief of
debtors. The term “Custodian” means any receiver, trustee, assignee, liquidator, custodian or similar official under any Bankruptcy Law. 
 A Default under clause (c) above shall not constitute an Event of Default until the Administrative Agent or Lenders of at least 25% in principal amount at maturity of the outstanding Loans notify the Borrower of
the Default and the Borrower does not cure such Default within the time specified in clause (c) above after receipt of such notice. Such notice must specify the Default, demand that it be remedied and state that such notice is a “Notice of
Default”. The Borrower shall deliver to the Administrative Agent, within thirty days after the occurrence thereof, written notice in the form of an Officers’ Certificate of any event which is, or with the giving of notice or the lapse of
time or both would become, an Event of Default, its status and what action the Borrower is taking or proposes to take with respect thereto. 
 12.2. Acceleration. If an Event of Default (other than an Event of Default specified in Section 12.1(e) or (f) with respect to the Borrower) occurs and is continuing, the Administrative Agent or Lenders of at least 25% in
principal amount at maturity of outstanding Loans by notice to the Borrower and Holdings, may declare the Accreted Value of, premium, if any, and accrued but unpaid interest on all the Loans to be due and payable. Upon such a declaration, such
Accreted Value, premium, if any, and interest shall be due and payable immediately. If an Event of Default specified in Section 12.1(e) or (f) with respect to the Borrower occurs, the Accreted Value of, premium, if any, and interest on all
the Loans shall ipso facto become and be immediately due and payable without any declaration or other act on the part of the Administrative Agent or any Lenders. The Required Lenders by notice to the Administrative Agent may rescind an acceleration
and its consequences if the rescission would not conflict with any judgment or decree and if all existing Events of Default have been cured or waived except nonpayment of principal or interest that has become due solely because of acceleration. No
such rescission shall affect any subsequent Default or impair any right consequent thereto. 
 In the event of any Event of Default specified
in Section 12.1(d), such Event of Default and all consequences thereof (excluding, however, any resulting payment default) shall be annulled, waived and rescinded, automatically and without any action by the Administrative Agent or the Lenders,
if within 20 

  

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days after such Event of Default arose the Borrower delivers an Officers’ Certificate to the Administrative Agent stating that (x) the Indebtedness
or guarantee that is the basis for such Event of Default has been discharged or (y) the holders thereof have rescinded or waived the acceleration, notice or action (as the case may be) giving rise to such Event of Default or (z) the
default that is the basis for such Event of Default has been cured, it being understood that in no event shall an acceleration of the Accreted Value of the Loans as described above be annulled, waived or rescinded upon the happening of any such
events. 
 12.3. Other Remedies. If an Event of Default occurs and is continuing, the Administrative Agent may pursue any available
remedy at law or in equity to collect the payment of Accreted Value, premium, if any, or interest on the Loans or to enforce the performance of any provision of the Loans or this Agreement. 
 The Administrative Agent may maintain a proceeding even if it does not possess any of the Loans or does not produce any of them in the proceeding. A
delay or omission by the Administrative Agent or any Lender in exercising any right or remedy accruing upon an Event of Default shall not impair the right or remedy or constitute a waiver of or acquiescence in the Event of Default. No remedy is
exclusive of any other remedy. All available remedies are cumulative. 
 12.4. Waiver of Past Defaults. Provided the Loans are not
then due and payable by reason of a declaration of acceleration, the Required Lenders by notice to the Administrative Agent may waive an existing Default and its consequences except (a) a Default in the payment of the Accreted Value, premium,
if any, or interest on a Note, (b) a Default arising from the failure to redeem or purchase any Loan when required pursuant to the terms of this Agreement or (c) a Default in respect of a provision that under Section 14.1 cannot be
amended without the consent of each Lender affected. When a Default is waived, it is deemed cured and the Borrower, the Administrative Agent and the Lenders will be restored to their former positions and rights under this Agreement, but no such
waiver shall extend to any subsequent or other Default or impair any consequent right. 
 12.5. Control by Majority. The Required
Lenders may direct the time, method and place of conducting any proceeding for any remedy available to the Administrative Agent or of exercising any trust or power conferred on the Administrative Agent. However, the Administrative Agent may refuse
to follow any direction that conflicts with law or this Agreement or, subject to Article 13, that the Administrative Agent determines is unduly prejudicial to the rights of any other Lender or that would involve the Administrative Agent in personal
liability; provided, however, that the Administrative Agent may take any other action deemed proper by the Administrative Agent that is not inconsistent with such direction. Prior to taking any action under this Agreement, the Administrative Agent
shall be entitled to indemnification satisfactory to it in its sole discretion against all losses and expenses caused by taking or not taking such action. 
 12.6. Limitation on Suits. 
 (a) Except to enforce the right to receive payment of
Accreted Value, premium (if any) or interest when due, no Lender may pursue any remedy with respect to this Agreement or the Loans unless: 
 (i) the Lender gives to the Administrative Agent written notice stating that an Event of Default is continuing; 
 (ii) the Lenders of at least 25% in aggregate principal amount at maturity of the outstanding Loans make a written request to the Administrative Agent to pursue the remedy; 
  

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 (iii) such Lender or Lenders offer to the Administrative Agent reasonable security or
indemnity satisfactory to it against any loss, liability or expense; 
 (iv) the Administrative Agent does not comply with the
request within 60 days after receipt of the request and the offer of security or indemnity; and 
 (v) the Required Lenders do
not give the Administrative Agent a direction inconsistent with the request during such 60-day period. 
 (b) A Lender may not
use this Agreement to prejudice the rights of another Lender or to obtain a preference or priority over another Lender. 
 12.7. Rights of
the Lenders to Receive Payment. Notwithstanding any other provision of this Agreement, the right of any Lender to receive payment of Accreted Value, premium, if any, and interest on the Loans held by such Lender, on or after the respective due
dates expressed or provided for in the Loans, or to bring suit for the enforcement of any such payment on or after such respective dates, shall not be impaired or affected without the consent of such Lender. 
 12.8. Priorities. If the Administrative Agent collects any money or property pursuant to this Section 12, it shall pay out the money or
property in the following order: 
 FIRST: to the Administrative Agent for amounts due under Section 13; 
 SECOND: to Lenders for amounts due and unpaid on the Loans for Accreted Value, premium, if any, and interest, ratably, without preference
or priority of any kind, according to the amounts due and payable on the Loans for principal and interest, respectively; and 
 THIRD: to the Borrower and Holdings or, to the extent the Administrative Agent collects any amount from any Guarantor, to such Guarantor. 
 The Administrative Agent may fix a record date and payment date for any payment to the Lenders pursuant to this Section. At least 15 days before such record date, the Administrative Agent shall mail to each Lender and the Borrower a notice
that states the record date, the payment date and amount to be paid. 
 SECTION 13. The Administrative Agent. 
 13.1. Appointment. Each Lender hereby irrevocably designates and appoints the Administrative Agent as the agent of such Lender under this Agreement
and the other Credit Documents, and each such Lender irrevocably authorizes the Administrative Agent, in such capacity, to take such action on its behalf under the provisions of this Agreement and the other Credit Documents and to exercise such
powers and perform such duties as are expressly delegated to the Administrative Agent by the terms of this Agreement and the other Credit Documents, together with such other powers as are reasonably incidental thereto. Notwithstanding any provision
to the contrary elsewhere in this Agreement, the Administrative Agent shall not have any duties or responsibilities, except those expressly set forth herein, or any fiduciary relationship with any Lender, and no implied covenants, functions,
responsibilities, duties, obligations or liabilities shall be read into this Agreement or any other Credit Document or otherwise exist against the Administrative Agent. The Syndication Agent, in its capacity as such, shall have no obligations,
duties or responsibilities under this Agreement but shall be entitled to all benefits of this Section 13. 
  

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 13.2. Delegation of Duties. The Administrative Agent may execute any of its duties under this
Agreement and the other Credit Documents by or through agents or attorneys- in-fact and shall be entitled to advice of counsel concerning all matters pertaining to such duties. The Administrative Agent shall not be responsible for the negligence or
misconduct of any agents or attorneys-in-fact selected by it with reasonable care. 
 13.3. Exculpatory Provisions. Neither the
Administrative Agent nor any of its officers, directors, employees, agents, attorneys-in-fact or Affiliates shall be (a) liable for any action lawfully taken or omitted to be taken by it or such Person under or in connection with this Agreement
or any other Credit Document (except for its or such Person’s own gross negligence or willful misconduct) or (b) responsible in any manner to any of the Lenders for any recitals, statements, representations or warranties made by the
Borrower or Holdings, and any Guarantor or any officer thereof contained in this Agreement or any other Credit Document or in any certificate, report, statement or other document referred to or provided for in, or received by the Administrative
Agent under or in connection with, this Agreement or any other Credit Document or for the value, validity, effectiveness, genuineness, enforceability or sufficiency of this Agreement or any other Credit Document or for any failure of the Borrower,
Holdings any Guarantor or any other Credit Party to perform its obligations hereunder or thereunder. The Administrative Agent shall not be under any obligation to any Lender to ascertain or to inquire as to the observance or performance of any of
the agreements contained in, or conditions of, this Agreement or any other Credit Document, or to inspect the properties, books or records of the Borrower or Holdings. 
 13.4. Reliance by Administrative Agent. The Administrative Agent shall be entitled to rely, and shall be fully protected in relying, upon any writing, resolution, notice, consent, certificate, affidavit,
letter, telecopy, telex or teletype message, statement, order or other document or conversation believed by it to be genuine and correct and to have been signed, sent or made by the proper Person or Persons and upon advice and statements of legal
counsel (including counsel to the Borrower and Holdings), independent accountants and other experts selected by the Administrative Agent. The Administrative Agent may deem and treat the Lender specified in the Register with respect to any amount
owing hereunder as the owner thereof for all purposes unless a written notice of assignment, negotiation or transfer thereof shall have been filed with the Administrative Agent. The Administrative Agent shall be fully justified in failing or
refusing to take any action under this Agreement or any other Credit Document unless it shall first receive such advice or concurrence of the Required Lenders as it deems appropriate or it shall first be indemnified to its satisfaction by the
Lenders against any and all liability and expense that may be incurred by it by reason of taking or continuing to take any such action. The Administrative Agent shall in all cases be fully protected in acting, or in refraining from acting, under
this Agreement and the other Credit Documents in accordance with a request of the Required Lenders, and such request and any action taken or failure to act pursuant thereto shall be binding upon all the Lenders and all future holders of the Loans.

 13.5. Notice of Default. The Administrative Agent shall not be deemed to have knowledge or notice of the occurrence of any Default
or Event of Default hereunder unless the Administrative Agent has received written notice from a Lender or the Borrower or Holdings referring to this Agreement, describing such Default or Event of Default and stating that such notice is a
“notice of default.” In the event that the Administrative Agent receives such a notice, the Administrative Agent shall give notice thereof to the Lenders. The Administrative Agent shall take such action with respect to such Default or
Event of Default as shall be reasonably directed by the Required Lenders, provided that unless and until the Administrative Agent shall have received such directions, the Administrative Agent may (but shall not be obligated to) take such action, or
refrain from taking such action, with respect to such Default or Event of Default as it shall deem advisable in the best interests of the Lenders (except to the extent that this Agreement requires that such action be taken only with the approval of
the Required Lenders or each of the Lenders, as applicable). 
  

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 13.6. Non-Reliance on Administrative Agent and Other Lenders. Each Lender expressly acknowledges
that neither the Administrative Agent nor any of its officers, directors, employees, agents, attorneys-in-fact or Affiliates has made any representations or warranties to it and that no act by the Administrative Agent hereinafter taken, including
any review of the affairs of the Borrower, any Guarantor or any other Credit Party shall be deemed to constitute any representation or warranty by the Administrative Agent to any Lender. Each Lender represents to the Administrative Agent that it
has, independently and without reliance upon the Administrative Agent or any other Lender, and based on such documents and information as it has deemed appropriate, made its own appraisal of and investigation into the business, operations, property,
financial and other condition and creditworthiness of the Borrower, Holdings any Guarantor or any other Credit Party and made its own decision to make its Loans hereunder and enter into this Agreement. Each Lender also represents that it will,
independently and without reliance upon the Administrative Agent or any other Lender, and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit analysis, appraisals and decisions in taking
or not taking action under this Agreement and the other Credit Documents, and to make such investigation as it deems necessary to inform itself as to the business, operations, property, financial and other condition and creditworthiness of the
Borrower, any Guarantor or any other Credit Party. Except for notices, reports and other documents expressly required to be furnished to the Lenders by the Administrative Agent hereunder, the Administrative Agent shall not have any duty or
responsibility to provide any Lender with any credit or other information concerning the business, assets, operations, properties, financial condition, prospects or creditworthiness of the Borrower, Holdings any Guarantor or any other Credit Party
that may come into the possession of the Administrative Agent or any of its officers, directors, employees, agents, attorneys-in-fact or Affiliates. 
 13.7. Indemnification. The Lenders agree to indemnify the Administrative Agent in its capacity as such (to the extent not reimbursed by the Borrower or Holdings and without limiting the obligation of the
Borrower or Holdings to do so), ratably according to their respective portions of the Loans held by such Lenders in effect on the date on which indemnification is sought (or, if indemnification is sought after the date upon which the Loans shall
have been paid in full, ratably in accordance with their respective portions of the Loans held by such Lenders in effect immediately prior to such date), from and against any and all liabilities, obligations, losses, damages, penalties, actions,
judgments, suits, costs, expenses or disbursements of any kind whatsoever that may at any time (including at any time following the payment of the Loans) be imposed on, incurred by or asserted against the Administrative Agent in any way relating to
or arising out of, the Commitments, this Agreement, any of the other Credit Documents or any documents contemplated by or referred to herein or therein or the transactions contemplated hereby or thereby or any action taken or omitted by the
Administrative Agent under or in connection with any of the foregoing, provided that no Lender shall be liable for the payment of any portion of such liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or
disbursements resulting from the Administrative Agent’s gross negligence or willful misconduct. The agreements in this Section 13.7 shall survive the payment of the Loans and all other amounts payable hereunder. 
 13.8. Administrative Agent in Its Individual Capacity. The Administrative Agent and its Affiliates may make loans to, accept deposits from and
generally engage in any kind of business with the Borrower, Holdings, any Guarantor and any other Credit Party as though the Administrative Agent were not the Administrative Agent hereunder and under the other Credit Documents. With respect to the
Loans made by it, the Administrative Agent shall have the same rights and powers under this Agreement and the other Credit Documents as any Lender and may exercise the same as though it were not the Administrative Agent, and the terms
“Lender” and “Lenders” shall include the Administrative Agent in its individual capacity. 
  

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 13.9. Successor Agent. The Administrative Agent may resign as Administrative Agent upon 20
days’ prior written notice to the Lenders and the Borrower. If the Administrative Agent shall resign as Administrative Agent under this Agreement and the other Credit Documents, then the Required Lenders shall appoint from among the Lenders a
successor agent for the Lenders, which successor agent shall be approved by the Borrower and Holdings (which approval shall not be unreasonably withheld) so long as no Default or Event of Default is continuing, whereupon such successor agent shall
succeed to the rights, powers and duties of the Administrative Agent, and the term “Administrative Agent” shall mean such successor agent effective upon such appointment and approval, and the former Administrative Agent’s rights,
powers and duties as Administrative Agent shall be terminated, without any other or further act or deed on the part of such former Administrative Agent or any of the parties to this Agreement or any holders of the Loans. After any retiring
Administrative Agent’s resignation as Administrative Agent, the provisions of this Section 13 shall inure to its benefit as to any actions taken or omitted to be taken by it while it was Administrative Agent under this Agreement and the
other Credit Documents. 
 13.10. Withholding Tax. To the extent required by any applicable law, the Administrative Agent may withhold
from any interest payment to any Lender an amount equivalent to any applicable withholding tax. If any Governmental Authority asserts a claim that the Administrative Agent did not properly withhold tax from amounts paid to or for the account of any
Lender (because the appropriate form was not delivered, was not properly executed, or because such Lender failed to notify the Administrative Agent of a change in circumstances which rendered the exemption from, or reduction of, withholding tax
ineffective, or for any other reason), such Lender shall indemnify the Administrative Agent (to the extent that the Administrative Agent has not already been reimbursed by the Borrower and without limiting the obligation of the Borrower to do so)
fully for all amounts paid, directly or indirectly, by the Administrative Agent as tax or otherwise, including penalties and interest, together with all expenses incurred, including legal expenses, allocated staff costs and any out of pocket
expenses. 
 13.11. [Reserved]. 
 SECTION
14. Miscellaneous. 
 14.1. Amendments and Waivers. 
 (a) Without Consent of the Lenders. The Borrower, Holdings and the Administrative Agent may amend this Agreement without notice to
or consent of any Lender: 
 (i) to cure any ambiguity, omission, defect or inconsistency; 
 (ii) to comply with Sections 10.10 and 10.11; 
 (iii) to add Guarantees with respect to the Loans or to secure the Loans; 
 (iv) to add to the covenants of the Borrower for the benefit of the Lenders or to surrender any right or power herein conferred upon the
Borrower; 
 (v) to effect any provision of this Agreement (including to release any Guarantees in accordance with the terms
of this Agreement or the Guarantee); 
  

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 (vi) to make any change that does not adversely affect the rights of any Lender; or

 (vii) to release the Guarantee of Holdings or any other Parent of the Borrower. 
 After an amendment under this Section 14.1(a) becomes effective, the Borrower or Holdings shall mail to Lenders a notice briefly describing
such amendment. The failure to give such notice to all Lenders, or any defect therein, shall not impair or affect the validity of an amendment under this Section 14.1(a). 
 (b) With Consent of the Lenders. The Borrower, Holdings and the Administrative Agent may amend this Agreement with the written
consent of the Required Lenders. However, without the consent of each Lender of an outstanding Loan affected, an amendment may not: 
 (i) reduce the aggregate principal amount at maturity of Loans whose Lenders must consent to an amendment, 
 (ii)
reduce the rate of or extend the time for payment of interest on any Loan, 
 (iii) reduce the principal or Accreted Value, as
the case may be, of or change the Stated Maturity of any Loan, 
 (iv) reduce the premium payable upon the repayment of any
Loan or change the time at which any Loan may be repaid in accordance with Section 10.6, 
 (v) make any Loan payable in
any currency other than Dollars, 
 (vi) make any change in Section 12.4 or 12.7 or the second sentence of this
Section 14.1(b), 
 (vii) expressly subordinate the Loans or any Guarantee to any other Indebtedness of the Borrower or
any Guarantor, or 
 (viii) modify the Guarantees in any manner materially adverse to the Lenders (other than the release of a
Guarantee from any Parent of the Borrower). 
 It shall not be necessary for the consent of the Lenders under this Section 14.1(b) to
approve the particular form of any proposed amendment, but it shall be sufficient if such consent approves the substance thereof. 
 After an
amendment under this Section 14.1(b) becomes effective, the Administrative Agent shall provide to the Lenders a notice briefly describing such amendment. The failure to give such notice to all Lenders entitled to receive such notice, or any
defect therein, shall not impair or affect the validity of an amendment under this Section 14.1(b). 
 (c) Neither the
Borrower, Holdings nor any of their Affiliates shall, directly or indirectly, pay or cause to be paid any consideration, whether by way of interest, fee or otherwise, to any Lender for or as an inducement to any consent, waiver or amendment of any
of the terms or provisions of this Agreement or the Notes unless such consideration is offered to be paid to all Lenders that so consent, waive or agree to amend in the time frame set forth in solicitation documents relating to such consent, waiver
or agreement. 
  

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 (d) All Lenders holding Loans issued under this Agreement shall vote and consent together
on all matters (as to which any such Loans may vote) as one class and no Lenders will have the right to vote or consent as a separate class on any matter. 
 14.2. Notices. All notices, requests and demands to or upon the respective parties hereto to be effective shall be in writing (including by facsimile or electronic mail), and, unless otherwise expressly
provided herein, shall be deemed to have been duly given or made when delivered, or three days after being deposited in the mail, postage prepaid, or, in the case of telecopy or electronic mail notice, when received, addressed as follows in the case
of the Borrower, Holdings and the Administrative Agent, and as set forth on Schedule 1.1(a) in the case of the other parties hereto, or to such other address as may be hereafter notified by the respective parties hereto: 
  

			
	The Borrower and Holdings:	  	Intelsat Intermediate Holding Company, Ltd.
		  	c/o Intelsat, Ltd.
		  	Wellesley House North, 2nd Floor
		  	90 Pitts Bay Road
		  	Pembroke HM08
		  	Bermuda
		  	Attention: General Counsel
		  	Fax: (202) 944-7440
		
		  	with a copy to:
		
		  	Intelsat Global Service Corporation
		  	3400 International Drive, N.W.
		  	Washington, D.C. 20008-3098
		  	Attention: General Counsel
		
		  	with a copy to:
		
		  	Latham & Watkins LLP
		  	885 Third Avenue
		  	New York, New York 10022
		  	Attention: Dennis Lamont and Joshua Tinkelman
		  	Fax: (212) 906-1810
		  	E-mail:   dennis.lamont@lw.com and
		  	                joshua.tinkelman@lw.com
		
	The Administrative Agent:	  	At the address set forth on Schedule 1.1(b)
		
		  	with a copy to:
		
		  	Cahill Gordon & Reindel LLP
		  	80 Pine Street
		  	New York, New York 10005
		  	Attention: William Miller
		  	Fax: 212-269-5420
		  	E-mail:   wmiller@cahill.com

  

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 provided that any notice, request or demand to or upon the Administrative Agent or the Lenders pursuant to
Section 2.3 shall not be effective until received. 
 14.3. No Waiver; Cumulative Remedies. No failure to exercise and no delay
in exercising, on the part of the Administrative Agent or any Lender, any right, remedy, power or privilege hereunder or under the other Credit Documents shall operate as a waiver thereof, nor shall any single or partial exercise of any right,
remedy, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege. The rights, remedies, powers and privileges herein provided are cumulative and not exclusive of any
rights, remedies, powers and privileges provided by law. 
 14.4. Survival of Representations and Warranties. All representations and
warranties made hereunder, in the other Credit Documents and in any document, certificate or statement delivered pursuant hereto or in connection herewith shall survive the execution and delivery of this Agreement and the making of the Loans
hereunder. 
 14.5. Payment of Expenses and Taxes. Each of the Borrower and Holdings agrees (a) to pay or reimburse the Agents
for all their reasonable out-of-pocket costs and expenses incurred in connection with the development, preparation and execution of, and any amendment, supplement or modification to, this Agreement and the other Credit Documents and any other
documents prepared in connection herewith or therewith, and the consummation and administration of the transactions contemplated hereby and thereby, including the reasonable fees, disbursements and other charges of counsel to the Agents, (b) to
pay or reimburse each Lender and Agent for all its reasonable and documented costs and expenses incurred in connection with the enforcement or preservation of any rights under this Agreement, the other Credit Documents and any such other documents,
including the reasonable fees, disbursements and other charges of counsel to each Lender and of counsel to the Agents, (c) to pay, indemnify, and hold harmless each Lender and Agent from, any and all recording and filing fees and (d) to
pay, indemnify, and hold harmless each Lender and Agent and their respective directors, officers, employees, trustees, investment advisors and agents from and against any and all other liabilities, obligations, losses, damages, penalties, actions,
judgments, suits, costs, expenses or disbursements of any kind or nature whatsoever, including reasonable and documented fees, disbursements and other charges of counsel, with respect to the execution, delivery, enforcement, performance and
administration of this Agreement, the other Credit Documents and any such other documents, including, without limitation, any of the foregoing relating to the violation of, noncompliance with or liability under, any Environmental Law (including any
Environmental Laws now or hereafter in effect or amended) or to any actual or alleged presence, release or threatened release of Hazardous Materials involving or attributable to the operations of the Borrower, any of its Subsidiaries or any of the
Real Estate (all the foregoing in this clause (d), collectively, the “indemnified liabilities”), provided that neither the Borrower nor Holdings shall have any obligation hereunder to the Administrative Agent or any Lender nor any
of their respective directors, officers, employees and agents with respect to indemnified liabilities to the extent attributable to (i) the gross negligence or willful misconduct of the party to be indemnified as determined in a final and
non-appealable judgment by a court of competent jurisdiction or (ii) disputes among the Administrative Agent, the Lenders and/or their transferees. The agreements in this Section 14.5 shall survive repayment of the Loans and all other
amounts payable hereunder. 
 14.6. Successors and Assigns; Participations and Assignments. 
 (a) The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors
and assigns permitted hereby, except that (i) the Borrower and Holdings may not assign or otherwise transfer any of its rights or obligations hereunder 

  

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without the prior written consent of each Lender (and any attempted assignment or transfer by the Borrower or without such consent shall be null and void)
and (ii) no Lender may assign or otherwise transfer its rights or obligations hereunder except in accordance with this Section 14.6. Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than
the parties hereto, their respective successors and assigns permitted hereby and to the Participants (to the extent provided in paragraph (c) of this Section 14.6) any legal or equitable right, remedy or claim under or by reason of this
Agreement. 
 (b) (i) Subject to the conditions set forth in paragraph (b)(ii) below, any Lender may assign to one or more
assignees all or a portion of its rights and obligations under this Agreement (including all or a portion of its Commitments and the Loans at the time owing to it) with the prior written consent (such consent not be unreasonably withheld or delayed;
it being understood that, without limitation, each of the Borrower and Holdings shall have the right to withhold its consent to any assignment if, in order for such assignment to comply with applicable law, the Borrower or Holdings would be required
to obtain the consent of, or make any filing or registration with, any Governmental Authority) of: 
 (A) the Borrower or
Holdings (which consent shall not be unreasonably withheld or delayed), provided that no consent of the Borrower or Holdings shall be required for (1) an assignment to a Lender, an Affiliate of a Lender (unless increased costs would
result therefrom except if an Event of Default under Section 12.1(a), (b), (e) or (f) has occurred and is continuing), an Approved Fund or, if an Event of Default under Section 12.1(a), (b), (e) or (f) has occurred and
is continuing, any other assignee or (2) in connection with the initial syndication of the Loans by the Agents as disclosed to the Borrower on the Closing Date; and 
 (B) the Administrative Agent (which consent shall not be unreasonably withheld or delayed), provided that no consent of the
Administrative Agent shall be required for an assignment of (1) any Commitment to an assignee that is a Lender with a Commitment immediately prior to giving effect to such assignment or (2) any Loan to a Lender, an Affiliate of a Lender or
an Approved Fund. 
 (ii) Assignments shall be subject to the following additional conditions: 
 (A) except in the case of an assignment to a Lender, an Affiliate of a Lender or an Approved Fund, the amount of the Loans of the
assigning Lender subject to each such assignment (determined as of the date the Assignment and Acceptance with respect to such assignment is delivered to the Administrative Agent) shall not be less than $1.0 million , and increments of $1.0 million
in excess thereof, unless each of the Borrower and the Administrative Agent otherwise consents (which consents shall not be unreasonably withheld or delayed), provided that no such consent of the Borrower and Holdings shall be required if an
Event of Default under Section 12.1 (a), (b), (e) or (f) has occurred and is continuing; provided, further, that contemporaneous assignments to a single assignee made by Affiliates of Lenders and related Approved Funds
shall be aggregated for purposes of meeting the minimum assignment amount requirements stated above; 
 (B) each partial
assignment shall be made as an assignment of a proportionate part of all the assigning Lender’s rights and obligations under this Agreement; 
 (C) the parties to each assignment shall execute and deliver to the Administrative Agent an Assignment and Acceptance via an electronic settlement system acceptable to the 

  

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Administrative Agent (or, if previously agreed with the Administrative Agent, manually), and shall pay to the Administrative Agent a processing and
recordation fee of $3,500 (which fee may be waived or reduced in the sole discretion of the Administrative Agent); and 
 (D)
the assignee, if it shall not be a Lender, shall deliver to the Administrative Agent an administrative questionnaire in a form approved by the Administrative Agent (the “Administrative Questionnaire”) and applicable tax forms.

 For the purpose of this Section 14.6(b), the term “Approved Fund” means any Person (other than a natural person)
that is engaged in making, purchasing, holding or investing in bank loans and similar extensions of credit in the ordinary course and that is administered, advised or managed by (a) a Lender, (b) an Affiliate of a Lender or (c) an
entity or an Affiliate of an entity that administers, advises or manages a Lender. 
 (iii) Subject to acceptance and
recording thereof pursuant to paragraph (b)(v) of this Section 14.6, from and after the effective date specified in each Assignment and Acceptance, the assignee thereunder shall be a party hereto and, to the extent of the interest assigned by
such Assignment and Acceptance, have the rights and obligations of a Lender under this Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Acceptance, be released from its obligations
under this Agreement (and, in the case of an Assignment and Acceptance covering all of the assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to be a party hereto but shall continue to be entitled to the
benefits of Sections 2.10, 2.11, 5.4 and 14.5). Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this Section 14.6 shall be treated for purposes of this Agreement as a sale by such
Lender of a participation in such rights and obligations in accordance with paragraph (c) of this Section 14.6. 
 (iv) The Administrative Agent, acting for this purpose as an agent of the Borrower and Holdings shall maintain at the Administrative Agent’s Office a copy of each Assignment and Acceptance delivered to it and a register for the
recordation of the names and addresses of the Lenders, and the Commitments of, and principal amount of the Loans (the “Register”). Further, the Register shall contain the name and address of the Administrative Agent and the lending
office through which each such Person acts under this Agreement. The entries in the Register shall be conclusive, and the Borrower, the Administrative Agent and the Lenders 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 Register shall be available for inspection by the Borrower, Holdings and any Lender, at any reasonable time and from time to time upon
reasonable prior notice. 
 (v) Upon its receipt of a duly completed Assignment and Acceptance executed by an assigning Lender
and an assignee, the assignee’s completed Administrative Questionnaire (unless the assignee shall already be a Lender hereunder), and tax forms the processing and recordation fee referred to in paragraph (b) of this Section 14.6 and
any written consent to such assignment required by paragraph (b) of this Section 14.6, the Administrative Agent shall promptly accept such Assignment and Acceptance and record the information contained therein in the Register. No
assignment shall be effective for purposes of this Agreement unless it has been recorded in the Register as provided in this paragraph. 
 (c) (i) Any Lender may, without the consent of the Borrower, Holdings or the Administrative Agent, sell participations to one or more banks or other entities (each, a “Participant”) in all or a
portion of such Lender’s rights and obligations under this Agreement (including all or a portion of its Commitments and the Loans owing to it), provided that (A) such Lender’s obligations under this Agreement shall remain
unchanged, (B) such Lender shall remain solely responsible to the other parties 

  

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hereto for the performance of such obligations and (C) the Borrower, Holdings, the Administrative Agent and the other Lenders shall continue to deal
solely and directly with such Lender in connection with such Lender’s rights and obligations under this Agreement. Any agreement or instrument pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the
sole right to enforce this Agreement and to approve any amendment, modification or waiver of any provision of this Agreement or any other Credit Document, provided that such agreement or instrument may provide that such Lender will not,
without the consent of the Participant, agree to any amendment, modification or waiver described in the second sentence of Section 14.1(b) that affects such Participant. Subject to paragraph (c)(ii) of this Section 14.6, the Borrower
agrees that each Participant shall be entitled to the benefits of Sections 2.10, 2.11 and 5.4 to the same extent as if it were a Lender (subject to the requirements of those Sections) and had acquired its interest by assignment pursuant to paragraph
(b) of this Section 14.6. To the extent permitted by law, each Participant also shall be entitled to the benefits of Section 14.8(b) as though it were a Lender, provided such Participant agrees to be subject to
Section 14.8(a) as though it were a Lender. In addition, each Lender selling a participation to one or more Participants under this Section 14.6(c) shall, acting as a non-fiduciary agent of the Borrower and Holdings, keep a register,
specifying each such Participant’s entitlement to payments of principal and interest with respect to such participation (the “Participant Register”). The entries in the Participant Register shall be conclusive absent manifest
error, and such Lender shall treat each person whose name is recorded in the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary. 
 (ii) A Participant shall not be entitled to receive any greater payment under Section 2.10 or 5.4 than the applicable Lender would
have been entitled to receive with respect to the participation sold to such Participant, unless the sale of the participation to such Participant is made with the Borrower’s prior written consent (which consent shall not be unreasonably
withheld). 
 (d) Any Lender may, without the consent of the Borrower, Holdings or the Administrative Agent, at any time
pledge or assign a security interest in all or any portion of its rights under this Agreement to secure obligations of such Lender, including any pledge or assignment to secure obligations to a Federal Reserve Bank, and this Section 14.6 shall
not apply to any such pledge or assignment of a security interest, provided that no such pledge or assignment of a security interest shall release a Lender from any of its obligations hereunder or substitute any such pledgee or assignee for
such Lender as a party hereto. In order to facilitate such pledge or assignment, the Borrower hereby agrees that, upon request of any Lender at any time and from time to time after the Borrower has made its initial borrowing hereunder, the Borrower
shall provide to such Lender, at the Borrower’s and Holdings’ own expense, a promissory note, substantially in the form of Exhibit E. 
 (e) Subject to Section 14.16, the Borrower and Holdings authorize each Lender to disclose to any Participant, secured creditor of such Lender or assignee (each, a “Transferee”) and any
prospective Transferee any and all financial information in such Lender’s possession concerning the Borrower and its Affiliates that has been delivered to such Lender by or on behalf of the Borrower, Holdings and their Affiliates pursuant to
this Agreement or which has been delivered to such Lender by or on behalf of the Borrower, Holdings and their Affiliates in connection with such Lender’s credit evaluation of the Borrower, Holdings and their Affiliates prior to becoming a party
to this Agreement. 
 14.7. Replacements of Lenders Under Certain Circumstances. 
 (a) The Borrower shall be permitted to replace any Lender that (a) requests reimbursement for amounts owing pursuant to
Section 5.4, or (b) becomes a Defaulting Lender, with a replacement bank or other financial institution, provided that (i) such replacement does not conflict with 

  

 -96- 

 
any Requirement of Law, (ii) no Event of Default shall have occurred and be continuing at the time of such replacement, (iii) the Borrower shall
repay (or the replacement bank or institution shall purchase, at par) all Loans and other amounts (other than any disputed amounts) owing to such replaced Lender prior to the date of replacement, (iv) the replacement bank or institution, if not
already a Lender, and the terms and conditions of such replacement, shall be reasonably satisfactory to the Administrative Agent, (v) the replaced Lender shall be obligated to make such replacement in accordance with the provisions of
Section 14.6 (provided that the Borrower shall be obligated to pay the registration and processing fee referred to therein) and (vi) any such replacement shall not be deemed to be a waiver of any rights that the Borrower, the
Administrative Agent or any other Lender shall have against the replaced Lender. 
 (b) If any Lender (such Lender, a
“Non-Consenting Lender”) has failed to consent to a proposed amendment, waiver, discharge or termination which pursuant to the terms of Section 14.1(b) requires the consent of all of the Lenders affected and with respect to
which the Required Lenders shall have granted their consent, then provided no Event of Default (other than an Event of Default relating to the proposed amendment, waiver, discharge or termination) at issue then exists, the Borrower shall have the
right (unless such Non-Consenting Lender grants such consent) to replace such Non-Consenting Lender by deeming such Non-Consenting Lender to have assigned its Loans, and its Commitments hereunder to one or more assignees, reasonably acceptable to
the Administrative Agent, provided that: (a) all Obligations of the Borrower owing to such Non-Consenting Lender being replaced shall be paid in full to such Non-Consenting Lender concurrently with such assignment, (b) the
replacement Lender shall purchase the foregoing by paying to such Non-Consenting Lender a price equal to the principal amount thereof plus accrued and unpaid interest thereon and pay any processing or recordation fee and (c) such replacement
Lender shall consent to the proposed amendment, waiver, discharge or termination. No action by or consent of the Non-Consenting Lender shall be necessary in connection with such assignment, which shall be immediately and automatically effective upon
payment of such purchase price. In connection with any such assignment, the Borrower, Administrative Agent, such Non-Consenting Lender and the replacement Lender shall otherwise comply with Section 14.6. 
 14.8. Adjustments; Set-off. 
 (a) If any Lender (a “benefited Lender”) shall at any time receive any payment of all or part of its Loans, or interest thereon, or receive any collateral in respect thereof (whether voluntarily or involuntarily, by
set-off, pursuant to events or proceedings of the nature referred to in Article 12, or otherwise), in a greater proportion than any such payment to or collateral received by any other Lender, if any, in respect of such other Lender’s Loans, or
interest thereon, such benefited Lender shall purchase for cash from the other Lenders a participating interest in such portion of each such other Lender’s Loan, or shall provide such other Lenders with the benefits of any such collateral, or
the proceeds thereof, as shall be necessary to cause such benefited Lender to share the excess payment or benefits of such collateral or proceeds ratably with each of the Lenders; provided, however, that if all or any portion of such
excess payment or benefits is thereafter recovered from such benefited Lender, such purchase shall be rescinded, and the purchase price and benefits returned, to the extent of such recovery, but without interest. 
 (b) After the occurrence and during the continuance of an Event of Default, in addition to any rights and remedies of the Lenders provided
by law, each Lender shall have the right, without prior notice to the Borrower or Holdings, any such notice being expressly waived by the Borrower to the extent permitted by applicable law, upon any amount becoming due and payable by the Borrower
hereunder (whether at the stated maturity, by acceleration or otherwise) to set-off and appropriate and apply against such amount any and all deposits (general or special, time or demand, provisional or final), in any currency, and any other
credits, indebtedness or claims, in any currency, in each case whether direct or indirect, absolute or contingent, matured or unmatured, at any time held or 

  

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owing by such Lender or any branch or agency thereof to or for the credit or the account of the Borrower. Each Lender agrees promptly to notify the Borrower
and the Administrative Agent after any such set-off and application made by such Lender, provided that the failure to give such notice shall not affect the validity of such set-off and application. 
 14.9. Counterparts. This Agreement may be executed by one or more of the parties to this Agreement on any number of separate counterparts
(including by facsimile or other electronic transmission), and all of said counterparts taken together shall be deemed to constitute one and the same instrument. A set of the copies of this Agreement signed by all the parties shall be lodged with
the Borrower, Holdings and the Administrative Agent. 
 14.10. Severability. Any provision of this Agreement that is prohibited or
unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any
jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 
 14.11. Integration. This
Agreement and the other Credit Documents represent the agreement of the Borrower, the Administrative Agent and the Lenders with respect to the subject matter hereof, and there are no promises, undertakings, representations or warranties by the
Borrower, Holdings, the Administrative Agent or any Lender relative to subject matter hereof not expressly set forth or referred to herein or in the other Credit Documents. 
 14.12. GOVERNING LAW. THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED
IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK. 
 14.13. Submission to Jurisdiction; Consent to Service; Waivers. 

(a) Each party hereto hereby irrevocably and unconditionally: 
 (i) submits for itself and its property in any legal action or proceeding relating to this Agreement and the other Credit Documents to
which it is a party, or for recognition and enforcement of any judgment in respect thereof, to the non-exclusive general jurisdiction of the courts of the State of New York, the courts of the United States of America for the Southern District of New
York and appellate courts from any thereof; 
 (ii) consents that any such action or proceeding may be brought in such courts
and waives any objection that it may now or hereafter have to the venue of any such action or proceeding in any such court or that such action or proceeding was brought in an inconvenient court and agrees not to plead or claim the same; 

(iii) agrees that service of process in any such action or proceeding may be effected by mailing a copy thereof by registered or
certified mail (or any substantially similar form of mail), postage prepaid, to the Borrower at its respective address set forth in Section 14.2 or at such other address of which the Administrative Agent shall have been notified pursuant
thereto; 
 (iv) agrees that nothing herein shall affect the right to effect service of process in any other manner permitted
by law or shall limit the right to sue in any other jurisdiction; and 
  

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 (v) waives, to the maximum extent not prohibited by law, any right it may have to claim
or recover in any legal action or proceeding referred to in this Section 14.13 any special, exemplary, punitive or consequential damages. 
 (b) By the execution and delivery of this Agreement, the Borrower acknowledges that it has by separate written instrument, designated and appointed CT Corporation System, 111 Eighth Avenue, New York, NY 10011 (and any
successor entity), as its authorized agent upon which process may be served in any suit or proceeding arising out of or relating to this Agreement or the Credit Documents that may be instituted in any federal or state court in the State of New York.

 (c) Each of the Borrower and Holdings, to the extent that it has or hereafter may acquire any immunity (sovereign or
otherwise) from any legal action, suit or proceeding, from jurisdiction of any court or from setoff or any legal process (whether service of notice, attachment prior to judgment, attachment in aid of execution of judgment, execution of judgment or
otherwise) with respect to itself or any of its property or assets, hereby waives and agrees not to plead or claim such immunity in respect of its obligations under this Agreement and the other Credit Documents (it being understood that the waivers
contained in this paragraph (c) shall have the fullest extent permitted under the Foreign Sovereign Immunities Act of 1976, as amended, and are intended to be irrevocable and not subject to withdrawal for the purposes of such Act). 

14.14. Acknowledgments. Each party hereto hereby acknowledges that: 
 (a) it has been advised by counsel in the negotiation, execution and delivery of this Agreement and the other Credit Documents;

 (b) neither the Administrative Agent nor any Lender has any fiduciary relationship with or duty to the Borrower or Holdings
arising out of or in connection with this Agreement or any of the other Credit Documents, and the relationship between Administrative Agent and Lenders, on one hand, and the Borrower and Holdings, on the other hand, in connection herewith or
therewith is solely that of debtor and creditor; and 
 (c) no joint venture is created hereby or by the other Credit
Documents or otherwise exists by virtue of the transactions contemplated hereby among the Lenders or among the Borrower and/or Holdings and the Lenders. 
 14.15. WAIVERS OF JURY TRIAL. HOLDINGS, THE BORROWER, THE ADMINISTRATIVE AGENT AND THE LENDERS HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVE TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO
THIS AGREEMENT OR ANY OTHER CREDIT DOCUMENT AND FOR ANY COUNTERCLAIM THEREIN. 
 14.16. Confidentiality. The Administrative Agent
and each Lender shall hold all non-public information furnished by or on behalf of the Borrower and Holdings, as the case may be, in connection with such Lender’s evaluation of whether to become a Lender hereunder or obtained by such Lender or
the Administrative Agent pursuant to the requirements of this Agreement (“Confidential Information”), confidential in accordance with its customary procedure for handling confidential information of this nature and (in the case of a
Lender that is a bank) in accordance with safe and sound banking practices and in any event may make disclosure as required or requested by any governmental agency or representative thereof or pursuant to legal process or to such Lender’s or
the Administrative Agent’s attorneys, professional advisors or independent auditors or Affiliates, provided that unless specifically 

  

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prohibited by applicable law or court order, each Lender and the Administrative Agent shall notify the Borrower or Holdings, as the case may be, of any
request by any governmental agency or representative thereof (other than any such request in connection with an examination of the financial condition of such Lender by such governmental agency) for disclosure of any such non-public information
prior to disclosure of such information, and provided, further, that in no event shall any Lender or the Administrative Agent be obligated or required to return any materials furnished by Holdings, the Borrower or any Subsidiary of the Borrower.
Each Lender and the Administrative Agent agrees that it will not provide to prospective Transferees or to prospective direct or indirect contractual counterparties in swap agreements to be entered into in connection with Loans made hereunder any of
the Confidential Information unless such Person is advises of and agrees to be bound by the provisions of this Section 14.16. 
 14.17.
No Advisory or Fiduciary Responsibility. In connection with all aspects of each transaction contemplated hereby, the Borrower, Holdings and each other Credit Party each acknowledge and agree, and acknowledge their respective Affiliates’
understanding, that: (i) the credit facility provided for hereunder and any related arranging or other services in connection therewith (including in connection with any amendment, waiver or other modification hereof or of any other Loan
Document) are an arm’s-length commercial transaction between the Borrower, Holdings and their respective Affiliates, on the one hand, and the Administrative Agent and the other Agents, on the other hand, and each of the Borrower and Holdings is
capable of evaluating and understanding and understands and accepts the terms, risks and conditions of the transactions contemplated hereby and by the other Loan Documents (including any amendment, waiver or other modification hereof or thereof);
(ii) in connection with the process leading to such transaction, the Administrative Agent and each other Agent each is and has been acting solely as a principal and is not the financial advisor, agent or fiduciary, for the Borrower, Holdings or
any of their respective Affiliates, stockholders, creditors or employees or any other Person; (iii) neither the Administrative Agent nor any other Agent has assumed or will assume an advisory, agency or fiduciary responsibility in favor of the
Borrower or Holdings with respect to any of the transactions contemplated hereby or the process leading thereto, including with respect to any amendment, waiver or other modification hereof or of any other Loan Document (irrespective of whether the
Administrative Agent or any other Agent has advised or is currently advising the Borrower, Holdings or any of their respective Affiliates on other matters) and neither the Administrative Agent nor any other Agent has any obligation to the Borrower,
Holdings or any of their respective Affiliates with respect to the transactions contemplated hereby except those obligations expressly set forth herein and in the other Loan Documents; (iv) the Administrative Agent and the other Agents and
their respective Affiliates may be engaged in a broad range of transactions that involve interests that differ from those of the Borrower, Holdings and their respective Affiliates, and neither the Administrative Agent nor any other Agent has any
obligation to disclose any of such interests by virtue of any advisory, agency or fiduciary relationship; and (v) the Administrative Agent and the other Agents have not provided and will not provide any legal, accounting, regulatory or tax
advice with respect to any of the transactions contemplated hereby (including any amendment, waiver or other modification hereof or of any other Loan Document) and each of the Borrower and Holdings has consulted its own legal, accounting, regulatory
and tax advisors to the extent it has deemed appropriate. Each of the Borrower and Holdings hereby waives and releases, to the fullest extent permitted by law, any claims that it may have against the Administrative Agent and the other Agents with
respect to any breach or alleged breach of agency or fiduciary duty. 
 14.18. USA PATRIOT Act. Each Lender hereby notifies the
Borrower that pursuant to the requirements of the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the “Patriot Act”), it is required to obtain, verify and record information that identifies the
Borrower, which information includes the name and address of the Borrower and other information that will allow such Lender to identify the Borrower in accordance with the Patriot Act. 
  

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 14.19. Conversion of Currencies. 
 (a) If, for the purpose of obtaining judgment in any court, it is necessary to convert a sum owing hereunder in one currency into another
currency, each party hereto agrees, to the fullest extent that it may effectively do so, that the rate of exchange used shall be that at which in accordance with normal banking procedures in the relevant jurisdiction the first currency could be
purchased with such other currency on the Business Day immediately preceding the day on which final judgment is given. 
 (b)
The obligations of the Borrower and Holdings in respect of any sum due to any party hereto or any holder of the obligations owing hereunder (the “Applicable Creditor”) shall, notwithstanding any judgment in a currency (the
“Judgment Currency”) other than the currency in which such sum is stated to be due hereunder (the “Agreement Currency”), be discharged only to the extent that, on the Business Day following receipt by the Applicable
Creditor of any sum adjudged to be so due in the Judgment Currency, the Applicable Creditor may in accordance with normal banking procedures in the relevant jurisdiction purchase the Agreement Currency with the Judgment Currency; if the amount of
the Agreement Currency so purchased is less than the sum originally due to the Applicable Creditor in the Agreement Currency, the Borrower agrees, as a separate obligation and notwithstanding any such judgment, to indemnify the Applicable Creditor
against such loss. The obligations of the Borrower contained in this Section 14.19 shall survive the termination of this Agreement and the payment of all other amounts owing hereunder. 
 SECTION 15. Parent Guarantees. 
 15.1. Parent
Guarantee. In order to induce the Agents and the Lenders to enter into this Agreement and to extend credit hereunder, Intelsat Jackson and Intelsat Bermuda (together the “Parent Guarantors”) hereby agree with the Lenders as
follows: Parent Guarantors hereby unconditionally and irrevocably guarantee as primary obligors and not merely as surety the full and prompt payment when due, whether upon maturity, acceleration or otherwise, of any and all of the Obligations of the
Borrower to the Lenders. If any or all of the Obligations of the Borrower to the Lenders becomes due and payable hereunder, Parent Guarantors irrevocably and unconditionally promise to pay such indebtedness to the Lenders, or order, on demand,
together with any and all expenses which may be incurred by the Lenders in collecting any of the Obligations. This Parent Guarantee is a guaranty of payment and not of collection. If claim is ever made upon any Lender for repayment or recovery of
any amount or amounts received in payment or on account of any of the Obligations and any of the aforesaid payees repays all or part of said amount by reason of (i) any judgment, decree or order of any court or administrative body having
jurisdiction over such payee or any of its property or (ii) any settlement or compromise of any such claim effected in good faith by such payee with any such claimant (including the Borrower), then and in such event Parent Guarantors agree that
any such judgment, decree, order, settlement or compromise shall be binding upon it, notwithstanding any revocation of this Parent Guarantee or other instrument evidencing any liability of the Borrower, and Parent Guarantors shall be and remain
liable to the aforesaid payees hereunder for the amount so repaid or recovered to the same extent as if such amount had never originally been received by any such payee. 
 15.2. Bankruptcy. Additionally, Parent Guarantors unconditionally and irrevocably guarantee the payment of any and all of the Obligations of the Borrower to the Lenders whether or not due or payable by the
Borrower upon the occurrence of an Event of Default under Section 12.5, and unconditionally promises to pay such indebtedness to the Lenders in such case on demand, in lawful money of the United States. 
  

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 15.3. Nature of Liability. 
 (a) The liability of Parent Guarantors hereunder is exclusive and independent of any security for or other guaranty of the Obligations of
the Borrower whether executed by any other guarantor or by any other party, and the liability of Parent Guarantors hereunder shall not be affected or impaired by (i) any direction as to application of payment by the Borrower or by any other
party, or (ii) any other continuing or other guaranty, undertaking or maximum liability of a guarantor or of any other party as to the Obligations of the Borrower, or (iii) any payment on or in reduction of any such other guaranty or
undertaking, or (iv) any dissolution, termination or increase, decrease or change in personnel by the Borrower, or (v) any payment made to any Lender on the Obligations which any such Lender repays to the Borrower pursuant to court order
in any bankruptcy, reorganization, arrangement, moratorium or other debtor relief proceeding, and Parent Guarantors waive any right to the deferral or modification of its obligations hereunder by reason of any such proceeding, or (vi) the lack
of validity or enforceability of any Credit Document or any instrument relating thereto. 
 (b) The liability of Parent
Guarantors shall not be affected nor shall this Parents Guarantee be discharged or reduced by reason of: 
 (i) the incapacity
or any change in the name, style or constitution of the Borrower or any other person liable; 
 (ii) the Administrative Agent
granting any time, indulgence or concession to, or compounding with, discharging, releasing or varying the liability of, the Borrower or any other person liable or renewing, determining, varying or increasing any accommodation, facility or
transaction or otherwise dealing with the same in any manner whatsoever or concurring in, accepting or varying any compromise, arrangement or settlement or omitting to claim or enforce payment from the Borrower or any other person liable;

 (iii) any novation of any Credit Document (including, without limitation, any novation arising on the amalgamation of
companies); or 
 (iv) any act or omission which would not have discharged or affected the liability of Holdings had it been a
principal debtor instead of a guarantor or by anything done or omitted which but for this provision might operate to exonerate or discharge Parent Guarantors. 
 15.4. Independent Obligations. The obligations of Parent Guarantors hereunder are independent of the obligations of any other guarantor, any other party or the Borrower, and a separate action or actions may be
brought and prosecuted against Parent Guarantors whether or not action is brought against any other guarantor, any other party or the Borrower and whether or not any other guarantor, any other party or the Borrower be joined in any such action or
actions. Parent Guarantors waive, to the full extent permitted by law, the benefit of any statute of limitations affecting its liability hereunder or the enforcement thereof. Any payment by the Borrower or other circumstance which operates to toll
any statute of limitations as to the Borrower shall operate to toll the statute of limitations as to Parent Guarantors. 
  

 -102- 

 15.5. Authorization. Parent Guarantors authorize the Lenders without notice or demand (except as
shall be required by applicable statute and cannot be waived), and without affecting or impairing its liability hereunder, from time to time to: 
 (a) change the manner, place or terms of payment of, and/or change or extend the time of payment of, renew, increase, accelerate or alter, any of the Obligations (including any increase or decrease in the rate of
interest thereon), any security therefor, or any liability incurred directly or indirectly in respect thereof, and the Parent Guarantee herein made shall apply to the Obligations as so changed, extended, renewed or altered; 
 (b) take and hold security for the payment of the Obligations and sell, exchange, release, surrender, realize upon or otherwise deal with
in any manner and in any order any property by whomsoever at any time pledged or mortgaged to secure, or howsoever securing, the Obligations or any liabilities (including any of those hereunder) incurred directly or indirectly in respect thereof or
hereof, and/or any offset there against; 
 (c) exercise or refrain from exercising any rights against the Borrower, any other
Credit Party or others or otherwise act or refrain from acting; 
 (d) release or substitute any one or more endorsers,
guarantors, the Borrower or other obligors; 
 (e) settle or compromise any of the Obligations, any security therefor or any
liability (including any of those hereunder) incurred directly or indirectly in respect thereof or hereof, and may subordinate the payment of all or any part thereof to the payment of any liability (whether due or not) of the Borrower to its
creditors other than the Lenders; 
 (f) apply any sums by whomsoever paid or howsoever realized to any liability or
liabilities of the Borrower to the Lenders regardless of what liability or liabilities of Parent Guarantors or the Borrower remain unpaid; 
 (g) consent to or waive any breach of, or any act, omission or default under, this Agreement or any of the instruments or agreements referred to herein, or otherwise amend, modify or supplement this Agreement or any
of such other instruments or agreements; 
 (h) take any other action which would, under otherwise applicable principles of
common law, give rise to a legal or equitable discharge of Parent Guarantors from their liabilities under this Parent Guarantee; 
 (i) release any collateral security for the Obligations; and/or 
 (j) change its corporate structure. 
 15.6. Reliance. It is not necessary for any Lender to inquire into the capacity or powers of the Borrower or the officers, directors, partners or
agents acting or purporting to act on their behalf, and any Obligations made or created in reliance upon the professed exercise of such powers shall be guaranteed hereunder. 
 15.7. [Reserved]. 
 15.8.
Waivers. 
 (a) Parent Guarantors waive any right (except as shall be required by applicable statute and cannot be
waived) to require any Lender to (i) proceed against the Borrower, any other 

  

 -103- 

 
guarantor or any other party, (ii) proceed against or exhaust any security held from the Borrower, any other guarantor or any other party or
(iii) pursue any other remedy in any Lender’s power whatsoever. Parent Guarantors waive any defense based on or arising out of any defense of the Borrower, any other guarantor or any other party, other than payment in full of the
Obligations, based on or arising out of the disability of the Borrower, any other guarantor or any other party, or the validity, legality or unenforceability of the Obligations or any part thereof from any cause, or the cessation from any cause of
the liability of the Borrower other than payment in full of the Obligations. 
 (b) Parent Guarantors waive all presentments,
demands for performance, protests and notices, including, without limitation, notices of nonperformance, notices of protest, notices of dishonor, notices of acceptance of this Parent Guarantee, and notices of the existence, creation or incurring of
new or additional Obligations. Parent Guarantors assume all responsibility for being and keeping itself informed of the Borrower’s financial condition and assets, and of all other circumstances bearing upon the risk of nonpayment of the
Obligations and the nature, scope and extent of the risks which Parent Guarantors assume and incur hereunder, and agrees that neither the Agents nor any Lender shall have any duty to advise Parent Guarantors of information known to them regarding
such circumstances or risks. 
 (c) Parent Guarantors warrant and agree that each of the waivers set forth above is made with
full knowledge of its significance and consequences and that if any of such waivers are determined to be contrary to any applicable law or public policy, such waivers shall be effective only to the maximum extent permitted by law. 
 15.9. Maximum Liability. It is the desire and intent of Parent Guarantors and the Lenders that this Parent Guarantee shall be enforced against
Parent Guarantors to the fullest extent permissible under the laws and public policies applied in each jurisdiction in which enforcement is sought. If, however, and to the extent that, the obligations of Parent Guarantors under this Parent Guarantee
shall be adjudicated to be invalid or unenforceable for any reason (including, without limitation, because of any applicable state or federal law relating to fraudulent conveyances or transfers), then the amount of the Obligations of Parent
Guarantors shall be deemed to be reduced and Holdings shall pay the maximum amount of the Obligations which would be permissible under applicable law. 
 15.10. Parent Guarantee Release. Parent Guarantors may at any time request to be released from the Parent Guarantee and the Administrative Agent and the Lenders shall promptly effectuate such release and shall,
at the Borrower’s expense, take all actions reasonably required or requested by Parent Guarantors to effectuate such release. 
  

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

			
	 INTELSAT INTERMEDIATE HOLDING COMPANY, LTD.,
 as Borrower

		
	By:	 	 
		 	Name:
		 	Title:
	
	 INTELSAT, LTD.,
 as
Co-Borrower

		
	By:	 	 
		 	Name:
		 	Title:
	
	 INTELSAT (BERMUDA), LTD. AND
 INTELSAT
JACKSON HOLDINGS, LTD.
 as Guarantors

		
	By:	 	 
		 	Name:
		 	Title:

			
	CREDIT SUISSE, CAYMAN ISLANDS BRANCH, as Administrative Agent and Lender
		
	By:	 	 
		 	Name:
		 	Title:
		
	By:	 	 
		 	Name:
		 	Title:
	
	 CREDIT SUISSE SECURITIES (USA) LLC,
 as Joint
Lead Arranger and Joint Bookrunner

		
	By:	 	 
		 	Name:
		 	Title:

  

 -2- 

			
	 BANC OF AMERICA BRIDGE LLC,
 as Syndication
Agent and Lender

		
	By:	 	 
		 	Name:
		 	Title:
	
	 BANC OF AMERICA SECURITIES LLC,
 as Joint
Lead Arranger and Joint Bookrunner

		
	By:	 	 
		 	Name:
		 	Title:

  

 -3- 

			
	MORGAN STANLEY SENIOR FUNDING, INC., as Documentation Agent, Lender, Joint Lead Arranger and Joint Bookrunner
		
	By:	 	 
		 	Name:
		 	Title:
		
	By:	 	 
		 	Name:
		 	Title:

  

 -4-Note Purchase Agreement dated as of May 30, 2008

 Exhibit 10.1 
 EXECUTION COPY 
  
  
  
 PERKINELMER,
INC. 
 $150,000,000 6.00% Series 2008-A Senior Notes due May 30, 2015 
  
  
 NOTE PURCHASE AGREEMENT 
  
  
 Dated as of May 30, 2008

  
  
  

 TABLE OF CONTENTS 
  

							
	 SECTION
	 	 HEADING
	  	PAGE
	SECTION 1. Authorization of Notes	  	- 1 -
		
	SECTION 2. Sale and Purchase of Series 2008-A Notes; Additional Series of Notes	  	- 1 -
				
		 	Section 2.1	 	Series 2008-A Notes	  	- 1 -
				
		 	Section 2.2	 	Additional Series of Notes	  	- 1 -
		
	SECTION 3. Closing; Funding	  	- 3 -
		
	SECTION 4. Conditions to Closing	  	- 4 -
				
		 	Section 4.1	 	Representations and Warranties	  	- 4 -
				
		 	Section 4.2	 	Performance; No Default	  	- 4 -
				
		 	Section 4.3	 	Compliance Certificates	  	- 4 -
				
		 	Section 4.4	 	Opinions of Counsel	  	- 4 -
				
		 	Section 4.5	 	Purchase Permitted By Applicable Law, Etc	  	- 4 -
				
		 	Section 4.6	 	Sale of Other Notes	  	- 5 -
				
		 	Section 4.7	 	Payment of Special Counsel Fees	  	- 5 -
				
		 	Section 4.8	 	Private Placement Number	  	- 5 -
				
		 	Section 4.9	 	Funding Instructions	  	- 5 -
				
		 	Section 4.10	 	Offeree Letter	  	- 5 -
				
		 	Section 4.11	 	Changes in Corporate Structure	  	- 5 -
				
		 	Section 4.12	 	Proceedings and Documents	  	- 5 -
		
	SECTION 5. Representations and Warranties of the Company	  	- 6 -
				
		 	Section 5.1	 	Organization; Power and Authority	  	- 6 -
				
		 	Section 5.2	 	Authorization, Etc	  	- 6 -
				
		 	Section 5.3	 	Disclosure	  	- 6 -
				
		 	Section 5.4	 	Organization and Ownership of Shares of Subsidiaries; Affiliates	  	- 6 -
				
		 	Section 5.5	 	Financial Statements; Material Liabilities	  	- 7 -
				
		 	Section 5.6	 	Compliance with Laws, Other Instruments, Etc	  	- 7 -
				
		 	Section 5.7	 	Governmental Authorizations, Etc	  	- 8 -
				
		 	Section 5.8	 	Litigation; Observance of Agreements; Statutes and Orders	  	- 8 -
				
		 	Section 5.9	 	Taxes	  	- 8 -
				
		 	Section 5.10	 	Title to Property; Leases	  	- 9 -

  

 -i- 

 TABLE OF CONTENTS 
 (continued) 
  

							
	 SECTION
	 	 HEADING
	  	PAGE
		 	Section 5.11	 	Licenses, Permits, Etc	  	- 9 -
				
		 	Section 5.12	 	Compliance with ERISA	  	- 9 -
				
		 	Section 5.13	 	Private Offering by the Company	  	- 10 -
				
		 	Section 5.14	 	Use of Proceeds; Margin Regulations	  	- 10 -
				
		 	Section 5.15	 	Existing Debt; Future Liens	  	- 11 -
				
		 	Section 5.16	 	Foreign Assets Control Regulations, Etc	  	- 11 -
				
		 	Section 5.17	 	Status under Certain Statutes	  	- 12 -
				
		 	Section 5.18	 	Environmental Matters	  	- 12 -
				
		 	Section 5.19	 	Notes Rank Pari Passu	  	- 13 -
		
	SECTION 6. Representations of the Purchasers	  	- 13 -
				
		 	Section 6.1	 	Purchase for Investment	  	- 13 -
				
		 	Section 6.2	 	Accredited Investor	  	- 13 -
				
		 	Section 6.3	 	Source of Funds	  	- 13 -
		
	SECTION 7. Information as to Company	  	- 15 -
				
		 	Section 7.1	 	Financial and Business Information	  	- 15 -
				
		 	Section 7.2	 	Officer’s Certificate	  	- 17 -
				
		 	Section 7.3	 	Visitation	  	- 18 -
		
	SECTION 8. Payment of the Notes	  	- 19 -
				
		 	Section 8.1	 	Required Prepayments; Maturity	  	- 19 -
				
		 	Section 8.2	 	Optional Prepayments	  	- 19 -
				
		 	Section 8.3	 	Allocation of Partial Prepayments	  	- 19 -
				
		 	Section 8.4	 	Maturity; Surrender, Etc	  	- 19 -
				
		 	Section 8.5	 	Purchase of Notes	  	- 20 -
				
		 	Section 8.6	 	Offer to Prepay Upon Sale of Assets	  	- 20 -
				
		 	Section 8.7	 	Offer to Prepay Notes in the Event of a Change in Control	  	- 21 -
				
		 	Section 8.8	 	Make-Whole Amount for the Series 2008-A Notes	  	- 23 -
		
	SECTION 9. Affirmative Covenants	  	- 25 -
				
		 	Section 9.1	 	Compliance with Law	  	- 25 -
				
		 	Section 9.2	 	Insurance	  	- 25 -
				
		 	Section 9.3	 	Maintenance of Properties	  	- 25 -

  

 -ii- 

 TABLE OF CONTENTS 
 (continued) 
  

							
	 SECTION
	 	 HEADING
	  	PAGE
		 	Section 9.4	 	Payment of Taxes and Claims	  	- 25 -
				
		 	Section 9.5	 	Corporate Existence, Etc	  	- 26 -
				
		 	Section 9.6	 	Notes to Rank Pari Passu	  	- 26 -
				
		 	Section 9.7	 	Books and Records	  	- 26 -
				
		 	Section 9.8	 	Designation of Subsidiaries	  	- 26 -
				
		 	Section 9.9	 	Subsidiary Guarantors	  	- 26 -
		
	SECTION 10. Negative Covenants	  	- 27 -
				
		 	Section 10.1	 	Consolidated Total Debt to Consolidated Total Capitalization	  	- 27 -
				
		 	Section 10.2	 	Priority Debt	  	- 28 -
				
		 	Section 10.3	 	Receivables Financing Transactions	  	- 28 -
				
		 	Section 10.4	 	Limitation on Liens	  	- 28 -
				
		 	Section 10.5	 	Merger and Consolidation	  	- 30 -
				
		 	Section 10.6	 	Sales of Assets	  	- 31 -
				
		 	Section 10.7	 	Limitation on Unrestricted Subsidiaries	  	- 32 -
				
		 	Section 10.8	 	Transactions with Affiliates	  	- 32 -
				
		 	Section 10.9	 	Line of Business	  	- 32 -
				
		 	Section 10.10	 	Terrorism Sanctions Regulations	  	- 32 -
		
	SECTION 11. Events of Default	  	- 33 -
		
	SECTION 12. Remedies on Default, Etc	  	- 35 -
				
		 	Section 12.1	 	Acceleration	  	- 35 -
				
		 	Section 12.2	 	Other Remedies	  	- 36 -
				
		 	Section 12.3	 	Rescission	  	- 36 -
				
		 	Section 12.4	 	No Waivers or Election of Remedies, Expenses, Etc	  	- 36 -
		
	SECTION 13. Registration; Exchange; Substitution of Notes	  	- 37 -
				
		 	Section 13.1	 	Registration of Notes	  	- 37 -
				
		 	Section 13.2	 	Transfer and Exchange of Notes	  	- 37 -
				
		 	Section 13.3	 	Replacement of Notes	  	- 37 -
		
	SECTION 14. Payments on Notes	  	- 38 -
				
		 	Section 14.1	 	Place of Payment	  	- 38 -
				
		 	Section 14.2	 	Home Office Payment	  	- 38 -

  

 -iii- 

 TABLE OF CONTENTS 
 (continued) 
  

							
	 SECTION
	 	 HEADING
	  	PAGE
	SECTION 15. Expenses, Etc	  	- 39 -
				
		 	Section 15.1	 	Transaction Expenses	  	- 39 -
				
		 	Section 15.2	 	Survival	  	- 39 -
		
	SECTION 16. Survival of Representations and Warranties; Entire Agreement	  	- 39 -
		
	SECTION 17. Amendment and Waiver	  	- 40 -
				
		 	Section 17.1	 	Requirements	  	- 40 -
				
		 	Section 17.2	 	Solicitation of Holders of Notes	  	- 40 -
				
		 	Section 17.3	 	Binding Effect, Etc	  	- 41 -
				
		 	Section 17.4	 	Notes Held by Company, Etc	  	- 41 -
		
	SECTION 18. Notices	  	- 41 -
		
	SECTION 19. Reproduction of Documents	  	- 42 -
		
	SECTION 20. Confidential Information	  	- 42 -
		
	SECTION 21. Substitution of Purchaser	  	- 43 -
		
	SECTION 22. Miscellaneous	  	- 44 -
				
		 	Section 22.1	 	Successors and Assigns	  	- 44 -
				
		 	Section 22.2	 	Payments Due on Non-Business Days	  	- 44 -
				
		 	Section 22.3	 	Accounting Terms	  	- 44 -
				
		 	Section 22.4	 	Severability	  	- 45 -
				
		 	Section 22.5	 	Construction	  	- 45 -
				
		 	Section 22.6	 	Counterparts	  	- 45 -
				
		 	Section 22.7	 	Governing Law	  	- 45 -
				
		 	Section 22.8	 	Jurisdiction and Process; Waiver of Jury Trial	  	- 46 -

  

 -iv- 

 ATTACHMENTS TO THE NOTE PURCHASE
AGREEMENT: 
  

					
	SCHEDULE A	 	—	    	Information Relating to Purchasers
			
	SCHEDULE B	 	—	    	Defined Terms
			
	SCHEDULE 4.11	 	—	    	Changes in Corporate Structure
			
	SCHEDULE 5.3	 	—	    	Disclosure Materials
			
	SCHEDULE 5.4	 	—	    	Subsidiaries of the Company and Ownership of Subsidiary Stock
			
	SCHEDULE 5.5	 	—	    	Financial Statements
			
	SCHEDULE 5.15	 	—	    	Existing Debt
			
	SCHEDULE 10.4	 	—	    	Existing Liens
			
	EXHIBIT 1	 	—	    	Form of 6.00% Series 2008-A Senior Note due May 30, 2015
			
	EXHIBIT 4.4(a) 	 	—	    	Form of Opinion of Special Counsel to the Company
			
	EXHIBIT 4.4(b) 	 	—	    	Form of Opinion of Special Counsel to the Purchasers
			
	EXHIBIT S	 	—	    	Form of Supplement to Note Purchase Agreement

  

 -i- 

 PERKINELMER, INC. 
 940 Winter Street 
 Waltham, MA 02451

 $150,000,000 6.00% Series 2008-A Senior Notes due May 30, 2015 
 Dated as of 
 May 30, 2008 
  

	
	 TO THE PURCHASERS LISTED IN
THE
ATTACHED SCHEDULE A:

 Ladies and Gentlemen: 
 PERKINELMER, INC., a Massachusetts corporation (the “Company”), agrees with the purchasers listed in the attached Schedule A (the
“Purchasers”) to this Note Purchase Agreement (this “Agreement”) as follows: 
 SECTION 1. AUTHORIZATION
OF NOTES. 
 The Company will authorize the issue and sale of $150,000,000 aggregate principal amount of its
Series 2008-A Senior Notes due May 30, 2015 (the “Series 2008-A Notes”). The Series 2008-A Notes together with each Series of Additional Notes which may from time to time be issued pursuant to the provisions of Section 2.2
are collectively referred to herein as the “Notes” (such term shall also include any such notes issued in substitution therefor pursuant to Section 13 of this Agreement). The Series 2008-A Notes shall be substantially in
the form set out in Exhibit 1 with such changes therefrom, if any, as may be approved by the Purchasers and the Company. Certain capitalized and other terms used in this Agreement are defined in Schedule B; and references to a
“Schedule” or an “Exhibit” are, unless otherwise specified, to a Schedule or an Exhibit attached to this Agreement. 
 SECTION 2.
SALE AND PURCHASE OF SERIES 2008-A NOTES; ADDITIONAL SERIES OF NOTES. 
 Section 2.1 Series 2008-A Notes. Subject to the terms and conditions of this Agreement, the Company will issue and sell to each Purchaser and
each Purchaser will purchase from the Company, on the Closing Date provided for in Section 3, the Series 2008-A Notes in the principal amount specified opposite such Purchaser’s name in Schedule A at the purchase price of 100% of the
principal amount thereof. The obligations of each Purchaser hereunder are several and not joint obligations and no Purchaser shall have any obligation or any liability to any Person for the performance or nonperformance by any other Purchaser
hereunder. 
 Section 2.2 Additional Series of Notes. 
 (a) The Company may, from time to time, in its sole discretion but subject to the terms hereof, issue and sell one or more additional
Series of its unsecured promissory notes under the provisions of this Agreement pursuant to a supplement (a “Supplement”) 

 
substantially in the form of Exhibit S, provided that the aggregate principal amount of Notes of all Series issued pursuant to all Supplements in
accordance with the terms of this Section 2.2 shall not exceed $400,000,000. 
 (b) Each additional Series of Notes (the
“Additional Notes”) issued pursuant to a Supplement shall be subject to the following terms and conditions: 
 (1) each Series of Additional Notes, when so issued, shall be differentiated from all previous Series by sequential alphabetical designation inscribed thereon; 
 (2) Additional Notes of the same Series may consist of more than one different and separate tranches and may differ with respect to
outstanding principal amounts, maturity dates, interest rates and premiums, if any, and price and terms of redemption or payment prior to maturity, but all such different and separate tranches of the same Series shall, if and to the extent this
Agreement requires or permits voting by Series, vote as a single class and constitute one Series; 
 (3) each Series of
Additional Notes shall be dated the date of issue, bear interest at such rate or rates, mature on such date or dates, be subject to such put rights and mandatory and optional prepayment on the dates and at the premiums, if any, have such additional
or different conditions precedent to closing, such representations and warranties and such additional covenants and defaults as shall be specified in the Supplement under which such Additional Notes are issued and upon execution of any such
Supplement, this Agreement shall be deemed amended (i) to reflect such additional put rights, covenants and defaults without further action on the part of the holders of the Notes outstanding under this Agreement, provided, that any such
additional put rights, covenants and defaults shall inure to the benefit of all holders of Notes so long as any Additional Notes issued pursuant to such Supplement remain outstanding and (ii) to reflect such representations and warranties as
are contained in such Supplement for the benefit of the holders of such Additional Notes in accordance with the provisions of Section 17; 
 (4) each Series of Additional Notes issued under this Agreement shall be in substantially the form of Exhibit 1 to Exhibit S with such variations, omissions and insertions as are necessary or permitted
hereunder; 
 (5) the minimum principal amount of any Note issued under a Supplement shall be $100,000, except as may be
necessary to evidence the outstanding amount of any Note originally issued in a denomination of $100,000 or more; 
 (6) all
Additional Notes shall constitute Senior Debt of the Company and shall rank pari passu with all other outstanding Notes; and 
  

 - 2 - 

 (7) no Additional Notes shall be issued hereunder if at the time of issuance thereof and
after giving effect to the application of the proceeds thereof, (i) any Default or Event of Default shall have occurred and be continuing or (ii) a waiver of Default or Event of Default shall be in effect. 
 (c) The right of the Company to issue, and the obligation of the Additional Purchasers to purchase, any Additional Notes shall be subject
to the following conditions precedent, in addition to the conditions specified in the Supplement pursuant to which such Additional Notes may be issued: 
 (1) a duly authorized Senior Financial Officer shall execute and deliver to each Additional Purchaser and each holder of Notes an Officer’s Certificate dated the date of issue of such Series of Additional Notes
stating that such officer has reviewed the provisions of this Agreement (including all Supplements) and setting forth the information and computations (in sufficient detail) required to establish whether after giving effect to the issuance of the
Additional Notes and after giving effect to the application of the proceeds thereof, the Company is in compliance with the requirements of Section 10.1 on such date; 
 (2) the Company and each such Additional Purchaser shall execute and deliver a Supplement substantially in the form of Exhibit S;

 (3) each Additional Purchaser shall have confirmed in the Supplement that the representations set forth in Section 6
are true with respect to such Additional Purchaser on and as of the date of issue of such Additional Notes; and 
 (4) each
Subsidiary Guarantor, if any, shall execute and deliver such documents and agreements as any Additional Purchaser or other holder of Notes may reasonably require to confirm that its Subsidiary Guaranty guarantees the obligations of the Company under
such Additional Notes and under each other Series of Notes outstanding. 
 SECTION 3. CLOSING; FUNDING. 
 The sale and purchase of the Series 2008-A Notes to be purchased by each Purchaser shall occur on
May 30, 2008 (the “Closing Date”) at 11:00 a.m. New York, New York time at the offices of Schiff Hardin LLP, 900 Third Avenue, 23rd Floor, New York, New York 10022. On the Closing Date, the Company will deliver to each Purchaser the Series 2008-A Notes to be purchased by such Purchaser in the form of a single Series 2008-A Note (or such greater number of Series 2008-A
Notes in denominations of at least $100,000 as such Purchaser may request) dated the Closing Date and registered in such Purchaser’s name (or in the name of its nominee), against delivery by such Purchaser to the Company or its order of
immediately available funds in the amount of the purchase price therefor by wire transfer of immediately available funds for the account of the Company in accordance with the funding instructions described in Section 4.9. If, on the Closing
Date, the Company shall fail to tender such Series 2008-A Notes to any Purchaser as provided above in this Section 3, or any of the conditions specified in Section 5 shall not have 

  

 - 3 - 

 
been fulfilled to any Purchaser’s satisfaction, such Purchaser shall, at its election, be relieved of all further obligations under this Agreement,
without thereby waiving any rights such Purchaser may have by reason of such failure or such nonfulfillment. 
 SECTION 4. CONDITIONS
TO CLOSING. 
 Each Purchaser’s obligation to execute and deliver this Agreement on the Closing Date is
subject to the fulfillment to such Purchaser’s satisfaction, prior to or on the Closing Date, of the following conditions: 
 Section 4.1 Representations and Warranties. The representations and warranties of the Company in this Agreement shall be correct when made and on the Closing Date. 
 Section 4.2 Performance; No Default. The Company shall have performed and complied with all agreements and conditions contained in this
Agreement required to be performed or complied with by the Company prior to or on the Closing Date, and immediately after giving effect to the issue and sale of the Series 2008-A Notes (and the application of the proceeds thereof as contemplated by
Section 5.14,) no Default or Event of Default shall have occurred and be continuing. Neither the Company nor any Subsidiary shall have entered into any transaction since April 8, 2008 that would have been prohibited by Section 10 had
such Section applied since such date. 
 Section 4.3 Compliance Certificates. 
 (a) Officer’s Certificate. The Company shall have delivered to such Purchaser an Officer’s Certificate, dated the Closing
Date, certifying that the conditions specified in Sections 4.1, 4.2 and 4.11 have been fulfilled. 
 (b)
Secretary’s Certificate. The Company shall have delivered to such Purchaser a certificate of its Secretary or an Assistant Secretary, dated the Closing Date, certifying as to the resolutions attached thereto and other corporate
proceedings relating to the authorization, execution and delivery of the Series 2008-A Notes being delivered on the Closing Date and this Agreement. 
 Section 4.4 Opinions of Counsel. Such Purchaser shall have received opinions in form and substance satisfactory to such Purchaser, dated the Closing Date (a) from Wilmer Cutler Pickering Hale and Dorr
LLP, special counsel for the Company, covering the matters set forth in Exhibit 4.4(a) and covering such other matters incident to the transactions contemplated hereby as such Purchaser or special counsel to the Purchasers may reasonably
request (and the Company hereby instructs its counsel to deliver such opinion to the Purchasers) and (b) from Schiff Hardin LLP, special counsel to the Purchasers in connection with such transactions, substantially in the form set forth in
Exhibit 4.4(b) and covering such other matters incident to such transactions as such Purchaser may reasonably request. 
 Section 4.5 Purchase Permitted By Applicable Law, Etc. On the Closing Date, such Purchaser’s purchase of Series 2008-A Notes shall (a) be permitted by the laws and regulations of each jurisdiction to which such
Purchaser is subject, without recourse to provisions (such as 

  

 - 4 - 

 
Section 1405(a)(8) of the New York Insurance Law) permitting limited investments by insurance companies without restriction as to the character of the
particular investment, (b) not violate any applicable law or regulation (including, without limitation, Regulation T, U or X of the Board of Governors of the Federal Reserve System) and (c) not subject such Purchaser to any tax,
penalty or liability under or pursuant to any applicable law or regulation, which law or regulation was not in effect on the Closing Date. If requested by any Purchaser, such Purchaser shall have received an Officer’s Certificate certifying as
to such matters of fact as such Purchaser may reasonably specify to enable such Purchaser to determine whether such purchase is so permitted. 
 Section 4.6 Sale of Other Notes. On the Closing Date, the Company shall sell to each other Purchaser and each other Purchaser shall purchase the Series 2008-A Notes to be purchased by it on the Closing Date as specified in
Schedule A. 
 Section 4.7 Payment of Special Counsel Fees. Without limiting the provisions of Section 15.1, the
Company shall have paid on or before the Closing Date, the reasonable fees, charges and disbursements of special counsel to the Purchasers referred to in Section 4.4(b) to the extent reflected in a statement of such counsel rendered to the
Company at least one Business Day prior to the Closing Date. 
 Section 4.8 Private Placement Number. A Private Placement
Number issued by Standard & Poor’s CUSIP Service Bureau (in cooperation with the SVO) shall have been obtained for the Series 2008-A Notes. 
 Section 4.9 Funding Instructions. At least three Business Days prior to the Closing Date, such Purchaser shall have received written instructions signed by a Responsible Officer on letterhead of the
Company directing the manner of the payment of funds and setting forth (a) the name and address of the transferee bank, (b) such transferee bank’s ABA number and (c) the account name and number into which the purchase price for
the Series 2008-A Notes is to be deposited. 
 Section 4.10 Offeree Letter. Banc of America Securities LLC shall have
delivered to such Purchaser a letter addressed to each Purchaser, special counsel to the Purchasers and special counsel for the Company, dated the Closing Date, describing the manner of offer and sale of the Series 2008-A Notes. 
 Section 4.11 Changes in Corporate Structure. Except as disclosed on Schedule 4.11, the Company shall not have changed its jurisdiction
of incorporation or been a party to any merger or consolidation, or succeeded to all or any substantial part of the liabilities of any other entity, at any time following the date of the most recent financial statements referred to in
Schedule 5.5. 
 Section 4.12 Proceedings and Documents. All corporate and other organizational proceedings in
connection with the transactions contemplated by this Agreement and all documents and instruments incident to such transactions shall be satisfactory to such Purchaser and special counsel to the Purchasers, and such Purchaser and special counsel to
the Purchasers shall have received all such counterpart originals or certified or other copies of such documents as such Purchaser or special counsel to the Purchasers may reasonably request. 
  

 - 5 - 

 SECTION 5. REPRESENTATIONS AND WARRANTIES OF
THE COMPANY. 
 The Company represents and warrants to each Purchaser on and as of the Closing Date that:

 Section 5.1 Organization; Power and Authority. The Company is a corporation duly organized, validly existing and in good
standing under the laws of its jurisdiction of incorporation, and is duly qualified as a foreign corporation and is in good standing in each jurisdiction in which such qualification is required by law, other than those jurisdictions as to which the
failure to be so qualified or in good standing would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. The Company has the corporate power and authority to own or hold under lease the properties it
purports to own or hold under lease, to transact the business it transacts and proposes to transact, to execute and deliver this Agreement and the Series 2008-A Notes and to perform the provisions hereof and thereof. 
 Section 5.2 Authorization, Etc. This Agreement and the Series 2008-A Notes to be issued on the Closing Date have been duly authorized by all
necessary corporate action on the part of the Company, and this Agreement constitutes, and upon execution and delivery thereof each such Series 2008-A Note will constitute, a legal, valid and binding obligation of the Company enforceable against the
Company in accordance with its terms, except as such enforceability may be limited by (1) applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting the enforcement of creditors’ rights generally and
(2) general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law). 
 Section 5.3 Disclosure. This Agreement and the documents, certificates or other writings delivered to the Purchasers by or on behalf of the Company in connection with the transactions contemplated hereby and identified in
Schedule 5.3, and the financial statements listed in Schedule 5.5 (this Agreement and such documents, certificates or other writings and such financial statements delivered to each Purchaser prior to April 8, 2008 being referred to,
collectively, as the “Disclosure Documents”), taken as a whole, do not contain any untrue statement of a material fact or omit to state any material fact necessary to make the statements therein not misleading in light of the
circumstances under which they were made. Except as disclosed in the Disclosure Documents, since December 31, 2007, there has been no change in the financial condition, operations, business or properties of the Company or any Restricted
Subsidiary except changes that, individually or in the aggregate, would not reasonably be expected to have a Material Adverse Effect. 
 Section 5.4 Organization and Ownership of Shares of Subsidiaries; Affiliates. 
 (a) Schedule 5.4
contains (except as noted therein) a complete and correct list of the Company’s Restricted and Unrestricted Subsidiaries, showing, as to each 

  

 - 6 - 

 
Subsidiary, the correct name thereof, the jurisdiction of its organization and the percentage of shares of each class of its capital stock or similar Equity
Interests outstanding owned by the Company and each other Subsidiary. 
 (b) All of the outstanding shares of capital stock or
similar Equity Interests of each Subsidiary shown in Schedule 5.4 as being owned by the Company and its Subsidiaries have been validly issued, are fully paid and nonassessable and are owned by the Company or another Subsidiary free and clear of
any Lien (except as otherwise disclosed in Schedule 5.4). 
 (c) Each Subsidiary identified in Schedule 5.4 is a
corporation or other legal entity duly organized, validly existing and in good standing under the laws of its jurisdiction of organization, and is duly qualified as a foreign corporation or other legal entity and is in good standing in each
jurisdiction in which such qualification is required by law, and each such Subsidiary has the corporate or other power and authority to own or hold under lease the properties it purports to own or hold under lease and to transact the business it
transacts and proposes to transact, except where the failure to be so licensed or qualified or to have such power and authority would not reasonably be expected to have a Material Adverse Effect. 
 (d) No Subsidiary is a party to, or otherwise subject to any legal, regulatory, contractual or other restriction (other than this
Agreement, the agreements listed on Schedule 5.4 and customary limitations imposed by corporate law or similar statutes) restricting the ability of such Subsidiary to pay dividends out of profits, or make any other similar distributions of
profits, to the Company or any of its Subsidiaries that owns outstanding shares of capital stock or similar Equity Interests of such Subsidiary. 
 Section 5.5 Financial Statements; Material Liabilities. The Company has delivered to each Purchaser copies of the financial statements of the Company and its Subsidiaries listed on Schedule 5.5. All such financial
statements (including in each case the related schedules and notes) fairly present, in all material respects, the consolidated financial position of the Company and its Subsidiaries as of the respective dates specified in such Schedule and the
consolidated results of their operations and cash flows for the respective periods so specified and have been prepared in accordance with GAAP consistently applied throughout the periods involved except as set forth in the notes thereto (subject, in
the case of any interim financial statements, to normal year-end adjustments). The Company and its Subsidiaries do not have any Material liabilities that are not disclosed on such financial statements or otherwise disclosed in the Disclosure
Documents. 
 Section 5.6 Compliance with Laws, Other Instruments, Etc. The execution, delivery and performance by the
Company of this Agreement and the Series 2008-A Notes will not (a) contravene, result in any breach of, or constitute a default under, or result in the creation of any Lien in respect of any property of the Company or any Subsidiary under, any
indenture, mortgage, deed of trust, loan, purchase or credit agreement, lease, corporate charter or by-laws, or any other material agreement or instrument to which the Company or any Subsidiary is bound or by which the Company or any Subsidiary or
any of their respective properties may be bound or 

  

 - 7 - 

 
affected, (b) conflict with or result in a breach of any of the terms, conditions or provisions of any order, judgment, decree or ruling of any court,
arbitrator or Governmental Authority applicable to the Company or any Subsidiary or (c) violate any provision of any statute or other rule or regulation of any Governmental Authority applicable to the Company or any Subsidiary. 
 Section 5.7 Governmental Authorizations, Etc. No consent, approval or authorization of, or registration, filing or declaration with,
any Governmental Authority by the Company is required in connection with the execution, delivery or performance by the Company of this Agreement or the Series 2008-A Notes. 
 Section 5.8 Litigation; Observance of Agreements; Statutes and Orders.  
 (a) There are no actions, suits, investigations or proceedings pending or, to the knowledge of the Company, threatened against or
affecting the Company or any Restricted Subsidiary or any property of the Company or any Restricted Subsidiary in any court or before any arbitrator of any kind or before or by any Governmental Authority that, individually or in the aggregate, would
reasonably be expected to have a Material Adverse Effect. 
 (b) Neither the Company nor any Restricted Subsidiary is in
default under any term of any agreement or instrument to which it is a party or by which it is bound, or any order, judgment, decree or ruling of any court, arbitrator or Governmental Authority or is in violation of any applicable law, ordinance,
rule or regulation (including, without limitation, Environmental Laws, ERISA or the USA Patriot Act) of any Governmental Authority, which default or violation, individually or in the aggregate, would reasonably be expected to have a Material Adverse
Effect. 
 Section 5.9 Taxes. The Company and its Subsidiaries have filed all United States federal, material state and
other material tax returns that are required to have been filed in any jurisdiction, and have paid all taxes shown to be due and payable on such returns and all other taxes and assessments levied upon them or their properties, assets, income or
franchises, to the extent such taxes and assessments have become due and payable and before they have become delinquent, except for any taxes and assessments (a) the amount of which is not, individually or in the aggregate, Material or
(b) the amount, applicability or validity of which is currently being contested in good faith by appropriate proceedings and with respect to which the Company or a Subsidiary, as the case may be, has established adequate reserves in accordance
with GAAP. The Company knows of no proposed tax or assessment against the Company or any Subsidiary that would, if made, individually or in the aggregate, have a Material Adverse Effect and the Company knows of no basis for any other tax or
assessment that would reasonably be expected to have a Material Adverse Effect. The charges, accruals and reserves on the books of the Company and its Subsidiaries in respect of federal, state or other taxes for all fiscal periods are adequate. The
federal income tax liabilities of the Company and its Subsidiaries have been finally determined (whether by reason of completed audits or the statute of limitations having run) for all fiscal years up to and including the fiscal year ended
December 31, 2002. 
  

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 Section 5.10 Title to Property; Leases. The Company and its Restricted Subsidiaries
have good and sufficient title to their respective properties, including valid leasehold interests in all real property, that individually or in the aggregate are Material, including all such properties reflected in the most recent audited balance
sheet referred to in Section 5.5 or purported to have been acquired by the Company or any Restricted Subsidiary after said date (except as Disposed of in the ordinary course of business), in each case free and clear of Liens prohibited by this
Agreement. 
 Section 5.11 Licenses, Permits, Etc. 
 (a) The Company and its Restricted Subsidiaries own or possess all licenses, permits, franchises, authorizations, patents, copyrights,
proprietary software, service marks, trademarks, trade names and domain names, or rights thereto, that individually or in the aggregate are Material, without known conflict with the rights of others, except for such conflicts that, individually or
in the aggregate, would not reasonably be expected to have a Material Adverse Effect. 
 (b) To the best knowledge of the
Company, no product of the Company or any of its Restricted Subsidiaries infringes in any respect any license, permit, franchise, authorization, patent, copyright, proprietary software, service mark, trademark, trade name, domain name or other right
owned by any other Person, except for such infringements that, individually or in the aggregate, would not reasonably be expected to have a Material Adverse Effect. 
 (c) To the best knowledge of the Company, there is no violation by any Person of any right of the Company or any of its Restricted
Subsidiaries with respect to any patent, copyright, proprietary software, service mark, trademark, trade name, domain name or other right owned or used by the Company or any of its Restricted Subsidiaries, except for such violations that,
individually or in the aggregate, would not reasonably be expected to have a Material Adverse Effect. 
 Section 5.12 Compliance with
ERISA.  
 (a) The Company and each ERISA Affiliate have operated and administered each Plan in compliance with all
applicable laws except for such instances of noncompliance as have not resulted in, and would not reasonably be expected to result in, a Material Adverse Effect. Neither the Company nor any ERISA Affiliate has incurred any liability pursuant to
Title I or IV of ERISA or the penalty or excise tax provisions of the Code relating to employee benefit plans (as defined in Section 3 of ERISA), and no event, transaction or condition has occurred or exists that would reasonably be
expected to result in the incurrence of any such liability by the Company or any ERISA Affiliate, or in the imposition of any Lien on any of the rights, properties or assets of the Company or any ERISA Affiliate, in either case pursuant to
Title I or IV of ERISA or to such penalty or excise tax provisions, or to Code Sections 401(a)(29) or 412 (replaced by Code Sections 436 and 430 respectively, effective January 1, 2008) or Section 4068 of ERISA, other than
such liabilities or Liens as would not be, individually or in the aggregate, Material. 
  

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 (b) The present value of the aggregate benefit liabilities under each of the Plans (other
than Multiemployer Plans), determined as of the end of such Plan’s most recently ended plan year on the basis of the actuarial assumptions specified for funding purposes in such Plan’s most recent actuarial valuation report, did not exceed
the aggregate current value of the assets of such Plan allocable to such benefit liabilities. The term “benefit liabilities” has the meaning specified in Section 4001 of ERISA and the terms “current value” and “present
value” have the meanings specified in Section 3 of ERISA. 
 (c) The Company and its ERISA Affiliates have not
incurred any withdrawal liabilities (and are not subject to contingent withdrawal liabilities) under Section 4201 or 4204 of ERISA in respect of Multiemployer Plans that, individually or in the aggregate, are Material. 
 (d) The expected post-retirement benefit obligation (determined as of the last day of the Company’s most recently ended fiscal year
in accordance with Financial Accounting Standards Board Statement No. 106, without regard to liabilities attributable to continuation coverage mandated by Section 4980B of the Code) of the Company and its Subsidiaries is not Material.

 (e) The execution and delivery of this Agreement and the issuance and sale of the Series 2008-A Notes hereunder to each
Purchaser will not involve any transaction with respect to such Purchaser that is subject to the prohibitions of Section 406 of ERISA or in connection with which a tax would be imposed pursuant to Section 4975(c)(1)(A)-(D) of the Code. The
representation by the Company to each Purchaser in the first sentence of this Section 5.12(e) is made in reliance upon and subject to the accuracy of such Purchaser’s representation in Section 6.3 as to the sources of the funds to be
used to pay the purchase price of the Series 2008-A Notes to be purchased by such Purchaser. 
 Section 5.13 Private Offering by the
Company. Neither the Company nor anyone acting on the Company’s behalf has offered the Series 2008-A Notes or any similar securities for sale to, or solicited any offer to buy any of the same from, or otherwise approached or
negotiated in respect thereof with, any Person other than the Purchasers and not more than      other Institutional Investors of the type described in clause (c) of the definition thereof, each of which has been
offered the Series 2008-A Notes in connection with a private sale for investment. Neither the Company nor anyone acting on the Company’s behalf has taken, or will take, any action that would subject the issuance or sale of the Series 2008-A
Notes to the registration requirements of Section 5 of the Securities Act or to the registration requirements of any securities or blue sky laws of any applicable jurisdiction. 
 Section 5.14 Use of Proceeds; Margin Regulations. The Company will apply the proceeds of the sale of the Series 2008-A Notes to
finance mergers, acquisitions, capital 

  

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expenditures, stock repurchases, dividends, debt refinancing and for other general corporate purposes of the Company. No part of the proceeds from the sale
of the Series 2008-A Notes hereunder will be used, directly or indirectly, for the purpose of buying or carrying or trading in any securities under such circumstances as to involve any Purchaser in a violation of Regulation U of the Board of
Governors of the Federal Reserve System (12 CFR 221) or the Company in violation of Regulation X of said Board (12 CFR 224) or to involve any broker or dealer in a violation of Regulation T of said Board (12 CFR 220). Margin
stock does not constitute more than 25% of the value of the consolidated total assets of the Company and its Subsidiaries and the Company does not have any present intention that margin stock will constitute more than 25% of the value of such
assets. As used in this Section, the terms “margin stock” and “purpose of buying or carrying” shall have the meanings assigned to them in said Regulation U. 
 Section 5.15 Existing Debt; Future Liens. 
 (a) Except as described therein, Schedule 5.15 sets forth a complete and correct list of all outstanding Debt of the Company and its Restricted Subsidiaries as of May 30, 2008 (including a description of the
obligors and obligees, principal amount outstanding and collateral therefor, if any, and Guaranty thereof, if any), and there has been no Material change in the amounts, interest rates, sinking funds, installment payments or maturities of the Debt
of the Company or its Restricted Subsidiaries. Neither the Company nor any Restricted Subsidiary is in default and no waiver of default is currently in effect, in the payment of any principal or interest on any Debt of the Company or such Restricted
Subsidiary, and no event or condition exists with respect to any Debt of the Company or any Restricted Subsidiary that would permit (or that with notice or the lapse of time, or both, would permit) one or more Persons to cause such Debt to become
due and payable before its stated maturity or before its regularly scheduled dates of payment. 
 (b) Except as disclosed in
Schedule 5.15, neither the Company nor any Restricted Subsidiary has agreed or consented to cause or permit in the future (upon the happening of a contingency or otherwise) any of its property, whether now owned or hereafter acquired, to be subject
to a Lien not permitted by Section 10.4. 
 (c) Neither the Company nor any Subsidiary is a party to, or otherwise
subject to any provision contained in, any instrument evidencing Debt of the Company or such Subsidiary, any agreement relating thereto or any other agreement (including, but not limited to, its charter or other organizational document) which limits
the amount of, or otherwise imposes restrictions on the incurring of, Debt of the Company, except as specifically indicated in Schedule 5.15. 
 Section 5.16 Foreign Assets Control Regulations, Etc.  
 (a) Neither the sale of
the Series 2008-A Notes by the Company hereunder nor its use of the proceeds thereof will violate the Trading with the Enemy Act, as amended, or any of the foreign assets control regulations of the United States Treasury Department (31 CFR,
Subtitle B, Chapter V, as amended) or any enabling legislation or executive order relating thereto. 
  

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 (b) Neither the Company nor any Subsidiary is (1) a Person described or designated
in the Specially Designated Nationals and Blocked Persons List of the Office of Foreign Assets Control or in Section 1 of the Anti-Terrorism Order or (2) knowingly engaged in any dealings or transactions with any such Person. The Company
and its Subsidiaries are in compliance, in all material respects, with the USA Patriot Act. 
 (c) No part of the proceeds
from the sale of the Series 2008-A Notes hereunder will be used, directly or indirectly, for any payments to any governmental official or employee, political party, official of a political party, candidate for political office, or anyone else acting
in an official capacity, in order to obtain, retain or direct business or obtain any improper advantage, in violation of the United States Foreign Corrupt Practices Act of 1977, as amended, assuming in all cases that such Act applies to the Company.

 Section 5.17 Status under Certain Statutes. Neither the Company nor any Subsidiary is an “investment company”
registered or required to be registered under the Investment Company Act of 1940, as amended, or is subject to regulation under the Public Utility Holding Company Act of 2005, as amended, the ICC Termination Act of 1995, as amended, or the Federal
Power Act, as amended. 
 Section 5.18 Environmental Matters. 
 (a) Neither the Company nor any Restricted Subsidiary has knowledge of any claim or has received any notice of any claim, and no
proceeding has been instituted raising any liability against the Company or any of its Restricted Subsidiaries or any of their respective real properties now or formerly owned, leased or operated by any of them, or other assets, alleging any damage
to the environment or violation of any Environmental Laws, except, in each case, such as would not reasonably be expected to result in a Material Adverse Effect. 
 (b) Neither the Company nor any Restricted Subsidiary has knowledge of any facts which would give rise to any claim, public or private, of
violation of Environmental Laws or damage to the environment emanating from, occurring on or in any way related to real properties now or formerly owned, leased or operated by any of them or to other assets or their use, except, in each case, such
as would not reasonably be expected to result in a Material Adverse Effect. 
 (c) Neither the Company nor any of its
Restricted Subsidiaries has stored any Hazardous Materials on real properties now or formerly owned, leased or operated by any of them or has disposed of any Hazardous Materials in each case in a manner contrary to any Environmental Laws in each
case in any manner that would reasonably be expected to result in a Material Adverse Effect. 
  

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 (d) All buildings on all real properties now owned, leased or operated by the Company or
any of its Restricted Subsidiaries are in compliance with applicable Environmental Laws, except where failure to comply would not reasonably be expected to result in a Material Adverse Effect. 
 Section 5.19 Notes Rank Pari Passu. The obligations of the Company under this Agreement and the Series 2008-A Notes rank pari passu in
right of payment with all other unsecured Senior Debt (actual or contingent) of the Company, including, without limitation, all unsecured Senior Debt of the Company described in Schedule 5.15. 
 SECTION 6. REPRESENTATIONS OF THE PURCHASERS. 
 Section 6.1 Purchase for Investment. Each Purchaser severally represents that it is purchasing the Series 2008-A Notes for its own
account or for one or more separate accounts maintained by it or for the account of one or more pension or trust funds and not with a view to the distribution thereof, provided that the disposition of such Purchaser’s or such pension or
trust fund’s property shall at all times be within such Purchaser’s or such pension or trust fund’s control. Each Purchaser understands that the Series 2008-A Notes have not been registered under the Securities Act and may be resold
only if registered pursuant to the provisions of the Securities Act or if an exemption from registration is available, except under circumstances where neither such registration nor such an exemption is required by law, and that the Company is not
required to register the Series 2008-A Notes. 
 Section 6.2 Accredited Investor. Each Purchaser represents that it is an
“accredited investor” (as defined in Rule 501(a)(1), (2), (3) or (7) of Regulation D under the Securities Act) acting for its own account (and not for the account of others) or as a fiduciary or agent for others (which others are
also “accredited investors”). Each Purchaser further represents that such Purchaser has had the opportunity to ask questions of the Company and received answers concerning the terms and conditions of the sale of the Series 2008-A Notes.

 Section 6.3 Source of Funds. Each Purchaser severally represents that at least one of the following statements is an accurate
representation as to each source of funds (a “Source”) to be used by such Purchaser to pay the purchase price of the Series 2008-A Notes to be purchased by such Purchaser hereunder: 
 (a) the Source is an “insurance company general account” (as the term is defined in the United States Department of Labor’s
Prohibited Transaction Class Exemption (“PTE”) 95-60) in respect of which the reserves and liabilities (as defined by the annual statement for life insurance companies approved by the NAIC (the “NAIC Annual
Statement”)) for the general account contract(s) held by or on behalf of any employee benefit plan together with the amount of the reserves and liabilities for the general account contract(s) held by or on behalf of any other employee
benefit plans maintained by the same employer (or affiliate thereof as defined in PTE 95-60) or by the same employee organization in the general account do not exceed 10% of the total reserves and liabilities of the general account (exclusive of
separate account liabilities) plus surplus as set forth in the NAIC Annual Statement filed with such Purchaser’s state of domicile; or 
  

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 (b) the Source is a separate account that is maintained solely in connection with such
Purchaser’s fixed contractual obligations under which the amounts payable, or credited, to any employee benefit plan (or its related trust) that has any interest in such separate account (or to any participant or beneficiary of such plan
(including any annuitant)) are not affected in any manner by the investment performance of the separate account; or 
 (c) the
Source is either (1) an insurance company pooled separate account, within the meaning of PTE 90-1 or (2) a bank collective investment fund, within the meaning of PTE 91-38 and, except as disclosed by such Purchaser to the Company in
writing pursuant to this clause (c), no employee benefit plan or group of plans maintained by the same employer or employee organization beneficially owns more than 10% of all assets allocated to such pooled separate account or collective investment
fund; or 
 (d) the Source constitutes assets of an “investment fund” (within the meaning of Part V of PTE 84-14
(the “QPAM Exemption”)) managed by a “qualified professional asset manager” or “QPAM” (within the meaning of Part V of the QPAM Exemption), no employee benefit plan’s assets that are included in such
investment fund, when combined with the assets of all other employee benefit plans established or maintained by the same employer or by an affiliate (within the meaning of Section V(c)(1) of the QPAM Exemption) of such employer or by the same
employee organization and managed by such QPAM, exceed 20% of the total client assets managed by such QPAM, the conditions of Part I(c) and (g) of the QPAM Exemption are satisfied, neither the QPAM nor a Person controlling or controlled by the
QPAM (applying the definition of “control” in Section V(e) of the QPAM Exemption) owns a 5% or more interest in the Company and (1) the identity of such QPAM and (2) the names of all employee benefit plans whose assets are
included in such investment fund have been disclosed to the Company in writing pursuant to this clause (d); or 
 (e) the
Source constitutes assets of a “plan(s)” (within the meaning of Section IV of PTE 96-23 (the “INHAM Exemption”)) managed by an “in-house asset manager” or “INHAM” (within the meaning of Part IV of the
INHAM Exemption), the conditions of Part I(a), (g) and (h) of the INHAM Exemption are satisfied, neither the INHAM nor a Person controlling or controlled by the INHAM (applying the definition of “control” in Section IV(d) of the
INHAM Exemption) owns a 5% or more interest in the Company and (1) the identity of such INHAM and (2) the name(s) of the employee benefit plan(s) whose assets constitute the Source have been disclosed to the Company in writing pursuant to
this clause (e); or 
 (f) the Source is a governmental plan; or 
  

 - 14 - 

 (g) the Source is one or more employee benefit plans, or a separate account or trust fund
comprised of one or more employee benefit plans, each of which has been identified to the Company in writing pursuant to this clause (g); or 
 (h) the Source does not include assets of any employee benefit plan, other than a plan exempt from the coverage of ERISA. 
 As used in this Section 6.3, the terms “employee benefit plan,” “governmental plan” and “separate account” shall have the respective meanings assigned to such terms in Section 3 of ERISA. 

SECTION 7. INFORMATION AS TO COMPANY. 
 Section 7.1 Financial and Business Information. The Company shall deliver to each holder of Notes that is an Institutional Investor:

 (a) Quarterly Statements — within 60 days after the end of each quarterly fiscal period in each fiscal year of
the Company (other than the last quarterly fiscal period of each such fiscal year), copies of: 
 (1) a consolidated balance
sheet of the Company and its Subsidiaries as at the end of such quarter, and 
 (2) consolidated statements of income,
shareholders’ equity and cash flows of the Company and its Subsidiaries for such quarter and (in the case of the second and third quarters) for the portion of the fiscal year ending with such quarter, 
 setting forth in each case in comparative form the figures for the corresponding fiscal quarter and (in the case of the second and third quarters) the
corresponding portion of the fiscal year ending with such quarter of the previous fiscal year, all in reasonable detail, prepared in accordance with GAAP applicable to quarterly financial statements generally, and certified by a Senior Financial
Officer as fairly presenting, in all material respects, the financial position of the companies being reported on and their results of operations and cash flows, subject to changes resulting from year-end adjustments and the absence of footnotes,
provided that delivery within the time period specified above of copies of the Company’s Quarterly Report on Form 10-Q prepared in compliance with the requirements therefor and filed with the SEC shall be deemed to satisfy the
requirements of this Section 7.1(a), provided, further, that the Company shall be deemed to have made such delivery of such Quarterly Report on Form 10-Q if it shall have timely made such Quarterly Report on Form 10-Q available on
“EDGAR” and on the Company’s home page on the worldwide web (at the date of this Agreement located at: http//www.perkinelmer.com) (such availability thereof being referred to as “Electronic Delivery”); 
  

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 (b) Annual Statements — within 105 days after the end of each fiscal year of
the Company, copies of: 
 (1) a consolidated balance sheet of the Company and its Subsidiaries, as at the end of such year,
and 
 (2) consolidated statements of income, shareholders’ equity and cash flows of the Company and its Subsidiaries,
for such year, 
 setting forth in each case in comparative form the figures for the previous fiscal year, all in reasonable detail, prepared
in accordance with GAAP, and accompanied by an opinion thereon of independent certified public accountants of recognized national standing, which opinion shall state that such financial statements present fairly, in all material respects, the
financial position of the companies being reported upon and their results of operations and cash flows and have been prepared in conformity with GAAP, and that the examination of such accountants in connection with such financial statements has been
made in accordance with generally accepted auditing standards, and that such audit provides a reasonable basis for such opinion in the circumstances, provided that the delivery within the time period specified above of the Company’s
Annual Report on Form 10-K for such fiscal year (together with the Company’s annual report to shareholders, if any, prepared pursuant to Rule 14a-3 under the Exchange Act) prepared in accordance with the requirements therefor and filed with the
SEC shall be deemed to satisfy the requirements of this Section 7.1(b), provided further, that the Company shall be deemed to have made such delivery of such Annual Report on Form 10-K if it shall have timely made Electronic Delivery
thereof; 
 (c) SEC and Other Reports — except for filings referred to in Section 7.1(a) and (b) above,
promptly upon their becoming available, one copy of (1) each financial statement, report, notice or proxy statement sent by the Company or any Restricted Subsidiary to its principal lending banks as a whole (excluding information sent to such
banks in the ordinary course of administration of a bank facility, such as information relating to pricing and borrowing availability) or to its public securities holders generally and (2) each regular or periodic report, each registration
statement (without exhibits except as expressly requested by such holder), and each prospectus and all amendments thereto filed by the Company or any Restricted Subsidiary with the SEC and of all press releases and other statements made available
generally by the Company or any Restricted Subsidiary to the public concerning developments that are Material; 
 (d)
Notice of Default or Event of Default — promptly, and in any event within five Business Days after a Responsible Officer becomes aware of the existence of any Default or Event of Default or that any Person has given any notice or taken
any action with respect to a claimed default hereunder or that any Person has given any notice or taken any action with respect to a claimed default of the type referred to in Section 11(f), a written notice specifying the nature and period of
existence thereof and what action the Company is taking or proposes to take with respect thereto; 
 (e) ERISA Matters
— promptly, and in any event within five Business Days after a Responsible Officer becomes aware of any of the following, a written notice setting forth the nature thereof and the action, if any, that the Company or an ERISA Affiliate proposes
to take with respect thereto: 
 (1) with respect to any Plan, any reportable event, as defined in Section 4043(c) of
ERISA and the regulations thereunder, for which notice thereof has not been waived pursuant to such regulations as in effect on the date thereof; or 
  

 - 16 - 

 (2) the taking by the PBGC of steps to institute, or the threatening by the PBGC of the
institution of, proceedings under Section 4042 of ERISA for the termination of, or the appointment of a trustee to administer, any Plan, or the receipt by the Company or any ERISA Affiliate of a notice from a Multiemployer Plan that such action
has been taken by the PBGC with respect to such Multiemployer Plan; or 
 (3) any event, transaction or condition that would
result in the incurrence of any liability by the Company or any ERISA Affiliate pursuant to Title I or IV of ERISA or the imposition of a penalty or excise tax under the provisions of the Code relating to employee benefit plans, or the
imposition of any Lien on any of the rights, properties or assets of the Company or any ERISA Affiliate pursuant to Title I or IV of ERISA or such penalty or excise tax provisions, if such liability or Lien, taken together with any other such
liabilities or Liens then existing, would reasonably be expected to have a Material Adverse Effect; 
 (f) Notices from
Governmental Authority — promptly, and in any event within 30 days of receipt thereof, copies of any notice to the Company or any Subsidiary from any federal or state Governmental Authority relating to any order, ruling, statute or other
law or regulation that would reasonably be expected to have a Material Adverse Effect; and 
 (g) Supplements —
promptly and in any event within 10 Business Days after the execution and delivery of any Supplement, a copy thereof; and 
 (h) Requested Information — with reasonable promptness, such other data and information relating to the business, financial or corporate affairs of the Company or any of its Subsidiaries (including, but without limitation,
actual copies of the Company’s Quarterly Report on Form 10-Q and Annual Report on Form 10-K) or compliance by the Company with the terms of this Agreement and the Notes as from time to time may be reasonably requested by any such holder of
Notes. 
 Section 7.2 Officer’s Certificate. Each set of financial statements delivered to a holder of Notes pursuant to
Section 7.1(a) or Section 7.1(b) shall be accompanied by a certificate of a Senior Financial Officer setting forth (which, in the case of Electronic Delivery of any such financial statements, shall be by separate delivery of such
certificate to each holder of Notes within the required time period for delivery of financial statements under Section 7.1(a) or Section 7.1(b), as applicable): 
 (a) Covenant Compliance — the information (including reasonably detailed calculations) required in order to establish whether
the Company was in compliance with the requirements of Section 10.1 through Section 10.3, inclusive, Section 10.6 and Section 10.7 during the quarterly or annual period covered by the statements then being furnished (including
with respect to each such Section, where applicable, the calculations of the maximum or minimum amount, ratio or percentage, as the case may be, permissible under the terms of such Sections, and the calculation of the amount, ratio or percentage
then in existence); and 
  

 - 17 - 

 (b) Event of Default — a statement that such Senior Financial Officer has
reviewed the relevant terms hereof and has made, or caused to be made, under his or her supervision, a review of the transactions and conditions of the Company and its Subsidiaries from the beginning of the quarterly or annual period covered by the
statements then being furnished to the date of the certificate and that such review shall not have disclosed the existence during such period of any condition or event that constitutes a Default or an Event of Default or, if any such condition or
event existed or exists specifying the nature and period of existence thereof and what action the Company shall have taken or proposes to take with respect thereto. 
 Section 7.3 Visitation. The Company shall permit the representatives of each holder of Notes that is an Institutional Investor: 
 (a) No Default — if no Default or Event of Default then exists, at the expense of such holder and upon reasonable prior notice
to the Company, to visit the principal executive office of the Company, to discuss the affairs, finances and accounts of the Company and its Subsidiaries with the Company’s officers, and (with the consent of the Company, which consent will not
be unreasonably withheld) its independent public accountants, and (with the consent of the Company, which consent will not be unreasonably withheld) to visit the other offices and properties of the Company and each Restricted Subsidiary, all at such
reasonable times and as often as may be reasonably requested in writing; and 
 (b) Default — if a Default or
Event of Default then exists, at the expense of the Company, to visit and inspect any of the offices or properties of the Company or any Restricted Subsidiary, to examine all their respective books of account, records, reports and other papers, to
make copies and extracts therefrom, and to discuss their respective affairs, finances and accounts with their respective officers and independent public accountants (and by this provision the Company authorizes said accountants to discuss the
affairs, finances and accounts of the Company and its Subsidiaries), all at such times and as often as may be requested. 
  

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 SECTION 8. PAYMENT OF THE NOTES. 
 Section 8.1 Required Prepayments; Maturity. 
 (a) Series 2008-A Notes. The Series 2008-A Notes shall not be subject to any required prepayments and the entire unpaid principal amount of the Series 2008-A Notes shall become due and payable on
May 30, 2015. 
 (b) Required Prepayment of Additional Notes. Each Series and tranche, if applicable, of
Additional Notes shall be subject to required prepayments as specified in the Supplement pursuant to which such Series and tranche, if applicable, of Additional Notes were issued. 
 Section 8.2 Optional Prepayments. The Company may, at its option, upon notice as provided below, prepay at any time all, or from time to time
any part of, any Series of Notes, in an amount not less than 10% of the original aggregate principal amount of such Series of Notes in the case of a partial prepayment, at 100% of the principal amount so prepaid, plus accrued and unpaid
interest, plus the applicable Make-Whole Amount, if any, determined for the prepayment date with respect to such principal amount. Notwithstanding the foregoing, the Company may not prepay any Series of Notes pursuant to this Section 8.2
if a Default or Event of Default shall exist or would result from such optional prepayment unless all Notes at the time outstanding are prepaid on a pro rata basis. The Company will give each holder of Notes of the Series to be prepaid (with a copy
to each other holder of Notes) written notice of each optional prepayment of Notes of such Series under this Section 8.2 not less than 30 days and not more than 60 days prior to the date fixed for such prepayment. Each such notice shall specify
such date (which shall be a Business Day), the aggregate principal amount of the Notes of each Series to be prepaid on such date, the principal amount of each Note held by such holder to be prepaid (determined in accordance with Section 8.3),
and the interest to be paid on the prepayment date with respect to such principal amount being prepaid, and shall be accompanied by a certificate of a Senior Financial Officer as to the estimated Make-Whole Amount, if any, due in connection with
such prepayment (calculated as if the date of such notice were the date of the prepayment), setting forth the details of such computation. Two Business Days prior to such prepayment, the Company shall deliver to each holder of Notes being prepaid a
certificate of a Senior Financial Officer specifying the calculation of the applicable Make-Whole Amount as of the specified prepayment date. 
 Section 8.3 Allocation of Partial Prepayments. In the case of each partial prepayment of the Notes pursuant to the provisions of Section 8.2, the principal amount of the Notes of the Series to be prepaid shall be allocated
among all of the Notes of such Series at the time outstanding in proportion, as nearly as practicable, to the respective unpaid principal amounts thereof. 
 Section 8.4 Maturity; Surrender, Etc. In the case of each prepayment of Notes pursuant to this Section 8, the principal amount of each Note to be prepaid shall mature and become due and payable on the
date fixed for such prepayment (which shall be a Business Day), together with interest on such principal amount accrued to such date and the applicable 

  

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Make-Whole Amount, if any. From and after such date, unless the Company shall fail to pay such principal amount when so due and payable, together with the
interest and Make-Whole Amount, if any, as aforesaid, interest on such principal amount shall cease to accrue. Any Note paid or prepaid in full shall be surrendered to the Company and cancelled and shall not be reissued, and no Note shall be issued
in lieu of any prepaid principal amount of any Note. 
 Section 8.5 Purchase of Notes. The Company will not, and will not permit
any Affiliate to, purchase, redeem, prepay or otherwise acquire, directly or indirectly, any of the outstanding Notes of any Series except (a) upon the payment or prepayment of the Notes of any Series in accordance with the terms of this
Agreement (including any Supplement) and the Notes of such Series or (b) pursuant to a written offer to purchase any outstanding Notes of any Series made by the Company or an Affiliate pro rata to the holders of the Notes of such Series upon
the same terms and conditions (except that if such Series has more than one separate tranche, such written offer shall be allocated among all of the separate tranches of such Series at the time outstanding in proportion, as nearly as practicable, to
the respective unpaid principal amounts thereof but such written offer may otherwise differ among such separate tranches and such written offer shall be made pro rata to the holders of the same tranches of such Series upon the same terms and
conditions). Any such offer shall provide each holder of the Notes of the Series being offered for purchase with sufficient information to enable it to make an informed decision with respect to such offer and shall remain open for at least 10
Business Days. If the holders of more than 50% of the outstanding principal amount of the Notes of the Series being offered for purchase accept such offer, the Company shall promptly notify the remaining holders of such Series of such fact and the
expiration date for the acceptance by such holders of such offer shall be extended by the number of days necessary to give each such remaining holder at least five Business Days from its receipt of such notice to accept such offer. The Company will
promptly cancel all Notes acquired by it or any Affiliate pursuant to any payment, prepayment or purchase of Notes pursuant to any provision of this Agreement and no Notes may be issued in substitution or exchange for any such Notes. Notwithstanding
the foregoing, neither Company nor any Affiliate may offer to purchase any Series of Notes if a Default or Event of Default shall exist or would result therefrom unless such Person shall offer to purchase all outstanding Notes on a pro rata basis
upon the same terms and conditions. 
 Section 8.6 Offer to Prepay Upon Sale of Assets. 
 (a) Notice and Offer. In the event of a Disposition of any assets of the
Company or any Restricted Subsidiary where the Company has elected to apply the net proceeds of such Disposition pursuant to Section 10.6(b), the Company shall, no later than the 305th
 day following the date of such Disposition, give written notice of such event (a “Sale of Assets Prepayment Event”) to each holder of Notes. Such notice shall contain, and shall
constitute, an irrevocable offer to prepay a Ratable Portion of the Notes held by such holder on the date specified in such notice (the “Sale of Assets Prepayment Date”) which date shall be not less than 30 days and not more than 60
days after such notice. 
 (b) Acceptance and Payment. A holder of Notes may accept or reject the offer to prepay
pursuant to this Section 8.6 by causing a notice of such acceptance or rejection 

  

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to be delivered to the Company at least 10 days prior to the Sale of Assets Prepayment Date. A failure by a holder of the Notes to respond to an offer to
prepay made pursuant to this Section 8.6 shall be deemed to constitute a rejection of such offer by such holder. If so accepted, such offered prepayment in respect of the Ratable Portion of the Notes of each holder that has accepted such offer
shall be due and payable on the Sale of Assets Prepayment Date. Such offered prepayment shall be made at 100% of the aggregate Ratable Portion of the Notes of each holder that has accepted such offer, together with interest on that portion of the
Notes then being prepaid accrued to the Sale of Assets Prepayment Date but without any Make-Whole Amount. 
 (c)
Officer’s Certificate. Each offer to prepay the Notes pursuant to this Section 8.6 shall be accompanied by a certificate, executed by a Senior Financial Officer of the Company and dated the date of such offer, specifying:
(1) the Sale of Assets Prepayment Date; (2) that such offer is being made pursuant to this Section 8.6 and that the failure by a holder to respond to such offer by the deadline established in Section 8.6(b) shall result in such
offer to such holder being deemed rejected; (3) the Ratable Portion of each such Note offered to be prepaid; (4) the interest that would be due on the Ratable Portion of each such Note offered to be prepaid, accrued to the Sale of Assets
Prepayment Date; (5) that the conditions of this Section 8.6 have been satisfied and (6) in reasonable detail, a description of the nature and date of the Sale of Assets Prepayment Event giving rise to such offer of prepayment.

 Section 8.7 Offer to Prepay Notes in the Event of a Change in Control. 
 (a) Notice of Change in Control or Control Event. The Company will, within five Business Days after any Responsible Officer has
knowledge of the occurrence of any Change in Control or Control Event, give written notice of such Change in Control or Control Event to each holder of Notes unless notice in respect of such Change in Control (or the Change in Control contemplated
by such Control Event) shall have been given pursuant to Section 8.7(b). If a Change in Control has occurred, such notice shall contain and constitute an offer to prepay Notes as described in Section 8.7(c) and shall be accompanied by the
certificate described in Section 8.7(g). 
 (b) Condition to Company Action. The Company will not take any action
within its control that consummates or finalizes a Change in Control unless (1) at least 30 days prior to such action it shall have given to each holder of Notes written notice containing and constituting an offer to prepay Notes as described
in Section 8.7(c), accompanied by the certificate described in Section 8.7(g), and (2) contemporaneously with such action, the Company prepays all Notes required to be prepaid in accordance with this Section 8.7. 
 (c) Offer to Prepay Notes. The offer to prepay Notes contemplated by Sections 8.7(a) and (b) shall be an offer to prepay,
in accordance with and subject to this Section 8.7, all, but not less than all, Notes held by each holder on a date specified in such offer (the “Change in Control Proposed Prepayment Date”). If such Change in Control Proposed
Prepayment Date is in connection with an offer contemplated by Section 8.7(a), 

  

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such date shall be a Business Day not less than 30 days and not more than 60 days after the date of such offer (or if the Proposed Prepayment Date shall not
be specified in such offer, the Proposed Prepayment Date shall be the Business Day nearest to the 30th day after the date of such offer). 
 (d) Acceptance; Rejection. A holder of Notes may accept or reject the offer to prepay made pursuant to this Section 8.7 by causing a notice of such acceptance or rejection to be delivered to the Company at
least five Business Days prior to the Change in Control Proposed Prepayment Date. A failure by a holder of Notes to so respond to an offer to prepay made pursuant to this Section 8.7 shall be deemed to constitute a rejection of such offer by
such holder. 
 (e) Prepayment. Prepayment of the Notes to be prepaid pursuant to this Section 8.7 shall be at
100% of the principal amount of such Notes, together with accrued and unpaid interest on such Notes accrued to the date of prepayment but without any Make-Whole Amount. The prepayment shall be made on the Change in Control Proposed Prepayment Date,
except as provided by Section 8.7(f). 
 (f) Deferral Pending Change in Control. The obligation of the Company to
prepay Notes pursuant to the offers required by Section 8.7(c) and accepted in accordance with Section 8.7(d) is subject to the occurrence of the Change in Control in respect of which such offers and acceptances shall have been made. In
the event that such Change in Control does not occur on the Change in Control Proposed Prepayment Date in respect thereof, the prepayment shall be deferred until, and shall be made on the date on which, such Change in Control occurs. The Company
shall keep each holder of Notes reasonably and timely informed of (1) any such deferral of the date of prepayment, (2) the date on which such Change in Control and the prepayment are expected to occur and (3) any determination by the
Company that efforts to effect such Change in Control have ceased or been abandoned (in which case the offers and acceptances made pursuant to this Section 8.7 in respect of such Change in Control automatically shall be deemed rescinded without
penalty or other liability). 
 (g) Officer’s Certificate. Each offer to prepay the Notes pursuant to this
Section 8.7 shall be accompanied by a certificate, executed by a Senior Financial Officer and dated the date of such offer, specifying (1) the Change in Control Proposed Prepayment Date, (2) that such offer is made pursuant to this
Section 8.7, (3) the principal amount of each Note offered to be prepaid, (4) the interest that would be due on each Note offered to be prepaid, accrued to the Change in Control Proposed Prepayment Date, (5) that the conditions
of this Section 8.7 have been fulfilled and (6) in reasonable detail, the nature and date of the Change in Control. 
 (h) “Change in Control” shall mean, an event or series of events by which: (1) any “person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the Exchange Act as in effect on the
Closing Date) becomes, or obtains rights (whether by means of warrants, options or otherwise) to become, the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Exchange Act as in effect on the Closing Date), directly 

  

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or indirectly, of 30% or more of the equity securities of the Company entitled to vote for members of the Board of Directors or equivalent governing body of
the Company on a fully-diluted basis; or (2) the Board of Directors of the Company shall cease to consist of a majority of Continuing Directors; or (3) a “change in control” or any comparable term under, and as defined in, any
Debt of the Company with an outstanding principal amount in excess of $20,000,000 shall have occurred. 
 (i)
“Continuing Directors” shall mean the directors of the Company on the Closing Date, and each other director whose election by the Board of Directors of the Company or whose nomination for election by the stockholders of the Company
was approved by a vote of at least a majority of the directors who were either directors on the Closing Date or whose election or nomination for election was previously so approved by directors who were Continuing Directors. 
 (j) “Control Event” shall mean (1) the execution by the Company or any of its Affiliates of any agreement or letter
of intent with respect to any proposed transaction or event or series of transactions or events which, individually or in the aggregate, may reasonably be expected to result in a Change in Control or (2) the execution by the Company of any
written agreement which, when fully performed by the parties thereto, would result in a Change in Control. 
 Section 8.8 Make-Whole
Amount for the Series 2008-A Notes. The term “Make-Whole Amount” shall mean, with respect to any Series 2008-A Note, an amount equal to the excess, if any, of the Discounted Value of the Remaining Scheduled Payments with
respect to the Called Principal of such Series 2008-A Note, minus the amount of such Called Principal, provided that the Make-Whole Amount may in no event be less than zero. For the purposes of determining the Make-Whole Amount, the
following terms have the following meanings: 
 “Called Principal” shall mean, with respect to any Series
2008-A Note, the principal of such Series 2008-A Note that is to be prepaid pursuant to Section 8.2 or has become or is declared to be immediately due and payable pursuant to Section 12.1, as the context requires. 
 “Discounted Value” shall mean, with respect to the Called Principal of any Series 2008-A Note, the amount obtained by
discounting all Remaining Scheduled Payments with respect to such Called Principal from their respective scheduled due dates to the Settlement Date with respect to such Called Principal, in accordance with accepted financial practice and at a
discount factor (applied on the same periodic basis as that on which interest on the Series 2008-A Notes is payable) equal to the Reinvestment Yield with respect to such Called Principal. 
 “Reinvestment Yield” shall mean, with respect to the Called Principal of any Series 2008-A Note, .50% over the yield to
maturity implied by (a) the yields reported, as of 10:00 a.m. (New York, New York time) on the second Business Day preceding the Settlement Date with respect to such Called Principal, on the display designated a “Page PX1” (or such
other display as may replace Page PX1) on Bloomberg Financial Markets 

  

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for the most recently issued actively traded on the run U.S. Treasury Securities having a maturity equal to the Remaining Average Life of such Called
Principal as of such Settlement Date, or (b) if such yields are not reported as of such time or the yields reported as of such time are not ascertainable (including by way of interpolation), the Treasury Constant Maturity Series Yields
reported, for the latest day for which such yields have been so reported as of the second Business Day preceding the Settlement Date with respect to such Called Principal, in Federal Reserve Statistical Release H.15 (or any comparable successor
publication) for U.S. Treasury Securities having a constant maturity equal to the Remaining Average Life of such Called Principal as of such Settlement Date. 
 In the case of each determination under clause (a) or (b), as the case may be, of the preceding paragraph, such implied yield will be
determined, if necessary, by (1) converting U.S. Treasury bill quotations to bond-equivalent yields in accordance with accepted financial practice and (2) interpolating linearly between (i) the applicable U.S. Treasury Security with
the maturity closest to and greater than such Remaining Average Life and (ii) the applicable U.S. Treasury Security with the maturity closest to and less than such Remaining Average Life. The Reinvestment Yield shall be rounded to the number of
decimal places as appears in the interest rate of such Series 2008-A Note. 
 “Remaining Average Life” shall
mean, with respect to the Called Principal of any Series 2008-A Note, the number of years (calculated to the nearest one-twelfth year) obtained by dividing (a) such Called Principal into (b) the sum of the products obtained by multiplying
(1) the principal component of each Remaining Scheduled Payment with respect to such Called Principal by (2) the number of years (calculated to the nearest one-twelfth year) that will elapse between the Settlement Date with respect to such
Called Principal and the scheduled due date of such Remaining Scheduled Payment. 
 “Remaining Scheduled
Payments” shall mean, with respect to the Called Principal of any Series 2008-A Note, all payments of such Called Principal and interest thereon that would be due after the Settlement Date with respect to such Called Principal if no payment
of such Called Principal were made prior to its scheduled due date, provided that if such Settlement Date is not a date on which interest payments are due to be made under the terms of such Series 2008-A Notes, then the amount of the
next succeeding scheduled interest payment will be reduced by the amount of interest accrued to such Settlement Date and required to be paid on such Settlement Date pursuant to Section 8.2 or Section 12.1. 
 “Settlement Date” shall mean, with respect to the Called Principal of any Series 2008-A Note, the date on which such
Called Principal is to be prepaid pursuant to Section 8.2 or has become or is declared to be immediately due and payable pursuant to Section 12.1, as the context requires. 
  

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 SECTION 9. AFFIRMATIVE COVENANTS. 
 The Company covenants that so long as any of the Notes are outstanding: 
 Section 9.1 Compliance with Law. Without limiting Section 10.10, the Company will, and will cause each of its Subsidiaries to, comply with all laws, ordinances or governmental rules or regulations to
which each of them is subject, including, without limitation, ERISA, the USA Patriot Act and Environmental Laws, and will obtain and maintain in effect all licenses, certificates, permits, franchises and other governmental authorizations necessary
to the ownership of their respective properties or to the conduct of their respective businesses, in each case to the extent necessary to ensure that non-compliance with such laws, ordinances or governmental rules or regulations or failures to
obtain or maintain in effect such licenses, certificates, permits, franchises and other governmental authorizations would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 
 Section 9.2 Insurance. The Company will, and will cause each of its Restricted Subsidiaries to, maintain, with financially sound and
reputable insurers, insurance with respect to their respective properties and businesses against such casualties and contingencies, of such types, on such terms and in such amounts (including deductibles, co-insurance and self-insurance, if adequate
reserves are maintained with respect thereto) as is customary in the case of entities of established reputations engaged in the same or a similar business and similarly situated. 
 Section 9.3 Maintenance of Properties. The Company will, and will cause each of its Restricted Subsidiaries to, maintain and keep, or cause
to be maintained and kept, their respective properties in good repair, working order and condition (other than ordinary wear and tear), so that the business carried on in connection therewith may be properly conducted at all times, provided
that this Section shall not prevent the Company or any Restricted Subsidiary from discontinuing the operation and the maintenance of any of its properties if such discontinuance is desirable in the conduct of its business and the Company has
concluded that such discontinuance would not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect. 
 Section 9.4 Payment of Taxes and Claims. The Company will, and will cause each of its Subsidiaries to, file all tax returns required to be filed in any jurisdiction and to pay and discharge all taxes shown to be due and payable
on such returns and all other taxes, assessments, governmental charges or levies imposed on them or any of their properties, assets, income or franchises, to the extent the same have become due and payable and before they have become delinquent and
all claims for which sums have become due and payable that have or might become a Lien on properties or assets of the Company or any Subsidiary, provided that neither the Company nor any Subsidiary need pay any such tax, assessment,
governmental charge, levy or claim if (a) the amount, applicability or validity thereof is contested by the Company or such Subsidiary on a timely basis in good faith and in appropriate proceedings, and the Company or a Subsidiary has
established adequate reserves therefor in accordance with GAAP on the books of the Company or such Subsidiary or (b) the non-filing or nonpayment, as the case may be, of all such taxes, assessments, governmental charges, levies and claims in
the aggregate would not reasonably be expected to have a Material Adverse Effect. 
  

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 Section 9.5 Corporate Existence, Etc. Subject to Section 10.5, the Company will at all
times preserve and keep in full force and effect its corporate existence. Subject to Sections 10.5 and 10.6, the Company will at all times preserve and keep in full force and effect the corporate existence of each of its Restricted Subsidiaries
and all rights and franchises of the Company and its Restricted Subsidiaries unless, in the good faith judgment of the Company, the termination of or failure to preserve and keep in full force and effect such corporate existence, right or franchise
would not, individually or in the aggregate, have a Material Adverse Effect. 
 Section 9.6 Notes to Rank Pari Passu. The Notes
and all other obligations under this Agreement of the Company are and at all times shall remain direct and unsecured obligations of the Company ranking pari passu as against the assets of the Company with all other Notes from time to time
issued and outstanding hereunder without any preference among themselves and pari passu with all other present and future unsecured Senior Debt (actual or contingent) of the Company. 
 Section 9.7 Books and Records. The Company will, and will cause each of its Restricted Subsidiaries to, maintain proper books of record and
account in conformity with GAAP and all applicable requirements of any Governmental Authority having legal or regulatory jurisdiction over the Company or such Restricted Subsidiary, as the case may be. 
 Section 9.8 Designation of Subsidiaries. The Company may from time to time cause any Subsidiary (other than a Subsidiary Guarantor, if any)
to be designated as an Unrestricted Subsidiary or any Unrestricted Subsidiary to be designated a Restricted Subsidiary; provided, however, that at the time of such designation and immediately after giving effect thereto, (a) no Default
or Event of Default shall have occurred and be continuing under the terms of this Agreement and (b) the Company and its Subsidiaries or Restricted Subsidiaries, as the case may be, would be in compliance with all of the covenants set forth in
this Section 9 and Section 10 if tested on the date of such action and provided, further, that, except as necessary for the Company to comply with Section 10.7, once a Subsidiary has been designated an Unrestricted Subsidiary
or a Restricted Subsidiary pursuant to this Section 9.8, it shall not thereafter be redesignated as an Unrestricted Subsidiary or a Restricted Subsidiary on more than one occasion. Within 10 days following any designation described above, the
Company will deliver to each holder of Notes a notice of such designation accompanied by a certificate signed by a Senior Financial Officer certifying compliance with all requirements of this Section 9.8 and setting forth all information
required in order to establish such compliance. 
 Section 9.9 Subsidiary Guarantors. 
 (a) The Company will cause any Subsidiary which becomes a co-obligor or guarantor in respect of Debt under the Bank Credit Agreement to
deliver to each holder of Notes (concurrently with it becoming a co-obligor or guarantor in respect of such Debt) the following items: 
 (1) a Subsidiary Guaranty; 
  

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 (2) a certificate signed by an authorized Responsible Officer of the Company making
representations and warranties to the effect of those contained in Sections 5.2, 5.4, 5.6 and 5.7, with respect to such Subsidiary and such Subsidiary Guaranty, as applicable; and 
 (3) an opinion of counsel (who may be in-house counsel for the Company) addressed to each holder of Notes which opinion shall be
reasonably satisfactory to the Required Holders, to the effect that the Subsidiary Guaranty entered into by such Subsidiary has been duly authorized, executed and delivered and that such Subsidiary Guaranty constitutes the legal, valid and binding
contract and agreement of such Subsidiary enforceable in accordance with its terms, except as an enforcement of such terms may be limited by bankruptcy, insolvency, fraudulent conveyance and similar laws affecting the enforcement of creditors’
rights generally and by general equitable principles. 
 (b) The holders of Notes agree to discharge and release any
Subsidiary Guarantor from its Subsidiary Guaranty upon the written request of the Company, provided that (1) such Subsidiary Guarantor shall have been released and discharged (or will be released and discharged concurrently with the
release of such Subsidiary Guarantor under its Subsidiary Guaranty) as a co-obligor and guarantor under and in respect of Debt under the Bank Credit Agreement and the Company so certifies to the holders of Notes in a certificate of a Responsible
Officer, (2) at the time of such release and discharge, the Company shall have delivered a certificate of a Responsible Officer to the holders of Notes stating that no Default or Event of Default exists or will result from such release and
discharge and (3) if any fee or other form of consideration is given to any party to the Bank Credit Agreement expressly for the purpose of its release of such Subsidiary Guarantor, the holders of Notes shall receive equivalent consideration.

 Anything in this Section 9.8 to the contrary notwithstanding, a Foreign Subsidiary that becomes a borrower under the Bank Credit
Agreement shall not be deemed to be a co-obligor or guarantor of Debt under the Bank Credit Agreement for purposes of this Section 9.8 if such Subsidiary shall have no obligations under the Bank Credit Agreement or any other agreement or
instrument for the repayment of any Debt outstanding thereunder (whether upon default by any party to the Bank Credit Agreement or otherwise) other than (1) Debt directly borrowed by such Subsidiary and (2) Debt of any other Foreign
Subsidiary which shall also satisfy the conditions of this sentence. 
 SECTION 10. NEGATIVE COVENANTS. 
 The Company covenants that so long as any of the Notes are outstanding: 
 Section 10.1 Consolidated Total Debt to Consolidated Total Capitalization. If and for so long as the Company has Debt Ratings from both Rating Agencies and those Debt Ratings are Investment Grade, the
Company will not, at any time, permit Consolidated Total Debt to exceed 

  

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45% of Consolidated Total Capitalization (the “Total Debt/Capitalization Requirement”); provided that if and for so long as the
Company does not have a Debt Rating from either Rating Agency or the Debt Ratings of the Company by one or both Rating Agencies are not Investment Grade, the Total Debt/Capitalization Requirement shall be replaced, as of the last day of the fiscal
quarter during which such change in Debt Rating occurs, with the requirement that the Company maintain a maximum Consolidated Leverage Ratio of 3.50 to 1.00. 
 Section 10.2 Priority Debt. The Company will not, at any time, permit the aggregate amount of all Priority Debt to exceed an amount equal to 20% of Consolidated Net Worth. 
 Section 10.3 Receivables Financing Transactions. The Company will not, at any time, permit the aggregate amount of Debt of the Company and
its Restricted Subsidiaries in respect of receivables financing transactions to exceed $165,000,000. 
 Section 10.4 Limitation on
Liens. The Company will not, and will not permit any Restricted Subsidiary to, directly or indirectly create, incur, assume or permit to exist (upon the happening of a contingency or otherwise) any Lien on or with respect to any property, asset
or revenue (including, without limitation, any document or instrument in respect of goods or accounts receivable) of the Company or any Restricted Subsidiary, whether now owned or held or hereafter acquired, or assign or otherwise convey any right
to receive any income (unless it makes, or causes to be made, effective provision whereby the Notes will be equally and ratably secured with any and all other obligations thereby secured, such security to be pursuant to documentation reasonably
satisfactory to the Required Holders such Liens being herein referred to as (“Equal and Ratable Liens”)), except: 
 (a) Liens for taxes, assessments or other governmental charges that are not yet due and payable or the payment of which is not at the time required by Section 9.4; 
 (b) Liens incidental to the conduct of business or the ownership of properties and assets (including landlords’, carriers’,
warehousemen’s, mechanics’, materialmen’s and other similar Liens for sums which are not overdue for a period of more than 30 days or which are being contested by the Company or a Subsidiary on a timely basis in good faith and in
appropriate proceedings and for which the Company or such Subsidiary has established reserves in accordance with GAAP on the books of the Company or such Subsidiary), Liens to secure the performance of bids, tenders, leases or trade contracts or to
secure statutory obligations (including obligations under workers compensation, unemployment insurance and other social security legislation), surety or appeal bonds and other Liens incurred in the ordinary course of business, including deposits
securing reimbursement obligations under trade letters of credit, and not in connection with the borrowing of money; 
 (c)
leases or subleases granted to others, easements, rights-of-way, restrictions and other similar charges or encumbrances, in each case incidental to the ownership of property or assets or the ordinary conduct of the business of the Company or any
Restricted Subsidiary, and Liens incidental to minor survey exceptions and the like, provided that such Liens do not, in the aggregate, materially detract from the value of such property; 
  

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 (d) any attachment or judgment Lien, unless the judgment it secures shall not, within 60
days after the entry thereof, have been discharged or execution thereof stayed pending appeal, or shall not have been discharged within 60 days after the expiration of any such stay; 
 (e) Liens securing Debt of a Restricted Subsidiary to the Company or to another Restricted Subsidiary; 
 (f) Liens existing on the Closing Date and reflected in Schedule 10.4; 
 (g) Liens incurred after the Closing Date given to secure the payment of the purchase price incurred in connection with the acquisition,
construction or improvement of property (other than accounts receivable or inventory) useful and intended to be used in carrying on the business of the Company or a Restricted Subsidiary, including Liens existing on such property at the time of
acquisition or construction thereof or improvement thereon or Liens incurred within 365 days of such acquisition or completion of such construction or improvement; provided that (1) the Lien shall attach solely to the property acquired,
purchased, constructed or improved, (2) at the time of acquisition, construction or improvement of such property (or, in the case of any Lien incurred within 365 days of such acquisition or completion of such construction or improvement, at the
time of the incurrence of the Debt secured by such Lien), the aggregate amount remaining unpaid on all Debt secured by Liens on such property, whether or not assumed by the Company or a Restricted Subsidiary, shall not exceed the lesser of
(i) the cost of such acquisition, construction or improvement or (ii) the fair market value at the time such property is acquired or constructed or improvement of such property is completed, as the case may be, (as determined in good faith
by one or more officers of the Company or such Restricted Subsidiary to whom authority to enter into the transaction has been delegated by the Board of Directors of the Company or such Restricted Subsidiary), (3) the aggregate principal amount
of all Debt secured by such Liens would be permitted by the limitation set forth in Section 10.1 and (4) at the time of such incurrence and after giving effect thereto, no Default or Event of Default shall have occurred and be continuing;

 (h) any Lien existing on property of a Person immediately prior to its being consolidated with or merged into the Company
or a Restricted Subsidiary or its becoming a Subsidiary, or any Lien existing on any property acquired by the Company or any Restricted Subsidiary at the time such property is so acquired (whether or not the Debt secured thereby shall have been
assumed); provided that (1) no such Lien shall have been created or assumed in contemplation of such consolidation or merger or such Person becoming a Subsidiary or such acquisition of property, (2) each such Lien shall extend
solely to the item or items of property so acquired and, if required by the terms of the instrument originally creating such Lien, other property which is an improvement to or is acquired for specific use in connection with such acquired property,
(3) the aggregate principal amount of all Debt secured by such Liens would be permitted by the limitation set forth in Section 10.1 and (4) at the time of such incurrence and after giving effect thereto, no Default or Event of Default
shall have occurred and be continuing; 
  

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 (i) Liens on assets subject to any receivables facility permitted pursuant to
Section 10.3 securing obligations of the Company and its Restricted Subsidiaries in respect of such receivables facility; 
 (j) any extensions, renewals or replacements of any Lien permitted by the preceding paragraphs (f), (g) and (h) of this Section 10.4; provided that (1) no additional property shall be encumbered by such Liens,
(2) the unpaid principal amount of the Debt or other obligations secured thereby shall not be increased or the maturity thereof reduced and (3) at such time and immediately after giving effect thereto, no Default or Event of Default shall
have occurred and be continuing; and 
 (k) other Liens not otherwise permitted by paragraphs (a) through (j), inclusive,
of this Section 10.4 securing Debt; provided that (1) the aggregate principal amount of all Debt secured by such Liens shall be permitted by the limitations set forth in Section 10.1 and Section 10.2, (2) at the time
of such incurrence and after giving effect thereto, no Default or Event of Default shall have occurred or be continuing and (3) no such Liens incurred pursuant to this paragraph (k) shall secure Debt outstanding under the Bank Credit
Agreement. 
 Section 10.5 Merger and Consolidation. The Company will not, and will not permit any Restricted Subsidiary to,
consolidate with or merge with any other Person or convey, transfer or lease all or substantially all of its assets in a single transaction or series of transactions to any Person; provided that: 
 (a) any Restricted Subsidiary (other than a Receivables Subsidiary) may (1) consolidate with or merge with, or convey, transfer or
lease all or substantially all of its assets in a single transaction or series of transactions to, (i) the Company or another Restricted Subsidiary so long as in any merger or consolidation involving the Company, the Company shall be the
surviving or continuing corporation or (ii) any other Person so long as the surviving or continuing entity is a Restricted Subsidiary or (2) convey, transfer or lease all of its assets in compliance with the provisions of
Section 10.6; and 
 (b) the Company may consolidate or merge with, or convey, transfer or lease all or substantially all
of its assets in a single transaction or series of transactions to, any Person so long as: 
 (1) the successor formed by such
consolidation or the survivor of such merger or the Person that acquires by conveyance, transfer or lease all or substantially all of the assets of the Company as an entirety, as the case may be (the “Successor Entity”), shall be a
solvent corporation or limited liability company organized and existing under the laws of the United States of America, any State thereof or the District of Columbia; 
  

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 (2) if the Successor Entity is not the Company, (i) such Successor Entity shall have
executed and delivered to each holder of Notes its assumption of the due and punctual performance and observance of each covenant and condition of this Agreement, each Supplement and the Notes (pursuant to such agreements and instruments as shall be
reasonably satisfactory to the Required Holders), (ii) the Successor Entity shall have caused to be delivered to each holder of Notes an opinion of independent counsel reasonably acceptable to the Required Holders, to the effect that all
agreements or instruments effecting such assumption are enforceable in accordance with their terms and comply with the terms hereof, and (iii) each Subsidiary Guarantor, if any, shall have reaffirmed in writing its obligations under its
Subsidiary Guaranty; and 
 (3) immediately before and after giving effect to such transaction no Default or Event of Default
shall have occurred and be continuing. 
 For the avoidance of doubt, no Receivables Subsidiary may merge with, or Dispose of any or all of
its assets to, any other Person, other than (i) Dispositions permitted under Section 10.6(3) or (ii) in connection with the termination of any receivables facility when no Event of Default has occurred and is continuing. 

Section 10.6 Sales of Assets. The Company will not, and will not permit any Restricted Subsidiary to, Dispose of any substantial part (as
defined below) of the assets (including capital stock or similar Equity Interests of Subsidiaries) of the Company and its Restricted Subsidiaries; provided, however, that the Company or any Restricted Subsidiary may Dispose of assets
constituting a substantial part of the assets of the Company and its Restricted Subsidiaries if such assets are sold for fair market value and, at such time and after giving effect thereto, no Default or Event of Default shall have occurred and be
continuing and an amount equal to the net proceeds received from such Disposition (but only with respect to that portion of such assets that exceeds the definition of “substantial part” set forth below) shall be used within 365 days of
such Disposition, in any combination: 
 (a) to acquire productive assets used or useful in carrying on the business of the
Company and its Restricted Subsidiaries for a purchase price no greater than the fair market value of the assets so acquired; and/or 
 (b) to prepay or retire Senior Debt of the Company and/or a Restricted Subsidiary, provided that in the course of making such application the Company shall offer to prepay each outstanding Note in accordance with Section 8.6 in
a principal amount which equals the Ratable Portion for such Note and such offer, whether or not accepted, shall be deemed to satisfy the requirement of this clause (b) and if not accepted, shall permit the Company to retain and use such
proceeds free of the requirements of this Section 10.6. 
 As used in this Section 10.6, a Disposition of assets shall be deemed to
be a “substantial part” of the assets of the Company and its Restricted Subsidiaries if the book value of such assets, when added to the book value of all other assets Disposed of by the Company and its 

  

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Restricted Subsidiaries during the period of 12 consecutive months ending on the date of such Disposition, exceeds 10% of the book value of Consolidated
Total Assets; provided that there shall be excluded from any determination of a “substantial part” (1) any Disposition of assets in the ordinary course of business of the Company and its Restricted Subsidiaries, (2) any
Disposition of assets from the Company to a Restricted Subsidiary or from any Restricted Subsidiary to the Company or another Restricted Subsidiary, (3) the Disposition of accounts receivable pursuant to the Receivables Facility and any other
receivables facility permitted by Section 10.3, (4) any sale of property acquired or constructed by the Company or any Restricted Subsidiary after the Closing Date to any Person within 365 days following the acquisition or completion of
construction of such property by the Company or such Restricted Subsidiary if the Company or such Restricted Subsidiary shall concurrently with such sale, lease such property, as lessee, and (5) any Disposition made in compliance with the
provisions of Section 10.5(b). 
 Section 10.7 Limitation on Unrestricted Subsidiaries. The Company will not, at any time,
permit (a) the total assets of all Unrestricted Subsidiaries to constitute more than 20% of the consolidated total assets of the Company and its Subsidiaries as reflected on the most recent balance sheet theretofore delivered to the holders of
Notes pursuant to this Agreement or (b) the gross revenues of all Unrestricted Subsidiaries for the period of the four consecutive fiscal quarters of the Company most recently completed to account for more than 20% of the consolidated gross
revenues of the Company and its Subsidiaries for such period determined in each case in accordance with GAAP. For purposes of the calculations to be made pursuant to this Section 10.7, (1) any Subsidiary having negative total assets on any
date shall be deemed to have total assets of $0 on such date and (2) any Subsidiary having negative gross revenues for any relevant period shall be deemed to have gross revenues of $0 for such period. 
 Section 10.8 Transactions with Affiliates. The Company will not, and will not permit any Restricted Subsidiary to, enter into directly or
indirectly any transaction or group of related transactions (including, without limitation, the purchase, lease, sale or exchange of properties of any kind or the rendering of any service) with any Affiliate (other than the Company or a Restricted
Subsidiary), except pursuant to the reasonable requirements of the Company’s or such Restricted Subsidiary’s business and upon fair and reasonable terms that are not materially less favorable to the Company or such Restricted Subsidiary
than would be obtainable in a comparable arm’s-length transaction with a Person not an Affiliate. 
 Section 10.9 Line of
Business. The Company will not, and will not permit any Restricted Subsidiary to, engage in any business if, as a result, the general nature of the business in which the Company and its Restricted Subsidiaries, taken as a whole, would then be
engaged would be substantially changed from the general nature of the business in which the Company and its Restricted Subsidiaries, taken as a whole, are engaged on the Closing Date. 
 Section 10.10 Terrorism Sanctions Regulations. The Company will not, and will not permit any Subsidiary to, (a) become a Person
described or designated in the Specially Designated Nationals and Blocked Persons List of the Office of Foreign Assets Control or in Section 1 of the Anti-Terrorism Order or (b) knowingly engage in any dealings or transactions with any
such Person. 
  

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 SECTION 11. EVENTS OF DEFAULT. 
 An “Event of Default” shall exist if any of the following conditions or events shall occur and be continuing: 
 (a) the Company defaults in the payment of any principal or Make-Whole Amount, if any, on any Note when the same becomes due and payable,
whether at maturity or at a date fixed for prepayment or by declaration or otherwise; or 
 (b) the Company defaults in the
payment of any interest on any Note for more than five Business Days after the same becomes due and payable; or 
 (c)
(1) the Company defaults in the performance of or compliance with any term contained in Section 7.1(d) or Section 10 or any covenant in a Supplement which specifically provides that it shall have the benefit of this paragraph (c)
or (2) any Subsidiary Guarantor defaults in the performance of or compliance with any term of its Subsidiary Guaranty beyond any period of grace or cure period provided with respect thereto; or 
 (d) the Company defaults in the performance of or compliance with any term contained herein or in any Supplement (other than those
referred to in paragraphs (a), (b) and (c) of this Section 11) and such default is not remedied within 30 days after the earlier of (1) a Responsible Officer obtaining actual knowledge of such default and (2) the Company
receiving written notice of such default from any holder of a Note (any such written notice to be identified as a “notice of default” and to refer specifically to this paragraph (d) of Section 11); or 
 (e) any Subsidiary Guaranty ceases to be a legally valid, binding and enforceable obligation or contract of a Subsidiary Guarantor (other
than a Subsidiary Guarantor released in accordance with the terms of Section 9.9(b)), or any Subsidiary Guarantor or any of its Affiliates, challenges the validity, binding nature or enforceability of its Subsidiary Guaranty; or 
 (f) any representation or warranty made in writing by or on behalf of the Company or any Subsidiary Guarantor or by any officer of the
Company or any Subsidiary Guarantor in this Agreement, any Supplement under which Additional Notes are then outstanding, any Subsidiary Guaranty or in any writing furnished in connection with the transactions contemplated hereby or thereby proves to
have been false or incorrect in any material respect on the date as of which made; or 
 (g) (1) the Company or any
Material Subsidiary is in default (as principal or as guarantor or other surety) in the payment of any principal of or premium or make-whole amount or interest (in the payment amount of at least $100,000) on any Debt other than the Notes that is
outstanding in an aggregate principal amount of at least $20,000,000 beyond any period of grace provided with respect thereto, (2) the Company or any Material Subsidiary is in default in the performance of or compliance with any term of 

  

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any instrument, mortgage, indenture or other agreement relating to any Debt other than the Notes in an aggregate principal amount of at least $20,000,000 or
any other condition exists, and as a consequence of such default or condition such Debt has become, or has been declared (or one or more Persons are entitled to declare such Debt to be), due and payable before its stated maturity or before its
regularly scheduled dates of payment or (3) as a consequence of the occurrence or continuation of any event or condition (other than the passage of time or the right of the holder of Debt to convert such Debt into Equity Interests),
(i) the Company or any Material Subsidiary has become obligated to purchase or repay Debt other than the Notes before its regular maturity or before its regularly scheduled dates of payment in an aggregate outstanding principal amount of at
least $20,000,000 or (ii) one or more Persons have the right to require the Company or any Material Subsidiary so to purchase or repay such Debt; provided, that a termination event (or other similar event) under the Receivables Facility
resulting solely from a decline in the ratings of the Company or its Subsidiaries shall not constitute an Event of Default under this paragraph (g) and provided further that if any event described in this paragraph (g) that
constitutes an Event of Default with respect to any Material Subsidiary shall occur with respect to Restricted Subsidiaries constituting Aggregate Material Subsidiaries, it shall also constitute an Event of Default under this paragraph (g); or

 (h) the Company or any Material Subsidiary (1) is generally not paying, or admits in writing its inability to pay, its
debts as they become due, (2) files, or consents by answer or otherwise to the filing against it of, a petition for relief or reorganization or arrangement or any other petition in bankruptcy, for liquidation or to take advantage of any
bankruptcy, insolvency, reorganization, moratorium or other similar law of any jurisdiction, (3) makes an assignment for the benefit of its creditors, (4) consents to the appointment of a custodian, receiver, trustee or other officer with
similar powers with respect to it or with respect to any substantial part of its property, (5) is adjudicated as insolvent or to be liquidated or (6) takes corporate action for the purpose of any of the foregoing; provided, that if
any event described in this paragraph (h) that constitutes an Event of Default with respect to any Material Subsidiary shall occur with respect to Restricted Subsidiaries constituting Aggregate Material Subsidiaries, it shall also constitute an
Event of Default under this paragraph (h); or 
 (i) a court or governmental authority of competent jurisdiction enters an
order appointing, without consent by the Company or any Material Subsidiary, a custodian, receiver, trustee or other officer with similar powers with respect to it or with respect to any substantial part of its property, or constituting an order for
relief or approving a petition for relief or reorganization or any other petition in bankruptcy or for liquidation or to take advantage of any bankruptcy or insolvency law of any jurisdiction, or ordering the dissolution, winding-up or liquidation
of the Company or any Material Subsidiary, or any such petition shall be filed against the Company or any Material Subsidiary and such petition shall not be dismissed or stayed within 60 days or is not dismissed within 60 days after the expiration
of such stay; provided, that if any event described in this paragraph (i) that constitutes an Event of Default with respect to any Material Subsidiary shall occur with respect to Restricted Subsidiaries constituting Aggregate Material
Subsidiaries, it shall also constitute an Event of Default under this paragraph (i); or 
  

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 (j) a final judgment or judgments at any one time outstanding for the payment of money
aggregating in excess of $20,000,000 are rendered against one or more of the Company or its Restricted Subsidiaries and which judgments are not, within 60 days after entry thereof, bonded, discharged or stayed pending appeal, or are not discharged
within 60 days after the expiration of such stay; or 
 (k) if (1) any Plan shall fail to satisfy the minimum funding
standards of ERISA or the Code for any plan year or part thereof or a waiver of such standards is sought or granted under Section 412 of the Code, (2) a notice of intent to terminate any Plan shall have been or is reasonably expected to be
filed with the PBGC or the PBGC shall have instituted proceedings under Section 4042 of ERISA to terminate or appoint a trustee to administer any Plan or the PBGC shall have notified the Company or any ERISA Affiliate that a Plan may become a
subject of any such proceedings, (3) the aggregate “amount of unfunded benefit liabilities” (within the meaning of Section 4001(a)(18) of ERISA) under all Plans, determined in accordance with Title IV of ERISA, shall exceed
$20,000,000 (4) the Company or any ERISA Affiliate shall have incurred or is reasonably expected to incur any liability pursuant to Title I or IV of ERISA or the penalty or excise tax provisions of the Code relating to employee benefit plans,
(5) the Company or any ERISA Affiliate withdraws from any Multiemployer Plan or (6) the Company or any Subsidiary establishes or amends any employee welfare benefit plan that provides post-employment welfare benefits in a manner that would
increase the liability of the Company or any Subsidiary thereunder; and any such event or events described in clauses (1) through (6) above, either individually or together with any other such event or events, would reasonably be expected
to have a Material Adverse Effect. 
 As used in Section 11(k), the terms “employee benefit plan” and “employee welfare benefit
plan” shall have the respective meanings assigned to such terms in Section 3 of ERISA. 
 SECTION 12. REMEDIES ON
DEFAULT, ETC. 
 Section 12.1 Acceleration. 
 (a) If an Event of Default with respect to the Company described in paragraph (h) or (i) of Section 11 (other than an Event
of Default described in clause (1) of paragraph (h) or described in clause (6) of paragraph (h) by virtue of the fact that such clause encompasses clause (1) of paragraph (h)) has occurred, all the Notes of every Series then
outstanding shall automatically become immediately due and payable. 
 (b) If any other Event of Default has occurred and is
continuing, the Required Holders may at any time at their option, by notice or notices to the Company, declare all the Notes then outstanding to be immediately due and payable. 
 (c) If any Event of Default described in paragraph (a) or (b) of Section 11 has occurred and is continuing with respect to
any Notes, any holder or holders of Notes at the time outstanding affected by such Event of Default may at any time, at its or their option, by notice or notices to the Company, declare all the Notes held by such holder or holders to be immediately
due and payable. 
  

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 Upon any Note becoming due and payable under this Section 12.1, whether automatically or by
declaration, such Note will forthwith mature and the entire unpaid principal amount of such Note, plus (1) all accrued and unpaid interest thereon (including, but not limited to, interest accrued thereon at the Default Rate) and
(2) the applicable Make-Whole Amount, if any, determined in respect of such principal amount (to the full extent permitted by applicable law), shall all be immediately due and payable, in each and every case without presentment, demand, protest
or further notice, all of which are hereby waived. The Company acknowledges, and the parties hereto agree, that each holder of a Note has the right to maintain its investment in the Notes free from repayment by the Company (except as herein (or in
any Supplement) specifically provided for), and that the provision for payment of a Make-Whole Amount, if any, by the Company in the event that the Notes are prepaid or are accelerated as a result of an Event of Default, is intended to provide
compensation for the deprivation of such right under such circumstances. 
 Section 12.2 Other Remedies. If any Default or Event
of Default has occurred and is continuing, and irrespective of whether any Notes have become or have been declared immediately due and payable under Section 12.1, the holder of any Note at the time outstanding may proceed to protect and enforce
the rights of such holder by an action at law, suit in equity or other appropriate proceeding, whether for the specific performance of any agreement contained herein or in any Note, or for an injunction against a violation of any of the terms hereof
or thereof, or in aid of the exercise of any power granted thereby or by law or otherwise. 
 Section 12.3 Rescission. At any
time after any Notes have been declared due and payable pursuant to clause (b) or (c) of Section 12.1, the Required Holders, by written notice to the Company, may rescind and annul any such declaration and its consequences if
(a) the Company has paid all overdue interest on the Notes, all principal of and applicable Make-Whole Amount, if any, on any Notes that are due and payable and are unpaid other than by reason of such declaration, and all interest on such
overdue principal and applicable Make-Whole Amount, if any, and (to the extent permitted by applicable law) any overdue interest in respect of the Notes, at the Default Rate, (b) neither the Company nor any other Person shall have paid any
amounts which have become due solely by reason of such declaration, (c) all Events of Default and Defaults, other than non-payment of amounts that have become due solely by reason of such declaration, have been cured or have been waived
pursuant to Section 17 and (d) no judgment or decree has been entered for the payment of any monies due pursuant hereto or to any Notes. No rescission and annulment under this Section 12.3 will extend to or affect any subsequent Event
of Default or Default or impair any right consequent thereon. 
 Section 12.4 No Waivers or Election of Remedies, Expenses, Etc.
No course of dealing and no delay on the part of any holder of any Note in exercising any right, power or remedy shall operate as a waiver thereof or otherwise prejudice such holder’s rights, powers or remedies. No right, power or remedy
conferred by this Agreement, any Supplement or by any Note upon any holder thereof shall be exclusive of any other right, power or remedy referred to herein or therein or now or hereafter available at law, in equity, by statute or otherwise. Without
limiting the 

  

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obligations of the Company under Section 15, the Company will pay to the holder of each Note on demand such further amount as shall be sufficient to
cover all costs and expenses of such holder incurred in any enforcement or collection under this Section 12, including, without limitation, reasonable attorneys’ fees, expenses and disbursements. 
 SECTION 13. REGISTRATION; EXCHANGE; SUBSTITUTION OF NOTES. 
 Section 13.1 Registration of Notes. The Company shall keep at its principal executive office a register for the registration and registration
of transfers of Notes. The name and address of each holder of one or more Notes, each transfer thereof and the name and address of each transferee of one or more Notes shall be registered in such register. Prior to due presentment for registration
of transfer, the Person in whose name any Note shall be registered shall be deemed and treated as the owner and holder thereof for all purposes hereof, and the Company shall not be affected by any notice or knowledge to the contrary. The Company
shall give to any holder of a Note that is an Institutional Investor promptly upon request therefor, a complete and correct copy of the names and addresses of all registered holders of Notes. 
 Section 13.2 Transfer and Exchange of Notes. Upon surrender of any Note to the Company at the address and to the attention of the designated
officer (all as specified in Section 18(4)), for registration of transfer or exchange (and in the case of a surrender for registration of transfer accompanied by a written instrument of transfer duly executed by the registered holder of such
Note or such holder’s attorney duly authorized in writing and accompanied by the relevant name, address and other information for notices of each transferee of such Note or part thereof), within 10 Business Days thereafter, the Company shall
execute and deliver, at the Company’s expense (except as provided below), one or more new Notes (as requested by the holder thereof) of the same Series (and of the same tranche if such Series has separate tranches) in exchange therefor, in an
aggregate principal amount equal to the unpaid principal amount of the surrendered Note. Each such new Note shall be payable to such Person as such holder may request and shall be substantially in the form of the Note of such Series and tranche, if
applicable, originally issued hereunder or pursuant to any Supplement. Each such new Note shall be dated and bear interest from the date to which interest shall have been paid on the surrendered Note or dated the date of the surrendered Note if no
interest shall have been paid thereon. The Company may require payment of a sum sufficient to cover any stamp tax or governmental charge imposed in respect of any such transfer of Notes. Notes shall not be transferred in denominations of less than
$100,000, provided that if necessary to enable the registration of transfer by a holder of its entire holding of Notes of any Series or tranche, if applicable, one Note of such Series or tranche, if applicable, may be in a denomination of
less than $100,000. Any transferee, by its acceptance of a Note registered in its name (or the name of its nominee), shall be deemed to have made the representation set forth in Section 6.3, provided, that such holder may (in reliance
upon information provided by the Company, which shall not be unreasonably withheld) make a representation to the effect that the purchase by any holder of any Note will not constitute a non-exempt prohibited transaction under Section 406(a) of
ERISA. 
 Section 13.3 Replacement of Notes. Upon receipt by the Company at the address and to the attention of the designated
officer (all as specified in Section 18(4)) of evidence reasonably satisfactory to it of the ownership of and the loss, theft, destruction or mutilation of any Note (which evidence shall be, in the case of an Institutional Investor, notice from
such Institutional Investor of such ownership and such loss, theft, destruction or mutilation), and 
  

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 (a) in the case of loss, theft or destruction, of indemnity reasonably satisfactory to it
(provided that if the holder of such Note is, or is a nominee for, an original Purchaser, an Additional Purchaser, another holder of a Note with a minimum net worth of at least $75,000,000 or a Qualified Institutional Buyer, such
Person’s own unsecured agreement of indemnity shall be deemed to be satisfactory), or 
 (b) in the case of mutilation,
upon surrender and cancellation thereof, 
 the Company at its own expense shall execute and deliver not more than 10 Business Days following satisfaction of
such conditions, in lieu thereof, a new Note of the same Series (and of the same tranche if such Series has separate tranches), dated and bearing interest from the date to which interest shall have been paid on such lost, stolen, destroyed or
mutilated Note or dated the date of such lost, stolen, destroyed or mutilated Note if no interest shall have been paid thereon. 
 SECTION 14.
PAYMENTS ON NOTES. 
 Section 14.1 Place of Payment. Subject to Section 14.2,
payments of principal, Make-Whole Amount, if any, and interest becoming due and payable on the Notes shall be made in New York, New York at the principal office of Bank of America, N.A. in such jurisdiction. The Company may at any time, by
notice to each holder of a Note, change the place of payment of the Notes so long as such place of payment shall be either the principal office of the Company in such jurisdiction or the principal office of a bank or trust company in such
jurisdiction. 
 Section 14.2 Home Office Payment. So long as any Purchaser or Additional Purchaser or such Person’s nominee
shall be the holder of any Note, and notwithstanding anything contained in Section 14.1 or in such Note to the contrary, the Company will pay all sums becoming due on such Note for principal, Make-Whole Amount, if any, and interest by the
method and at the address specified for such purpose for such Purchaser on Schedule A hereto or, in the case of any Additional Purchaser, Schedule A attached to the applicable Supplement, or by such other method or at such other address as such
Purchaser or Additional Purchaser shall have from time to time specified to the Company in writing for such purpose, without the presentation or surrender of such Note or the making of any notation thereon, except that upon written request of the
Company made concurrently with or reasonably promptly after payment or prepayment in full of any Note, such Purchaser or Additional Purchaser shall surrender such Note for cancellation, reasonably promptly after any such request, to the Company at
its principal executive office or at the place of payment most recently designated by the Company pursuant to Section 14.1. Prior to any sale or other disposition of any Note held by any Purchaser or Additional Purchaser or such Person’s
nominee, such Person will, at its election, either endorse thereon the amount of principal paid thereon and the last date to which interest has been paid thereon or surrender such Note to the Company in exchange for a new Note or Notes pursuant to
Section 13.2. The Company will afford the benefits of this Section 14.2 to any Institutional Investor that is the direct or indirect transferee of any Note purchased by any Purchaser under this Agreement or any Additional Purchaser under a
Supplement and that has made the same agreement relating to such Note as such Purchaser or Additional Purchaser has made in this Section 14.2. 
  

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 SECTION 15. EXPENSES, ETC. 
 Section 15.1 Transaction Expenses. Whether or not the transactions contemplated hereby are consummated, the Company will pay all costs and
expenses (including reasonable attorneys’ fees of a special counsel for the Purchasers or any Additional Purchasers and, if reasonably required by the Required Holders, local or other counsel) incurred by each Purchaser, each Additional
Purchaser and each other holder of a Note in connection with such transactions and in connection with any amendments, waivers or consents under or in respect of this Agreement, any Supplement or the Notes (whether or not such amendment, waiver or
consent becomes effective), including, without limitation: (a) the costs and expenses incurred in enforcing or defending (or determining whether or how to enforce or defend) any rights under this Agreement, any Supplement or the Notes or in
responding to any subpoena or other legal process or informal investigative demand issued in connection with this Agreement, any Supplement or the Notes, or by reason of being a holder of any Note and (b) the costs and expenses, including
financial advisors’ fees, incurred in connection with the insolvency or bankruptcy of the Company or any Subsidiary or in connection with any work-out or restructuring of the transactions contemplated hereby and by the Notes. The Company will
pay, and will save each Purchaser, each Additional Purchaser and each other holder of a Note harmless from, all claims in respect of any fees, costs or expenses if any, of brokers and finders (other than those, if any, retained by a Purchaser, an
Additional Purchaser or another holder in connection with its purchase of its Notes). Notwithstanding the foregoing, on the Closing Date, the Company will be required only to pay the attorneys’ fees of a single special counsel acting for all of
the Purchasers. 
 Section 15.2 Survival. The obligations of the Company under this Section 15 will survive the payment or
transfer of any Note, the enforcement, amendment or waiver of any provision of this Agreement, any Supplement or the Notes and the termination of this Agreement or any Supplement. 
 SECTION 16. SURVIVAL OF REPRESENTATIONS AND WARRANTIES; ENTIRE AGREEMENT.  
 All representations and warranties contained herein or in any Supplement shall survive the execution and delivery of this Agreement, such
Supplement and the Notes, the purchase or transfer by any Purchaser or any Additional Purchaser of any Note or portion thereof or interest therein and the payment of any Note and may be relied upon by any subsequent holder of any Note, regardless of
any investigation made at any time by or on behalf of any Purchaser, any Additional Purchaser or any other holder of any Note. All statements contained in any certificate or other instrument delivered by or on behalf of the Company pursuant to this
Agreement or any Supplement shall be deemed representations and warranties of the Company under this Agreement; provided, that the representations and warranties contained in any Supplement shall be made for the benefit of all
holders of Notes so long as any Additional Notes issued pursuant to such Supplement remain outstanding. Subject to the preceding sentence, this Agreement (including every Supplement) and the Notes embody the entire agreement and understanding
between the Purchasers, the Additional Purchasers and the Company and supersede all prior agreements and understandings relating to the subject matter hereof. 
  

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 SECTION 17. AMENDMENT AND WAIVER. 
 Section 17.1 Requirements. 
 (a) This Agreement, any Supplement and the Notes may be amended, and the observance of any term hereof, of any Supplement or of the Notes may be waived (either retroactively or prospectively), with (and only with) the
written consent of the Company and the Required Holders, except that (1) no amendment or waiver of any of the provisions of Section 1, 2, 3, 4, 5, 6, or 21 or the corresponding provision of any Supplement, or any defined term (as it is
used in any such Section or such corresponding provision of any Supplement), will be effective as to any holder of Notes unless consented to by such holder of Notes in writing and (2) no such amendment or waiver may, without the written consent
of all of the holders of Notes at the time outstanding affected thereby, (i) subject to the provisions of Section 12 relating to acceleration or rescission, change the amount or time of any prepayment or payment of principal of, or reduce
the rate or change the time of payment or method of computation of interest (if such change results in a decrease in the interest rate) or of the applicable Make-Whole Amount on, the Notes, (ii) change the percentage of the principal amount of
the Notes the holders of which are required to consent to any such amendment or waiver or (iii) amend any of Sections 8, 11(a), 11(b), 12, 17 or 20. 
 (b) Supplements. Notwithstanding anything to the contrary contained herein, the Company may enter into any Supplement providing for
the issuance of one or more Series of Additional Notes consistent with Section 2.2 hereof without obtaining the consent of any holder of any other Series of Notes. 
 Section 17.2 Solicitation of Holders of Notes. 
 (a) Solicitation. The
Company will provide each holder of the Notes (irrespective of the amount of Notes then owned by it) with sufficient information, sufficiently far in advance of the date a decision is required, to enable such holder to make an informed and
considered decision with respect to any proposed amendment, waiver or consent in respect of any of the provisions hereof, of any Supplement, of any Subsidiary Guaranty or of the Notes. The Company will deliver executed or true and correct copies of
each amendment, waiver or consent effected pursuant to the provisions of this Section 17 to each holder of outstanding Notes promptly following the date on which it is executed and delivered by, or receives the consent or approval of, the
requisite holders of Notes. 
 (b) Payment. The Company will not, directly or indirectly, pay or cause to be paid any
remuneration, whether by way of supplemental or additional interest, fee or otherwise, or grant any security or provide other credit support, to any holder of Notes as consideration for or as an inducement to the entering into by any holder of Notes
of any 

  

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waiver or amendment of any of the terms and provisions hereof, of any Supplement, of any Subsidiary Guaranty or of any Note unless such remuneration is
concurrently paid, or security is concurrently granted or other credit support is concurrently provided, on the same terms, ratably to each holder of Notes then outstanding even if such holder did not consent to such waiver or amendment. 

(c) Consent in Contemplation of Transfer. Any consent made pursuant to this Section 17 by a holder of Notes that has
transferred or has agreed to transfer its Notes to the Company or any Affiliate and has provided or has agreed to provide such written consent as a condition to such transfer shall be void and of no force or effect except solely as to such holder,
and any amendments effected or waivers granted or to be effected or granted that would not have been or would not be so effected or granted but for such consent (and the consents of all other holders of Notes that were acquired under the same or
similar conditions) shall be void and of no force or effect except solely as to such holder. 
 Section 17.3 Binding Effect, Etc.
Any amendment or waiver consented to as provided in this Section 17 applies equally to all holders of Notes and is binding upon them and upon each future holder of any Note and upon the Company without regard to whether such Note has been
marked to indicate such amendment or waiver. No such amendment or waiver will extend to or affect any obligation, covenant, agreement, Default or Event of Default not expressly amended or waived or impair any right consequent thereon. No course of
dealing between the Company and the holder of any Note nor any delay in exercising any rights hereunder, under any Subsidiary Guaranty or under any Note shall operate as a waiver of any rights of any holder of such Note. As used herein, the term
“this Agreement” and references thereto shall mean this Agreement as it may from time to time be amended or supplemented. 
 Section 17.4 Notes Held by Company, Etc. Solely for the purpose of determining whether the holders of the requisite percentage of the aggregate principal amount of Notes then outstanding approved or consented to any amendment,
waiver or consent to be given under this Agreement, any Subsidiary Guaranty or the Notes, or have directed the taking of any action provided herein, in any Subsidiary Guaranty or in the Notes to be taken upon the direction of the holders of a
specified percentage of the aggregate principal amount of Notes then outstanding, Notes directly or indirectly owned by the Company or any of its Affiliates shall be deemed not to be outstanding. 
 SECTION 18. NOTICES. 
 All notices and
communications provided for hereunder shall be in writing and sent (a) by telecopy if the sender on the same day sends a confirming copy of such notice by a recognized overnight delivery service (charges prepaid) or (b) by a recognized
overnight delivery service (charges prepaid). Any such notice must be sent: 
 (1) if to any Purchaser or its nominee, to such
Purchaser or its nominee at the address specified for such communications in Schedule A to this Agreement, or at such other address as such Purchaser or nominee shall have specified to the Company in writing pursuant to this Section 18;

  

 - 41 - 

 (2) if to any Additional Purchaser or its nominee, to such Additional Purchaser or its
nominee at the address specified for such communications in Schedule A to the applicable Supplement, or at such other address as such Additional Purchaser or its nominee shall have specified to the Company in writing; 
 (3) if to any other holder of any Note, to such holder at such address as such other holder shall have specified to the Company in writing
pursuant to this Section 18; or 
 (4) if to the Company, to the Company at its address set forth at the beginning hereof
to the attention of General Counsel or at such other address as the Company shall have specified to the holder of each Note in writing. 
 Notices under this
Section 18 will be deemed given only when actually received. 
 SECTION 19. REPRODUCTION OF DOCUMENTS.

 This Agreement and all documents relating hereto, including, without limitation, (a) all Supplements, (b) consents, waivers and
modifications that may hereafter be executed, (c) documents received by any Purchaser on the Closing Date or by any Additional Purchaser on the date of purchase of its Additional Notes (except the Notes themselves) and (d) financial
statements, certificates and other information previously or hereafter furnished to any holder of Notes, may be reproduced by such holder by any photographic, photostatic, electronic, digital, or other similar process and such holder may destroy any
original document so reproduced. The Company agrees and stipulates that, to the extent permitted by applicable law, any such reproduction shall be admissible in evidence as the original itself in any judicial or administrative proceeding (whether or
not the original is in existence and whether or not such reproduction was made by such holder in the regular course of business) and any enlargement, facsimile or further reproduction of such reproduction shall likewise be admissible in evidence.
This Section 19 shall not prohibit the Company or any other holder of Notes from contesting any such reproduction to the same extent that it could contest the original, or from introducing evidence to demonstrate the inaccuracy of any such
reproduction. 
 SECTION 20. CONFIDENTIAL INFORMATION. 
 For the purposes of this Section 20, “Confidential Information” shall mean information delivered to any Purchaser or any Additional
Purchaser by or on behalf of the Company or any Subsidiary in connection with the transactions contemplated by or otherwise pursuant to this Agreement, provided that such term does not include information that (a) was publicly known or
otherwise known to such Purchaser or such Additional Purchaser prior to the time of such disclosure, (b) subsequently becomes publicly known through no act or omission by such Purchaser or such Additional Purchaser or any Person acting on such
Purchaser’s or such Additional Purchaser’s behalf, (c) otherwise becomes known to such Purchaser or such 

  

 - 42 - 

 
Additional Purchaser other than through disclosure by the Company or any Subsidiary or (d) constitutes financial statements delivered to such Purchaser
or such Additional Purchaser under Section 7.1 that are otherwise publicly available. Each Purchaser and each Additional Purchaser will maintain the confidentiality of such Confidential Information in accordance with procedures adopted by such
Purchaser or such Additional Purchaser in good faith to protect confidential information of third parties delivered to such Purchaser or such Additional Purchaser, provided that such Purchaser or such Additional Purchaser may deliver or
disclose Confidential Information to (1) such Purchaser’s or such Additional Purchaser’s directors, trustees, officers, employees, agents, attorneys and affiliates (to the extent such disclosure reasonably relates to the
administration of the investment represented by such Purchaser’s or such Additional Purchaser’s Notes), (2) such Purchaser’s or such Additional Purchaser’s financial advisors and other professional advisors who agree to hold
confidential the Confidential Information substantially in accordance with the terms of this Section 20, (3) any other holder of any Note, (4) any Institutional Investor to which such Purchaser or such Additional Purchaser sells or
offers to sell such Note or any part thereof or any participation therein (if such Person has agreed in writing prior to its receipt of such Confidential Information to be bound by the provisions of this Section 20), (5) any federal or
state regulatory authority having jurisdiction over such Purchaser or such Additional Purchaser, (6) the NAIC or the SVO or, in each case, any similar organization, or any nationally recognized rating agency that requires access to information
about such Purchaser’s or such Additional Purchaser’s investment portfolio or (7) any other Person to which such delivery or disclosure may be necessary or appropriate (i) to effect compliance with any law, rule, regulation or
order applicable to such Purchaser or such Additional Purchaser, (ii) in response to any subpoena or other legal process (provided that, subject to clause (iv) below, if not prohibited by applicable law, such Purchaser or Additional
Purchaser shall use commercially reasonable efforts to give notice to the Company thereof reasonably, in light of the circumstances, prior to such disclosure), (iii) in connection with any litigation to which such Purchaser or such Additional
Purchaser is a party (provided that, subject to clause (iv) below, if not prohibited by applicable law, such Purchaser or Additional Purchaser shall use commercially reasonable efforts to give notice to the Company thereof reasonably, in
light of the circumstances, prior to such disclosure) or (iv) if an Event of Default has occurred and is continuing, to the extent such Purchaser or such Additional Purchaser may reasonably determine such delivery and disclosure to be necessary
or appropriate in the enforcement or for the protection of the rights and remedies under such Purchaser’s or such Additional Purchaser’s Notes, any Subsidiary Guaranty and this Agreement (including any Supplement). Each holder of a Note,
by its acceptance of a Note, will be deemed to have agreed to be bound by and to be entitled to the benefits of this Section 20 as though it were a party to this Agreement. On reasonable request by the Company in connection with the delivery to
any holder of a Note of information required to be delivered to such holder under this Agreement or requested by such holder (other than a holder that is a party to this Agreement or any Supplement or its nominee), such holder will enter into an
agreement with the Company embodying the provisions of this Section 20. 
 SECTION 21. SUBSTITUTION OF
PURCHASER. 
 Each Purchaser and each Additional Purchaser shall have the right to substitute any one of its Affiliates as the
purchaser of the Notes that it has agreed to purchase hereunder or under a 

  

 - 43 - 

 
Supplement, by written notice to the Company, which notice shall be signed by both such Purchaser or such Additional Purchaser and such Affiliate, shall
contain such Affiliate’s agreement to be bound by this Agreement or such Supplement, as the case may be, and shall contain a confirmation by such Affiliate of the accuracy with respect to it of the representations set forth in Section 6.
Upon receipt of such notice, any reference to such Purchaser or such Additional Purchaser in this Agreement (other than in this Section 21) or such Supplement, shall be deemed to refer to such Affiliate in lieu of such original Purchaser or
such original Additional Purchaser. In the event that such Affiliate is so substituted as a Purchaser or an Additional Purchaser hereunder or under a Supplement and such Affiliate thereafter transfers to such original Purchaser or such original
Additional Purchaser all of the Notes then held by such Affiliate, upon receipt by the Company of notice of such transfer, any reference to such Affiliate as a “Purchaser” or an “Additional Purchaser” in this Agreement (other
than in this Section 21) or such Supplement, shall no longer be deemed to refer to such Affiliate, but shall refer to such original Purchaser or such original Additional Purchaser, and such original Purchaser or such original Additional
Purchaser shall again have all the rights of an original holder of the Notes under this Agreement or such Supplement, as the case may be. 
 SECTION 22.
MISCELLANEOUS. 
 Section 22.1 Successors and Assigns. All covenants and other agreements contained in this
Agreement (including all covenants and other agreements contained in any Supplement) by or on behalf of any of the parties hereto bind and inure to the benefit of their respective successors and assigns (including, without limitation, any subsequent
holder of a Note) whether so expressed or not. 
 Section 22.2 Payments Due on Non-Business Days. Anything in this Agreement, any
Supplement or the Notes to the contrary notwithstanding (but without limiting the requirement in Section 8.4 that the notice of any optional prepayment specify a Business Day as the date fixed for such prepayment), any payment of principal of
or Make-Whole Amount, if any, or interest on any Note that is due on a date other than a Business Day shall be made on the next succeeding Business Day without including the additional days elapsed in the computation of the interest payable on such
next succeeding Business Day; provided that if the maturity date of any Note is a date other than a Business Day, the payment otherwise due on such maturity date shall be made on the next succeeding Business Day and shall include the
additional days elapsed in the computation of interest payable on such next succeeding Business Day. 
 Section 22.3 Accounting
Terms. 
 (a) All accounting terms used herein or in any Supplement which are not expressly defined in this Agreement or
in such Supplement have the meanings respectively given to them in accordance with GAAP. Except as otherwise specifically provided herein or in any Supplement, (1) all computations made pursuant to this Agreement or in such Supplement shall be
made in accordance with GAAP and (2) all financial statements shall be prepared in accordance with GAAP. 
  

 - 44 - 

 (b) If at any time any change in GAAP would affect the computation of any financial ratio
or requirement set forth herein or in any Supplement, and either the Company or the Required Holders shall so request, holders of Notes and the Company shall negotiate in good faith to amend such ratio or requirement to preserve the original intent
thereof in light of such change in GAAP (subject to the approval of the Required Holders); provided that, until so amended, (1) such ratio or requirement shall continue to be computed in accordance with GAAP prior to such change therein
and (2) the Company shall provide to the holders of Notes financial statements and other documents required under this Agreement or any Supplement or as reasonably requested hereunder setting forth a reconciliation between calculations of such
ratio or requirement made before and after giving effect to such change in GAAP. 
 (c) Any financial ratios required to be
maintained by the Company pursuant to this Agreement or any Supplement shall be calculated by dividing the appropriate component by the other component, carrying the result to one place more than the number of places by which such ratio is expressed
herein and rounding the result up or down to the nearest number (with a rounding-up if there is no nearest number). 
 Section 22.4
Severability. Any provision of this Agreement or any Supplement that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the
remaining provisions hereof or of such Supplement, and any such prohibition or unenforceability in any jurisdiction shall (to the full extent permitted by law) not invalidate or render unenforceable such provision in any other jurisdiction.

 Section 22.5 Construction. Each covenant contained herein or in any Supplement shall be construed (absent express provision to
the contrary) as being independent of each other covenant contained herein or therein, so that compliance with any one covenant shall not (absent such an express contrary provision) be deemed to excuse compliance with any other covenant. Where any
provision herein or in any Supplement refers to action to be taken by any Person, or which such Person is prohibited from taking, such provision shall be applicable whether such action is taken directly or indirectly by such Person. 
 For the avoidance of doubt, all Schedules and Exhibits attached to this Agreement or any Supplement shall be deemed to be a part hereof or of such
Supplement. 
 Section 22.6 Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be an
original but all of which together shall constitute one instrument. Each counterpart may consist of a number of copies hereof, each signed by less than all, but together signed by all, of the parties hereto. 
 Section 22.7 Governing Law. This Agreement shall be construed and enforced in accordance with, and the rights of the parties shall be
governed by, the law of the State of New York excluding choice-of-law principles of the law of such State that would permit the application of the laws of a jurisdiction other than such State. 
  

 - 45 - 

 Section 22.8 Jurisdiction and Process; Waiver of Jury Trial. 
 (a) The Company irrevocably submits to the non-exclusive jurisdiction of any New York State or federal court sitting in the Borough of Manhattan, The City
of New York, over any suit, action or proceeding arising out of or relating to this Agreement, any Supplement or the Notes. To the fullest extent permitted by applicable law, the Company irrevocably waives and agrees not to assert, by way of motion,
as a defense or otherwise, any claim that it is not subject to the jurisdiction of any such court, any objection that it may now or hereafter have to the laying of the venue of any such suit, action or proceeding brought in any such court and any
claim that any such suit, action or proceeding brought in any such court has been brought in an inconvenient forum. 
 (b) The Company
consents to process being served by or on behalf of any holder of Notes in any suit, action or proceeding of the nature referred to in Section 22.8(a) by mailing a copy thereof by registered or certified mail (or any substantially similar form
of mail), postage prepaid, return receipt requested, to it at its address specified in Section 18(4) or at such other address of which such holder shall then have been notified pursuant to said Section. The Company agrees that such service upon
receipt (1) shall be deemed in every respect effective service of process upon it in any such suit, action or proceeding and (2) shall, to the fullest extent permitted by applicable law, be taken and held to be valid personal service upon
and personal delivery to it. Notices hereunder shall be conclusively presumed received as evidenced by a delivery receipt furnished by the United States Postal Service or any reputable commercial delivery service. 
 (c) Nothing in this Section 22.8 shall affect the right of any holder of a Note to serve process in any manner permitted by law, or limit any right
that the holders of any of the Notes may have to bring proceedings against the Company in the courts of any appropriate jurisdiction or to enforce in any lawful manner a judgment obtained in one jurisdiction in any other jurisdiction. 
 (d) THE PARTIES HERETO HEREBY WAIVE TRIAL BY
JURY IN ANY ACTION BROUGHT ON OR WITH RESPECT TO THIS AGREEMENT,
ANY SUPPLEMENT, THE NOTES OR ANY OTHER DOCUMENT EXECUTED IN CONNECTION
HEREWITH OR THEREWITH. 
 *    *    *    *    * 
  

 - 46 - 

 The execution hereof by the Purchasers shall constitute a contract among the Company and the Purchasers
for the uses and purposes hereinabove set forth. 
  

			
	Very truly yours,
	
	PERKINELMER, INC.
		
	By	 	 /s/ Steven J. Delahunt

	Name:	 	Steven J. Delahunt
	Title:	 	Vice President and Treasurer

  

 - 47 - 

 Accepted as of the date first written above. 
  

			
	 THE NORTHWESTERN MUTUAL LIFE INSURANCE
COMPANY

		
	By:	 	 /s/ Richard A. Strait

	Name:	 	Richard A. Strait
	Title:	 	Its Authorized Representative

 Signature Page to Note Purchase Agreement 

 Accepted as of the date first written above. 
  

					
	 NEW YORK LIFE INSURANCE COMPANY

		
	By	 	 /s/ Trinh Nguyen

	Name:	 	Trinh Nguyen
	Title:	 	Corporate Vice President
	
	 NEW YORK LIFE INSURANCE AND ANNUITY
CORPORATION

			
		 	By:	 	New York Life Investment Management LLC, its Investment Manager
		
	By	 	 /s/ Trinh Nguyen

	Name:	 	Trinh Nguyen
	Title:	 	Director
	
	 NEW YORK LIFE INSURANCE AND ANNUITY
CORPORATION INSTITUTIONALLY OWNED LIFE INSURANCE SEPARATE ACCOUNT (BOLI 3)

			
		 	By:	 	New York Life Investment Management LLC, its Investment Manager
		
	By	 	 /s/ Trinh Nguyen

	Name:	 	Trinh Nguyen
	Title:	 	Director

 Signature Page to Note Purchase Agreement 

					
	 NEW YORK LIFE INSURANCE AND ANNUITY
CORPORATION INSTITUTIONALLY OWNED LIFE INSURANCE SEPARATE ACCOUNT (BOLI 30C)

			
		 	By:	 	New York Life Investment Management LLC, its Investment Manager
		
	By	 	 /s/ Trinh Nguyen

	Name:	 	Trinh Nguyen
	Title:	 	Director
	
	 NEW YORK LIFE INSURANCE AND ANNUITY
CORPORATION INSTITUTIONALLY OWNED LIFE INSURANCE SEPARATE ACCOUNT (BOLI 3-2)

			
		 	By:	 	New York Life Investment Management LLC, its Investment Manager
		
	By	 	 /s/ Trinh Nguyen

	Name:	 	Trinh Nguyen
	Title:	 	Director

 Signature Page to Note Purchase Agreement 

 Accepted as of the date first written above. 
  

					
	 AVIVA LIFE AND ANNUITY COMPANY AMERICAN
INVESTORS LIFE INSURANCE COMPANY

			
		 	By:	 	Aviva Capital Management, Inc., its authorized attorney in-fact
		
	By:	 	 /s/ Roger D. Fors

	Name:	 	Roger D. Fors
	Title:	 	VP-Private Placements

 Signature Page to Note Purchase Agreement 

 Accepted as of the date first written above. 
  

					
	 THE LINCOLN NATIONAL LIFE INSURANCE
COMPANY

			
		 	By:	 	Delaware Investment Advisers, a Series of Delaware Management Business Trust, Attorney-in-Fact
		
	By:	 	 /s/ Edward J. Brennan

	Name:	 	Edward J. Brennan
	Title:	 	Vice President

 Signature Page to Note Purchase Agreement 

 Accepted as of the date first written above. 
  

					
	 HARTFORD LIFE AND ACCIDENT INSURANCE
COMPANY

			
		 	By:	 	Hartford Investment Management Company, Its Agent and Attorney-in-Fact
		
	By	 	 /s/ Matthew J. Poznar

	Name:	 	Matthew J. Poznar
	Title:	 	Senior Vice President
	
	 PHYSICIANS LIFE INSURANCE COMPANY

			
		 	By:	 	Hartford Investment Management Company, Its Investment Manager
		
	By	 	 /s/ Matthew J. Poznar

	Name:	 	Matthew J. Poznar
	Title:	 	Senior Vice President

 Signature Page to Note Purchase Agreement 

 Accepted as of the date first written above. 
  

					
	 ALLIANZ LIFE INSURANCE COMPANY OF NORTH
AMERICA

			
		 	By:	 	Allianz of America, Inc.
		
	By:	 	 /s/ Gary Brown

	Name:	 	Gary Brown
	Title:	 	Assistant Treasurer

 Signature Page to Note Purchase Agreement 

 Accepted as of the date first written above. 
  

					
	 MASSACHUSETTS MUTUAL LIFE INSURANCE
COMPANY

			
		 	By:	 	Babson Capital Management LLC
As Investment Adviser
		
	By	 	 /s/ Elisabeth A. Perenick

	Name:	 	Elisabeth A. Perenick
	Title:	 	Managing Director
	
	 C.M. LIFE INSURANCE COMPANY

			
		 	By:	 	Babson Capital Management LLC
As Investment Sub-Adviser
		
	By	 	 /s/ Elisabeth A. Perenick

	Name:	 	Elisabeth A. Perenick
	Title:	 	Managing Director
	
	 HAKONE FUND II LLC

			
		 	By:	 	Babson Capital Management, LLC
As Investment Manager
		
	By	 	 /s/ Elisabeth A. Perenick

	Name:	 	Elisabeth A. Perenick
	Title:	 	Managing Director

 Signature Page to Note Purchase Agreement 

 Accepted as of the date first written above. 
  

			
	 GREAT-WEST LIFE & ANNUITY INSURANCE
COMPANY

		
	By:	 	 /s/ Eve Hampton

	Name:	 	Eve Hampton
	Title:	 	Vice President
Investments
		
	By:	 	 /s/ Tad Anderson

	Name:	 	Tad Anderson
	Title:	 	Assistant Vice President
Investments

 Signature Page to Note Purchase Agreement 

 Accepted as of the date first written above. 
  

			
	 KNIGHTS OF COLUMBUS

		
	By:	 	 /s/ Donald R. Kehoe

	Name:	 	Donald R. Kehoe
	Title:	 	Supreme Secretary

 Signature Page to Note Purchase Agreement 

 Accepted as of the date first written above. 
  

			
	 THE OHIO NATIONAL LIFE INSURANCE COMPANY

		
	By:	 	 /s/ Jed R. Martin

	Name:	 	Jed R. Martin
	Title:	 	Vice President
Private Placements
	
	 OHIO NATIONAL LIFE ASSURANCE
CORPORATION

		
	By:	 	 /s/ Jed R. Martin

	Name:	 	Jed R. Martin
	Title:	 	Vice President
Private Placements

 Signature Page to Note Purchase Agreement 

 DEFINED TERMS 
 As used herein, the following terms have the respective meanings set forth below or set forth in the Section hereof following such term: 

“Additional Notes” is defined in Section 2.2(b). 
 “Additional Purchasers” shall mean purchasers of Additional Notes. 
 “Affiliate” shall mean, at any time, and with respect to any Person, any other Person that at such time directly or indirectly through one or more intermediaries Controls, or is Controlled by, or is under common Control
with, such first Person and, with respect to the Company, shall include any Person beneficially owning or holding, directly or indirectly, 10% or more of any class of voting or Equity Interests of the Company or any Subsidiary or any corporation of
which the Company and its Subsidiaries beneficially own or hold, in the aggregate, directly or indirectly, 10% or more of any class of voting or Equity Interests. As used in this definition, “Control” means the possession, directly
or indirectly, of the power to direct or cause the direction of the management and policies of a Person, whether through the ownership of voting securities, by contract or otherwise. Unless the context otherwise clearly requires, any reference to an
“Affiliate” is a reference to an Affiliate of the Company. 
 “Aggregate Material Subsidiaries” shall mean,
as of any date of determination, Immaterial Subsidiaries that, in the aggregate for all such Immaterial Subsidiaries, had (a) total assets, determined in accordance with GAAP, as of the last day of the fiscal quarter most recently ended prior
to the date of such determination, exceeding $30,000,000 or (b) gross revenues, determined in accordance with GAAP, for the period of four consecutive fiscal quarters most recently ended prior to the date of such determination, exceeding
$30,000,000. For purposes of the calculations to be made pursuant to the preceding sentence, (1) any Immaterial Subsidiary having negative total assets on any date shall be deemed to have total assets of $0 on such date and (2) any
Immaterial Subsidiary having negative gross revenues for any relevant period shall be deemed to have gross revenues of $0 for such period. 
 “Agreement” is defined in the first paragraph of this Agreement. 
 “Anti-Terrorism Order” shall
mean Executive Order No. 13,224 of September 24, 2001, Blocking Property and Prohibiting Transactions with Persons Who Commit, Threaten to Commit or Support Terrorism, 66 U.S. Fed. Reg. 49, 079 (2001), as amended. 
 “Attributable Indebtedness” shall mean, on any date, (a) in respect of any Capitalized Lease of any Person, the capitalized amount
thereof that would appear on a balance sheet of such Person prepared as of such date in accordance with GAAP, and (b) in respect of any Synthetic Lease Obligation, the capitalized amount of the remaining lease payments under the relevant lease
that would appear on a balance sheet of such Person prepared as of such date in accordance with GAAP if such lease were accounted for as a capital lease. 
  

 SCHEDULE B 
 (to Note Purchase Agreement) 

 “Bank Credit Agreement” shall mean the Amended Credit Agreement dated as of
August 13, 2007 among the Company, Wallac Oy and certain other Subsidiaries, as Borrowers, the Company, as Guarantor, Bank of America, N.A., as Administrative Agent, Swing Line Lender and L/C Issuer, and the other lenders party thereto,
Citigroup Global Markets Inc. and HSBC Bank USA, National Association, as Co-Syndication Agents, ABN AMRO Bank N.V. and Deutsche Bank Securities Inc., as Co-Documentation Agents, Banc of America Securities LLC and Citigroup Global Markets Inc., as
Joint Lead Arrangers and Joint Book Managers, as amended, restated, joined, supplemented or otherwise modified from time to time, and any renewals or extensions thereof or any replacement thereof, from time to time, which constitutes the sole
primary bank credit facility of the Company and its Restricted Subsidiaries. 
 “Business Day” shall mean (a) for
purposes of Section 8.8 only, any day other than a Saturday, a Sunday or a day on which commercial banks in New York, New York are required or authorized to be closed, and (b) for the purposes of any other provision of this Agreement, any
day other than a Saturday, a Sunday or a day on which commercial banks in Boston, Massachusetts or New York, New York are required or authorized to be closed. 
 “Capitalized Leases” shall mean all leases that have been or should be, in accordance with GAAP, recorded as capitalized leases.  
 “Change in Control” is defined in Section 8.7(h). 
 “Change in Control Proposed Prepayment Date” is defined in Section 8.7(c). 
 “Closing Date” is defined in Section 3. 
 “Code” shall mean the Internal Revenue Code of
1986, as amended from time to time, and the rules and regulations promulgated thereunder from time to time. 
 “Company” is
defined in the first paragraph of this Agreement and includes any Successor Corporation. 
 “Confidential Information” is
defined in Section 20. 
 “Consolidated EBITDA” shall mean, for any period, with respect to the Company and its
Restricted Subsidiaries on a consolidated basis, an amount equal to Consolidated Net Income for such period plus (a) the following without duplication and to the extent deducted in calculating such Consolidated Net Income: (1) total
federal, state, foreign or other income or franchise taxes for such period, (2) Consolidated Interest Expense, (3) depreciation and amortization expense, (4) non-cash stock-based compensation expense, (5) any extraordinary,
unusual or non-recurring expenses, losses and charges, including (i) any restructuring charges or restructuring reversals, (ii) any loss from Dispositions or the sales of assets outside the ordinary course of business,
(iii) acquisition-related costs, including charges for the sale of inventories revalued at the date of acquisition and in-process research and development acquired, and the amortization of acquisition related intangible assets and
(iv) amortization or write-off of debt discount and debt issuance costs and commissions, discounts, debt refinancing costs and commissions and other fees and charges associated with Debt, and (6) all other non-cash charges and expenses and

  

 B-2 

 
minus (b) the following to the extent included in calculating such Consolidated Net Income: (1) interest income, (2) any extraordinary,
unusual or non-recurring income or gains (including any gain from Dispositions or the sales of assets outside of the ordinary course of business), (3) income tax credits (to the extent not netted from income tax expense) and (4) all other
non-cash income and gains. 
 “Consolidated Interest Expense” shall mean, with respect to the Company and its Restricted
Subsidiaries for any period, the total accrued interest expense whether or not paid in cash (including that attributable to Capitalized Leases) of the Company and such Restricted Subsidiaries for such period with respect to all outstanding Debt of
the Company and such Restricted Subsidiaries (but excluding, for the avoidance of doubt, premium in connection with the repurchase, redemption or prepayment of any Debt). 
 “Consolidated Leverage Ratio” shall mean, as of any date of determination, the ratio of (a) Consolidated Total Debt on such day to (b) Consolidated EBITDA for the period of the four fiscal
quarters most recently completed; provided that for purposes of calculating Consolidated EBITDA for any period, and, without duplication to the extent included or excluded in the calculation of Consolidated EBITDA, (1) the Consolidated
EBITDA of any Person acquired by the Company or a Restricted Subsidiary during such period shall be included on a pro forma basis for such four fiscal quarter period (assuming the consummation of such acquisition and the incurrence or assumption of
any Debt in connection therewith occurred on the first day of such four fiscal quarter period) if (solely in the case of any Person acquired by the Company for an aggregate consideration in excess of $50,000,000) the consolidated balance sheet of
such acquired Person and its consolidated Subsidiaries as at the end of the four fiscal quarter period preceding the acquisition of such Person and the related consolidated statements of income and stockholders’ equity and of cash flows for the
four fiscal quarter period in respect of which Consolidated EBITDA is to be calculated have been previously provided to the holders of Notes and (2) the Consolidated EBITDA of any Person Disposed of by the Company or a Restricted Subsidiary
during such period shall be excluded for such period (assuming the consummation of such Disposition and the repayment of any Debt in connection therewith occurred on the first day of such period). 
 “Consolidated Net Income” shall mean, with respect to the Company and its Restricted Subsidiaries for any period, the consolidated net
income (or loss) of the Company and such Restricted Subsidiaries for such period, determined on a consolidated basis in accordance with GAAP; provided that, in calculating Consolidated Net Income for any period, there shall be excluded
(a) the income (or deficit) of any Person accrued prior to the date it becomes a Restricted Subsidiary or is merged into or consolidated with the Company or any of its Restricted Subsidiaries, (b) the income (or deficit) of any Person
(other than a Restricted Subsidiary) in which the Company or any of its Restricted Subsidiaries has an ownership interest, except to the extent that any such income is actually received by the Company or such Restricted Subsidiary in the form of
dividends or similar distributions and (c) the undistributed earnings of any Restricted Subsidiary to the extent that the declaration or payment of dividends or similar distributions by such Restricted Subsidiary is not at the time permitted by
the terms of any provision of any security issued by such Restricted Subsidiary or of any agreement, instrument or other undertaking to which such Restricted Subsidiary is a party or by which it or any of its property is 

  

 B-3 

 
bound (other than under this Agreement) or requirement of any law, rule, regulation or order applicable to such Restricted Subsidiary (it being understood
that any restrictions of an administrative nature imposed by the requirements of any law, rule, regulation or order and differences between GAAP and local statutory accounting procedure shall not constitute prohibitions of the type described in this
clause (c)). 
 “Consolidated Net Worth” shall mean, as of any date of determination, for the Company and its Restricted
Subsidiaries on a consolidated basis, shareholders’ equity of the Company and its Restricted Subsidiaries on that date determined in accordance with GAAP. 
 “Consolidated Total Assets” shall mean, at any time, an amount equal to the total assets of the Company and its Restricted Subsidiaries as reflected on the most recent balance sheet theretofore
delivered to the holders of Notes pursuant to this Agreement. 
 “Consolidated Total Capitalization” shall mean, as of any
date of determination, the sum of (a) Consolidated Total Debt at such date, plus (b) the consolidated shareholder’s equity for the Company and its Restricted Subsidiaries as reflected on the most recent balance sheet for the
Company and its Subsidiaries theretofore delivered to the holders of Notes pursuant to this Agreement, plus (c) any non-cash charges or expenses associated with the write-down of goodwill and/or other intangible assets of the Company and
its Restricted Subsidiaries in an aggregate amount not to exceed $100,000,000 incurred or booked from and after the date of this Agreement. 
 “Consolidated Total Debt” shall mean, as of any date of determination, the aggregate principal amount of all Debt of the Company and its Restricted Subsidiaries at such date (including, without limitation, all Debt under
Capitalized Leases and Synthetic Lease Obligations to be entered into by the Company and it Restricted Subsidiaries from time to time, the Receivables Facility and any other receivables financing), determined on a consolidated basis in accordance
with GAAP. 
 “Continuing Directors” is defined in Section 8.7(i). 
 “Control Event” is defined in Section 8.7(j). 
 “Debt” shall mean, with respect to any Person, without duplication, 
 (a)
its liabilities for borrowed money and its redemption obligations in respect of mandatory redeemable Preferred Stock (other than Preferred Stock that is mandatorily redeemable no earlier than 91 days or more after latest maturity date of the Notes
of all Series); 
 (b) its liabilities for the deferred purchase price of property acquired by such Person (excluding accounts
payable and other accrued liabilities arising in the ordinary course of business but including, without limitation, all liabilities created or arising under any conditional sale or other title retention agreement with respect to any such property);

  

 B-4 

 (c) Capitalized Leases and Synthetic Lease Obligations and all obligations under the
Receivables Facility and any other receivables facility; 
 (d) liabilities for borrowed money secured by any Lien with
respect to any property owned by such Person (whether or not it has assumed or otherwise become liable for such liabilities); and 
 (e) Guarantees by such Person with respect to liabilities of a type described in any of clauses (a) through (d) hereof. 
 The amount of any Capital Lease or Synthetic Lease Obligation as of any date shall be deemed to be the amount of Attributable Indebtedness in respect thereof as of such date. 
 “Debt Rating” shall mean, as of any date of determination, the rating as determined by a Rating Agency (collectively, the “Debt
Ratings”) of the Company’s non-credit-enhanced, senior unsecured long-term debt. 
 “Default” shall mean an
event or condition the occurrence or existence of which would, with the lapse of time or the giving of notice or both, become an Event of Default. 
 “Default Rate” shall mean (a) with respect to the Series 2008-A Notes, that rate of interest that is the greater of (1) 2.00% per annum above the rate of interest stated in clause (a) of the first
paragraph of the Series 2008-A Notes and (2) 2.00% per annum above the rate of interest publicly announced by Bank of America, N.A. in New York, New York as its “reference” rate, and (b) with respect to the Notes of any
Series of Additional Notes, as set forth in the Supplement pursuant to which such Series of Additional Notes was issued. 
 “Disclosure Documents” is defined in Section 5.3. 
 “Disposition” or
“Dispose” shall mean the sale, transfer, lease or other disposition (including any sale and leaseback transaction) of any property by the Company or any Restricted Subsidiary, including any sale, assignment, transfer or other
disposal, with or without recourse, of any notes or accounts receivable or any rights and claims associated therewith, and including any sale of Equity Interests in a Subsidiary or any issuance of Equity Interests by a Subsidiary of the Company to a
Person other than the Company or another Subsidiary of the Company. 
 “Electronic Delivery” is defined in
Section 7.1(a). 
 “Environmental Laws” shall mean any and all federal, state, local, and foreign statutes, laws,
regulations, ordinances, rules, judgments, orders, decrees, permits, concessions, grants, franchises, licenses, agreements or governmental restrictions relating to pollution and the protection of the environment or the release of any materials into
the environment, including but not limited to those related to hazardous substances or wastes, air emissions and discharges to waste or public systems. 
 “Equal and Ratable Liens” is defined in Section 10.4. 
  

 B-5 

 “Equity Interests” shall mean, with respect to any Person, all of the shares of capital
stock of (or other ownership or profit interests in) such Person, all of the warrants, options or other rights for the purchase or acquisition from such Person of shares of capital stock of (or other ownership or profit interests in) such Person,
all of the warrants, rights or options for the purchase or acquisition from such Person of such shares (or such other interests), and all of the other ownership or profit interests in such Person (including partnership, member or trust interests
therein), whether voting or nonvoting, and whether or not such shares, warrants, options, rights or other interests are outstanding on any date of determination.  
 “ERISA” shall mean the Employee Retirement Income Security Act of 1974, as amended from time to time, and the rules and regulations promulgated thereunder from time to time in effect. 
 “ERISA Affiliate” shall mean any trade or business (whether or not incorporated) that is treated as a single employer together with the
Company under Section 414 of the Code. 
 “Event of Default” is defined in Section 11. 
 “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended. 
 “Foreign Subsidiary” shall mean any Subsidiary that is organized under the laws of a jurisdiction other than the United States, a State
thereof or the District of Columbia. 
 “GAAP” shall mean generally accepted accounting principles as in effect from time to
time in the United States of America. 
 “Governmental Authority” shall mean 
 (a) the government of 
 (1) the United States of America or any state or other political subdivision thereof, or 
 (2) any other
jurisdiction in which the Company or any Subsidiary conducts all or any part of its business, or which has jurisdiction over any properties of the Company or any Subsidiary, or 
 (b) any entity exercising executive, legislative, judicial, regulatory or administrative functions of, or pertaining to, any such
government. 
 “Guaranty” shall mean, with respect to any Person, any obligation (except the endorsement in the ordinary
course of business of negotiable instruments for deposit or collection) of such Person guaranteeing or in effect guaranteeing any Debt, dividend or other obligation of any other Person in any manner, whether directly or indirectly, including,
without limitation, obligations incurred through an agreement, contingent or otherwise, by such Person: 
 (a) to purchase
such Debt or obligation or any property constituting security therefor primarily for the purpose of assuring the owner of such Debt or obligation of the ability of any other Person to make payment of such Debt or obligation; 
  

 B-6 

 (b) to advance or supply funds (1) for the purchase or payment of such Debt or
obligation or (2) to maintain any working capital or other balance sheet condition or any income statement condition of any other Person or otherwise to advance or make available funds for the purchase or payment of such Debt or obligation;

 (c) to lease properties or to purchase properties or services primarily for the purpose of assuring the owner of such Debt
or obligation of the ability of any other Person to make payment of the Debt or obligation; or 
 (d) otherwise to assure the
owner of such Debt or obligation against loss in respect thereof. 
 In any computation of the Debt or other liabilities of the obligor under
any Guaranty, the Debt or other obligations that are the subject of such Guaranty shall be assumed to be direct obligations of such obligor, provided that the amount of such Debt outstanding for purposes of this Agreement (including any
Supplement) shall not exceed the maximum amount of Debt that is the subject of such Guaranty. 
 “Hazardous Material” shall
mean any and all pollutants, toxic or hazardous wastes or other substances that might pose a hazard to health and safety, the removal of which may be required or the generation, manufacture, refining, production, processing, treatment, storage,
handling, transportation, transfer, use, disposal, release, discharge, spillage, seepage or filtration of which is or shall be restricted, prohibited or penalized by any applicable law including, but not limited to, asbestos, urea formaldehyde foam
insulation, polychlorinated biphenyls, petroleum, petroleum products, lead based paint, radon gas or similar restricted, prohibited or penalized substances. 
 “holder” shall mean, with respect to any Note, the Person in whose name such Note is registered in the register maintained by the Company pursuant to Section 13.1. 
 “Immaterial Subsidiary” shall mean, as of any date of determination, any Restricted Subsidiary of the Company (other than a Subsidiary
Guarantor) having (a) total assets, determined in accordance with GAAP, as of the last day of the fiscal quarter most recently ended prior to the date of such determination, not exceeding $10,000,000, and (b) gross revenues, determined in
accordance with GAAP, for the period of four consecutive fiscal quarters most recently ended prior to the date of such determination, not exceeding $10,000,000. 
 “INHAM Exemption” is defined in Section 6.3(e). 
 “Institutional
Investor” shall mean (a) any original purchaser of a Note, (b) any holder of a Note holding (together with one or more of its affiliates) more than $2,000,000 of the aggregate principal amount of the Notes then outstanding,
(c) any bank, trust company, savings and loan association or other financial institution, any pension plan, any investment company, any insurance company, any broker or dealer, or any other similar financial institution or entity, regardless of
legal form and (d) any Related Fund of any holder of any Note. 
  

 B-7 

 “Investment Grade” shall mean a Debt Rating of at least “Baa3” from
Moody’s (or its equivalent under any successor ratings categories of Moody’s), a Debt Rating of at least “BBB-” from S&P (or its equivalent under any successor ratings categories of S&P) and a Debt Rating of at least
“investment grade” from a Replacement Rating Agency. 
 “Lien” shall mean, with respect to any Person, any
mortgage, lien, pledge, charge, security interest or other encumbrance, or any interest or title of any vendor, lessor, lender or other secured party to or of such Person under any conditional sale or other title retention agreement (other than an
operating lease) or Capitalized Lease, upon or with respect to any property or asset of such Person. 
 “Make-Whole Amount”
shall have the meaning (a) set forth in Section 8.8 with respect to the Series 2008-A Notes and (b) set forth in the applicable Supplement with respect to any other Series or tranche of Additional Notes. 
 “Material” shall mean material in relation to the business, operations, affairs, financial condition, assets or properties of the
Company and its Restricted Subsidiaries, taken as a whole. 
 “Material Adverse Effect” shall mean a material adverse effect
on (a) the business, operations, affairs, financial condition, assets or properties of the Company and its Restricted Subsidiaries, taken as a whole, (b) the ability of the Company to perform its obligations under this Agreement, any
Supplement and the Notes or (c) the validity or enforceability of this Agreement, any Supplement, the Notes or the Subsidiary Guaranty, if any. 
 “Material Subsidiary” shall mean, on any date, (a) each Subsidiary Guarantor and (b) each other Restricted Subsidiary, excluding any Immaterial Subsidiary. 
 “Moody’s” shall means Moody’s Investors Service, Inc. and any successor thereto. 
 “Multiemployer Plan” shall mean any Plan that is a “multiemployer plan” (as such term is defined in Section 4001(a)(3) of
ERISA). 
 “NAIC” shall mean the National Association of Insurance Commissioners or any successor thereto. 
 “NAIC Annual Statement” is defined in Section 5.3(a). 
 “Notes” is defined in Section 1. 
 “Officer’s Certificate” shall mean a certificate of a Senior Financial Officer or of any other officer of the Company whose responsibilities extend to the subject matter of such certificate.

 “PBGC” shall mean the Pension Benefit Guaranty Corporation referred to and defined in ERISA or any successor thereto.

  

 B-8 

 “Person” shall mean an individual, partnership, corporation, limited liability company,
association, trust, unincorporated organization, business entity or Governmental Authority. 
 “Plan” shall mean an
“employee benefit plan” (as defined in Section 3(3) of ERISA) subject to Title I of ERISA that is or, within the preceding five years, has been established or maintained, or to which contributions are or, within the preceding five
years, have been made or required to be made, by the Company or any ERISA Affiliate or with respect to which the Company or any ERISA Affiliate may have any liability. 
 “Preferred Stock” shall mean any class of capital stock of a Person that is preferred over any other class of capital stock (or similar equity interests) of such Person as to the payment of dividends
or the payment of any amount upon liquidation or dissolution of such Person. 
 “Priority Debt” shall mean (without
duplication), as of the date of any determination thereof, the sum of (a) all unsecured Debt of Restricted Subsidiaries (including all Guaranties of Debt of the Company) but excluding (1) unsecured Debt owing to the Company or any other
Restricted Subsidiary, (2) unsecured Debt outstanding at the time such Person became a Restricted Subsidiary (other than an Unrestricted Subsidiary which is designated or redesignated as a Restricted Subsidiary pursuant to Section 9.8),
provided that such Debt shall have not been incurred in contemplation of such Person becoming a Restricted Subsidiary, (3) unsecured Debt in respect of any receivable facility permitted by Section 10.3 and (4) all Guaranties of
Debt of the Company by any Restricted Subsidiary which has also guaranteed the Notes pursuant to a Subsidiary Guaranty and (b) all Debt of the Company and its Restricted Subsidiaries secured by Liens other than Debt secured by Liens permitted
by subparagraphs (a) through (j), inclusive, of Section 10.4 or by Equal and Ratable Liens securing the Bank Credit Agreement. 
 “property” or “properties” shall mean, unless otherwise specifically limited, real or personal property of any kind, tangible or intangible, choate or inchoate. 
 “PTE” is defined in Section 6.3(a). 
 “Purchasers” shall mean the purchasers of the Notes named in Schedule A. 
 “QPAM
Exemption” is defined in Section 6.3(d). 
 “Qualified Institutional Buyer” shall mean any Person who is a
qualified institutional buyer within the meaning of such term as set forth in Rule 144(a)(1) under the Securities Act. 
 “Ratable
Portion” for any Note shall mean an amount equal to the product of (a) the net proceeds from a sale of assets being applied to the payment or prepayment of Debt pursuant to Section 10.6(b) multiplied by (b) a fraction, the
numerator of which is the aggregate outstanding principal amount of such Note and the denominator of which is the aggregate outstanding principal amount of all Senior Debt. 
 “Rating Agency” shall mean Moody’s and S&P; provided that, if either Moody’s or S&P shall cease to exist or
shall no longer be in the business of rating debt, a Replacement Rating Agency for such Person. 
  

 B-9 

 “Receivables Facility” shall mean the receivables facility under the receivables sale
agreement, dated as of December 21, 2001, as amended, among the Company, ABN Amro Bank N.V. and certain other parties thereto, for an initial aggregate amount of up to $65,000,000, and any refinancings, refundings, renewals, extensions or
replacements thereof. 
 “Receivables Subsidiary” means PerkinElmer Receivables Company, a Delaware corporation, and any
other Subsidiary created by the Company to enter into a receivables facility permitted under this Agreement. 
 “Related Fund”
shall mean, with respect to any holder of any Note, any fund or entity that (a) invests in securities or bank loans and (b) is advised or managed by such holder, the same investment advisor as such holder or by an affiliate of such
holder or such investment advisor. 
 “Replacement Rating Agency” shall mean a “nationally recognized statistical
rating organization” within the meaning of Section 15c3-1(c)(iv)(F) of the Exchange Act, selected by the Company and reasonably acceptable to the Required Holders. 
 “Required Holders” shall mean, at any time, the holders of more than 50% in principal amount of the Notes of all Series at the time
outstanding (exclusive of Notes then owned by the Company or any of its Affiliates). 
 “Responsible Officer” shall mean any
Senior Financial Officer and any other officer of the Company with responsibility for the administration of the relevant portion of this Agreement. 
 “Restricted Subsidiary” shall mean (a) any Subsidiary that is a Subsidiary Guarantor and (b) any other Subsidiary (1) in which at least a majority of the voting securities are owned by the Company and/or one
or more wholly-owned Restricted Subsidiaries and (2) which the Company has not designated as an Unrestricted Subsidiary on the Closing Date or by notice in writing given to the holders of Notes in accordance with the provisions of
Section 9.8. 
 “S&P” means Standard & Poor’s Ratings Services, a division of The McGraw-Hill
Companies, Inc. and any successor thereto. 
 “Sale of Assets Prepayment Date” is defined in Section 8.6(a).

 “Sale of Assets Prepayment Event” is defined in Section 8.6(a). 
 “SEC” shall mean the Securities and Exchange Commission of the United States, or any successor thereto. 
 “Securities Act” shall mean the Securities Act of 1933, as amended from time to time. 
 “Senior Debt” shall mean, as of any date of determination thereof, all Debt of the Company or a Subsidiary Guarantor, other than
Subordinated Debt. 
 “Senior Financial Officer” shall mean the chief financial officer, director of treasury, principal
accounting officer, treasurer, assistant treasurer or controller of the Company. 
  

 B-10 

 “Series” shall mean any series of Notes issued pursuant to this Agreement or any
Supplement. 
 “Series 2008-A Notes” is defined in Section 1. 
 “Source” is defined in Section 6.3. 
 “Subordinated Debt” shall mean all unsecured Debt of the Company or a Subsidiary Guarantor, as the case may be, which shall contain or have applicable thereto subordination provisions providing for
the subordination thereof to other Debt of the Company (including, without limitation, the obligations of the Company under this Agreement, any Supplement or the Notes) or such Subsidiary Guarantor (including, without limitation, the obligations of
such Subsidiary Guarantor under its Subsidiary Guaranty). 
 “Subsidiary” shall mean, as to any Person, any corporation,
association or other business entity in which such Person or one or more of its Subsidiaries or such Person and one or more of its Subsidiaries owns sufficient voting or Equity Interests to enable it or them (as a group) ordinarily, in the absence
of contingencies, to elect a majority of the directors (or Persons performing similar functions) of such entity, and any partnership or joint venture if more than a 50% interest in the profits or capital thereof is owned by such Person or one or
more of its Subsidiaries or such Person and one or more of its Subsidiaries (unless such partnership can and does ordinarily take major business actions without the prior approval of such Person or one or more of its Subsidiaries). Unless the
context otherwise clearly requires, any reference to a “Subsidiary” is a reference to a Subsidiary of the Company. 
 “Subsidiary Guarantor” shall mean each Subsidiary which is party to a Subsidiary Guaranty. 
 “Subsidiary
Guaranty” shall mean a subsidiary guaranty agreement in form and substance satisfactory to the Required Holders. 
 “Successor Entity” is defined in Section 10.5(b)(1). 
 “Supplement” is defined in
Section 2.2(a). 
 “SVO” shall mean the Securities Valuation Office of the NAIC or any successor to such office.

 “Synthetic Lease Obligation” shall mean the monetary obligation of a Person under (a) a so-called synthetic,
off-balance sheet or tax retention lease, or (b) an agreement for the use or possession of property creating obligations that do not appear on the balance sheet of such Person but which, upon the insolvency or bankruptcy of such Person, would
be characterized as the indebtedness of such Person (without regard to accounting treatment). 
 “Total Debt/Capitalization
Requirement” is defined in Section 10.1. 
  

 B-11 

 “tranche” shall mean all Notes of a Series having the same maturity, interest rate and
schedule for mandatory prepayments. 
 “Unrestricted Subsidiary” shall mean any Subsidiary so designated by the Company on
the Closing Date or by notice in writing given to the holders of Notes in accordance with the provisions of Section 9.8. 
 “USA
Patriot Act” shall mean United States Public Law 107-56, Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism (USA PATRIOT ACT) Act of 2001, as amended from time to time, and the
rules and regulations promulgated thereunder from time to time in effect. 
  

 B-12 

 CHANGES IN CORPORATE STRUCTURE

 None. 
  

 SCHEDULE 4.11 
 (to Note Purchase Agreement) 

 DISCLOSURE MATERIALS 
  

	•	 	 PerkinElmer Lender Presentation, dated April 30, 2008 

  

 SCHEDULE 5.3 
 (to Note Purchase Agreement) 

 SUBSIDIARIES OF THE COMPANY
AND OWNERSHIP OF SUBSIDIARY STOCK 
 As of May 30, 2008,
the following is a list of the Company’s active subsidiaries, together with their subsidiaries, all of which are, on such date, Restricted Subsidiaries. Except as noted, all voting securities of the listed subsidiaries are 100% beneficially
owned by the Company or a subsidiary thereof. The subsidiaries are arranged alphabetically by state and then country of incorporation or organization. 
  

					
	 SUBSIDIARY
	  	 JURISDICTION
OF
INCORPORATION OR
ORGANIZATION
	  	 STOCKHOLDER

	Evotec Technologies, Inc.	  	Delaware	  	PerkinElmer Cellular Technologies Germany GmbH
	Improvision, Inc.	  	Delaware	  	Image Processing and Vision Co. Ltd.
	Lumen Technologies, Inc.	  	Delaware	  	PerkinElmer Holdings, Inc.
	PerkinElmer LAS, Inc.	  	Delaware	  	PerkinElmer Holdings, Inc. (76%)1
	PerkinElmer Optoelectronics NC, Inc.	  	Delaware	  	Lumen Technologies, Inc.
	ViaCell, Inc.	  	Delaware	  	PerkinElmer Holdings, Inc.
	ViaCord, Inc.	  	Delaware	  	ViaCell, Inc.
	PerkinElmer Receivables Company	  	Delaware	  	PerkinElmer, Inc.
	PerkinElmer Holdings, Inc.	  	Massachusetts	  	PerkinElmer, Inc.
	NTD Laboratories, Inc.	  	New York	  	PerkinElmer Holdings, Inc.
	PerkinElmer Genetics, Inc.	  	Pennsylvania	  	PerkinElmer Holdings, Inc.
	PerkinElmer Genetics, L.P.	  	Pennsylvania	  	PerkinElmer Genetics, Inc.
	PerkinElmer Automotive Research, Inc.	  	Texas	  	PerkinElmer Holdings, Inc.
	Perkin-Elmer Argentina S.R.L.	  	Argentina	  	PerkinElmer Holdings, Inc.
	PerkinElmer Pty. Ltd.	  	Australia	  	PerkinElmer Holdings, Inc.
	PerkinElmer VertriebsgmbH	  	Austria	  	Wellesley B.V.
	PerkinElmer Cellular Sciences Belgium Sprl	  	Belgium	  	Wellesley B.V.2
	PerkinElmer NV	  	Belgium	  	PerkinElmer Life Sciences International Holdings3
	PerkinElmer Life Sciences (Bermuda) Ltd.	  	Bermuda	  	PerkinElmer LAS, Inc.
	PerkinElmer do Brasil Ltda.	  	Brazil	  	PerkinElmer International C.V. (94.6%)4
	PerkinElmer BioSignal, Inc.	  	Canada	  	PerkinElmer Life Sciences International Holdings

  

	1	Packard BioScience Holding, B.V. owns 24%. 

	2	PerkinElmer International C.V. owns a de minimus share. 

	3	PerkinElmer, Inc. owns a de minimus share. 

	4	PerkinElmer Holdings, Inc. owns 5%; PerkinElmer LAS, Inc. owns .4%. 

  

 SCHEDULE 5.4 
 (to Note Purchase Agreement) 

					
	 SUBSIDIARY
	  	 JURISDICTION
OF
INCORPORATION OR
ORGANIZATION
	  	 STOCKHOLDER

	PerkinElmer Canada, Inc.	  	Canada	  	PerkinElmer, Inc.
	PerkinElmer Investments Ltd. Partnership	  	Canada	  	PerkinElmer International C.V.5
	PerkinElmer LAS Canada Inc.	  	Canada	  	PerkinElmer BioSignal, Inc.
	PerkinElmer Sciex Instruments	  	Canada	  	PerkinElmer Canada, Inc. (50%)
	PerkinElmer Instruments International Ltd.	  	Cayman Islands	  	PerkinElmer International C.V.
	PerkinElmer Optoelectronics Philippines, Inc.	  	Cayman Islands	  	PerkinElmer International C.V.
	PerkinElmer Chile Ltda.	  	Chile	  	PerkinElmer Holdings, Inc.6
	PerkinElmer Industrial (Shenzen) Ltd.	  	China	  	PerkinElmer Optoelectronics GmbH & Co. KG
	PerkinElmer Instruments (Shanghai) Co. Ltd.	  	China	  	PerkinElmer Singapore Pte Ltd
	PerkinElmer Danmark A/S	  	Denmark	  	Wallac Oy
	PerkinElmer Finland Oy	  	Finland	  	Wallac Oy
	PerkinElmer Oy	  	Finland	  	Wellesley B.V.
	Wallac Oy	  	Finland	  	PerkinElmer Oy
	Labmetrix Technologies I&T SA	  	France	  	PerkinElmer SAS
	PerkinElmer SAS	  	France	  	PerkinElmer Nederland B.V.
	Kourion Therapeutics AG	  	Germany	  	ViaCell, Inc.
	PerkinElmer Cellular Technologies Germany GmbH	  	Germany	  	PerkinElmer LAS (Germany) GmbH
	PerkinElmer Elcos GmbH	  	Germany	  	PerkinElmer LAS (Germany) GmbH
	PerkinElmer Holding GmbH	  	Germany	  	PerkinElmer, Inc.
	PerkinElmer Instruments International Ltd. & Co. KG	  	Germany	  	PerkinElmer International C.V.7
	PerkinElmer LAS (Germany) GmbH	  	Germany	  	PerkinElmer Holdings, Inc.
	PerkinElmer Optoelectronics GmbH & Co. KG	  	Germany	  	PerkinElmer LAS (Germany) GmbH (58%)8
	PerkinElmer (Hong Kong) Limited	  	Hong Kong	  	PerkinElmer Holdings, Inc.
	PerkinElmer (India) Private Limited	  	India	  	PerkinElmer Singapore Pte Ltd9
	PT PerkinElmer Batam	  	Indonesia	  	PerkinElmer Holdings, Inc.

  

	5	PerkinElmer Holdings, Inc. owns a de minimus share. 

	6	PerkinElmer LAS, Inc. owns a de minimus share. 

	7	PerkinElmer Instruments International Ltd. owns a de minimus share. 

	8	PerkinElmer Holding GmbH owns 2%; PerkinElmer Automotive Research, Inc. owns 40%. 

	9	Wellesley B.V. owns a de minimus share. 

  

 5.4-2 

					
	 SUBSIDIARY
	  	 JURISDICTION
OF
INCORPORATION OR
ORGANIZATION
	  	 STOCKHOLDER

	PerkinElmer (Ireland) Ltd.	  	Ireland	  	Wellesley B.V.
	Perkin Elmer Italia SpA	  	Italy	  	PerkinElmer Srl
	PerkinElmer LAS Srl	  	Italy	  	PerkinElmer Holdings B.V.
	PerkinElmer Srl	  	Italy	  	Wellesley B.V.
	PerkinElmer Japan Co. Ltd.	  	Japan	  	PerkinElmer Life Sciences International Holdings (97%)10
	Perkin Elmer Yuhan Hoesa	  	Korea	  	PerkinElmer International C.V.
	Perkin Elmer Sdn. Bhd.	  	Malaysia	  	PerkinElmer International C.V.
	Perkin Elmer de Mexico, S.A.	  	Mexico	  	PerkinElmer Holdings, Inc.11
	Lumac LSC B.V.	  	Netherlands	  	PerkinElmer Life and Analytical Sciences B.V.
	PerkinElmer Holdings B.V.	  	Netherlands	  	PerkinElmer Holdings, Inc.
	PerkinElmer International C.V.	  	Netherlands	  	PerkinElmer Holdings, Inc. (99%)12
	PerkinElmer Life and Analytical Sciences B.V.	  	Netherlands	  	PerkinElmer Life Sciences International Holdings
	PerkinElmer Nederland B.V.	  	Netherlands	  	Wellesley B.V.
	Wellesley B.V.	  	Netherlands	  	PerkinElmer International C.V.
	PerkinElmer Norge AS	  	Norway	  	Wallac Oy
	EG&G Omni, Inc.	  	Philippines	  	PerkinElmer Holdings, Inc.
	PerkinElmer Instruments (Philippines) Corporation	  	Philippines	  	PerkinElmer Holdings, Inc.
	Perkin Elmer Polska Sp zo.o.	  	Poland	  	Wellesley B.V.
	Fluid Sciences Singapore Pte Ltd	  	Singapore	  	PerkinElmer Singapore Pte Ltd
	PerkinElmer Singapore Pte Ltd	  	Singapore	  	PerkinElmer International C.V. (99%)13
	ViaCell Singapore Pte Ltd.	  	Singapore	  	ViaCell, Inc.
	PerkinElmer España, S.L.	  	Spain	  	Wellesley B.V.
	PerkinElmer Sverige AB	  	Sweden	  	Wallac Oy
	PerkinElmer (Schweiz) AG	  	Switzerland	  	Wellesley B.V.
	PerkinElmer Taiwan Corporation	  	Taiwan	  	PerkinElmer International C.V.

  

	10	Wallac Oy owns 3%. 

	11	PerkinElmer, Inc. owns a de minimus share. 

	12	PerkinElmer, Inc. owns 1%. 

	13	PerkinElmer Instruments International Ltd. owns 1%. 

  

 5.4-3 

					
	 SUBSIDIARY
	  	 JURISDICTION
OF
INCORPORATION OR
ORGANIZATION
	  	 STOCKHOLDER

	PerkinElmer Limited	  	Thailand	  	PerkinElmer, Inc.
	PerkinElmer Exporters Ltd.	  	U.S. Virgin Islands	  	PerkinElmer Holdings, Inc.
	Avalon Instruments Ltd.	  	United Kingdom	  	Wellesley B.V.
	Clinical & Analytical Service Solutions Ltd.	  	United Kingdom	  	Wellesley B.V.
	Image Processing and Vision Co Ltd.	  	United Kingdom	  	Improvision Ltd.
	Improvision Ltd.	  	United Kingdom	  	Wellesley B.V.
	PerkinElmer (UK) Holdings Ltd.	  	United Kingdom	  	Wellesley B.V.
	PerkinElmer (UK) Ltd.	  	United Kingdom	  	PerkinElmer UK Holdings Ltd.
	PerkinElmer LAS (UK) Ltd.	  	United Kingdom	  	PerkinElmer UK Holdings Ltd.
	PerkinElmer Life Sciences International Holdings	  	United Kingdom	  	PerkinElmer LAS, Inc.
	PerkinElmer Ltd.	  	United Kingdom	  	PerkinElmer UK Holdings Ltd.
	PerkinElmer Q-Arc Ltd.	  	United Kingdom	  	PerkinElmer UK Holdings Ltd.

  

 5.4-4 

 FINANCIAL STATEMENTS 
  

	•	 	 Annual report on Form 10-K for the fiscal year ended December 30, 2007 

  

	•	 	 Annual report on Form 10-K for the fiscal year ended December 31, 2006 

  

	•	 	 Annual report on Form 10-K for the fiscal year ended January 1, 2006 

  

	•	 	 Annual report on Form 10-K for the fiscal year ended January 2, 2005 

  

	•	 	 Annual report on Form 10-K for the fiscal year ended December 28, 2003 

  

	•	 	 Annual report on Form 10-K for the fiscal year ended December 29, 2002 

  

	•	 	 Current report on Form 8-K dated January 24, 2008, attaching press release entitled “PerkinElmer Announces Financial Results for the Fourth Quarter of
2007” issued by the Company on the same date 

  

 SCHEDULE 5.5 
 (to Note Purchase Agreement) 

 EXISTING DEBT 
  

	I.	Credit Agreement 

 Amended and Restated
Credit Agreement, dated August 13, 2007, as amended, among PerkinElmer, Inc., Wallac Oy, each lender from time to time party thereto and Bank of America, N.A., as Administrative Agent. Current outstanding amount under this facility is $566
million. 
  

	II.	Capital Lease Obligations 

  

	 	a.	Agreement for Purchase and Sale/Leaseback, dated September 28, 2006, between CommerzLeasing Mietkauf GmbH and PerkinElmer Evotec Technologies GmbH pursuant to which two pieces
of machinery were sold and leased back with remaining obligation of roughly $56,000. 

  

	 	b.	Master Agreement to lease equipment, dated December 7, 2007, between Cisco Systems Capital Corporation and PerkinElmer, Inc. pursuant to which telecommunications equipment was
leased to PerkinElmer, Inc. with a remaining obligation of roughly $684,000. 

  

	 	c.	Lease Agreement, dated October 12, 2007 between NS Lease Co., Ltd. and PerkinElmer Japan Co., LTD pursuant to which Office Furniture was leased to PerkinElmer, Inc. with a
remaining obligation of roughly $294,000. 

  

	III.	Outstanding Letters of Credit 

  

					
	 Letter of Credit No.
	  	 Beneficiary
	  	USD Amount
	3053245	  	Liberty Mutual Insurance Company	  	5,940,505.00
	3053417	  	Federal Insurance Company	  	10,000.00
	3053418	  	Federal Insurance Company	  	50,000.00
	3053419	  	Federal Insurance Company	  	220,000.00
	3053713	  	Self Insurance Plans, State of CA	  	220,000.00
	3054801	  	Commonwealth of MA Dept. of Public Health Radiation Control Program	  	5,319,000.00
	3056828	  	Director of Rhode Island Workers’ Compensation	  	300,000.00
	3043508	  	Salem	  	25,000.00
	3043511	  	Reckson Operating Partnership	  	1,343,368.00
		  	TOTAL:	  	13,427,873.00

  

 SCHEDULE 5.15 
 (to Note Purchase Agreement) 

	IV.	Accounts Receivable Facilities 

 Receivables
Sale Agreement dated December 21, 2001 by and among PerkinElmer Receivables Company, as Seller, PerkinElmer, Inc. as Initial Collection Agent, the committed purchasers party thereto, Windmill Funding Corporation, and ABN AMRO Bank N.V. as
Agent. Current outstanding amount under this facility is $45,000,000. 
  

	V.	Other Misc. Subsidiary Debt (Mortgages/Bank overdraft, etc.) 

 $617,274.00 principal balance outstanding (various PerkinElmer operating subsidiaries). 
 The Debt described in Sections II,
IV and V of this Schedule 5.15 is secured. 
  

 S-5.15-2 

 EXISTING LIENS 
  

					
		 	DEBTOR:	  	PERKINELMER, INC.
		 	JURISDICTION:	  	MASSACHUSETTS SECRETARY OF STATE

  

									
	 Secured Party
	  	 Type
	  	 Filing Date
	  	 Filing No.
	  	 Desc.

	ABN AMRO Bank N.V., as Agent and PerkinElmer Receivables Company	  	UCC-1-Original	  	12/28/01	  	200107961370	  	Receivables
		  	Continuation	  	11/14/06	  	200652537750	  	
					
	ABB Structured Finance (Americas) Inc.	  	UCC-1-Original	  	04/10/02	  	200210639920	  	Leased Equipment
		  	Continuation	  	1/16/2007	  	200754010700	  	Continuation
					
	Fleet Business Credit Corporation	  	UCC-1-Original	  	04/06/00	  	00706968	  	Contracts and payments
		  	Continuation	  	02/18/05	  	200536701000	  	
					
	De Lage Financial Services, Inc.	  	UCC-1-Original	  	06/26/03	  	200321835840	  	Software and proceeds
					
	Hewlett-Packard Financial Services Company	  	UCC-1-Original	  	06/30/03	  	200321907600	  	Equipment and proceeds
		  	UCC-3 Amendment	  	1/31/06	  	200645305890	  	Replaced collateral description – Leased or Financed Equipment or Software
					
	De Lage Financial Services, Inc.	  	UCC-1-Original	  	10/24/03	  	200324783940	  	Equipment and proceeds
		  	UCC-3 Amendment	  	11/19/04	  	200434553990	  	Restated collateral to reflect additional equipment
		  	UCC-3 Amendment	  	12/07/04	  	200434933080	  	Equipment added
					
	Hewlett-Packard Financial Services Company	  	UCC-1-Original	  	08/02/04	  	200431865050	  	Leased equipment and proceeds
					
	Bay4 Capital Partners, LLC	  	UCC-1-Original	  	09/10/04	  	200432828810	  	Lease equipment
					
	IOS Capital	  	UCC-1-Original	  	03/04/05	  	200537070600	  	Lease equipment and proceeds
					
	Data Return, LLC	  	UCC-1-Original	  	05/27/05	  	200539355390	  	Lease equipment
					
	LaSalle Systems Leasing, Inc.	  	UCC-3 Assignment	  	06/03/05	  	200539484630	  	Assignment of 200539355390
					
	Eplus Group, Inc.	  	UCC-1-Original	  	07/20/05	  	200540676770	  	Lease equipment and proceeds

  

 SCHEDULE 10.4 
 (to Note Purchase Agreement) 

									
	 Secured Party
	  	 Type
	  	 Filing Date
	  	 Filing No.
	  	 Desc.

	Konica Minolta Business Solutions U.S.A., Inc.	  	UCC-1 Original	  	11/10/05	  	200543434430	  	Leased equipment
					
	 Trilogy Leasing Co., LLC and
 MB Financial Bank
N.A.
	  	UCC-1 Original	  	12/5/05	  	200543931470	  	Leased equipment
					
	 Trilogy Leasing Co., LLC and
 Lakeland
Bank
	  	UCC-1 Original	  	2/14/06	  	200645674220	  	Leased equipment
					
	McKinley Scientific, LLC	  	UCC-1 Original	  	4/11/06	  	200647116430	  	Leased equipment
					
	Lakeland Bank	  	UCC-3 Assignment	  	4/18/06	  	200647253900	  	Assignment of 200647116430
					
	McKinley Scientific, LLC	  	UCC-1 Original	  	4/12/06	  	200647115550	  	Leased equipment
					
	Lakeland Bank	  	UCC-3 Assignment	  	4/18/06	  	200647253540	  	Assignment of 200647115550
					
	 Trilogy Leasing Co., LLC and
 IDB Leasing,
Inc.
	  	UCC-1 Original	  	4/18/06	  	200647240180	  	Leased equipment
		  	UCC-3 Amendment	  	8/24/06	  	200650597710	  	Added Equipment
					
	 Trilogy Leasing Co., LLC and
 IDB Leasing,
Inc.
	  	UCC-1 Original	  	4/18/06	  	200647240270	  	Leased equipment
		  	UCC-3 Amendment	  	8/24/06	  	200650598410	  	Amended to add collateral description
					
	 Trilogy Leasing Co., LLC and
 IDB Leasing,
Inc.
	  	UCC-1 Original	  	4/18/06	  	200647240360	  	Leased equipment
		  	UCC-3 Amendment	  	8/24/06	  	200650583290	  	Amended to add collateral description
					
	Banc of America Leasing & Capital, LLC	  	UCC-1 Original	  	5/4/06	  	200647764640	  	Leased equipment
					
	Banc of America Leasing & Capital, LLC	  	UCC-1 Original	  	6/27/06	  	200649225590	  	Leased equipment
					
	Lakeland Bank Equipment Leasing Division	  	UCC-1 Original	  	10/18/06	  	200651875420	  	Leased equipment
					
	Banc of America Leasing & Capital, LLC	  	UCC-1 Original	  	11/30/06	  	200652924370	  	Leased equipment
					
	Trilogy Leasing Co., LLC	  	UCC-1 Original	  	2/9/07	  	200754620260	  	Leased equipment
					
	MB Financial Bank N.A.	  	UCC-1 Original	  	2/14/07	  	200754733050	  	Leased equipment

  

 S-10.4-2 

									
	 Secured Party
	  	 Type
	  	 Filing Date
	  	 Filing No.
	  	 Desc.

	Banc of America Leasing & Capital, LLC	  	UCC-1 Original	  	3/22/07	  	200755576520	  	Leased equipment
					
	Cisco Systems Capital Corporation	  	UCC-1 Original	  	4/23/07	  	200756283760	  	Leased equipment
					
	Banc of America Leasing & Capital, LLC	  	UCC-1 Original	  	5/23/07	  	200757056930	  	Leased equipment
					
	Banc of America Leasing & Capital, LLC	  	UCC-1 Original	  	6/6/07	  	200757412970	  	Leased equipment
					
	Banc of America Leasing & Capital, LLC	  	UCC-1 Original	  	6/6/07	  	200757442850	  	Leased equipment
					
	Banc of America Leasing & Capital, LLC	  	UCC-1 Original	  	08/27/07	  	200759373440	  	Leased equipment
					
	Cisco Systems Capital Corporation	  	UCC-1 Original	  	12/11/07	  	200761774620	  	Leased equipment
					
	Banc of America Leasing & Capital, LLC	  	UCC-1 Original	  	03/25/08	  	200864102690	  	Leased equipment

  

					
		 	DEBTOR:	  	PERKINELMER HOLDINGS, INC.
		 	JURISDICTION:	  	MASSACHUSETTS, SECRETARY OF STATE

  

									
	 Secured Party
	  	 Type
	  	 Filing Date
	  	 Filing No.
	  	 Desc.

	ABN AMRO Bank N.V., as Agent and PerkinElmer Receivables Company	  	UCC-1-Original	  	12/28/01	  	200107960210	  	Receivables
		  	Continuation	  	11/4/06	  	200652537660	  	
					
	Orbotech, Inc.	  	UCC-1-Original	  	07/27/06	  	200649924880	  	Peripheral inspection option for FPI7098 and loader interface

  

					
		 	DEBTOR:	  	PERKINELMER OPTOELECTRONICS NC INC.
		 	JURISDICTION:	  	DELAWARE, SECRETARY OF STATE

  

									
	 Secured Party
	  	 Type
	  	 Filing Date
	  	 Filing No.
	  	 Desc.

	ABN AMRO Bank N.V., as Agent and PerkinElmer Receivables Company	  	UCC-1-Original	  	12/28/01	  	1179857 3	  	Receivables
		  	Continuation	  	11/14/06	  	6396485 5	  	

  

 S-10.4-3 

					
		 	DEBTOR:	  	PERKINELMER LAS, INC.
		 	JURISDICTION:	  	DELAWARE, SECRETARY OF STATE

  

									
	 Secured Party
	  	 Type
	  	 Filing Date
	  	 Filing No.
	  	 Desc.

	ABN AMRO Bank N.V., as Agent and PerkinElmer Receivables Company	  	UCC-1-Original	  	12/28/01	  	11798680	  	Receivables
		  	UCC-3 Amendment	  	09/29/03	  	32517988	  	Change of Debtor name to PerkinElmer LAS, Inc.
		  	 UCC-3
 Continuation
	  	11/14/06	  	63964830	  	Continuation
					
	Marlin Leasing Corp.	  	UCC-1 Original	  	10/31/03	  	32866229	  	Leased equipment and proceeds
					
	Marlin Leasing Corp.	  	UCC-1 Original	  	11/20/06	  	64042768	  	Leased equipment and proceeds

  

					
		 	DEBTOR:	  	PERKINELMER AUTOMOTIVE RESEARCH, INC.
		 	JURISDICTION:	  	TEXAS, SECRETARY OF STATE

  

									
	 Secured Party
	  	 Type
	  	 Filing Date
	  	 Filing No.
	  	 Desc.

	Genesis Commercial Capital, LLC and Manifest Funding Services	  	UCC-1 Original	  	05/11/05	  	05-0014821677	  	Leased equipment
					
	Technology Investment Partners, LLC	  	UCC-1 Original	  	08/22/05	  	05-0026242071	  	Leased equipment and proceeds
					
	First Bank of Highland Park	  	UCC-3 Assignment	  	09/08/05	  	05-00280230	  	Assignment of 05-0026242071

  

					
		 	DEBTOR:	  	PERKINELMER RECEIVABLES COMPANY
		 	JURISDICTION:	  	DELAWARE, SECRETARY OF STATE

  

									
	 Secured Party
	  	 Type
	  	 Filing Date
	  	 Filing No.
	  	 Desc.

	ABN AMRO Bank N.V., as Agent	  	UCC-1 Original	  	12/28/01	  	11798706	  	Receivables
		  	Continuation	  	11/14/06	  	63964822	  	

  

					
		 	DEBTOR:	  	IMPROVISION, INC.
		 	JURISDICTION:	  	DELAWARE, SECRETARY OF STATE

  

									
	 Secured Party
	  	 Type
	  	 Filing Date
	  	 Filing No.
	  	 Desc.

	HSBC Bank PLC	  	UCC-1 Original	  	2/11/02	  	20566053	  	All accounts
		  	Continuation	  	10/03/06	  	63418175	  	
					
	Dell Financial Services, L.P.	  	UCC-1 Original	  	2/11/05	  	50486408	  	Equipment

  

 S-10.4-4 

					
		 	DEBTOR:	  	NTD LABORATORIES
		 	JURISDICTION:	  	NEW YORK, SECRETARY OF STATE

  

									
	 Secured Party
	  	 Type
	  	 Filing Date
	  	 Filing No.
	  	 Desc.

	Bank of America, N.A.,
successor to Fleet Bank, N.A.	  	UCC-1 Original	  	1/15/98	  	010634	  	All assets
		  	Continuation	  	8/29/07	  	200708295840146	  	
					
	GE Leasing Solutions	  	UCC-1 Original	  	03/14/01	  	050201	  	Equipment
		  	Continuation	  	12/22/05	  	200512226115951	  	
					
	Bank of America, N.A.,
successor to Fleet Business Credit, LLC	  	UCC-1 Original	  	10/02/02	  	223766	  	Equipment
		  	Continuation	  	07/06/07	  	200707065656549	  	
					
	Bank of America, N.A.,
successor to Fleet National Bank	  	UCC-1 Original	  	09/04/03	  	200309041554301	  	Equipment
		  	Continuation	  	3/13/08	  	200803135227389	  	
					
	Bank of America, N.A.	  	UCC-1 Original	  	10/26/05	  	200510265932867	  	Equipment
					
	Bank of America, N.A.	  	UCC-1 Original	  	10/26/05	  	200510265933011	  	All business assets

  

					
		 	DEBTOR:	  	VIACELL, INC.
		 	JURISDICTION:	  	DELAWARE SECRETARY OF STATE

  

									
	 Secured Party
	  	 Type
	  	 Filing Date
	  	 Filing No.
	  	 Desc.

	General Electric Capital Corporation	  	UCC-1 Original	  	10/21/03	  	32747601	  	Equipment, software and licenses from different suppliers
					
	General Electric Capital Corporation	  	UCC-1 Original	  	10/21/03	  	32747627	  	All equipment
					
	IBM Credit, LLC	  	UCC-1 Original	  	6/1/2004	  	41499583	  	Equipment
					
	IBM Credit, LLC	  	UCC-1 Original	  	6/2/2004	  	41519026	  	Equipment
					
	IBM Credit, LLC	  	UCC-1 Original	  	2/9/2006	  	60484204	  	Equipment
					
	Dell Financial Services, L.P.	  	UCC-1 Original	  	7/7/2006	  	62347979	  	Equipment

  

 S-10.4-5 

 FORM OF SERIES 2008-A SENIOR
NOTE 
 PERKINELMER, INC. 
 6.00% Series 2008-A Senior Note due May 30, 2015 
  

			
	No. R2008A-1-    	 	                     , 20    
	$            	 	PPN             

 FOR VALUE RECEIVED, the undersigned,
PERKINELMER, INC. (herein called the “Company”), a corporation organized and existing under the laws of the Commonwealth of Massachusetts, hereby promises to pay to
                                        
or registered assigns, the principal sum of              DOLLARS (or so much thereof as shall not have been prepaid) on May 30, 2015 with interest (computed on
the basis of a 360-day year of twelve 30-day months) (a) on the unpaid balance hereof at the rate of 6.00% per annum from the date hereof, payable semiannually, on the thirtieth day of May and November in each year and at maturity,
commencing with the May 30 or November 30 next succeeding the date hereof, until the principal hereof shall have become due and payable, and (b) to the extent permitted by law, on any overdue payment of interest and, during the
continuance of an Event of Default, on the unpaid balance hereof and on any overdue payment of any Make-Whole Amount, at a rate per annum from time to time equal to the greater of (i) 8.00% and (ii) 2.00% over the rate of interest publicly
announced by Bank of America, N.A., from time to time in New York, New York as its “reference” rate, payable semiannually as aforesaid (or, at the option of the registered holder hereof, on demand). 
 Payments of principal of, interest on and any Make-Whole Amount with respect to this Note are to be made in lawful money of the United States of America
at the principal office of Bank of America, N.A. in New York, New York or at such other place as the Company shall have designated by written notice to the holder of this Note as provided in the Note Purchase Agreement referred to below. 

This Note is one of the Series 2008-A Senior Notes (herein called the “Notes”) issued pursuant to the Note Purchase Agreement, dated
as of May 30, 2008 (as from time to time amended, supplemented or otherwise modified, the “Note Purchase Agreement”), between the Company and the respective Purchasers named therein and is entitled to the benefits thereof. Each
holder of this Note will be deemed, by its acceptance hereof, to have (i) agreed to the confidentiality provisions set forth in Section 20 of the Note Purchase Agreement and (ii) made the representations set forth in Sections 6.2
and 6.3 of the Note Purchase Agreement. Unless otherwise indicated, capitalized terms used in this Note shall have the respective meanings ascribed to such terms in the Note Purchase Agreement. 
 This Note is a registered Note and, as provided in the Note Purchase Agreement, upon surrender of this Note for registration of transfer, duly endorsed,
or accompanied by a written instrument of transfer duly executed, by the registered holder hereof or such holder’s attorney duly authorized in writing, a new Note for a like principal amount will be issued to, and 

  

 EXHIBIT 1 
 (to Note Purchase Agreement) 

 
registered in the name of, the transferee. Prior to due presentment for registration of transfer, the Company may treat the person in whose name this Note is
registered as the owner hereof for the purpose of receiving payment and for all other purposes, and the Company will not be affected by any notice to the contrary. 
 This Note is subject to prepayment, in whole or from time to time in part, at the times and on the terms specified in the Note Purchase Agreement, but not otherwise. 
 If an Event of Default occurs and is continuing, the principal of this Note may be declared or otherwise become due and payable in the manner, at the
price (including any applicable Make-Whole Amount) and with the effect provided in the Note Purchase Agreement. 
 This Note shall be
construed and enforced in accordance with, and the rights of the issuer and holder hereof shall be governed by, the law of the State of New York excluding choice-of-law principles of the law of such State that would require the application of the
laws of a jurisdiction other than such State. 
  

			
	PERKINELMER, INC.
		
	By	 	  

	Name:	 	
	Title:	 	

  

 E-1-2 

 FORM OF OPINION OF SPECIAL
COUNSEL TO THE COMPANY – CLOSING DATE 
 The opinion of Wilmer Cutler Pickering Hale and Dorr LLP, special counsel for the Company, which is called for by Section 4.4(a) of the Agreement, shall be dated the Closing Date and addressed to each Purchaser and shall be to the
effect that: 
 [To Follow] 
 The opinion of Wilmer Cutler Pickering Hale and Dorr LLP shall provide that (i) subsequent holders of the Series 2008-A Notes may rely upon such opinion and (ii) such opinion may be provided to but not relied upon by
Governmental Authorities including, without limitation, the NAIC. With respect to matters of fact on which such opinion is based, such counsel shall be entitled to rely on appropriate certificates of public officials and officers of the Company.

  

 EXHIBIT 4.4(a) 
 (to Note Purchase Agreement) 

 FORM OF OPINION OF SPECIAL
COUNSEL 
 TO THE PURCHASERS – CLOSING
DATE 
 The opinion of Schiff Hardin LLP, special counsel to the Purchasers, called for by Section 4.4(b) of the
Agreement, shall be dated the Closing Date and addressed to the Purchasers, shall be satisfactory in form and substance to the Purchasers and shall be to the effect that: 
 1. The Company is a corporation validly existing and in good standing under the laws of the State of Massachusetts. 
 2. The Agreement and the Series 2008-A Notes being delivered on the Closing Date constitute the legal, valid and binding contracts of the
Company, enforceable against the Company in accordance with its terms. 
 3. The issuance, sale and delivery of the Series
2008-A Notes being delivered on the Closing Date under the circumstances contemplated by this Agreement do not, under existing law, require the registration of such Notes under the Securities Act or the qualification of an indenture under the Trust
Indenture Act of 1939, as amended. 
 The opinion of Schiff Hardin LLP shall also state that the opinion of Wilmer Cutler Pickering Hale and
Dorr LLP is satisfactory in scope and form to Schiff Hardin LLP and that, in their opinion, the Purchasers are justified in relying thereon. 
 In rendering the opinion set forth in paragraph 1 above, Schiff Hardin LLP may rely, as to matters referred to in paragraph 1, solely upon an examination of the Articles of Incorporation certified by, and a certificate of good standing of
the Company from, the Secretary of State of the State of Massachusetts. The opinion of Schiff Hardin LLP is limited to the laws of the State of New York and the federal laws of the United States. 
 With respect to matters of fact upon which such opinion is based, Schiff Hardin LLP may rely on appropriate certificates of public officials and officers
of the Company and upon representations of the Company and the Purchasers delivered in connection with the execution and delivery of the Agreement. 
  

 EXHIBIT 4.4(b) 
 (to Note Purchase Agreement) 

  
  
 PERKINELMER,
INC. 
 [NUMBER] SUPPLEMENT TO NOTE PURCHASE
AGREEMENT 
 Dated as of
                     , 20     
 Re: $                     % Series
             Senior Notes, 
 [Tranche     ,] due
                     , 20     
  
  
  
  

 EXHIBIT S 
 (to Note Purchase Agreement) 

 PERKINELMER, INC. 
 940 Winter Street 
 Waltham, MA 02451

 Dated as of 
                      , 20     
 To the Purchaser(s) listed in 
   the attached Schedule A hereto 
 Ladies and Gentlemen: 
 This [Number] Supplement to Note Purchase Agreement (this “Supplement”) is between PERKINELMER,
INC., a Massachusetts corporation (the “Company”), and the institutional investors named on Schedule A attached hereto (the “Purchasers”). 
 Reference is hereby made to that certain Note Purchase Agreement dated as of May 30, 2008 (the “Note Purchase Agreement”) between
the Company and the purchasers listed on Schedule A thereto. All capitalized terms not otherwise defined herein shall have the same meaning as specified in the Note Purchase Agreement. Reference is further made to Section 2.2(c)(2) of the
Note Purchase Agreement which requires that, prior to the delivery of any Additional Notes, the Company and each Additional Purchaser shall execute and deliver a Supplement. 
 The Company hereby agrees with the Purchaser(s) as follows: 
 1. The Company has authorized the issue and sale of $             aggregate principal amount of its
            % Series              [, Tranche __,] Senior Notes due
                     , 20     (the “Series
             Notes”). The Series              Notes, together with the Series 2008-A Notes [and the
Series              Notes] initially issued pursuant to the Note Purchase Agreement and the             
Supplement, respectively, and each series of Additional Notes which may from time to time hereafter be issued pursuant to the provisions of Section 2.2 of the Note Purchase Agreement, are collectively referred to as the “Notes”
(such term shall also include any such notes issued in substitution therefor pursuant to Section 13 of the Note Purchase Agreement). The Series              Notes shall be
substantially in the form set out in Exhibit 1 hereto with such changes therefrom, if any, as may be approved by the Purchaser(s) and the Company. 
 2. Subject to the terms and conditions hereof and as set forth in the Note Purchase Agreement and on the basis of the representations and warranties hereinafter set forth, the Company will issue and sell to each
Purchaser, at the Closing provided for in Section 3, and each Purchaser will purchase from the Company, Series              Notes in the principal amount specified opposite such
Purchaser’s name in Schedule A hereto at a price of 100% of the principal amount thereof. The obligations of each Purchaser hereunder are several and not joint obligations and no Purchaser shall have any obligation or any liability to any
Person for the performance or nonperformance by any other Purchaser hereunder. 

 3. The sale and purchase of the
Series              Notes to be purchased by each Purchaser shall occur at the offices of [Schiff Hardin LLP, 900 Third Avenue, 23rd Floor, New York, New York 10022] at 11:00 a.m. New York time, at a closing (the “Closing”) on
                     , 20     or on such other Business Day thereafter on or prior to
                     , 20     as may be agreed upon by the Company and the Purchasers. At the Closing, the
Company will deliver to each Purchaser the Series              Notes to be purchased by such Purchaser in the form of a single
Series              Note (or such greater number of Series              Notes in denominations of at
least $100,000 as such Purchaser may request) dated the date of the Closing and registered in such Purchaser’s name (or in the name of such Purchaser’s nominee), against delivery by such Purchaser to the Company or its order of immediately
available funds in the amount of the purchase price therefor by wire transfer of immediately available funds for the account of the Company. If, at the Closing, the Company shall fail to tender such
Series              Notes to any Purchaser as provided above in this Section 3, or any of the conditions specified in Section 4 shall not have been fulfilled to any
Purchaser’s satisfaction, such Purchaser shall, at its election, be relieved of all further obligations under this Supplement, without thereby waiving any rights such Purchaser may have by reason of such failure or such nonfulfillment.

 4. The obligation of each Purchaser to purchase and pay for the
Series              Notes to be sold to such Purchaser at the Closing is subject to the fulfillment to such Purchaser’s satisfaction, prior to the Closing, of the
conditions set forth in Section 4 of the Note Purchase Agreement with respect to the Series              Notes to be purchased at the Closing, and to the following
additional conditions: 
 (a) Except as supplemented, amended or superseded by the representations and warranties set forth in
Exhibit A hereto, each of the representations and warranties of the Company set forth in Section 5 of the Note Purchase Agreement shall be true and correct in all material respects as of the date of the Closing and the Company shall have
delivered to each Purchaser an Officer’s Certificate, dated the date of the Closing, certifying that such condition has been fulfilled. 
 (b) Contemporaneously with the Closing, the Company shall sell to each other Purchaser and each other Purchaser shall purchase the
Series              Notes to be purchased by it at the Closing as specified in Schedule A. 
 5. [Here insert special provisions for Series              Notes including prepayment provisions applicable to
Series              Notes (including Make-Whole Amount) and closing conditions applicable to Series
             Notes]. 
 6. Each Purchaser represents and warrants that the
representations and warranties set forth in Section 6 of the Note Purchase Agreement are true and correct on the date hereof with respect to the purchase of the
Series              Notes by such Purchaser. 
  

 -2- 

 7. The Company and each Purchaser agree to be bound by and comply with the terms and provisions of the
Note Purchase Agreement as fully and completely as if such Purchaser were an original signatory to the Note Purchase Agreement. 
 8. All
references in the Note Purchase Agreement and all other instruments, documents and agreements relating to, or entered into in connection with the foregoing documents and agreements, to the Note Purchase Agreement shall be deemed to refer to the Note
Purchase Agreement, as supplemented by this                      Supplement. 
 9. Except as expressly supplemented by this
                     Supplement, all terms and provisions of the Note Purchase Agreement remain unchanged and continue, unabated, in full
force and effect and the Company hereby reaffirms its obligations and liabilities under the Note Purchase Agreement. 
 10. This
                     Supplement shall be construed and enforced in accordance with, and the rights of the parties shall be governed by, the
law of the State of New York excluding choice-of-law principles of the law of such State that would permit the application of the laws of a jurisdiction other than such State. 
 11. Any provision of this Supplement that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent
of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall (to the full extent permitted by law) not invalidate or render unenforceable such
provision in any other jurisdiction. 
 12. All covenants and other agreements contained in this
                     Supplement by or on behalf of any of the parties hereto bind and inure to the benefit of their respective successors and
assigns (including, without limitation, any subsequent holder of a Note) whether so expressed or not. 
 13. This
                     Supplement may be executed in any number of counterparts, each of which shall be an original but all of which together
shall constitute one instrument. Each counterpart may consist of a number of copies hereof, each signed by less than all, but together signed by all, of the parties hereto. 
  

 -3- 

 The execution hereof shall constitute a contract between the Company and the Purchaser(s) for the uses
and purposes hereinabove set forth. 
  

			
	PERKINELMER, INC.
		
	By	 	  

	Name:	 	
	Title:	 	

 Accepted as of
                     , 20     
  

			
	[VARIATION]
		
	By	 	  

	Name:	 	
	Title:	 	

  

 -4- 

 INFORMATION RELATING TO PURCHASERS 

  

						
	 NAME AND ADDRESS OF
PURCHASER
	  	PRINCIPAL
AMOUNT OF SERIES
             NOTES
TO
BE PURCHASED
	 [NAME OF PURCHASER]
	  	$	 
			
	 (1)
	 	 All payments by wire transfer of immediately available funds to:
  
 with sufficient information to identify the source and application of such funds.
	  		
	 (2)
	 	All notices of payments and written confirmations of such wire transfers:	  		
	 (3)
	 	All other communications:	  		

  

 SCHEDULE A 
 (to              Supplement to Note Purchase Agreement) 

 SUPPLEMENTAL REPRESENTATIONS 
 The Company represents and warrants to each Purchaser that except as hereinafter set forth in this Exhibit A, each of the representations and warranties
set forth in Section 5 of the Note Purchase Agreement is true and correct in all material respects as of the date hereof with respect to the Series              Notes with the
same force and effect as if each reference to “Series 2008-A Notes” set forth therein was modified to refer the “Series              Notes,” each reference to
“this Agreement” therein was modified to refer to “the Note Purchase Agreement as supplemented by the              Supplement” and each reference to “the
Purchasers” set forth therein was modified to refer to “the institutional investors named on Schedule A to the              Supplement.” The Section references
hereinafter set forth correspond to the similar sections of the Note Purchase Agreement which are supplemented hereby: 
 Section 5.3
Disclosure. [The Company, through its agent, [Banc of America Securities LLC] has delivered to each Purchaser a copy of a [Private Placement Memorandum], dated
                     (the “Memorandum”), relating to the transactions contemplated by the
             Supplement.] The Memorandum fairly describes, in all material respects, the general nature of the business and principle properties of the Company and its Subsidiaries.
The Note Purchase Agreement, the              Supplement, the Memorandum and the documents, certificates or other writings delivered to the Purchasers by or on behalf of the Company
in connection with the transactions contemplated hereby and identified in Schedule 5.3 to the              Supplement and the financial statements listed in Schedule 5.5 to
the              Supplement (the Note Purchase Agreement, the              Supplement, the Memorandum and such
documents, certificates or other writings and financial statements delivered to each Purchaser prior to                      ,
20    *, referred to, collectively, as the “Disclosure Documents”), taken as a whole, do not contain any untrue statement of a material fact or omit to state any material fact necessary to make the
statements therein not misleading in the light of the circumstances under which they were made. Except as disclosed in the Disclosure Documents since             , there has been no
change in the financial condition, operations, business or properties of the Company or any Restricted Subsidiary except changes that individually or in the aggregate would not reasonably be expected to have a Material Adverse Effect. 
 Section 5.4 Organization and Ownership of Shares of Subsidiaries. Schedule 5.4 to the
             Supplement contains (except as noted therein) a complete and correct lists of the Company’s Restricted and Unrestricted Subsidiaries, showing, as to each
Subsidiary, the correct name thereof, the jurisdiction of its organization, and the percentage of shares of each class of its capital stock or similar equity interests outstanding owned by the Company and each other Subsidiary. 
 Section 5.5 Financial Statements; Material Liabilities. The Company has delivered to each Purchaser copies of the consolidated financial
statements of the Company and its Subsidiaries listed on Schedule 5.5 to the              Supplement. All of said financial statements (including in each case the related
schedules and notes) fairly present, in all material respects, the consolidated financial position of the Company and its Subsidiaries as of the 
  

	*	Insert the date of circle. 

  

 EXHIBIT A 
 (to              Supplement to Note Purchase Agreement) 

 
respective dates specified in such Schedule and the consolidated results of their operations and cash flows for the respective periods so specified and have
been prepared in accordance with GAAP consistently applied throughout the periods involved except as set forth in the notes thereto (subject, in the case of any interim financial statements, to normal year-end adjustments and the absence of
footnotes). The Company and its Subsidiaries do not have any Material liabilities that are not disclosed on such financial statements or otherwise disclosed in the Disclosure Documents. 
 Section 5.13 Private Offering by the Company. Neither the Company nor anyone acting on its behalf has, directly or through any agent, offered
the Series              Notes or any similar securities for sale to, or solicited any offer to buy any of the same from, or otherwise approached or negotiated in respect thereof
with, any Person other than the Purchasers and not more than              other Institutional Investors of the type described in clause (c) of the definition thereof, each of
which has been offered the Series              Notes in connection with a private sale for investment. Neither the Company nor anyone acting on its behalf has taken, or will
take, any action that would subject the issuance or sale of the Notes to the registration requirements of Section 5 of the Securities Act. 
 Section 5.14 Use of Proceeds; Margin Regulations. The Company will apply the proceeds of the sale of the Series              Notes to
             and for other general corporate purposes. No part of the proceeds from the sale of the
Series              Notes pursuant to the              Supplement will be used, directly or indirectly, for
the purpose of buying or carrying any margin stock within the meaning of Regulation U of the Board of Governors of the Federal Reserve System (12 CFR 221), or for the purpose of buying or carrying or trading in any securities under such
circumstances as to involve the Company in a violation of Regulation X of said Board (12 CFR 224) or to involve any broker or dealer in a violation of Regulation T of said Board (12 CFR 220). Margin stock does not constitute more than __% of
the value of the consolidated total assets of the Company and its Subsidiaries and the Company does not have any present intention that margin stock will constitute more than __% of the value of such assets. As used in this Section, the terms
“margin stock” and “purpose of buying or carrying” shall have the meanings assigned to them in said Regulation U. 
 Section 5.15 Existing Debt. Except as described therein, Schedule 5.15 to the              Supplement sets forth a complete and correct list of all
outstanding Debt of the Company and its Restricted Subsidiaries as of              (including a description of the obligors and obligees, principal amount outstanding and collateral
therefor, if any, and Guaranty thereof, if any), since which date there has been no Material change in the amounts, interest rates, sinking funds, installment payments or maturities of the Debt of the Company or its Restricted Subsidiaries. Neither
the Company nor any Restricted Subsidiary is in default and no waiver of default is currently in effect, in the payment of any principal or interest on any Debt of the Company or such Restricted Subsidiary, and no event or condition exists with
respect to any Debt of the Company or any Restricted Subsidiary, that would permit (or that with notice or the lapse of time, or both, would permit) one or more Persons to cause such Debt to become due and payable before its stated maturity or
before its regularly scheduled dates of payment. 
 [Add any additional Sections as appropriate at the time the Series
             Notes are issued] 
  

 E-A-2 

 FORM OF SERIES
20    -     [TRANCHE     ,] SENIOR NOTE 
 PERKINELMER, INC. 
             % Series 20    -     [, Tranche     ], Senior Note, due
                     , 20     
  

			
	No. 20    -    R-            	 	                     ,
20    
	$            	 	PPN             

 FOR VALUE RECEIVED, the undersigned,
PERKINELMER, INC. (herein called the “Company”), a corporation organized and existing under the laws of the Commonwealth of Massachusetts, hereby promises to pay to
                                 or registered assigns, the principal sum of
             DOLLARS (or so much thereof as shall not have been prepaid) on
                     , 20     with interest (computed on the basis of a 360-day year of twelve 30-day
months) (a) on the unpaid balance hereof at the rate of             % per annum from the date hereof, payable [semiannually], on the      day of
                     and          in each year and at maturity, commencing with the
                  or                   next succeeding the
date hereof, until the principal hereof shall have become due and payable, and (b) to the extent permitted by law, on any overdue payment of interest and, during the continuance of an Event of Default, on the unpaid balance hereof and on any
overdue payment of any Make-Whole Amount, at a rate per annum from time to time equal to the greater of (i)             % and
(ii)             % over the rate of interest publicly announced by [Bank of America, N.A.], from time to time in New York, New York as its “reference” rate, payable
[semiannually] as aforesaid (or, at the option of the registered holder hereof, on demand). 
 Payments of principal of, interest on and any
Make-Whole Amount with respect to this Note are to be made in lawful money of the United States of America at the principal office of Bank of America, N.A. in New York, New York or at such other place as the Company shall have designated by written
notice to the holder of this Note as provided in the Note Purchase Agreement referred to below. 
 This Note is one of the Series
20    -     [, Tranche     ,] Senior Notes, (herein called the “Notes”) issued pursuant to the
             Supplement dated as of              (the “Supplement”) which supplements that certain
Note Purchase Agreement dated as of May 30, 2008 (as from time to time amended, supplemented or otherwise modified, the “Note Purchase Agreement”), originally between the Company and the respective Purchasers named therein and
is entitled to the benefits of the Note Purchase Agreement. Each holder of this Note will be deemed, by its acceptance hereof, to have (i) agreed to the confidentiality provisions set forth in Section 20 of the Note Purchase Agreement and
(ii) made the representations set forth in Sections 6.2 and 6.3 of the Note Purchase Agreement. Unless otherwise indicated, capitalized terms used in this Note shall have the respective meanings ascribed to such terms in the Note Purchase
Agreement. 
  

 EXHIBIT 1 
 (to              Supplement to Note Purchase Agreement) 

 This Note is a registered Note and, as provided in the Note Purchase Agreement, upon surrender of this
Note for registration of transfer, duly endorsed, or accompanied by a written instrument of transfer duly executed, by the registered holder hereof or such holder’s attorney duly authorized in writing, a new Note for a like principal amount
will be issued to, and registered in the name of, the transferee. Prior to due presentment for registration of transfer, the Company may treat the person in whose name this Note is registered as the owner hereof for the purpose of receiving payment
and for all other purposes, and the Company will not be affected by any notice to the contrary. 
 [The Company will make required
prepayments of principal on the dates and in the amounts specified in the Supplement.] [This Note is not subject to regularly scheduled prepayments of principal.] This Note is [also] subject to optional prepayment, in whole or from time to time in
part, at the times and on the terms specified in the Supplement and/or the Note Purchase Agreement, but not otherwise. 
 If an Event of
Default occurs and is continuing, the principal of this Note may be declared or otherwise become due and payable in the manner, at the price (including any applicable Make-Whole Amount) and with the effect provided in the Note Purchase Agreement.

 This Note shall be construed and enforced in accordance with, and the rights of the issuer and holder hereof shall be governed by, the law
of the State of New York excluding choice-of-law principles of the law of such State that would require the application of the laws of a jurisdiction other than such State. 
  

			
	PERKINELMER, INC.
		
	By	 	  

	Name:	 	
	Title:	 	

  

 E-1-2

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